Category: Business Day

Sixty-five years after independence, Nigeria still wrestles with a fundamental question: what exactly is our national brand? At sixty, during the fever of ‘japa’ conversations, I found myself reflecting on this very issue-whether the Nigerian dream was better pursued abroad or rebuilt at home. Five years later, the pressure to leave has not waned. If anything, it has intensified. Millions still chase the few visas available, convinced that escape remains the only route to a dignified life.

Nigeria has become a country that exports its people instead of its products. We cling to the belief that the success of Nigerians abroad will somehow rub off on the motherland. Yet history has shown the opposite: while personal triumphs may briefly uplift our image, individual failures, from crime to scandal, stick faster and louder as Nigeria’s failures.

Sport illustrates this paradox most starkly. At the World Athletics Championships in Tokyo, more athletes of Nigerian origin competed under foreign flags than for Nigeria itself. Once again, Nigeria is set to watch the FIFA World Cup from the sidelines, despite our vast reservoir of talent thriving in European leagues. Beyond sports, countless Nigerians making global strides in science, technology, and the arts are quickly claimed by their adopted nations before the world remembers their origins. Some even rush to distance themselves from the Nigerian identity altogether.

A country that exports people instead of products will always be at the mercy of the mental, psychological, geographical, and even political inconsistencies of individuals. That reality played out recently when Nigerians across the world voiced outrage at a certain British politician of Nigerian origin who seems to have made a career of mocking our nation with half-baked anecdotes and tired stereotypes. It is not just careless rhetoric – it is a reminder of how vulnerable we are when our image depends more on scattered voices abroad than on strong brands at home. And yes, it hurts that deeply.

To be clear, our greatest asset remains our people: resilient, brilliant, and resourceful. But no nation brands itself successfully on human capital alone. True branding comes from what we create – businesses, innovations, cultural exports, and products that embody our ingenuity and can compete on the global stage. Economically prosperous nations did not rely on diaspora glory. Germany is synonymous with automobile excellence through BMW, Mercedes-Benz, and Volkswagen. Switzerland, though not the birthplace of watchmaking, perfected the craft and turned it into a timeless global brand. The United States leveraged Hollywood. India elevated itself through Bollywood and, more recently, technology.

Developing marketing slogans or claiming every successful sportsman as ‘our son’ will not transform Nigeria’s image. What will be the creation and global distribution of enduring brands – in technology, food, agriculture, entertainment, and beyond? Nollywood and Afrobeats have already begun this work, on their own, placing Nigeria firmly on the cultural map. With the right policy and investment, our technology ecosystem and food industry could do the same for our economic identity.

At 65, Nigeria cannot afford to keep outsourcing its reputation to individuals scattered abroad. We must build the kind of brands that speak for us, even when we are not in the room. Only then will ‘the Nigerian brand’ mean more than struggle and survival, it will mean excellence, durability, and pride.

Happy 65th Independence Anniversary. May this milestone mark not just another year of endurance, but the beginning of true brand-building for Nigeria.

In the fiercely competitive landscape of small and medium-sized enterprises (SMEs), environmental, social, and governance (ESG) is no longer a ‘nice to have’ or a badge for large corporations: it is fast becoming a decisive differentiator. For entrepreneurs seeking to scale more quickly, embracing ESG frameworks offers practical pathways to access capital, attract investors, and accelerate progress. Below, I outline how SMEs can realise this potential-and point to homegrown examples that show it works.

Why ESG matters for SME growth

1. Access to capital

Investors, from impact funds to development finance institutions (DFIs) and commercial banks, are increasingly tying funding to ESG performance. Green bonds, sustainability-linked loans, and grants often favour businesses that can demonstrate solid environmental stewardship, social impact, and credible governance practices. Compliance with ESG frameworks helps SMEs qualify for such instruments, often on more favourable terms (lower interest, longer tenors, or performance incentives).

