Category: Business Day

The Nigeria Employers’ Consultative Association (NECA) has described Nigeria’s 4.43 percent real GDP growth in the second quarter of 2026 as a positive signal of economic recovery, but cautioned that the expansion does not yet amount to full recovery.

Adewale-Smatt Oyerinde, Director-General of NECA, said the latest GDP figures showed that the economy was gaining momentum, with growth strengthening for the second consecutive quarter. He noted that the Q2 expansion was the strongest quarterly growth recorded since Q3 2024.

However, Oyerinde said the headline growth figure should not obscure the difficult operating environment facing businesses and households across the country. According to him, the disconnect between GDP growth and prevailing business conditions remains a major concern, particularly as industrial growth continues to face significant constraints.

He identified high energy costs, inadequate infrastructure, limited access to affordable credit, weak purchasing power and rising production costs as factors undermining business performance.

‘For employers, the message is a mixed bag of optimism,’ Oyerinde said, stressing that stronger GDP growth must translate into improved productivity, investment and living standards. He called for a shift from consumption and services-led growth towards manufacturing, real investment, agro-processing and other productive enterprises capable of creating sustainable employment and expanding productive capacity.

The NECA boss urged the government to ensure that ongoing economic reforms deliver tangible benefits to businesses and households, including more decent jobs, higher productivity, stronger competitiveness and improved incomes.

He described the Q2 GDP performance as encouraging but warned that the slowdown in industrial growth indicates that the recovery remains fragile.

Oyerinde said the immediate priority should be to convert economic growth into ‘productive, visible and inclusive impact,’ Oyerinde noted.

Mr Seyi Sowemimo, SAN, Alhaji A.O. Shote, Mrs Stella Marie Awani and Mr J.B. Okele (‘the Appellants’) were, by an order of the High Court of Lagos State made on 9 December 2010, appointed as interim administrators pendente lite of the Estate of Late Mr Fredrick Egbe, a majority shareholder in Ikoya Properties Limited (‘the 7th Respondent’), who died intestate. Their appointment arose from a dispute concerning the administration of the deceased’s estate, which prompted one of his sons, Peter James Asifo-Egbe, to institute the suit.

While the suit in which the Appellants were appointed was still pending, and while the order appointing them was being contested on appeal, Madam Catherine Efejukwu and Bernadette Adebisi George (‘the 3rd and 4th Respondents’) instituted a fresh suit before the Federal High Court, Asaba, where they obtained an ex parte order appointing the 3rd Respondent as a director of the 7th Respondent. Upon her appointment, the 3rd Respondent convened a meeting at which Bernadette Adebisi George, Fumilayo George and Mosopefoluwa George (‘the 4th-6th Respondents’) were appointed as directors of the company.

Upon becoming aware of these appointments, the Appellants instituted the instant suit, challenging the validity of the appointments on the ground that they were procured by fraud and misrepresentation. They also sought reliefs aimed at protecting the deceased’s interests in the company. The 1st, 2nd and 7th Respondents objected to the suit on the grounds that the Appellants lacked locus standi and that the action constituted an abuse of court process. The trial Court upheld the objection and dismissed the suit without determining its merits.

Dissatisfied with the decision of the trial Court, the Appellants appealed to the Court of Appeal, raising, among other issues for determination: Whether Administrators pendent lite are by law vested with legal standing to institute action under the Companies and Allied Matters Act for the protection and preservation of the rights of a deceased shareholder in a company.

ARGUMENTS

Learned senior counsel for the Appellants argued that, by virtue of their appointment as interim administrators pendente lite of the estate of the deceased, the Appellants were clothed with the powers of general administrators and, in that capacity, qualified as personal representatives of the deceased for the purpose of protecting his interests in the 7th Respondent. He submitted that the statutory definition of ‘personal representative’ is not restrictive but inclusive and should therefore be construed broadly enough to accommodate persons appointed as interim administrators pendente lite. On that footing, he maintained that the Appellants were not required to be registered members of the 7th Respondent before they could validly institute the action.

