Category: Business Day

Innovest Afrika, a Texas-based non-profit entrepreneurship development organisation, will host its Cohort 5 Demo Day on Friday, August 21 2026, at the Ananse Centre in Lekki, Lagos, starting at 3:00 pm.

The event marks the culmination of an intensive eight-week accelerator programme for 65 early-stage founders from Nigeria, Kenya, and Rwanda. Operating under the theme ‘Building What’s Next: African Founders, Africa’s Future Innovation Beyond Technology Alone,’ the showcase will convene investors, corporate partners, and ecosystem leaders to evaluate early-stage ventures spanning artificial intelligence, health, fintech, agritech, and traditional industries.

Launched in June 2026, Cohort 5 includes 25 Nigerian entrepreneurs alongside counterparts from East Africa. Delivered in partnership with AGRA, the intake features more than 40 women-led agribusiness ventures, reflecting Innovest Afrika’s strategy to broaden enterprise support beyond conventional software startups.

Throughout the eight-week initiative, participants completed Innovest Afrika’s proprietary Investment Readiness Curriculum via its digital learning platform. The framework prepares founders to secure growth capital from domestic and international investors through expert workshops and tailored mentoring from a global advisory network.

Participants also completed specialized entrepreneurial coursework facilitated by Babson College professors under an exclusive partnership with the Boston-based institution, earning professional certificates upon completion.

Femi Moito, founder and chief executive officer of Innovest Afrika, highlighted the platform’s focus on sustainable fundraising capabilities ahead of the event.

‘We are proud of our work with African entrepreneurs, and the results speak for themselves,’ Moito said. ‘Since launching in 2024, we have completed seven cohorts across six African countries, accelerating over 120 early-stage startups. On average, our founders raise approximately $50,000 within six months of completing the programme.’

Moito emphasized that training founders to navigate capital markets is vital to long-term survival. ‘Our programme is laser-focused on teaching founders how to position their businesses and raise capital. While we write investment cheques, we ensure founders are not dependent on us. A business unable to secure growth funding cannot survive its early stages.’

The 2026 showcase underscores a shift towards cross-sector innovation, supporting ventures operating at the intersection of technology, agriculture, healthcare, commerce, and manufacturing across the continent.

For years, Africa’s healthcare story has been defined by a paradox – a continent with some of the world’s fastest-growing populations and most urgent medical needs, but one that still sends many of its patients abroad for specialist treatment.

That is the gap the African Medical Centre of Excellence (AMCE) in Abuja was established to address, with its first year offering an early measure of progress.

Since its commissioning in June 2025, AMCE has registered 5,759 patients and recorded 12,314 patient visits, drawing patients from more than 20 countries across four continents. Its advanced laboratory has served 4,715 patients and processed 40,730 diagnostic tests and investigations.

The numbers offer an early indication that the market for sophisticated medical care exists within Africa – and that patients are willing to travel for it.

But AMCE’s proposition is bigger than building a successful hospital in Nigeria’s capital. Backed by the African Export-Import Bank (Afreximbank), the centre is intended as the first building block in a broader effort to strengthen Africa’s capacity to provide advanced specialist healthcare on the continent.

There is an important distinction in AMCE’s first-year figures. Although the centre was commissioned about a year ago, Brian Deaver, Chief Executive Officer said it has operated under its full licence for only about seven months. Most of the 5,759 patients were therefore treated during that relatively short period.

‘We have been very fortunate that specialists and hospitals across Nigeria have trusted us enough to refer their most critically ill patients to us,’ Deaver said in an interview with BusinessDay.

That early demand, he said, confirms the gap AMCE was designed to address.

The centre was not established to compete with hospitals offering general medical services. Instead, it is focused on areas where specialist expertise and advanced technology remain limited, while working with existing hospitals through referrals and partnerships.

That approach is already producing results.

AMCE has performed multiple open-heart surgeries, including its first triple coronary artery bypass graft procedure, alongside 11 additional cardiac surgical procedures and 99 catheterisation laboratory interventions. It has also carried out 173 anaesthesia-supported procedures.

In oncology, the centre delivered what was described as West Africa’s first stereotactic body radiation therapy treatment for lung cancer, a highly precise form of radiation treatment. It has also performed stem-cell transplants for multiple myeloma and introduced red blood cell exchange for sickle cell disease.

Its nuclear medicine programme is expanding, with SPECT/CT scans now available for bone scans, renograms and perfusion studies. PET/CT services are expected to follow.

These procedures matter for more than their clinical value. Every complex case treated in Abuja represents an opportunity to retain medical spending within Africa while building local expertise in procedures that have historically required overseas referrals.

Afreximbank’s pan-African healthcare bet

Afreximbank is better known for financing trade and supporting economic integration across Africa. Its decision to back a major specialist healthcare institution reflects a broader shift in how the bank sees development finance.

The AMCE is part of an effort to strengthen an area of Africa’s economy that has traditionally depended heavily on external expertise, capital and infrastructure.

Developed by Afreximbank in partnership with King’s College Hospital, London, the centre is backed by strategic partners including the Bank of Industry and Nigerian National Petroleum Company Limited. Its mandate extends beyond clinical services to research, education, training and innovation.

