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Family businesses are a big phenomenon around the world and they seem to propel economies of nations. In the US, they are estimated at 5.5m, accounting for 57% of the nation’s GDP, employing 63% of the workforce. In the UK, they are about 5.1m (2018), accounting for 87.6% of all private sector firms at that time.

Nigeria posts about 24m, accounting for about 50% of all businesses in the country and contributing around $200bn to the national economy annually.

A family business is indicated as a commercial organization in which family members are involved in its management and ownership. They are grouped into three; family-owned, family managed, and family-owned and managed.

Their major problem is said to be the battle in decision-making between family-first or business-first decisions as well as succession crisis. One such family business in Aba town led to attempted assignation in the family.

Experts studying the scenario have identified marriage as a big factor in managing family business. Often, family members jump into a business out of necessity or exigence. No rules are often stated from the onset. When pressures begin to pull and the power of cash emerges, love turns to hate and cash becomes thicker than blood. Gladys and Timothy Opata, family matter experts and marriage counselors, a model couple, think they have an idea or answer. They tabled this Saturday evening, October 18, 2025, at the Redemption Hall Model Parish (RHMP) of the RCCG Area Parish on Station Road in Elelenwo in Port Harcourt. It was the Men’s Fellowship Couples Dinner staged by John Udochukwu, the President.

Mummy Gladys took the stage to show how solid marriage bound in love and intimacy would help the family to navigate difficult matters including family business, bank accounts, and disclosure issues.

According to her, both man and wife must come clean and one must have the interest of the other at heart, else, its no Christian marriage in the first place.

On bank accounts, she suggested for each couple to apply what works for them.

The key to marital intimacy, she deposed, is that one must embrace what makes the other happy; movie, football, games, storytelling, etc.

With such oneness built with love and intimacy, all other businesses and decisions go well; why? Because, they are selfless.

Siminalayi Fubara, governor of Rivers State, has frowned at the dumpsite along the busy Port Harcourt Airport-Obiri-Ikwerre Road, describing it as a public health threat and a damaging first impression for visitors arriving Port Harcourt, the state capital.

In this light, he has unveiled plans to relocate it to a permanent site farther away from the city lines.

Fubara made this known on Tuesday, October 21, 2025 during an inspection of a proposed replacement site, which is a disused burrow pit near Bambo Estate, off Eneka Road in Igwuruta, Ikwerre Local Government Area. Nelson Chukwudi, Chief Press Secretary to the governor, in a release, said the location is being assessed as a potential permanent dumpsite for the state.

Fubara, who was accompanied by Samuel Nwanosike, Board Chairman, Rivers State Waste Management Agency (RIWAMA), and Ibimina Wokoma, Managing Director, expressed concern about the environmental and health challenges posed by the existing site, which sits along a major entry point into the state. ‘The kind of environmental hazards that we are facing there along the Airport-Obiri- Ikwerre Road; the smell on that road being the entrance into the state, we felt it’s not proper,’ he said. ‘So, we are making alternative arrangements so we can have a permanent refuse dumpsite that meets acceptable standards.’

He added that the government would move swiftly to formalise ownership of the land and complete construction work on the access road to make the new site functional.

‘We have not concluded the issue of the burrow pit, but the access road, I think the government is doing something about it. So, I will make sure that everything that needs to be done to ensure government owns this burrow pit is done,’ he said. Fubara also commended the state waste management agency (RIWAMA) for what he described as a more assertive and improved approach to managing refuse across the state.

The governor also paid a visit to the Permanent Secretaries’ Quarters located in Elimgbu Town, Obio/Akpor Local Government Area, to assess the extent of ongoing construction work on the facility.

Tether, the largest company in the digital asset industry, today announced a strategic investment in Kotani Pay, a Crypto Asset Service Provider (CASP) offering on-ramp/off-ramp infrastructure that connects Web3 users to local payment channels

across Africa.