Senior counsel further submitted that, as personal representatives of the deceased, the Appellants were entitled to take all necessary steps to protect and preserve his interest in the company pending the final determination of the dispute relating to his estate. He distinguished the authorities relied upon by the Respondents on the basis that they were decided under a different or narrower statutory regime, whereas the present statutory framework recognises a broader category of persons who may act to protect the interest of a deceased shareholder. Counsel finally argued that the Appellants were not required to obtain separate Letters of Administration before exercising authority over the deceased’s shares in the 7th Respondent, since the order appointing them remained valid, subsisting and unsuspended, and was therefore sufficient evidence of their authority to act on behalf of the estate.

On the other hand, counsel for the Respondents, in substance, argued that the Appellants’ appointment as interim administrators pendente lite did not, without more, confer on them the status of personal representatives of the deceased in relation to the 7th Respondent. They contended that the deceased’s shares in the company remained distinct from his personal estate and could only be dealt with in accordance with the applicable company law requirements. According to counsel, before the Appellants could exercise rights in respect of the deceased’s shares or institute proceedings concerning the management, control and operation of the 7th Respondent, they had to show that the shares had been properly transmitted or transferred to them, or that they had been duly recognised in the requisite capacity.

The Respondents further submitted that the suit in which the Appellants were appointed interim administrators did not concern the 7th Respondent, which is a separate legal entity from the deceased. It was also argued that the right to sue in respect of the company’s affairs belonged either to the company itself or to its members, and that the Appellants did not fall within either category. Counsel finally submitted that the temporary appointment did not, by itself, make the Appellants personal representatives capable of bringing the action on behalf of the deceased in relation to the company.

DECISION OF THE COURT

In resolving the issue, the Court of Appeal held that:

An interim administrator of the estate of a deceased person does not, by virtue of that appointment alone, acquire the status of a personal representative of a deceased shareholder for the purpose of instituting proceedings to protect interests connected with a company. Where such an administrator has not obtained Letters of Administration or taken the necessary legal steps to be recognised and registered as a member of the company in respect of the deceased’s shares, the administrator has no powers at all to control, administer or manage the affairs, business or properties of the company or to sustain an action purporting to protect the assets of the company.

The Court emphasised that the assets of a company are separate and distinct from the personal estate of its shareholders. Accordingly, the appointment of interim administrators over the deceased’s estate did not, without more, vest them with authority to manage the affairs of the company or to institute proceedings in respect of its assets. Their powers as administrators of the deceased’s estate could not extend to the company merely because the deceased held shares in it.

In the instant case, the Court held that, until the Appellants produced Letters of Administration or other legally recognised evidence of representation to the company, and registered in the register of members of the company, they could not be treated as the deceased’s personal representatives in relation to his shareholding. Consequently, they were not competent to invoke the relevant provisions of CAMA or maintain the action, having commenced it without first acquiring the legal status required to sue in respect of the deceased’s shares.

Issue resolved in favour of the Respondents.

Seyilayo Ojo, SAN, with him, Emesomi Igietseme for the Appellants

Olukunle Bamidele – for the 3rd – 7th Respondent

This summary is fully reported at (2026) 8 CLRN in association with ALP NG and Co.

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned Mahmud Abubakar before the Federal Capital Territory High Court in Maitama, Abuja, over alleged retention and transfer of proceeds of criminal activity totalling N1.09 billion.

Abubakar was arraigned before Ngozika Nwabulu on a two-count charge bordering on the retention and transfer of proceeds allegedly derived from criminal conduct.

The anti-graft agency alleged that between January and December 2024, Abubakar retained N795.36 million in his Access Bank account, number 0057310017, despite allegedly knowing that the funds were proceeds of criminal activity.

In the second count, the EFCC alleged that the defendant transferred another N303.62 million from the same account to one Suleiman Umar during the same period.

The commission said the alleged offences contravened Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and were punishable under Section 17(b) of the Act.

Abubakar pleaded not guilty to both counts.

Following his plea, EFCC counsel, Y.Y. Tarfa, asked the court to adjourn the matter for trial and remand the defendant in a correctional centre pending the determination of the case.

However, A.M. Aliyu, defence counsel, filed a bail application, which was not opposed by the prosecution.

Nwabulu subsequently granted the defendant bail, subject to stringent conditions.

The judge ordered Abubakar to provide two sureties, both of whom must be Level 15 civil servants. One of the sureties must also own landed property within the Federal Capital Territory.

Pending the fulfilment of the bail conditions, the court ordered that the defendant be remanded at the Kuje Correctional Centre, Abuja.