2. Attracting investors and partnerships

Investors are increasingly demanding more than financial returns. They want businesses that mitigate risk (especially environmental risk), that engage positively with their communities, and that are transparent and well governed. ESG becomes a seal of confidence and legitimacy. Further, many global supply chains now impose ESG criteria: an SME that can meet these will unlock international buyers and partnerships.

3. Operational efficiency, trust and brand value

Good ESG practices lead to cost savings (through energy efficiency, waste reduction, and improved labour productivity), reduced regulatory or reputational risks, and stronger stakeholder relations. For employees, customers, local communities, and even regulators, a business seen to act responsibly tends to enjoy greater loyalty and less friction. All of which speeds growth.

How to align with ESG frameworks: Practical steps

Start with materiality: Identify which ESG issues matter most in the enterprise’s sector and for its stakeholders. For an agricultural SME, water usage or soil health might be material; for a digital/fintech SME, data privacy and financial inclusion may rank higher.

Governance structures: Even small companies benefit from clear governance policies: defined decision-makers, transparent reporting (even internally), and risk assessment. Governance builds investor confidence.

Measurement, reporting and disclosure: Keep simple but reliable data. Use existing ESG frameworks (global or regional) or standards that are ‘proportionate’ to SME size. Disclosure doesn’t have to be costly-it can start with basic ESG metrics and evolve.

Leverage support and networks: Use accelerator programmes, angel or impact investor networks, and industry associations that help with ESG capacity building. Government policies or regulations sometimes offer incentives or relief for ESG-compliant practices.

Embed ESG into strategy: ESG should not be a side project but part of strategic planning: how products are designed, supply chains managed, stakeholders engaged, and growth planned.

Nigerian examples of SMEs scaling with ESG

Nigeria already has multiple SMEs that illustrate how integrating ESG can accelerate growth.

Farmforte: This agribusiness startup emphasises sustainable farming methods, renewable energy, and efficient water usage. By doing so, it has attracted international funding and interest, boosting its capacity and enabling expansion of its agro-industrial park. (Businessday NG)

She included a fintech SME focused on financial inclusion, especially for women entrepreneurs. By aligning with social impact goals (women’s empowerment and inclusion) and strong governance, Shecluded has been able to draw in investors who care about social returns as well as financial ones. (Businessday NG)

These are not just feel-good stories. They demonstrate that ESG alignment can enhance fundability, reduce capital costs, foster market trust, and facilitate scaling.

Challenges and how to overcome them

Of course, many SMEs face barriers: lack of awareness, limited technical capacity, the cost of setting up measurement or reporting systems, and external pressure (regulation, supply chain demands) without support. Research in Nigeria shows that inadequate internal environmental management policies, lack of know-how, and limited access to sustainable finance are especially binding constraints. (SpringerOpen)

To overcome these:

-Governments and regulators must simplify ESG compliance for SMEs-proportionate disclosure, clear guidance, and support programmes.

DFIs, impact investors and development partners should provide blended finance or grants to help SMEs build ESG capacity.

-Industry associations, accelerators, and civil society can build peer networks and knowledge sharing.

ESG and access to capital: What investors are looking for

Investors looking to back scaling SMEs tend to assess ESG performance via:

-Environmental: carbon footprint/energy efficiency; resource usage; waste management; adaptation to climate risk.

-Social: labour practices (fair wages, safety); diversity/inclusion; community impact; customer protection.

-Governance: transparency; board or leadership clarity; supply chain integrity; risk management.

Meeting these criteria allows SMEs to both apply for ESG-specific capital (green funds, impact funds) and improve their attractiveness in standard investment due diligence.

The ESG growth multiplier

When ESG is well integrated:

-SMEs reduce risk (regulatory, reputational, operational), thereby lowering the cost of capital.

-They open new markets (export markets or supply chains with ESG stipulations).

-They build stronger brands, greater customer trust, and better employee retention.

-They may become eligible for incentives (tax breaks, government contracts, preferential loans).

These gains compound: better capital, better operations, better scaling.

