Top 10 most performing insurance stocks in nine months

Regal Insurance, Universal Insurance, and Sovereign Trust Insurance Plc have emerged as the most performing insurance stocks in the nine months of 2025, reflecting renewed investor confidence in Nigeria’s insurance sector.

According to data from the Nigerian Exchange Group (NGX), insurance stocks closed September with the sector’s index growing by 67.7 percent year-to-date to N1,191.04, up from N710.08 recorded on January 31st. This growth outpaced several other sectors of the equities market, underscoring the renewed appetite for insurance equities.

Regal Insurance led the market, with its share price soaring 290.2 percent from N0.41 in January to N1.6 by the end of September.

Universal Insurance followed closely, rising by 216.6 percent, from N0.36 in January to N1.14 in September. Sovereign Trust Insurance Plc ranked third, appreciating by 200 percent, moving from N1.00 to N3.00 within the same period.

AIICO Insurance and NEM Insurance joined the rally, with both companies more than doubling their share value, gaining 116 percent and 110 percent, respectively.

The momentum was equally felt among mid-tier players. Veritas Kapital Assurance advanced by 85 percent, while Cornerstone Insurance, Linkage Assurance, and International Energy Insurance all recorded growth of more than 70 percent year-to-date.

AXA Mansard Insurance, one of the most capitalised players in the market, rounded off the rally with a gain of 56 percent, reinforcing the broad-based recovery across the industry.

A major factor shaping sentiment is the recently passed Nigeria Insurance Industry Reform Act (NIIRA), which introduces stringent capital requirements aimed at strengthening the sector’s resilience.

Under the new regime, insurers must raise their minimum paid-up capital to N15 billion for non-life businesses, N10 billion for life, and N35 billion for reinsurance. Operators that fail to comply within 12 months risk losing their licences.

Industry experts say that while the recapitalisation exercise could lead to market consolidation through mergers, acquisitions, or exits, it will ultimately create fewer but stronger players.

Similarly, the insurance sector’s contribution to the nation’s GDP also recorded double-digit growth in the second quarter, rising to 15.7 percent compared to 7.08 percent in the first quarter.

Sarah Mullally becomes first woman Archbishop of Canterbury

Sarah Mullally has been named the new Archbishop of Canterbury, becoming the first woman to lead the Church of England in its nearly 1,500-year history.

Her appointment, confirmed on Friday by King Charles III after a formal selection process, marks a watershed moment for the Anglican Communion, which counts around 85 million members worldwide. Mullally, 63, will serve as the 106th Archbishop of Canterbury, succeeding Justin Welby, who stepped down earlier this year following a damning abuse scandal.

‘The responsibility is huge, but I feel peace and trust in God to carry me,’ Mullally, a former nurse and later Bishop of London, said in her first public statement after the announcement. Prime minister Keir Starmer welcomed her appointment, describing the Church of England as ‘part of the fabric of our communities’ and expressing confidence that Mullally would play ‘a key role in our national life.’

Mullally’s elevation comes at a turbulent time for the Church. Her predecessor, Welby, resigned after an independent inquiry found that senior church figures had covered up decades-old abuse by John Smyth, a barrister who ran evangelical summer camps in the 1970s and 1980s. At least 130 boys and young men were said to have suffered at Smyth’s hands. He died in South Africa in 2018 while under investigation, never facing criminal charges.

The scandal has fuelled calls for deep reform within the Church of England, whose supreme governor is the British monarch. Once the spiritual backbone of national life, the Church now counts around 20 million baptised members but fewer than one million regular worshippers. Mullally’s appointment also signals the Church’s evolving stance on women in leadership. The Church of England began consecrating women bishops in 2014, following decades of debate, although other Anglican provinces, such as the United States, had taken this step decades earlier. Mullally herself became the first female Bishop of London in 2018, the third-highest post in the English hierarchy. Mullally is a former cancer nurse who worked as England’s Chief Nursing Officer in the early 2000s, while also being ordained as a priest in 2002. She became one of the first women to be consecrated as a bishop in the Church of England in 2015.

‘There are great commonalities between nursing and being a priest. It’s all about people, and sitting with people during the most difficult times in their lives,’ she once told a magazine.

She has advocated for creating an open and transparent culture in churches which allows for difference and disagreement, and has spoken on issues including the cost-of-living crisis, healthcare, and social justice.

Today, more than 40 of England’s 108 bishops are women, with women making up a similar proportion among priests. The office of the Archbishop of Canterbury is one of Britain’s most historic. The first incumbent, Augustine of Canterbury, was appointed in the late sixth century. The role became central to national life after King Henry VIII established the Church of England in the 1530s, thereby breaking with the Roman Catholic Church.

Mullally’s selection was the outcome of a lengthy process led by a committee under a former head of MI5, reflecting the position’s political as well as spiritual weight. Her leadership will stretch far beyond England, with the Archbishop of Canterbury regarded as the symbolic head of global Anglicanism.

The challenge before her is twofold: to restore trust in an institution shaken by scandal and to offer direction in a society where faith holds a diminished but still powerful role.

Reflection, reinvention, and winning at sixty-five: A field note for Nigeria’s next chapter

I pen this article with a humble sense of responsibility, hoping to contribute to this critical national discourse of proffering actionable insights to nation-building. This article is informed by insights gleaned from my engagements with more than 1,000 leaders globally in the past year and close to a gross of this number, fifteen years after I founded These Executive Minds (TEXEM) in the UK.