This investment aims to empower people and businesses in Africa by allowing easy access to digital assets and lowering barriers to global financial participation.

Kotani Pay has established itself as a name in the African financial technology landscape, with a

growing network and the ability to deliver solutions tailored to local market needs. Its infrastructure aligns with Tether’s broader mission to expand blockchain use cases, such as cross-border payments and digital asset management, provide extensive access to financial tools, and create systems that empower underserved communities to participate in the global economy.

By leveraging blockchain technology, Kotani Pay enables enterprises to manage international operations efficiently, offering businesses and individuals practical solutions to access global liquidity and transact with ease.

This investment will make access to digital assets and cross-border payment systems seamless, addressing long-standing challenges faced by SMEs and corporates in emerging markets such as high transaction costs, long settlement times, and limited access to global financial networks. Businesses and individuals previously excluded from the international financial system will gain direct access to the global economy, supported by blockchain-powered

solutions that deliver stability, security, and efficiency.

According to the Chainalysis regional report, Sub-Saharan Africa remains the smallest crypto

economy. Still, its usage patterns reveal significant insights into grassroots usage and the increasing role of crypto in everyday financial activity. Africa is witnessing a profound shift in how people access, use, and trust financial tools, with cryptocurrency becoming increasingly central to this transformation.

In Sub-Saharan Africa, on-chain crypto transaction volume exceeded US$205 billion between July 2024 and June 2025, marking a 52% year-on-year increase, driven by retail usage and remittances.

Key markets such as Nigeria, Kenya, South Africa, and Ethiopia lead the

expansion in users and use cases. This reflects more than speculative interest that emerges

from real needs in regions with high inflation, currency volatility, limited banking infrastructure, and large populations that are unbanked or underbanked.

‘At Tether, we believe that blockchain technology plays a critical role in unlocking financial freedom,’ said Paolo Ardoino, CEO of Tether. ‘Kotani Pay’s vision and strong regional

presence make it the right fit to drive our shared goals in Africa.

Together, we aim to provide businesses and individuals with access to digital assets for their global operations, reduce friction in cross-border transactions, and build a more inclusive financial future while promoting the informed use of digital assets.

‘At Kotani Pay, we have been fortunate to witness and build on the rising usage of blockchain technology on the continent across a variety of use cases. This strategic investment from Tether better positions us to continue our work as a bridge to the on-chain economy, connecting

millions of Africans to the global financial system.

We are excited to be part of the Tether

Ecosystem and to leverage the shared knowledge to advance the goals of building tools of

wealth creation for African individuals and businesses,’ Felix Macharia, CEO and Co-founder

at Kotani Pay.

Tether and Kotani Pay are both committed to advancing the financial future of Africa by scaling access to blockchain-based tools that drive efficiency, transparency, and inclusion. This

investment sets a new benchmark for how blockchain technology can transform individual daily life and business operations across the continent. Together, we aim to shape a more resilient and inclusive digital economy for Africa.

About Tether and USD?

Tether is a pioneer in the field of stablecoin technology, driven by an aim to revolutionize the global financial landscape, with a mission to provide accessible, secure, and efficient financial, communication, and energy infrastructure. Tether enables greater financial inclusion and communication resilience, fosters economic growth, and empowers individuals and businesses.

As the creator of the largest, most transparent, and liquid stablecoin in the industry, Tether is dedicated to building sustainable and resilient infrastructure for the benefit of underserved

communities. By leveraging cutting-edge blockchain and peer-to-peer technology, it is

committed to bridging the gap between traditional financial systems and the potential of decentralized finance

Abubakar Kyari, minister of Agriculture and Food Security, has emphasised that young agripreneurs hold the key to accelerating the transformation of Nigeria’s agricultural sector through innovation, enterprise, and inclusivity.

Speaking at the World Food Forum (WFF) Nigeria Chapter Side Event held in Rome, Italy, themed ‘Bridging Policy and Innovation: Youth at the Forefront of Agri-Food Transformation,’ Kyari said empowering youth as co-architects of the nation’s food systems is essential for sustainable growth.

