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Nigeria’s listed banks and telecom companies are emerging as front-runners in capturing Africa’s $1.9 trillion market under the African Continental Free Trade Area (AfCFTA), offering investors insight into how regional expansion can drive revenue growth and market resilience.

Despite accounting for over 18 percent of Africa’s population and a GDP of $246 billion in 2024, Nigerian listed firms have historically focused on domestic markets. Intra-African trade accounts for just 14.4 percent of total African commerce, far below Europe’s 65 percent and Asia’s 58 percent, while only 11 percent of cross-border investments originate within the continent, according to the chairman of the Nigerian Economic Summit Group (NESG), Olaniyi Yusuf.

‘Despite being home to 17 percent of the world’s population and some of the fastest-growing economies, Africa’s share of global trade remains a mere 3 percent,’ Yusuf said, highlighting the structural gap and opportunity for firms that expand continent-wide.

Nigerian banks have been particularly aggressive in leveraging regional opportunities. United Bank for Africa (UBA) operates in more than 20 African countries, including Ghana, Kenya, and South Africa, while Access Bank has subsidiaries in 20 countries, such as Angola, Kenya, and Zambia.

Guaranty Trust Holding Company (GTCO) has a presence in Côte d’Ivoire, Kenya, and Sierra Leone, while Zenith Bank and First Bank of Nigeria also operate across multiple African markets. These cross-border operations provide revenue diversification and strengthen foreign currency positions, critical in a volatile naira environment.

Telecommunications firms are also capitalizing on Africa’s regional market. MTN Nigeria, part of the pan-African MTN Group, has a significant presence in several African countries. Airtel Africa, operating in 14 countries including Kenya, Uganda, and Zambia, has leveraged its pan-African footprint to grow mobile and digital payment services in underbanked markets. Globacom and T2 Mobile -formerly 9mobile – are also exploring regional expansion, reflecting the increasing trend of Nigerian telecoms targeting growth beyond domestic borders.

Challenges remain. Non-tariff barriers, regulatory divergences, and inefficient logistics continue to raise the cost of intra-African trade by over 30 percent, according to UNECA. Labour mobility remains limited, while tax regimes vary widely. Yusuf emphasised that ‘regional resilience is the new currency of competitiveness’ and that Nigerian listed firms must navigate these barriers strategically to maximize continental opportunities.

Yusuf stressed Nigeria’s leadership role in continental growth: ‘Nigeria holds both the responsibility and the opportunity to lead in driving regional integration, spurring corporate expansions, and shaping geopolitical alignment.’

He framed NESG’s ‘Rising Together’ initiative as a practical platform for cross-border collaboration: ‘Rising Together is not just a theme but a call to accelerated cross-border action. Today’s conversations must focus on how African companies and governments can enhance collaboration, address labor, language, and regulatory barriers, and create a conducive ecosystem for growth.’

For investors, the regional strategy of banks and telecoms presents clear opportunities. World Bank estimates suggest that full AfCFTA implementation could lift 30 million people out of poverty and add $450 billion to Africa’s GDP by 2035. Companies that scale regionally early may capture new markets, improve revenue resilience, and benefit from first-mover advantages in fast-growing economies.

Africa’s demographic trends further amplify the opportunity. By 2030, the continent will host roughly 20 percent of the world’s population and, by 2050, it will have the largest global workforce. Listed Nigerian banks and telecoms that tap into this emerging consumer and workforce base could see both revenue growth and increased investor interest.

Ultimately, Nigeria’s banks and telecoms illustrate how corporate strategy and regional integration intersect. For investors and market watchers, these sectors are bellwethers: their expansion across Africa not only drives earnings but signals the broader potential of Nigeria’s participation in the continent’s $1.9 trillion market.

The Federal Government has approved a housing policy under which judges of the Federal Capital Territory (FCT) will be provided official residences to be retained as personal property upon retirement.

Nyesom Wike, Minister of the Federal Capital Territory, disclosed this on Monday during the flag-off of the design and construction of residences for the Heads of Courts of the FCT.

