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Governor Agbu Kefas of Taraba State has approved request from the Leadership of the Nigeria Union of Journalists (NUJ) for Taraba State to host the NUJ National Media Summit.

The governor gave the approval on Monday while playing host to Alhassan Yahaya, the National President of Nigeria Union of Journalists (NUJ) at the TY Danjuma House.

The governor while responding to the request by the NUJ to hold the event in Taraba also thanked the journalists for their continued support and emphasised that his Administration remains open to constructive criticism.

Governor Kefas reaffirmed his commitment to executing development projects that would position Taraba State as a model for other States in the Country.

The governor while approving the NUJ’s request to host a national media summit in Taraba State, also pleaded that the summit should hold after the Taraba State Local Government election, which is billed to be conducted on November 8th, 2025.

Earlier, Alhassan Yahaya commended the governor for the effective security architecture being established in the State, saying the governor had significantly improved safety and stability across the State.

Super Eagles head coach Eric Chelle and captain William Troost-Ekong have urged Nigerians to come out in mass to support the team ahead of Tuesday’s crucial 2026 FIFA World Cup qualifier against Group C leaders Benin Republic in Uyo.

The Nigerian delegation, returning from their 2-1 victory over Lesotho in Polokwane, safely arrived at the Obong Victor Attah International Airport on Sunday morning after a mid-air scare forced their aircraft to make an emergency landing in Luanda, Angola.

Speaking after Nigeria’s 2-1 win over Lesotho, Chelle praised his players’ resilience and urged Nigerian fans to create a charged atmosphere to spur the team on against Benin.

‘I’m proud of my players and I congratulate them. Since March, we’ve been under immense pressure because for Nigeria, qualifying for the World Cup is not optional,’ Chelle said.

‘We need our fans to be behind us and make it tough for Benin. This is a World Cup qualifier; the game starts the moment they step into our country. We must do the job on the pitch.’

Captain Troost-Ekong echoed Chelle’s comments, calling on Nigerians to turn up in numbers and show unwavering belief in the squad.

‘We’ve been through a lot, even on this trip home, but the team’s spirit is strong,’ Troost-Ekong said.

‘We’re asking all Nigerians to stand with us. Your support makes the difference. Together, we can take another big step toward qualifying for the World Cup.’

Tuesday’s decisive encounter between Nigeria and Benin Republic, two of the three teams still in contention for Group C’s sole automatic World Cup ticket, will kick off at 5 p.m. at the Godswill Akpabio Stadium.

Nigeria’s House of Representatives has announced plans to introduce a new law aimed at protecting and boosting the operations of local oil refineries, and guaranteeing them priority access to crude supply.

Ikenga Ugochinyere, chairman of the House Committee on Petroleum Resources (Downstream), disclosed this on Monday at the inaugural Annual Downstream Week Summit 2025 in Abuja.

He said the proposed ‘Refinery Protection and Promotion Bill’ will ensure local refineries receive priority protection and support, and introduce measures that guarantee unhindered access to crude feedstock and promote non-disruption of refinery operations across the country.

He added that the proposed law, which will classify refineries as strategic national assets, will streamline regulations to remove all unnecessary delays.

The chairman explained that the proposed measures were in response to ongoing challenges faced by local refineries, despite ongoing reforms in the oil sector, such as the enforcement of the Domestic Crude Oil Supply Obligation (DCSO) by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC on all producers. The policy ensures that local refineries, including modular and conventional operators, have guaranteed access to crude feedstock before export allocations are made.

‘We still face challenges, from feedstock shortages and pricing uncertainty to regulatory overlaps. To address these, the House Committee on Petroleum Resources (downstream) intends to pursue new legislative measures,’ Ugochinyere said.

According to him, these steps are vital to sustaining investor confidence, creating jobs, and strengthening our energy independence.

He added that the measure also aligns with the House legislative vision to prioritise domestic refining capacity, enhance supply security, and strengthen the naira through reduced import dependence.

‘This is how nations grow by empowering their local industries to produce, compete, and thrive which is in line with the Renewed Hope Agenda of this Administration. However, progress must be matched with persistence,’ he added.

On labour issues, particularly the recent labour concerns involving Dangote Refinery and sector unions, the chairman noted that no reform can succeed without industrial harmony, and urged labour unions and industry operators to always pursue dialogue over disruptions at all times.

