Category: Business Day

By the time this column appears on Sunday, 16 August, the people of Osun would have voted. The ballot boxes would have closed, the votes would have been counted and the political gladiators will be facing democracy’s oldest instruction: someone wins; someone loses; both remain citizens. That simple democratic proposition has often struggled to survive the Nigerian political imagination.

The latest disturbance comes from Senator Francis Fadahunsi, whose viral campaign video has placed the words ‘kill them’ at the centre of the Osun electoral conversation. Reports attribute to the Senator a call to supporters to kill Accord Party members and an assertion that even if they came to the polling station with voter cards, ‘we won’t allow them to vote.’ The Senator has subsequently explained that he meant ‘kill Accord with votes, not violence.’ That explanation belongs to the record and should be considered alongside the original recording, its context and the full circumstances surrounding it. The National Human Rights Commission has nevertheless called for his suspension, arrest and investigation, while the matter has generated a formal demand for police action. The law must determine the legal consequences. WordMatters must examine the words. And these words cannot be understood adequately as an isolated outburst. They belong to a longer Nigerian continuum.

The first great drumbeat came from the ‘Wild Wild West’ of the First Republic. The Western Region crisis of 1965 transformed political rivalry into frightening physical violence. The period became associated with ‘Operation Wetie,’ a brutal campaign in which political opponents, homes and vehicles were doused with petrol and set ablaze. The lesson should have been permanently etched into the national memory: When political power becomes a matter of life and death, politics ceases to be politics. However, the vocabulary returned in another form. In 2007, the presidential election was described as a ‘do-or-die affair’. The expression entered the national political lexicon as shorthand for a contest in which defeat was rendered existential. A political contest had become a matter of survival.

Then came another mutation in 2022 when political supporters were admonished that political power was not served ‘a la carte;’ instead, they must fight for it and by all means, snatch and run with it. This political rhetoric doubled down recently with ‘All is fair in politics’ declaration! Again, the words matter as power ceased to sound like a public trust and begins to sound like booty. Now comes: ‘Kill them.’ The political opponent is no longer merely someone to defeat. He becomes someone to eliminate. That is the point at which the continuum becomes frightening. Mr. President’s exhortation to the Osun voters: ‘Go out to vote candidate of your choice on Saturday without fear’ represented a radical departure from the toxic drumbeats. Nonetheless, they reveal a persistent political imagination in which winning becomes progressively more important than preserving the legitimacy, safety and dignity of the opponent. That is where Governance Optimality Theory enters the conversation.

Optimality Theory (OT), developed by Alan Prince and Paul Smolensky in 1993, belongs to phonology, the study of the sound system of language. Its basic architecture is remarkably simple. GEN, the Generator, produces a range of possible candidates. Think of it as a linguistic workshop in which several possible forms can be made available. CON, the set of Constraints (Markedness and Faithfulness), ranks competing requirements. The first constraint says, ‘Make the output conform to what the system considers desirable, natural, simple or well-formed;’ the second says, ‘Don’t change the underlying input unnecessarily.’ There is a fundamental tension between Markedness and Faithfulness; wherein lies the genius of OT. One cannot always satisfy both; something has to give. The outcome depends on which constraints outrank the other. This explains why the ranking is hierarchical because some constraints matter more than others. EVAL, the Evaluator, compares the candidates against those ranked constraints and selects the candidate that best satisfies the higher-ranking constraints. That selected form is the ‘Optimal Candidate.’

Governance Optimality Theory (GOT), I derived from the OT to serve sociolinguistic purpose, takes this architecture from the world of ‘sounds’ and adapts it to the world of ‘governance’. The G-GEN (Governance Generator) takes a governance problem and generate alternative possible outcomes. The political system also generates candidates. For instance, a politician seeking victory can say: ‘Defeat them at the polls.’ ‘Outvote them.’ ‘Persuade their supporters.’ ‘Campaign harder.’ ‘Win the election.’ These are possible rhetorical candidates. But another vocabulary is also available: ‘Do or die.’ ‘Grab it.’ ‘Snatch it.’ ‘Run with it.’ ‘Kill them.’

The question GOT asks is not merely: Which expression is most powerful? It asks: Which rhetorical candidate best satisfies the highest-ranking constraints of democratic governance? In a healthy democratic system, the higher-ranking constraints (normative constraints – i.e., constraints that ought to govern a constitutional democracy) should be obvious: human life; peace; equal citizenship; free political participation; the right to vote; legitimate opposition; rule of law; accountability; religious and political tolerance. A political expression that violates those constraints should lose. That is how optimality ought to work. Nigeria, however, presents a more disturbing possibility. Nigerian system of democracy develops operative constraints, i.e., informal constraints that actually determine what survives: patronage, prebendalism, elite accommodation, state capture, violence; rigging; personalisation of power, cronyism, religious and ethnic mobilisation.

What happens when these operative constraints are ranked higher than the normative constraints by the corrupt system? The answer is the conceptual breakthrough that makes Governance Optimality Theory particularly useful for understanding Nigeria. The system may still produce an ‘Optimal Candidate’. It may still generate alternatives. It may still rank its constraints. It may still evaluate the candidates. It may still produce a winner. However, while the winner may not be the ‘best candidate,’ the winner may simply be the candidate that ‘best satisfies the highest-ranking constraints of a corrupted system. That distinction changes everything. In other words, G-EVAL evaluates the available candidates against the operative hierarchy of constraints. And here lies the central proposition of GOT. The governance output that emerges is the candidate that best satisfies the highest-ranked operative constraints; not necessarily the candidates that best satisfies the ideals of constitutional democracy.