Sixty-five years after independence, Nigeria stands at a crossroads that is both sobering and promising. The sobering part is familiar. Too many citizens experience public services that arrive late or are not up to par. Firms face a cocktail of inflation, logistics friction, and regulatory uncertainty. Civil society carries heavy loads where formal systems falter. The promising part is quieter but powerful. In the past year, I have sat with more than a thousand leaders in ministries, agencies, boardrooms, factories, start-ups, cooperatives, and classrooms from Kano to Lagos to Abuja and cities in other emerging and developed countries. The appetite I have encountered is not for new slogans. It is for practices that produce compounding improvements that citizens can feel. My contention is that the leaders who will move Nigeria forward in the next decade will practise three disciplines with rigour: reflection that rebuilds trust and sharpens judgement, reinvention that converts constraints into design choices, and winning that scales what works and protects it from erosion.

‘In Nigeria, we can replicate the principle, if not the exact model, by choosing the lever we will own, whether identity rails for SMEs, last-mile logistics in a large state, or a vocational pipeline that gives investors confidence.’

Reflection must come first because progress without trust rarely survives the news cycle and, more importantly, does not lead to sustainable, inclusive impact. In many of our institutions, there is an inherited deficit of confidence. People discount statements before they hear them. Officials are assumed to be evasive until proven otherwise. In this context, the most strategic act a leader can take is to make the logic of decisions visible and testable. I have watched permanent secretaries and chief executives shift the temperature in a room by explaining the trade-offs behind a policy or a pivot in two pages of plain English, then inviting challenges before the implementation plan is final. That small ritual does more than inform. It signals that citizens and staff are not audiences but partners in judgement. Rwanda’s experience with public performance contracts for officials is instructive because it illustrates how visible targets and steady follow-through can change the relationship between leaders and citizens. Nigeria does not need to copy the mechanism to embrace the principle. We can begin with published choice notes that state priorities, the reasons for those priorities, and the measures by which success will be judged.

Reflection also requires safety for truth. In utilities, hospitals, and agencies, I often meet talented professionals who knew trouble was coming but said nothing because it did not feel safe to do so. The cost of that silence is measured in failed projects, service outages, and avoidable controversy. A modest institutional habit can reverse this dynamic. Start formal meetings by asking for the pieces of bad news that no one has voiced. Reward the messenger rather than the fixer. In a northern water board, I watched how this practice reduced the number of last-minute crises and improved relationships with suppliers who were finally hearing about risks early enough to help. Psychological safety is not a fashionable idea. It is a governance advantage.

Strategy is the next frontier of reflection. Plans that attempt to please everyone end up straining everyone. Strategy is not an inventory of hopes but the courage to choose. What distinguishes Ethiopia’s early industrial zones, despite all the imperfections, is not simply the infrastructure but the choice to concentrate on a small number of sectors where jobs could be created quickly and learning could compound. Nigeria has too often pursued breadth without depth. A commissioner who commits to a two-page statement of where the state will compete in transport or health, how it will win there, and what will be left aside this year has already advanced execution. The power of this clarity lies in how it enables other actors to align. Suppliers, investors, and civil society can only complement a public agenda that they can see.

Foresight completes reflective leadership. Oil shocks, currency swings (though the latter two have been quite stable in the past six months), import disruptions, and climate stress are not surprises. They are conditions of the game. The organisations that navigate them well do not predict the future. They rehearse it. In Vietnam, which has climbed the manufacturing ladder over the past two decades, routine scenario exercises allowed managers and officials to pre-commit to responses when supply chains wobbled. In our context, the same discipline means agreeing on three or four numbers that, if breached, trigger specific actions within a week. It means deciding in advance which contracts can be slowed without losing capability, which social programmes must be protected under any scenario, and which suppliers or ports will be used if a route closes. When senior teams practise these drills quarterly, they do not eliminate volatility. They convert volatility from a reason to panic into a reason to act calmly and quickly.

Once reflection has cleared the fog, reinvention can proceed with precision. Reinvention in Nigeria must start with an unflinching acceptance of constraints. Capital is tight. Power is unreliable in too many places. The skills we most need are scarce and globally mobile. Rules sometimes move midstream. These constraints do not forbid innovation. They shape it. The leaders who make headway begin by asking what job the citizen or customer is hiring the service to do. In one health programme I observed, teams stopped designing features and started listening to mothers who simply wanted certainty about vaccination days. A low-cost text system that reminded families and local clinics of fixed days in each ward lifted attendance without expensive infrastructure. India’s Aadhaar system, whatever one thinks of it in the round, succeeded because it focused on a minimal identity layer that others could build upon. Kenya’s M-Pesa was born because the banking system ignored the unbanked. Both cases show the payoff from designing for the job, not for the institution.

Reinvention demands learning before scale. In too many Nigerian settings, pilots are a performance rather than a process. They lack a falsifiable question, a clear owner, and a path to either stop or scale. The fix is not complicated. Any initiative expected to touch a large population should be tested in two locations, with one sharp question set in advance and a date by which a scale or stop decision will be made. The results should be published in the language citizens understand. Failure then becomes an investment rather than a secret. I saw a state education agency kill three shiny ideas quickly and redirect funds into a teacher coaching model that improved learning outcomes because it treated the pilot as an experiment rather than an announcement.

Reinvention gains momentum when public institutions become conveners of ecosystems rather than providers of every function. Big problems arise when government, private firms, and civic actors share accountability for outcomes that citizens feel. Bangladesh offered a vivid lesson. Partnerships between the government, a major telecom, microfinance institutions, and social enterprises created rural digital kiosks run by women that offered identity, market information, and payments. The result was a commercial model that advanced connectivity and income at the same time. There was no philanthropic afterthought. Incentives were aligned at the design stage. Nigeria’s agriculture and health sectors can embrace the same logic. Shared cold chain investment for vaccines, joint platforms for farmer data, and managed marketplaces for produce are all areas where no single actor can win alone, yet every actor can win if the rules of cooperation are clear.

