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Nigeria’s security crisis has become an exhausting national tragedy. From Zamfara to Plateau, the story repeats: lives lost, communities razed, children kidnapped, soldiers ambushed. Yet every year, the National Assembly approves record-breaking defence budgets, ?80 billion in 1999, ?6 trillion in 2025, without corresponding gains in safety or institutional integrity. What Nigerians now face is not just a failure of force, but a failure of oversight. The legislature, constitutionally empowered as guardian of public funds and democratic accountability, has become a silent witness to the erosion of both.

‘The implications go beyond bureaucracy. Every naira lost to misappropriation translates into weapons not bought, salaries unpaid, or intelligence unacted upon.’

The 10th National Assembly must decide whether it will remain a ceremonial observer or reclaim its role as a constitutional counterweight. For too long, the legislature’s tools, oversight hearings, investigative committees, and budget scrutiny have been deployed as theatre rather than enforcement. Summonses are issued, reports are written, and the cycle of outrage ends in silence. Meanwhile, corruption metastasises in the defence sector: ghost contracts, padded procurement, and security votes with no traceable outcomes.

The reality is brutal. Nigeria’s security expenditure has grown exponentially, but its return on investment is almost nil. The military struggles to maintain logistics, police formations are under-equipped, and intelligence coordination remains fractured. Behind this dysfunction lies a structural flaw: the National Assembly has the power to approve funds but has failed to tie that power to measurable results.

This must change and it can. The Annual Appropriation Act, if sharpened into a performance-enforcing instrument, could become Nigeria’s most powerful tool for national security reform. The Constitution grants the National Assembly exclusive control over public spending (Sections 59 and 80 of the 1999 Constitution, as amended). Every kobo withdrawn from the Consolidated Revenue Fund depends on legislative authorisation. That leverage is not symbolic; it is sovereign.

The 10th Assembly should convert the Appropriation Act from a routine budget authorisation into a Conditional Security Performance Contract. This means that defence and security agencies would no longer receive automatic disbursements; instead, funds would be released in tranches, strictly contingent on compliance with measurable Key Performance Indicators (KPIs). These KPIs should include improved inter-agency coordination, verified progress in intelligence-led operations, adherence to human rights standards, and transparent procurement processes.

To ensure enforceability, three new conditional clauses must anchor future appropriations.

First, an audit compliance trigger: no new capital allocations should be released to any military or intelligence agency until all prior-year audit queries have been resolved. This would breathe life into the otherwise toothless Federal Audit Service Act (2023).

Second, a Transparency and Disclosure Mandate: agencies must publish quarterly, itemised expenditure reports subject to independent review by the Public Accounts Committee and civil society monitors.

Third, a Performance and Accountability Clause: operational funds should be tied to field results, not abstract metrics but concrete indicators such as territory regained, incidents reduced, and response times improved.

Such conditions would not only deter waste but also transform the legislature’s oversight function into a credible enforcement mechanism. They would end the culture of blank-cheque budgeting that has turned security allocations into political patronage pools.

Of course, this reform requires more than new clauses; it demands new courage. The National Assembly has historically been reluctant to challenge the Executive on defence matters, citing ‘national security’ as an excuse for opacity. But secrecy has not secured the nation; it has shielded corruption. If the 10th Assembly truly believes in accountability, it must be willing to withhold or redirect funds from non-performing agencies, even under executive pressure.

The implications go beyond bureaucracy. Every naira lost to misappropriation translates into weapons not bought, salaries unpaid, or intelligence unacted upon. For ordinary Nigerians, that means more nights of fear, more empty farmlands, and more widows and orphans. Security failure is not abstract; it is lived in the silence of villages where the government has vanished.

The Senate President, Godswill Akpabio, and the Speaker of the House, Tajudeen Abbas, have both spoken eloquently about competence, accountability, and purposeful governance. Yet eloquence without enforcement is impotence. If the legislature’s words are to matter, they must be backed by institutional redesign. This begins by professionalising oversight committees, appointing members with technical expertise in defence, intelligence, and finance, and staffing them with independent analysts who can track procurement and audit data in real time. It also requires passing a robust Whistleblower Protection Act to shield insiders who expose corruption in the security sector.

Critics may argue that conditioning budgets could slow down urgent operations. But Nigeria’s problem is not insufficient spending; it is undisciplined spending. Oversight does not weaken security; it strengthens it by ensuring that funds achieve their intended purpose. Countries that overcame entrenched insecurity, Colombia, Indonesia, and even post-apartheid South Africa, did so not by endlessly expanding budgets, but by enforcing accountability.

Nigeria’s 10th Assembly has a narrow window to prove that democracy can still deliver public safety. By converting the Appropriation Act into an accountability weapon, it can compel the Executive to align funding with performance and integrity. The alternative is unthinkable: a future where insecurity becomes a budget line item, not a national emergency.

The path forward is clear. Fiscal leverage must become a moral instrument. Appropriations must buy results, not rhetoric. And the National Assembly must rediscover its constitutional courage, not just to pass laws, but to protect lives.