Conclusion

For SMEs in Nigeria and across Africa, ESG is not a distant requirement tied only to large corporations. It is a growth enabler: one that unlocks better capital, stronger partnerships, and more resilient operations. Entrepreneurs who align their strategies with ESG frameworks now position themselves not only for faster scaling but also for sustainable scaling.

As policy continues to evolve (for example, mandatory ESG or sustainability disclosure standards, or ESG-linked financing instruments), those SMEs who have already done the work, or who begin now, will have a competitive head start. For entrepreneurs, the message is clear: invest in ESG not just for compliance or ethics, but as a deliberate accelerator of growth.

Today marks the 65th anniversary of our great nation’s Independence. As we reflect on the significance of this day and our journey of nationhood since October 1, 1960, when our founding fathers accepted the instruments of self-government from colonial rule, let us remember their sacrifice, devotion, and grand dream of a strong, prosperous, and united Nigeria that will lead Africa and be the beacon of light to the rest of the world.

Our founding heroes and heroines-Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, Margaret Ekpo, Anthony Enahoro, Ladoke Akintola, Michael Okpara, Aminu Kano, Funmilayo Ransome-Kuti, and other nationalists-believed it was Nigeria’s manifest destiny to lead the entire black race as the largest black nation on earth.

For decades, the promise of our Independence has been tested by profound social, economic, and political challenges, and we have survived. While we may not have achieved all the lofty dreams of our forebearers, we have not strayed too far from them. In 65 years since our Independence, we have made tremendous progress in economic growth, social cohesion, and physical development. Our economy has experienced significant growth since 1960.

Although, it is much easier for those whose vocation is to focus solely on what ought to be, we must recognise and celebrate our significant progress. Nigerians today have access to better education and healthcare than in 1960. At Independence, Nigeria had 120 secondary schools with a student population of about 130,000. Available data indicate that, as of year 2024, there were more than 23,000 secondary schools in our country. At Independence, we had only the University of Ibadan and Yaba College of Technology as the two tertiary institutions in Nigeria. By the end of last year, there were 274 universities, 183 Polytechnics, and 236 Colleges of Education in Nigeria, comprising Federal, State, and private institutions. We have experienced a significant surge in growth across every sector of our national life since Independence – in healthcare, infrastructure, financial services, manufacturing, telecommunications, information technology, aviation and defence, among others.

Our country has experienced both the good and the bad times in its 65 years of nationhood, as is normal for every nation and its people. We fought a bitter and avoidable civil war, experienced military dictatorships, and lived through major political crises. In all these, we weathered every storm and overcame every challenge with courage, grit, and uncommon determination. While our system and ties that bind us are sometimes stretched by insidious forces opposed to our values and ways of life, we continue to strive to build a more perfect union where every Nigerian can find better accommodation and find purpose and fulfilment.

Fellow Compatriots, this is the third time I will address you on our independence anniversary since I assumed office as your President on May 29, 2023. In the last 28 months of my administration, like our founding fathers and leaders who came before me, I have committed myself irrevocably to the unfinished nation-building business.

Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth. As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.

In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth. Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes. These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.

Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people. We have to plan for the generations that will come after us. We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right.

I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.

Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results. The second quarter 2025 Gross Domestic Product grew by 4.23%-Nigeria’s fastest pace in four years-and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12% in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.

In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies:

We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.

We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous ‘Ways and Means’ advances that threatened our economic stability and triggered inflation. Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.

We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September-the highest since 2019.

Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.

We are now a Net Exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ?7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent. This signals that we are diversifying our economy and foreign exchange sources outside oil and gas.

Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta. Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel.

The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.

Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each.

Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors. The solid mineral sector is now pivotal in our economy, encouraging value-added production of minerals extracted from our soil.

The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.

The world is taking notice of our efforts. Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025.

At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.

SECURITY:

We are working diligently to enhance national security, ensuring our economy experiences improved growth and performance. The officers and men of our armed forces and other security agencies are working tirelessly and making significant sacrifices to keep us safe. They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation. Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes.

YOUTH:

I have a message for our young people. You are the future and the greatest assets of this blessed country. You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector. Our administration, through policies and funding, will continue to give you wings to fly sky-high. We created NELFUND to support students with loans for their educational pursuits. Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion.

Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more.

YouthCred, which I promised last June, is a reality, with tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement.

Under our Renewed Hope Agenda, we promised to build a Nigeria where every young person, regardless of background, has an equitable opportunity to access a better future-thus, the Investment in Digital and Creative Enterprises (iDICE) programme. The Bank of Industry is driving the programme, in collaboration with the African Development Bank, the French Development Agency, and the Islamic Development Bank. This initiative is at the cusp of implementation. Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.

A MESSAGE OF HOPE

Fellow Nigerians, I have always candidly acknowledged that these reforms have come with some temporary pains. The biting effects of inflation and the rising cost of living remain a significant concern to our government. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option. Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.

The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities. Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas. Today, the governors at the state level, and the local government autonomy are yielding more developments.

Therefore, on this 65th Anniversary of Our Independence, my message is hope and a call to action. The federal government will continue to do its part to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing. In this regard, I urge the sub-national entities to join us in nation-building. Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes.

Finally, let all hands be on deck. Let us believe, once more, in the boundless potential of our great nation.

With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.

Happy 65th Independence Anniversary, and may God continue to bless the Federal Republic of Nigeria.

Amen.

Bola Ahmed Tinubu, GCFR

President and Commander-In-Chief of the Armed Forces

of the Federal Republic of Nigeria,

Presidential Villa,

Abuja.

Industry experts have urged the Federal Government to embrace full digitalisation of the oil and gas sector, describing it as the only sustainable solution to crude oil theft, vandalism, and wastage.

They made the recommendation at a leadership forum in Houston, Texas, warning that Nigeria continues to lose significant amounts of income weekly to theft and inefficiency because of outdated tracking and opaque validation systems.

Charles Deigh, a petroleum engineer, and Oluwatoyin Joseph Gbadeyan, a researcher, in their joint presentation, said every barrel of oil should represent national prosperity, but large amounts are lost annually through sabotage and poor accountability.

‘This is not just unfortunate-it is unacceptable. Nigeria cannot afford to let another barrel go to waste.

‘We need bold, transformative action,’ they said.

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), daily crude losses dropped from about seven million dollars in 2021 to 700,000 dollars in 2025.

The agency attributed the reduction to initiatives such as the Nigeria Upstream Measurement System (NUMS), the Automated Hydrocarbon Accounting System (AHAS) and provisions in the Petroleum Industry Act (PIA) mandating metering technologies.

However, the experts stressed that enforcement remained weak, with manual reporting and lack of real-time oversight still enabling theft.

They recommended the deployment of advanced digital tools such as Internet of Things (IoT) sensors, drones, satellites, blockchain tracking, artificial intelligence and automated metering across the oil infrastructure.

According to them, such technologies-already in use in countries like Norway and Saudi Arabia-would cut the 10,000 to 20,000 barrels lost daily to theft and wastage, restore investor confidence and give all stakeholders access to transparent, real-time data.

The experts said Nigeria must set a firm milestone of achieving full digital coverage of its oil infrastructure by December 2025, if the country was to secure its resources and translate them into wealth.

‘Government must move beyond policy to action, ensuring digital oversight is not just written into the PIA but rigorously enforced, with real consequences for non-compliance,’ Deigh and Gbadeyan said.

They further urged oil companies to invest in durable monitoring systems and called on host communities to embrace transparency as a pathway to shared prosperity.

They warned that continued losses would erode national wealth, while urgent digitalisation could power economic growth, stability and diversification.

‘The flames of wasted oil wealth have burned for too long.

‘It is time to extinguish them with innovation, strong laws, advanced technology and political courage. The future of Nigeria depends on it,’ they said.

The Federal Housing Authority (FHA) Mortgage Bank has announced a growth plan aimed at deepening access to housing finance in Nigeria, with targets to grow its loan portfolio to N100 billion and expand mortgage services to 100,000 families within the next three years.