In classical OT, ‘optimal’ has a technical meaning. It does not necessarily mean morally perfect.

It means the candidate that wins under the hierarchy of constraints. GOT retains that meaning. Consequently, if Nigerian politics has elevated electoral fraud, religious and ethnic arithmetic, patronage and impunity above peaceful competition, equal citizenship and the rule of law, the candidate who is most adept at satisfying those conditions may emerge as the system’s Optimal Candidate. But that is not democratic success. It is ‘optimised failure’. The system has not failed to optimise; it has optimised successfully for the wrong things. That is the Nigerian paradox.

This is where the ‘Broken Mortar and Rotten Palm-Nut’ (Mkp?k?r? Ikwe n? ?kw? Reburu ?n?) metaphor becomes more than a colourful image. Imagine a housewife mashing palm nuts in a mortar. The mortar is broken. The palm nuts are rotten. Still, the mashing continues. The process may be vigorous and efficient. The operator may even be exceptionally skilled. But the output cannot be wholesome. The problem lies deeper than the mashing. The instrument is defective. So are the material and the hierarchy of the process. Nigeria’s political system can therefore produce an electoral winner while simultaneously producing a governance failure. The candidate may have won. The process may have optimised but the result may still be rotten; hence the OPTIMISED FAILURES. That is the Nigerian extension of GOT.

The significance of Fadahunsi’s rhetoric becomes clearer within this framework. Suppose the objective is to defeat Accord. GEN supplies several possible rhetorical candidates: Persuade them.

Outvote them. Defeat them. Crush them politically. Kill them. G-CON then asks which constraints matter most. In a healthy democratic order, peace, life, citizenship and the right to vote would outrank partisan victory. ‘Kill them’ would therefore be eliminated. But imagine a corrupted hierarchy in which winning at all costs outranks the life and political rights of the opponent. The outcome changes. The violent candidate, having out-ranked the peaceful candidate, eventually emerges victorious as the optimal candidate! The danger is not merely the presence of violent words. It is the possibility that the political system has learned to reward the people who speak them most effectively. A rhetoric of violence becomes a political resource. Intimidation becomes campaign capital. Fear becomes mobilisation. Vote buying becomes strategy. Religious division becomes arithmetic. Impunity becomes confidence. And the broken mortar sustains the futile process of mashing rotten palm nuts.

The reported statement credited to Senator Fadahunsi concerning voter cards makes the matter even more serious. A voter card is a small piece of plastic carrying a large democratic idea: I have the right to participate. The reported response – ‘we won’t allow them to vote’ – represents the opposite idea: Our political power determines whether your political right survives. That is not merely aggressive campaign language. It attacks the very principle that makes an election what it is. The political opponent may be defeated. His vote cannot be defeated before it is cast. He may be persuaded. He cannot be silenced. He may lose. He cannot be rendered politically nonexistent.

Also, his imperial directive to supporters, ‘I authorise you to kill them’ adds another disturbing dimension. A Senator’s authority is not personal property. It is constitutional authority entrusted for public purposes. A Senator may legislate, investigate, represent, and may mobilise voters; however, he cannot convert public office into a rhetorical licence for violence. The word ‘authorise’ therefore deserves special attention. It transforms an expression of anger into an apparent grant of permission. The distinction is profound. ‘Vote against them’ is democratic mobilisation. ‘Defeat them’ is democratic competition. ‘Kill them’ is violent elimination. ‘I authorise you to kill them’ turns political authority into permission for violence. That is a governance constraint that should never be allowed to rank below partisan victory.

Saturday’s Osun election therefore represents more than another gubernatorial contest. It is a test of whether Nigeria can distinguish political combat from political warfare. By Sunday, one candidate will have more votes than the others. The losing candidate will still have supporters. Those supporters will still be citizens. The winning candidate will inherit a state containing people who did not vote for him. That is the discipline of democracy. The winner does not inherit the right to silence the loser. They inherit the responsibility to govern them. And here lies the profound irony of GOT.

The Optimal Candidate that emerges from an electoral system is not automatically the candidate Nigeria needs. If the constraints have been corrupted, the system can produce an Optimised Failure. That is why the Nigerian democratic project requires more than changing candidates. It requires re-ranking the constraints. Human life must rank above partisan victory. The right to vote must rank above political intimidation. Peace must rank above power accumulation. Equal citizenship must rank above religious arithmetic. Rule of law must rank above impunity. Public trust must rank above patronage. Only then does the Optimal Candidate begin to approximate the Best Candidate. Until then, Nigeria may continue to pound ‘?kw? reburu ?n?’ (rotten palm nuts) in a broken mortar (mkp?k?r? ikwe) and congratulate itself each time the system produces another ‘winner’ The output is called victory snatched and grabbed through the instrumentality of informal constraints. Alan and Smolensky’s theory calls it optimality. WordMatters calls it what it is: Optimised Failure. Word, as always, matters.