‘Our shared goal must be to protect jobs, sustain businesses, and promote Nigeria’s economic sovereignty.To all operators in the downstream sector, let me emphasise that responsibility stands equal to profitability. Compliance with tax, safety, and environmental standards is not optional; it is a patriotic duty and a mark of true partnership in national development’, he said.

He also commended the NMDPRA, the NUPRC, marketers, including other critical bodies such as PETROAN, NOGASA, MEMAN, NARTO, IPMAN, NGA, DAPPMAN and other depot owners for sustaining the energy supply chain often under challenging conditions. ‘Your resilience and commitment sustain the lifeblood of our economy and strengthen public confidence in the sector’, the chairman said.

Ugochinyere further applauded the ongoing reforms at the Nigerian National Petroleum Company Limited (NNPCL), noting that Nigeria now boasts growing capacity across the energy value chain.

He cited the Indorama Petrochemical complex, which has expanded its urea and fertilizer production to 2.8 million metric tonnes per annum; Waltersmith Modular Refinery in Imo State, which is increasing its capacity from 5,000 to 50,000 barrels per day; and OPAC Refinery in Delta State, alongside other ongoing projects in Edo and Rivers States.

He also lauded the Dangote Refinery, describing it as ‘Africa’s largest refinery,’ with a capacity of 650,000 barrels per day, a development that he said is redefining Nigeria’s refining landscape and boosting regional energy stability.

Ugochinyere noted that these achievements, supported by more than $13 billion in new upstream investments in 2024 alone, are clear evidence of renewed investor confidence in Nigeria’s energy sector.

‘Today, Nigeria proudly boasts of expanding refining capacity and industrial growth across the energy value chain. The results are already visible. Our responsibility in government is to ensure this momentum is sustained through the right policies, legislative support, and effective implementation’, he said.

The National Centre for the Control of Small Arms and Light Weapons (NCCSALW), under the Office of the National Security Adviser, is set to hold a regional workshop aimed at developing strategies to curb the influx of small arms and light weapons into Northwest Nigeria.

The workshop which is scheduled to hold between the 23th to 24th of October, at the State House, Abuja, will bring together Governors of the seven Northwest states, security chiefs, policy experts, and development partners.

The workshop, themed ‘Strengthening Regional Action to Curb Small Arms and Light Weapons Proliferation in Northwest Nigeria,’ is taking place amid escalating insecurity in the region.

Governor Dikko Umaru Radda of Katsina state, who doubles as the Chairman Northwest Governors Forum, disclosed this in a statement on Sunday.

The hint about the meeting came after the Governor received a high-level delegation led by, Maryam Musa Yahaya, Director-General of the Northwest Governors Forum Secretariat, and Johnson Babatunde Kokumo, Director-General of NCCSALW, at Katsina House, in Abuja, recently, the statement said.

Radda reaffirmed his administration’s commitment to regional security cooperation, describing the forthcoming Northwest regional workshop on NCCSALW as ‘a timely and strategic effort to confront one of the region’s most pressing security challenges.’

The visit was said to be part of preparatory activities for the workshop, jointly organised by the Northwest Governors Forum, NCCSALW, and the United Nations Development Programme (UNDP).

Governor Radda emphasised that the meeting with the NCCSALW leadership marked another step in the region’s collective resolve to tackle insecurity at its roots.

‘This meeting is not just another official engagement. It is a call to action. The proliferation of small arms and light weapons continues to undermine peace and development across our communities. It fuels banditry, disrupts trade, and prevents our children from going to school.

‘We must move beyond policy discussions to real implementation steps that tighten control mechanisms, enhance intelligence networks, and rebuild public confidence in our ability to protect lives and property,’ the Governor stated.

He stressed that addressing the menace of arms proliferation is essential for achieving lasting peace and sustainable development in the Northwest.

The Governor commended the Office of the National Security Adviser and NCCSALW for their proactive collaboration with the Northwest Governors Forum and urged that outcomes from the forthcoming workshop be translated into measurable actions that strengthen community safety, intelligence sharing, and regional coordination.

In his remarks, Kokumo commended the Northwest Governors Forum for its foresight and leadership, describing the planned workshop as ‘a model for regional synergy and inter-agency cooperation in the fight against illegal arms proliferation.’