The final discipline is winning. By winning, I do not mean a one-off success that makes a good copy. I mean the craft of scaling what works, protecting it from erosion, and compounding advantage. The first move is to pick a narrow transformation where citizens will feel the difference within months, ‘a low-hanging fruit’. A permit workflow, a claims process, a land registry, or a targeted procurement system are good candidates. The rule is simple. The process must be completed end-to-end in a single digital flow. A named leader must own service levels. The model that drives decisions must be monitored so that it does not drift. Small wins matter because they change expectations. Once a citizen experiences a permit that takes days rather than months, tolerance for delay declines across the board. Indonesia’s progress on e-procurement and tax administration, while uneven, shows how patient systems can raise revenue and trust at the same time. We should be stubborn about this kind of boring progress because it pays compound interest.

Winning also requires decision-making that treats a downturn as a time to prune and plant rather than to freeze. The instinct in a crisis is to cut across the board. The better move is to cut visible waste, protect muscle, and pre-fund two moves that will pay off when others are distracted. When India’s Tata Group bought Jaguar Land Rover in the depths of the 2008 crisis, it was not a gamble on prestige. It was a calculated bet on future capability. In Nigeria, the equivalent in the public sphere could be a state securing a long-term power arrangement for critical social infrastructure when prices soften. In the private sphere, it may look like acquiring a distressed logistics asset that reduces the cost to serve essential goods. These are not headline moments. They are compounding moves.

The strongest forces in emerging economies are often social and institutional as much as technological. A company that ties its profit engine to a farmer’s gain by reducing post-harvest losses creates an affinity that is difficult to copy. A ministry that becomes the trusted orchestrator of identity or payments in a sector makes duplication wasteful for others and partnership sensible. Vietnam’s rise in manufacturing is instructive here. Once clusters matured and supplier development programmes took root, firms preferred to deepen rather than exit. In Nigeria, we can replicate the principle, if not the exact model, by choosing the lever we will own, whether identity rails for SMEs, last-mile logistics in a large state, or a vocational pipeline that gives investors confidence.

Every serious proposal invites counterarguments. The first is that our constraints are too severe. Indeed, power, security challenges, still-high inflation and an undervalued Naira shape the feasible frontier. Yet they rarely block the first disciplined step. Narrowing focus, publishing choices, and testing cheaply are possible even in tough conditions. The second counterargument is that pilots never scale here. That is not a law of nature. Pilots fail to scale when ownership is vague and money is episodic. Tie each pilot to a named leader with a budget gate and an adoption target. If the target is met by a stated date, the next release triggers automatically. If not, the idea is retired without controversy because the condition was agreed upon up front. The third objection is that openness hands an advantage to rivals or invites misuse. Opacity is more expensive. Clear interfaces, shared dashboards, and pre-agreed escalation channels protect the public interest while letting private actors bring energy and ingenuity. The fourth objection is that our context is unique and therefore resistant to lessons from elsewhere. Culture and politics matter. So does execution. The underlying disciplines of reflection, reinvention, and winning have travelled across Asia, Africa, and Latin America because they are grounded in human behaviour and institutional incentives rather than in fashion.

Actionable suggestions matter most when they become routine. A practical rhythm helps leaders avoid performative announcements. Each quarter, senior teams should meet for a candid review of trust, choices, and scenarios. The output should be three objectives with dates and owners that are shared with staff and, where appropriate, with citizens. Each month, the organisation should pilot two new practices and retire one legacy habit that no longer serves. A one-page learning note in plain English should capture what moved, what did not, and what will be changed as a result. Each week, leaders should review a single measure that protects their moat, whether adoption, cost to serve, or ecosystem leverage, and then remove one blocker that slows progress. This cadence is not a ritual for its own sake. It is the mechanism through which reflection feeds reinvention and reinvention feeds winning.

The independence anniversary invites a final reflection. Nations and subnationals do not become trustworthy because they declare it. Companies do not become competitive because they wish to. NGOs do not become impactful because they are earnest. Trust grows when leaders expose their logic to scrutiny and follow through. Competitiveness grows when organisations choose a place to compete and then refine how they win there through fast learning. Impact grows when coalitions form around measurable outcomes that citizens experience in hours saved, income gained, and safety improved. I have seen these habits in pockets across Nigeria. A cooperative that became a disciplined buyer and seller on behalf of its members and cut their losses. A state-owned entity that digitised a creaking process and recovered weeks for small businesses. A private firm that opened its platform to complementary services and grew by letting others create value. These are not miracles. They are crafts. Crafts improve with practice.

Examples from other emerging economies are not medals to hang on a wall. They are reminders that the work is doable. Rwanda’s visible performance contracts demonstrate how public accountability can reset expectations after trauma. Aadhaar in India shows that a minimal, interoperable public good can unlock many private innovations when designed with restraint. Kenya’s mobile money revolution proves that leapfrogging can occur when a clear job is served on a platform people already use. Vietnam’s steady climb through manufacturing illustrates how clusters, supplier development, and predictability attract commitment. Indonesia’s progress on tax administration and procurement shows how patient system building raises revenue and trust together. Bangladesh’s rural digital models illustrate the power of aligned incentives across public, private, and social actors. None of these examples is a blueprint. Each is a provocation to ask what the Nigerian equivalent would look like under our constraints and with our strengths.

As we enter the sixty-fifth year of independence, the choice before Nigerian leaders is not between idealism and realism. It is between a loud cycle of fresh promises and a quieter craft of institutional improvement that compounds. The second path is less dramatic, yet it is how countries change without fanfare. It begins with leaders who listen before they speak and who effectively communicate the reasons that informed their choices. It gains speed with teams who test efficiently, measure honestly, and stop what does not work. It consolidates with organisations that scale what works, protect their edge, and reinvest in capability in good times and bad. I wrote earlier that the mood is sober and promising. It will remain promising only if it becomes disciplined.