If it succeeds, history will not remember this legislature for its speeches, but for the moment it finally decided that Nigerians deserved value for the security they paid for with their taxes, and too often, with their blood.

The Africa Family Business Survey by PricewaterhouseCoopers (PwC) has identified tax reforms, succession planning, governance, and sustainability as principal forces shaping the next chapter of African family businesses.

Esiri Agbeyi, partner at PwC Nigeria and Africa family business leader, presented the findings at BusinessDay’s Family Business Summit held on Thursday in Lagos, describing it as a pulse check on the current state of family businesses and a practical snapshot of both the challenges they face and the opportunities available to them.

Agbeyi noted that the past three years have been characterised by economic volatility but observed signs of emerging stability, particularly in foreign exchange (FX) markets.

Now in its 12th edition, the PwC Family Business Survey is conducted biennially across multiple continents. This year’s dataset includes contributions from 79 African family businesses.

The survey highlighted five global megatrends that are shaping the future of family businesses: climate change and sustainability, demographic shifts, social and wealth inequality, artificial intelligence (AI) and technological transformation, and economic volatility.

Agbeyi explained that while AI dominates discussions globally, African businesses remain primarily preoccupied with economic issues, particularly taxation and currency instability.

‘For African businesses, economic issues tend to override innovation concerns,’ she said. ‘The insight here is how we can maintain stability without losing focus on what matters: innovation and sustainability.’

Succession planning, leadership gaps

One of the most significant findings was that succession planning and access to capital remain the biggest challenges for African family enterprises.

The survey also found that leadership development and talent retention continue to pose difficulties, especially as younger generations push for modernisation. The report noted that resistance from older generations is beginning to ease.

‘We are seeing more senior leaders embrace the idea of letting go,’ she observed. ‘The ‘how’ remains a challenge, but it is progress.’

Access to capital, governance practices

African family businesses are largely reinvesting profits to finance growth, rather than relying on external funding.

Agbeyi, however, urged enterprises to diversify their sources of capital.

‘Banks often complain about weak governance structures and incomplete records,’ she explained. ‘But there are opportunities in strategic partnerships, government grants, and subsidies that can be explored.’

Governance tools remain underutilised. While wills are common, fewer businesses use shareholder agreements, dividend policies, or family constitutions, which are mechanisms that help preserve long-term objectives.

‘Not many family businesses realise that these are the instruments that sustain both continuity and stability,’ Agbeyi noted.

Balancing long-term sustainability, short-term pressures

The PwC survey revealed that while family businesses understand the need to balance short-term risks with long-term goals, implementation remains inconsistent.

Agbeyi used the coffee value chain as an illustration, explaining that ‘the highest value is not in the beans but in the service, the retail experience.’ She argued that Africa must evolve from resource-based to service-led economies, especially as AI reshapes manufacturing and service delivery.

‘Traditional business models will change,’ she said. ‘The economies that will thrive are those that can adapt quickly to this shift.’

Tax reforms, business implications

Tax emerged as a defining issue for African family enterprises. While most respondents said they were proud to ‘pay their fair share of taxes,’ they also viewed taxation as a major business cost that must be strategically managed.

Agbeyi highlighted several ongoing tax reforms in Nigeria, including changes in the definition of tax residency, capital gains tax (CGT) adjustments, and new electronic invoicing rules.

‘A foreign company can now be considered a Nigerian tax resident,’ she explained. ‘If management and control happen here, it falls under Nigeria’s tax net. That means family businesses using offshore structures need to ensure proper governance and substance.’

She advised business owners to stay compliant with the Federal Inland Revenue Service (FIRS) e-invoicing system by 2026, warning that non-compliance could attract fines of up to N200,000 per transaction.

‘Tax is no longer a cost line; it is a business issue,’ Agbeyi concluded. ‘We must reframe conversations around how we manage capital, reward family members, and preserve value.’

Sustainability, legacy, community values

The survey found that African family businesses place a high premium on community impact and legacy preservation. Respondents cited ‘taking care of their communities’ and ‘preserving family legacy’ as their top motivations, even above financial performance.

However, Agbeyi cautioned that intent must be matched with institutional capacity.

‘While the desire is strong, the structures to make it sustainable are still developing,’ she said.

She also underscored the growing importance of environmental, social, and governance (ESG) considerations.

‘For some, ESG feels like a soft topic, nice to hear but not nice to do,’ she admitted. ‘But these are now key drivers of capital.’

Art, trusts, preservation of wealth

Closing her presentation, Agbeyi advised on asset management and estate planning, including art as an emerging asset class.

‘Art is beautiful and valuable, but complex to value,’ she remarked. ‘If you are transferring artwork into trusts or other structures, ensure proper valuation and rebasing. These details matter for compliance and wealth preservation.’

Shifting mood

At the three-day event themed, ‘Wealth Diversification and Resilience in Uncertain Times,’ Frank Aigbogun, BusinessDay publisher, said the mood among business owners has shifted from anxiety to guarded optimism. ‘The theme resonates with resilience,’ he said. ‘The clouds are clearing and we are beginning to confidently hope for something better ahead.’