Justice Nwabulu adjourned the case until September 30, 2026, for commencement of trial.

Meanwhile, Ola Olukoyede, EFCC Chairman, has urged Nigerian youths to build their future through hard work, integrity and responsible conduct rather than resorting to financial crimes and other shortcuts.

Olukoyede gave the advice on Wednesday when students of Wisdom Academy visited the EFCC headquarters in Abuja as part of a study tour.

The chairman, who represented by Dele Oyewale, commission’s Head of Media and Publicity, said young Nigerians must understand that their future was not a ready-made structure but something they had to deliberately build through discipline, resourcefulness and commitment.

He warned against the growing attraction of internet fraud, financial infractions and other forms of criminality among young people, describing such practices as dangerous shortcuts that could ultimately destroy their future.

‘As a Commission, we are telling you that there is a future ahead but that future is to be built by you; you have to make a choice on the future that you want to build for yourself,’ Olukoyede said.

He said the desire for quick wealth had led many young people into criminal activities and other compromises, stressing that sustainable success could not be built on illegal means.

‘Many young people today are taking short cuts, the short cuts of criminality, internet fraud, all manner of compromises, financial infraction and thinking that is the way to go. That is not the way to go.

‘If you take short cuts, you are likely to be cut short’, he said.

The EFCC chairman urged the students to embrace values that could provide a sustainable foundation for their future, including integrity, hard work and accountability.

He also used the name of the school, Wisdom Academy, to emphasise the importance of making responsible choices before problems became crises.

‘The name of your Academy, Wisdom Academy, is very instructive. Wisdom is the ability to see a problem before it becomes an emergency,’ he said.

According to him, corruption remains a major challenge confronting Nigeria, requiring young Nigerians to make deliberate choices about the kind of society they want to create.

Olukoyede said Nigerians were increasingly faced with a choice between becoming part of the corruption problem and contributing to efforts to address it.

‘We have found ourselves at a juncture in our country to either decide to be part of the problem or be the solution,’ he said.

He challenged the students to distinguish themselves by refusing to follow negative societal trends.

‘Nigeria is not going to build your future for you. The EFCC is not going to build your future for you. You are going to build your future by yourself, by your industry, resourcefulness, vision and commitment to profitable values,’ he said.

Olukoyede further urged young Nigerians to develop personal integrity and resist peer pressure, saying these qualities would help them achieve their ambitions without compromising their principles.

He said the EFCC’s responsibilities extend beyond the prosecution of offenders to the prevention and investigation of economic and financial crimes.

According to him, the commission investigates and prosecutes offences including contract and procurement fraud, money laundering, illicit financial flows and banking fraud, among other violations involving the financial and economic system.

He, however, stressed that government agencies could not effectively combat corruption without the active participation of citizens.

‘At the EFCC, we are doing a lot of work, we fight all manner of economic and financial crimes; contract fraud, procurement fraud, money laundering, illicit flow of funds, banking fraud, anything that is a compromise of established extant rules and regulations concerning finances and the economy, we fight them.

‘But we cannot fight these alone if you and I do not resolve to be part of the solution rather than part of the problem’, he said.

Also speaking, Aisha Muhammed, Head of Enlightenment and Reorientation at the EFCC, said the commission was prioritising early engagement with young Nigerians to shape their attitudes towards corruption and financial crimes.

Muhammed identified the absence of positive role models and mentors as one of the challenges affecting young people and said the EFCC was working to provide platforms through which students could learn about integrity and responsible citizenship.

‘It is very important and it is something we try to talk to the younger ones because if there is anything we realized that is affecting the young generation is lack of role models, they don’t have mentors,’ she said.

She described young Nigerians as key stakeholders in the commission’s efforts to build a more responsible society, noting that the EFCC was seeking to ‘catch them young’ through its preventive programmes.

Muhammed explained that the commission’s mandate was not limited to arresting and prosecuting suspects, as it also carried out extensive preventive and public enlightenment campaigns.

She said the EFCC had established Integrity Clubs in primary and secondary schools and Zero Tolerance Clubs in tertiary institutions, while also working with the National Youth Service Corps through an EFCC-NYSC Community Development Service group.

The commission, she added, also conducts sensitisation programmes and uses radio and television programmes to educate members of the public about financial crimes and their consequences.

Muhammed urged the students to reject peer pressure and the get-rich-quick mentality, stressing that young people should avoid comparing their achievements with those of others.