The most powerful sentence I have heard in the past year came from a nurse in a secondary hospital who said that the only thing that had changed her day was a new process that meant a critical drug arrived on Wednesday without fail. It made her sound less like a hero and more like a professional. That sentence is the heart of development. When essential functions become reliable, professionals emerge, and citizens begin to trust. The path to that sentence is neither glamorous nor impossible. It asks us to reflect with candour, to reinvent with humility, and to win with patience. If we make those verbs our habit in the year ahead, the country we will write about at seventy will look less like a set of crises to manage and more like a system that works. That would be an independence worth celebrating.

Chuma Nwokocha takes helm at Stanbic IBTC amid regulatory crosswinds

Stanbic IBTC Holdings has named Chuma Nwokocha as its new Group Managing Director. His appointment brings an end to Adekunle Adedeji’s interim stewardship at the helm of the financial services giant.

Adedeji had held the acting role since October 2024. He stepped in following the retirement of Demola Sogunle, a stalwart of the Stanbic IBTC group. Sogunle bowed out after an illustrious 34-year career with the institution.

The appointment places Nwokocha at the head of one of Nigeria’s largest and most diversified financial services groups. The group’s operations span banking, pensions, asset management, insurance, and investment banking.

His elevation is seen as a strategic move to steady the organisation at a delicate time. It also draws on his vast experience across African markets, where regulatory oversight and competitive pressures have repeatedly tested financial leaders.

A banking career forged through turbulence

Nwokocha’s appointment is not without intrigue. Before taking the Stanbic role, he served as Regional Managing Director for Southern Africa at Access Bank Plc. In that position, he oversaw the bank’s subsidiaries in Mozambique, South Africa, Zambia, Botswana, and Angola.

It was, however, his years in Mozambique that defined his reputation. He emerged as both a resilient executive and a survivor of regulatory storms. In July 2021, while leading Standard Bank Mozambique, the country’s central bank accused him of misconduct. Alongside the director of the Corporate and Investment division, Carlos Madeira, he was alleged to have fraudulently manipulated the exchange rate. The Bank of Mozambique imposed a fine, casting a long shadow over the institution’s standing.

For many executives, such a confrontation could have ended a career. Yet just six months later, in January 2022, a Mozambican court acquitted him of any wrongdoing. The ruling cleared his name and allowed him to resume his career trajectory.

The episode, far from derailing him, seemed to harden his ability to manage crises. Soon after, he transitioned to Access Bank Plc. There, he was tasked with leading its Southern African division.

By the end of FY 2024, the five subsidiaries under his supervision had swung back to profitability. They posted a combined net income of $23.4 million, compared to a net loss of $1.2 million in the previous year. Their total assets also surged, rising from $1.96 billion in 2023 to $2.53 billion in 2024. The turnaround underscored his ability to stabilise and grow regional operations.

From finance director to bank chief

It is unknown when Nwokocha’s career with Standard Bank Mozambique started. However, in May 2014, he joined the bank’s board as Executive Director in charge of finance. He had previously served as the bank’s director for individuals, small businesses, and SME banking. By January 2015, he was elevated to Chief Executive Officer of Standard Bank Mozambique, a position in which he delivered measurable results.

Under his leadership, the bank’s total assets expanded from $1.47 billion at the end of FY 2014 to $2.24 billion by FY 2021. Its loan book grew by 56 percent over the period, rising to $1.54 billion from $985 million. Customer deposits also jumped by 49 percent, reaching $1.70 billion compared to $1.14 billion at the start of his tenure. These figures cemented his reputation as a leader capable of driving growth even in a challenging and highly competitive banking environment. The first test in Lagos

Yet Nwokocha assumes the leadership of Stanbic IBTC Holdings at a time when the group is locked in a major regulatory crosswind. In September, the Securities and Exchange Commission (SEC) imposed a fine of N50.15 billion on Stanbic IBTC Capital Limited, the group’s investment banking arm.

The sanction arose from Stanbic IBTC Capital’s role as lead issuing house in the Guaranty Trust Holding Company (GTCO) public offer. The firm was found to have used internet banking platforms and mobile applications to collect share applications without first obtaining the SEC’s mandatory ‘No Objection’ approval.

The penalty, one of the largest ever imposed by Nigeria’s capital market regulator, has sparked concerns about the group’s compliance culture and governance standards. For Nwokocha, the timing of this crisis could hardly be more consequential. His first challenge as Group Managing Director will be steering Stanbic IBTC through the regulatory quagmire. He must also restore confidence among shareholders, regulators, and the investing public.

His past brushes with regulators, especially his acquittal in Mozambique, may prove invaluable in guiding the group through this storm.

Observers argue that his mix of African banking experience, resilience under regulatory pressure, and a proven track record of growth in difficult markets makes him a unique fit for the role. The financial community will be watching closely to see how his leadership translates from the Maputo courts to the Lagos boardrooms. Stanbic IBTC now faces a defining moment in its bid to reinforce its reputation as one of Nigeria’s premier financial services groups.

Damagum, Anyanwu power tussle threatens PDP elective convention

A fresh crisis is brewing in the main opposition Peoples Democratic Party (PDP) following a power tussle between Iliyah Damagum, the party’s national chairman, and Samuel Anyanwu, the national secretary.

Both leaders are locked in a supremacy battle over who has the authority to summon meetings of the party’s National Working Committee (NWC).

Anyanwu had unilaterally voided an earlier NWC decision dissolving the Akwa Ibom State Working Committee, whose tenure had expired.

