Stockbrokers cash in on NSE boom with Sh14bn in commissions

Stockbrokers have pocketed up to Sh14 billion in commissions from the sale and purchase of shares in the wake of a boom at the Nairobi Securities Exchange (NSE).

Data from the Capital Markets Authority (CMA) placed the value of shares traded at the Nairobi bourse in nine months to September 2026 at Sh395 billion, more than doubling last year’s entire year turnover of Sh145 billion.

Equity turnover is expected to reach a historic record this year after more than 11.4 billion shares traded in the nine months on back of increased activity and listing of new counters like Kenya Pipeline Company and Family Bank.

The NSE earns a commission of 0.12 percent on the value of all share trades and brokers collect commissions of up to 1.78 percent of deal values.

This implies that brokers pocketed up to Sh14 billion in commissions from trading through September 2026, including charges for processing both sale and purchase of stocks, up from estimated Sh3.64 billion in the same period a year ago.

High value trades often attract a lower commission rate, which can fall to as low as 1.12 percent.

The NSE market capitalisation surpassed Sh4 trillion for the first time during the third quarter, settling at Sh4.12 trillion at the end of September to underline the buoyant market activity this year.

The higher equities trading activity comes in a period of increased bonds trading, further boosting brokers’ commissions.

Bond turnover or trading at the NSE stood at Sh2.54 trillion at the end of September.

The NSE previously attributed the improved activity in the equities market to increased investor participation along a significant trade of Safaricom shares.

‘The equity market recorded its strongest performance in several years, with turnover rising by 476 percent in the first six months to Sh322 billion,’ the NSE said in a trading update.

‘Trading activity was supported by increased participation from both institutional and retail investors, alongside a significant block trade involving 6.01 billion Safaricom Plc shares valued at Sh204.3 billion, which materially boosted market liquidity and turnover.’

Safaricom block trade follows the sale of a 15 percent stake in Safaricom to South Africa’s Vodacom by the government.

Equity turnover was still up more than two-fold even after excluding the Safaricom block trade.

The firm that runs the stock market, NSE, doubled its income through six months to June 2026 to Sh1.2 billion from Sh511.5 million previously, surpassing 2025’s entire haul of Sh1.08 billion.

The higher revenue was anchored on a 475 percent growth in the equity transaction levy, which netted Sh770.5 million for the bourse in the half year period from Sh133.8 million previously.

This looks set to boost its full year profit, signalling enhanced dividend payout to shareholders.

The NSE did not declare an interim dividend for the first six months of the year.

Stockbrokers and investment banks are also set to cash in from the boom in equities trading, profiting from higher brokerage commissions.

The entities nearly tripled their revenues through the first half of the year, lifted in part by transaction fees from listings and fund management fees.

A previous Business Daily analysis of the industrial financials shows that market intermediaries collectively booked income of Sh9.88 billion in the six months to June, up from Sh3.7 billion a year earlier.

The higher earnings present a sharp turnaround for an industry that was struggling for survival just three years ago on the back of a prolonged bear run that decimated trading commissions and deal-making activities such as corporate bonds and IPOs.

‘The period under review marked a significant turning point for the NSE, with a notable resurgence in listing and capital-raising activity that underscored renewed confidence in Kenya’s capital markets,’ the NSE added.

The NSE bull run, which began in 2024, has prompted increased sales and purchases of shares, offering brokers higher commissions.

Stockbrokers reported a 73 percent increase in commissions to Sh2.76 billion in the first half of 2026.

The 2025 half year commissions were based on a lower turnover of Sh56.03 billion through six months to June.

Business Daily calculations assume the maximum of the 1.78 percent brokerage commission is applied twice over, factoring both sides of a buy and sell transaction.

This would mean stockbrokers pocketed Sh2 billion from equities trading with the balance making up additional commissions from bonds trading.

The improved investor sentiments on the NSE have been accompanied by the return of initial public offers (IPO), for the first time in nearly a decade, including the addition of the Kenya Pipeline Company (KPC) and retailer Quick Mart Plc.

Other listings so far have included the addition of Family Bank through introduction, and the floating of dollar-denominated real estate investment trusts (Reits) by Centum’s Trific and Africa Logistics Properties (ALP).

Other market intermediaries set to profit from increased shares trading include the Capital Markets Authority (CMA), which collects a 0.12 percent transaction levy from each deal and the Central Depository and Settlement Corporation (CDSC), which nets a 0.08 percent transaction levy per trade.

How things fell apart at mining company

All was not at ease when Dr Gerald Banaga-Baingi, the chief executive officer of Uganda National Mining Company (UNMC), hastily stepped out of Victoria Hall at the International Conference Centre, Serena Hotel, last Thursday.

At the time, about 6:30pm, the Inspectorate of Government’s communications team had already distributed a statement of the ombudsman directing Ms Maria Kiwanuka, the UNMC acting board chairperson, to immediately interdict Dr Banaga-Baingi and the company’s Corporate and Legal Affairs Officer, Ms Lelia Bwambale, to ‘facilitate investigations into allegations of maladministration, financial mismanagement, and abuse of office’.

In the statement that this publication has seen, the ombudsman further directed Ms Kiwanuka ‘to make interim arrangements to ensure the uninterrupted discharge of their functions during the period of interdiction’.

‘Public interest demands that while investigations against an officer are ongoing, he or she should be suspended from exercising the powers and functions of the office to avoid interference with the investigations,’ the IG statement read in part.