Wike said the era of judges living in rented quarters ‘will come to an end.’

He added that President Bola Tinubu is committed to ensuring no FCT judge will live in rented accommodation by the end of his first tenure.

‘Before the first tenure of Mr. President ends, no judge of the FCT High Court will be living in a rented quarter,’ Wike said. He clarified that this applies specifically to judges of the FCT High Court.

Wike also noted that providing houses for the heads of courts follows the recent commencement of new Magistrate courts in Jabi, set for completion in September 2025, and the construction of 40 judges’ quarters in Katampe District, started in November 2024.

The minister emphasised that providing infrastructure for the judiciary does not amount to executive interference, explaining that the Federal Capital Development Authority handles public building construction in the FCT.

He stated that the heads of courts-including the President of the Court of Appeal, the Chief Judges of the Federal and FCT High Courts, and the Judge of the National Industrial Court-will retire with ownership of their houses.

‘This policy ensures that these judges will leave office owning their residences. This is the approval of Mr. President, and the Seal of Oaths has been issued in their names,’ Wike said.

Lateef Fagbemi, Minister of Justice and Attorney General of the Federation, said providing accommodation for heads of court will enhance the judiciary’s dignity and support judicial independence.

‘Secure accommodation will improve operational independence and personal security, allowing judges to focus on their duties. This will reduce corruption, as the need for housing expenses is removed,’ Fagbemi said.

He thanked President Tinubu and the FCT Minister for prioritising institutional strengthening, judicial independence, and infrastructure investment.

The project includes constructing 10 duplexes each for the Court of Appeal and Federal High Court, and 20 for the FCT High Court. Wike assured the project would be completed within 12 months and urged the contractor to meet the deadline.

He commended President Tinubu for supporting judicial welfare and noted that the project is included in the 2024 and 2025 FCT budgets approved by the National Assembly.

Wike also announced plans to digitalise the FCT Court and said the project would be closely monitored to prevent delays or changes. The contractor is aware of the soil conditions and agreed to the contract terms.

Mariya Mahmoud, FCT Minister of State, described the project as a sign of respect and institutional pride. She emphasised its importance in supporting the judiciary’s role in upholding the rule of law.

Mahmoud also praised President Tinubu’s leadership in infrastructure development and commended Minister Wike’s efforts to transform Abuja’s infrastructure.

Representatives of the heads of courts thanked the government, noting that the project would boost morale and performance among judicial officers.

The Federal Government has been advised to use the benefits of rising crude oil/gas export to negotiate for bigger markets so as to offset the impact of the 15% tariff slammed on Sub-Sahara Africa by the US.

The FG has also been urged to help Nigerian companies to tap into what is believed to be a $10 trillion African Continental Free Trade Area (AfCFTA) market size, and to boost manufacture of basic tools and machines to save cost in local manufacturing.

These were highlights of the quarterly economic review by the Port Harcourt Chamber of Commerce, Industry, Mines, and Agriculture (PHCCIMA) think-tank just released in the Garden City.

The Report, which was released by Chinyere Nwoga, first female President of PHCCIMA for the think-tank, said given that oil and allied products remain the predominant export product from Nigeria, the PHCCIMA expects that the trickle-down effects on the value chain will motivate a drive towards increased crude oil production from the average daily output of about 1.4 million barrels a day to at least 1.8million/day.

‘Attaining this shall hasten imminent negotiations in the fortification of Nigeria’s upstream security operations.

‘Despite the vagaries, crude oil has remained the cornerstone of Nigeria’s exports in Q2 and accounting for 53% of all total export earnings.’

The report observed a decline in the contribution of oil exports from the same period in 2024, saying it is because of the coming into operation of the Dangote Refinery.

The report pointed to another key but emerging indicator, being the contribution of non-oil exports, especially manufactured goods, agriculture, solid minerals, and processed foods in Q2, which it said accounted for 13.39% of total exports.