BusinessDay gathered that at the 607th NWC meeting, summoned by the national chairman, the party constituted an 18-member caretaker committee to oversee the state chapter’s affairs pending a new congress.

But Anyanwu later issued a counter-directive to the Akwa Ibom PDP, urging it to ignore the national leadership’s directive. He described the NWC meeting as ‘illegal.’

Ologuagba dismisses Anyanwu’s claims

Reacting on Thursday, Debo Ologuagba, the party’s national publicity secretary, dismissed Anyanwu’s action, insisting that a single individual cannot override a binding NWC decision.

‘Sixteen out of the 18 members of the NWC participated in the meeting where the decision was taken,’ Ologuagba said, stressing that the chairman acted in line with Section 35 of the PDP Constitution.

‘This party is strong and has the capacity to put itself together at the appropriate time. Every action we have taken so far is towards a successful convention,’ he added.

Ologuagba insisted that preparations for the elective convention, scheduled for Ibadan on November 15 and 16, were on course.

‘No one can stop the convention. We have consulted widely with every stakeholder, every chapter, every organ of the party. Everything that needs to be done is being done, and seamlessly,’ he assured.

Anyanwu doubles down

In a counter-statement, Anyanwu urged the Akwa Ibom PDP to disregard the dissolution, claiming no formal NWC was sitting to approve it.

He also accused Ologuagba of exceeding his mandate, declaring the earlier announcement ‘null and void and of no effect.’

Reaffirming the authority of the Akwa Ibom leadership, he directed state chairman Aniekan Akpan and his team to continue in office under the PDP Constitution.

Analysts warn of possible disruption

The contradictory directives have heightened tension within the party, fuelling fears that the tussle could undermine preparations for the Ibadan convention.

A party official, who spoke anonymously, suggested that ‘external forces’ may be instigating the crisis to derail the convention.

‘We have done very well so far in our preparations, but some people are not happy that the PDP is still vibrant and will do everything to destroy the party,’ the source said.

‘The PDP is bigger than individuals’

Ologuagba, however, stressed that the party remains united.

‘The PDP is above any individual. This is the only truly democratic party where ideas are contested, where we agree and disagree in orderliness. The Constitution prescribes order, and it is binding on all members,’ he said.

Citing Section 35 of the PDP Constitution, he reaffirmed that the chairman is the chief executive of the party, with the mandatory function of summoning and presiding over meetings of the NEC, national caucus, and NWC.

‘The chairman acted in full compliance with the Constitution when he convened the 607th NWC meeting,’ Ologuagba noted, assuring members that the party has internal mechanisms to ensure discipline and order.

Namadi commissions solar electrification project at Dutse Ultra-Modern Market

Umar Namadi the governor of Jigawa State has commissioned a solar electrification project at the Dutse Ultra-Modern Market, fulfilling his administration’s pledge to provide clean and reliable energy to traders.

The project, executed by the Jigawa State Economic Empowerment and Youth Employment Agency, connects 300 shops to power from solar panels installed within the market, with each shop also fitted with a solar-powered ceiling fan at no cost.

Speaking at the official unveiling ceremony at the market on Thursday, the governor said the initiative would ease business operations, reduce expenses, and boost the profitability of traders. ‘Today, by the power and mercy of Allah, we have been able to fulfill the promise we made a year ago that we would provide the shops in Dutse Market with electricity powered by solar energy,’ he said.

‘Three hundred shops have each been connected and provided with solar-powered fans. This will ease business activities, and by the grace of Allah, increase the profits of traders as they will no longer pay electricity bills and will enjoy uninterrupted supply.’ Part of the project, the installation of the solar grid, was inaugurated last year by Vice President Kashim Shettima during an official visit to the state, and the state government had at the time promised to extend connections to individual stalls.

The governor further pledged to install solar streetlights in the market to enhance security, and highlighted other measures to support businesses in Jigawa, which include facilitating the establishment of a Bank of Industry (BOI) branch in the state and signing an MoU with the bank, through which the state government injected N4 billion to support small-scale enterprises.

Governor Namadi further urged entrepreneurs and traders in the state to take advantage of this facility and access the funds available through the BOI to expand their businesses. In his remarks, Yahaya Ibrahim, Chairman of Jigawa State Traders’ Association, expressed appreciation to the governor for providing the market with solar power and for the various empowerment programmes extended to traders, adding that the market electrification project was only the beginning of Governor Namadi’s planned interventions for traders in the state.

Utica Capital unveils N20bn fund to tackle financing gaps in Nigeria’s film industry

Utica Capital Limited has launched a N20 billion closed-ended venture capital fund to accelerate investment and deepen the growth of Nigeria film industry.

According to the company, the venture capital registered and approved by the Securities and Exchange Commission (SEC) of Nigeria aims to reduce the N200billion funding gap in Nigeria’s film industry.

Adesegun Akin-Olugbade, chairman, Board of Directors, Utica Capital while speaking at the launch of the initial N5 billion tranche of Series 1 of the Utica Film Fund said the fund was released to boost the competitiveness of the country’s film industry at the global level.

‘Nollywood is more than entertainment. It is a cultural powerhouse, a billion-dollar industry, and one of Nigeria’s greatest exports to the world. Every day, over 35 million people consume Nollywood content. Our films travel across borders, shape perceptions of Africa, and provide livelihoods for millions. Yet, for too long, this industry has been underfunded, relying on personal savings, informal loans, and small-scale investors,’ Akin-Olugbade said.

According to him, despite global ranking and audience, the country’s film industry has suffered underfunding, insisting that the newly launched fund will open doors for investors to invest in the film industry.

‘We are not just launching another investment product; we are making history. For the very first time in Nigeria, and indeed in Africa, the Securities and Exchange Commission has approved a specialised Venture Capital Fund dedicated to the film industry. The Utica Film Fund is, therefore, a pioneer, blazing the trail where finance and creativity intersect.