Despite the interdiction orders on Thursday, according to inside accounts, Dr Banaga-Baingi reported to work on Friday morning and carried on his work until around 4pm when he left the office at Crested Towers in Kampala City.

Ms Bwambale had stayed away.

Dr Banaga-Baingi, the top bureaucrat at the statutory company, co-supervised by the ministries of Energy and Finance, is charged with the commercial aspects of the country’s lucrative but largely neglected mining industry.

False calm

Earlier that Thursday, he had presented during a four-man panel discussion on the country’s minerals, mining and geological resources potential.

The panel was part of the Sustainable Extractives Industry Development Programme (SEIDP) review under the theme, ‘From Resource to Transformation: Aligning the Extractives Sector with Uganda’s Qualitative Leap under NDP IV’.

The discussion was part of this year’s Renewable Energy Conference and Expo that ran from Monday to Thursday last week.

During the discussion, Dr Banaga-Baingi left nothing to imagination about what the company is currently doing, and the medium and long-term plans. The kind of stuff any interested player would have expected to hear from a CEO.

UNMC, by way of the Mining and Minerals (Amendment) Act, 2022, is mandated to hold a 15 percent free-carried equity interest in all medium and large-scale mining licences. Dr Baingi, speaking on the panel discussion, said this equity stake could even ‘go up to 35 percent’.

Currently, he said, the company deals in about 58 minerals: from precious metals including copper, cobalt, gold, iron ore, lead, beryllium, tin, titanium, tungsten, manganese, and rare earth metals, to industrial minerals such as limestone, phosphates, kaolin, and vermiculite, among others.

Dr Banaga-Baingi further spelt out that UNMC is eyeing stakes in nine medium and large-scale licences, with three already in advanced stages, from which the country could earn $1.1b (Shs4.78 trillion).

He also detailed plans for downstream operations, including mineral commodity trading, and in midstream, a national gold refinery, which, when all harnessed, with the right strategic partnerships, could fetch the country upwards of $5.9b (Shs25.67 trillion).

When asked by the moderator, as a parting question, what he would specifically focus on within the next ninety days, Dr Banaga-Baingi responded: ‘We should have quantified our [gold] resources in Kassanda and actualised an investment plan.’

The audience gave an enthusiastic round of applause as the panelists smiled and nodded in acknowledgment and exited the stage.

Another panel was called to the stage to discuss another theme.

Dr Monica Musenero, the Energy and Mineral Development minister, showed up towards 5pm, and officially closed the discussion by 6:30pm.

Mood inside UNMC

The following day, the staff whispered about seeing Dr Banaga-Baingi, a CEO who was interdicted the previous evening but still seated at his desk.

But yesterday Dr Banaga-Baingi did not show up at the office amid conspicuous silence from the board and the Ministry of Energy about announcing an acting chief executive and company secretary.

Our attempts to speak to the board chairperson, Ms Kiwanuka, were futile as she did not pick up or return our repeated phone calls since last Friday.

Dr Musenero, who declined to be drawn into discussion on the matter, said she was yet to receive any communication from the Inspectorate of Government.

Similarly, Dr Banaga-Baingi did not respond to our phone calls for comment on the matter. We shared questions via his WhatsApp number on Friday, but were yet to receive any response by press time last evening.

He was, however, quoted on Friday night by the energy news site, Deep Earth International, as saying he was ‘surprised’ by the IG probe. ‘We await the Board and minister’s guidance,’ he was quoted to have said.

The government-leaning New Vision newspaper quoted him yesterday as attributing the ongoing fallout to ‘intrigue and in-fighting’ within the company.

The UNMC is established under the Mining and Minerals (Amendment) Act, 2022, to manage the government’s commercial stakes and participating interests in the mining sector, previously carried out by private companies following the obtaining of exploration and mining licences, in alignment with the policy blueprint-National Development Plan (NDP), now in the fourth edition-as a key sector for downstream linkages for value addition.

By 1965, mineral exports accounted for 14 percent of Uganda’s export earnings behind coffee and cotton. Today, formal mining accounts for a meagre 1.3 percent of total gross domestic product (GDP) and several mineral licences remain un[der]exploited, with several well-connected individuals in government running the mining ventures.

Out of the more than 1,000 mineral licences handed out, less than 400 are active. The 2025 Auditor General’s report details that the UNMC failed to secure the government’s mandatory 15 percent equity stake in seven large mining licences ‘potentially depriving the state of significant revenue from mineral extraction activities’.

During the process of amending the Mining and Minerals Act, the officials said the new legal regime would unlock the country’s mineral sub-sector’s potential to spur the much-sought-after economic development and transformation.

Consequently, UNMC was registered in April 2024, followed by the constitution of a nine-member board in November, led by lawyer James Mukasa Ssebugenyi and Mr James Byagaba as his vice.

Other board members are Ms Kiwanuka, Ms Kevin Aanyu, Ms Agnes Alaba, Mr Alex Kwatampora, Mr Francis Twinamatsiko, Mr Wilfred Aupal, and Mr John Fisher Kanyemibwa.

How things fell apart

Dr Banaga-Baingi, who had hitherto worked as Assistant Commissioner-Technical Planning in the Ministry of Energy, where he joined from National Water and Sewerage Corporation, first took the helm of the company in an interim capacity in January 2025 amid a chaotic search process for a CEO.

He was subsequently confirmed in the position effective May 1, 2025, followed by the recruitment of other executive committee (EXCO) members, including Sameul Acidiri as operations and quality assurance manager, Ms Lorna Nkunda as the exploration and extractions manager, Ms Sandra Kaitare as the chief commercial officer, Ms Brenda Jabel as the head of human resources, and Ms Bwambale as the company secretary.

