Category: Business Day

The Minister of Livestock Development, Idi Mukhtar Maiha, has said the newly commissioned 40 million-dose veterinary vaccine cold chain facility in Edo State will strengthen disease prevention, improve livestock productivity and support food security efforts across Nigeria.

Maiha stated this on Friday during the commissioning and handover of the newly constructed and equipped veterinary vaccine storage facility at the Edo Agric Hub and Livestock Processing Facility in Benin City.

According to the minister, effective vaccination remains the most reliable and sustainable strategy for controlling transboundary animal diseases that continue to affect livestock production and threaten farmers’ livelihoods.

He listed diseases such as Contagious Bovine Pleuropneumonia (CBPP), Foot-and-Mouth Disease (FMD), Newcastle Disease, African Horse Sickness and African Swine Fever as major threats to the sector.

‘Effective vaccination remains the most reliable and sustainable strategy for combating transboundary animal diseases, which continue to threaten livestock production and farmers’ livelihoods,’ Maiha said.

He explained that the solar-powered facility, with a storage capacity of approximately 40 million vaccine doses, is designed to preserve vaccine potency, strengthen cold chain logistics and ensure timely distribution of quality vaccines to livestock farmers across the South-South region and other parts of the country.

The minister, who also commissioned the Edo ultra-modern livestock processing facility, noted that the veterinary vaccine cold chain project forms part of the Federal Government’s broader livestock development agenda under the Livestock Productivity and Resilience Support (L-PRES) Project, implemented with support from the World Bank.

Maiha added that the investment aligns with the global One Health agenda through efforts aimed at promoting animal health, public health, food safety and environmental sustainability.

Speaking at the event, Edo State Commissioner for Livestock Development, Prof. Kponmwosa Omorodion, described the project as a landmark development that would serve the six states of the South-South geopolitical zone and enhance disease prevention initiatives within the livestock industry.

He expressed appreciation to the Federal Ministry of Livestock Development and the National Office for locating the facility in Edo State and assured stakeholders of the state government’s commitment to ensuring its protection and optimal utilisation.

Omorodion also noted that agriculture remains a key pillar of Governor Monday Okpebholo’s administration, with livestock development playing a strategic role in boosting food production, creating employment opportunities and stimulating economic growth.

Nigeria’s deepening security crisis has left a trail of death, destruction and displacement across the country, with official and independent reports indicating that more than 628,000 people have been killed and over 2.2 million abducted since 2023.

The alarming figures are despite huge government spending on defence and security, raising fresh concerns about the effectiveness of efforts to combat terrorism, banditry, kidnapping, communal violence and other forms of organised crime.

Between 2021 and 2026, Nigeria consistently prioritised defence and security. Allocation rose from N1.97 trillion in 2021 to N2.41 trillion in 2022, N2.74 trillion in 2023, N3.25 trillion in 2024, N4.91 trillion in 2025 and N5.41 trillion in 2026. Yet, the security situation has remained dire.

At the centre of the grim statistics is the National Bureau of Statistics’ Crime Experience and Security Perception Survey, which revealed that between May 2023 and April 2024, no fewer than 614,937 Nigerians were killed in violent incidents, while 2,235,954 others were abducted nationwide.

The report further showed that victims and their families paid an estimated N2.23 trillion in ransom to kidnappers and criminal groups during the period. The North-West recorded the highest number of deaths at 206,030, followed by the North-East with 188,992 fatalities, underscoring the devastating impact of insurgency and banditry in both regions.

The figures paint a troubling picture of communities under siege and citizens increasingly vulnerable to violent attacks. Independent security monitors indicate that the bloodshed has continued.

According to Nigeria Watch, at least 12,954 Nigerians were killed in violence-related incidents in 2025 alone. Between January and May 2026, another 5,272 deaths were recorded, bringing the number of documented fatalities within 17 months to more than 18,000.

The Global Terrorism Index also reported a 46percent increase in terrorism-related deaths in Nigeria in 2025, signalling a resurgence of extremist violence. States including Borno, Benue, Zamfara, Plateau, Katsina, Taraba, Niger, Kwara and Kebbi have remained hotspots of deadly attacks, mass displacement and destruction of livelihoods.

Faced with escalating violence, President Bola Tinubu had declared a national security emergency on November 26, 2025, following coordinated attacks on a church in Kwara State and schools in Kebbi and Niger States where more than 350 persons were abducted.