‘Say no to peer pressure, don’t allow anybody to pressure you, you are unique, beautiful and you are the most important person even if you are sitting with a billionaire,’ she said.

Wycleff Dah, representative of Wisdom Academy, commended the EFCC for engaging the students, saying the institution’s primary objective was to develop patriotic and responsible citizens.

Dah said the academy was committed to raising young people who were civil, bold, wise and responsible in their education, careers, financial decisions and relationships.

She said the EFCC’s engagement had contributed significantly to advancing the academy’s objective of developing responsible future leaders.

Nigeria’s technology ecosystem has reached a point where innovation is no longer its biggest challenge.

The harder test is turning promising startups into durable, globally competitive businesses.

That was the central message from technology executives and entrepreneurs at the GITEX Nigeria Startup Festival in Lagos, where industry leaders warned that weaknesses in funding, talent, infrastructure, government policy and procurement could prevent the country from converting its growing startup base into globally significant scale-ups.

Michael Nwoseh, business and digital solutions director at All TalentZ, USA, warned founders against making fundraising the primary measure of startup success.

‘Your business must first be meeting the need, the commercial need,’ he said, arguing that entrepreneurs should prove customers are willing to pay before making venture capital the centre of their growth strategy.

For Nwoseh, a startup that can acquire and retain its first customers has already demonstrated the foundation required for expansion. ‘If you can prove that concept by having one customer, two, three, four, then it shows that you can get more and more customers out there,’ he poaited.

The approach shifts funding from being a survival mechanism to an accelerator for an already functioning business.

Nwoseh cited All TalentZ as an example, saying the company grew from about 30 employees to more than 500 across the United States, Nigeria, Ghana, the Philippines and Mexico.

The lesson for Nigerian founders is to build locally while thinking globally from the outset, he advised.

Nnenna Irebisi-Okoli, public sector lead for West Africa at Amazon Web Services, added that scaling a technology company also requires the ability to expand without repeatedly encountering infrastructure limitations.

Cloud computing has lowered one of the traditional barriers by allowing startups to access computing resources without investing heavily in physical servers and infrastructure, she stated.

But technology alone does not create a global company. Product quality, agility, innovation and talent remain critical, particularly as artificial intelligence accelerates the pace of technological change. ‘The things that we could do six months ago and what we can do now are totally different,’ she added.

Nigerian startups, must therefore continue adapting rather than rely on products and technologies that worked in the past, she urged founders.

Nwoseh similarly cautioned founders against spending too long trying to perfect a product before launching it. ‘You can’t have perfection from the start. You have to build and continue to improve,’ he added.

Policy execution remains a major constraint

Oswald Osaretin Guobadia, managing partner at DigitA Nigeria, said the problem facing Nigerian startups is not necessarily a lack of government policies but weak implementation. ‘There is a great deal of policies that never got full implementation,’ he averred.

For startups operating with limited capital, regulatory uncertainty and inconsistent policy execution can significantly increase the cost of doing business.

Guobadia argued that Nigeria should focus less on producing new policy documents and more on making existing policies work.

He likened the business environment to soil, saying: ‘If the soil is bad, the idea will not be the right thing.’

He also urged founders to pay greater attention to corporate governance, data protection, taxation, KYC requirements and cross-border regulations, warning that a strong technology product can still fail to become an investable or acquirable business if its institutional foundations are weak.

Government procurement could unlock growth

Government procurement emerged as another potential engine for startup growth. Guobadia said public institutions could help Nigerian startups scale by becoming customers of locally developed technology.

Winning a government contract can provide a startup with revenue, credibility and a reference customer that can help unlock private-sector opportunities.

But delayed government payments can cripple small companies that operate with limited working capital.

‘Those of us who have a lot of business, and you might know about cash flow, if you just take care of payments alone, the SMEs will change,’ he said.

Faster government payments could therefore have an immediate impact on the survival and growth of small businesses, he argued.

Nigeria’s talent advantage faces global competition

Talent remains another critical part of the scale equation. Nwoseh said startups need more than engineers as they grow. Customer support, marketing, operations and commercial expertise become increasingly important once a company moves beyond product development.

The growing globalisation of work presents both an opportunity and a threat for Nigeria.