Nigeria’s insurance industry is increasingly looking beyond traditional product promotion to entertainment, consumer engagement and public recognition as it seeks to close the gap between insurance providers and the millions of Nigerians who remain uninsured.

Industry stakeholders believe that initiatives that bring insurance into mainstream public conversations could help improve the sector’s visibility, build consumer confidence and make insurance more relatable to a wider audience.

This is the broader significance of the 2026 Almond Insurance Industry Awards and Consumers’ Nite, scheduled for November 6, 2026 in Lagos, which is expected to bring together insurance practitioners, policymakers, corporate leaders, consumers and entertainers.

The event is designed not only to recognise performance within the industry but also to create a more accessible platform for the public to interact with the insurance sector.

According to the organisers, the event has evolved since its inception in 2018 into a major gathering on the insurance calendar, combining industry recognition with music, comedy and dance to attract a broader audience beyond insurance professionals.

For an industry battling low public awareness and weak consumer engagement, analysts say such platforms could become increasingly important as insurers seek to reposition insurance from a largely technical financial product into an everyday tool for managing risks and protecting livelihoods.

By combining industry recognition with entertainment and consumer participation, the Almond initiative provides an opportunity to take insurance conversations outside boardrooms, conferences and regulatory engagements.

The organisers said the 2026 edition attracted 796 nominations from insurance and broking firms, corporate organisations, individual clients, government agencies and other industry stakeholders. The nominations were subjected to screening based on the award criteria before the final shortlist was produced.

More importantly, consumers and members of the public are being brought directly into the process through voting, with companies and individual clients eligible to vote once in each category. An OTP verification system is also being used to prevent duplicate voting.

That consumer-facing element could prove more consequential to the industry than the awards themselves.

Allowing customers to participate in recognising insurers, brokers and industry executives creates an additional point of contact between insurance companies and the public. It also provides insurers with an opportunity to listen to consumers, strengthen relationships and demonstrate the value they deliver beyond premium collection.

The categories themselves reflect the breadth of Nigeria’s insurance ecosystem, covering general and life insurers, brokers, microinsurance and tearful operators, as well as insurance executives and customers.

For an industry undergoing significant regulatory and structural changes, including the recently concluded recapitalisation exercise, greater public engagement could also help reinforce confidence in the sector.

Arsenal captain Martin Ødegaard has warned the club’s Premier League rivals that the champions are targeting more trophies after opening their season with a commanding 3-0 victory over Manchester City in the Community Shield.

Ødegaard delivered a man-of-the-match performance in Cardiff, scoring Arsenal’s third goal as Mikel Arteta’s side produced a dominant display against the FA Cup holders.

Riccardo Calafiori opened the scoring after just 24 seconds before Kai Havertz doubled Arsenal’s advantage before half-time.

‘We want to win everything’

The victory provided an early indication that Arsenal remain hungry after securing their first Premier League title since 2004 last season.

Ødegaard, who lifted the league trophy after Arsenal finished seven points ahead of City, believes the performance demonstrated that the champions are determined to maintain their standards.

‘We played some brilliant football. Great performance and a great way to start the season,’ Ødegaard said.

‘We showed our level today. We showed we’re ready. We’re serious and we want to do it again. We want to attack it. We want to do it again.

‘When you get a taste of how nice it is, you want to do it again. We want to win everything.’

Arsenal set sights on more trophies

The Community Shield triumph gives Arsenal their second major trophy in four months and provides further momentum ahead of their Premier League title defence.

The Gunners have been installed as favourites to retain the title and will begin their campaign at home against newly promoted Coventry on August 21.

With Arsenal now targeting domestic and European honours, the Norway international believes the champions have the mentality required to compete on every front.

Aisha Garba, Executive Secretary of the Universal Basic Education Commission (UBEC), has said no child’s circumstances should prevent access to quality education, stressing that every Nigerian child deserves an opportunity to learn, develop their abilities and fulfil their potential.

According to a statement issued on Saturday by Ikharo Attah Special adviser, media and publicity, Garba stated this during the formal commissioning of the rehabilitated Alternative High School for Girls in Agboju, Lagos State.

She said the rehabilitation of the school, supported by UBEC through its UBE direct intervention, went beyond the provision of infrastructure, describing it as a renewed opportunity for girls and young women whose education had been interrupted for various reasons.

According to her, girls who dropped out of school should not be regarded as lost causes, while young mothers seeking to return to education should not be made to feel that they had missed their opportunity.

‘A girl whose circumstances prevented her from completing her education should be given another opportunity.

‘Every child deserves an alternative pathway to acquire the education they deserve to succeed in life,’ she said.

Garba explained that the Alternative High School for Girls was established to provide girls and young women with opportunities to return to learning, acquire relevant skills and pursue productive and fulfilling lives.

She urged stakeholders to ensure that the institution became more than a place for classroom learning by providing an environment where the girls could rebuild their confidence and develop hope for the future.

‘Let this not simply be a place where girls attend classes. Let it be a place where hope is restored, confidence is built and future is renewed,’ she said.

The UBEC boss commended President Bola Ahmed Tinubu for prioritising education and human capital development under the Renewed Hope Agenda, while also acknowledging the First Lady, Oluremi Tinubu, for her commitment to the education and empowerment of girls and young women.