Abiodun Azeez, country representative of Mauritius Commercial Bank, said family-owned firms remain the backbone of private wealth creation in Africa but still face structural weaknesses that limit continuity.

‘In terms of generating wealth and employment in Africa, 80 percent of businesses are family-owned, but only about 30 percent move on to the second or third generation,’ he said. He added that longevity now depends less on scale and more on adaptability.

Sam Abu, country senior partner at PwC Nigeria, said the summit aims to help family firms evolve from survival to sustainability. ‘Diversification, innovation, and deliberate planning will determine which family firms outlive their founders,’ he said.

At the intersection of innovation and impact stands James Osita, the managing partner of BlackCrest, a dynamic fintech entrepreneur reshaping Africa’s digital finance landscape.

With over $20 million in funding powering his ventures, Osita is not just building tech solutions; he is unlocking financial access and inclusion across the continent.

His journey reflects the new wave of African tech leaders transforming challenges into billion-dollar opportunities.

Osita, who is leading a startup-focused law firm in Lagos, has successfully advised over 50 founders who have raised a cumulative of $20 million in pre-seed and seed investment rounds.

The young entrepreneur, who studied law at the University of Nigeria, Nsukka, was called to the bar at 21, and then pursued a master’s in innovation management in the UK with a fully funded Chevening scholarship.

Through his experience as a lawyer and the business insights he gained from his postgraduate diploma in management from the Nigerian University of Technology and Management (NUTM), Osita launched his law firm in 2021 at the age of 25.

On his motivation to start his business, Osita says, ‘I was building a fintech company called Surepayy between 2021 and 2023. My goal was to develop a digital escrow system that helps Nigerians shop safely online. After attempting partnerships with banks to scale the product, I quickly realised how easy I had it because I was a lawyer.’

‘I began speaking with other founders to understand their experiences navigating compliance, data protection, and partnerships, and I noticed a significant gap in the legal services market.’

‘I then reached out to my friends, Vincent and Eustace, who attended law school with me in 2018, and together, we founded BlackCrest, a startup-focused law firm offering tailored legal solutions to African startups of all stages.’

Regarding the challenges he faces, Osita notes that his biggest hurdle at BlackCrest has been increasing the number of retainer clients while managing competing deliverables.

‘When you position yourself as the best, you must deliver consistent, high-quality support, which is not always easy when you have many clients to cater to,’ he says.

On how he manages these challenges, the young entrepreneur explains, ‘For sales, we address the challenge by using content as a sustaining marketing strategy.

At BlackCrest, we host monthly webinars on various legal issues affecting the startup ecosystem and organise an in-person Founders Meet and Chat (MAC) quarterly in Lagos. We also post an average of 50 pieces of content monthly on LinkedIn to drive visibility for our firm.’

‘For competing deliverables, we assign each of our associates to different retainer clients and foster a culture of work ownership and excellence in line with our core values of innovation, client-centricity, and excellence.’

On how he funded his business, Osita says, ‘I started BlackCrest with the funds I saved from my first company, Flourish Consult, a writing and consulting firm I launched during my NYSC service year in 2019. I reviewed over 400 CVs for young professionals at Flourish Consult before I switched my interest to tech.

‘I also leveraged my network from the NUTM, where I was a fully funded management scholar, to get referrals to startups that needed legal support. The rest, as they say, is history.’

Speaking on his goals, he says, ‘My short-term goal is to increase our number of retainer clients at BlackCrest while maintaining our current quality and delivery time.

‘In the long term, I aim to transition BlackCrest into a Swiss Verein structure, expand into multiple jurisdictions, and support startups globally-because I believe well-managed tech innovation businesses can create jobs, reduce poverty and inequality, cure terminal ailments, and change the world.’

To young lawyers aspiring to start their own businesses, Osita advises, ‘Stop overthinking and just start. I never worked as an associate in any law firm, yet I successfully built a leading startup-focused law firm by investment deal size. Focus on your core strengths. I gained business and leadership experience from running Flourish Consult and Surepayy immediately after service; that background helped me become the kind of leader capable of building BlackCrest.’

George Akume, Secretary to the Government of the Federation (SGF), on Thursday, said the federal government is commitment to fostering robust partnership with the private sector as a cornerstone for driving sustainable economic growth and development.

Akume, made the disclosure when he received a delegation of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), and the Organised Private Sector of Nigeria (OPSN) led by its President and Chairman, Jani Ibrahim, in Abuja.

The SGF emphasised the critical role of collaborative efforts between public and private sectors in unlocking Nigeria’s economic potentials, according to a statement by Segun Imohiosen, the Director, Public Relations, office of the SGF.

‘I must commend the Nigerian private sector for its consistent partnership with government in shaping the economic direction of our nation,’ he said.

He noted that NACCIMA, as the umbrella body of the organised private sector in Nigeria, has over the years been a critical stakeholder in policy advocacy, enterprise development, and sustainable economic growth.

‘Government sees NACCIMA and OPSN not just as partners, but as co-drivers in the journey towards building resilient, diversified and self reliant economy”, he said.