‘With a structured, SEC-approved, professionally managed vehicle, we are creating a channel for institutional and high-net-worth investors to participate in the growth of Nollywood and to earn competitive, risk-adjusted returns while doing so. This is not charity; this is smart investing, backed by rigorous due diligence, strong governance, and a diversified portfolio strategy,’ he said.

The chairman urged investors to leverage the funding not just for profit but also for cultural preservation and growth of the Nigeria film industry.

‘We invite pension funds, insurance companies, asset managers, and private investors to seize this unique opportunity. By investing in the Utica Film Fund, you are not only securing attractive financial returns, you are also investing in Nigeria’s cultural legacy, job creation, and global reputation. This is the beginning of a new chapter. A chapter where Nollywood is no longer underfunded, but rather, globally empowered,’ he added.

Ola Belgore, Managing Director of Utica Capital lament the absence of institutional capital in the industry despite proof of strong return, insisting that the firm through the U-film investment is here to bridge the gap.

He said, ‘Nollywood is not just an industry. It is a vital force, the second-largest film industry in the world, producing more than 2,500 films each year, reaching over 35 million viewers daily, and generating over N14.5 billion in export earnings in the first half of 2024 alone.

‘Yet, for all its scale and influence, Nollywood remains deeply underfunded. More than 95 percent of its financing still comes from personal savings and informal loans. Institutional capital is almost absent, despite clear and consistent proof of strong returns. That is the gap we are here to close.’

He said the 10-year investment is structured to invest in high-growth opportunities across the entire film value chain including production, distribution, streaming, infrastructure, and licensing.

According to Belgore, possible return on investment through the fund stands at a net internal rate of return of 58.2 percent over the life of the fund, with an average gross IRR of 89.4 percent.

He said, ‘U-Film offers attractive returns. The projected multiple returns on invested capital stand at approximately 4.5 times over the life of the fund. Importantly, Utica Capital will invest alongside our partners, ensuring our interests remain fully aligned with yours.’

The MD added that the fund goes beyond financial performance, expanding to other areas like job creation with thousands benefitting directly and indirectly, across the creative and production value chains while increasing foreign exchange inflows through strategic partnerships with global streaming platforms.

‘Most of all, it is about national pride; telling Nigerian stories with Nigerian voices, and sharing our culture with the world,’ he added

Belgore call on investors to queue on not only for investment return but also the growth of Nigeria’s film industry

‘The Utica Film Fund is now officially open for subscription, but only to qualified investors under Nigerian SEC regulations. The minimum investment is set at ?10 million for high-net-worth individuals and ?100 million for institutional investors. Investors can choose to subscribe in either Naira or U.S. Dollars.’

The initiative, according to the firm also aligns with the Federal Government’s agenda to diversify the economy, strengthen the non-oil sector, and establish Nigeria as a cultural and creative hub on the global stage.

’Your job is funding your future,’ Peter Michael tells professionals on BDTV

In Nigeria’s unraveling business setting, BusinessDay Television (BDTV) has established a reputation beyond just being referred to as a news channel. It has become a forum where professionals, entrepreneurs, and industry stakeholders discuss real issues and propose tangible strategies for confronting the intricacies of business. These entrepreneur-based programs have also helped BDTV enhance financial literacy and bring to light the delicate and subtle balance between ‘pole of career stability’ and ‘pole of entrepreneurial ambition.’

One of their more recent episodes titled, ‘Passion to Profit: Balancing Work and Entrepreneurship,’ was yet another instance of the above. This program convened an assorted panel representing various industries who provided diverse views on how one manages the tension between holding a nine-to-five job and being active in entrepreneurial undertakings. One that certainly stood out among the contributors to the discussion was Peter Michael Ajassi, an inspired travel entrepreneur, global business strategist, and founder of Fly Connect 102.

Peter Michael started by talking about how tricky it is to juggle a regular job with trying to build your own business. He believes that both a full-time job and a side project are serious commitments, not just something you do casually. They’re complicated and need careful planning, dedication, and ongoing upkeep.

He put it this way: ‘A regular job and side hustles are complex ideas, and like anything complex, they need extra attention and focus to keep them going strong.’

For Michael, it all starts with changing how you think. Instead of seeing your job as something that gets in the way of your entrepreneurial dreams, he encourages professionals to think of it as a way to invest in their future. ‘Realize that your current job is paying for your future. The knowledge and experience you get there are exactly what you need to succeed with your side hustle,’ he stressed.

Essentially, Peter sees a full-time career as a way to support yourself financially and learn the skills you need to succeed as an entrepreneur. By using the same organization and focus that helps you succeed at work, you can build a stable and sustainable business of your own.

Michael also cautioned that the typical reaction that people have, which is giving up their nine-to-five job when they start a side business, should be delayed. The point he put across was very clear ‘it is all about timing’. He went on to explain that the income from the business and the profit margins are to be clearly laid out before the decision to be made should be the one of turning full-time in business.

‘It is very necessary not to pull out of your 9-5 right away when the business starts growing,’ he said. ‘First, your cash flow and profit margins have to be well defined. Know the workings of your cash flow and come up with ideas on how your business can be a source of creating good experiences that will be a tool for increasing your profit margin.’

He explained the requirement for reflection a lot and even called upon entrepreneurs to consider their business index-the strategies, practices, and models that influence the profitability of the business repeatedly.

‘Keep thinking, redefining, realigning, and identifying,’ he said, showing that this kind of continual checking is what separates the ventures that survive from those that only last for a while.