She said the support of the First Lady, who was represented at the occasion by Hajiya Nana Shettima, wife of the Vice President, demonstrated the importance attached to ensuring that every girl had an opportunity to learn, develop her abilities and fulfil her potential.

Garba noted that children affected by conflict, displacement and other difficult circumstances still had dreams, talents and potential, and should therefore be given opportunities to succeed.

She said the Federal Government, through the Nigeria Education Sector Renewal Initiative (NESRI), was implementing reforms aimed at improving the quality of education, expanding access and ensuring that no Nigerian child was left behind.

According to her, the rehabilitation of the Agboju Alternative High School was in line with UBEC’s commitment to promoting inclusive education and creating alternative pathways for learners who had been excluded from conventional schooling.

She said the intervention covered school infrastructure, academic facilities, furniture for pupils, teachers and school managers, ICT equipment and tools, laboratory and vocational equipment, WASH facilities and environmental improvements.

‘We believe that investment in education should be visible, not only in figures and reports, but in the classrooms where children learn, in the facilities they use and, most importantly, in the lives they are able to transform,’ Garba said.

The UBEC executive secretary said the Commission had formally handed over the rehabilitated facility to the Lagos State Government, urging the state to sustain the investment, maintain the facilities and ensure that the school continued to serve the girls for whom it was established.

She disclosed that the second Alternative High School for Girls in Ikorodu was at an advanced stage of completion, adding that it would further expand opportunities for girls and young women seeking alternative routes back into education.

Garba also announced that UBEC would, before the end of 2026, provide the school with a bus and digital smart boards for its classrooms.

She, however, stressed that the success of the intervention should not be measured by the appearance of the renovated school but by its impact on the lives of the girls.

‘The true measure of our success will be the girl who walks through these gates and discovers that she still has a future.

‘It will be the girl who acquires a skill, finds employment, starts a business or becomes a leader in her community. That is why this investment matters,’ she said.

Garba urged members of the Agboju community to take ownership of the school by protecting and maintaining the facilities and supporting the girls enrolled in the institution.

Kidnapping remains a significant security risk in Nasarawa State, with recent abductions involving university students and officials, alongside attacks on a major transport corridor, testing the security environment needed to support investment and economic activity.

The Nigeria Risk Index recorded 29 security incidents in Nasarawa between January 1 and July 1, 2026, including seven kidnapping incidents, with 20 fatalities and 59 victims. Recorded incidents fell from 32 in the corresponding period of 2025, while victims increased from 37 to 59, according to the index.

The figures present a mixed picture: fewer recorded incidents and fatalities, but more people affected. The trend cautions against treating a decline in incident numbers alone as evidence of a broad improvement in security.

The latest high-profile case involved Professor Samuel Avengbe Okunsebor, Dean of the Faculty of Agriculture at Nasarawa State University.

Okunsebor was abducted in the early hours of July 15 at Mile Uku, a border community between Lafia and Nasarawa-Eggon Local Government Areas, according to reports citing security sources. Department of State Services operatives rescued him on July 17, while two suspects were arrested during the operation.

On August 7, DSS operatives arrested three additional suspects allegedly linked to the abduction around Mararaban Akunza on the Lafia-Makurdi highway, according to a security source cited by Nigerian news organisations. The arrests were reported on August 8.

The allegations against the suspects remain subject to investigation and due process.

The case captures the mixed nature of Nasarawa’s security environment: criminal groups retain the capacity to abduct people, while security agencies have demonstrated the ability to rescue victims and pursue suspected perpetrators.

University communities remain exposed

On May 6, gunmen abducted six Nasarawa State University students and another person from an off-campus lodge in Gudi, Akwanga Local Government Area, according to reports citing the Nasarawa State Police Command.

The students were subsequently rescued, while police announced the arrest of two suspected kidnappers.

Governor Abdullahi Sule, speaking after the incident, said security agencies had made progress in the response. The statement represents the state government’s account and does not establish the guilt of any suspect.

The incidents do not establish a statistical rise in university-related kidnappings, but they illustrate the exposure of university communities to the wider security risks affecting the state, particularly outside formal campus environments.

Roads remain a separate vulnerability

The risk also extends to transport corridors.

On July 21, police operatives attached to the Andaha Division rescued four kidnapping victims during an operation in Akwanga Local Government Area, according to the Nasarawa State Police Command.

Police said the operation followed a distress call concerning suspected kidnappers near Megona Filling Station along the Akwanga-Jos Road. The suspects fled after security personnel intervened, while the victims were rescued. The command subsequently ordered a manhunt for the fleeing suspects.

The incident matters economically because the route facilitates passenger and goods movement between Nasarawa and neighbouring parts of the North-Central.

What the numbers show

The NRI figures are recorded security incidents, not a complete census of crime in Nasarawa. Incidents not reported or captured by the index would not appear in its dataset.

More significantly, the divergence between incidents and victims complicates any simple assessment of improvement. Recorded incidents fell from 32 to 29, but victims rose from 37 to 59.

The data therefore suggest that while the frequency of recorded incidents declined, the human impact remained substantial.

Location also matters. Recent cases have involved university-linked accommodation in Gudi, a university official in the Lafia-Nasarawa-Eggon axis and suspected kidnappers along the Akwanga-Jos corridor.