George Elombi, president of Afreximbank, has described that objective as building Africa’s ‘health sovereignty’ – giving African countries greater capacity to provide sophisticated medical treatment to their own populations.

During a recent visit to the centre, Elombi said AMCE demonstrates the ability of African institutions and professionals to take greater responsibility for the continent’s healthcare future.

Although the centre is based in Abuja, its target market is not Nigeria alone. The 5,759 patients already treated include people from more than 20 countries, giving AMCE an early pan-African footprint. Its workforce of more than 600 clinical and non-clinical employees from 12 nationalities reinforces that positioning.

In terms of broader opportunity, Deaver cited estimates discussed during BusinessDay’s recent CEO Forum that more than $1 billion leaves Nigeria each year for specialist medical treatment, while another estimate puts Africa’s annual losses from outbound medical tourism at about $13 billion.

Although AMCE has made substantial impact, Deaver admitted the centre does not yet have empirical data to measure the impact of its operations on outbound medical tourism, but would work with the federal ministry of health to compare medical travel patterns before and after AMCE’s establishment.

However, early signs suggest the centre is already influencing patients’ decisions to seek treatment abroad. Deaver confirmed that patients who had planned to travel to Egypt, India or the United Kingdom cancelled those trips after learning that the treatment they needed was available at AMCE in Abuja.

Beyond keeping African patients at home, AMCE wants to help reposition Nigeria as a destination for specialist healthcare, attracting patients who would otherwise travel outside the continent for treatment. In that sense, the centre’s goal is not simply to reduce Africa’s medical outflow, but ultimately to reverse the direction of medical tourism.

‘Our objective is not simply to reduce outbound medical tourism but to reverse it,’ Deaver said. ‘We want patients from countries such as India and Egypt to choose Nigeria because of the quality of care available here.’

Building capacity beyond the hospital

For AMCE to become a genuine medical hub, clinical services alone will not be enough.

Deaver sees research as central to the institution’s future, arguing that leading hospitals attract the best doctors and researchers partly because of their ability to produce new medical knowledge.

AMCE has partnerships with King’s College Hospital London and The Christie Foundation in Manchester, one of the United Kingdom’s leading cancer institutions. It has also established relationships with Novartis, Roche and Siemens.

The objective is not simply to acquire equipment or medicines, Deaver said, but to collaborate on research and generate findings that can improve healthcare across Africa.

That could become particularly important in areas where African patients have historically been underrepresented in medical research.

Much pharmaceutical research, Deaver noted, has relied heavily on North American and European genetic data. AMCE wants to contribute to research that reflects Africa’s own populations and disease patterns.

BusinessDay understands that the centre’s immediate priority is expanding its bone marrow transplant and stem-cell therapy programme, particularly for sickle cell disease. AMCE has already used stem-cell treatment for multiple myeloma, a blood cancer. Deaver said the centre expected to perform its first stem-cell transplant for an adult sickle-cell patient shortly, with plans to extend the programme to children.

Within 12 to 18 months, AMCE expects to introduce gene therapy through partnerships including Stanford University and other organisations. Liver and kidney transplants and robotic surgery are also in development.

If those plans materialise, AMCE will increasingly become the quaternary healthcare centre Afreximbank envisioned, combining complex treatment with research, specialist training and innovation- though that ambition raises a key question about affordability.

AMCE has recruited specialists internationally and invested heavily in sophisticated technology, including equipment that Deaver says is not available even at some of its international partner institutions.

To address affordability, the centre benchmarks its prices against those of Nigerian hospitals and countries such as India and Egypt, where Nigerians commonly seek specialist treatment.

For many diagnostic tests and treatments, Deaver said, prices remain within about 20 percent of comparable hospitals in Nigeria.

The Africa Life Sciences Foundation, established alongside AMCE, is also intended to help bridge the affordability gap. Deaver said the foundation has raised more than $75 million in about 18 months, excluding additional commitments from organisations including the Dangote Foundation, Novartis and the Medicaid Foundation.

Insurance, he said, will remain essential to making specialist healthcare accessible to a larger population.

AMCE is also pursuing preventive healthcare through wellness packages, screening programmes and free medical outreaches conducted with state governments. One recent programme in Bauchi State screened about 1,500 people, identifying heart conditions and cancer cases and supporting surgeries at no cost.

Those programmes reflect a broader approach to healthcare, recognising that treating complex diseases is only part of strengthening the health system. Early diagnosis, prevention, research, specialist training and financing are equally critical.

From Abuja to Africa

The first year has given AMCE something that no feasibility study could provide, which is evidence of demand.

Patients have come from across Africa and beyond. Complex procedures have been performed. The laboratory has processed more than 40,000 investigations. Hundreds of specialists and support workers have been drawn into an institution designed to operate at international standards.

AMCE must now demonstrate that it can sustain its clinical growth, attract and retain specialist talent, deepen its research output and make advanced treatment accessible enough to support a broad patient base.

For Afreximbank, the project is ultimately a bet on whether healthcare can become part of Africa’s economic infrastructure – retaining money that would otherwise leave the continent, creating highly skilled jobs, developing medical expertise and building institutions capable of producing knowledge for African populations.