The SGF also revealed that the administration of President Bola Ahmed Tinubu under the Renewed Hope Agenda is deeply committed to creating an enabling environment for businesses and industry to grow and expand in order to re-energise the economy, deepen local production and promote inclusive prosperity across all sectors.

”I assure you of the full cooperation of the Office of the Secretary to the Government of the Federation in fostering closer collaboration with NACCIMA and the entire Organised Private Sector. We look forward to robust engagements that will translate into concrete outcomes for our economy and our people.’

Speaking earlier, Jani Ibrahiim, President of NACCIMA and Chairman OPSN, asserted that the organisation has aligned with the Renewed Hope Agenda to develop national initiatives such as the NACCIMA Green Initiative which targets the planting of one billion economic trees across Nigeria’s states in partnership with the Federal and State Governments, development agencies and corporate institutions.

He declared that the initiative aims to promote climate resilience, environmental sustainability and rural employment.

”As we deepen collaboration, let us embrace the guiding principle of Nigeria First, a shared determination to prioritise local capacity, promote indigenous enterprise, and build a future where public and private sectors thrive together,’ he said.

In 1994, Nelson Mandela walked onto the Rugby World Cup field wearing the Springbok jersey, a powerful symbol once associated with apartheid. That moment wasn’t just about reconciliation; it was about a nation choosing the kind of leadership it wanted to embody. The crowd, mostly white, erupted in unified cheers for the Black president they had once feared. In that instant, the followers shaped the narrative of leadership. They didn’t just receive leadership; they co-created it.

Leadership is rarely a solo act. It is a dynamic exchange where followers influence, affirm, and, sometimes unknowingly, construct the kind of leaders they get. Just as a sculptor depends on the quality of the clay, leaders are moulded by the culture, expectations, and behaviours of their followers.

‘If your culture celebrates thoughtful dissent, shared accountability, and intelligent risk-taking, the leaders you produce will be adaptive, resilient, and values-driven.’

Last week, we explored how courageous followers transform leadership by using their voices. This week, we turn the mirror around. If followers have that kind of power, then leaders must ask: What kind of leadership are we cultivating through the environments we shape, the behaviours we tolerate, and the examples we reward?

Research from the Center for Creative Leadership reveals that followers influence up to 50 percent of leadership behaviours through their feedback loops, whether active or passive. In high-trust environments where followers engage critically, leaders evolve with clarity and accountability. In contrast, passive or fearful followership breeds authoritarian tendencies, micromanagement, or stagnation. Simply put, the leader you see today is often the reflection of the follower culture you have built over time.

Think about the leaders you have admired. Chances are, they didn’t rise in a vacuum. They were sharpened by teams that expected excellence, communities that valued integrity, and colleagues who provided honest feedback. Now think of leaders who went unchecked until their organisations collapsed. In many of those cases, it wasn’t the absence of intelligence that caused failure; it was the absence of followers willing to shape leadership with courageous engagement.

Consider the Enron scandal. Executives at the top engineered a culture of greed, but layers of followers either played along or stayed silent. Their collective compliance created a distorted mirror that reflected and reinforced destructive leadership. On the other hand, companies like Patagonia thrive because their employees continually shape leadership priorities through active dialogue on sustainability, purpose, and people. Their leaders lead boldly because their followers follow thoughtfully.

This raises a profound organisational question: Are your followers creating leaders who listen, learn, and adapt, or leaders who dominate, isolate, and stagnate?

In practical terms, followers shape leadership through three often overlooked channels: expectation, response, and reinforcement. Expectation sets the tone. When followers expect openness, integrity, and accountability, leaders feel the pressure to rise to those standards. When expectations are vague or apathetic, mediocrity fills the vacuum. Response determines how leadership behaviours are received. Constructive challenge creates adaptive leaders; passive acceptance breeds complacency. Reinforcement solidifies the culture. The behaviours that followers reward through compliance, applause, or silence become the leadership norms that persist.

This dynamic is vividly seen in politics, business, and communities. Charismatic but ethically questionable leaders often thrive not simply because of their persuasion but because followers are willing to suspend critical judgement in exchange for comfort, identity, or short-term gains. Conversely, transformational leadership often flourishes when followers hold their leaders to enduring values and are willing to engage rather than idolise.

For organisational leaders, this means the quality of leadership in your enterprise is inseparable from the quality of followership you nurture. If your teams are disengaged, overly deferential, or fearful, the leaders who emerge will likely mirror those dynamics. If your culture celebrates thoughtful dissent, shared accountability, and intelligent risk-taking, the leaders you produce will be adaptive, resilient, and values-driven.

Here is where introspection becomes essential. What kind of follower culture are you cultivating? Do your employees feel safe to challenge authority? Are middle managers encouraged to offer strategic input or simply execute orders? Do you reward critical thinking or silent compliance?

Consider the leadership bench you are developing right now. Five years from today, the people rising through your organisation will lead based on the norms they experience today. If the current environment rewards blind loyalty over intelligent contribution, you may be unintentionally producing future leaders who prioritise control over collaboration.

To shift this trajectory, leaders must intentionally create ecosystems where follower influence is visible, valued, and constructive. This involves fostering psychological safety, making feedback loops transparent, and publicly acting on follower insights. It also requires modelling humility and showing that leadership is a dialogue, not a monologue.