He noted that under the leadership of President Bola Ahmed Tinubu, agriculture has been placed at the center of Nigeria’s development agenda.

‘Food security is more than an economic priority – it is the foundation of national sovereignty and stability,’ Kyari stated.

The minister explained that the Tinubu administration, through its Renewed Hope vision, is reinforcing confidence in food systems, strengthening production, and empowering youth to drive future growth in agribusiness.

Kyari said the government is strengthening the link between policy and practice to ensure that agricultural strategies are ‘inclusive, data-driven, and shaped by those who live and work within our food systems, especially the youth driving innovation.’ He noted that Nigeria is shifting from a top-down approach to one of collaboration and co-creation, where young voices play a defining role in shaping policy.

Highlighting key policies, the minister pointed to the National Agricultural Technology and Innovation Policy (NATIP) as the backbone of a youth-driven, tech-enabled, and commercially viable agricultural ecosystem. He emphasised that financing remains crucial to sustaining innovation.

‘No matter how brilliant our ideas or technologies, without accessible and affordable finance, they cannot grow into impact,’ he said.

Kyari listed major government initiatives such as the operationalisation of the National Agricultural Development Fund (NADF) and the ?1.5 trillion recapitalisation of the Bank of Agriculture (BOA) – one of Nigeria’s largest ever agricultural finance commitments – aimed at expanding access to affordable credit for youth and women-led agribusinesses.

The Minister also celebrated young Nigerian innovators including; Samson Ogbole, Femi Adekoya, Atinuke Lebile, and Azeez Salawu.

The United Arab Emirates (UAE) has announced a new golden visa category, offering a ten-year renewable residency to individuals who contribute to Islamic humanitarian efforts or Waqf.

This new pathway is set to allow both current UAE residents and international philanthropists to secure a ten-year-long visa by supporting certified endowments or humanitarian projects with a minimum donation of AED 2 million (approximately £450,000).

Waqf is an important part of Islamic tradition, which refers to a perpetual charitable endowment, such as property, land, or funds, that is dedicated to public welfare initiatives like healthcare, education, or religious services.

The latest addition will now expand this eligibility to ‘financial supporters of humanitarian work’, as outlined in Cabinet Resolution No. 65 of 2022. The landmark policy was announced following a strategic partnership between the general directorate of residency and foreigners affairs in Dubai (GDRFA-Dubai) and the endowments and minors affairs foundation (Awqaf Dubai).

The collaboration was unveiled at the GITEX Global 2025 event held at the Dubai World Trade Centre.

The move forms part of the UAE’s wider strategy to attract global benefactors, encourage sustainable giving, and integrate social responsibility into its national development plan.

Mohammed Ahmed Al Marri, director general of GDRFA-Dubai, described the agreement as a ‘Pioneering model of government integration that empowers the endowers to play a vital role in community development.’ Understanding the Waqf contribution

Once established, Waqf assets are managed sustainably for the community’s long-term benefit and cannot be sold or inherited.

In the UAE, Awqaf Dubai oversees these endowments, ensuring transparency, compliance with Sharia law, and proper allocation to meaningful causes.

To be eligible for the Waqf-linked Golden Visa, applicants donating at least AED 2 million to a certified Waqf or humanitarian project must hold a university degree and be nominated by Awqaf Dubai or another authorised humanitarian institution.

Application and benefits

Applicants can initiate the process by making a qualifying donation to an approved Awqaf Dubai project, securing a nomination, and then submitting their application via the GDRFA smart services portal or at any Amer centre in Dubai. The application requires proof of contribution, academic credentials, and identification papers.

Successful applicants, following a committee review by GDRFA and Awqaf Dubai, will receive the ten-year golden visa. The key benefits include the renewal of residency without needing a local sponsor, the freedom to live, work, and study across the UAE, and the ability to sponsor immediate family members (spouse, children, and parents), as well as the maintenance of the visa’s validity even if the holder spends more than six months outside the UAE.