The president subsequently ordered increased military recruitment, redeployment of police personnel attached to VIPs and the establishment of forest guards.

However, the measures yielded little immediate relief.

Within 71 days of the declaration, at least 316 Nigerians were killed in more than 31 major attacks across 15 states. Among the deadliest incidents were the killing of 75 residents in Kwara State, 42 people during week-long attacks in Niger State and 17 villagers in Borno State. The victims included farmers, traders, worshippers, commuters, miners and internally displaced persons.

Fresh figures from Nextier’s Nigeria Violent Conflicts Database show that insecurity remained intense in 2026. In May alone, 156 violent incidents resulted in 842 deaths and 279 kidnappings nationwide. Compared with May 2025, violent incidents rose by 51.5percent, fatalities surged by 90.1percent and kidnappings increased by 19.7percent.

The data reinforced concerns that years of military operations and peace building interventions were yet to significantly weaken violent groups. The North-West has continued to bear the heaviest burden of mass abductions. According to SBM Intelligence, 2,938 people were kidnapped across the region between July 2024 and June 2025, accounting for more than 60percent of reported abductions nationwide.

Zamfara recorded the highest number with 1,203 victims, followed by Kaduna with 629, Katsina with 566 and Sokoto with 358. Amnesty International also documented the killing of more than 294 people and the abduction of 306 others in Katsina State over a two-year period. The persistent attacks have forced thousands of residents to abandon farms and communities, worsening food insecurity across the region.

In the North-East, Borno State remains the epicentre of insurgency. Data compiled by the International Centre for Investigative Reporting showed that Borno recorded 5,706 insecurity-related deaths between 2021 and mid-2026. Humanitarian agencies reported that nearly 4,000 civilians were killed across the Borno-Adamawa-Yobe axis in the first eight months of 2025 alone.

Plateau State has also witnessed relentless violence. Human rights organisations estimate that more than 2,200 people were killed between 2023 and early 2026, including victims of the Christmas Eve attacks in Bokkos and Barkin Ladi and the deadly Mangu crisis.

Benue State has suffered similar devastation. More than 3,600 people were reportedly killed between 2023 and early 2026. Amnesty International documented at least 2,600 deaths and 135 attacks across over 50 communities between January 2023 and February 2024 alone.

The violence culminated in the Yelwata massacre, where more than 100 people were reportedly killed. An estimated 500,000 residents have been displaced, while farms, schools, health centres and critical infrastructure have been destroyed.

63,111 killed during Buhari’s administration

The roots of the current crisis predate the Tinubu administration. Data from the Nigeria Security Tracker, a project of the Council on Foreign Relations, showed that 63,111 Nigerians were killed during the eight-year administration of late former President Muhammadu Buhari between June 2015 and May 2023.

The deaths resulted from terrorism, banditry, communal clashes, farmer-herder conflicts, cult violence, kidnappings and extrajudicial killings. The tracker recorded 5,556 deaths in 2015, 5,763 in 2016, 4,618 in 2017, 6,565 in 2018, 8,340 in 2019, 9,694 in 2020, 10,575 in 2021, 9,079 in 2022 and 2,921 between January and May 2023.

By May 2023, Nigeria’s cumulative death toll from violent incidents had climbed to 63,111

Senior military officers affected by insecurity

Before the recent death of Major-General Rabe, who was abducted alongside his wife, several senior military officers had also fallen victim to terrorism, banditry, kidnapping and violent crime across the country.

Major-General Mohammed Idris Alkali (retd.), former Chief of Administration at Army Headquarters, was declared missing on September 3, 2018, while travelling from Abuja to Bauchi. He was attacked during a violent protest in Plateau State. His remains were recovered from an abandoned well in October 2018.

Air Chief Marshal Alex Badeh (retd.), a former Chief of Defence Staff, was shot dead by gunmen along the Abuja-Keffi Expressway on December 18, 2018, while returning from his farm. Air Vice Marshal Muhammad Maisaka (retd.), former Director of Medical Training and Operations at Defence Headquarters, was killed alongside his grandchild when gunmen attacked his Kaduna residence on November 8, 2021.