Ask yourself: What kind of leaders are your meetings shaping? What kind of leadership are your reward systems signalling? When your followers look at you, do they see a partner in progress or a distant authority figure?

This week, here is your challenge. Identify one key leadership behaviour in your organisation that has emerged or persisted because of follower culture, whether positive or negative. Trace it back to the expectations, responses, and reinforcements that shaped it. Then, engage your teams in a candid conversation about the kind of leadership you want to co-create for the future.

Leadership is not simply what happens at the top; it is what the collective allows, shapes, and sustains. Followers are not passive spectators; they are active sculptors. The leaders of tomorrow are being crafted in the clay of today’s follower culture. Make sure the sculpture you are shaping is worth admiring.

The International Labour Organization (ILO) is currently owed over 260 million Swiss francs ($323.34 million) by member states, particularly the United States (US), which could lead to 295 job cuts unless unless outstanding dues are settled.

Gilbert Houngbo, director-general, ILO, indicated this amount which is nearly one-third of its biennial budget, in an internal draft document, where he proposed cost-cutting measures aimed at reforming and maintaining its operations.

The potential job losses could be particularly significant as UN agency plays a pivotal role in shaping labour standards of member countries globally, including Nigeria, through policy support and technical assistance. Its flagship initiatives such as the Decent Work Country Programme (DWCP) and the National Employment Programme (NEP) in Nigeria are central to strenghtening labour laws, employment policies, and working conditions efforts, to promote fair employment practices and inclusive economic growth.

The United States, the ILO’s largest donor, contributes 22 percent of its regular funding but reportedly owes more than 173 million francs. Other countries, including China and Germany, are also behind on payments. The ILO stated that it is doing everything possible to avoid compulsory redundancies, although such measures may become unavoidable if the financial situation does not improve.

The document outlines two scenarios. In the worst case, a 20 percent budget reduction for 2026-27 could result in the loss of 295 jobs across various locations and grades, saving an estimated $93.2 million. Already this year, 225 roles have been cut due to earlier funding constraints under President Donald Trump’s administration.

In a less severe scenario, the ILO proposes relocating 72 administrative, communications, and research roles from its Geneva headquarters. Moving 50 staff to its training centre in Turin could yield savings of $6 million over two years. Additional relocations may involve transferring responsibilities for Europe and Central Asia to Budapest, and for Arab States from Beirut to Doha. Renting out two floors of its Geneva premises could generate a further $5.4 million.

The ILO staff union has expressed ‘profound concern’ over the financial crisis and criticised management for failing to engage in ‘good faith social dialogue’. These proposals are separate from broader UN plans to reduce its regular budget by 15 percent, as announced by António Guterres, secretart-general.

The ILO currently employs around 3,500 staff and plays a pivotal role in setting global labour standards, supporting governments, employers, and workers worldwide. Its governing body is expected to review the reform proposals in November.

Electricity is the lifeblood of any modern economy, powering industries, enabling commerce, and driving innovation. In Nigeria, this vital resource remains one of the country’s most persistent challenges.

Despite decades of investment and an installed generation capacity that looks impressive on paper, the national grid consistently underdelivers, unable to meet the demands of a rapidly growing population and an ambitious industrial base.

The consequences are felt across every sector. Manufacturing plants run below capacity or halt production entirely when power cuts strike. Hospitals switch to costly diesel generators to keep critical equipment running.

‘Yet, for decades, the country’s promise has been undermined by a persistent challenge: unreliable power. In practice, the national grid rarely delivers its maximum capacity to homes, offices, and factories.’

Data centres, banks, and telecoms companies must build redundant systems just to guarantee uptime. For many operators, the rising cost of self-generated power, both financially and environmentally, is becoming unsustainable.

Amid this reality, forward-thinking companies are searching for practical, reliable, and cost-effective solutions that bypass the uncertainty of the grid. They need partners who understand not only the technical demands of industrial-scale power but also the unique complexities of Nigeria’s operating environment.

Eunisell Interlinked Plc has emerged as one of those partners. By combining engineering expertise with a deep understanding of local conditions, the company delivers tailored solutions that keep businesses running, whether the grid is stable or not.

From system design and installation to maintenance and optimisation, Eunisell Interlinked Plc is helping industries bridge Nigeria’s power gap with solutions built for resilience, efficiency, and long-term value.

‘Nigeria’s power sector has the capacity to do more, but systemic gaps in infrastructure and delivery mean industries can’t wait for the grid to catch up. Eunisell Interlinked offers the practical, engineered solutions that keep businesses running,’ the company stated.

The power paradox

Nigeria is a nation of potential, abundant natural resources, a young workforce, and a strategic position in Africa’s economic landscape. Yet, for decades, the country’s promise has been undermined by a persistent challenge: unreliable power. In practice, the national grid rarely delivers its maximum capacity to homes, offices, and factories.