Nigerian professionals can serve international companies without leaving the country, but global businesses can also recruit the same talent pool, leaving local startups competing for skilled workers.

The response, Nwoseh said, is greater flexibility, including outsourcing some functions while gradually building internal capabilities.

U.S. partnership offers a route to global markets

Brandon Hudspeth, U.S. consul general in Nigeria, said American companies are already helping strengthen Nigeria’s technology ecosystem through investment, infrastructure and skills development.

He cited Google, Cisco, Meta and Microsoft as companies training Nigerians in technology and artificial intelligence, while U.S. companies are also supporting cloud, connectivity and digital infrastructure.

Hudspeth said the U.S.-Nigeria commercial relationship could give Nigerian startups access to capital, technology, expertise and international networks needed to expand beyond the domestic market.

The opportunity goes beyond investment to creating jobs and building companies capable of competing globally, he posited.

The GITEX discussion ultimately exposed a gap between Nigeria’s reputation as a startup hub and its ability to consistently produce large, globally competitive technology companies.

The next phase of Nigeria’s technology story will therefore not be measured simply by the number of startups created or funding rounds announced.

The real test will be whether companies can generate sustainable revenue, retain talent, navigate regulation, win enterprise and government contracts, attract international capital and sell into global markets.

Nigeria has the talent, market and technology problems capable of producing valuable businesses. But converting that potential into a scale-up economy will require founders, investors, government and large corporations to address the structural barriers that prevent promising companies from growing.

The challenge is no longer building Nigerian startups. It is building Nigerian companies that can scale beyond Nigeria.

A young professional once reached out to me because he needed help putting his finances in order.

He had just gotten a new job that paid him about ?500,000 a month, and understandably, he was excited about the increase in income. But beneath the excitement was a problem I have seen repeatedly among professionals: he was earning more money, but he did not have a structure for managing it.

We sat down and drafted a budget. We looked at his expenses, his financial obligations and, importantly, his investment portfolio, which he had struggled to build consistently. I suggested simple options he could consider as a beginner, including a mutual fund for emergency savings and a long-term plan that could help him prepare for retirement while providing protection against life’s uncertainties.

I also gave him a simple template he could use every month and followed up to see how he was progressing.

He did nothing.

A few months later, the same young man reached out to ask for financial assistance.

I was disappointed, not because he had asked for help, but because he had already been shown what to do. The problem was no longer lack of information. It was lack of action.

This is one of the biggest financial mistakes I see among professionals: they have mastered the art of earning money, but they have not learnt how to give their money an assignment.

Many people receive their salaries and immediately begin sorting bills, spending and responding to whatever financial demand comes next. Investment becomes something they will do ‘if there is money left.’

The problem is that there is rarely money left.

A salary can increase significantly without a person’s financial position improving significantly. If every increase in income is absorbed by increased spending, the person may earn more but remain financially vulnerable.

This is why every professional needs a budget.

A budget is not a punishment for spending money. It is a plan for telling your money where to go before other people and circumstances decide for you.

One simple framework I recommend is the 50:30:20 rule.

Under this approach, about 50 per cent of income is allocated to needs: housing, food, transportation, utilities, healthcare and other essential obligations.

Thirty per cent goes towards wants: entertainment, vacations, subscriptions, clothing, eating out and other lifestyle choices.

The remaining 20 per cent should be deliberately directed towards financial security and wealth creation. This can include building an emergency fund, investing for long-term goals and preparing for retirement.

The exact percentages may need to change depending on a person’s income, responsibilities and financial goals. Someone supporting an extended family, paying substantial rent or servicing debt may not be able to follow the ratios exactly.

The principle, however, remains powerful: do not spend everything first and hope to save what remains.

Give savings and investments an assignment before the money arrives.

This becomes even more important when your income increases. The first question after receiving a salary increase should not be, ‘What can I now afford?’ It should also be, ‘What can this additional income now build for me?’

Unfortunately, there are several reasons professionals struggle with this.

Some are trying to prove to others that they are doing well. Others are dealing with family responsibilities and what many Nigerians now call ‘black tax.’ Some simply lack financial discipline. Others fall into the dangerous assumption that because money is coming in today, it will always come in tomorrow.

And then there is the issue of financial education.

We were taught how to work for money. Many of us were never taught how to make money work for us.

But knowledge alone is not enough.