Colonel Rabi’u Garba Yandoto (retd.) and his two children were abducted by bandits on the Gusau-Tsafe Road in Zamfara State on January 1, 2023, and released 10 days later after negotiations. Major-General Richard C. Duru (retd.) was kidnapped in Owerri, Imo State, in September 2023. He was later reportedly killed by his abductors despite ransom efforts.

Brigadier-General Uwem Harold Udokwere (retd.) was stabbed to death by armed robbers who invaded his Abuja residence on June 22, 2024. Brigadier-General Maharazu Tsiga (retd.), former NYSC Director-General, was abducted alongside nine others in Katsina State on February 5, 2025, and regained freedom after 56 days in captivity.

Colonel Joseph Ajanaku (retd.) was kidnapped from his Plateau State residence in January 2026 but was rescued the same day by security forces. Brigadier-General Oseni Braimah, Commander of the 29 Task Force Brigade, was killed alongside 17 soldiers during a Boko Haram attack on military formations in Benisheikh, Borno State, on April 9, 2026.

State police a potential security game changer – Experts

Security experts and other stakeholders have expressed optimism that if President Tinubu assents to the State Police Bill passed by the National Assembly, the security situation in the country would improve.

Bernard Mikko, a political scientist and former member of the House of Representatives from Rivers State, has expressed optimism that the establishment of state police would significantly enhance security across Nigeria if properly implemented.

In a telephone interview with BusinessDay, Mikko however, cautioned against the process being hijacked by any individual or group for political or personal interests.

He noted that officers recruited from their local environments are more familiar with the language, culture, terrain and dynamics of the communities they serve, stressing that they would be more effective in policing.

Mikko argued that the current system, which often deploys officers to states with completely different cultural, religious and social backgrounds, creates challenges in intelligence gathering and community relations.

Similarly, Kabiru Adamu, a security consultant, argued that local policing structures were better equipped to understand and address the unique security challenges within their communities.

He noted that officers recruited from their localities possess deeper knowledge of the terrain, language, culture and social networks, making it easier to identify criminal elements, gather intelligence and prevent attacks before they occur.

Adeniyi Shodeinde, a retired military officer, said the effectiveness of state police will depend on structured coordination within a unified national security system rather than political interference. He insisted that constitutional safeguards and inter-agency rules must guide operations to prevent abuse.

President Bola Ahmed Tinubu has reaffirmed his administration’s focus on infrastructure as a central pillar of the Renewed Hope Agenda, saying that road development remains key to unlocking economic growth and improving living standards.

Speaking on Friday in Abuja through Vice President Kashim Shettima, Tinubu commissioned Collector Roads 01 and 02 in the Mabushi District of the Federal Capital Territory, describing the project as part of ongoing efforts to improve connectivity across the capital city.

He said infrastructure spending under the Renewed Hope Agenda is already translating into better mobility, stronger business activity, and improved productivity.

‘Renewed Hope is not just a slogan; it reflects in the roads people drive on, the ease of movement to work, and confidence in government delivery,’ the President said, adding that improved road networks directly support commerce and social mobility.

Tinubu described roads as critical economic assets, noting that improved transport links reduce travel time, support business expansion, and enhance safety across urban corridors.

The newly commissioned Mabushi roads, he said, now provide improved linkages within the district, easing movement between the bus terminal and surrounding communities while reducing congestion previously experienced by residents.

He restated his administration’s ambition to develop a well-connected capital city that serves all residents, regardless of location, adding that infrastructure expansion would continue across districts.

Tinubu also commended the Minister of the Nyesom Wike, for driving the execution of infrastructure projects across the territory, saying the progress reflects a commitment to turning plans into tangible assets.

‘I tasked you with making Abuja work for all, and you have delivered by turning blueprints into roads people can use,’ he said.

Earlier, Wike said the project aligns with the President’s directive to open up all districts of the capital through road infrastructure, while urging continued public support for ongoing reforms and projects.

Minister of State for the FCT, Mariya Mahmoud, described the Mabushi roads as a key milestone in efforts to improve connectivity and stimulate economic activity within the capital.

In a bid to strengthen healthcare in the Asaba Kingdom of Delta State, Epiphany Azinge, the Asagba of Asaba, has donated an ambulance to the proposed Asaba Community Free Ambulance Service.

The donation is towards his vision for the community, ‘I envision a situation where, in the event of an emergency, a call can be made, and within the shortest possible time, an ambulance has arrived’.