That does not establish that those areas are uniformly unsafe. It highlights the need for security policy to identify specific hotspots and vulnerabilities rather than treat insecurity as a uniform statewide problem.

Intelligence remains critical

Ahmed Abdulrazak, a Lafia-based security analyst, said stronger security funding could improve intelligence gathering, surveillance and operational capacity if properly managed and coordinated with federal security agencies.

Abdulrazak made the assessment on July 30 while discussing the Northern governors’ proposed ?19 billion monthly security fund. His comments addressed the wider northern security situation rather than the individual Nasarawa cases.

For Nasarawa, the distinction is important. Rescue operations and arrests demonstrate response capacity, but sustained improvement requires intelligence capable of identifying threats and disrupting attacks before they occur.

Community cooperation is equally important because residents can provide early information on suspicious movements and emerging threats.

The economic cost is uncertainty

The economic significance of kidnapping lies principally in predictability.

Nasarawa’s economic ambitions depend on the movement of farmers, workers, traders, equipment, raw materials and finished goods. Agriculture requires access to farms and markets; mining operations often depend on remote locations; and manufacturers and traders require reliable transport links.

There is no verified public estimate of the monetary losses suffered by Nasarawa businesses specifically because of kidnapping in 2026. It would therefore be inappropriate to attach a specific naira value to the economic impact.

The more defensible concern is operational uncertainty. Businesses operating around areas affected by repeated attacks may reassess travel arrangements, security requirements and logistics, although the cost of such adjustments has not been quantified in Nasarawa.

Nor do the available data establish that kidnapping has caused a decline in investment or economic output in the state.

What they establish is a security risk capable of affecting the predictability on which commercial activity and investment depend.

From response to prevention

Nasarawa’s recent security record contains evidence of both operational gains and continuing exposure.

The NSUK students were rescued after their May abduction; four victims were rescued during the July 21 Akwanga operation; and Okunsebor was rescued two days after his abduction before DSS subsequently arrested three additional suspects allegedly linked to the case.

These operations demonstrate security agencies’ capacity to respond. The stronger measure of progress, however, is whether intelligence-led operations, community cooperation and effective prosecution reduce repeat attacks.

For Nasarawa, sustained improvement would mean safer communities and more predictable transport corridors for farmers, traders, mining operators, manufacturers and investors.

The state therefore needs to convert response capacity into sustained prevention. That would strengthen public safety while reducing uncertainty for the businesses and investors whose activities underpin its economic ambitions.

Nigeria’s listed technology companies are entering a new investment phase as stronger cash positions and improving economic conditions give them greater capacity to fund expansion, although high financing costs and expensive technology equipment are forcing companies to deploy capital selectively.

A BusinessDay analysis of six listed technology companies – Chams Holding Company, CWG, E-Tranzact International, Legend Internet, NCR Nigeria and Omatek Ventures – shows that combined capital expenditure (CAPEX) rose to N3.23 billion in the first half of 2026, from about N1.85 billion in H1 2025, representing an increase of roughly 75 percent.

At the same time, combined cash and cash equivalents nearly doubled to N37.8 billion, from about N19 billion a year earlier, pointing to a significant strengthening of the sector’s financial capacity to invest.

Despite the higher investment in fixed assets, the aggregate CAPEX-to-cash ratio fell to 8.56 percent in H1 2026 from 9.75 percent in H1 2025.

This suggests that the companies entered the period with substantially greater liquidity than the amount they committed to capital expenditure. In other words, cash accumulation grew much faster than investment in physical assets.

The figures also reveal sharply different strategies among the companies, with some prioritising aggressive investment while others maintained a more conservative approach to capital deployment.

Cash build-up strengthens investment capacity

The sharp increase in liquidity is significant because Nigerian technology companies continue to operate against a backdrop of high financing costs and elevated technology and imported equipment costs.

Nigeria’s real GDP expanded 3.89 percent year-on-year in Q1 2026, up from 3.13 percent in Q1 2025, while headline inflation moderated to 15.91 percent in June.

However, the improvement in macroeconomic conditions has not eliminated the cost pressures facing businesses. Technology companies remain exposed to expensive equipment, imported inputs and financing, making internally generated cash an increasingly valuable source of expansion funding.

This is particularly important given the relatively modest level of foreign capital entering the sector. National Bureau of Statistics data showed $11.33 million in capital importation into IT Services in Q1 2026, suggesting that domestic cash generation remains an important funding source for listed technology companies.

The implication is that companies with stronger cash-generation capabilities have a growing advantage. They can finance infrastructure and equipment purchases without depending entirely on costly external funding.

Chams emerges as clearest cash-to-CAPEX story

Chams Holding Company Plc recorded the most dramatic change in capital allocation among the companies reviewed.

Its cash and cash equivalents jumped from just N252 million in H1 2025 to N4.52 billion in H1 2026, representing an increase of more than 1,600 percent.

At the same time, the company moved from virtually no capital expenditure in H1 2025 to N1.82 billion in H1 2026.

That pushed Chams’ CAPEX-to-cash ratio to 40.2 percent, the highest among the companies reviewed.

The ratio means that Chams’ H1 2026 capital expenditure was equivalent to about two-fifths of its cash balance at the period under review.