You can attend seminars, read books, follow financial experts and understand every budgeting rule available. If you do not take action, your financial position will remain exactly where it is.

The goal is not to become obsessed with money. The goal is to become intentional about it.

Your salary should do more than pay this month’s bills. It should also build an emergency fund, create investments, protect your family and prepare you for a future when your ability to earn may change.

If you are earning a good income but still find yourself financially anxious every month, perhaps the first question should not be, ‘How can I earn more?’

Ask instead:

‘What job have I given the money I already earn?’

Because earning more money without a financial structure can simply give you more money to mismanage.

Nigeria’s Securities and Exchange Commission (SEC) has released a set of proposed rules on online forex (FX) trading and contract for difference (CFD).

Specifically, the SEC said an Online Forex Broker Dealer operating the Market Maker/Principal Operator model shall maintain a Minimum Paid-up Capital of N3 billion, unimpaired by losses.

The SEC proposes that the entity must maintain a Minimum Liquid Capital of either N2.4 billion (80 percent of the capital) or 10 percent of total liabilities (whichever is higher) at all times.

SEC also proposed that an Online Forex Broker operating the Straight-Through Processing (STP) Operator model or the Electronic Communication Network (ECN) model shall maintain a Minimum Paid-up Capital of N2billion, unimpaired by losses.

‘The entity must maintain a Minimum Liquid Capital of either N1.6 billion (80 percent of the capital) or 10percent of total liabilities (whichever is higher) at all times,’ SEC proposes.

SEC said the Rules shall apply throughout Nigeria and to all persons engaging in or offering online forex trading services to residents of Nigeria, ‘whether using a platform or medium incorporated domestically or operate from outside Nigeria while targeting Nigerian residents’.

The proposed Rules apply to the following categories of persons (collectively, ‘Regulated Entities’): Introducing Brokers; Online Forex Brokers/Broker Dealers; Technology and Platform Providers; and Offshore entities that: lists Nigeria as an accessible or supported country on its website, mobile application, trading platform or client onboarding portal; permits persons resident in Nigeria to open or maintain trading accounts; and advertises, markets or promotes its services to residents of Nigeria, including through Nigerian influencers, affiliates, introducing brokers, training providers, seminars, webinars, social media pages or online campaigns.

According to the SEC, the Rules apply to offshore entities that use Nigerian currency, Nigerian market references, Nigerian contact details or Nigeria specific promotional materials in connection with its services; maintains representatives, agents, affiliates, introducing brokers, training providers or customer-support channels in Nigeria; or have clients who are resident in Nigeria or otherwise conducts business in a manner that indicates an intention to provide online forex CFD trading services to residents of Nigeria; and any person who carries on or purports to carry on any regulated activity under these Rules.

Karl Von Batten, founder of US-based policy advisory and lobbying firm Von Batten-Montague-York, has alleged that he was offered $3 million and invited to a confidential meeting in London to end the firm’s campaign over allegations concerning President Bola Tinubu.

The firm, which is linked to Atiku Abubakar, former Vice President, made the allegation in a statement posted on its X account on Wednesday, saying the offer was made ‘a few days ago’ by a highly placed individual it was told was connected to Tinubu.

The firm said Von Batten rejected the offer and preserved copies of the communications, adding that it subsequently contacted members of Atiku’s campaign to establish the alleged intermediary’s relationship with the President.

‘A few days ago, Dr. Von Batten received unsolicited offers of $3 million, along with an invitation to a confidential meeting in London, from a highly placed individual whom we have been informed is connected to Nigerian President Bola Tinubu,’ the firm said.

It added that Von Batten ‘refused the offers, immediately preserved copies of the exchanges’ and would submit the communications to the US Department of Justice and FBI for review.

Reacting, Sunday Dare, Special Adviser to Tinubu on Media and Public Communications, dismissed the claims as political speculation, saying the firm was a commercial lobbyist, not an arm of the US government.

‘It is nothing more than political speculation packaged as classified information,’ Dare said.

He also cited US Foreign Agents Registration Act filings, claiming Atiku retained the firm for $1.2 million for 12 months to counter Nigerian government narratives ahead of the 2027 election.

The $3 million allegation and other claims could not be independently verified as of filing.

Sabi Writers has held the third edition of The Frontline, its annual leadership guest lecture series, bringing together its teams and professionals from different sectors for discussions on leadership, business and career development.