‘Several reasons can be adduced as follows for this trend, as follows: The weaker naira has made Nigerian products cheaper and very competitive overseas, thereby boosting the demand of these products by foreigners.

‘The introduction of various incentives by European/UK economies to attract exports of agricultural produces from Africa to their economies in the face of the US tariffs, the escalating wars between Ukraine and Russia, and the growing tensions in the Israeli/Palestine conflicts. Nigeria had witnessed a sharp rise in the exports of raw shea nuts, kola nuts, banana, and other agro-produce’, the Report noted.

The Group said the rate of agricultural exports from Africa had scaled up by 20% in 2025. ‘The quality of Nigerian exports has also improved, especially in low-cost products like fashion, local cosmetics, and processed foods.’

The think-tank referred to $4 billion trade surplus recorded in the past year, saying it underscores the need for the attainment of an optimal and effective foreign exchange rate equilibrium.

The Group called for phased implementation of the new tax regime to avoid the dangers of over speculation. ‘There are too many variables at play. Caution, absolute caution, is therefore required at this time to avoid excessive speculations and rumblings.’

PHCCIMA suggested diversification of other sources of foreign portfolio to earn more forex such as Foreign Portfolio Investment (FPI), Foreign Direct and Local Investments (FDLI), and incentives to boost diaspora remittances. They commended recent policies by the Central Bank of Nigeria.

PHCCIMA called for: ‘Policies towards encouraging investments in power generation and distribution shall need to be vigorously pursued.

‘Security enhancement must not waver, as it is much needed in the business ecosystem. There is no better time than now for a scientific approach towards coordinating the economy. The interplay of contending policies may ignite an undesired chemical reaction, if not well balanced.’

In its preamble, PHCCIMA said its report focused on the impact of policy regimes on business, especially private enterprise.

The report said global economic outlook by the IMF showed the economic forecast would slow from 2.6% to 1.9% in 2026 due to the unwinding of effects from the tariff disputes and persistent policy uncertainty.

In what many have described as a revolutionary step for education, innovation, and enterprise development in Nigeria, Osun Business School (OBS) has been officially registered, setting a bold new standard for business leadership training and entrepreneurial transformation in Africa.

Founded by Adegboyega Musthofa Adebayo, a Doctorate of Business Administration in International Business, the institution is designed to go beyond traditional classroom teaching, serving as a real-world business laboratory where entrepreneurs, executives, and public sector professionals will acquire the tools to create, manage, and scale sustainable ventures.

‘Osun Business School is not just a school. It’s an idea factory. It’s where innovation meets execution, where we bridge the gap between academic theory and real-world enterprise. We are building a new generation of business leaders who can compete globally and create impact locally,’ Dr. Adebayo said.

Unlike the conventional business education model, Osun Business School is structured to combine academic rigour with entrepreneurial incubation, mentorship, and access to investment networks.

The school will provide programs tailored for entrepreneurs, CEOs, and civil servants, enabling them to upgrade their professional and managerial skills while pursuing practical business growth.

The institution will also partner with foreign universities and strategic industry leaders to offer dual certification, global immersion programs, and cross-border mentorship opportunities and advance beyond the traditional model of Lagos Business School and similar institutions by focusing on innovation, inclusivity, and enterprise development at the grassroots level.

Adebayo revealed that the Governing Council and Executive Members of the school will be announced soon, and that full operations will commence in 2026, with programs designed to stimulate job creation, business expansion, and leadership excellence across Nigeria.

‘Our goal is not only to teach business,’ Dr. Adebayo added, ‘but to transform how people think about business from survival to scalability, from local operation to global relevance. Osun Business School will be a launchpad for tomorrow’s African business champions.’

He expressed appreciation to Governor Ademola Jackson Nurudeen Adeleke for his unwavering commitment to youth empowerment, education, and innovation, which have created an enabling environment for such transformative initiatives in the state.

Osun Business School stands as a beacon of innovation, leadership, and entrepreneurship, positioning Osun State as the next frontier of business education in Nigeria and beyond.