The board and the new management then commenced putting in place systems, procedures, processes, and policies for the new company in the ensuing months.

According to insiders, they even engaged extensively with the top management of the Uganda National Oil Company (Unoc), the parastatal charged with managing the state interests in the nascent oil industry.

Unoc holds a 15 percent equity stake in the upstream licences and in the East African Crude Oil Pipeline (Eacop).

Increasingly, the company is widening its footprint in the downstream side of the chain-importation and supply of petroleum products. Unoc, too, had its fair share of power struggles and bickering among its managers, but overcame the challenges.

By the beginning of 2026, the new company, UNMC, was coming apart at the seams, occasioned by a myriad of factors, ranging from disharmony between some the board and the EXCO, triggered by different working methods.

Also, the policies and processes were sketchy, with some top officials accused of influencing recruitment, tender processes, and harassment in the company, among other issues.

Conflicting visions

Other accusations included recruitment of staff without following the approved process, mismanagement of funds, micromanagement, conflict of interest, and influencing the award of mining licences.

By mid-2026, insiders were variously speaking of a ‘toxic working environment’ in the new company as conflicting visions collided in the boardroom.

But Dr Musenero said she could not comment on the matters until appraised of the preliminary findings by the IG.

In one internal memo dated July 1, 2026, one EXCO member criticised the board committee on Finance, Investment and Administration (FIA) led by the deputy board chairperson, Mr Byagaba, over questioning management about financial work plans of the company.

‘The Board of Directors is politely reminded to constantly recap the importance of complying with the Corporate Governance Water Fall that was well articulated during the recent Board Management Development session in April 2026 and ensure that the Board Committee execute duties that are under their Terms of References (ToRs) and uphold the independence and distinct roles thereof. Failure to comply with the Corporate Governance Waterfall is a very serious corporate risk that results in Corporate Governance breaches and liability,’ the official wrote.

On the FIA constantly probing the company’s employment practices, the EXCO member shot back that: ‘We wish to draw your attention to clause 11.24 of the FIA ToRs, which succinctly provides that the FIA ‘shall review and approve the company recruitment plans.’

However, on record are numerous emails in which information requested for is not related to the company’s recruitment plans. The information requested includes specific staff online application forms, categories of recruited staff, board minutes authorising staff recruitment, etc…’

The UNMC board charter stipulates that the three-member FIA is charged with reviewing the company’s annual budgets before approval by the board, and monitors budget performance through the financial year, among other roles.

The same EXCO member, separately, rebuked the board Audit and Risk Committee over incessant prying into the financial affairs of the company.

‘With regard to the company’s financial matters, the Audit and Risk Committee is responsible for monitoring budget compliance, which focuses on rules and legality, ensuring all expenditures adhere to established financial laws, organisational policies, and legal constraints. The primary goal of monitoring budget compliance involves accountability, risk mitigation and adherence to authority. Some of the key questions we are asked: Did we get the required approvals for this purchase? Is the money being spent on the exact line items the board approved?’

By the end of June, the EXCO was attempting to block the board committees altogether from convening, which aggravated the disharmony, prompting the Ministry of Finance Permanent Secretary Ramathan Ggoobi, as a shareholder ministry in the company, to institute a governance forensic audit in July.

Relationship beyond repair

As the EXCO and the board wrangled, on July 26, the board chairperson, Mr Ssebugenyi, attempted to cause a Special Board meeting to discuss the matter of the governance forensic audit, arguing that it ‘has so many effects on the company’.

The company management blocked the board meeting, according to documents seen by this newspaper, by invoking a July 1 directive by Dr Musenero ‘instructing all Boards to stay all matters with regard to strategic decisions’ pending an upcoming orientation retreat with all chief executive officers and board chairpersons of agencies in the energy sector.

Dr Musenero, who assumed office on June 10, was appointed Energy minister during the May 26 Cabinet reshuffle, succeeding Ms Ruth Nankabirwa, who was dropped and retained as senior presidential advisor.

Between July 13-17, Dr Musenero convened a five-day retreat at Munyonyo Commonwealth Resort, in Kampala, where she unveiled the ‘One MEMD’ doctrine, meant to break down the wall of institutional silos within the sector.

Accordingly, one EXCO member told off the board regarding the special sitting, saying: ‘On July 19th at the end of the retreat, the minister, in the presence of the ministers of State for Minerals and Energy, held a private meeting with the Board chairperson, CEO, and company secretary and further clearly instructed that the board should stay all matters with regard to strategic decisions, including human resource management matters,’ and further warned that any attempt to cause the special sitting would be tantamount to contempt of the minister.

Genesis of trouble

Trouble reportedly started when some EXCO members acquiesced and appeared before the internal auditors dispatched by the Treasury, while others reportedly dodged or asked subordinates not to appear before the panel.

On the morning of September 25, Dr Musenero announced the ‘resignation’ of Mr Ssebugenyi, as board chairperson, and ‘termination’ of his vice, Mr Byagaba, as part of ‘measures to address governance and management challenges affecting the company’.

Ms Kiwanuka was named acting board chairperson. ‘In her capacity as acting chairperson, Hon Kiwanuka has been tasked with providing effective leadership to the Board, strengthening corporate governance and restoring institutional stability,’ the ministry said.

Sources said the preliminary findings of the Internal Auditor General were handed over to the Inspectorate of Government for further inquiry, setting in motion last Thursday’s communication.