The reasons are layered and complex. Ageing transmission lines snake across the country, many of them unable to handle today’s loads. Distribution infrastructure creaks under the weight of demand it was never designed for. Acts of vandalism, energy theft, and a market plagued by liquidity shortfalls add further strain. For many Nigerians, power interruptions have become so routine that they are simply factored into daily life.

In the industrial sector, however, this ‘new normal’ has a very different cost. Production lines halt mid-shift, data centres race to switch to diesel generators, and manufacturing schedules are dictated not by market demand but by the erratic pulse of the grid. Surveys and market analyses routinely place unreliable electricity among the top barriers to doing business in Nigeria.

Where challenge meets opportunity

For most large-scale industrial and energy-sector operators, downtime is more than an inconvenience; it is a direct assault on profitability. In a climate where every hour of production matters, waiting for systemic reform is not an option.

The gap between potential and reality needs to be bridged, not with promises of future stability, but with tangible, engineered solutions available today.

This is where Eunisell Interlinked Plc stands apart. The company has built a reputation for delivering power engineering solutions that are grounded in practicality and tailored to Nigeria’s unique operating conditions. Its service portfolio, spanning design, installation, maintenance, and optimisation, is designed not for ideal scenarios but for the realities industries face on the ground.

Designing for reality, not just theory

In the world of power systems, the best designs are those that anticipate both the ideal and the inevitable. Many interventions falter because they are conceived in isolation, with a limited understanding of the environment they must operate in.

Eunisell Interlinked Plc takes a different path, beginning every engagement with a meticulous, multidisciplinary assessment of the client’s needs and the constraints of their site.

From load profiling to contingency modelling, every variable is considered. Power-quality analyses are carried out to guard sensitive industrial equipment against damaging fluctuations. The integration points with the national grid are studied in detail, ensuring systems can operate seamlessly whether connected to utility supply or functioning in isolation. The outcome is not just a drawing on paper but a plan for a resilient, future-ready system.

Building with precision and accountability

A sound design is only as good as its execution. Across Nigeria, too many well-intentioned projects fail because of poor workmanship or substandard materials. Eunisell Interlinked Plc has addressed this problem head-on by building a supply chain that ensures only accredited, high-quality components make their way to the site. From cables and terminations to switchgear and protective systems, every part is vetted for durability and performance.

Installation is handled by trained technicians who work to international safety and performance standards. Rigorous commissioning protocols ensure that every system is tested under real-world conditions before handover. In a sector where the gap between ‘installed’ and ‘operational’ can be wide, this commitment to precision is a quiet but powerful differentiator.

Preventing failures before they happen

For many operators, maintenance has traditionally meant reacting to problems once they appear, a costly, disruptive cycle that often shortens asset lifespan. Eunisell Interlinked flips that model by making predictive and condition-based maintenance the norm rather than the exception.

Using tools like infrared thermography, transformer oil analysis, and vibration monitoring, potential failures are detected long before they can trigger an outage. These proactive measures don’t just prevent downtime; they extend the life of expensive assets, reduce safety risks, and cut overall maintenance costs.

‘The best time to fix a power failure is before it happens, and that’s the philosophy behind our predictive maintenance approach,’ Eunisell Interlinked stated.

Optimising for efficiency and resilience

Reliability is the first priority, but efficiency runs a close second. Many industrial sites operate with power factors well below optimal or with generation and consumption that are poorly matched. The result is wasted energy, inflated fuel bills, and higher emissions.

Eunisell Interlinked Plc addresses this through comprehensive energy audits and tailored optimisation strategies. These range from power-factor correction and fuel management systems to advanced microgrid controls that manage multiple power sources.

In a hybrid power setup, where grid, generator, and renewable sources coexist, these controls ensure smooth transitions, minimal losses, and a stable supply to critical processes.

Embracing the hybrid future

In the face of an unstable grid, the future of industrial power in Nigeria lies in hybrid systems. These blend grid power with on-site generation, often diesel or gas, and, increasingly, renewable sources like solar, backed by battery storage. The flexibility of such systems allows businesses to operate efficiently even when the grid supply is unreliable.

Eunisell Interlinked Plc’s breadth of expertise, from electrical product supply to systems integration and field service, makes it a natural partner for these complex projects. The company’s hybrid systems are built with scalability in mind, allowing clients to add new energy sources or storage capacity as needs evolve.

Delivering tangible results

For clients, the benefits of working with Eunisell Interlinked Plc are measurable and immediate. They report fewer unplanned outages, shorter recovery times, lower generator fuel consumption, and significantly improved power quality. Over time, these gains translate into longer equipment lifespans, lower operational costs, and a stronger competitive position.

Eunisell structures its engagements around clear performance metrics from the outset. Availability targets, power-quality thresholds, and response times are defined and tracked, creating accountability and transparency throughout the project lifecycle.

‘While the country works on the grid of tomorrow, we keep businesses running today,’ the company stated.

From outages to outcomes

Nigeria’s power challenges are deep-rooted, but they are not insurmountable. For industries that must deliver on time, every time, the difference between vulnerability and resilience often comes down to the right engineering partner.

Eunisell Interlinked Plc has made it its mission to be that partner, turning instability into manageable risk and delivering the power reliability that keeps the wheels of industry turning.