Michael’s words were seconded by Ms. Nkechi Alade, another member on the panel, who warned of the dangers of premature departure from mainstream jobs. According to Alade, being a full-time business owner is not suited for everyone, and decisions to quit good jobs must never be made out of emotion.

She explained that entrepreneurship demands some mental preparation-a perspective that tolerates the pros and cons of business realities. Without this self-discipline, she cautioned, professionals risk entering entrepreneurial frontiers with unrealistic expectations, only to be disappointed when problems arise.

Both Michael and Alade, in concert, reiterated the strikingly similar conclusion that entrepreneurs must aim for excellence rather than perfection. Excellence, they argued, is a product of persistent practice and incremental improvement, whereas perfection is too frequently an unreachable ideal that holds one back.

Peter Michael highlighted a contemporary reality that goes beyond cash flow and balance management: the digital marketplace. He maintained that having a strong online presence is now essential for Gen Z and millennial business owners. ‘You need just the right amount of noise to set your brand apart,’ he said. ‘Remember that you are the brand, so always apply your positive traits to the brand.’ Visibility is power to Michael. A strong digital footprint can make the difference between an entrepreneur standing out and remaining unknown in a world of intense competition. He suggested that business owners view themselves as brand ambassadors, bringing their own authenticity and credibility to the way they promote their companies.

The programme successfully shed light on the complex nature of striking a balance between work and entrepreneurship by bringing together a diverse panel. Alade’s cautions against making snap decisions were reinforced by Michael’s observations on timing and cash flow. Other panellists also emphasised resilience, value creation, and self-awareness. Their combined voices provided a thorough overview of what it takes to succeed as a professional entrepreneur in modern-day Nigeria.

At the same time, entrepreneurship is fun, but it is not an easy way; it is a discipline that requires patience, structure, and a strategy. Peter Michael beautifully captured the wisdom professionals must carry with them: ‘your job today is funding your future’.

A career should not hamper entrepreneurship; rather, it can become an enabling factor for entrepreneurship to flourish. With patience, financial clarity, and the willingness to keep realigning, professionals can turn their passion into profit without compromising their stability.

Transforming Energy Solutions: Starsight Energy’s Vision for Nigerian Businesses

If you are involved in Nigeria’s Commercial and Industrial (CandI) sectors, you understand the challenges businesses face. In a business environment where resilience is crucial, the unreliable national power grid and the rising cost of diesel are not merely inconveniences; they pose serious threats to the sustainability and growth of businesses. For players in these sectors, from manufacturing to logistics, the reality is apparent. You often pay more for inconsistent power, incurring hidden costs such as downtime, generator maintenance, and fuel logistics. This new reality should force a fundamental rethink of your energy strategy.

The Business Pulse: Key Drivers for Energy Strategy

Our recent public poll among business stakeholders highlighted their top concerns regarding their energy needs, revealing the clear motivations driving a shift towards a steady energy supply that allows for a more sustainable business model. A resounding 39% of respondents cited the ongoing need for a consistent and uninterrupted energy supply, particularly in regions with high grid costs and frequent outages. Meanwhile, 33% emphasized the importance of affordability and long-term savings in their transition to sustainable solutions, and 28% identified the growing pressure to meet global ESG standards as a significant priority.

Beyond the Bill: The True Cost of Unreliable Power

The financial burden of unstable power supply extends far beyond the direct costs of electricity bills and diesel. Nigerian businesses are facing a confluence of economic pressures, including a stubbornly high inflation rate, macroeconomic instability, and increasing compliance costs. While the National Bureau of Statistics (NBS) reports that the annual inflation rate had eased from 33.4% in July 2024 to 21.88% in July this year, this rate remains considerably high and continues to erode the purchasing power of businesses and consumers. For energy-intensive sectors such as agro-processing, manufacturing, and large-scale warehousing, these factors erode profit margins and make long-term financial planning more challenging than ever. As Idris Muhammed, West Africa Commercial Director, Starsight Energy, stated, ‘The cumulative effect of these challenges is that the old way of doing business is simply not sustainable. We are seeing an energy crisis that is not just a problem, but a catalyst for change.’

Data illustrates this pain point with stark clarity. According to the Nigerian Electricity Regulatory Commission (NERC), recent tariff adjustments have resulted in a significant increase for Band A customers. For a typical CandI company, consuming around 950,000 kWh per month, this translates into a staggering monthly increase that can add millions to operational expenses. Furthermore, the average price of diesel has surged by approximately 29.72% in the past year, with prices reaching an average of ?1,789.45 per litre in July 2025, according to the National Bureau of Statistics. The cumulative effect of these costs is an unviable business model.

A Multi-Faceted Approach to Energy Security

The opportunity to escape this vicious cycle is clear, but the solution requires more than just a single alternative. The key is a sophisticated, multi-faceted approach to energy management. As Idris Muhammed noted, ‘We have seen that the best energy plans are now comprehensive. By combining multiple technologies, at Starsight Energy, we provide our clients with an integrated solution that gives them the power, security, and cost predictability they need to thrive in this new reality.’

Power-as-a-Service (PaaS): The Modern Business Model

One of our most transformative solutions is the Power-as-a-Service (PaaS) model. This approach fundamentally shifts the dynamic of energy consumption by removing the burden of ownership from the client. Under the Starsight Energy PaaS model, the service provider assumes responsibility for financing, installation, operation, and maintenance of the energy system. The client simply pays a fixed, monthly fee freeing up capital and internal resources for their core business. This model offers a predictable and cost-effective energy solution, enabling businesses to regain control of their budgets and focus on innovation and growth.