Abuja is the starting point, the intended reach is continental. But for now, AMCE has demonstrated that patients are willing to seek advanced treatment in Abuja, that African hospitals can attract international specialists and that procedures once associated primarily with overseas facilities can be performed locally.

The recent default by Geregu Power Plc on its ?40.09 billion Series 1 senior unsecured bond under its ?100 billion bond programme represents a significant event for Nigeria’s corporate debt market.

The event places renewed focus on the role of credit risk analysis in Nigeria’s debt capital markets and the factors that underpin robust, forward-looking credit assessments. Intelligence Africa Ratings (IA) does not currently rate Geregu Power.

However, we assess other entities and instruments exposed to Nigeria’s power sector and incorporate the sector’s systemic risks into our credit assessments through our Industry Profile Adjustment.

The development provides an opportunity to consider several important aspects of credit analysis, including the distinction between systemic and issuer-specific risk, the importance of forward-looking assessment, and the role of credit enhancement in debt instruments.

Systemic versus issuer-specific risk

A default does not necessarily mean that an entire sector’s credit fundamentals have deteriorated. IA currently applies a +1.5 Industry Profile Adjustment to Nigerian power generation companies.

This incorporates +0.5 for regulatory oversight and government interventions supporting sector liquidity; +0.5 for high barriers to entry given the industry’s capital intensity; and +1.25 reflecting the low cyclicality associated with electricity’s essential nature.

These strengths are partly offset by a -0.75 adjustment capturing structural challenges including concentration around Nigerian Bulk Electricity Trading Plc as the primary offtaker for on-grid generation, gas-supply risks and persistent liquidity pressures arising from weak collections within the distribution segment.

Based on currently available information, IA does not consider the Geregu default, in isolation, sufficient evidence of a deterioration in the systemic credit characteristics captured by our Power Generation Industry Profile Adjustment. Accordingly, IA is maintaining the adjustment at +1.5.

Intelligence Africa’s credit analysis is forward-looking

Geregu’s default also reinforces the importance of looking beyond historical financial performance when assessing creditworthiness.

IA’s analytical process begins with an Initial Credit Score (ICS), a quantitative assessment derived from an issuer’s solvency and liquidity metrics relative to peers.

However, the ICS is explicitly not a credit rating.

IA therefore overlays the ICS with forward-looking and qualitative adjustments.

These allow analysts to capture developments that may not be reflected in reported financial ratios, as well as broader considerations relating to an issuer’s business profile. The resulting credit rating therefore combines quantitative analysis with a forward-looking and qualitative assessment.

Credit enhancement can materially change credit quality

IA’s framework recognises that a third-party guarantee can materially alter the credit risk borne by investors.

Where a guarantor has a stronger credit profile than the underlying obligor and provides a full, unconditional and irrevocable guarantee covering the timely payment of principal and interest on the debt instrument issued by that obligor, IA may apply a credit-substitution approach, linking the creditworthiness of the instrument to that of the guarantor.

For example, Transgrid Enerco Funding SPV Plc, which is also exposed to Nigeria’s power sector, is proposing up to ?100 billion of Series 1 Senior Fixed Rate Bonds fully guaranteed by Infrastructure Credit Guarantee Company Limited (InfraCredit).

Intelligence Africa Ratings has assigned the bonds an expected rating of AAA.NG.EXP, at par with InfraCredit’s AAA.NG rating, reflecting the full credit substitution provided by the guarantee.

Muyiwa Jesuro and Adeyinka Olowofela

The Edo State Governor Monday Okpebholo has effected a minor change in his cabinet by redeploying some commissioners to different Ministries as well as assigning portfolios to the two recently sworn-in commissioners.

Umar Musa Ikhilor, the Secretary to the State Government stated this in a statement made available to newsmen on Thursday in Benin City.

Ikhilor said the governor also created a new Ministry of Inter-Ethnic Relations.

In the statement, the governor redeployed Omorodion Ikponmwosa, who was in the month of July suspended as Commissioner for Livestock Development to the Ministry of Oil and Gas.

Andrew Momodu, the Commissioner in charge of Oil was moved to the Ministry of Communications, while Ohimai Ehijimetor, the hirtherto Commissioner for Communications was re-assigned to the Ministry of Livestock development.

The governor, also assigned portfolios to the two commissioners that were recently sworn-in, who are Iriabekhai Kayode Jeffery and Martin Anayochukwu Oli.

While Iriabekhai Kayode Jeffery, was assigned to the Ministry of Mining, while Martin Anayochukwu Oli was posted to the new Ministry of Inter-Ethnic Relations as a pioneer commissioner of the ministry.

Jeffery replaced Andrew Ijegbai, who was the former commissioner of the ministry of mining following his election as the All Progressives Congress (APC) candidate for the Owan Federal Constituency in the 2027 general election.

Also, Martin Anayochukwu Oli from Enugu State was assigned to the Ministry of Inter-Ethnic Relations as a pioneer Commissioner of the Ministry.

Okpebholo said the minor cabinet change was aimed at strengthening governance, enhancing efficiency and improving service delivery across the State.