What law says on interdiction

Interdiction, according to the Public Service Standing Orders, 2021, refers to the temporary removal of a public officer from exercising the duties of his or her office while investigations over a particular misconduct are being conducted.

An officer who has been interdicted is prohibited from coming to work and is supposed to receive no less than one-half of salary with effect from the date of interdiction until the matter is finalised.

Following interdiction, as per the Public Service guidelines, investigations into the matter that led to interdiction should be concluded within three months for investigations that do not involve the police and court and six months for investigations that involve the police and court.

In this regard, the investigation into a matter should be done expeditiously. The principle of the presumption of innocence applies to any public official interdicted and undergoing an administrative investigation.

PLDT and Smart partner with Capillary to unify loyalty programs

PLDT and Smart tap Capillary to power AI-led, gamified loyalty experiences.

Manila, Philippines – PLDT Inc. (PLDT) and its wireless subsidiary Smart Communications, Inc (Smart) have partnered with Capillary Technologies to transform and unify their loyalty ecosystem across mobile, broadband, and partner engagement platforms.

Through the partnership, Capillary will power a next-generation loyalty platform, bringing together PLDT Home, Smart, and Ka-Partner programs into a single ecosystem designed to deliver more personalized and rewarding experiences across millions of customers.

The initiative marks a significant step in PLDT and Smart’s customer engagement strategy as the group consolidates multiple loyalty environments into a more intelligent and scalable platform powered by artificial intelligence (AI), advanced personalization, and real-time engagement capabilities.

PLDT and Smart selected Capillary for its deep loyalty expertise, scalable enterprise architecture, and proven track record across high-growth markets.

‘Customer loyalty is key to the PLDT Group’s long-term growth,’ according to Menardo G. Jimenez, Jr., PLDT Chief Operating Officer. ‘As PLDT and Smart customer expectations evolve, we must strengthen our relationship with them, deepen engagement through our products and services, and deliver greater value throughout the customer journey. By investing in customer loyalty through our collaboration with Capillary, we are investing in stronger customer retention, sustainable growth, and the PLDT Group’s continued industry leadership.’

‘Our customers are at the heart of everything we do, and their loyalty deserves to be rewarded in ways that are meaningful and relevant. With Capillary’s platform, we can offer a more personalized rewards experience that gives our subscribers and partners access to exclusive perks, curated offers, exciting partner benefits, and rewarding experiences tailored to their preferences. It’s our way of saying thank you while making every interaction with PLDT Home more valuable, more engaging, and more rewarding,’ said John Y. Palanca, Head of PLDT Home.

‘This new loyalty platform allows us to recognize not only our subscribers, but also the Smart retailers and e-load partners who help us serve millions of Filipinos every day. By bringing Smart and PLDT onto one loyalty ecosystem, we are also creating the foundation for more seamless, converged rewards and experiences in the future,’ according to Lloyd R. Manaloto, officer-in-charge of Smart.

Santosh Reddy, President – APAC at Capillary Technologies, said: ‘PLDT and Smart have consistently led the way in redefining digital experiences at scale, backed by a strong understanding of evolving customer expectations. As enterprises across global markets increasingly invest in loyalty as a strategic growth lever, Capillary is proud to bring its experience working with leading brands across APAC and beyond to support this transformation. Together, we look forward to building a more intelligent, engaging, and connected loyalty experience for millions of subscribers.’

The rollout will follow a phased implementation approach over the next year.

Treasury stalls NLC plan to collect land sector taxes

The Treasury has failed to implement a Parliamentary directive to authorise the National Land Commission (NLC) to collect government revenue from the land sector.

National Treasury Cabinet Secretary John Mbadi missed the June 30 deadline set by the lawmakers following a request by the commission to the Budget and Appropriations Committee.

The National Assembly in March 2024 approved the Chief Executive Officer of the NLC as the collector of revenue for the National Government in line with the provisions of Section 76(1) of the Public Finance Management Act, 2012, to enhance collection of Appropriation-in-Aid.

This means that the NLC would handle some revenue streams already administered by different government agencies, including the Kenya Revenue Authority (KRA), which collects rental income tax, capital gains tax, and withholding tax on rent.

The stamp duty collection was transferred from KRA to the Ministry of Lands via the Ardhisasa platform or e-Citizen in November 2023.

The latest update by the National Treasury confirmed that the NLC is yet to be granted a revenue collector role amid claims that the commission had not requested approval to play the role nor specified the income streams it planned to handle.

‘The National Treasury has not received any request from the National Land Commission requesting approval to be the collector of revenue, and clearly specifying which revenues they plan to collect,’ Treasury said in its 2027 budget plan, currently getting inputs from the public.

The Treasury added that it will engage the Commission on enhancing Appropriation-in-Aid, the term for revenue collected by government agencies and remitted in accordance with approved arrangements in the budget.

Insiders at the NLC, however, denied the claims by the Treasury, saying the commission is ready to discharge its mandate.

‘The Treasury should be truthful about this matter because we have appeared before Parliament and expressed our concerns about the delays in granting us the tax collector role,’ an insider at the Commission told the Business Daily on Tuesday.

This raises accountability questions on progress in implementing Parliament’s policy directives under Section 25(8) of the Public Finance Management (PFM) Act, where lawmakers draw such powers.

The Parliamentary resolution, first made in March 2024 was to be considered in the 2025 Budget Policy Statement (BPS). The initial deadline was missed and was repeated in the 2026 BPS, directing the Treasury Cabinet secretary to authorise the NLC to collect national government revenue under Section 76(1) of the PFM law.