To achieve proper energy security, the solution lies in a model that guarantees resilience and an uninterrupted supply. This is where the Power-as-a-Service (PaaS) model could be a viable approach. This involves intelligently combining multiple power sources, such as solar, battery storage, and a reliable backup like the national grid or a generator, into a single, integrated system. This ensures that a business is never reliant on a single source of power. For example, the system can draw from solar during the day, switch to battery storage at night or during grid outages and use a generator only as a last resort. ‘The key to true reliability isn’t a bigger generator; it’s a smarter system,’ said Idris Muhammed. ‘Our model provides the peace of mind that comes from knowing your operations are protected against any single point of failure.’ This approach maximises cost savings while eliminating the risk of downtime, providing a powerful hedge against a volatile energy landscape.

Partnering for a Resilient Future

For project sponsors and owners alike, the opportunity to escape the cycle of unreliable and costly power is clear. The key is to move beyond the traditional models and engage with an experienced energy partner to explore a comprehensive solution tailored to their specific operational and strategic needs. This is where Starsight Energy comes in, providing the crucial first step toward building a more resilient, sustainable, and profitable future. By adopting advanced models like the Power-as-a-Service (PaaS) model, businesses can not only stabilise their operations but also unlock new avenues for growth and competitiveness. This is more than a simple transaction; it’s a strategic partnership in building a future where your business is insulated from volatility, powered by innovation, and positioned for enduring success.

Credibility is most valuable currency, says Cardoso

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has called on the next generation of Nigerian leaders to embrace credibility as their most valuable asset, emphasising that integrity, transparency, and trust are essential not only in central banking but in leadership at all levels.

Speaking at the maiden edition of the CBN Governor’s Lecture Series hosted by the Lagos Business School (LBS) on Friday, Cardoso delivered a thought-provoking address titled ‘Leadership Principles for the Next Generation Leadership in Monetary Policy and Nation Building, where he laid out a vision for a new cadre of leaders rooted in discipline, innovation, and inclusion.

‘In central banking, as in life, credibility is the most valuable currency,’ Cardoso declared. ‘Tomorrow’s leaders must be transparent, data-driven, and grounded in evidence. That’s why the CBN is investing in deep research partnerships and improved policy communication.’

Highlighting the digital transformation sweeping across financial systems globally, the governor stressed the inevitability of a digital future for Nigeria. He pointed to the CBN’s regulatory sandbox and its evolving digital payments framework as tools being deployed to position Nigeria for that future. ‘Payments, credit, savings, and investment are being redefined by fintech and digital platforms,’ he said. ‘The future is digital, and we are preparing for it.’

Cardoso reiterated the central role of leadership in nation-building, asserting that price stability, while essential, must be complemented by broader economic inclusion and diversification. ‘We must build a stable macroeconomic environment that fosters productivity and opportunity,’ he stated.

The launch of the CBN Governor’s Lecture Series itself, he explained, is a step towards deepening thought leadership through open dialogue. ‘We initiated this lecture series to build a community of inquiry, co-create ideas, and pass knowledge across generations,’ Cardoso noted.

He emphasised that monetary policy goes beyond technical metrics like interest rates or inflation targets. Rather, it is a tool to build trust, ensure economic stability, and inspire the collective confidence of citizens and investors alike. ‘Our aim is to build strong institutions, resilient economies, and sustained prosperity, all anchored in credible leadership that can set vision, make hard decisions, and regulate with integrity,’ he said. Addressing the young audience directly, Cardoso acknowledged their creativity, connectivity, and potential to lead transformative change. ‘You are the most mobile, most connected, and most creative generation the world has ever seen,’ he said. ‘Perseverance, though it may sound cliché, is your greatest ally. Stay the course. Lean into the challenges with creativity and courage. Disruption often creates the conditions for the greatest breakthroughs.’

According to him, stability is not an end in itself, but the foundation for inclusive growth and national renewal. He underscored three core values he believes should define the next generation of leadership: credibility, innovation, and inclusion.

‘What Nigeria needs is leadership that is data-driven yet people-centered, courageous yet humble, visionary yet accountable leadership determined to build not just for today, but for generations unborn,’ he urged.

During a fireside chat at the event, Cardoso shared key reforms already carried out by the apex bank, including the adoption of a B-matching electronic system in the foreign exchange market to improve transparency. ‘Everyone sees the same rates now. It’s brought us closer to a perfect market,’ he said. He also revealed the CBN’s push toward becoming a fully paperless institution by digitising approvals and internal processes, part of a broader commitment to modernisation.

He emphasised that macroeconomic stability remains the bedrock of national development. ‘Without stability, everything else including job creation, entrepreneurship, investment, falls apart. We’ve achieved stability, and we will defend it fiercely,’ he said. According to Cardoso, increased investor confidence is already beginning to reflect in key growth indicators, including Nigeria’s recent quarterly GDP numbers.

In her welcome remarks, Olayinka David-West, Dean of Lagos Business School, described the inaugural lecture as a pivotal moment for collaboration between academia, public institutions, and the private sector. ‘This stage has long served as a platform to inform, educate, and engage,’ she said. ‘Today, we are proud to host Governor Olayemi Cardoso as we inaugurate the CBN Governor’s Lecture Series, a bold step toward fostering accountability, transparency, and deeper public understanding of monetary policy.’

David-West highlighted the alignment between the lecture series and LBS’s mission to develop responsible leaders and contribute to Africa’s economic transformation through thought leadership.

The lecture series forms part of Governor Cardoso’s broader strategy to promote knowledge acceleration and public engagement around Nigeria’s financial systems and economic direction. It also reinforces the CBN’s ongoing commitment to the principles of accountability, compliance, and transparency, values that Cardoso and his team pledged to uphold during their confirmation by the Nigerian Senate two years ago.

In closing, Cardoso reminded the audience that Nigeria’s economic story is still unfolding and that the pen, or rather the digital device, is now in the hands of the next generation.