He noted that the uncontrolled circulation of small arms remains one of the most complex threats to Nigeria’s internal security but expressed optimism that stronger regional collaboration can achieve tangible progress.

‘Through this partnership with the Northwest Governors Forum, we are laying a solid foundation for a coordinated and effective national response,’ Kokumo stated.

He reaffirmed the Centre’s commitment to working closely with the Forum, security agencies, and international partners to ensure that resolutions from the workshop are effectively implemented, promoting long-term peace, stability, and socio-economic recovery across the region.

The meeting concluded with agreements on key milestones for stakeholder engagement, coordination frameworks, and post-workshop follow-up mechanisms designed to ensure that outcomes lead to concrete, actionable results.

The Forum reiterated its commitment to advancing regional peace and security in line with the its broader agenda of sustainable development and social stability.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said that the bank will maintain its firm commitment to monetary stability as the foundation for inclusive and sustainable growth, insisting that credible reforms must be sequenced to deliver lasting confidence in the economy.

He made the remarks at London Business School’s Wheeler Institute for Business and Development during the ‘In Conversation with the Governor of the Central Bank of Nigeria’ event held on Friday, October 10, 2025, supported by J.P. Morgan and Goldman Sachs. The dialogue, moderated by Professor Hélène Rey, Lord Bagri Professor of Economics, brought together investors, academics, and policy leaders to explore Nigeria’s reform trajectory amid global financial uncertainty.

‘We stayed with orthodox monetary policy, and the economy is responding,’ Cardoso said. ‘Inflation has moderated, growth has climbed above four percent, and we’re seeing early signs of macroeconomic stability after years of volatility.’

Nkiru Balonwu, an adviser to the Governor, said the London event was part of a new era of transparency at the Central Bank.

‘Events like this reflect something central to the Governor’s leadership. Transparency, open dialogue, and learning between policymakers, academia, and markets. Across the world, central banking is evolving, and Nigeria must be part of that evolution,’ Balonwu said.

‘We stayed with orthodox monetary policy, and the economy is responding,’ Cardoso told participants. ‘Inflation has moderated, growth has climbed above four percent, and we’re seeing early signs of macroeconomic stability after years of volatility.’

Cardoso explained that the guiding philosophy of the Central Bank’s approach is sequencing, ensuring that stabilization precedes expansion. ‘You cannot have inclusive growth without first restoring confidence in the fundamentals,’ he said. ‘Stability is not the absence of change; it is the environment that allows productive change to occur.’

The governor noted that when the current reforms began, Nigeria’s economy was struggling under a combination of exchange-rate distortions, structural bottlenecks, and eroded investor trust. The priority, he said, was to re-establish macro credibility by applying disciplined, data-driven monetary policy tools.

‘The economy we met was one where confidence had eroded, in markets, in prices, and even in data,’ Cardoso told the audience. ‘The decision to return to orthodox policy was not ideological; it was practical. It was the only way to rebuild credibility.’

He said that stabilisation measures had been challenging for households and businesses, but insisted they were yielding measurable results. ‘Reforms of this magnitude are never painless,’ he said, ‘but without a stable base, even well-intentioned fiscal or social policies collapse under volatility.’

The Governor cited early indicators of progress: a narrowing exchange-rate premium, improved liquidity in the FX market, easing inflation momentum, and the return of investor inflows into fixed-income instruments. ‘Investors are watching for consistency,’ he said. ‘Our focus is to sustain stability long enough for market confidence to harden into long-term investment decisions.’

When an impact investor in the audience asked about persistently high lending rates and limited access to credit for small businesses, Cardoso stressed that the monetary tightening cycle was transitional.

‘Interest rates reflect inflation expectations,’ he said. ‘As we bring inflation down and rebuild balance-sheet confidence, rates will follow. What matters most is that credit, when it flows, is built on stability, not speculation.’

Cardoso also provided deeper insight into the bank recapitalization programme, which he framed as an ‘investment in future resilience.’ He said Nigerian banks must be equipped to finance large-scale projects, in energy, manufacturing, infrastructure, and technology – without compromising their balance sheets.

‘We want stronger, better-capitalized banks writing bigger tickets for productive sectors,’ he said. ‘This is about preparing for the scale of investment required in a trillion-dollar economy. It’s not about crisis; it’s about capacity.’

