Category: Business Day

Nigeria’s banking industry has spent years rebuilding capital, restructuring institutions and celebrating stronger financial performance. Amidst all these developments, one fundamental question remains unanswered. The concern is how much of this financial strength is translating into productive investment, affordable credit, business expansion and employment.

The worry has grown more urgent after the Central Bank of Nigeria’s recapitalisation exercise, which brought in N4.65 trillion in equity. By the end of March 2026, 33 of the country’s 37 banks had met the updated capital requirements. The exercise aimed to strengthen the system, improve resilience, and boost banks’ ability to finance economic growth.

But raising capital is not the same as expanding productive credit. A stronger balance sheet is not automatically a stronger economy.

One thing that is certain is that Nigeria’s banking industry is not short of institutions, financial expertise or regulatory reforms. As reality stares at Nigerians, the more difficult question is whether its growing financial capacity is being converted into financing for businesses that produce goods, create jobs, process local raw materials and expand the country’s export base.

Experiences from Morocco’s Attijariwafa Bank, Kenya’s Equity Group Holdings and Togo-headquartered Ecobank Transnational Incorporated offer useful benchmarks. Their institutional development, customer reach and regional operations provide different perspectives on the possibilities of modern African banking. They are not perfect models, and their operating environments differ from Nigeria’s. Nevertheless, their experiences offer a basis for asking whether Nigerian banking reform is delivering enough economic value beyond financial-sector growth.

The real test of recapitalisation is not simply how much capital banks have raised. It is what that capital ultimately enables them to do.

The first question is straightforward: what does a stronger capital base mean or the benefit of strengthening banks’ capital if productive businesses still struggle to obtain credit?

Capital is essential to and the backbone of banking. Amidst its many functions, it helps banks absorb losses, meet regulatory requirements, handle larger transactions and maintain customers’ confidence in their ability to keep their money safe. Nigeria’s recapitalisation exercise was therefore important. But its economic benefits depend partly on how banks deploy their expanded capacity.

The IMF’s May 2026 assessment, with clarity reviewed developments through the first quarter of 2026, found that private-sector credit remained relatively low, at approximately 12 per cent of GDP in 2025. It also observed that, despite growth in lending, which was obviously a huge contradiction, Nigeria’s financial markets were not adequately intermediating domestic savings into productive investment.

This is a more revealing measure of the challenge than the amount of capital raised alone. From the playout of activities, it is obvious that the banking industry can expand its balance sheets without financing a sufficiently broad range of businesses. Established and bigger corporations may obtain credit while smaller manufacturers, agricultural processors and emerging enterprises struggle with high interest rates, collateral requirements and short repayment periods.

The question is not whether Nigerian banks lend. They do. The question is whether the scale, cost and distribution of that lending adequately serve an economy seeking to diversify beyond oil, expand manufacturing and create sustainable employment.

Kenya’s Equity Group Holdings provides a useful point of comparison as this is discussed further. In a real sense, its success in attracting customers, using digital channels and supporting small businesses shows how banks can serve more people while keeping lending risks under control.

The lesson is not that Nigerian banks should simply copy Kenya. No doubt, Nigeria has different economic conditions, regulatory requirements and credit risks that may not apply to Kenya. Rather, the point is that recapitalisation should create opportunities to deepen lending, develop better products and improve the effectiveness of financial intermediation. It should not become a regulatory milestone celebrated independently of its economic consequences.

The second question is perhaps the most consequential: are Nigerian banks financing enough small businesses to make a measurable difference to the real economy? Here, the evidence deserves particular attention.

Findings showed that Equity Bank Kenya’s third-quarter 2025 investor booklet reported that the bank disbursed KSh90.7 billion ($701,255,970) in MSME loans between January and July 2025. Meanwhile, the amount represented 45 per cent of the KSh201 billion ($1,554,044,999) in MSME loan disbursements reported across the Kenyan banks included in its comparison. The booklet attributed the industry comparison to the Kenya Bankers Association.

This is a significant indicator of Equity Bank’s participation in Kenya’s MSME financing market. It suggests that a bank can make small-business lending a prominent part of its commercial activities while operating in a competitive banking system. Whilst Nigeria’s figures raise a different concern.

A research note published in October 2026 by the Development Bank of Nigeria, citing the CBN statistical data, noted that credit classified to small-scale enterprises amounted to a meager and paltry N177.44 billion in 2025, when compared with enormous total private-sector credit of N47.10 trillion. The small-scale-enterprise category consequently represented approximately 0.38 per cent of private-sector credit. The same research note showed that the category’s share had declined substantially from its historical levels.

The figures deserve serious scrutiny. They suggest that Nigeria’s banking system has expanded enormously without a corresponding increase in the relative weight of credit recorded for small-scale enterprises.