He stated that the new Ministry of Inter-Ethnic Relations was created to promote inter-ethnic and inter-community harmony, strengthening peaceful coexistence.

He said, the new Ministry is also geared towards harnessing the rich and ever-evolving diversity of Edo citizens as an asset for the development and unity of the State.

He, however, added that the redeployment exercise was to further better align responsibilities with the respective skills, experience and competencies of members of the State Executive Council.

‘His Excellency expects all members of the State Executive Council to bring renewed vigour, professionalism and commitment to their respective assignments in furtherance of the administration’s determination to deliver efficient, responsive and people-centred governance to the people of Edo State’, he said.

He said all the deployments and redeployments are with immediate effect, while the redeployed commissioners are to ensure seamless handover and assumption of duties in their respective Ministries.

If you are a discerning guest, who gives priority to serenity, luxury as well as quality service offerings, a deal awaits you this summer and beyond.

In addition to the above, the deal offers you a piece of the pricey Ikoyi neighbourhood in Lagos for just being a guest.

Welcome to Citi Residence, a new offering in town that is redefining hospitality, elevating serenity and turning guests to residents.

Nestled within the Onikoyi Estate on Banana Island Road in Ikoyi, Citi Residence comes with a difference that makes home-away-from-home feel a reality for guests, amid serenity and a piece of one of Lagos’ most exclusive neighborhoods.

On offer are 47 well-appointed rooms and suites, including mini suites, superior and deluxe categories. But the penthouse suite, which is the most elevated and more sophisticated in furnishing, is the peak of luxurious accommodation offerings at Citi Residence. But the guests have the option of choosing from its beautifully furnished suites and serviced apartments.

Also on offer is a specialty restaurant that caters to all taste buds, both in-house and other guests; a well-equipped fitness centre for the fitness buffs and health-conscious guests, while its meeting room, built in mind with the serenity of the environment, supports corporate outings, amid world-class facilities. It hosts meetings for up to 50 guests.

Complementing other facilities is the rooftop terrace, which is breathtaking. Truly the views are magnificent from the rooftop of the eight-floor property. From the terrace, the guests can see the luxurious estates and homes in Banana Island, the enthralling Lagos Lagoon and even the Lekki-Ikoyi Link Bridge.

The panoramic views, especially in the evenings, makes the rooftop terrace a must-visit for like-minded guests, amid networking over drinks and finger food at Citi Residence.

Yet, the ample parking space ensures no disruption or noise within the serene neighbourhood.

Moreover, the target market is simply the guest who cherishes tranquil escape, especially in the heart of Ikoyi. But, no matter the reason for your visit; whether business or leisure, the perfect blend of elegance and convenience at Citi Residence will meet your needs.

Speaking on the new property, which is the fourth in Citi Hotel Group’s portfolio, Olufemi Talabi, chairman of the indigenous hospitality group, noted that huge priority was given to the environment of the new hotel, as the property is a boost to the serenity of the prime host community.

‘What we do is to ensure that our properties are conceptualized and built in accordance with the environment where we are,’ he explained.

Considering the highbrow Ikoyi residential area location of the property, Talabi noted that operations are environmentally friendly and skewed towards enhancing the beauty and serenity of the host community.

Again, he insisted that quality matters, especially sustained high quality, which he also noted is synonymous to Citi Residence.

‘When it comes to luxury offerings, we are looking more at the service you provide. So, what we try to do is to ensure that we match our services with the facility itself’.

According to him, Citi Residence, which is more or less like a business hotel, targets people who want a serene environment, because that is the advantage of the highbrow area where they are located, and also the reason they make sure that the rooms and facilities are to that ‘high’ standard.

The luxury at the residence, according to him, transcends the high-quality furniture, glamorous chandeliers and world-class finishings. ‘What is critical about luxury offering is that experience that you create for people, and that memory that was experienced,’ he noted.

Again, the staff members are highly-trained and motivated to ensure quality service delivery that will complement the guests’ experience at the residence.

With a crop of good hospitality offerings within the Ikoyi neighbourhood, there is enough competition.

But Citi Residence doesn’t see competition, it is simply doing the business it understands and enjoys doing.

‘What is important here is that we make sure that we operate in such a way that we don’t disrupt the environment. It is very critical for us. We don’t even allow any noise around here at all. In anycase, we are not in a competition with anyone’.

The above, according to the chairman, captures the essence of Citi Residence, which he insisted is a ‘tranquil escape in the heart of Ikoyi’ for discerning guests.

Nigeria’s biggest stock market gainers are being driven by a combination of improving corporate earnings, turnaround expectations, and strong demand for low-priced shares, with the financial performance of the companies showing that the rally has different fundamental stories behind it.

While the Nigerian Exchange’s All-Share Index has gained more than 55.29 per cent this year, some small and mid-cap stocks have significantly outpaced the broader market, recording gains of more than 200 per cent.

Fortis Global Insurance Plc has recorded the largest increase, rising about 1,215 per cent from its January price, while Zichis Agro Allied Industries Plc gained 819.60 per cent. SCOA Nigeria Plc rose 365.49 per cent, R.T. Briscoe Nigeria Plc about 260 per cent, Union Dicon Salt Plc 244.20 per cent, Infinity Trust Mortgage Bank Plc 221.43 per cent, Berger Paints Nigeria Plc 207.50 per cent and Premier Paints Plc 204 per cent.