Mayokun Ajibade, Special Adviser on Financial Markets and Economic Policy, echoed the governor’s remarks, describing stability as the quiet engine of confidence

‘Fiscal and monetary coordination has improved markedly,’ Ajibade said. ‘The reforms are not isolated. They’re synchronized, fiscal discipline, FX liberalization, and banking-sector resilience all feed into the same macro story.’

Cardoso said that the next phase of reform is not just about more capital, but about capital that’s sustainable, inclusive, and forward-looking, such that aligns with the global transition economy.

‘Confidence comes from consistency. That’s why our focus has been to stabilise prices, unify the FX market, and create an environment where policy is predictable and transparent, ‘ he said.

STL Trustees Limited has once again affirmed its leadership in Nigeria’s trusteeship industry, emerging as the ‘Trustee Company of the Year’ at the 2025 Banks and Other Financial Institutions (BAFI) Awards, held over the weekend in Lagos.

The recognition, presented by BusinessDay Media Limited, organisers of the annual awards, celebrates STL Trustees’ continued excellence, innovation, and professionalism in trust administration, structured finance, and wealth management.

This latest achievement adds to the company’s impressive track record, following its double win at last year’s edition, where it was honoured as ‘Trustee Company of the Decade’ and ‘Most Innovative Trustee Company in Nigeria.’

As STL Trustees celebrates yet another milestone, the firm has reaffirmed its commitment to driving greater impact through sustainability-focused initiatives, accelerated digital transformation, and strategic collaborations aimed at deepening financial inclusion and supporting long-term economic growth.

Speaking after receiving the award on behalf of the company, Akin Oni, Executive Director, STL Trustees, expressed profound gratitude to the organisers and dedicated the honour to the firm’s clients, partners, and employees who, he said, remain central to the company’s success story.

‘It is my pleasure to receive this Award on behalf of STL Trustees as the Trustee Company of the Year.

‘This marks the eighth consecutive time we have received BAFI Awards, and each recognition continues to inspire us to surpass our previous achievements. This year will be no different.

‘What a perfect way to cap off the 2025 Customer Service Week with an Industry recognition. We dedicate this year’s Award to our esteemed clients all over the world and to all our stakeholders. Thank you to the BusinessDay team for this honour,’ Oni said.

Over the years, STL Trustees has become synonymous with excellence and innovation, pioneering bespoke solutions in bond and security trusteeship, collective investment schemes/REITs, private trusts and estate administration, endowments and foundations, nominee services, and real estate trusts, among others – all tailored to meet the diverse financial planning and estate management needs of Nigerians.

A 2023 report by Startup Genome highlighted that 74% of new startups in Africa fail within their initial five years of operation. These businesses often run after profits without any sustainable business structure in place. On the other hand, once the dust settles, one role emerges as crucial to preventing such failures – the Lead Analyst. These individuals are professional critical thinkers equipped with data and sharp reasoning. These analysts perform the role of organisational physicians, breaking down models, revealing strategic blind spots, and crafting solutions for enduring success.

To develop solutions, it is necessary for someone to first comprehend the cause of the issue. Business model failure does not exist solely because of revenue problems or cost management issues. Businesses frequently encounter problems when their core proposal does not match their consumer base, along with their revenue generation and expense management systems.

1. Identifying the value gap

The first step for lead analysts involves spotting the ‘value gap’, which shows the difference between company offerings and customer preferences. The 2022 PwC Africa SME Survey discovered that 41 percent of businesses created products that clients did not need. Through customer journey mapping and Net Promoter Score (NPS) analysis, as well as competitor benchmarking, lead analysts determine the value gaps.

Example: Nigerian startup Kwik initially provided on-demand bike delivery to individuals in Lagos. When the lead analyst reviewed customer behaviours, they discovered that 80 percent of the orders originated from SMEs requesting B2B deliveries. After the business model shifted towards SME logistics, the company achieved threefold revenue growth across 18 months and attained a 35 percent reduction in customer defection.

2. Cost-structure mismatch

Businesses frequently face challenges when their cost structures lack proper financial control and adaptability. Numerous startups across Africa follow Silicon Valley by spending their funds on growth instead of sustainable business operations. The implementation of activity-based costing alongside unit economics becomes essential through the guidance of lead analysts.

