Category: Business Day

The Lagos State Government has pledged to support winners of the Miss Surulere Beauty Heritage Pageant beyond the competition, offering opportunities for partnerships, community projects, and wider government-linked initiatives. Idris Aregbe, Special Adviser to the Governor on Tourism, gave the assurance while interacting with contestants and stakeholders during a courtesy visit to the Alausa Secretariat in Ikeja.

Aregbe stated that the government was prepared to support contestants who demonstrated the commitment and capacity to use the platform to promote tourism, culture, and community development. He urged participants not to view the pageant merely as a contest for a crown, but as an opportunity to develop ideas capable of making lasting contributions to society.

Urging the contestants to take ownership of their initiatives, Aregbe emphasized that they could leverage their visibility and networks to champion causes within their communities. He also encouraged them to remain connected to Surulere and preserve the community’s cultural identity, noting that their roots should form part of the legacy they build.

Expanding horizons and international partnerships

Aregbe confirmed that government support would extend beyond the eventual winner, noting that contestants who showed readiness and potential would be considered for future opportunities. He announced that there would be partnerships with Chinese collaborators and other stakeholders for the winner, alongside continued engagement with other promising participants.

Aregbe assured organisers of full support regarding necessary approvals and documentation, adding that efforts would be made to ensure the government and partners remained involved in major associated events.

Show Producer Adebayo Adegbe stated that the contestants were undergoing rigorous training in etiquette, poise, speech, public speaking, and catwalk to build their confidence and potential. He disclosed that the winner would receive a ?1.5 million cash prize, while the first and second runners-up would receive ?1 million and ?500,000 respectively, alongside additional prizes worth about ?2 million and a three-day stay at the Transcorp Hotel.

Beyond financial rewards, Adegbe confirmed that winners would gain access to wider government-linked projects, with potential opportunities extending beyond Nigeria. The pageant is thus being positioned as a broad platform emphasizing cultural identity, tourism, youth development, and enduring community initiatives.

The Imole Campaign Council, backing Osun State Governor Ademola Adeleke, has raised the alarm over the reported deployment of armed security personnel to the residence of the Speaker of the Osun State House of Assembly, Adewale Egbedun, on election day.

Campaign spokesperson Pelumi Olajengbesi alleged in a statement that more than 10 black Hilux vehicles arrived at the Speaker’s residence, after which armed personnel surrounded and sealed off the premises.

The council further claimed that occupants were prevented from leaving the residence, raising concerns about possible restrictions on Egbedun’s movement as voters across Osun State head to the polls.

Police calls go unanswered as campaign seeks clarity

The purpose of the security deployment remains unclear. The campaign council noted that it had not independently established whether operatives were deployed for routine security duties or another operation.

The council attempted to contact the Commissioner of Police overseeing the election, the Deputy Inspector-General of Police coordinating election security, and the police Situation Room for clarification. However, it reported that its calls were either unanswered or unsuccessful.

The council urged security authorities to explain the deployment immediately, insisting that Osun State voters should be allowed to participate in the election without fear, intimidation, or interference.

Unanswered questions follow security crackdown

The development comes amid heightened security concerns surrounding Saturday’s election. Police authorities previously imposed a 42-hour restriction on movement as part of security measures announced for the poll.

The key question remains why security forces surrounded the Speaker’s residence and who ordered the deployment. Security authorities have yet to provide public clarification regarding the Adeleke campaign’s concerns.

Voters and election officials arrived early at some polling units across Osun State on Saturday as preparations for the governorship election got underway.

At the AUD School, Atile, Unit 3, Ward 9, Ikire, voters and election materials arrived early ahead of the commencement of voting.

At Ward 4, Unit 6, Abere, Ede North, voters were seen checking their names on the pasted voters’ list, while INEC officials had arrived as of 7:30 a.m.

Similarly, at Ward 4, Unit 13, Osogbo Local Government, voters began arriving as early as 6:50 a.m., awaiting the arrival of electoral officers and voting materials.

Dino Melaye, former senator representing Kogi West, has alleged that the main opposition Peoples Democratic Party (PDP) was systematically sold to President Bola Tinubu and the ruling All Progressives Congress (APC) prior to its complete operational collapse.

Melaye, who served as a senior spokesperson in the 2023 PDP presidential campaign, stated that the party’s demise was not merely an organic consequence of internal friction, but the result of deliberate commercial and political compromise by key custodians of its national executive.