As the nation works toward systemic reform, companies like Eunisell Interlinked Plc will continue to provide the bridge between today’s challenges and tomorrow’s opportunities. In an economy where uninterrupted power is both a necessity and a competitive advantage, that bridge is not just useful; it is essential.

NatCom Development and Investment Limited (trading as ntel) today confirmed the appointment of a new board of directors replacing the previous board: Adeleke Alex-Adedipe, Dr. Ayodeji Joshua Richards, Maryam Mutallab, Olaide Aremu and Soji Maurice-Diya, who will serve as the MD/CEO of Ntel.

These new directors will continue to be led under the chairmanship of Gen. T.Y Danjuma and legacy director and leading minority shareholder Dr. Tunde Ayeni. The change reflects ntel’s renewed focus on serving the Nigerian telecommunications ecosystem at large, reenergizing finances and unlocking value from its existing infrastructure.

Under its new leadership, ntel is implementing a turnaround plan that emphasizes cash-flow stability, monetization of its nationwide assets, and a swift return to commercial service through broadband and roaming services. In a recent overview of the strategy, the company noted it is ‘monetizing its nationwide portfolio of telecommunication assets and real estate’ as it seeks new revenue streams in the short term.

In a joint statement by the board, it said the new appointments come at a ‘defining moment’ in the company’s recovery. ‘It is a rare privilege to steward ntel at such a defining moment,’ it said. ‘We are energized by the opportunities ahead and look forward to working closely with the management to unlock greater value from our infrastructure and shape a future-focused, sustainable business. Our goal is clear: to position ntel as a robust, investor-friendly enterprise that delivers on Nigeria’s digital aspirations’.

It should be noted that bringing seasoned professionals onto the board strengthens governance and accelerates execution of the turnaround strategy. The new board members each bring complementary expertise aligned with Ntel’s priorities:

Adeleke Alex-Adedipe – Managing Partner at law firm Duale, Ovia and Alex-Adedipe. A corporate and commercial lawyer with nearly 20 years’ experience, he leads the firm’s Technology, Media and Telecommunications practice and its MandA, banking and finance groups. His background in telecom transactions and finance documentation will support Ntel’s asset monetization and deal-making needs.

Dr. Ayodeji Joshua Richards – A veteran banking executive (formerly a managing director at GTBank Gambia) with deep experience in financial oversight and corporate restructuring. He will strengthen the board’s capacity for fiscal governance and help ensure disciplined cash management during Ntel’s turnaround.

Maryam Mutallab – Entrepreneur and education advocate. Founder of the Noble Hall Leadership Academy for Girls, she has led initiatives in youth development and built networks in telecom distribution for MTN as well as community projects. Her entrepreneurial perspective and telecom distribution experience will aid Ntel’s commercial strategy and community engagement efforts.

Olaide Aremu – An ACCA-qualified finance executive and Group Chief Financial Officer, Ancestral Holdings – a vast multi-industry Nigerian conglomerate. With extensive experience in corporate finance, treasury management and internal controls, she adds critical oversight of financial planning and reporting as Ntel restores profitability.

Maurice-Diya emphasized that the composition of the board ‘aligns the skills we need with the tasks ahead,’ noting that the collective directors’ vast and wide track record in law, finance, industry, public service and entrepreneurship will help ntel deliver on its commitments. He added that this strengthened governance structure is essential for building investor confidence and realizing ntel’s vision of becoming a sustainable, growth-oriented company in Nigeria.

The Lagos Chamber of Commerce and Industry (LCCI) has urged businesses to adopt ethical and sustainable practices to drive long-term economic growth and development in the country.

Speaking at the induction ceremony of 48 new members, Gabriel Idahosa, president of LCCI, said the chamber remains committed to promoting integrity, innovation, and good corporate governance among its members.

Idahosa stressed that the goal of the chamber is to protect the interests of businesses through advocacy, trade facilitation, and observance of the highest ethical standards.

He noted that the LCCI’s leadership role in West Africa’s chamber movement is reinforced by its attainment of the ISO 9001:2015 certification in 2020, making it the first Chamber of Commerce in the sub-region and the second in Africa to achieve the global quality management standard.

‘A milestone that underscores its commitment to excellence and continuous improvement,’ Idahosa said.

He urged the newly inducted members to take advantage of the chamber’s initiatives and programmes to advance their enterprises, noting that active participation in LCCI activities will enable them to derive maximum value from the organisation’s network and advocacy platforms.

He congratulated the inductees and expressed confidence that their addition would further strengthen the chamber’s collective voice in promoting private sector growth.

Chinyere Almona, director general of LCCI, also urged business owners and managers to pay adequate attention to the integrity of their company’s transactions and practices, environment, climate actions, and social sustainability.

‘As business owners and managers, though your primary obligation is to maximise profit, I charge you to pay adequate attention to the integrity of your business practices,’ Almona said.

Nigeria’s biggest companies are riding on stronger macroeconomic fundamentals, including easing inflation and firmer naira to deliver bumper earnings in the first six months of 2025, an analysis of 80 percent of listed firms by BusinessDay has shown.