A recent study by Briter Bridges in 2023 found that a staggering 58 percent of early-stage startups in East Africa struggled to keep track of their unit economics, which led to operations that just couldn’t scale. Lead analysts who take the time to introduce cost metrics like Customer Acquisition Cost (CAC) compared to Customer Lifetime Value (CLV) often uncover hidden pathways to profitability that are buried under misleading vanity metrics.

Reengineering models: Building resilient enterprises from within

Once the diagnosis is complete, the real challenge begins: reengineering the model to ensure resilience, scalability, and relevance in local contexts.

1. The lean reinvention framework

Lead analysts help companies navigate the lean reinvention process-a journey that involves breaking down the business model to its core elements and rebuilding it based on validated assumptions.

Key Tools:

? Business Model Canvas (BMC): Updated with real-time data inputs.

? Rapid Prototyping: Experimenting with new pricing, distribution, or product features.

? Cohort Analysis: Monitoring performance across different user segments for more tailored pivots.

In Uganda, the edtech startup, Kanzu Code, initially focused on individual learners with mobile courses, but revenue hit a plateau. A lead analyst utilised cohort analysis and found that institutional buyers, like schools and NGOs, had higher engagement and longer retention rates. As a result, the startup shifted its model to focus on B2B licensing, boosting revenues by an impressive 4.7 times in just 12 months.

2. Localisation as a strategy, not just an afterthought.

Many emerging businesses in Africa tend to rely on Western models like subscription services and freemium apps without taking into account local factors such as the popularity of mobile money, internet connectivity challenges, or the dynamics of informal markets. Lead analysts tap into market ethnography, mobile payment trends, and regional case studies to create models that truly resonate with the local context.

Take, for instance, the Kenyan startup Twiga Foods. They connect farmers with retailers and shifted from a centralised warehouse system to a mobile-driven, decentralised distribution model after a lead analyst spotted some inefficiencies in their last-mile delivery. Now, Twiga supports over 100,000 vendors and handles thousands of mobile transactions every day, all while cutting operational costs by 30 percent.

Embedding data into decision-making

No business model is future-proof without a culture of data-driven iteration. Lead analysts have a critical role in building continuous improvement systems.

1. Building data pipelines for every function

The lead analyst builds central dashboards to layer data performance and identify bottlenecks from sales and marketing to supply chain and HR. The advent of platforms like Power BI, Google Data Studio, and Tableau has seen them used even by startups and emerging companies and organisations in modern Africa. A 2023 GSMA Intelligence report indicated that those African enterprises that embedded data dashboards were 23 percent faster in their decision cycles and 17 percent more productive as teams.

2. Institutionalising strategic reviews

These quarterly business model reviews, chaired by the lead analyst, ensure the evolving strategy aligns with reality. Each review must respond to new data patterns, changing customer behaviours, and evolving market threats. In Rwanda, fintech company Yego Innovision institutionalised quarterly reviews after a review from the lead analyst identified a 25 percent decline in driver retention on their e-hailing platform, introduced a loyalty programme and redesigned their commission model, which reversed retention by over 40 percent in two quarters.

Conclusion

On a continent full of potential but with failed ventures littering its path, enterprises that listen to their data, respond to their environment, and build business models founded on insight and impact will own the future. Lead analysts will remain the enablers of that future, quietly, fabulously, and relentlessly making fixes today for Africa to build on tomorrow.

Mali has fired back at Washington by imposing a $10,000 visa bond requirement on American visitors, matching a similar rule the United States recently introduced for Malians, a move that underscores escalating diplomatic friction between the two countries.

The announcement, made on Sunday by Mali’s Foreign Ministry, marks a sharp response to the Trump administration’s recent decision to demand hefty visa bonds from nationals of several African countries, including Mali.

Under the new policy, US citizens applying for business or tourist visas to Mali will be required to post a refundable bond, the same range of $5,000 to $10,000 now demanded of Malian visitors to the United States.

The move, Mali said, was based on ‘the principle of reciprocity’ and came after Washington’s decision to implement its own programme ‘without consultation.’

‘Mali has always collaborated with the United States of America in the fight against irregular immigration, with respect for law and human dignity,’ the Foreign Ministry said in a statement.

‘However, in light of recent unilateral measures, Mali has decided to establish an identical visa programme for American citizens.’

A diplomatic tit-for-tat

The United States Embassy in Bamako confirmed the new fees, saying they were part of efforts to ‘protect America’s borders and safeguard national security.’