The spending is particularly notable because Chams has been shifting toward infrastructure-heavy businesses. Its H1 2026 revenue reached N17.48 billion, with data card products supply and biometrics-related businesses among its major revenue drivers.

The combination of rapidly rising cash and increased investment suggests that Chams has moved from a period of tight capital deployment into a more expansionary phase.

However, the company’s 40.2 percent ratio also means its capital intensity is considerably higher than that of its peers. If the investment translates into higher capacity, revenue and cash generation, it could strengthen future earnings. If not, the large jump in CAPEX could weigh on returns.

CWG shows why higher cash does not always mean higher CAPEX

The company increased cash and cash equivalents from N5.63 billion in H1 2025 to N7.40 billion in H1 2026, a 31.6 percent increase.

But its CAPEX fell from N526 million to N132 million, representing a decline of roughly 74.9 percent.

Consequently, its CAPEX-to-cash ratio plunged from 9.35 percent to 1.78 percent.

This means CWG spent less than N2 in capital expenditure for every N100 held in cash during H1 2026.

The low ratio could point to a more asset-light growth strategy, particularly given the company’s increasing emphasis on software and technology services rather than traditional hardware-led operations.

In H1 2025, the company was in an aggressive phase of its multi-year repositioning, investing in technology infrastructure, platforms and hardware. That investment coincided with a 53 percent increase in revenue to N37 billion and a 113 percent increase in profit before tax to N4.68 billion.

The shift is strategically important. CWG’s customers include financial institutions, large enterprises and public-sector organisations whose technology requirements are increasingly driven by digitalisation, automation and efficiency.

E-Tranzact highlights the advantage of capital-light growth

eTranzact International Plc remained the largest cash holder among the companies analysed.

Its cash balance climbed from N12.50 billion in H1 2025 to N23.69 billion in H1 2026, an increase of 89.5 percent.

At the same time, CAPEX declined modestly from N1.33 billion to N1.23 billion.

As a result, its CAPEX-to-cash ratio fell from 10.62 percent to 5.19 percent.

This is significant because eTranzact was responsible for more than 62 percent of the combined N37.77 billion cash balance held by the six companies in H1 2026.

The company therefore has substantial liquidity relative to its current capital expenditure requirements.

Its strategy has increasingly centred on payments infrastructure, switching, merchant acquiring and digital transaction services. eTranzact has also been moving away from its historical dependence on lower-margin airtime sales toward payment and infrastructure businesses.

The fall in its CAPEX-to-cash ratio therefore does not necessarily indicate weaker investment. Rather, it could reflect a business model in which growth increasingly depends on technology platforms and payment infrastructure rather than heavy physical assets.

With more than N23 billion in cash, eTranzact has one of the strongest liquidity cushions among the listed technology companies.

Legend faces a different investment equation

Legend Internet: new entrant with high investment intensity

Legend Internet Plc recorded its first meaningful cash and CAPEX position in the dataset, with N165 million in cash and N50 million spent on PPE in H1 2026.

This translated into a 30.3 percent CAPEX-to-cash ratio, the second-highest among the companies.

Although its absolute numbers are small compared with Chams, CWG and eTranzact, the ratio indicates that Legend Internet committed a significant portion of its available cash to fixed assets.

That could be consistent with a company at an earlier stage of building or expanding its physical and network infrastructure.

NCR Nigeria Plc increased its cash holdings substantially but did not record CAPEX in the periods under review.

Cash and cash equivalents rose from N643 million in H1 2025 to N1.99 billion in H1 2026, representing an increase of more than 200 percent.

Yet the company reported zero CAPEX in both periods, leaving its CAPEX-to-cash ratio at 0 percent.

While Omatek Ventures Plc recorded the weakest cash position among the companies, with just N3 million in cash and cash equivalents in H1 2026.

Its cash balance rose from N1 million in H1 2025, but remained extremely small relative to its peers.

The company recorded zero CAPEX in H1 2025 and H1 2026, leaving its CAPEX-to-cash ratio at zero.

The picture is particularly noteworthy because Omatek’s cash position has been volatile over the five-year period, including a negative cash-and-cash-equivalent figure in 2023.

What investors should watch next

The emerging investment pattern among Nigeria’s listed technology companies suggests that cash conversion, rather than CAPEX alone, will become a more important measure of investment quality.

A rise in capital expenditure is not inherently positive if it fails to generate stronger revenue, margins or cash flows.

Similarly, a decline in CAPEX does not necessarily mean a company is retreating from growth. CWG’s experience demonstrates that businesses can move from a physical investment phase into a period of monetising infrastructure already deployed.

Atiku Abubakar, former Vice President, has dragged President Bola Tinubu before the Federal High Court in Abuja, seeking his disqualification from the 2027 presidential election over an alleged forged National Youth Service Corps (NYSC) certificate.

Atiku, the presidential candidate of the African Democratic Congress (ADC), personally appeared at the court registry on Friday to depose to an affidavit supporting the suit filed against Tinubu, the All Progressives Congress (APC) and the Independent National Electoral Commission (INEC).

The suit invokes, among other provisions, Sections 137(1)(j), 139(1)(a)(i) and 285(14)(c) of the 1999 Constitution, as amended, as well as relevant provisions of the Electoral Act 2026.

At the centre of the suit is Section 137(1)(j) of the Constitution, which provides that a person is not qualified for election as president if he has presented a forged certificate to INEC.