The scale of the gains, however, does not mean the stocks are being driven by the same factors. For some companies, the share-price rally has coincided with a significant improvement in earnings. For others, investors appear to be betting on a turnaround, restructuring or future corporate action, while thin free floats and relatively low starting prices have amplified the movements.

This checks the top 10 highest returning stocks on the NGX as of Friday, August 14, 2026.

Fortis Global Insurance – 1215%

Fortis Global Insurance provides the clearest example of why the headline return needs to be treated carefully.

The insurer, formerly known as Standard Alliance Insurance Plc, started the year at N0.20 and had risen to N2.63 by August 14, translating to an increase of more than 1,200 per cent. However, the company completed a four-for-one share reconstruction in July, meaning its apparent return cannot be compared directly with the performance of a stock whose share structure remained unchanged throughout the period.

Fortis also returned to active trading on July 3, 2026, after its suspension was lifted. The resumption of trading and subsequent restructuring have changed the market’s perception of the company, making the rally more of a corporate-restructuring and re-rating story than one driven by earnings.

Zichis Agro Allied Industries – 819.6%

Zichis Agro Allied Industries presents a different picture, with its rally supported by a substantial improvement in reported earnings.

The stock started the year at about N1.99 and had risen to N18.30 by August 14, representing an increase of more than 800 per cent. Its first-half revenue rose to N910.47 million, while profit after tax reached N456.95 million, with revenue increasing 382 per cent from the comparable period. The company has expanded across poultry feed, palm oil and aquaculture.

Zichis therefore has one of the stronger fundamental stories among the biggest gainers: investors are responding to a sharp increase in the scale of the business and its ability to generate profit. However, the share-price appreciation remains significantly larger than the improvement in earnings, indicating that market re-rating and momentum are also playing a role.

SCOA Nigeria – 365.49%

SCOA Nigeria Plc offers a more complicated explanation for the small-cap rally, with its share price rising far faster than its earnings performance.

The company started 2026 at N7.10 and had climbed to N33.05 by August 14, representing a gain of about 365 per cent. Yet its first-half revenue increased 47 per cent to N4.9 billion from N3.3 billion, while profit before tax fell 36 per cent to N219.43 million from N342.76 million. Earnings per share also declined to 18 kobo from 31 kobo.

The divergence shows that the rally cannot be explained by its latest financial performance alone. SCOA entered 2026 with a stronger turnaround narrative after full-year 2025 revenue rose 41 per cent to N8.36 billion and profit after tax more than doubled to N477.9 million.

Its ownership structure has also amplified the move, with SCOA International holding 68.25 per cent and only about 20.54 per cent of shares in free float. The combination of a turnaround narrative, limited supply and momentum buying has therefore pushed the stock far ahead of its earnings growth.

Union Dicon Salt – 244.20%

Union Dicon Salt illustrates the gap that can emerge between market expectations and current financial performance.

The stock began the year at N7 and had risen to N23.75, representing a 244.20 per cent increase. The rally, however, has not been accompanied by a comparable improvement in recent earnings. First-quarter sales stood at about N8.5 million, while the company recorded a loss of approximately N8.4 million.

The performance therefore suggests that investors are looking beyond current earnings towards the company’s restructuring and potential operational recovery. Its low starting valuation also means that relatively small changes in demand can produce large percentage movements in the share price.

R.T. Briscoe – 231.43%

R.T. Briscoe has delivered one of the clearest operational turnarounds among the stocks.

The company started the year at N3.50 and rose to N11.60. However, the share-price rally has been accompanied by a significant improvement in the underlying business.

The company had also increased revenue by 51 per cent in 2025 to N24.5 billion from N16.3 billion, while profit after tax climbed to N800.9 million from about N332.4 million.

The improvement in earnings suggests that investors are not simply chasing the stock because it started at a low price. They are also responding to evidence that the business has moved into a stronger earnings cycle.

Infinity Trust Mortgage Bank – 221.43%

Infinity Trust Mortgage Bank has recorded strong growth in its underlying business, giving its rally a clearer earnings foundation.

The lender started the year at N3.50 and has risen by more than 220 per cent to around N11.25. Its first-half interest and similar income rose 59.6 per cent to N3.73 billion, while profit after tax reached approximately N1.60 billion. Turnover increased 44 per cent to about N4 billion.

The 221.43 per cent gain therefore has a significant earnings component, with investors responding to stronger income generation and profitability rather than simply the stock’s low starting price.

Berger Paints Plc – 207.50%

Berger Paints also combines a strong share-price performance with improving fundamentals.

The company started the year at N48 and had risen to N147.60, representing a 207.50 per cent appreciation. Berger increased revenue by about 20 per cent to N12.99 billion in 2025, while profit after tax climbed to N1.57 billion from N610.9 million.

The combination of earnings growth and dividend expectations has strengthened investor interest in the company. Unlike the more speculative gainers, Berger’s rally has therefore been supported by a measurable improvement in profitability, although the share price has now risen much faster than earnings.