Washington’s pilot scheme, which began in late October, targets countries with what it calls ‘high visa overstay rates.’ It requires travellers from Mali and six other African nations,Mauritania, São Tomé and Príncipe, Tanzania, Gambia, Malawi, and Zambia, to pay large bonds before entering the US.

The bonds are paid in advance through a US Treasury Department portal and are refunded if visitors leave the country before their authorised stay expires. Those who overstay or seek asylum forfeit the amount.

Consular officers decide the bond amount for each traveller, on top of standard visa fees of $185. Travellers are also restricted to entering and exiting through just three designated US airports.

Critics have warned the policy could discourage legitimate travel and harm the US tourism sector, particularly ahead of major global events such as the 2026 FIFA World Cup.

The visa row has unfolded despite recent attempts to mend relations between Bamako and Washington. In July, US officials visited Mali to discuss counterterrorism cooperation and potential American investment in the country’s gold and lithium industries.

Relations have been uneasy since 2021, when General Assimi Goïta seized power in a military coup and shifted Mali’s alliances from France and the West toward Russia. French troops were expelled, and Russian paramilitary forces, initially from the Wagner group and later under the Kremlin’s Africa Corps, were brought in to help combat jihadist insurgents.

Mali now accuses the US of breaching a 2005 bilateral accord that guaranteed long-term visa access for citizens of both nations.

‘The United States has violated the spirit of our cooperation agreement,’ a senior Malian diplomat said privately. ‘We are simply applying the same treatment to American citizens that Malian citizens now face.’

The dispute underscores the Trump administration’s increasingly hard-line approach to immigration, which has extended to Africa as it seeks to expand deportation partnerships and tighten entry rules.

Burkina Faso’s government last week refused a US proposal to accept deported migrants, prompting Washington to suspend all visa services at its embassy in Ouagadougou. South Sudan briefly faced similar sanctions earlier this year after rejecting deportees from other continents.

US officials argue the bond policy deters overstays and reinforces border control, citing Homeland Security data showing that more than 300,000 foreign visitors on business or tourist visas failed to leave on time in 2023.

Mali, however, says it remains open to ‘fruitful cooperative relations’ with Washington – but insists on equal treatment for its citizens.

Polaris Bank has reaffirmed its dominance in Nigeria’s digital banking space by clinching the ‘Digital Bank of the Year’ and ‘Best Bank for MSMEs’ awards at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

This marks the fifth time the Bank has been named Digital Bank of the Year, underscoring its industry leadership, customer trust, and unwavering commitment to innovation and inclusion.

Polaris Bank continues to redefine digital banking in Nigeria through bold innovations, customer-centric solutions, and sector-shaping initiatives.

With an unrelenting focus on financial inclusion and customer empowerment, the Bank’s digitally led strategy has transformed how Nigerians access, manage, and grow their finances..

At the heart of this transformation is VULTe, Polaris Bank’s flagship digital platform, which has recorded phenomenal growth and activity in 2025.

Within the first eight months of the year, the platform handled an extraordinary volume of transactions, reflecting the deep trust, widespread adoption, and scale of Polaris Bank’s digital ecosystem.

More than just enabling seamless banking, VULTe continues to power the financial backbone of businesses and individuals across Nigeria.

Far beyond being another banking app, the upgraded VULTe 3.0 stands as a best-in-class digital banking solution.

It integrates AI-powered features that personalize user experiences, automate engagement, and enhance operational efficiency. Since its initial launch in 2021, Polaris Bank has maintained a culture of continuous improvement, upgrading features based on real customer feedback to elevate user experience and set new industry standards.

This agile approach ensures that VULTe is not only keeping pace with the global digital economy but is also leading the charge in Nigeria.

Receiving the awards on behalf of the Bank, the Chief Digital Officer, Dele Adeyinka described the recognition as an affirmation of Polaris Bank’s people-centered digital transformation journey.

‘This award is a celebration of our customers, whose trust and engagement inspire every innovation we create. VULTe is more than a platform; it is a community of empowered users who bank, borrow, save, and grow with ease. Every update and every feature we roll out reflects our commitment to making banking smarter, simpler, and more inclusive for every Nigerian,’ Adeyinka said.

Polaris Bank equally recognizes that MSMEs remain the backbone of Nigeria’s economy and has deliberately deployed digital solutions to empower this vital sector.