However, the comparison requires an important qualification. Equity’s KSh90.7 billion ($701,255,970) represents loan disbursements over seven months, whereas Nigeria’s N177.44 billion ($132,417,910.45) represents an outstanding-credit measure for a narrower statistical category. The figures are not directly comparable, and they cannot establish that Equity’s lending performance is superior to that of every Nigerian bank. Nor should Nigeria’s small-scale-enterprise category automatically be treated as equivalent to the entire MSME sector.

That limitation does not invalidate the question. It makes the case for better Nigerian data even more compelling.

Why should a country with a large banking market lack sufficiently clear, consistently reported evidence of how much commercial-bank credit reaches smaller productive enterprises? Why should the industry’s recapitalisation achievements get more attention than giving credit to businesses that keep people working and create jobs?

Small businesses really struggle to get financing. They often don’t have things like collateral, checked financial records, long credit histories or steady income. Banks need to think about these risks. Lending without checking can lead to loans not being paid back, hurting the bank’s money and putting depositors in danger.

But risk management should not become a permanent justification for leaving viable businesses outside formal credit.

The fact is that Nigerian banks could use cash-flow-based lending, supply-chain finance, invoice discounting, purchase-order finance, movable-asset collateral and credit guarantees. Nigerian banks would benefit from using verified transaction data to spot businesses that’re truly strong instead of borrowers whose repayment ability is very weak.

The objective is not to compel banks to lend recklessly. It is to make responsible lending to smaller businesses more commercially viable.

The CBN must also ask for reports on SME lending, such as how many borrowers are active, how many new loans are given, how much money is still owed, what the typical loan size is, what interest rates are used, when loans are due and how well payments are made. Without this data, the country cannot properly determine whether recapitalisation is truly helping people get credit. The CBN needs data to see if the plan is working.

The third question follows naturally: if Nigerian banks are profitable, why is their success not more visible in the productive economy?

Bank profitability is essential. Shareholders put in money to get returns. Depositors want their money to stay safe. Regulators want institutions that can handle economic times. There is nothing bad about banks investing in government securities or other easy-to-sell assets.

The real worry is how the financial system’s rewards and rules shape where capital goes. It’s about whether money flows toward government borrowing or toward private businesses. That balance matters. How the system rewards choices can tilt capital one way or the other. That can affect economic growth and opportunity.

The CBN’s official Money and Credit Statistics provide a useful snapshot. In July 2026, private-sector credit stood at approximately N83.43 trillion, compared with N83.26 trillion in June. Net credit to government declined from approximately N40.03 trillion in June to N33.92 trillion in July. These are the latest monthly observations displayed in the official CBN series retrieved for this article, rather than figures extrapolated from media reports.

The figures do not establish that banks deliberately abandoned businesses or that every reduction in government credit necessarily results in additional private lending. They show that the composition of domestic credit changes over time and should be examined using consistent data.

The IMF’s 2026 assessment identified banks’ holdings of government securities, high cash reserve requirements and structural constraints as factors limiting private credit. When looking at the data, it is clear that government securities made up 22 percent of banks’ total assets. Government securities can give banks liquidity, steady income and a risk-return profile that is fairly attractive. Lending to businesses can bring credit risk, expensive monitoring and uncertainty about repayment. Where government borrowing offers attractive returns, banks have commercial reasons to allocate resources towards sovereign instruments.

The policy concern is not that banks should abandon government securities. It is whether the overall balance of incentives enables enough financing to reach viable private businesses.

Monetary policy also matters. High reserve requirements can constrain the funds available for other uses, although reducing them would not guarantee that the released funds would become productive loans. Credit risk, inflation, the cost of funds and the condition of individual businesses would continue to influence lending decisions.

This is why the CBN and the fiscal authorities must examine the combined effect of monetary policy, government borrowing and prudential requirements on credit allocation.

Morocco’s Attijariwafa Bank is another reference point. Its published 2025 consolidated figures show assets of approximately MAD795.5 billion ($80,580,000,000) and customer loans of MAD447.9 billion ($45,370,000,000). The group operates across markets and has built a large customer base over time.

Those figures do not prove that Morocco has eliminated its financing challenges. They provide a basis for studying how a bank grows a lending franchise, builds customer relationships and expands its operations across markets.

For Nigeria, the concern is whether banking-sector growth is matched by a corresponding expansion in lending rather than being judged mainly by profits, assets and capital raised.

The fourth question concerns regional influence: why should Nigeria’s banking scale not translate into greater financial leadership across Africa?

Nigeria has a large domestic market, internationally connected businesses and banks with experience in corporate finance, digital banking and cross-border transactions. Some Nigerian institutions have established substantial international operations. Suggesting that the industry has no regional achievements would be inaccurate. Building a domestic banking franchise and creating a durable pan-African institution are separate challenges.

Ecobank Transnational Incorporated is another example because its history is strongly connected to regional banking integration. Founded in 1985, Ecobank Transnational Incorporated started as an effort and became a bank that supports many African markets.