Premier Paints – 204%

Premier Paints presents a similar disconnect between market performance and current financial results.

The stock began the year at about N10 and has risen to more than N30.40, representing a gain of more than 200 per cent. Its first-quarter revenue, however, declined 28 per cent and the company recorded a loss of about N7.57 million.

This indicates that the rally cannot currently be explained by earnings growth alone. Investors appear to be positioning for a potential turnaround, while the stock’s low starting price and limited liquidity can amplify buying pressure.

First HoldCo – 180.64%

First HoldCo provides one of the strongest examples of an earnings-backed rally among the larger gainers.

The bank holding company started the year at N48.80 and has risen to roughly N140, representing a gain of about 187 per cent. The move has been supported by a substantial improvement in earnings, with first-half profit before tax reaching about N653.5 billion and profit after tax approximately N526.1 billion.

Lower impairment charges and stronger non-interest income supported the earnings performance, giving First HoldCo’s share-price appreciation a much stronger fundamental foundation than stocks where the price has moved sharply despite weaker earnings.

Airtel Africa – 177.53%

Airtel Africa, which has gained about 177.53 per cent, is another large-cap example where earnings and future corporate value are working together.

The stock started the year at N2,270 and has risen to around N6,300 alongside the buyback activity of the company, buying back over 2 million of its own stocks. The company reported a 27 per cent year-on-year increase in first-quarter net profit to $198 million, while expectations around the potential listing of Airtel Money have created an additional value-unlocking catalyst.

The market is therefore pricing not only Airtel Africa’s telecommunications operations but also the potential value of its growing financial-services business.

The 2026 rally is therefore not simply a story of investors moving into cheap stocks. It is a market in which investors are rewarding companies for different reasons: stronger earnings, improving margins, dividend prospects, restructuring, balance-sheet repair and expectations of future growth.

The Nigeria Police Force has deployed more than 15,000 personnel, 30 Commissioners of Police, helicopters, and surveillance drones for Saturday’s Osun State governorship election. Concurrently, the Nigerian Army is preparing to seal state borders from midnight in a major security operation designed to counter potential violence and electoral fraud.

The extensive security measures come amid escalating political tensions. Police authorities warned that individuals caught engaging in voter intimidation, harassment of political opponents, ballot box snatching, or vote-buying will face immediate arrest and prosecution.

Briefing journalists in Osogbo, Anietie Iniedu CSP, Force Public Relations Officer, outlined the operational arrangements. He stated that a Deputy Inspector-General of Police would coordinate security operations across the state, adding that personnel had been placed on the ground three weeks before the poll.

Iniedu explained that each of the 30 local government areas in Osun would host a Police Mobile Force (PMF) unit comprising about 60 armed personnel. Operational oversight for each unit will be handled by a dedicated Commissioner of Police, a Deputy Commissioner of Police, a PMF Commander, and an Assistant Commissioner of Police.

Two additional PMF units have been posted to the Osogbo headquarters of the Independent National Electoral Commission (INEC). In addition, aerial surveillance units using police helicopters and drones have commenced operations to monitor events before, during, and after the vote.

The police confirmed that the military will establish checkpoints across all border entries into Osun from midnight on Saturday to restrict unauthorised movement. Essential services, accredited security staff, and voters travelling to polling units will be exempted from the restriction. Security operations have already yielded 34 illegal firearms, and mobile courts have been set up for the swift prosecution of electoral offenders.

The heightened security presence follows allegations of vote-buying in Osogbo. Traders at Oja Ojude Oga, Ota Efun, Igbona, and Alekuwodo markets reported that political canvassers distributed N10,000 to residents, following earlier cash disbursements of N15,000, in exchange for voting commitments.

Kola Olabisi, the All Progressives Congress (APC) spokesperson in Osun, denied the allegations, maintaining that the ruling party did not require financial inducements to secure victory. Meanwhile, Nigerian Navy personnel reportedly arrested 12 suspected hoodlums in Ifewara who were traveling in a vehicle branded in APC colors. Olabisi stated he had yet to view video footage of the incident and would comment after reviewing it.

INEC has called on all political parties and candidates to abide by the peace accord signed ahead of the vote. Official figures show that 1,906,390 Permanent Voter Cards (PVCs) have been collected out of 2.3 million registered voters, representing an 81.5 percent collection rate, while 426,842 PVCs remain uncollected.

The commission confirmed that sensitive electoral materials will be moved from Central Bank of Nigeria vaults to local government offices on Friday before final distribution to Registration Area Centres. To prevent technical disruptions, INEC upgraded its Bimodal Voter Accreditation System (BVAS) and increased backup allocations from 600 to more than 1,300 devices.

Attention now turns to whether the combined security and administrative preparations will guarantee a peaceful and credible election.

The energy sector, as well as tourism and hospitality, and ?public service and government have emerged as the sectors that are least considered when applying for jobs among job seekers in Nigeria.

The findings were disclosed by SBM Intelligence in its recent report titled: ‘Six Zones, One Crisis: What Nigerians say about jobs, skills and the risk of leaving.’