In the second quarter of 2025, the Bank launched a major funding initiative to empower professionals in the creative industry through strategic partnerships with Woodhall Capital (UK), the Lagos State Government, and the British Government.

In the months that followed, the Bank expanded its support to hundreds of small and medium enterprises across various sectors, with a strong focus on providing financing to women-owned and women-led businesses in education, fashion, and other key industries.

These interventions underscore Polaris Bank’s enduring commitment to inclusive growth and gender empowerment.

Through simplified applications, digital credit assessments, and integration with VULTe for Business, SMEs enjoy faster and easier access to working capital, free from the traditional bottlenecks of banking. This approach is turning business survival stories into success stories across Nigeria.

Speaking on the double recognition, the Managing Director/CEO of Polaris Bank, Kayode Lawal, dedicated the awards to the Bank’s customers and employees.

‘Winning the Digital Bank of the Year (for the fifth time) and Best Bank for MSMEs (for the fourth time) is both humbling and inspiring. It validates our belief that true innovation begins and ends with the customer. Our mission has always been to use technology as an enabler of opportunity – to make banking not only easier but transformative. These awards belong to our customers, our people, and every partner who believes in our vision,’ Lawal said.

He further assured that Polaris Bank will continue to invest in digital infrastructure, as it did recently with a seamless core banking application upgrade, enhance financial inclusion, and deliver consistent, integrated experiences across all customer channels.

BusinessDay has long celebrated innovation and corporate leadership, and Polaris Bank’s story exemplifies both. With VULTe 3.0, the Bank has built Nigeria’s most agile AI-driven digital banking ecosystem.

By placing customer feedback at the core of product evolution, Polaris ensures that every innovation addresses real needs. Through digital credit expansion and data-driven insights, the Bank is directly fueling economic growth and empowering Nigeria’s entrepreneurial base.

In Nigeria’s banking and financial sector where many promise transformation, Polaris Bank continues to deliver measurable, customer-validated results. Through its digitally led initiatives, relentless pursuit of customer satisfaction, and strong contributions to SME growth, Polaris Bank is not merely adapting to the digital age – it is defining it.

Polaris Bank is a leading customer-centric financial institution positioned as a digital, future-forward bank committed to delivering industry-defining value across retail, SME, and corporate segments through innovation, inclusion, and excellence.

Geregu Power Plc, Nigeria’s first listed power generation company, recorded its highest net profit in more than five years buoyed by a stronger revenue, despite widening finance costs.

The company’s revenue surged to N131.4 billion in 9M’25, up from N112 billion reported in the same period last year, with 65 percent of the total amount from energy sales.

A breakdown of the total revenue made during the period revealed that energy sold rose to N85.5 billion, up from N71.4 billion, while the capacity charge rose to N45.9 billion.

The increase impacted the power-generating firm’s after-tax profit by 4.1 percent, to N25.1 billion from N24.1 billion.

A further analysis of Geregu’s report revealed that administrative expenses amounted to N7.3 billion in the period under review from N7 billion recorded in the same period of 2024.

Of the administrative expenses, personnel cost gulped N2.04 billion of the total amount, followed by repair and maintenance of machinery and plant with N1.02 billion, compared to N1.2 billion a year ago.

The company’s other income increased to N1.3 billion as a result of the firm’s ability to generate proceeds from insurance claims.

Finance costs during the period rose by 38.5 percent to N10.1 billion from N7.3 billion in the same period in the previous year. The statement disclosed that the increase in finance cost was on the back of a 108.6 percent increase in the cost of borrowed funds.

The power-generating firm’s total assets rose to N273.1 billion, up from N221 billion, while total liabilities rose to N216 billion, up from N171 billion.

Its shareholders’ fund during the reviewed period also rose to N56.4 billion from N48 billion, indicating that the firm has a healthy financial health and can pay its short-term obligations as at when due.

The company’s cash flows for the nine months of 2025 were as follows: Net cash from operating activities amounted to N24.3 billion, down from N38.7 billion; net cash generated from investing activities rebounded to N3.14 billion, from a N25.2 billion recorded.

Net cash used in financing activities amounted to a negative N39.2 billion from N35.6 billion generated in the corresponding period of 2023.

Cash and cash equivalents for the period increased to N28.1 billion from N40.4 billion.