Ali Mohammed Al Mutawa, secretary-general of Awqaf Dubai, noted that the initiative ‘is a natural extension of Dubai’s vision to position endowment work as a key pillar in sustainable development.’ This addition expands the UAE’s strategic residency scheme, which already includes highly valued individuals such as investors, doctors, scientists, and entrepreneurs.

Applications can be filed through the GDRFA Smart Services portal or any Amer Centre in Dubai.

How can you apply

Prospective donors can start the Waqf golden visa process through Awqaf Dubai for nomination guidelines or through GDRFA Smart Services for application tracking.

The first step is to:

Make a qualifying donation to an approved Waqf project managed by Awqaf Dubai.

Obtain a nomination under the ‘financial supporters of humanitarian work’ category.

Apply online or in person with all required documentation.

The joint GDRFA-Awqaf committee will then review and verify the application.

Officials believe the new policy will attract charitable capital, foster international collaboration in social development, and further cement Dubai’s reputation as a global centre for generosity and tolerance.

The Senate on Wednesday proposed that the burden of proof in election petitions should rest with the Independent National Electoral Commission (INEC) rather than with litigants, as part of efforts to strengthen electoral credibility ahead of the 2027 general elections.

Under the current legal framework, petitioners challenging election results bear the primary responsibility of proving their claims, in line with the Evidence Act which stipulates that ‘he who asserts must prove.’

However, during debate on the general principles of the bill to repeal the 2022 Electoral Act and enact a new 2025 version, many senators, including Senate President Godswill Akpabio argued that INEC should bear this responsibility since it organises and supervises elections.

Seriake Dickson (Bayelsa West), who first made the proposal, said the shift was necessary to enhance transparency and accountability in the electoral process.

‘If there is one major achievement we must secure in this 10th Senate under your leadership, it should be meaningful electoral reform,’ Dickson said.

‘We have the opportunity to modernise our system, authorise INEC to deploy more technology and support that with adequate funding.

‘Critically, the burden of proof in electoral disputes must be reformed. The current rule, that the challenger must prove alleged irregularities, unfairly handicaps the process.

‘INEC conducts elections, appoints ad hoc officials, collates and announces results; it should therefore bear the primary burden of proving that elections were conducted in accordance with the law.’

Senate President Akpabio backed Dickson’s submission, noting that INEC, as the organiser and supervisor of elections, must be held accountable in the event of disputes. ‘I agree with Senator Dickson and other senators who have called for the shifting of the burden of proof in electoral litigations from litigants to INEC,’ Akpabio said.

‘INEC must be held responsible because it conducts the elections, manages logistics, and is in the best position to defend the credibility of its process.’ Beyond the debate on the burden of proof, other senators raised additional issues for consideration in the proposed electoral law, including the eligibility of elected political office holders as delegates during party primaries and the need to address cross-carpeting by elected officials.

Abdul Ningi (Bauchi Central) advocated for the inclusion of all elected office holders as eligible delegates in party primaries, while

Muntari Dandutse (Katsina South) called for provisions that would compel defectors to lose their positions after switching parties.

According to Dandutse, such reforms would strengthen Nigeria’s multi-party democracy and restore the nation’s political integrity in the international community.

Leading experts in the health sector have warned that Nigeria’s dependence on imported medicines, weak research capacity, and poor local manufacturing infrastructure continue to undermine the country’s health security and capacity to respond to emerging health threats.

This is even as they have called for urgent investment in research, local drug production, and stronger multi-sector collaboration to protect public health and achieve self-reliance.

Professor John Oladapo Obafunwa, the director-general of the Nigerian Institute of Medical Research (NIMR), at the 2025 Annual Conference of the Health Writers Association of Nigeria (HEWAN) in Lagos, said the country stands at a defining moment where the quality and credibility of scientific and health systems will determine the nation’s resilience against both infectious and non-communicable diseases. Obafunwa, who was represented by Prof. Oliver Ezechi, director of research at NIMR, described the conference as a timely platform to elevate the quality, integrity, and public value of science and health collaboration in Nigeria, stressing that progress in healthcare cannot occur without strong research foundations and reliable local manufacturing.