The report was based from a nationwide survey which surveyed 1,180 respondents across all six geopolitical zones, with findings suggesting that broader labor crisis cannot be solved with a single, sweeping policy, as regional realities dictate vastly different priorities.

The energy sector is at the very end of the spectrum with a mere 0.10 percent share of weighted urgency score, tourism and hospitality follows with 2.10 percent and public service and government sector with 1.90 percent.

On the other end of the spectrum, digital services (14.40 percent) and agriculture (13.20 percent) are the leading sectors capturing interest among job seekers.

Analysts perceive that despite its critical role in national infrastructure, the energy sector is viewed by job seekers as virtually non-absorbent for immediate, broad-based employment, as well as being intensely competitive.The tourism and hospitality sector in Nigeria remains heavily underdeveloped and sidelined by broader security and economic pressures. In the same vein, the public sector is no longer seen as a viable engine for mass job creation.

The report highlights the paradox in the labour market, noting,

?’Nigerians know what they want from the labour market. The problem is getting it. Technology and agriculture lead the national rankings, two sectors that could not be more different in what they require. One demands digital infrastructure and educated workers. The other demands security and capital. The gap between what people need and what the economy provides defines the crisis.’

Labour market situation across regions

The findings reveals the structural barriers to employment across these regions:

Northwest and Northeast: Heavily driven by agriculture, with the Northwest posting the highest demand for farming and agro-processing at 22.6 percent.

Here, the labor market is constrained by a severe skills deficit (26.8 percent), while youth unemployment is driven by job rejection and wage disconnect (25.4 percent). The Northeast faces a similar skills shortage (22.9 percent), but its youth crisis is primarily fueled by forced migration (26.6 percent).

South-South and Southeast: Focused on industrial revival and basic human needs, with manufacturing leading in the South-South (15.7 percent) and healthcare dominating in the Southeast (17.8 percent). Meanwhile, these southern regions face distinct pressures, as low pay and depressed wages dominate in both the Southeast (24.8 percent) and South-South (21.1 percent).

However, youth unemployment in the former leads to forced migration (34.1 percent), whereas in the latter it is driven by systemic discrimination (33.0 percent).

Southwest: Primarily technology-driven, with the sector leading at 16.6 percent. The region is bottlenecked by poor infrastructure (21.0 percent), with youth unemployment largely reflecting job rejection and quality mismatches (25.3 percent).

North-Central: Driven by key economic sectors where demand stands at 18.1 percent. In this zone, a lack of access to credit (23.3 percent) acts as the main barrier to enterprise, alongside an acute vocational skills shortage (46.2 percent) that hinders young workers.

The report clearly explains that the regional breakdown measures the dysfunction in the region and not just demand, noting, ‘The Northwest and Northeast are agriculture-first zones. The South-South wants manufacturing. The Southeast wants healthcare. The Southwest and Northcentral want technology. These are not arbitrary preferences. They reflect each zone’s productive base, its deficits, and its aspirations’.

‘When a region asks for healthcare, it is saying the hospitals are empty. When it asks for manufacturing, it is saying the factories have closed’.

A cabin crew member of United Nigeria Airlines, Francisca Ogbuagu, has been commended for her composure and professionalism in handling an unruly passenger mid flight.

In a commendation letter, dated 11th August 2026, written by Dr. Everest Okpara, Chairman of Everight Diagnostic Ltd, and addressed to the Management of United Nigeria Airlines, titled ‘Commendation for Exceptional Customer Service -Miss Uche Francisca Ogbuagu,’ he said that he was writing to formally commend Ogbuagu for the exceptional professionalism, composure, and customer service she demonstrated during a recent flight.

Describing the incident he witnessed, Okpara said Ogbuagu had to manage a difficult interaction with a passenger who was extremely rude and unruly towards her. He noted that despite the challenging nature of the encounter, which had to do with adherence to aviation rules, she remained calm and composed throughout.

He further stated that she maintained a respectful tone, exercised considerable restraint, and responded with a professionalism and courtesy that impressed the few passengers seated nearby, even in circumstances that could easily have provoked a less measured reaction.

He said what stood out most to him was her ability to remain focused on her responsibility to the passenger and to the airline’s policy, without allowing the passenger’s conduct to compromise the quality of her service.

He said: ‘ I witnessed Miss Ogbuagu manage a particularly difficult interaction with a passenger who was extremely rude and unruly towards her. Despite the challenging nature of the encounter, which had to do with adherence to aviation rules, she remained remarkably calm and composed throughout. She maintained a respectful tone, exercised considerable restraint, and responded with a professionalism and courtesy that impressed the few passengers seated nearby, even in circumstances that could easily have provoked a less measured reaction.

‘What particularly stood out was her ability to remain focused on her responsibility to the passenger and to the airline’s policy, without allowing the passenger’s conduct to compromise the quality of her service. Her communication was measured, her demeanour remained courteous, and her overall handling of the situation demonstrated an impressive level of emotional intelligence, self-control, and maturity.

‘As someone who regularly interacts with professionals across different service environments, I recognise that these qualities are not merely desirable in the aviation industry; they are fundamental to delivering a truly excellent customer experience. Cabin crew members are often the most visible representatives of an airline, and their conduct in difficult moments can significantly influence a passenger’s perception of the organisation.