With this, in 2025, Ecobank Transnational Incorporated also reported a profit before tax of $801 million up 21 percent year-on-year and net revenue of $2.45 billion, which went up by 17 percent. Ecobank Transnational Incorporated also reported a capital adequacy ratio of 16.7 percent and a cost-to-income ratio of 48.3 percent.

Meanwhile, it should be known that these results show the scale of Ecobank Transnational Incorporated’s operating model, but they do not prove that the bank’s operations are free from challenges. Nor should its dollar-denominated figures be compared directly with the naira results of an individual Nigerian bank without accounting for exchange rates, business mix and reporting differences.

Ecobank’s relevance lies in the development of capabilities that support banking across national boundaries. As African countries pursue deeper economic integration, efficient cross-border payments, trade finance and regional supply-chain financing will become increasingly important.

Nigeria’s banks should be evaluated on how effectively they support these activities. The reality is that a stronger Nigerian banking industry should not only finance large domestic transactions, but it should also help Nigerian businesses compete across Africa.

The fifth question brings the argument back to the regulator: what should the CBN demand from banks after recapitalisation?

The first requirement is to recognise that stronger capital does not automatically eliminate financial vulnerabilities.

The IMF said Nigeria’s capital adequacy ratio fell to 11.7 percent in the quarter of 2025. It also indicated that Nigeria’s non-performing loans rose to 8 percent, which’s above the prudential ceiling. These figures are from Q3 2025, not from the position in October 2026. The IMF blamed this decline on factors, including the effect of naira depreciation on risk-weighted assets, higher provisioning and the migration of restructured exposures, after the end of COVID-era regulatory forbearance.

The figures illustrate why capital raising must be accompanied by sustained attention to asset quality. They should not be used to suggest that the industry’s current capital adequacy ratio or non-performing-loan ratio stays at those levels without evidence.

The CBN must continue to focus on sound underwriting, proper provisioning, effective governance and clear reporting. Financial stability cannot be ignored to push for fast credit growth.

At the same time, prudential supervision should go hand in hand with better information about the real economic impact of growth in the banking sector. The CBN could share consistent data across the industry on lending to small and medium enterprises, manufacturing, agriculture and other productive areas. It should also show how loans are spread across borrower sizes along with details on loan maturities and interest rates. It would also help to include data on the link between banks’ holdings of government securities and their lending to the sector.

Such information would allow policymakers and the public to judge whether recapitalisation is strengthening financial intermediation as well as balance sheets.

The government must also take responsibility for the conditions under which banks operate. Unreliable electricity, poor transport infrastructure, uncertain policies, weak contract enforcement and high operating costs make it harder for businesses to get financing. When companies that could otherwise succeed cannot produce cash flows, banks will naturally become more cautious.

The government needs to improve the investment environment. It must manage its borrowing needs carefully. It should not create incentives that consistently favour government borrowing over private investment. The CBN must strike a balance. It must control inflation. Ensure financial stability while still making sure the credit channel works effectively. Neither institution can solve the problem independently.

The experiences of Attijariwafa Bank, Equity Group and Ecobank do not provide a ready-made blueprint for Nigeria. They offer different examples of institutional development, customer reach, small-business financing and regional expansion.

Their value lies in helping Nigeria ask better questions about what a strong banking industry should deliver.

Nigeria’s banks have contributed to financial sophistication, payments infrastructure, capital formation and corporate financing. Their achievements deserve recognition. But financial success must also be distinguished from the wider economic benefits that a strong banking system is expected to support.

The next phase of banking reform should be measured against three tests. First, do banks have sufficient capital and sound assets to withstand shocks? Second, is credit reaching viable businesses at sustainable terms? Third, is financial intermediation contributing to productive investment, employment and regional trade?

These tests would not require banks to abandon commercial discipline. They would require the industry, its regulator and the government to demonstrate that financial strength is translating into broader economic capacity.

The SME evidence makes this challenge particularly urgent. Nigeria needs better, comparable data on small-business lending, but the available figures already justify a serious investigation into why credit classified to small-scale enterprises represents such a small proportion of total private-sector credit.

Recapitalisation was necessary to strengthen Nigeria’s banks. It should not become the final measure of banking reform. Nigeria has strengthened its banks. The next challenge is to make that strength count more visibly for businesses, jobs and the productive economy.

Akin Osuntokun’s latest intervention, titled ‘Atiku Abubakar Cannot Heckle His Way to the Presidency,’ published in THISDAY on October 16, 2026, is a curious mixture of selective history, political prejudice and recycled allegations masquerading as informed commentary. It is remarkable that at a time when Nigerians are grappling with unprecedented economic hardship, insecurity and growing uncertainty about their future, Osuntokun considers it more important to excavate alleged private conversations from over two decades ago in an attempt to disqualify former Vice President Atiku Abubakar from seeking the presidency.