Speaking during a recent interview on the Kaa Truth Podcast, Melaye reiterated his September 2023 assertion that the PDP was ‘dead, buried and cannot rise again.’ He directly named Umar Damagum, interim national chairman, Samuel Anyanwu, national secretary, and Bature Umar, national organising secretary, as the figures responsible for surrendering the party’s political machinery to the ruling party.

According to Melaye, the trio effectively handed over the opposition framework to Tinubu and the APC long before Nyesom Wike, Minister of the Federal Capital Territory (FCT), intervened to oversee what he described as the party’s formal funeral.

Melaye maintained that subsequent events, including adverse judicial rulings by the Supreme Court, have fully validated his earlier warnings, which were initially met with hostility and public criticism from within party ranks.

While the allegations reflect Melaye’s personal assessment, the claims highlight the deep structural divisions and leadership crises currently crippling Nigeria’s main opposition party. The situation raises critical questions regarding the viability of a competitive two-party system and the broader stability of the nation’s political landscape.

Governor Ademola Adeleke of Osun state has called on Olatunji Disu, the Inspector General of Police to closely monitor the conduct of the Osun governorship election, alleging plans to disrupt voting in his hometown, Ede.

Adeleke made the call after casting his ballot at Unit 9, ward 2, Sagba Abogunde Ede-North LG.

His words: ‘I have received some information from my people in Osun State that there is a police officer called London from Port Harcourt who was brought to the state to destroy my town, Ede and disrupt the voting process.

‘I am calling on the IGP and all security agencies to watch out for this police officer from Port Harcourt. I understand that the APC brought him to Osun State to carry out a hatchet job and cause disruption in my town, Ede, so that people will not be able to vote.

‘I want the IGP, the Police Commissioner for the election, the DIG for the election, and all security agencies to take note and do the needful.’

The governor also raised concerns over an alleged plan to alter the established collation process by moving results directly from polling units to a collation centre, rather than following the sequence through wards and local government areas.

‘They do not want to follow the normal process of moving from the polling units to the wards and then to the local governments. Instead, they want to take the process straight to the collation centre. This is not acceptable,’ he said.

Adeleke expressed optimism that he will win the election, ‘I know that, by the special grace of God, I will win this election,’ the governor said.

Ajibola Basiru, the National Secretary of the All Progressives Congress (APC), on Saturday cast his vote in the ongoing Osun State governorship election at Ward 7, Unit 3, in Osogbo Local Government Area.

Ajibola arrived at the polling unit and exercised his civic responsibility at about 8:45 a.m., shortly after voting commenced.

Speaking with journalists after voting, Basiru commended the Independent National Electoral Commission (INEC) for the timely deployment of election materials and personnel to polling centres across the state.

He also praised voters for turning out in large numbers to participate in the electoral process, describing the turnout as an indication of the people’s commitment to democracy.

The APC chieftain further lauded security agencies for their effective arrangements, noting that the presence of security operatives had contributed to a peaceful and orderly atmosphere at polling units.

Basiru described the voting process as calm and hitch-free, expressing optimism that the election would be free, fair and credible.

He also expressed confidence in the chances of the APC in the election, saying he was hopeful that the party would emerge victorious at the end of the exercise.

BusinessDay reports that voting is currently ongoing in various parts of Osun State amid tight security and significant voter participation.

Persons living with disabilities and elderly voters participated in the Osun State governorship election at Atile AUD Polling Unit in Ikire, Irewole Local Government Area, as voting got underway on Saturday.

Akano Tope, the Head of Persons with Disabilities in Irewole Local Government, said the participation of persons with disabilities demonstrated that the electoral process was accommodating different categories of voters.

‘Voting represents us well. All people with disabilities have cast their votes, and the elderly are being considered next,’ Akano said.

At Atile AUD Polling Unit, Polling Code 003, Registration Area 09, elderly voters were provided with seats while waiting to participate in the electoral process. As of 8:55 a.m., several elderly voters were seated within the polling area, while other voters queued for accreditation and voting.

However, heated arguments broke out between some party agents and security personnel over access to the polling booths.

The disagreement reportedly followed attempts by some agents to move closer to the voting area, which security operatives resisted to enforce restrictions around the booths.