Hayatudeen Auwal, the bank’s Managing Director, disclosed this on Tuesday at the commissioning of its new head office in Abuja, noting that the expansion drive will include the establishment of 20 new branches nationwide.

He explained that the strategy is aimed at expanding access to mortgage financing while sustaining the bank’s record of financial discipline. ‘We intend to establish at least 20 branches nationwide in the next three years, grow our active customer base to 100,000 families, and scale our loan portfolio to N100bn. With the support of our Chairman, the entire housing development financing window has been opened to support the FHA Mortgage Bank.

‘The dream of bridging Nigeria’s housing finance gap and supporting the Federal Government’s housing delivery agenda is alive. Today, I’m proud to say we have not only sustained that dream but expanded it, turning vision into measurable progress. Our key achievement is being the number one collaborator with the Federal Mortgage Bank of Nigeria,’

According to Auwal, the bank has already achieved significant milestones, including facilitating over N27bn in mortgages for 3,427 Nigerians across the federation and enabling more than 6,000 citizens to access mortgage loans through the PENCOM retirement savings window. He stressed that the bank’s credibility rests on its consistency in meeting obligations, a factor that has earned it trust within the financial sector.

‘From the National Housing Fund, despite accessing a huge loan portfolio, we have never defaulted. We have never defaulted in making repayments, and we have never defaulted in meeting our objectives,’ he said.

The FHA Mortgage Bank boss further emphasised that housing finance remains central to achieving the government’s broader economic vision.

‘Thanks to Mr President, who has challenged Nigerians to envision a $1 trillion economy, we believe the housing sector is well-positioned to contribute to that goal. With the effort and commitment of our Chairman, FHA Mortgage Bank will play its part in achieving it,’

As part of its growth agenda, the bank is also preparing to launch a Diaspora Mortgage Project to help Nigerians abroad own homes back home, while exploring partnerships with pension funds, insurers, and international development agencies. Auwal added that efforts are ongoing to secure a national banking licence.

‘We are aiming to become a national bank. The Central Bank of Nigeria has already been informed and has given us a checklist of outstanding requirements. With our commitment, we are confident that before long, FHA Mortgage Bank will attain national bank status.’

Uba Sani, the executive Governor of Kaduna State, has approved the 100 per cent implementation of the revised 2024 CONMESS and CONHESS, worth over ?518 million monthly and ?6.2 billion annually, a move that ended more than a decade of stagnation in health workers’ pay and restored dignity to medical practice.

Health sector unions in Kaduna State, through a joint press conference, have commended Governor Uba Sani for what they described as historic reforms that have transformed the state’s healthcare system. These were the Nigeria Medical Association (NMA), Association of Resident Doctors (ARD), National Association of Nigerian Nurses and Midwives (NANNM), Medical and Health Workers Union of Nigeria (MHWUN), Association of Medical Laboratory Scientists (AMLSN), and the Joint Health Sector Union (JOHESU).

The unions hailed directives for local councils to begin payment of 60 per cent CONHESS for primary healthcare staff, automatic employment of 2025 Kaduna State University medical graduates as House Officers, and the reintroduction of a three-year bond system for state-sponsored medical students and resident doctors. They also praised infrastructural strides, including a new 300-bed specialist hospital, renovation of 15 general hospitals, revitalisation of 200 primary healthcare centres, construction of oxygen plants and baby-care units across senatorial zones, procurement of advanced equipment and ambulances, and annual recruitment of 1,800 health workers.

‘Governor Sani has restored confidence, strengthened retention, and positioned Kaduna as a model for others to emulate,’ the unions declared.

In a significant event for cultural diplomacy, the documentary film ‘Uru Igba Boi’ (The Value of Apprenticeship) took centre stage at the Nigerian Institute of International Affairs (NIIA) in Lagos on 19 September. The screening was part of a high-level symposium on Nigeria-China cooperation, organised by the NIIA and the Chinese Consulate, which focused on fostering economic and cultural ties through film. The presence of senior officials from the Chinese Embassy and key stakeholders from the Igba Boi ecosystem highlighted the documentary’s importance as a means for international dialogue.