The donation is coming a few weeks after the unveiling of a free ambulance service initiative with an initial donation of N10 million, an Initiative aimed at improving emergency healthcare delivery in the community. Though the ambulances were yet to be purchased then, he had explained that the project was unveiled after months of planning that had been delayed by bureaucratic challenges.

He noted that the initiative was designed to serve the collective interest of residents and would be continuously reviewed and strengthened for the public good, even as he was confident that the project would be successful, as the community already had access to doctors, nurses, pharmacists, and other healthcare professionals. In addition, he saw the initiative creating employment opportunities for drivers and additional healthcare personnel.

Now, speaking at his palace, during the presentation of the ambulance Thursday, the monarch declared: ‘Asaba Kingdom is not prepared to joke with the healthcare of her subjects. We have kick-started with primary healthcare, supported tertiary hospitals, developed a rehabilitation centre, and this ambulance service is the next phase.’

His Royal Majesty reaffirmed his commitment to improving healthcare delivery and emergency response within the Kingdom.

The monarch said the donation marked the first in a planned fleet of ambulances that will provide free emergency medical transportation services to residents of the community, said the monarch.

Azinge, a renowned Nigerian legal luminary and academic, described the initiative as a significant step towards strengthening healthcare services and complementing government efforts in the sector.

‘This is the first in the series of ambulances proposed for the Asaba Community Free Ambulance Service. It will operate within our community to add value to our healthcare system and complement government efforts,’ the monarch said.

The respected monarch disclosed that a dedicated emergency contact line for the service would soon be made public, assuring that additional ambulances would be acquired to ensure prompt evacuation of patients and emergency cases to hospitals across the kingdom.

Asaba Community Health Insurance Scheme underway: In another major healthcare initiative, Azinge announced plans to launch the Asaba Community Health Insurance Scheme, which he said would be driven by an illustrious son of Asaba.

He also revealed that a specialised hospital would be established to support the scheme and expand access to quality healthcare, reassuring the kingdom’s commitment to prioritising the health and well-being of its people.

Expressing confidence in the ability of the community to drive sustainable development, the Asagba noted that Asaba has consistently demonstrated the capacity to execute impactful projects through collective effort.

The ambulance donation and proposed health insurance scheme are expected to significantly enhance healthcare access, emergency response, and community welfare within Asaba Kingdom.

The Federal Government has secured the release of six Nigerian nationals who had been detained in Côte d’Ivoire for about eight months over alleged economic crimes, following sustained diplomatic and consular interventions by Nigeria’s mission in Abidjan.

The Ministry of Foreign Affairs announced the development in a statement issued on Friday by Kimiebi Imomotimi Ebienfa, its Spokesperson, saying the successful outcome underscores Nigeria’s commitment to protecting the rights and welfare of its citizens abroad.

According to the Ministry, official communication from the Nigerian Embassy in Abidjan confirmed that four of the detainees were released on Monday, June 22, 2026, while the remaining two regained their freedom on Tuesday, June 23, 2026.

The six Nigerians had been in the custody of Ivorian authorities since October 2025 over allegations bordering on economic crimes.

The Ministry attributed its release to months of sustained diplomatic and consular engagements between the Nigerian Embassy and relevant authorities in Côte d’Ivoire.

It commended Nwabiola Ezenwa, Nigeria’s Ambassador to Côte d’Ivoire, and officials of the embassy for what it described as their professionalism, dedication and relentless efforts in resolving the matter.

According to the statement, the embassy maintained regular consular access to the detained Nigerians throughout their incarceration, monitored their welfare and engaged consistently with the Ivorian Ministry of Foreign Affairs, the Ministry of Justice and other relevant institutions until their release was secured.

‘The Ministry commends Nwabiola Ezenwa, Ambassador of Nigeria to Côte d’Ivoire, and the entire staff of the Embassy for their steadfast commitment, professionalism and tireless diplomatic efforts which culminated in the successful resolution of the matter,’ the statement said.

The Federal Government also expressed appreciation to the Government of Côte d’Ivoire for its cooperation and constructive engagement throughout the process.

It noted that the cordial bilateral relationship between both countries, anchored on mutual respect, friendship and regional solidarity, played a significant role in achieving the positive outcome.

The Ministry stressed that the protection of the rights, welfare and dignity of Nigerians abroad remains a central pillar of the country’s foreign policy.