Despite the disagreement, voting continued at the polling unit, with voters taking their turns to complete the accreditation and voting process while security personnel remained on ground to maintain order.

The All Progressives Congress (APC) deputy governorship candidate in the ongoing Osun State governorship election, Kayode Adereti, has described the voter turnout as impressive, while commending the security arrangements and smooth operation of the Bimodal Voter Accreditation System (BVAS).

Adereti, who spoke after voting at Ward 11, Unit 3, Ilare in Ife Central.

According to him, the electoral process has been peaceful, with voters turning out in large numbers to exercise their civic responsibility.

He also expressed satisfaction with the performance of the BVAS machines, saying the accreditation process was progressing smoothly and that voters appeared satisfied with the conduct of the election.

‘The turnout is impressive and the security is perfect. The BVAS is working well, and everyone is happy here,’ Adereti said.

The APC deputy governorship candidate urged eligible voters who were yet to cast their ballots to come out and participate in the election, stressing that the future of the state depended on the active participation of its citizens.

‘I urge the people of Osun State to come out and vote. We are ready, and the people are ready to make Osun a better place,’ he said.

Adereti further appealed to voters to remain peaceful and orderly throughout the electoral process, urging political parties and their supporters to respect the rules and allow the people to freely choose their next governor.

The election is being conducted across the 30 local government areas of the state amid heightened security and keen political interest.

The APC candidate’s assessment comes against the backdrop of pre-election concerns over possible violence, intimidation and disruption, with stakeholders calling on voters and political actors to maintain peace as voting and the subsequent collation of results continue.

Ademola Adeleke, Osun State Governor and Accord Party candidate, has cast his ballot as voting gets underway in the 2026 governorship election across the state.

Adeleke voted at his polling unit in Ede North Local Government Area, where he exercised his franchise alongside other eligible voters. His participation came as voters turned out across the state to elect the governor who will lead Osun for the next four years.

The election is being conducted by the Independent National Electoral Commission (INEC) across the state’s 30 local government areas.

Reports from several polling units indicate that voters and electoral officials arrived early, with accreditation and voting commencing in different locations.

Adeleke, who is seeking re-election, is contesting under the Accord Party against several candidates, including the All Progressives Congress (APC) candidate, Bola Oyebamiji, and the African Democratic Congress (ADC) candidate, Najeem Salaam.

The contest has been widely described as a keenly fought race.

The governor’s voting marks an important moment in a closely watched election, with attention focused on voter turnout, the conduct of polling officials and the overall credibility of the process.

Earlier, President Bola Tinubu urged INEC and security agencies to ensure that the election is peaceful, transparent and credible.

Security personnel have also been deployed across the state as authorities seek to prevent disruptions during the exercise.

The outcome of the election is expected to have significance beyond Osun, as the poll is being closely watched ahead of Nigeria’s 2027 general elections.

Voting continues across Osun State as voters await the results from the various polling units.

West Africa is no longer in a phase of energy potential. We are in a phase of energy system construction. For decades, the conversation about West Africa’s energy future has centred on what the region possesses: oil and gas reserves, significant renewable energy potential, growing electricity demand, a young and rapidly urbanising population, and strategic access to international markets. But resources alone do not create prosperity.

The question before us now is whether West Africa can build the market architecture capable of converting those resources into sustained economic value, deeper regional trade, greater investment and, most importantly, better lives for our people. And I want to suggest a clear answer: We can – but only if we think in systems, not projects. Individual refineries matter. Pipelines matter. Power plants matter.

Transmission lines matter. Storage facilities matter. But their true economic value emerges when they become components of an integrated market. That is the opportunity before us.

THE US$3 TRILLION MARKET OPPORTUNITY

I propose a simple but ambitious framing: By 2035, West Africa should aim to generate at least US$3 trillion in cumulative energy market transaction value. Not as a fundraising target. Not as a valuation exercise. But as a measure of market depth, liquidity, integration and economic activity.

A large energy market is not defined merely by the amount of oil, gas or electricity it produces. It is defined by how efficiently energy can move from where it is produced to where it is needed; how easily buyers and sellers can transact; how reliably infrastructure can be accessed; how effectively capital can be mobilised; and how confidently investors can operate across borders.

Today, we can already see the imbalance. Regional refined-product demand has grown from approximately 370,000 barrels per day in 2000 to nearly one million barrels per day today. Yet only a handful of countries have meaningful refining capacity.