The latest resolution required the Treasury to fully implement the directive by June 30, 2026, but the new disclosure points to a process that remains unresolved more than two years after lawmakers backed the proposal from the NLC.

KRA currently administers rental income tax on residential properties, capital gains tax on profits from property disposals and withholding tax on rent paid to certain landlords. Under the withholding system, qualifying tenants are required to deduct the applicable tax from rent and remit it directly to the tax authority.

Stamp duty collection, however, was transferred from KRA to the Ministry of Lands in late November 2023, with payments processed through platforms including Ardhisasa and e-Citizen to streamline land transactions and title registration.

The proposed NLC role is not clear on how the commission would work with KRA and the Ministry of Lands, and whether its responsibilities would cover particular fees and levies or extend to specified tax collection functions.

The push comes against a backdrop of untapped revenue potential in the property market, particularly rental income, where the KRA has struggled to bring more landlords into the tax net.

During the launch of the Electronic Rental Tax Information System (eRITS) in April 2025, Treasury Principal Secretary Chris Kiptoo said the government collected about Sh17 billion annually in rental income tax against an estimated potential of more than Sh100 billion.

KRA first introduced Monthly Rental Income (MRI) tax in 2016 at a rate of 10 percent before cutting it to 7.5 percent in January 2024 to encourage voluntary compliance among residential landlords.

Despite the rate reduction, rental-tax collections have grown slowly.

The KRA has classified landlords among hard-to-tax groups, alongside small traders operating in informal settings, reflecting difficulties in identifying property owners, tracking income and enforcing compliance.

The NLC is mandated to manage public land, recommend national land policy, oversee compulsory land acquisition and investigate historical land injustices. The commission also monitors land registration and land-use planning across the country.

The parliamentary resolution did not establish that the NLC would take over all land-related taxes from KRA or assume the Ministry of Lands’ stamp duty responsibilities. The precise revenue streams and division of responsibilities have not been publicly made clear.

Tug of war: Africana, Centenary could face off again

Defending champions Hotel Africana could face Centenary Bank in a third consecutive tug-of-war final at the climax of the Corporate Sports Network on November 29. The two sides, arguably the strongest and wisest in this game of mass and power, Africana and Centenary, have met each other in the past two finals, each winning once. And it is clear the organisers and neutrals alike are praying for a rematch between these two giants who are also big contenders for the overall title.

During the October 23 outing at Legends Club Lugogo, both sides cruised to the last six of the championship, almost effortlessly. In round one, Centenary, the 2024 champions, saw I and M Bank 2-0 to book a date with Roofings Limited, who had advanced by walkover after Pearl Bank did not show up.

Meanwhile, Africana defeated beverage makers Haris International 2-0 in round one before meeting Uganda Electricity Transmission Company (UETCL).

In round two, Roofings came with reserved energy after a walkover against Pearl Bank, but it was not enough to trouble Centenary, who won 2-0. Elsewhere, Uganda Bureau of Statistics, who had eliminated Electricity Regulatory Authority 2-0, also ejected Ministry of Defence and Veteran Affairs (MODVA), who pulled with nine players against 10 because they lacked a woman on the team.

Equity Bank knocked out flower farmers Royal van Zanten 2-0. Last year’s quarterfinalists DTB stopped

Movit products 2-0 while dfcu ejected Quality Chemicals with the same score. Such was the mismatch in the last game of the day that fans jokingly begged Africana to use only three men against UETCL’s 10 that even the 2-0 scoreline does not tell the entire story.

‘We want to retain our trophy,’ Africana captain John Opio told Daily Monitor. ‘I think Centenary, as usual, are the strongest challengers.’

In round three, Centenary will take on fellow bankers DTB, Equity Bank will face UBOS while Africana will face Quality Chemicals before the final.

SELECT ROUND ONE RESULTS

Equity Bank 2-0 Graphic Systems

Hotel Africana 2-0 Haris International

Centenary Bank 2-0 I and M

DTB 2-0 Crown Beverages

Movit 2-1 Stanbic Bank

ROUND TWO RESULTS

Centenary Bank 2-0 Roofings

UBOS 2-0 MODVA

Equity 2-0 RVZ

DTB 2-0 Movit

Dfcu 2-0 QCIL

Africana 2-0 UETCL

ROUND THREE FIXTURES

Centenary vs DTB

Equity vs UBOS

Africana vs QCIL

Industry operators seek a shift from punitive to incentive-based regulation

Stakeholders who spoke to BusinessDay on the sidelines of the ARCON Special Recognition Award (ASRA) in Lagos last weekend described what seemed to be the first time a regulator is publicly recognising operators for compliance as welcome, saying it is a rare and encouraging shift in how regulators should relate to those they oversee.

Yinka Adebayo, Chairman of the organising committee for ASRA, said the initiative shows the need to ‘flip the script’ by regulators. He said most operators always assume that a call or letter from a regulator means a warning, sanction or fine, ‘much as many people feel when the police stop or call them.’

Adebayo insists that ‘what gets rewarded gets done.’ He believes that if operators see a competitor or peer recognised, they will study what that peer did and try to do even better, hoping for recognition themselves.

He said, ‘Events such as this remind us that excellence deserves to be celebrated and those who contribute to growth of the economy should be recognised and encouraged.’Read Economics

Similarly, Steve Omojafor, a marketing professional who served as the CEO of STB -MaCann between 1990 and 2002, recalled that APCON, now ARCON, was initially established as a collaborative body, not to act as ‘headmaster over everybody.’ Its purpose, he said, was to ensure that marketing communications practitioners ‘speak the same language’ and keep to the laws and regulations, with sanctions for those who do not.