A Triumphant Project and Its Visionary Creator

This show was a crowning achievement for the film’s producer, Ijeoma T.M. Richards, a seasoned Nollywood figure with numerous acting credits.

For Richards, the project marked a fulfilling return to her first love: documentary filmmaking. She has long aspired to leverage her intellect and talent beyond acting, aiming to tell meaningful stories that illuminate Nigerian culture.

Uru Igba Boi is the realisation of that dream. The one-hour, twenty-two-minute film explores the highly successful Igbo apprenticeship system from Eastern Nigeria, examining its processes and significant influence.

The documentary has received notable recognition, being selected for various international film festivals and earning numerous esteemed awards.

Finalist for best documentary at Toronto International Nollywood Film Festival TINFF, 2025)

Honourable Mention at Hollywood Independent Filmmaker Awards and Festival (2024)

Official selection at the Alpine Frames Film Festival, Switzerland (2025)

Best actress in a supporting role, Nigerian Women Achievers Awards 2025

Official Selection at the I-Represent International Documentary and Bayelsa International Film Festivals (2025) Ijeoma Richards at the Nigeria-China forum.

Capturing a Cornerstone of Entrepreneurship

The documentary examines the Igba Boi system by visiting markets across Nigeria and hearing directly from its beneficiaries. It explores how the system has been fundamental to the Igbo people’s recognition as celebrated businesspeople worldwide.

Ms Richards told BusinessDay, ‘Although I am an award-winning actor and filmmaker who has primarily worked on feature films, documentaries are my true passion. Uru Igba-boi is my first feature documentary project, and it is the first of many more I plan to produce.

She added, ‘What an eye-opening journey this has been for me. My curiosity and desire to unravel and understand how things work is what draws me to documentaries. For a while, I have been fixated on deciding which story to tell, until one day, while I was with my eldest sister, I realised I wanted to know and understand how these quietly successful and focused Igbo businesspeople became who they are and what makes them so confident in their quiet, unassuming ways. I found that the common denominator was the training they all received, which is Igba-boi. The project started in 2023, so it is not new. It is only just beginning to gain traction and attention.

When the idea first came to me and I was satisfied with my initial questions, I shared my thoughts with my eldest sister, Chinwe Ifechigha, who I was with at the time. She said, ‘You should start the project immediately and not waste time, before it grows cold in your mind.’ Then she handed me a book she has on the subject of Igba-boi.’

At the NIIA symposium, the film sparked an expert debate on the system’s role as a driver of entrepreneurship and economic development. Chief Ngozi Emechebe, President of ASPAMDA and a prominent figure in the film, powerfully described Igba Boi as ‘God’s divine intervention for the Igbo race.’

He shared his personal journey, which began at the age of ten, following the Civil War. ‘I saw my dad bury his money because of the ‘only 20 pounds’ policy,’ he recalled.

‘I didn’t want to do boi-boi. I thought I was coming to Lagos for other things. I passed the Common Entrance Examination, and my name appeared on the list published in The Renaissance newspaper.’

Initially reluctant, Emechebe now passionately advocates for the system, noting, ‘You are subject to learning. It builds a culture of hard work. Your master opens his secrets to you. You learn practically. There is also mentorship.’ Ijeoma Richards, CEO Trimm Network/ producer Uru Igba-boi, Ms Yan Yuqing, Consul General of China, Maimuna Abaji Yahaya, CEO Mesba Arts Studios and producer of Traditions, Prof. Efem Ubi of the Nigerian Institute of International Affairs, NIIA.

A System Formalised: Timely Legislative Context

The documentary’s release is especially timely. On 10 September 2025, the Anambra State Igbo Apprenticeship Law came into force, officially recognising and regulating this traditional practice for the first time. The new law establishes a legal framework, including written agreements, a maximum seven-year training period, and a dedicated commission for oversight-modern protections designed to preserve the cultural practice while preventing exploitation.