Schneider Electric, a global leader in energy management and automation, has unveiled a world-leading portfolio of liquid cooling solutions designed for hyperscale, colocation, and high-density data centre environments, following its acquisition of a controlling stake in Motivair in February 2025.

The Motivair by Schneider Electric portfolio is engineered to meet the demanding thermal management requirements of high-performance computing, artificial intelligence, and accelerated computing workloads. Available globally, the solutions include liquid and air-cooled infrastructure, software, and services, covering coolant distribution units, rear door heat exchangers, dynamic cold plates, chillers, and other critical components.

In a virtual press conference, Richard Whitmore, CEO of Motivair by Schneider Electric, said, ‘As data centre cooling has grown more complex in the AI era, our portfolio has consistently evolved to remain capable of serving the infrastructure demands of today and tomorrow.

‘We are the only liquid cooling provider to demonstrate proven expertise at the silicon level by co-developing our solutions in collaboration with NVIDIA and other leading GPU manufacturers.

Our complete portfolio compresses time-to-market while increasing ROI for customers worldwide.’

The Motivair solutions are designed to support extreme rack densities, with CDUs scaling from 105 kilowatts to 2.5 megawatts and rear door heat exchangers handling up to 75 kW. The Dynamic Cold Plates provide precise thermal control for AI racks exceeding 100 kW, while closed-loop air-cooled chillers and Technology Cooling System loops deliver energy-efficient performance. Schneider Electric also integrates its EcoStruxure software, offering monitoring, management, and optimisation of cooling infrastructure.

The company emphasised the efficiency benefits of liquid cooling, noting it can remove heat up to 3,000 times more effectively than traditional air cooling, reducing the energy share dedicated to thermal management, which can otherwise account for up to 40 per cent of a data centre’s power usage.

Andrew Bradner, senior Vice President, Cooling Business, Schneider Electric, highlighted the strategic importance of liquid cooling for the AI-driven era. ‘AI is the next technological revolution, and it has undoubtedly made liquid cooling a strategic imperative for data centres and AI factories. Our combined expertise with Motivair enables us to deliver solutions at a global scale with rigorous testing, validation, and deployment support,’ he said.

The portfolio is supported by a growing global manufacturing and supply chain presence, including a new production facility in Buffalo, New York, and expanded capacities in Italy and India, aimed at tripling output and reducing lead times. Schneider Electric also trains over 600 cooling field service technicians and EcoXpert partners worldwide to ensure optimal deployment and maintenance.

Olga Yashkova, research manager, Enterprise Workloads and Datacentre Infrastructure, IDC,said, ‘Liquid cooling has transitioned from a performance enhancer to a fundamental element of modern high-density computing. Schneider Electric’s acquisition of Motivair strengthens its position as a single vendor capable of supplying all critical power and cooling infrastructure, simplifying deployment and reducing operational complexity for AI data centres.’

Transcorp Power Plc has released its unaudited financial results for the third-quarter (Q3) period ended September 30, 2025.

The company’s revenue grew by 38 percent year-on-year (YoY) to N308.5 billion in 2025, compared to N223.5 billion in Q3 2024. Profit Before Tax (PBT) climbed to N91.18 billion in Q3 2025, from N81.12 billion in Q3 2024, representing a year-on-year growth of 12.4 percent.

Profit After Tax (PAT) rose to N68.42 billion in Q3 2025, from N58.4 billion in Q3 2024, representing a year-on-year growth of 17 percent.

Transcorp Power Plc is one of Nigeria’s principal power generation companies and an electricity-generating subsidiary of Transnational Corporation Plc (Transcorp Group), Nigeria’s leading, listed conglomerate, with strategic investments in the power, hospitality, and energy sectors.

Transcorp Power Plc said its Q3 performance was driven by an increase in average power generation, reflecting Transcorp Power’s continued investment in improving generation capacity and operational excellence.

Its gross profit increased to N119.7 billion, up from N96.5 billion in Q3 2024, representing a year-on-year growth of 24percent, with a gross margin of 38.8 percent.