‘We live in an era of rapid scientific advancement and expanding health knowledge, yet our systems remain challenged by weak research funding and dependence on imported solutions. Leadership in health and science is a collective responsibility that requires trust, sustained collaboration, and data-driven action,’ he said.

Obafunwa noted that improving Nigeria’s health security will depend on building multidisciplinary partnerships among research institutions, policy agencies, and private sector actors, while assuring that the NIMR remains committed to fostering such partnerships to bridge the gap between scientific discovery, policy development, and community health practice.

‘Our agenda must focus on strengthening data literacy, advancing ethics, and creating a culture of collaboration that can translate research findings into actionable health outcomes,’ he added.

Echoing this concern, Prof. Lere Baale, president and chairman of Council of the Nigeria Academy of Pharmacy, said that no nation can claim to be truly healthy or secure if it cannot produce its own essential medicines.

Delivering his presentation titled ‘Drug Research and Development: From Laboratory to the Patient,’ Baale emphasised that a weak research base and poor local manufacturing capacity leave Nigeria vulnerable to external shocks and medicine shortages. ‘A country that cannot produce its own essential medicines remains vulnerable to external shocks and shortages. Medicine security is a national security imperative,’ he warned. He outlined six critical phases of the drug research and development process: discovery, preclinical and clinical testing, regulatory review, manufacturing, and patient access – noting that each stage requires local expertise, strong regulation, and government support.

Baale called for the establishment of African Centres of Clinical Excellence, led by the Nigeria Academy of Pharmacy, the National Institute for Pharmaceutical Research and Development (NIPRD), and top universities. These centres, he said, would ensure that Africa’s unique disease patterns and genetic diversity are better represented in global medical research.

According to him, local investment in drug research and production will not only improve access to affordable medicines but also stimulate economic growth, create jobs, and reduce overdependence on imports. ‘The journey from the laboratory to the patient is a sacred partnership between science and humanity, discovery and delivery. Innovation must always serve people, not profit alone,’ Baale said.

He urged policymakers and industry leaders to prioritise health research in the national budget, strengthen regulatory harmonisation through the African Medicines Agency (AMA) and equip young scientists with the tools to innovate locally.

Pharm. Gilbert Ogbewele, marketing and business support lead, Roche Nigeria, who represented Dr. Ladi Hameed, the general manager, at the conference, affirmed that Roche is proud to partner with HEWAN, a truly critical stakeholder entrusted with preserving public interest.

‘Your role in educating the Nigerian public about the scourge of breast cancer is invaluable. Crucially, you offer hope by arming our citizens with information about the available policies and breast cancer care initiatives that are functional in Nigeria today,’ Ogbewele stated. The conference aims to leverage the media’s reach to drive increased awareness, encourage early detection, and support the strengthening of Nigeria’s healthcare system for improved cancer care and survival.

Ogbewele also noted that journalists are critical in supporting the government’s drive toward universal health coverage.

This initiative is part of Roche’s bold Africa Breast Cancer Ambition (ABCA), a mission dedicated to rewriting the story of breast cancer in Nigeria. Roche invited the media to join the quest to make a real difference in the essential fight against breast cancer.

Across all sessions, participants agreed that Nigeria’s health future depends on how effectively government, academia, industry, and the media can work together to make science relevant, accessible, and actionable.

The federal government, through the ministry of petroleum has issued a clear mandate to the Petroleum Training Institute (PTI) and its partners, urging a strategic collaboration aimed at enhancing the capacity of Nigerians, and increasing indigenous participation in the oil and gas sector.