Of particular interest is his resurrection of a story attributed to former Cross River State Governor Donald Duke, who claimed that former military President Ibrahim Babangida once told President Olusegun Obasanjo that Atiku could not rule Nigeria. This is precisely the sort of tale by moonlight that should have no place in serious political analysis.

According to the account, Babangida allegedly pretended to have forgotten his keys, returned to Obasanjo’s private study and whispered a warning about Atiku. We are then invited to treat this extraordinary recollection of a supposed private exchange as a definitive assessment of Atiku’s presidential suitability.

But where is the independent corroboration? Has Babangida publicly authenticated those precise words? Even assuming, without conceding, that the conversation occurred exactly as narrated, since when did an alleged private judgment made over twenty years ago become a permanent disqualification from democratic leadership?

The irony is that Osuntokun chooses to dwell on what Babangida allegedly said in private while conveniently sidestepping what Obasanjo subsequently declared in public. On October 11, 2018, Obasanjo openly endorsed Atiku for the presidency. He acknowledged their past disagreements, reconciled with his former deputy and offered an unambiguous assessment of his leadership credentials. His words deserve to be recalled: ‘You surely understand the economy better.’ Obasanjo went further, praising Atiku’s business experience, national and international reach, accessibility and capacity to provide leadership superior to that of the incumbent administration.

These were not anonymous whispers behind closed doors. They were public declarations made before political leaders, religious figures and the Nigerian media. Indeed, Obasanjo acknowledged that there had once been an understanding for Atiku to succeed him. That documented admission is considerably more relevant than Osuntokun’s speculative reconstruction of conversations from another political era. One would have expected a commentator concerned with historical accuracy to reconcile these facts rather than cherry-pick episodes that reinforce his preferred conclusion.

As for Babangida, any serious examination of his assessment of Atiku must account for the full history of their political relationship, including subsequent engagements, rather than elevate an uncorroborated remark into an eternal verdict. Neither Obasanjo nor Babangida holds a hereditary franchise to determine who may govern Nigeria. Whatever they may have thought about Atiku at different points in their political lives, the final authority belongs to the Nigerian electorate.

Osuntokun also suggests that Atiku’s age and repeated presidential contests should persuade him to surrender his ambition and become a mentor to younger politicians. This argument is as selective as it is unpersuasive. If age, experience and repeated electoral contests are legitimate subjects of political scrutiny, they must apply equally to all candidates, including President Bola Ahmed Tinubu. They cannot suddenly become disqualifying considerations simply because the candidate under examination is Atiku Abubakar.

Age does not confer competence, but neither does it automatically extinguish it. The appropriate questions concern judgment, capacity, policy, integrity and the ability to assemble a credible governing team.

Atiku has offered Nigerians his experience in public administration, economic management, enterprise development and national leadership. These credentials are open to legitimate scrutiny, just as Tinubu’s performance after more than three years in office must be subjected to rigorous examination.

On zoning, Osuntokun advances the argument that another northern presidency would violate an expectation that power should remain in the South for eight years. Regional balance is important to national cohesion. But zoning is a political arrangement, not a constitutional prohibition against qualified Nigerians seeking elective office. More importantly, it cannot become an instrument for shielding an incumbent from accountability.

Nigerians are entitled to consider regional equity alongside competence, performance, national security and economic survival. It is for voters, not columnists, to decide how these considerations should influence their ballots.

Osuntokun’s attempt to portray Atiku as the principal architect of opposition fragmentation is equally simplistic. The crisis within the opposition cannot credibly be attributed to one individual while ignoring the ambitions, choices and conduct of other political actors. Political parties are collective institutions, and responsibility for their successes and failures must be assessed accordingly. Atiku has participated in efforts to build a broader opposition coalition and now leads the ADC presidential ticket alongside Rotimi Amaechi. Whether that coalition persuades Nigerians is a matter to be settled democratically, not through predetermined assertions about his supposed unelectability.

Then there is Osuntokun’s fascination with Atiku addressing the President as ‘Bola.’ When did addressing a public official by his given name become a constitutional offence or a measure of political desperation? Bola is the President’s name, not an insult. Those who regard its use as an affront should explain why the substance of public accountability matters less to them than presidential titles.

The real political pollution is not calling a president by his name. It is the growing tendency to treat legitimate criticism of public officeholders as an act of disrespect. What Nigerians require from political commentators is a searching examination of governance. How have the administration’s economic policies affected household incomes? What has happened to the purchasing power of wages? How secure are communities? What measurable relief has reached ordinary Nigerians?

These questions deserve more attention than an alleged conversation about misplaced keys in Aso Rock more than twenty years ago. Osuntokun is entitled to his preferences, prejudices and political conclusions. He is even entitled to believe that Atiku should not be President. What he is not entitled to is the pretence that his personal judgment constitutes the verdict of the Nigerian people. In a democracy, presidential ambition is neither granted nor extinguished by the approval of political columnists.