The event, held in Lagos on August 28, brought together members of the Sabi Writers team from Lagos and Abuja, alongside speakers with experience across media, technology, business and corporate leadership.

The speakers included Chude Jideonwo, Founder of Red Africa; Victoria Ajayi, CEO of TVC Communications Group; Prof. Obadare Peter Adewale, CVO of Digital Encode Ltd; and Oremeyi Akah, Chief Customer Success Officer at Interswitch Group.

The discussions covered leadership, corporate governance, business, creativity, decision-making and navigating changes in the professional environment. The speakers also shared lessons from their careers and offered participants practical perspectives on building careers, managing responsibilities and responding to challenges.

The Frontline is based on Sabi Writers’ approach to professional development, which goes beyond the skills employees need to perform their roles. The company uses the programme to give its people access to different perspectives and experiences that can influence how they approach their work and careers.

Speaking about the initiative, Sabi Writers’ Head of Learning, Bethany Angel-Chijindu, said The Frontline reflects the company’s commitment to creating an environment where its people can continue to learn, grow and see possibilities beyond their current roles.

The event also provided an opportunity for participants to connect and exchange experiences beyond the formal sessions.

Sabi Writers said the programme forms part of its investment in people as it continues to operate within Nigeria’s writing, publishing and storytelling ecosystem.

The third edition reinforces The Frontline’s place within the company’s talent development programme, creating a platform for employees to engage with ideas and experiences beyond their immediate roles.

Uber’s exit from Nigeria also affects Small and medium-sized enterprises (SMEs) that relied on their drivers to move products, documents and other goods across cities as they handle last-mile delivery.

The ride-hailing company’s departure comes as Nigerian businesses are already dealing with rising logistics costs hence making reliable and affordable delivery services is important to online sellers, retailers and other small businesses.

While no single platform is a perfect replacement for every Uber delivery use case, several logistics and delivery companies continue to operate in Nigeria and offer services that can help SMEs keep fulfilling orders.

Here are some of the alternatives businesses in no particular order that SMEs can consider:

Kwik Delivery

Kwik Delivery is one of the closest alternatives for SMEs looking for an on-demand delivery service.

The firm is focused on business-to-business and last-mile deliveries. Its service allows merchants to request pickups and deliveries through its platform, with real-time tracking available for shipments.

The company currently lists Lagos, Abuja and Ibadan among its Nigerian operating cities. It said deliveries can take up to two hours in Lagos and one hour in Abuja and Ibadan, although actual delivery times will depend on traffic, demand and the particular order.

For SMEs selling fashion, cosmetics, food, electronics and other relatively small products within a city, Kwik may be one of the more direct alternatives to the convenience they previously got from ride-hailing drivers.

GIG Logistics

GIG Logistics Lekki Admiralty offers a broader logistics network which makes it useful for businesses that need to move goods beyond their immediate city.

Unlike an on-demand ride-hailing model, GIG Logistics is structured around parcel and logistics delivery, including interstate shipments.

For an SME sending products from Lagos to customers in Abuja, Port Harcourt, Benin City or other locations, a dedicated logistics company will make more sense than relying on individual ride-hailing drivers.

Sendbox

Sendbox is another option for online merchants, particularly businesses selling through Instagram, WhatsApp and e-commerce channels.

Rather than operating simply as a courier, Sendbox has positioned itself around helping online businesses manage logistics and deliveries.

This makes it potentially useful for SMEs that have moved beyond occasional deliveries and need a more structured system for fulfilling multiple customer orders.

Local courier and dispatch companies

Uber’s exit could also benefit Nigeria’s fragmented network of independent dispatch and courier companies.

For SMEs with regular delivery volumes, negotiating directly with a dispatch company or fleet operator can sometimes be more practical than booking individual trips.

The trade-off is that businesses may have to manage more of the relationship themselves, including rider reliability, tracking, customer support and proof of delivery.

Bolt (check the exact delivery service available)

Bolt remains a major mobility platform in Nigeria, but SMEs should be careful about assuming that every Bolt delivery product available internationally is also available in Nigeria.

Bolt operates delivery-related services in some markets, including Bolt Send, which allows on-demand parcel delivery, but its website notes that products and features vary by country.

For Nigerian businesses, the relevant services available in their particular city should be confirmed in the Bolt app before treating it as a direct replacement for Uber’s former delivery use case.