It said Nigerian diplomatic missions across the world would continue to provide consular assistance and engage host governments through established diplomatic channels whenever the interests of Nigerian citizens require protection.

The Ministry further reassured Nigerians living and working abroad that the government remains committed to their welfare and encouraged them to comply with the laws of their host countries.

It also advised Nigerians travelling or residing overseas to maintain regular contact with the nearest Nigerian embassy or consular mission to facilitate timely assistance whenever necessary.

No sporting event lends itself to symbolism like the FIFA World Cup. For one month, every four years, this showpiece of the beautiful game serves as a microcosm of our changing world, its virtues and failings, its highs and lows.

So, it should surprise no one that the 23rd edition of football’s greatest spectacle is freighted with a lot of politics. Immigration, borders, protest, war – even trade: the co-hosts Canada, the US and Mexico are currently locked into a three-way tug of tariffs, threats, and distrust.

Mercifully, since the tournament began, Donald Trump has stopped threatening to annex Canada. His mood might change if the US gets eliminated.

On Sunday, my country, Canada, takes on South Africa, where I have worked and lived for more than a decade, in the knockout round of 32. That Les Rouges and Bafana Bafana are meeting at this stage of the tournament is both insane and expected: the World Cup always has a hint of the divine.

Canada, eager to stake a claim as a footballing nation, is built largely on first- and second-generation Canadians, reflecting Canada’s immense diversity. Traces of Europe, the Caribbean, Africa, and Latin America abound.

Les Rouges have symbolic echoes of Les Bleus – France – especially the exquisite team captained by Didier Deschamps (France’s current head coach) that won the tournament at home in 1998. Their victory was celebrated as a win for France’s model of diversity and inclusion, even if that image sat uneasily with the reality of life in the country’s banlieues, where many immigrant communities still faced discrimination and social exclusion.

Nigerians watching Sunday night’s match will no doubt wonder what could have been: three players lining up for Les Rouges switched allegiances from Nigeria, where they played at the national level in the country’s youth programme. Of the three, Promise David, born in Canada to Nigerian parents, is likely to be the most consequential. The imposing forward scored with his first touch coming off the bench against Switzerland and will almost certainly feature in the match against South Africa.

In a way, diversity and inclusion is the backdrop for the match for Bafana Bafana, too. The only African team with all its players born in their home country, South Africa, is very South African: only one player has any tangible recent ancestral connection outside the country.

That player is Ime Okon, born in South Africa to a Nigerian father and South African mother. Okon has not had it easy playing for Bafana. Questions about his ‘identity’ have followed the defender since he was first called up to the squad last year. They are of a piece with the wider issues of xenophobia and illegal migration gripping the country on the eve of Sunday’s match.

Earlier this month, Nigeria evacuated hundreds of its citizens from South Africa as attacks on foreigners, especially other African nationals, escalated. SA president Cyril Ramaphosa has warned his citizens not to take the law into their own hands but rejected descriptions of South Africans as xenophobic and vowed to crack down on undocumented workers.

Across the continent, however, the damage has already been done. The continental backlash is palpably evident at the World Cup. African fans have broken with the traditional solidarity shown amongst African teams and are cheering against Bafana Bafana. All the sadder for the fact that this could finally be Africa’s year, with so many African teams qualifying for the knockout stage.

Things could reach a dangerous tipping point two days after Sunday’s match, with nationwide anti-foreigner marches scheduled across South Africa for 30 June. Organisers of the ‘March and March’ say it is an opportunity for all South Africans to vent their frustrations over unemployment, crime, and migration. But the movement’s rhetoric could easily inflame tensions and spill over into violence and vigilantism. Not least because the SA government’s attempts to lower the temperature have been so feeble.

The unexpected progress of Bafana Bafana in the World Cup has given South Africans a much-needed boost – and perhaps even a balm to soothe those tensions.

Since South Africa successfully hosted the 2010 World Cup, Bafana Bafana has mostly disappointed. Commentators routinely deride the team as a source of embarrassment and shame for a country that is a footballing nation, having produced several top players and boasting domestic club matches that can attract up to 90,000 fans.

Bafana Bafana frequently struggle to attract 1/10 that number to their home fixtures.