On January 16, 2027, Nigerians will have the opportunity to examine the competing candidates, evaluate their records, consider their proposals and exercise their constitutional right to determine who governs them. They will not be required to consult Osuntokun’s preferred political history before casting their ballots. Atiku Abubakar does not require Akin Osuntokun’s permission to seek the presidency, any more than Bola Tinubu requires his endorsement to pursue re-election.

Both must submit themselves to the sovereign judgment of Nigerians. Ultimately, Atiku’s presidential fate will be determined by the votes of Nigerians, not by Akin Osuntokun’s biases, recycled anecdotes or tales by moonlight. That is democracy. And that is the verdict that matters.

SOS Children’s Villages Nigeria says it has reached approximately 650 households in Edo State through a three-year development intervention, as it prepares to build on the gains with a new project focused on strengthening the resilience of children, young people, families and communities.

Eghosa Erhumwunse, Country Director of SOS Children’s Villages Nigeria, disclosed this during a stakeholder engagement in Benin City to review the achievements of the outgoing project and consolidate its impact in partnership with the Edo State Government, community leaders, development partners and beneficiaries.

Erhumwunse said the intervention prioritised vulnerable and hard-to-reach populations, particularly families and children often excluded from mainstream development programmes, while strengthening the capacity of communities to support their welfare and long-term development.

He said the project covered 400 households in its first phase and another 250 in the second phase, bringing the total to approximately 650 households. Based on an estimated average of four persons per household, the intervention potentially reached about 2,600 people.

The country director said the organisation considered community ownership essential to the sustainability of development interventions, stressing that families and communities must be empowered to maintain the gains made after a project ends.

He explained that the completion of the three-year programme would not signal the end of the organisation’s activities in Edo, as it was preparing to introduce a new initiative, Seed of Change, to address broader challenges affecting children, young people, families and their communities.

According to him, the new project, also supported by the German government, would build on previous interventions by strengthening resilience and promoting systemic changes that can sustain development outcomes beyond the period of donor funding.

Erhumwunse described the organisation as an implementing partner that facilitates collaboration between the donor and communities in Edo, noting that the progress recorded depended on the collective contributions of government institutions, community leaders, families, young people and other development partners.

Joy Irenonsen Ihensekhien, Permanent Secretary of the Edo State Ministry of Women Affairs and Social Development, who represented the commissioner, Eugenia Abdallah, commended SOS Children’s Villages Nigeria for its partnership with the state government and its support for vulnerable women, children and communities.

Ihensekhien said the ministry contributed to the programme through manpower, training facilities and other forms of support for capacity-building activities designed to empower beneficiaries and improve their ability to become self-reliant.

She expressed the state government’s appreciation for the collaboration, noting that partnerships between public institutions and development organisations remained important in helping vulnerable households cope with prevailing economic pressures.

The Federal Ministry of Labour and Employment has inaugurated the Diving Governing Board, headed by Kamil Shoretire, the Permanent Secretary, following concerns over safety and a regulatory gap in the sector.

BusinessDay gathered that the move will help to strengthen the enforcement of safety regulations and protect workers engaged in commercial diving operations across Nigeria.

Annah Daniel, Head of Press and Public Relations of the Ministry, in a statement on Saturday, said the move will ensure effective implementation of the Factories (Diving at Work) Regulations, 2018, and address safety risks associated with offshore, inshore and inland water diving operations.

Maigari Dingyadi, the Minister of Labour and Employment, described the inauguration as a significant step towards strengthening the regulation of commercial diving and eliminating longstanding safety gaps in the sector.

He said the expansion of Nigeria’s maritime activities, oil and gas exploration, port development and underwater engineering had made the safety and welfare of commercial divers a national priority.

‘As Nigeria’s blue economy expands rapidly through maritime investments, oil and gas exploration, port developments, and underwater engineering, the safety and welfare of our commercial divers have transitioned from being a peripheral concern to a top national priority,’ the Honourable Minister said.

Dingyadi, who described commercial diving as one of the most hazardous industrial occupations, added that ‘the sector had faced regulatory gaps, inadequate standardisation and unacceptable risks to human life over the years.’

He said the inauguration of the Board was intended to bridge the gap between the existence of safety regulations and their effective implementation.

‘However, a legal framework is only as effective as the institution driving its implementation,’ he said.

The Minister charged members of the Board to ensure strict compliance with the Factories (Diving at Work) Regulations, 2018, stressing that diving projects must not commence without the required medical fitness certification, approved operational plans and competent personnel.

He also tasked the Board with working with recognised training institutions, including the Nigerian Navy Diving School and accredited civilian centres, to establish transparent certification pathways for commercial divers and address reliance on unverified foreign credentials.