Combined after-tax profits of the listed companies in the consumer goods, financial services, cement makers, palm oil makers, oil and gas, telecommunications, and the power sectors jumped by 70.5 percent in the first six months of 2025 compared with the previous year, when reform policies almost muted their earnings.

With the Nigerian economy showing stability as naira pressure eases, business activities rise, and the Nigerian GDP reaches 4.23 percent in the second quarter of the year, the country’s biggest companies leveraged a combination of factors, including strong unit volume growth, pricing, and favourable base effects, to post bumper results in the first six months of 2025.

Analysis of the half-year performance of the country’s biggest companies show that their profits hit N4.51 trillion, up from the N2.64 trillion reported in the corresponding period of 2024.

A breakdown of the listed companies’ financial results for the first half of 2025 reveals how individual sectors/companies performed.

Oil and gas

Listed oil and gas firms on the Nigerian Exchange Limited (NGX) reported growth in profit and revenue on the back of the hike in the price of petrol following the rise in global crude prices.

The NGX-30 oil and gas companies that have released their half-year results for the period ended June 30, 2025, include Oando Plc, Aradel Holdings, and Seplat Energy. Reported profit for the period jumped to N251 billion in H1’25, up from N234 billion reported in H1’24. The companies also grew their revenue to N4.24 trillion in the review period

Financial Services

Nine companies surveyed under the NGX-30 firms fall under the financial services sector with the combined profits reaching N2.37 trillion, down from N2.80 trillion.

According to half-year earnings reports released on the NGX, Guaranty Trust Holding Company (GTCO) had a notable after-tax profit decline of N449 billion in H1 2025 compared to N905 billion in the same period of 2024. Zenith Bank followed with N532 billion, slightly below the N577 billion reported a year earlier.

United Bank for Africa (UBA) recorded a modest uptick in profit, rising from N316 billion in H1 2024 to N335 billion in 2025. Similarly, Stanbic IBTC Holdings delivered strong growth, with profit increasing from N116 billion to N173 billion, reflecting the firm’s consistent earnings momentum.

Among the tier-two lenders, Wema Bank showed one of the most impressive gains, tripling its profit from N26 billion to N87 billion, while FCMB Group also improved from N59 billion to N73 billion.

Ecobank Transnational Incorporated (ETI) maintained steady performance, with profit inching up slightly from N431 billion in H1 2024 to N434 billion in 2025. However, First Bank Holdings saw a decline, as profit dipped from N365 billion to N283 billion over the same period.

On the investment side, United Capital Plc posted a modest gain, increasing profit from N7 billion in H1 2024 to N11 billion in H1 2025, highlighting resilience in Nigeria’s investment and asset management segment.

Consumer Goods

Consumer goods companies saw their profits rebound in the first half of 2021, a sign that an economic recovery is on for Africa’s most populous nation.

Analysis of their results show that BUA Foods, Nigerian Breweries, International Breweries, and Nestlé Nigeria recorded a combined profit turnaround of N440 billion in the first half of 2025, compared with a N236 billion loss recorded in the same period last year.

Palm oil

Nigeria’s oil palm sector has witnessed its most significant growth in the first six months of 2025, supported by surging crude palm oil prices, easing inflation, and a stable naira.

These factors have boosted the profitability of the sector’s two leading listed companies on the Nigerian Stock Exchange and handed shareholders more value, even as projections see the run ‘not ending soon’.

Presco and Okomu’s combined H1 2025 profit of N136.2 billion is 15.8 percent higher than their entire 2024 full-year profit of N117.7 billion and 131 percent above the N59.1 billion posted in the first half of last year, underscoring the firms’ fundamentals and operational performance.

Cement Makers

Nigeria’s cement makers recorded their best half-year performance ever in 2025 as price adjustments, operational efficiency, and a more stable naira drove earnings to new highs.

Dangote Cement, BUA Cement, and Lafarge Africa saw their combined net income rise to N834.01 billion in the first six months of 2025. That’s more than triple the figures they earned in the same period last year.

Cement makers in Nigeria are benefiting from high demand as the government builds the 700-kilometer Lagos-Calabar coastal highway and rural roads. Real estate projects are also surging, with the sector now accounting for a third of the nation’s gross domestic product.

While the demand for cement is high, Nigerians are paying more, which has led to a profit jump of more than 200 percent in six months.

Power sector

Nigeria’s power sector recorded a combined after-tax profit of N65 billion in the first half of 2025, up from N56 billion in the corresponding period of 2024, driven by improved performances from Geregu Power Plc and Transcorp Power Plc.

Telecoms

MTN Nigeria reported a net income of N414.9 billion for H1 2025. This marks a 180 percent year-on-year growth from the N519.1 billion net loss reported in H1 2024.

In its consolidated financial statements for H1 2025, the group recorded a turnover of N2.38 trillion during the period. This represents a 54 percent YoY growth from the N1.54 trillion reported in H1 2024. This growth was observed across various revenue streams, including voice, data, and value-added services. Data revenue particularly saw a significant increase from N726.6 billion in H1 2024 to N1.23 trillion in H1 2025.