He said with ARCON now holding more power to enforce compliance, it is only fitting that it also identifies operators who are playing by the rules and working for the growth of the industry.

Omojafor said it is appropriate for a regulator to say ‘thank you’ to organisations that are keeping to the rules and regulations. ‘It’s all about encouragement.’

He believes that the economy will be the eventual winner with such recognitions, as operators will try to do more to keep to the rules towards building an industry that is sustainable. Read Economics

Senator Emeka Ken Eze, Chairman, Senate Committee on Information and National Orientation, also commended ARCON for providing a platform that celebrates individuals, agencies and organisations whose contributions continue to shape the standards, credibility and development of the advertising industry.

‘This initiative demonstrates the importance of recognising excellence while encouraging greater accountability and adherence to established professional and regulatory standards.’

Eze, in his speech, encouraged all practitioners and stakeholders in the industry to regard regulatory compliance not merely as a statutory obligation, but as a professional responsibility and a commitment to the Nigerian public. Nigerian Banking Launch

Speaking earlier, DG of ARCON, Lekan Fadolapo, said recognition of excellence is not merely celebrating past achievements; it is encouraging greater commitment to the values and standards that will shape the future of the industry.

At the event, graced by captains of the industry including Udeme Ufot, CEO of SO and U; Steve Babaeko, CEO of X3M Ideas; Lanre Adisa, President of AAAN and many others saw some companies and individuals recognized for their respective contributions to the growth of the industry.

Masters

In 1999, CITEM – the Center for International Trade Exhibitions and Missions, the export promotion arm of the Department of Trade and Industry – set up Movement8, a design collective made up of 10 – not 8 – of the country’s best designers and manufacturers in the furnishings and accessories industry. Spearheaded by then CITEM executive director, the late Eli Pinto Mansor, and Budji Layug, Movement8 included Budji, Kenneth Cobonpue, Carlo Cordaro, Al Coronan, Tony Gonzales, Milo Naval, Ann Pamintuan, Tes Pasola, Luisa Robinson and Renato Vidal.

Collectively and individually they took the international design world by storm, showing the world that the Philippines had its own design identity – original, sophisticated – and high-end manufacturing capability and was not just an anonymous backroom producer of items that carried other’s brand names. They wowed buyers at prestigious trade shows in Milan, Paris, Cologne and New York, winning raves and awards in the process. They set the standards for Manila FAME, making it a major stop in the international trade show circuit. ‘Made in the Philippines’ became a badge of distinction.

At the recent Manila FAME I was delighted to run into three of these designers – Tony Gonzales, Milo Naval and Kenneth Cobonpue – not just to renew ties but to see what exciting things they have been up to. They are no longer just exhibitors but are now centerpieces of the show.

Within the Design Commune, an area curtained by one wall of laminated magazine pages and another of overlapping insect wings (they made me think of gamu-gamu), Tony Gonzales created a space wherein you speak in hushed tones so as not to disturb the light. He put together five emerging designers with 20 manufacturers and developed 90 home decor and lighting pieces. Aside from the walls, Tony did a long wood table with the lyrics of ‘It’s a Wonderful World’ – a very apt choice – on the surface, each letter painstakingly cut from wood.

He exhorts the young designers to be aware of AI and the challenges it poses, but to ‘stay as human as possible… to design with soul, with passion…’ Tony, together with Tes Pasola (who passed away in 2024 before a major retrospective of her work), has for years been giving life – rather, multiple lives – to paper: handmade pieces that are more artwork than accessories and lighting fixtures.

The elegant restraint – or restrained elegance – of Milo Naval’s work leaves no room to doubt the artistry and craftsmanship that go into each piece. At the recent Home at FAME setup, Milo got together manufacturers from Cebu, Manila and Pampanga in an open, almost sparse setting, putting the full focus on the pieces. However, the eye cannot help but be drawn to one setting – a really long wood table supported by cylinders of laminated bamboo that seemed to be casually thrown together. Two tall poles of similar bamboo stood at both ends, each with a seat attached and could hold a canopy over the table. A bright red-orange banquette puts an exclamation point to this setting, by Milo’s OMO Furniture.

Milo has always worked with and for Nature. A separate setup celebrates mangroves, inviting you to ‘step inside the installation and enter the labyrinth of the bakawan (mangroves) – the silent, ancient guardians of the Philippine coastlines.’ He issues a call: ‘Despite protecting us, the Philippines has lost over half of its mangrove cover to commercial development and deforestation. To walk among these structures is to move through a living shield – and a call to action. We must fiercely preserve our remaining forests and aggressively propagate new ones. This immersive journey is a visceral reminder that against the rising tides of a changing climate, our survival is deeply rooted in theirs.’

What else can I say about Kenneth Cobonpue? Since his first Katha award back in 1999, Ken has amassed awards and accolades too numerous to list, from the most prestigious institutions, publications and exhibitions around the world. Since returning from studies in the US and Europe in 1996 and joining the family’s Interior Crafts of the Islands – started by his mother Betty, an award-winning designer herself – Ken has stretched the boundaries of rattan and bamboo, wood and wire and much more, with not just an unerring eye but an understanding of the possibilities of these materials. The Yin and Yang chair (his debut collection in 1998), the Voyage bed (famously purchased by Brad Pitt for son Maddox), the Yoda chair (used by heads of state at the 2015 APEC Summit dinner in Manila), the Chiquita stool (350 rattan dowels – you get a few extra in case one gets lost – give a very playful bounce), the Bloom chair (buyers had insisted it was designed by a Frenchman)… these have become icons of design and functionality, recognized and recognizable worldwide.