Dingyadi further urged the Board to establish a transparent register of approved diving contractors, supervisors, instructors and medical examiners to eliminate unqualified operators and improve accountability in the industry.

He reminded the board members that their responsibility extended beyond regulatory compliance to protecting the lives of Nigerian workers engaged in hazardous underwater operations.

‘You carry the heavy responsibility of ensuring that every diver goes to work and returns home safely to their families,’ he said.

The Minister assured the Board of the Ministry’s administrative and logistical support, urging its members to establish clear operational guidelines and ensure strict enforcement of safety standards.

‘We expect you to hit the ground running, institute transparent operating guidelines, and restore absolute discipline and safety to the nation’s commercial diving sector,’ he added.

Earlier, Kamil A. Shoretire, the Permanent Secretary, described the inauguration as a critical step towards the effective implementation and enforcement of the Factories (Diving at Work) Regulations, 2018.

He explained that the regulations were developed as subsidiary legislation under the Factories Act, Cap F1, Laws of the Federation of Nigeria, 2004, to address emerging workplace safety challenges and strengthen protection for workers in high-risk environments.

Shoretire said the Ministry had continued to discharge its statutory responsibility for occupational safety, health and welfare through the enforcement of the Factories Act and its subsidiary regulations, as well as advocacy, stakeholder engagement and other promotional activities.

He noted that workplace machinery, equipment, materials and operational methods had changed significantly with advances in science and technology, making it necessary for regulations to respond to emerging occupational hazards.

‘It is in realization of the limitations of the Factories Act that would arise over time that provision was made in Section 49 of the Act empowering the Honourable Minister of Labour and Employment to issue regulations as the need arises, for securing the safety, health, and welfare of workers in our workplaces,’ he said.

The Permanent Secretary stressed that strict compliance with the diving regulations was essential to preventing accidents, injuries and fatalities associated with hazardous diving operations.

‘The importance of this Diving Governing Board inauguration, therefore, cannot be overemphasized, considering that diving operations are commonly in use in various workplaces in Nigeria, and constitute very hazardous and high-risk operation due to the risks that may be associated with diving in confine spaces,’ he said.

He warned that failure to observe prescribed safety measures could result in occupational illnesses, deaths and extensive damage to plant and equipment.

Shoretire therefore called on stakeholders across the economy to comply strictly with the regulations, noting that effective implementation would help prevent workplace accidents and improve safety standards in the diving sector.

The Diving Governing Board is expected to provide strategic oversight for the implementation of the regulations, promote standardisation of training and certification, and strengthen compliance with safety requirements governing commercial diving operations in Nigeria.

Redeemers University’s Institute of Genomics and Global Health (IGH) hackathon has reiterated the need for interdisciplinary collaboration in proffering home-grown solutions for African health challenges.

This was the outcome of its 2026 XR and Al Genomics Hackathon, themed, ‘From Genome to Impact: XR and Al Solutions for African Health,’ culminating in a Demo Day at the IGH/ACEGID Auditorium, Redeemer’s University, Ede, Osun State.

The hackathon brought together participants from science, technology, 3D design and science communication to develop immersive learning experiences aimed at making complex genomic procedures easier to understand.

Adedayo Okunfolami, CITIO at IGH and convener, XR and Al Genomics hackathon 2026, stated that the central challenge is to ensure that emerging technologies are scientifically accurate, accessible to their intended users and connected to clearly defined needs.

According to him, Genomics can contribute to understanding health and disease, while immersive technologies can offer new ways to explain scientific concepts and practise selected procedures in simulated environments.

Five teams develop virtual reality prototypes for polymerase chain reaction (PCR), training as IGH builds its GenomicsXR platform and creates new pathways for the next generation of genomics talent.

Okunfolami stated that the initiative reflects IGH’s wider ambition to preserve the legacy of genomics education, encourage younger scientists to enter the field, and explore how emerging technologies can help people understand scientific processes that are often difficult to visualise.

‘At the centre of this effort is GenomicsXR, an extended reality (XR) product being developed to bring genomics activities and laboratory procedures into interactive virtual experiences.’

According to him, the 2026 hackathon focused on the next module PCR, a laboratory technique used to make many copies of a selected DNA segment for analysis; while its first module, DNA Extraction, was deployed in 2025.

Rather than asking one group to build the entire PCR experience, Okunfolami disclosed that the workflow was divided into five stages, while each stage was a team. ‘The result was five separate prototypes intended to contribute to a larger, connected learning experience.’

Adeleke Osho, Provost, Postgraduate School, Redeemer’s University and lead judge, announced the results of the hackathon on Demo Day,

According to him, team 5 emerged as the overall winner, followed by team 2 in second place and team 3 in third place. Accordingly, team 4 placed fourth, while team 1 finished fifth.