Emeka Obi, permanent secretary, ministry of petroleum emphasized this mandate on Wednesday, at the ongoing ‘International Conference on Hydrocarbon Science and Technology’ ICHST, organised by the Petroleum Training Institute (PTI) in Abuja.

According to Obi, the focus of the institute should be on tangible outcomes over the next three years, moving beyond traditional training models to foster direct industry integration and wider access.

He emphasized that the increase in Nigeria’s crude output, which has risen to 1.83 million barrels per day and active drilling rigs have increased from 31 to 50 within seven months in 2025, demonstrates that the regulatory reforms are bearing fruit, hence the need for skilled manpower to sustain the momentum.

He charged the institute and partners to collaborate in ensuring that at least 70 percent of PTI graduates within the next 3 years are placed in industry roles or start-up ventures, thereby increasing indigenous participation. ‘The Ministry expects PTI and all stakeholders to collaborate in partnering with operators to ensure internships and apprenticeship schemes for PTI trainees, so that theory meets practice. Roll out a digital learning platform enabling remote/hybrid delivery of oil and gas modules, to broaden access beyond Delta State and into northern, eastern zones of Nigeria.

‘Establish metrics and dashboards to track performance: number of certified welders and technicians; number of research papers produced; number of local content contracts supported by PTI-trained personnel; reduction of expatriate manpower over time,’ he said.

‘Domestic Crude Supply Obligation mandates that a defined volume of crude must go to domestic refiners before export. The operationalisation of this regime is critical to further value-addition and job creation. That process will require skilled technicians, membrane of logistics, mid-/downstream operations, again pointing to the importance of training and capacity across the value chain,’ Obi said.

This initiative, he said will directly increase the number of qualified Nigerians participating in the sector, tackling the challenge of underemployment among technical graduates. In his remarks, Samuel Onoji, principal and chief executive, PTI noted that the institute wss established as an OPEC requirement to train and certify middle level manpower required to drive and sustain the oil and gas industry in Nigeria and Africa in general.

According to him, in the Institute since inception, over 55,000 skilled and competent professionals, technicians, technologists, craftsmen, and operators required for the oil and gas industry have been trained.

Speaking on the theme of the conference: ‘Transforming Africa’s hydrocarbon sector: balancing growth, environment and governance’, Onoji said that Africa’s hydrocarbon resources remain pivotal to the continent’s economic development and energy security.

According to him, the sector faces significant challenges, such as inadequate infrastructure, insufficient investment, which is driving energy poverty in the continent. ‘As we navigate the complexities of energy transition, climate change imperatives, and quest for sustainable development, the balance between growth, environmental stewardship, and governance has never been more pertinent.

‘To address these challenges, the African Petroleum Producers’ Organization (APPO) in partnership with African Export-Import Bank (Afreximbank) have joined forces to establish the Africa Energy Bank (AEB) with headquarters in Abuja, Nigeria to provide low-interest rate funds for oil and gas projects, and also assists Africa countries to transit to renewable energies in future.’

He called for the early commissioning of the Africa Energy Bank to enhance energy access for African countries, promoting economic growth and reducing energy poverty.

‘This conference provides a unique platform for us to deliberate on strategies that can propel Africa’s hydrocarbon sector towards a future that is not only prosperous, but also sustainable and equitable,’ he added

Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB), has named Abubakar Malami, former Attorney-General of the Federation, as one of the witnesses in his ongoing trial for alleged terrorism.

In a motion signed by Kanu and filed before Justice James Omotosho of the Federal High Court in Abuja, he expressed readiness to begin his defence as directed by the court.

The motion, marked FHC/ABJ/CR/383/2015 and dated October 20, was filed on October 21. It is titled: ‘Notice of Number and Names of Witnesses to be Called by the Defendant and Request for Witness Summons/Subpoena and the Variation of the Time Within Which to Defend the Counts/Charges against the Defendant.’ Kanu cited a court order from October 16, 2015, which instructed him to open his defence on October 24, 2025.