Emmanuel Nnorom, chairman Transcorp Power Plc said ‘Our performance in the third quarter, building on the positive momentum in the first half of the year, demonstrates Transcorp Power’s resilience and capacity to sustain profitability, despite economic challenges, supported by efficient operations strategies and prudent cost management’.

‘This sustained performance, in the face of economic headwinds will further strengthen investor confidence in our capacity to create shared value and maintain our growth trajectory,’ Nnorom said.

Peter Ikenga, MD/CEO, Transcorp Power Plc said, ‘The Q3 2025 results are underpinned by further growth in energy delivered to the grid, and emphasising our strategic approach, that ensures we deliver ever increasing value to our shareholders and stakeholders’. ‘These results illustrate our continuous drive to improve our business operations, eliminating waste and harnessing value. We are confident of finishing the year strong in fulfilment of our mission to improving lives and transforming Africa,’ Ikenga said.

The All Progressives Congress (APC) in Borno State has formally notified the Borno State Independent Electoral Commission (BOSIEC) of its readiness to participate in the forthcoming local government elections slated for 25th December, 2025.

Bello Ayuba, the State Chairman of the party, announced this at weekend in Maiduguri, saying the early communication was made four months ahead to ensure full compliance with electoral guidelines and allow adequate preparation by members across the state.

Ayuba explained that the APC State Working Committee had constituted four key committees – Sale of Forms, Screening, Appeal, and Reconciliation – to oversee the election process.

He noted that the Sale of Forms Committee had already been inaugurated, and nomination forms were offered free of charge to all party members aspiring for chairmanship and councillorship positions.

‘The sale of forms, which opened about two weeks ago, closes today,’ Ayuba said. ‘The Screening Committee will immediately begin verifying all documents submitted by aspirants, and this process will last about one week before the conduct of primaries.’

The chairman assured that the party is committed to transparent and credible primaries across the 27 local government areas. Even where only one aspirant indicates interest in a position, he said, committees would still be constituted to affirm the candidate’s popularity and acceptability among members.

He stressed that the APC remains dedicated to internal democracy and will ensure fair competition ahead of the polls. Committees would also be established at various levels to ensure smooth primaries leading to the emergence of candidates for all chairmanship and councillorship positions across the state’s 27 LGAs and 312 wards.

On the cost of nomination forms, Ayuba revealed that Borno APC pegged the fees at moderate rates compared to other states such as Kaduna and Yobe.

In Borno, councillorship forms cost ?500,000, while chairmanship forms cost ?2 million. To promote inclusion, women and persons with disabilities are to pay half the price – ?250,000 for councillorship and ?1 million for chairmanship forms.

Ayuba dismissed speculations that certain aspirants had been ‘anointed’ ahead of the primaries, insisting that the process remains open, fair, and transparent.

‘The APC in Borno is fair to all. No one has been denied access to nomination forms, and every aspirant is treated equally. We are supporting candidates who are popular and acceptable to the people because our goal is to win elections fairly.’

He reiterated that the party considers all aspirants as valued members and will continue to ensure a level playing field for everyone participating in the local government elections.

Monday Okpebholo, the governor of Edo State has announced the removal of Maureen Ekhoragbon as Chair of the State Senior Secondary Education Board, with immediate effect.

This was made known by Ikhilor Musa, the secretary to the Edo State government, in a statement on Monday, October 13, when he announced Rita Otibho Erewele as the new board chair.

However, the statement did not explain the reasons for the dismissal, but Erewele was described as ‘an accomplished educationist and administrator’ with more than two decades of experience in Nigeria’s education sector.

‘She holds a PhD in Educational Administration and Planning, along with a master’s and bachelor’s degree in education from the University of Benin.

Erewcle has served in various leadership capacities, including as a lecturer, education consultant, and senior education officer.

‘Her contributions to policy development, teacher training, and curriculum enhancement have earned her recognition for excellence in academic leadership and educational reform,’ the statement read.