The results recognised the teams’ work in developing their respective stages. He also disclosed that the next step would see participants review and connect the separate contributions so that users can move through the PCR process as a single learning experience.

The death toll from a gunmen attack on Binnari village in Karim Lamido Local Government Area of Taraba State has risen to 48, with 15 residents fleeing the assault reportedly drowning in a boat mishap while escaping from the attackers.

The Taraba State Police Command confirmed that 10 people were killed on the first day of the attack on Friday, while 38 others died or were found dead on Saturday morning, comprising 15 victims of the boat mishap and 23 whose bodies were recovered from the bush.

Victor Mshelizah, Police Public Relations Officer of the Taraba State Command, confirmed the figures to BusinessDay, explaining that the boat mishap occurred as residents attempted to escape the gunmen.

Mshelizah said the boat may have been carrying more passengers than its capacity, while the inadequate number of life jackets contributed to the deaths of the 15 victims.

The police spokesperson said officers were deployed immediately after the incident was reported, while additional personnel were sent to the area on Sunday morning to reinforce security.

He added that calm had returned to the affected community as of the time of filing this report.

The latest police figures exceed the initial casualty count reported by Amnesty International, which said at least 40 people were killed in the attack.

The attack reportedly occurred on Friday afternoon, shortly after Muslim Juma’at prayers, when armed men invaded Binnari village in large numbers.

Reports indicated that the attackers arrived on about 50 motorcycles, with each motorcycle carrying two armed men.

They reportedly opened fire indiscriminately on residents, setting houses, shops and stores containing food supplies ablaze.

The assailants were also reported to have looted cash and provisions before fleeing the community, leaving residents dead, injured or missing.

Amnesty International criticised the Federal Government over what it described as a slow response to the attack, arguing that vulnerable rural communities had been left exposed to armed criminal groups operating with considerable impunity.

Residents were also reported to have sustained injuries, while several others remained missing after the assault.

The full extent of the damage to homes, businesses and food supplies was not immediately established.

The Chairperson of the Oyo State Rule of Law Enforcement Authority (OYRLEA), Aderonke Adekemi Aderemi, a retired Judge, has declared that there would be no sacred cow in the enforcement of the Oyo State Anti-Open Rearing and Grazing Regulation Law, warning that violators risk a fine of N500,000 or 5 years’ imprisonment for first offenders.

Aderemi, who gave the warning during a live Radio interview in Ibadan, said OYRLEA was established in April 2024 by Governor Seyi Makinde to put an end to lawlessness and ensure total compliance with extant laws on environment, traffic, agriculture and public order.

She revealed that the Authority has commenced intensive enforcement operations, including dawn operations that led to the impounding of cattle at Atowoda in Ido LGA, Batake Village along Ibadan-Eruwa Road, Idi-Iroko, Moniya, and government farm settlements in Ido, Ijaye and Akinyele.

‘Open grazing is illegal in Oyo State. The law is very clear. Our farm settlements are for farmers, not for herders. If you want to rear cattle, go to the Ministry of Agriculture, get a licence and get a ranch allocated to you. You cannot destroy people’s crops and livelihoods and go scot-free,’ she said.

The retired jurist cited Section 16(1) of the Oyo State Open Rearing and Grazing Regulation Law, 2019, which prescribes 5 years imprisonment or N500,000 fine for first offenders, and 10 years or N2 million for subsequent offenders, in addition to compensation to victims based on the Ministry of Agriculture’s assessment.

On the allegation of bias and extortion during enforcement, the Chairperson dismissed it as false and misleading.

‘Our operations are based on petitions from farmers and verifiable evidence of crop destruction. Due process is always followed. Anyone who feels aggrieved should report to us, not blackmail the Authority on air,’ she stated.

Aderemi disclosed that OYRLEA has also sustained massive sensitisation through radio and television jingles, stakeholder roundtables with farmers, herders, traditional rulers and livestock dealers, and the establishment of joint conflict resolution committees to prevent escalation.

She therefore urged residents to report violations promptly, stressing that public cooperation is key to achieving a cleaner, safer and food-secure Oyo State.

‘We are not targeting any tribe or occupation. We are protecting the rule of law. Whether you are rearing cows in a residential area, dumping refuse or trading on the road, the law will catch up with you,’ she warned.

Alexander Isak scored for the third consecutive Premier League game as Liverpool defeated Brighton 2-0 on Sunday, giving manager Andoni Iraola his first league victory at Anfield.

Liverpool struck twice in quick succession in the first half, with Pascal Gross scoring an own goal before Isak added the second.

Isak has now scored six goals in seven league appearances this season, including three in his last four matches.

The victory also gave Iraola his first taste of Premier League success at Anfield. The Spaniard had failed to win his first three league games at the venue since arriving from Bournemouth in the close season.