Atiku and the ADC are asking the court to determine whether Tinubu and the APC should be disqualified from the 2027 presidential election over allegations that Tinubu presented a forged NYSC certificate in connection with the 2023 and 2027 elections.

Explaining his decision to personally depose to the affidavit, Atiku said the matter was too fundamental to be treated casually.

‘I came here personally because the issues before the court go to the heart of our Constitution and the integrity of the office of President,’ he said.

‘I cannot ask Nigerians to respect the Constitution while treating a matter of this magnitude casually. I have therefore put my name, my signature and my oath behind the facts we are presenting to the court.

‘Now it is President Tinubu’s turn to answer them,’ he added.

In the affidavit, Atiku alleged that Tinubu submitted to INEC an NYSC discharge certificate bearing the name ‘Tinubu Bola Adekunle’, which the plaintiffs contend differs from the President’s name, Bola Ahmed Tinubu.

The affidavit further alleges that the certificate was submitted in connection with the 2027 presidential election and maintains that the document was not obtained by Tinubu.

Atiku also wants INEC compelled to produce Tinubu’s Form CF001 submitted for the 2023 and 2027 presidential elections.

According to the affidavit, Atiku had applied for certified true copies of the relevant documents before instituting the suit but had not received a response when the processes were prepared.

‘This is precisely why we have gone to court,’ Atiku said.

‘We are not asking Nigerians to decide this matter on social media, and we are not asking INEC to become a court. We are asking the institution holding the records to produce them and the judiciary to examine the evidence and pronounce on it.

‘If the certificate belongs to Bola Ahmed Tinubu, let that be established before the court. If ‘Tinubu Bola Adekunle’ and ‘Bola Ahmed Tinubu’ are one and the same person for the purpose of that certificate, let the evidence establish it,’ he said.

Beyond the certificate allegation, Atiku and the ADC are challenging provisions of the Electoral Act 2026 which they argue restrict the ability to challenge a candidate’s qualification at the pre-election stage.

They contend that ordinary legislation cannot override or undermine an express constitutional provision, arguing that where an Act of the National Assembly conflicts with the Constitution, the Constitution must prevail.

‘This case therefore raises a fundamental question for our democracy,’ Atiku said.

‘Can an Act of the National Assembly be used as a shield against an express provision of the Constitution? Can we write into ordinary legislation an escape route from a constitutional standard applicable to everyone seeking the Presidency? Our position is that the Constitution remains supreme,’ he added.

The plaintiffs are consequently asking the Federal High Court to determine whether the statutory restrictions contained in the Electoral Act can prevent them from invoking Section 137(1)(j) of the Constitution.

They are also seeking an order disqualifying Tinubu and the APC from participating in the 2027 presidential election if the allegations against them are established.

‘Nobody should misunderstand what is at stake. Nigerian graduates cannot complete NYSC documentation with one identity and simply ask employers to ignore discrepancies,’ he said.

‘Young Nigerians seeking ordinary jobs are subjected to rigorous scrutiny of their certificates. The standard cannot suddenly disappear because the applicant is seeking the highest office in the land. The Presidency is not an immunity certificate against constitutional scrutiny,’ he added.

He further urged INEC to demonstrate its neutrality by making the relevant documents available to the court.

Counsel to the plaintiffs, Edwin Inegedu, (SAN), and Joseph Onu Silas, expressed confidence in their case.

Speaking for the legal team, Silas said they had carefully reviewed the relevant laws and presented their arguments before the court, adding that they were prepared to respond to the defendants’ case once served.

‘We are confident that justice will prevail. This case presents an important opportunity to further develop Nigeria’s electoral jurisprudence,’ he said.

‘This is not about privilege, personalities or presidential power. It is about one Constitution and one standard for every Nigerian.

‘Nobody is above the Constitution – not Atiku Abubakar, not Bola Tinubu, and certainly not the President of the Federal Republic of Nigeria,’ he said.

The European Union Support to Democratic Governance in Nigeria Election Observation Hub (EU-SDGN EOH) said it has recorded 323 cases of electoral offences and irregularities and 38 security incidents in the ongoing Osun State governorship election.

This was disclosed at the preliminary election day statement by Centre for Media and Society (CEMESO), International Press Centre (IPC), Nigerian Women Trust Fund (NWTF), TAF Africa, The Kukah Centre (TKC) and Yiaga Africa.

Addressing journalists on behalf of the observers, Lanre Arogundade, the executive director, IPC said the incidents were documented by the Hub’s observers across 726 polling units monitored as of noon on Saturday.

The observers said, electoral offences and irregularities recorded included 103 cases of vote trading, 12 cases of multiple voting, 28 cases of inducement of polling and security officials, 38 cases of campaigning at polling units and 14 cases of voter impersonation.

Others were seven cases of misconduct by election officials, 31 cases of obstruction of voters and 85 cases involving exposure of ballot papers.

On election security, he said, ‘As at 12 noon, the Hub’s observers have recorded 38 security incidents with 25 reported cases of thuggery, 12 attacks on electoral officials and 9 cases of voter intimidation by security personnel.