The bigger problem for Nigerian SMEs

The disappearance of one platform exposes a bigger weakness in Nigeria’s e-commerce ecosystem which is last-mile logistics which has remained one of the biggest costs of doing business online.

The cost of transporting product across Lagos can significantly reduce the seller’s margin hence they are mostly channeled to the consumer who pay delivery fees.

Businesses can consider delivery costs when setting prices, rather than treating logistics as an afterthought.

Walk into any corporate registry office or business hub in Lagos, Kano, or Abuja, and you will hear a familiar question echoing among entrepreneurs: ‘Who am I supposed to register with for my taxes?’ For many business owners, tax administration in Nigeria feels like navigating a confusing maze. Should you head to the Nigeria Revenue Service (NRS), our central federal tax authority, or walk into the halls of your State Internal Revenue Service (SIRS)? Paying tax to the wrong authority does not grant immunity from penalties; misdirecting your compliance filings can lead to frozen bank accounts, double taxation demands, and severe administrative fines.

The foundation of tax compliance in Nigeria begins with obtaining a unique Tax Identification Number. Under our extant laws, every taxable entity must be properly registered with the relevant tax authority. But determining which authority holds statutory jurisdiction over your business depends on your legal structure, your place of residence, and the specific nature of the tax involved.

The Nigeria Revenue Service holds exclusive statutory responsibility for corporate entities, complex business structures, and specific reserved categories of individuals. If you operate an incorporated company, whether a limited liability company or a limited liability partnership, your corporate income tax filings sit squarely within the domain of the NRS. The same rule applies to incorporated trustees, including non-governmental organisations, charitable foundations, religious bodies, and social clubs. Even if a non-profit operates locally in a single state, its legal status under federal law places its tax administration under central authority.

Additionally, non-resident individuals or foreign corporations deriving income from Nigeria or supplying taxable goods into the country must register directly with the NRS. Approved free zone enterprises operating within export processing zones also fall under federal oversight, alongside federal government ministries, departments, and agencies. Furthermore, specific categories of individuals-such as military and police personnel serving in official capacities, foreign service officers, and non-resident individuals-are legally reserved to the NRS for income tax purposes.

Crucially, the NRS retains exclusive authority over Value Added Tax. No state government administers VAT in Nigeria. Whether you operate a multi-billion-Naira conglomerate or run a modest enterprise as a sole proprietor, if you fall within the VAT net, your VAT registration, collection, and monthly remittance must be processed through the NRS, even while your personal income tax remains under state jurisdiction.

On the other side of the legal divide sit the State Internal Revenue Services, alongside the Federal Capital Territory Revenue Service. Their primary statutory mandate centres on resident individuals and unincorporated business entities. If you are a sole proprietor trading under a registered business name, a freelance consultant, or a partner in a partnership, your personal income tax, profits, or gains are assessed and collected by the state revenue authority where you reside. The same rule applies to the administration of Pay-As-You-Earn (PAYE) tax for employees; employers must remit PAYE deductions to the specific state revenue service where each employee physically resides, regardless of where the corporate head office is located. Income derived from trusts, estates, families, and local communities is similarly taxed by the territory where the creator or trustee resides.

To visualise how this works in practice, consider Emeka, who runs a tech startup in Lagos registered as a limited liability company. Emeka’s company must register with the NRS for corporate income tax and VAT. However, when Emeka pays himself a salary and hires local software developers, those monthly PAYE deductions must be remitted to the Lagos State Internal Revenue Service. Conversely, if Fatima runs a boutique in Kaduna as a sole proprietor, her income tax goes to the Kaduna State Internal Revenue Service, but her VAT filings go to the NRS.

This dual tax administration model is not unique to Nigeria. Federal nations like the United States operate a similar structural division between the Internal Revenue Service at the national level and individual state departments of revenue. Germany similarly balances federal financial administration with state-level tax offices to ensure efficient collection.

Understanding your proper tax jurisdiction is not just a matter of dry legal theory; it is a fundamental pillar of everyday commercial survival in modern Nigeria. Before filing your next return or responding to an official tax notice, verify your corporate structure and confirm your proper tax authority. Aligning your business with the correct revenue service ensures seamless compliance, protects your cash flow, and keeps your enterprise firmly on the path to sustainable growth.