Similarly, only a relatively small proportion of electricity is traded across borders despite thousands of kilometres of interconnection infrastructure and the existence of regional power-market institutions. Put together, these realities tell one story: The physical system is ahead of the commercial system.

We have infrastructure corridors, but insufficiently integrated markets. We have energy resources, but fragmented systems for monetising them. We have demand, but not enough mechanisms for efficiently matching supply with that demand across borders. That is the gap we must close. And closing it could unlock an entirely different economic trajectory for West Africa.

THE MARKET ARCHITECTURE: HUBS, NODES AND SPOKES

We should stop thinking of West Africa as a collection of fragmented national energy systems. We should begin thinking of it as a single integrated energy market with distributed infrastructure.

I propose a Hub-Node-Spoke model. Lagos can serve as an Atlantic liquidity and refining hub. Abidjan can function as a western commercial and logistics hub. Ghana can provide an important central balancing and storage node. Senegal can serve as a north-western gateway node.

From these anchors, we build spokes into the wider region – connecting producers, refineries, storage facilities, power markets, industrial centres, ports and consumers. This is not theoretical.

It reflects existing trade flows, infrastructure corridors, population centres and emerging refining and power assets. The Abidjan-Lagos corridor alone provides a natural backbone for deeper integration across some of the region’s most economically significant markets.

Our task is to convert geography into a functioning market system. That means making it easier for energy to cross borders, easier for capital to follow energy, easier for businesses to operate across jurisdictions, and easier for consumers and industries to access reliable and competitively priced energy. The objective is not to eliminate national energy systems; it is to make them interoperable.

REGULATORY INTEGRATION: THE WARF PASSPORT

No market of this scale can function effectively with fragmented regulation. But harmonisation does not mean uniformity; it means interoperability. I therefore propose a WARF Regulatory Passport System.

Under such a framework, if a company, trader or infrastructure operator is licensed and compliant in one WARF jurisdiction, that certification should be progressively recognised across participating jurisdictions, subject to agreed standards and safeguards.

This would be supported by common product specifications, shared data standards, model energy contracts, transparent infrastructure-access rules and a regional dispute-resolution framework.

The principle is simple: Regulate nationally. Transact regionally. This approach would reduce duplication, shorten transaction times, improve regulatory certainty and lower the cost of doing business across borders. It would also send an important signal to international investors. A fragmented regulatory environment increases risk. An interoperable regulatory environment creates scale. And scale is precisely what West Africa needs if it is to compete successfully for global energy capital.

SETTLEMENT, CAPITAL AND THE US$3 BILLION FACILITY

Physical integration, however, is not enough. We must also solve the question of how value moves. Energy markets depend on payments, credit, liquidity, guarantees, trade finance and risk management. If an energy transaction can cross a border in hours but the associated payment takes days, requires multiple intermediaries and exposes participants to unnecessary currency and settlement risks, then the market remains inefficient. West Africa already has important foundations.

ECOWAS is advancing monetary convergence towards the ECO, the region’s proposed single currency. The Pan-African Payment and Settlement System, PAPSS, is providing an important continental payment and settlement rail. So we should not reinvent the system.We should connect to what already exists. I propose a West African energy market liquidity and infrastructure facility of approximately US$3 billion equivalent, structured initially with a Naira anchor but designed from inception to be PAPSS-settled, multi-currency in operation and compatible with an eventual ECO transition.

The purpose is not currency dominance; it is transaction efficiency. Buyers, sellers, traders, utilities and infrastructure developers across West Africa should not have to route energy payments unnecessarily through external financial centres or face avoidable friction simply to participate in regional trade. We should build a system in which African energy trades can increasingly be cleared in Africa, settled in Africa and scaled in Africa. This facility could also help to address one of the region’s most persistent challenges: the shortage of affordable, appropriately structured capital for energy infrastructure and cross-border trade. If we want regional energy integration, we need regional financial architecture capable of supporting it.

This was the principal reason we supported the African Petroleum Producers Organization in the creation of the Africa Energy Bank (AEB) through the development of the Establishment Agreement the Charter and the Headquarters as well as fund raising initiatives across its Member States in 2022.