‘Furthermore, of the 726 polling units observed, there were reported 323 cases of electoral offences and irregularities including vote trading (103), multiple voting (12), inducement of polling and security officials (28), campaigning at PUs (38), voter impersonation (14), misconduct by election officials (7), obstruction of voters (31) and exposure of ballot papers (85).’

He added that, ‘The election environment has been generally conducive for journalists and observers, with no major incident reported as at the time of this report relating to impeded access to polling units.

‘The hub’s fact checkers were able to detect and fact-check about eleven false claims relating to alleged payment of INEC officials, arrests by the police, underage voting, among others, as at the time of this report. The outcomes were all amplified, but other claims relating to shooting and disruption of voting are being fact-checked.’

Aspira Nigeria Limited, makers of Viva Detergent and other household cleaning products, has hosted the maiden edition of the Lifestyle Mini Brunch series.

This maiden edition was themed ‘Come Wash with Hilda’, an experiential mini brunch designed to promote better laundry practices, deepen consumer education and showcase the performance of the Viva detergent range.

Held at Wasche Point Laundromat in Lekki, Lagos, the brunch brought together select lifestyle influencers, digital content creators, social media followers and The Clean Collective community members for an engaging session with Viva brand ambassador, Hilda Baci.

The event featured a fabric care masterclass, product education, live laundry demonstrations and interactive conversations with Hilda, providing participants with practical insights into effective laundry practices and ways to preserve the quality and longevity of their garments.

Participants also received expert insights from Ruth Okunnuga, Founder of Wasche Point Laundromat, who shared professional recommendations on garment maintenance, fabric preservation and effective laundry practices.

She highlighted the suitability of Viva products for machine washing and their ability to deliver effective cleaning while being gentle on fabrics, noting that the partnership reflects a shared commitment to making laundry easier and more convenient for consumers.

Speaking during the event, Barbara Onianwah, Head of Marketing at Aspira Nigeria Limited, said the initiative reflects the company’s commitment to delivering value beyond its products by helping consumers make better fabric care choices.

‘At Aspira Nigeria Limited, we believe laundry is more than just getting clothes clean; it’s about helping people take better care of the things that matter to them.

‘Every garment has a story, and with the right fabric care habits and quality detergents, those clothes can look better and last longer. That’s why we’re creating experiences like ‘Come Wash with Hilda’, to share practical knowledge, answer everyday questions and help consumers get the very best from every wash.’

Guests also experienced demonstrations of Viva Plus, VivaMATIC Detergent and Viva Plus Gold, showcasing their suitability for different fabrics and washing methods, while highlighting key product benefits including stain removal, freshness and ease of use.

The ‘Come Wash with Hilda’ experience is part of Viva’s ongoing consumer engagement efforts to encourage smarter fabric care and create opportunities for consumers to interact with the brand in relatable, practical settings.

Through the initiative, Aspira Nigeria Limited continues to support Nigerian households with quality cleaning solutions while promoting greater awareness of effective fabric care practices.

Spain international and World Cup winner Ferran Torres has completed his move from Barcelona to Paris Saint-Germain (PSG) in a deal reportedly worth around pound 50 million (£42.7m).

The 26-year-old forward has signed a contract with the French champions until 2031, ending his four-and-a-half-year spell at Barcelona.

‘Paris Saint-Germain is delighted to announce it has secured the services of Ferran Torres. The Spanish World Cup-winning forward has signed with the club until 2031,’ PSG said in a statement.

Reunites with Luis Enrique

Torres will reunite with PSG manager Luis Enrique, who handed him his Spain debut in a Nations League match against Germany in 2020.

The forward played a key role in Spain’s recent World Cup triumph, coming off the bench in the final against Argentina before scoring the extra-time winner to secure La Roja’s second men’s World Cup title.

Nicknamed ‘The Shark’, Torres joined Barcelona from Manchester City in January 2022 after beginning his professional career at Valencia.

He scored 65 goals in 207 appearances for Barcelona and won three La Liga titles, while also contributing to the club’s 2025 Copa del Rey triumph over Real Madrid.

Barcelona confirmed his departure in a statement thanking the forward for his contribution to the club.

‘The club would like to express its gratitude to Ferran Torres for his commitment over the last four and a half seasons as a blaugrana and wishes him all the best for the next stage of his professional career,’ the club said.

Strong final season

Torres leaves Barcelona after an impressive campaign in which he scored 21 goals in 49 appearances across all competitions and helped the club secure the La Liga title.

His form, combined with his decisive contribution at the World Cup, strengthened his value in the transfer market and prompted PSG to make a major investment in the forward.

The move also allows Torres to work again with Enrique, who played an important role in his development at the international level.

Barcola transfer implications

Torres’ arrival could also have implications for PSG winger Bradley Barcola, with Premier League giants Liverpool reportedly interested in the 23-year-old France international.

Liverpool and PSG have held discussions over a possible deal, although the French club’s reported pound 150 million asking price remains a major stumbling block.

Barcola impressed at the World Cup and remains one of PSG’s prized attacking assets.

PSG strengthen European champions

Torres becomes the second major forward addition to PSG this summer following the arrival of Maghnes Akliouche from Monaco.

The move further strengthens a squad that has dominated European football after PSG won the Champions League for a second consecutive season under Enrique.

The French champions also added the UEFA Super Cup to their trophy cabinet this week after defeating Aston Villa 2-1.