Recall that the Edo State government had announced the absorption of 4,000 volunteer teachers under the EdoStar Teaching Programme and recruitment of 500 new teachers to strengthen the state’s education system.

Paddy Iyamu, the commissioner for education in Edo State, said the move reflected Okpebholo’s commitment to rewarding dedication and addressing the dearth of teachers in public primary and secondary schools.

‘Come October 15, we are going to present letters of appointment to about 4,000 EdoStar volunteer teachers who have been teaching for the past three years,’ he said.

League One club Luton Town have confirmed the appointment of former England and Arsenal midfielder Jack Wilshere as the club’s new manager.

The 32-year-old replaces Matt Bloomfield, who departed following a poor run of results that has left the Hatters 11th in the League One table.

Speaking to the club’s official website, Wilshere expressed his pride and excitement at taking on the role.

‘It’s a huge honour and a privilege to be named Luton Town manager. It feels like a full-circle moment for me.

‘I was eight when I first came to Luton as a boy, so it feels like fate that my first full-time managerial role is here. I couldn’t be more delighted to be back – I can’t wait to get started.’

Wilshere enjoyed a pleasant playing career, making 197 appearances for Arsenal before stints with West Ham United, AFC Bournemouth, and Aarhus GF in Denmark.

Now turning his focus fully to management, Wilshere says he is eager to instil passion, unity, and resilience at Kenilworth Road.

‘This club’s story inspires me; it’s built on belief, unity, and hard work. The players and staff have shown incredible character on and off the pitch, and I’m honoured to lead them into the future.

‘There’s still so much to play for this season. I want to give Luton fans a team they can be proud of, and that work starts today.’

The Ondo State Government, on Monday, said it has distributed over 13,000 prepaid meters to residents and small business owners, which has led to an increase in productivity and expansion for many small and medium-scale enterprises (SMEs), creating a new wave of business optimism across the state.

Idowu Ajanaku, the Commissioner for Information and Orientation, disclosed this in Akure while highlighting the government’s multi-sectoral efforts aimed at transforming the state into a vibrant economic hub through the OUR EASE Agenda.

According to him, the distribution of the prepaid meters, which was started in September 2024, has drastically reduced estimated billing, enhanced transparency, and boosted the confidence of investors in the state.

Ajanaku, therefore, commended the Ministry of Energy and Power for its remarkable progress in improving electricity access and reliability across the state.

The Commissioner further noted that the Ondo State Power Company (OSPC) has intensified regulatory oversight and coordination with distribution companies to ensure a stable power supply.

Ajanaku explained that the state’s transformation is being anchored on strategic investments in infrastructure, power, agriculture, tourism, and revenue generation, all of which are repositioning Ondo State for sustainable growth and investor confidence.

‘Regular electricity supply is the backbone of industrial development, and Governor Aiyedatiwa’s administration understands this clearly. The renewed energy policy and the state power company’s efficiency are already driving business growth,’ Ajanaku added.

The Commissioner also commended the Ondo State Internal Revenue Service (ODIRS) for its excellent drive and dedication in boosting the state’s Internally Generated Revenue (IGR).

He said ODIRS has improved revenue collection systems through digital innovation, tax education, and transparent operations, strategies that have strengthened the state’s fiscal capacity to fund infrastructure and social projects.

‘The IGR drive has not only increased the state’s financial independence but also built public confidence in government accountability and service delivery,’ Ajanaku emphasised.

Highlighting the state’s vast agricultural potential, Ajanaku reiterated that Ondo remains Nigeria’s leading cocoa producer and the second largest in West Africa. He said the government is strengthening value addition and agribusiness investment to create jobs and boost export revenue.

Ajanaku, who appealed to both local and foreign investors to take advantage of the state’s ongoing transformation, said, ‘Ondo State is ready for business. We have the resources, strategic location, power stability, and transparent governance that investors are looking for. The Aiyedatiwa administration is determined to turn Ondo into Nigeria’s next business hub.’