Football, unlike rugby – which is one of South Africa’s best run institutions at national level – is frequently in the news for all the wrong reasons: corruption, mismanagement, waste. Much the same reasons why the country’s politics and finances are in such a mess.

But all was forgotten when Bafana Bafana pulled off a stunning upset of South Korea in Monterey last Wednesday and qualified for the next round. The World Cup is always filled with days of miracle and wonder. This time it was South Africa’s turn.

And it could be again on Sunday night. If Bafana Bafana beat Les Rouges, my bet is that the hotheads bent on violence and destruction on 30 June will instead get swept up in an altogether different kind of frenzy, of the kind World Cups have made famous.

I still hope my country, Canada, wins. But South Africa needs it more. And the football gods have their way.

More than 10,000 young people gathered at the University of Lagos Sports Centre for the fifth edition of the Gen Z Involvement in a New Nigeria, popularly known as GiNN 5.0, in what organisers described as the largest gathering of Gen Z in Africa.

The event, convened by Agomeze Saint Chukwuemeka, popularly known as the Saint of Africa, brought together young Nigerians from different parts of the country for a historic convergence focused on leadership, entrepreneurship, innovation, creativity, civic participation and nation-building.

Speaking during the event, Saint of Africa said GiNN had grown beyond an annual programme into a continental youth movement.

‘GiNN has grown from an idea into a movement. What we witnessed today proves that young Nigerians are no longer waiting to be handed the future. They are stepping forward to build it, lead it and redefine the narrative of this country,’ he said.

The event featured leading voices across business, media, politics and enterprise, including Kola Adesina, Ayo Animashaun, Bunmi Davies, Gbenga Obadina and Gbadebo Rhodes-Vivour.

A major highlight was the presentation of the GiNN Young Excellence Awards, recognising outstanding young Nigerians across entertainment, entrepreneurship, innovation, social impact and professional excellence. Organisers also announced over N30 million in seed funding committed by speakers to support promising young entrepreneurs through the GiNN Innovation Hub.

Ikeja Electric has appointed Ogochukwu Onyelucheya as its Acting Chief Executive Officer, effective July 1, 2026, following the transition of Folake Soetan to a broader leadership role within the Sahara Group.

The appointment marks a new leadership phase for Nigeria’s largest electricity distribution company by customer base, as it seeks to strengthen operational performance, improve customer experience and drive innovation in the country’s evolving electricity market.

Announcing the appointment, Kola Adesina, Ikeja Electric Chairman, praised Soetan’s leadership, describing her tenure as transformative.

‘Folake has been instrumental in transforming Ikeja Electric into a more resilient, customer-focused, and performance-driven organisation. Her leadership reflects the very essence of innovation, resilience, and impact,’ he said.

The company said Soetan, who has served as CEO since 2020, strengthened operational performance, enhanced stakeholder confidence and repositioned the utility for sustainable growth.

Reflecting on her tenure, Soetan said it had been a privilege leading the organisation.

‘It has been an honour to lead Ikeja Electric and work alongside a team committed to delivering value to customers and communities. As I take on this new role across Sahara’s Power and Upstream businesses, I look forward to supporting the Group’s vision of delivering sustainable, inclusive, and impactful energy solutions across Africa,’ she said.

The Board expressed confidence that Onyelucheya possesses the leadership, strategic vision and institutional knowledge required to guide the company through its next growth phase.

‘Ogochukwu brings a compelling blend of leadership experience, strategic clarity, and execution discipline. We are confident in her ability to build on the strong foundation established at Ikeja Electric while driving innovation, efficiency, and customer-centric growth. She has our full support as she leads the business into its next chapter,’ Adesina added.

Before her appointment, Onyelucheya built a career spanning more than two decades across the banking and energy sectors, specialising in corporate strategy, financial management and business transformation.

According to the company, she has led large-scale transformation programmes focused on process automation, digitalisation and revenue assurance while driving operational efficiency and reducing business leakages.

She holds a Bachelor of Science degree in Accounting from Nnamdi Azikiwe University, a Master of Science degree in Finance and Financial Law from the University of London, and is an alumnus of Harvard Business School.

Speaking on her appointment, Onyelucheya said the company would continue building on its recent achievements.

‘Taking on the responsibility of building on the strong foundation at Ikeja Electric is a privilege for the incredible IE team and me. Our focus remains on delivering improved service, deepening customer trust, and driving sustainable performance as we continue to create value for all stakeholders,’ she said.