He informed the court of his intention to call 23 witnesses, divided into two groups: ‘material’ witnesses and ‘compellable’ witnesses.

He requested the court to issue summonses to the latter under Section 232 of the Evidence Act, 2011.

He also asked for a 90-day period to conclude his defence, considering the number of witnesses.

Kanu stated that he would testify in his own defence, providing a sworn account to deny the allegations and explain the political context of his actions and statements.

Among those listed as compellable witnesses are: Nyesom Wike, Minister of the Federal Capital Territory, former Minister of Defence, Theophilus Danjuma; former Chief of Army Staff, Tukur Buratai; Governor of Lagos State, Babajide Sanwo-Olu; and Governor of Imo State, Hope Uzodinma. Others include: Dave Umahi; Minister of Works,former Governor of Abia State, Okezie Ikpeazu; former Director-General of the National Intelligence Agency, Ahmed Rufai Abubakar; and former Director-General of the State Security Service, Yusuf Bichi. He also noted that some witnesses would remain unnamed for now.

Kanu said he would provide sworn statements from all voluntary witnesses and notify the prosecution in due time.

He assured the court that proceedings would not be unnecessarily delayed and emphasized the importance of ensuring justice is both done and seen to be done.

This application follows a preliminary objection filed by Kanu challenging the court’s jurisdiction to continue with the trial. The objection was submitted the same day a medical panel appointed by the court declared him fit to stand trial.

In a related development, a magistrate court in Abuja ordered the remand of Kanu’s special counsel, Aloy Ejimakor, and 12 others arrested during a protest led by activist Omoyele Sowore on Monday, opposing Kanu’s continued detention and trial.

Police charged the group with criminal conspiracy, disobedience to lawful order, inciting disturbance, and public nuisance, contrary to Sections 152, 114, and 113 of the Penal Code.

The defendants, named in two separate First Information Reports (FIRs), include: Ejimakor, Kanu’s brother Emmanuel Kanu, Joshua Emmanuel, Wilson Anyalewechi, Okere Nnamdi, Clinton Chimeneze, Gabriel Joshua, Isiaka Husseini, Onyekachi Ferdinand, Amadi Prince, Edison Ojisom, Godwill Obioma, and Chima Onuchukwu.

The court ordered their remand at Kuje Correctional Centre pending arraignment on October 24.

When Optasia, formerly known as Channel VAS, began operating in Nigeria in 2014, it was celebrated as a fintech innovator bringing digital convenience to Africa’s largest mobile market. Its idea was deceptively simple: provide airtime and small credit advances to MTN subscribers who ran out of balance, then recover repayment on their next recharge. For millions of Nigerians, it felt like progress – instant microcredit available through a handset. But a decade later, the picture looks very different. The real wealth created by this model does not stay in Nigeria.

Optasia is not a Nigerian company. It is a foreign fintech platform offering AI-based lending and scoring services to telecom operators across Africa, the Middle East, and Asia. Its biggest and most profitable market is Nigeria, where MTN, the continent’s largest mobile operator, serves as both partner and distribution channel. Since entering the country, Optasia’s transaction volumes have grown exponentially, generating vast sums from Nigerian users. Industry estimates suggest that between 2019 and 2023 alone, Nigerian subscribers received over ?4.7 trillion in airtime and nano-loans through the Optasia-MTN system, producing an estimated ?560 billion in interest income. In 2023, the platform processed about 46 billion micro-advances worth ?1.4 trillion, yielding roughly ?210 billion in interest. These figures, while staggering, tell only half the story – because most of that income was earned offshore.

Despite processing trillions of naira in transactions through Nigerian telecom networks, Optasia does not hold a Nigerian financial licence. It operates through MTN’s infrastructure, using the network as a distribution layer while conducting its data analytics, revenue booking, and risk modelling abroad. The firm’s local footprint is minimal, often limited to a small compliance or liaison office. The algorithms, servers, and banking relationships that underpin the entire enterprise remain outside Nigeria’s jurisdiction. What looks like innovation on the surface is, in practice, a sophisticated form of digital extraction – a system where foreign platforms monetise local data and demand while leaving the host country with little more than operational residue.