Barrister Leo Chiegboka, Anambra State Liaison Officer, commended the documentary and described it as timely, considering the recently passed law on Igba-boi. He shared copies of the Anambra Igbo Apprenticeship Law and delivered a speech at the event.

The Filmmaker: Ijeoma Richards

Ijeoma Richards is a Nigerian actress, film producer, and President of the Nollywood Creative Minds Forum (NCMF). An MBA holder from the University of Lagos, her notable acting works include Malaysian Wives (nominated for the 2018 AMVCA) and Unforgivable (2023).

A firm advocate of professionalism, she advises aspiring actors to concentrate on refining their craft-excellent diction and delivery-rather than depending on a ‘pretty face.’ Describing herself as an introvert who enjoys books and quiet company, Richards also co-owns a property business in Lekki. She remains committed to her passion for documentary filmmaking, reinforcing her reputation as a thoughtful and versatile creative force.

Challenges included an accident caused by a careless driver that resulted in a two-month layoff, as well as respondents who initially agreed to interviews but declined at the last minute.

It has been positive overall.

‘The documentary, although there is still more ground to cover, has received impressive acceptance, particularly from the Igbo community. Yes, there has been positive feedback, with people requesting that more aspects of the system be documented. Members involved in the Igba-boi system are very interested in the project and have requested additional screenings. Some business owners from the Igba-boi system attended the recent screening at the Nigeria-China Cooperation Symposium on September 18, 2025, at the Nigerian Institute of International Affairs (NIIA).’

Ijeoma Richards is optimistic. ‘Working on this project has shown me how much we are empowered to tell our own story. We are more focused on the fleeting and losing the privilege of curating the wealth entrusted to us as a people. As for soft power, we need to learn more than a thing or two

from Hollywood. It’s the loudest example of soft power I can give. That industry told the world what to think, and it succeeded tremendously.

‘I’ll say go for it! Tell your own story, your own way, in whatever language you speak. The world has a place for you. And if you don’t, someone with

a camera will come, tell it their way, and you most likely won’t like it.’

You can expect to watch Uru Igba Boi at your convenience soon. Ijeoma Richards states, ‘The next step is distribution, which is already in process.’

Cornerstone Insurance Plc, one of Nigeria’s leading insurance providers has taken over the annuity business of defunct Niger Insurance Plc, and will continue to pay its customers on the scheme.

Niger Insurance Plc’s operational license was cancelled in June 2022 by the National Insurance Commission (NAICOM) and handed over to liquidators following the Company’s insolvency and inability to meet its contractual obligations.

Stephen Alangbo, group managing director/CEO of Cornerstone Insurance Plc made the disclosure while addressing annuitants and stakeholders at the Company’s Annuity Forum held in Abuja.

He noted that Cornerstone Insurance Plc has successfully taken over the annuity payments of former Niger Insurance Plc customers, following regulatory approval. Speaking on the Company’s Annuity Program, Alangbo reassured Nigerian retirees of its unwavering commitment to reliability, transparency, and service excellence.

He emphasized the company’s solid financial standing and its readiness to continue delivering on its promises. He stated, ‘Our annuitants represent the trust our customers continue to place in us, the commitment of our people, and the strength of our vision. We are building a future-ready business, one that remains relevant to individuals, families, and businesses across Nigeria.’

Alangbo also spoke on the implications of the recently signed Nigerian Insurance Industry Reform Act (NIIRA 2025), which requires significant recapitalization across the industry. He assured annuitants that Cornerstone remains financially secure and ahead of the curve:

‘Subject to confirmation from NAICOM, Cornerstone Insurance Plc does not need to raise additional capital under NIIRA 2025. We are solid, we are transparent, and we are fully able to continue paying your claims without interruption.’

Appreciating the presence of retirees, guests, and members of the press, the CEO reiterated the company’s philosophy of keeping promises and putting customers first:

‘At Cornerstone Insurance Plc, we are not like any other insurance company. We are unique. We are transparent. We keep our promises, and your trust is the foundation of everything we do.’