Iraola, who had already secured Champions League and League Cup victories at Anfield, has now guided Liverpool to four consecutive wins in all competitions following their chastening 3-0 home defeat against Manchester City.

Liverpool climbed to fourth place, one point behind third-placed Brighton, after handing the Seagulls their second league defeat of the season.

The Reds remain six points behind leaders Manchester City as they look to build momentum in the title race.

Liverpool had gone five home league games without a win dating back to last season, drawing four and losing one. However, they overcame Brighton with a composed performance, ending the visitors’ recent scoring run after the Seagulls arrived at Anfield as the league’s top scorers.

Brighton had an early opportunity to take the lead when Diego Gomez’s pass caught Virgil van Dijk out of position. Gross crossed for Yasin Ayari, but the midfielder fired wastefully over with the goal at his mercy.

Nigeria has called for reforms to the international credit rating system and increased mobilisation of long-term capital to finance Africa’s infrastructure and development priorities, as the country pushes for a new model of global economic partnerships based on sovereignty and mutual benefits.

Sola Enikanolaiye, minister of state for foreign affairs, made the call at the Berlin Global Dialogue 2026, where he advocated greater strategic autonomy for African countries in shaping economic partnerships and advancing their national interests, a statement obtained by BusinessDay, on Sunday, indicated.

Speaking at a high-level panel on ‘Foreign Policy by Other Means: Trade, Technology, and Geopolitical Power’ and a policy lab on infrastructure and investment, Enikanolaiye said Africa needed partnerships that reflected its priorities, respected its sovereignty and promoted shared prosperity.

He said Nigeria’s doctrine of strategic autonomy would enable the country to engage with different geopolitical blocs without being constrained by their ideological differences, while protecting its national interests and those of Nigerian businesses.

‘It allows us a space of action regardless of ideology or political complexion of the various blocs to advance our own national interest, including those of Nigerian companies,’ he said.

The minister also called for a shift away from the traditional extractive economic model, urging African countries to prioritise local processing and value addition rather than continue exporting raw minerals.

He said the continent needed to develop stronger domestic industrial capacity to retain more economic value from its natural resources, create jobs and strengthen its position in global trade.

On infrastructure, Enikanolaiye stressed the importance of developing bankable projects capable of attracting sustainable investment, alongside building the technical skills needed to implement and maintain them.

He noted that Africa’s average gross domestic product growth rate stood at 4.3 per cent, compared with an ambition of seven per cent, arguing that achieving the higher target would require stronger investment flows and more effective financing arrangements.

He called for reforms to the international credit rating system, which influences how countries are assessed by investors and the cost at which they borrow, while welcoming the establishment of the African Credit Rating Agency as part of efforts to strengthen the continent’s financial assessment capacity.

The minister said mobilising long-term capital remained essential to financing Africa’s development agenda, particularly in infrastructure and productive sectors that require substantial investment over extended periods.

He also reaffirmed Nigeria’s commitment to fiscal discipline, transparency, democracy and the rule of law, describing these principles as important foundations for credible international partnerships and sustainable economic development.

The ISO World Summit, a premier annual platform dedicated to advancing organisational

performance and raising awareness about the vital importance of ISO compliance in business operations, will soon convene key stakeholders in Nigeria.

The event is confirmed to hold on October 29, 2026, at the Sheraton Hotel, Mobolaji Bank Anthony Way, Ikeja, Lagos.

The summit will bring together industry leaders, policymakers, and compliance experts to advance

dialogue, foster learning, facilitate networking, and drive practical action on global ISO frameworks.

This year’s summit, themed ‘Quality Creates Trust, Trust Builds Brands’, is organised by ISO World Consult Limited, a leading consulting firm that helps businesses translate international ISO standards and Quality, Health, Safety, and Environment (QHSE) compliance into everyday workflows.

A vital objective of the 2026 summit is driving full alignment with ISO standards and compliance.

To achieve this, organisers and participating institutions are focusing on upgrading documentation, refining organizational write-ups, and embedding a deep-rooted culture of quality across all operational levels.

Discussions at the ISO World Summit 2026 will focus on inspiring organisations to view quality not merely as a compliance obligation, but as a strategic business culture capable of strengthening brands, improving performance, and creating sustainable value.

Another major highlight of the event will be the International Quality Certification Awards. This prestigious ceremony will recognise exceptional organizations and individuals making measurable

contributions to advancing ISO standards, quality management, brand trust, and operational

excellence across Nigeria.

To deliver a truly robust and immersive quality gathering, ISO World Consult Limited has proudly

partnered with AFRIBIS for this year’s edition. A key feature of this collaboration will be the presentation of authentic gold-sealed certificates and golden plaques to 51 confirmed leading organisations.

Mirroring the summit’s core commitment to global ISO standards, the entire awards process guarantees absolute credibility and transparency, with all nominations undergoing rigorous evaluation by an independent panel of certified auditors.