Even more troubling is the fact that, despite processing trillions of naira in loans, *none of this credit activity is reported to Nigeria’s licensed credit bureaus* such as CRC Credit Bureau or FirstCentral. This means that millions of Nigerians who consistently borrow and repay these airtime loans *build no formal credit history* – they remain invisible to banks, mortgage providers, and legitimate financial institutions. The very citizens whose repayment patterns sustain these foreign platforms are denied the opportunity to convert that discipline into real creditworthiness. What could have been an on-ramp to financial inclusion has become a closed circuit of extraction.

Regulatory oversight has not caught up with this reality. The Nigerian Communications Commission (NCC) regulates the telecom sector, while the Central Bank of Nigeria (CBN) oversees lending and payment services. Yet Optasia sits between both domains, in a grey zone where neither regulator exercises direct authority. The result is a multi-billion-naira industry operating beyond the reach of financial supervision and beyond the scope of domestic taxation.

The implications are profound. Nigerian subscriber data fuels Optasia’s predictive algorithms, but those models are built, owned, and refined abroad. The loan fees and commissions earned from each transaction are often booked as ‘technology service’ or ‘licence’ payments to offshore entities, allowing profits to escape local taxation through intra-group transfer pricing. Without a Nigerian licence, the company’s lending practices are not bound by domestic consumer-protection laws, and its use of sensitive personal data is subject only to indirect oversight. At the same time, the absence of local research or development means no Nigerian coders, no domestic IP, and no local shareholding benefit from the billions generated on Nigerian soil.

If Nigeria had captured even ten percent of the estimated interest income generated by these operations – about ?56 billion over five years – that amount could have financed a nationwide fintech accelerator programme, supported rural broadband expansion, or strengthened regulatory capacity in the digital economy. Instead, it flows outward, enriching global investors and reinforcing Nigeria’s role as a supplier of data and demand rather than a builder of digital wealth.

Other nations have faced similar challenges and responded with assertive policy. India, for example, mandates that digital-lending firms host their data locally, partner with licensed domestic financial institutions, and comply fully with onshore capital and tax requirements. Indonesia imposes strict local-incorporation rules, caps foreign ownership in peer-to-peer lending, and requires public disclosure of revenue-sharing agreements between telecom operators and their digital partners. These measures are not protectionist; they are pragmatic. They recognise that innovation without value retention merely transfers prosperity abroad.

Nigeria’s policymakers can take a similar approach. The time for permissive digital laissez-faire has passed. The country must establish clear rules for telco-embedded credit and AI-based financial services, requiring that any entity serving Nigerian subscribers be locally licensed, partly Nigerian-owned, and subject to the same tax and data-protection standards as domestic players. Data processing for Nigerian consumers must occur within Nigerian jurisdiction under the Nigeria Data Protection Act, and telecom agreements should be publicly disclosed to ensure fair revenue sharing and consumer benefit. Without such reforms, Nigeria’s digital economy will remain a pipeline for exporting value, not building it.

Optasia’s rise is both a testament to Nigeria’s economic scale and a warning about its vulnerabilities. With more than 200 million mobile subscribers, the country represents one of the world’s richest laboratories for digital finance. Yet Nigerians remain spectators in their own success. Their data trains foreign algorithms, their consumption drives foreign valuations, and their economy receives only the thinnest fraction of the gains.

To change this trajectory, Nigeria must move beyond celebrating foreign participation as an end in itself. Investment is valuable only when it deepens domestic capacity and retains local wealth. The choice is not between openness and protectionism, but between dependency and partnership. The principle should be simple: if global firms wish to profit from Nigeria’s digital scale, they must build with Nigeria, not merely on Nigeria. Otherwise, we risk exporting opportunity and importing dependency – one airtime loan at a time.