And there’s no stopping him: he has expanded his repertoire to luxury pet beds (please don’t tell my dog FJ!), lighting fixtures (how about clouds and acrobats hanging from your ceiling?), whimsical decor items like colorful birds in wire cages (or my favorite little mouse in a teapot) and even a bamboo car! Ken collaborated with Star Wars on a five-piece furniture and decor line called ‘Woven in the Stars’ that includes a Darth Vader chair and a Chewbacca rocking stool.

His showroom at the Grand Hyatt in BGC includes the restaurant Fable, and dining there will feed not just your stomach (don’t miss the lamb tacos) but will fire up your imagination when you browse the array of his creations all in one place.

The most admirable thing about these three masters is how they have been discovering and mentoring young designers through workshops, apprenticeships and college courses. But most valuable are the personal mentorships, where raw ideas are honed and polished under the guidance of the masters and then brought to life.

As Tony says, ‘If we don’t bring up young designers, we’ve failed.’

The workplace equity gap: Why representation alone is not enough

A few years ago, when we were mapping out the leadership structure for what would become EHA Group, I already knew I wanted to start a family. That fact quietly decided a lot of what came next. The role that needed to be most public-facing, most airport-based, went to my co-founder. I built EHA Impact Ventures instead, a smaller, run-from-Cape Town company built around a life I hadn’t fully lived yet.

Here’s the part I keep coming back to: I had more power than almost anyone to make that choice because I was a founder. I could write my own job description. And I still had to trade things away: conferences I’ve skipped this year, a slower travel schedule, and evenings kept for bedtime instead of dinners with partners. If someone with the authority to build her own role from scratch still has to ‘shrink’ her ambitions to fit a family, what does that mean for the woman ten years into her career at a company where the job was designed before she ever walked in the door, by people who never had to think about who’s home for bedtime?

That’s what this piece is about. Most of the roles women are trying to climb into weren’t built to exclude women; they were built by people who didn’t need to build in flexibility, because someone else was managing the rest of their life for them. Travel expectations, always-on availability, the assumption that ambition and physical presence are the same thing – none of it was designed with malice. It was designed by whoever happened to be writing job descriptions and promotion criteria, and for the most part, that’s still disproportionately men, for whom none of this was ever a design constraint. The roles were never actually tested against what a full life outside them requires, so there’s nothing pulling leadership to notice or fix it, unless someone insists.

You can see it inside our own organisation, and I’d rather say so than pretend otherwise. EIV comfortably clears our group’s target for women in leadership. eHealth Africa, our largest entity, doesn’t. EHA Clinics comes closer but also falls short. That’s not a scorecard of who cares more about equity; it’s a map of which jobs were designed around one kind of life. EIV is small enough that I built it deliberately, from the ground up, around flexibility. Clinics draw from a healthcare workforce that’s already majority women, so the pipeline does some of the work for us. eHealth Africa runs on field implementation, disease surveillance, and immunisation planning, work that by design lives in the field and built the way field roles are built almost everywhere: around someone who doesn’t need to be anywhere else.

Widen the lens, and the same pattern holds at a much bigger scale. Across Africa, women make up 58% of the self-employed population (World Bank, 2019) and receive roughly 2% of startup capital (Africa: The Big Deal, annual funding tracking). It’s not just that the market doubts women’s performance; female-founded teams in Africa post revenue growth around 25% higher than male-founded teams, and gender-diverse leadership consistently produces stronger returns. The capital isn’t withheld because women underperform. It’s withheld because the default founder profile, the default definition of ‘investable’, was built around one kind of life and one kind of career path, the same way the job descriptions were.

This is why I don’t think the fix is simply getting more women into the seats that already exist. Representation gets you into the room the way it’s currently built. It doesn’t get you the authority to rebuild the room. That authority is what capital actually buys. When a woman founder gets funded, she doesn’t just get resources; she gets to decide what her own company requires of its managers, how flexible its roles are, and what a ‘high performer’ looks like for someone raising kids. Every woman we back at EIV who becomes a CEO is also, whether she frames it this way or not, someone who now gets to design jobs instead of just surviving inside ones she didn’t design. That’s the actual flywheel: put money and power into more women’s hands, and you get more women rebuilding the structures underneath them, not just occupying a seat inside the old ones. Fixate on 50% representation as the finish line, and you can hit the number without changing a single structure it took to get there.

I don’t have a clean resolution for where I sit in all this. I’ve had a seat at this table since we built it, so representation was never really my problem. What I’ve needed, and what most women climbing into leadership still don’t have, is the power to redesign the job around real life instead of shrinking real life to fit the job. If we’re serious about closing this gap, the goal can’t just be more women in the room. It has to be more women with the power to decide what the room requires, because that’s the only lever strong enough to rebuild systems that were never designed for us in the first place.

So here’s where we’re starting: not with more women in the room, but with more women who have the authority to decide what the room requires. For our portfolio companies, that means giving founders and their teams the power to actually redesign how their organisations work, what flexibility looks like, what support for caregiving looks like, and what a ‘high performer’ looks like for someone managing a life outside the job, not just inside it. To help them do that with evidence instead of guesswork, we built a diagnostic tool that surfaces where a company’s practices and policies are falling short for its female staff and where to start fixing them.