‘ I therefore consider it important to bring Miss Ogbuagu’s positive conduct to the attention of management. Employees who demonstrate this level of professionalism deserve to be commended and encouraged.

Please accept my sincere commendation of Ogbuagu for the exemplary manner in which she handled the situation.

‘I hope that this commendation will be formally conveyed to her, and that her conduct will stand as an excellent representation of the values and service standards that United Nigeria Airlines seeks to uphold.’

The Abuja Chamber of Commerce and Industry (ACCI) and the Tertiary Education Trust Fund (TETFund) are exploring stronger collaboration between academia and the private sector to translate Nigerian research and innovation into commercial products, jobs and economic opportunities.

The partnership was discussed during a working visit by the TETFund National Research Fair and Exhibition Committee to the ACCI on Thursday in Abuja, where stakeholders stressed the need to move research beyond academic publications to practical solutions for industry and the wider economy.

Umar Bindir, Chairman of the TETFund Research Exhibition and Technology Fair 2026 Committee, said the visit was aimed at facilitating a deliberate partnership between Nigeria’s knowledge system and industrial sector.

He said the initiative was designed to ensure that research produced by Nigerian institutions was applied to solve local problems and create economic value.

‘The reason why we are here is to facilitate a deliberate partnership between the knowledge system of Nigeria and the industrial system of Nigeria so that we can be able to see our knowledge working for us,’ Bindir said.

He said the desired outcome was for Nigerians to increasingly use locally developed knowledge and technology to deliver infrastructure, produce goods and create employment.

‘It would be nice that if this particular partnership works, we will now start seeing Nigerian roads designed, constructed, operated and maintained by Nigerians. We would love to see milk being produced, processed, packaged by Nigerians. We want to see jobs created all over Nigeria using Nigerian technology and knowledge. We want to see young people creating wealth in various sectors using Nigerian knowledge,’ he said.

Bindir said Nigeria had a substantial research and industrial ecosystem capable of supporting the initiative, citing more than 300 universities and over 600 institutions coordinated by the National Board for Technical Education, alongside institutions under the National Commission for Colleges of Education.

According to him, the TETFund initiative is intended to bring these institutions closer to businesses and industry organisations so that research can respond more directly to economic needs.

He said the initiative aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, adding that the inspection of facilities at ACCI marked the commencement of engagements ahead of the Research Exhibition and Technology Fair scheduled for later in November.

Earlier, Adesoji Adesugba, 1st Deputy President of ACCI, said the Chamber welcomed TETFund’s deliberate inclusion of the organised private sector in its programmes.

Adesugba said the value of research was ultimately realised when knowledge was translated into products, enterprises and jobs.

He said ACCI, as the voice of businesses in the Federal Capital Territory and its environs, was ready to strengthen collaboration with TETFund through the organised private sector, led by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

Adesugba highlighted the Chamber’s existing partnership with Yakubu Gowon University, Abuja, as an example of how academia-industry collaboration could produce practical outcomes.

According to him, ACCI and the university have jointly developed a Gemology and Jewellery Making curriculum, while the institution has established what he described as the first and only Department of Geology and Gemology, with 150 students currently enrolled.

The Chamber is also involved in entrepreneurship development training, undergraduate research activities, the Farm to Table Agricultural Innovation Programme and a Digital Innovation Centre initiative.

Adesugba said the partnership was designed to ensure that university research topics addressed actual industry needs rather than remaining largely academic.

He, however, called for TETFund support for the establishment of a world-class Gemology Laboratory and Jewellery Making Centre at Yakubu Gowon University.

Such a facility, he said, would provide hands-on training, support certification and testing, and help Nigeria add value to its gemstones and other mineral resources instead of exporting them in raw form.

‘It is worth recalling that this collaboration between the Chamber and the University traces its roots to the tenure of Professor AbdulRasheed Na’Allah in 2022, and it aligns squarely with what TETFund itself is working to achieve. The link is therefore natural and complementary. What TETFund is championing at the national level, the University and the Chamber are already practising on the ground.

‘It is against this background that I make a specific request of this distinguished Committee. There is a pressing need for a world class Gemology Laboratory and Jewelry Making Centre at the Yakubu Gowon University. Such a facility would anchor the Gemology Curriculum, provide hands on training, support certification and testing, and position Nigeria to add value to its gemstones rather than exporting them raw.

‘The University, working with the Chamber, will be approaching TETFund formally in this regard. I therefore respectfully appeal to the Committee to use its good offices to support TETFund funding for the development of this much needed facility, in line with the mandate of academia and industry collaboration and in support of the work that the University and the Chamber are already doing together,’ Adesugba said

He said the proposed centre would complement TETFund’s broader objective of strengthening collaboration between universities and industry while supporting Nigeria’s efforts to derive greater economic value from its natural resources.

The engagement also included an inspection of ACCI facilities, including the Chamber’s Business Enterprise and Skills Training Centre (BEST Centre), as stakeholders explored opportunities for deeper collaboration between research institutions and the private sector.