Thus, when the Federal Republic of Nigeria mandated us -RHG Advisory- to lead manage the AEB Headquarters bidding process, we put our finest team and best foot forward to prepare the winning bid. Happily Abuja ,Nigeria won the competitive bid to host the headquarters of the $5Billion Bank by a wide margin ahead of Algeria, Ghana, Benin, South Africa and Ivory Coast who fought very fairly for the hosting right and privilege.

TALENT: WASF AND ATEM AS MARKET INFRASTRUCTURE

Markets do not run on infrastructure alone; they run on people. We must therefore treat WASF and ATEM not simply as training programmes, but as market infrastructure. West Africa needs a new generation of regulators, commodity traders, energy financiers, benchmark specialists, infrastructure engineers, market operators, data scientists and risk analysts who understand the region’s energy systems and can operate confidently within an integrated market.

Training cannot happen at the margins of market development; it must happen alongside it. We need professionals who understand not only how to build a refinery, pipeline, power plant or transmission line, but also how to structure the commercial agreements that make those assets bankable. We need people who understand pricing, hedging, risk allocation, settlement, infrastructure access, data and regional regulation. And they must be trained inside the system they are building – not outside it. This is how we ensure that the market is not only built in Africa, but run by Africa.

ENERGY POVERTY: THE REAL PERFORMANCE METRIC

But there is an even more important test. A US$3 trillion energy market that does not reduce energy poverty is not a success. It is imbalance. Our ambition must therefore be measured not only in transaction value, barrels, megawatts or investment dollars, but in the outcomes experienced by households and businesses.

We should measure access, affordability, reliability, clean cooking, and productive energy use. Because energy is not simply a commodity. It is the foundation of industrialisation. It powers agriculture. It enables SMEs to grow. It supports digital economies. It improves healthcare and education. And it determines, in very practical ways, the quality of life available to millions of African households.

Every pipeline, refinery, interconnector, power plant or storage facility must therefore answer one fundamental question: Does it increase productive energy access for people and businesses? If the answer is no, then we should question whether we are creating development or merely creating infrastructure. The ultimate purpose of an integrated energy market is not the market itself; it is the economic transformation that the market makes possible.

BUILD WHILE WE HARMONISE

Let me close with what I believe is the most important principle. We do not have the luxury of sequential reform. We cannot wait for every regulation to be perfect before building infrastructure.

We cannot wait for every infrastructure project to be completed before developing the market. And we cannot wait for the market to mature before investing in the people who will operate it. We must design while building, finance while regulating, train while trading, and integrate while expanding. The world will not wait for West Africa to resolve every internal coordination challenge.

The global energy system is already moving. Capital is already shifting. Supply chains are already being restructured. New refining capacity is changing regional trade patterns. Renewable technologies are changing the economics of electricity. Gas markets are evolving. And competition for energy investment is intensifying. So the question is not whether West Africa will eventually integrate; the question is whether we will integrate fast enough to shape our own market outcomes.

A MARKET THAT BELONGS TO THE REGION

Distinguished colleagues, we are not here to manage fragmentation; we are here to end it. We are not here to optimise small systems operating in isolation; we are here to build a large one.

A West African energy market with liquidity. With common standards. With interoperable regulation. With efficient settlement. With world-class infrastructure. With skilled African professionals.

And with the ambition to reach US$3 trillion in cumulative transaction value by 2035.This is not simply an energy-sector ambition; it is an economic-development ambition. A deeper energy market can support manufacturing. It can strengthen agriculture. It can expand trade. It can create new financial markets. It can improve the competitiveness of African businesses. And it can give West Africa a stronger voice in the global energy system.

The opportunity is clear. The resources are available. The infrastructure is emerging. The payment systems are developing. The institutions are forming. The talent can be built. What remains is execution. And execution requires a different mindset. We must move from projects to systems. From national silos to regional markets.

From resources to value chains. From infrastructure to infrastructure-plus-commerce. And from fragmented opportunity to integrated scale. If we do this, West Africa will not simply become a larger consumer of energy; it can become one of the world’s most important integrated energy markets – a market capable of mobilising capital, supporting industrialisation, creating jobs, reducing energy poverty and retaining a greater share of the value generated by its own resources.

That is the opportunity before us. And that is the responsibility of our generation. Let us build the market. Let us build the institutions. Let us build the infrastructure. Let us build the talent. And, above all, let us build a West African energy system that converts the region’s extraordinary resources into extraordinary opportunity for its people.

The time for potential is over. The time for construction is now.