As Nigerian artists continue to rack up billions of streams globally, a critical question lingers: why does so little of that success translate into tangible economic value for the country? While superstars like Davido generate millions of dollars from international platforms, the bulk of the revenue exists outside Nigeria, leaving the nation to benefit mainly through indirect channels such as luxury imports and local spending by a few individuals.

In this exclusive interview with BusinessDay, Michael Odiong, CEO of Premier Records and Co-founder of the African Music Business Roundtable (AMBR) and Music Tech Nigeria, breaks down the structural gaps holding back the industry. He explores practical solutions for music catalogue valuation, blending financial data with cultural and vintage heritage, and reveals how the second edition of AMBR aims to change the narrative.

What are your thoughts on entering the second year of the African Music Business Roundtable (AMBR)?

The income generated from these initiatives will trickle down through various channels. Streaming platforms will pay taxes whether through withholding taxes or other mechanisms, and the government will receive its share, benefiting the broader ecosystem.

However, in Nigeria, the reality is more complex. Take an artist like Davido, achieving one billion streams: how exactly does that generate revenue for the country? First and foremost, the major streaming platforms are not owned by Nigerians, nor are they primarily based in Nigeria. They may maintain a local office, but the core operations lie elsewhere.

Essentially, Nigerian music is being exported. Those one billion streams translate into millions of dollars earned primarily in markets like America. Nigeria does not directly share in the platform-level taxes or the bulk of the revenue. The government only benefits indirectly, perhaps when Davido purchases a Ferrari, Lamborghini, or Rolls-Royce, and customs duties, clearing agents, forwarding companies, and local logistics providers earn their share. Beyond these consumption-driven taxes, direct government revenue from the streams themselves remains limited.

Taxing the artist directly also presents challenges. Since the income is generated outside the country, the taxable base may not fully reflect the economic activity in a way that benefits national development. At the end of the day, the primary beneficiaries are those in the artist’s immediate circle, managers, road managers, business managers, lawyers, and other direct team members.

This highlights the urgent need for better structures, data, and systems that allow Nigeria to retain more value domestically rather than exporting music while seeing the financial benefits flow outward. We must find ways to capture and recirculate value within the country.

Given that we now have some data in this market, how can we properly value our music? What are the intricacies involved, and how might upcoming events like AMBR influence these decisions?

Valuation in music is multifaceted. One approach focuses on financial turnover figures. For instance, if a label like Premier Records is valued at one billion naira, that figure encompasses more than just current earnings. Premier is not merely a label; it is a cultural institution. Its catalogue includes songs that have endured for over 50 years, akin to vintage whisky. This cultural and heritage value must be factored in alongside streaming income.

Current streaming earnings, for example, $10,000 monthly, may under-represent true worth due to insufficient promotion, limited new artist signings, or inadequate tracking, particularly with ineffective Collective Management Organisations (CMOs). The vintage aspect significantly elevates the valuation.

For newer labels like Mavin Records, valuation relies more heavily on current performance metrics. With artists such as Rema generating 500 million streams, Ayra Starr 200 million, and others like Ladipoe and Johnny Drille contributing substantially, the focus is on monthly revenue generation, say one to two million dollars. Projecting this growth over five years, and eventually ten to twenty, allows the catalogue to transition into cultural vintage status, increasing its long-term value.

Thus, valuation combines cultural significance with tangible financial data. Banks, however, often view these assets differently. Three years ago, Premier’s valuation approached one billion naira, far exceeding immediate earnings. Presenting the catalogue as collateral for a N100 million loan, representing strong security at roughly ten times the loan value, remains challenging. Most financial institutions still prefer physical assets over intellectual property (IP).

This knowledge gap hinders investment in the music business. The upcoming AMBR edition aims to break down these valuation methodologies, educating stakeholders on how they function in practice.

Will banks be involved in this event?

Yes, we are actively engaging banks. Some are opening their minds to investing in music. While they may not yet be fully comfortable accepting IP as collateral, their interest in the music business is a positive development. Banks like FCMB, Sterling Bank, and Fidelity have shown themselves to be music-friendly. They want to learn more, which signals progress. As they deepen their understanding, they can develop appropriate frameworks for supporting the industry.

You mentioned international participants. Which countries are involved, and in what capacity will they contribute to AMBR and Music Tech?