We think every organisation serious about this needs the same starting point, which is why we’re hosting a webinar, ‘Building Workplaces Built for Women,’ to talk through practical approaches to building workplaces where women choose to stay and grow.

If you have a story or case study to bring to that conversation, we’d love to hear from you.

Evelyn Castle, CEO and co-founder of EHA Impact Ventures, writes from Abuja.

NRC invites private firms to run own trains on its tracks

The Nigerian Railway Corporation (NRC), established for sole control of railways, is offering private operators access to its approximately 4,000 km rail network for a fee, provided they supply their own locomotives and rolling stock. Nigerian Banking Launch

Kayode Opeifa, managing director of the NRC, said the corporation grants what it calls track access, permitting private and private companies to operate on railway infrastructure built with public funds.

‘You can bring your train, bring your locomotive, bring your wagons, bring your everything. We will run it on it. You just pay us your money. We don’t want to run the trains alone,’ Opeifa told stakeholders Tuesday at BusinessDay’s Mobility and Logistics conference in Lagos.

He compared the arrangement to road users paying tolls, arguing that operators, not just the corporation, should have access to railway infrastructure.

The director noted the Lagos State Government as a pilot beneficiary, licensed to use the Lagos rail corridor via the Lagos Metropolitan Area Transport Authority. The China Civil Engineering Construction Corporation (CCECC) also received a three-year license from the NRC to operate a self-operated railway freight service. That made it the first private and foreign contractor authorised to run standard-gauge rail freight services in Nigeria.Nigerian Banking Launch

The programme could allow private operators to expand freight services and passenger mobility without requiring the NRC to provide every train and wagon.

‘By encouraging qualified operators to utilise available railway infrastructure under an appropriate regulatory and operational framework, we can expand freight capacity, improve efficiency, attract investment and strengthen the role of rail in Nigeria’s logistics value chain,’ Opeifa said.

Rehabilitation plans

The NRC plans to rehabilitate the legacy Lagos-Kano narrow-gauge railway and restore viable operations towards Kano, with proposed extensions towards Nguru and Kaura Namoda as part of efforts to woo private investors.

Opeifa identified reconstruction of the Baro-Minna narrow-gauge railway as a priority for the corporation. The proposed link would connect Baro Port with the Lagos-Kano narrow-gauge line at Minna, potentially improving the movement of agricultural produce and industrial goods through combined inland-waterway and rail transport.

Opeifa’s broader railway development framework, Vision 2:5:10:20, aims to expand the network from approximately 4,000 kilometres towards 10,000 kilometres by 2028 and ultimately towards 20,000 kilometres over the longer term.

He said the immediate priority was to make better use of existing infrastructure while pursuing expansion and attracting private investment.

The corporation has big plans to build new standard-gauge connections to connect its production zones to its seaports. Opeifa mentioned plans for a standard gauge from the Lagos-Ibadan railway corridor to Apapa Port and onward to Tin Can Island Port.

A corridor linking Lekki Deep Sea Port to the wider national network through Ijebu-Ode and Sagamu to Kajola, where it would connect with the Lagos-Kano Standard Gauge Railway is also on the ballot.

Be Vigilant Against Phishing Scams, Cyber Fraud, Bank Customers Advised

The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has urged bank customers to remain vigilant against phishing scams and other forms of cyber fraud, warning that criminals are increasingly using fake bank alerts, cloned websites and impersonation accounts to steal sensitive financial information.

The warning came against the backdrop of a fraudulent text message impersonating various banks.

The incident highlights the risks associated with digital banking fraud in Nigeria. In June, Wema Bank suspended its engagements on X, (formerly known as Twitter) amid reports of more than 70 fake accounts impersonating the bank and its ALAT platform.

In August, Zenith Bank Plc disclosed that it was investigating unauthorised access to customer data linked to a global cyberattack.

ACAMB President, Jide Sipe in a statement warned that fraudsters were increasingly adopting sophisticated methods to impersonate trusted banking brands and steal customers’ personal information, making their schemes difficult to distinguish from legitimate communications.

‘When a scam message carries your name, your phone number or your bank’s logo, it looks real. That is exactly why customers must slow down. No bank in Nigeria will ask you to confirm your PIN, password, OTP or BVN through a link,’ Sipe said.

Sipe acknowledged the efforts of banks to strengthen fraud detection and customer protection, alongside regulatory measures introduced by the Central Bank of Nigeria’s mandatory cybersecurity self assessment guide.

He stressed, however, that these efforts must be complemented by customer awareness and vigilance, particularly when handling requests for sensitive banking information.

‘Banks can strengthen their security systems, but fraudsters continue to find ways to exploit unsuspecting customers. We must all remain vigilant. Always pause, verify requests through official channels and report anything suspicious before taking action,’ he added.

Sipe urged customers to avoid clicking links in unsolicited messages asking them to verify, reactivate or secure their bank accounts. He also warned against sharing personal identification numbers (PINs), passwords, one-time passwords (OTPs), card verification values (CVVs) or BVNs in response to suspicious requests.

Customers should verify such requests directly with their banks through official mobile applications, verified social media accounts or published customer service numbers. Anyone who has entered banking details on a suspicious website should contact their bank immediately to secure their account and block affected cards where necessary.

ACAMB reaffirmed its commitment to working with member banks, regulators and the media to raise awareness of cyber fraud and promote safer digital banking practices as the use of online financial services continues to expand across Nigeria.