With over three decades of operations, strong subsidiaries in FIN Insurance and Hilal Takaful, and a reputation for integrity and customer focus, Cornerstone Insurance continues to lead with integrity, innovation, empathy, team spirit and professionalism; reassuring Nigerian retirees that their future remains in safe hands.

The event, which featured health checks, entertainment, quizzes, gifts and refreshments, provided a platform for honest conversations on enhancing customer experience and reaffirming Cornerstone’s leadership in the annuity space.

Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to provide both general and life insurance services. As the first insurance company in Nigeria to offer customers an online platform for insurance transactions, its services are driven by cutting-edge technology, making them easily accessible via the internet and mobile platforms.

Sterling Financial Holdings Company PLC (Sterling Holdco), the parent company of The Alternative Bank, Sterling Bank, SterlingFI, and a number of other novel business solutions, has witnessed a very positive response to its public offer, as investors rally for a stake in the company’s future.

The public offer, launched on September 17, 2025, has quickly become one of the most talked-about opportunities in the Nigerian financial market, with analysts predicting that the offer will prove to be amongst the most lucrative in the sector’s investment landscape.

The Sterling Public Offer has sparked widespread interest, with market experts noting that the price, which is about 6% below its current trading price, presents an attractive entry point for both institutional and retail investors. The offer is set to close soon, but the rapid pace of interest has led many to speculate that the full subscription has already been reached or even exceeded much earlier than expected.

According to leading financial analysts, Sterling Holdco’s strategic expansion plans, solid market position, and innovative financial products have positioned it as a major contender in Nigeria’s banking sector. The public offer is widely regarded as an exciting proposition for investors looking to capitalise on a company with strong fundamentals and an ambitious growth trajectory. With a price point set at a discount to current trading prices, the offer is seen as a compelling opportunity for both long-term and short-term investors.

Sterling Holdco has consistently demonstrated a commitment to innovation and sustainable growth. One of the most compelling indicators of the company’s underlying strength is the impressive growth of its share price. In the past year, the Holding company’s share price has grown steadily from N4.00 to nearly N8.00 per share. This increase in the company’s stock price speaks volumes about the underlying value and confidence in its business model, leadership, and growth trajectory.

Sterling Holdco, known for its strategic ownership of two banks, a wealth management company, and a number of innovative consumer businesses, is seeking to raise additional capital through the issuance of 12.58 billion ordinary shares at N7.00 per share. The proceeds from the public offer will be strategically deployed to further strengthen Holdco’s capital base and fund its growth initiatives over the next 36 months.

Sterling Financial Holdings Company PLC (Sterling HoldCo) is a leading Nigerian financial services group committed to enriching lives through innovation and impact with a diversified portfolio that includes Sterling Bank Limited, The Alternative Bank Limited, SterlingFI Wealth Management among others. As a HoldCo, Sterling provides strategic direction, governance, and resources across its subsidiaries, enabling each to focus on its core mandate while benefiting from group-wide expertise, technology, and oversight.

With a heritage of trust built over six decades, Sterling HoldCo is committed to financial innovation, advancing inclusion, and shaping sustainable growth in Nigeria’s economy. The group champions customer-focused solutions and socially responsible initiatives while creating value for shareholders, employees, and the communities it serves, and continues to pioneer offerings across its core businesses in banking, payments, and technology-driven financial services.

President Bola Ahmed Tinubu on Wednesday called on the Central Bank of Nigeria (CBN) to establish an endowment fund for the creative sector following the completion of the National Theatre, now renamed the Wole Soyinka Centre for Culture and Creative Arts.

Speaking at the official reopening of the iconic facility in Lagos, the President said he would personally contribute to the proposed fund, which is aimed at supporting long-term growth and sustainability in Nigeria’s creative industry. Tinubu also urged citizens to shift their mindset, emphasising the importance of telling positive stories about Nigeria and fostering belief in the country’s potential.

CBN Governor Olayemi Cardoso, speaking at the event, revealed that the Bankers’ Committee invested N68 billion in the restoration and modernisation of the National Theatre complex.