We have participants coming from Norway, Sweden, the UK, France, South Africa, and Kenya. Key organisations include SISAC, the global regulatory body for CMOs, and SACEM from France. We are also engaging the Music Publishing Association of South Africa (PASA).

From Norway, Daniel Melgar, a professor of music business management and chairman of the Norwegian Music Business Industry, will return. He chairs MISHMASH and is involved with Create.me, an app and funding organization backed by the Norwegian government with nearly $100 million for music businesses in Scandinavia. We are excited about potential partnerships between Create.me/MISHMASH and Nigerian universities.

Additional attendees include a French producer known for work with Fela and other legends. We also anticipate students and academics from the University of Agra and Norwegian institutions. Within Nigeria, we will host Obi Asika (DG of NCAC), Baba Agba (SA on Creativity to the President), and the DG of the Nigerian Copyright Commission. More names will be announced as itineraries are confirmed.

Turning to Music Tech, which occurs on the third day, how important is bringing Music Tech to Nigeria at this moment? When conceptualising it, what gaps in the industry did you identify, and how will the event address them?

During the 2024 Christensen Music Business Roundtable in Norway, I met Yvan, founder of Music Tech France and director of Music Tech Europe. Our discussions highlighted structural deficiencies, particularly in live performances. Nigeria lacks world-class venues with 10,000+ capacity that seamlessly integrate ticketing, security, refreshments, and other services comparable to the O2 Arena.

Even established venues like Eko Hotel face challenges with efficient systems. Technology is key to building these ecosystems. While Europe still faces its own issues, it remains far ahead. Music Tech Nigeria provides a platform to learn from their experiences and adapt solutions locally.

Beyond infrastructure, we need better tools for global monitoring of music usage. At Music Tech France, a Nigerian innovation placed fifth worldwide, though we missed presenting at MIDEM in Paris.

Many young innovators develop technological solutions but lack platforms to showcase them, secure funding, or refine their ideas. Music Tech Nigeria bridges this gap by connecting creators, innovators, industry players, and funders. It identifies viable startups, offers mentorship, and helps secure investment to solve local problems.

What would success look like for you one or two years after this event? What outcomes do you hope to see?

Financially, we do not expect immediate gains, nor is that the primary goal. We are investing our own resources because this is about long-term ecosystem building. Practical results are already visible. Last year, our focus was data; today, we have better data.

This year, we see increased collaboration: Create.me and MISHMASH visiting, banks participating, MTM involved, and more. The platform is fostering genuine partnerships. Success lies in these developments, government engagement, and the gradual handover of the vision to others.

A major highlight from last year was unprecedented government participation. Officials from the National Film and Video Censorship Board, NCC, MCSN, and NCAC not only attended but actively engaged in dialogue. This was historic. Music Tech also contributed to resolving issues around MCSN and the 1.2 billion naira matter through follow-up meetings.

We are grateful for partners like Business Day joining this relay race. Our aim is to build sustainable structures that benefit the entire Nigerian music industry and set positive precedents for the wider African ecosystem. It is a process, but we are seeing meaningful progress.

The Federal Government has restated its resolve to secure the release of all Nigerians in captivity, with the Secretary to the Government of the Federation, Sen. George Akume, saying ‘every necessary effort’ is being made to ensure their safe return.

Akume gave the assurance on Friday in Abuja while receiving a delegation from the Federation of Muslim Women’s Associations in Nigeria, FOMWAN, led by National Amirah, Sumaye Fadimatu Hamza.

‘Our mission on earth is to promote, preserve and prolong life. The government is doing everything to secure the release of all who are captured,’ he said.

The SGF said protecting lives and property remains a top priority and expressed optimism that ongoing security operations would yield results against kidnapping and other crimes.

He also urged faith-based groups to sustain prayers for President Bola Tinubu and the Renewed Hope Agenda, which he said prioritises women’s empowerment.

Akume commended FOMWAN for its work in advocacy, humanitarian services and peacebuilding, describing the group as a strategic partner in national development.

Earlier, Hamza pledged FOMWAN’s continued support in education, health, skills acquisition and youth development.

She urged stronger security through better intelligence and community engagement, and requested government collaboration on women empowerment centres, renovation of FOMWAN’s national secretariat, and support for its August National Conference in Abia State.