Category: Business Day

Ghana’s reserves hit 12-month low despite strong gold exports

Ghana’s gross international reserves fell to $11.07 billion in August, their lowest level in 12 months, despite strong gold export earnings. Data from the Bank of Ghana show reserves dropped by about $1.9 billion between June and August, from $12.94 billion to $11.07 billion, and are now about $3.09 billion below their level at the end of the first quarter. Import cover has also fallen to 4.2 months from 5.7 months at the start of the year.

The central bank said rising foreign exchange demand towards the end of the year, a projected current account deficit and a pause in gold exports by the Ghana Gold Board could put further pressure on the country’s external position. Governor Johnson Asiama said rebuilding reserves would be a key priority in the coming months.

Why it matters: Lower reserves reduce Ghana’s foreign exchange buffer and could make it harder for the central bank to respond to currency or external payment pressures if dollar demand rises.

Kenyan banking giants lose market share as mid-sized lenders gain ground

Kenya’s largest banks lost market share in 2025 as mid-sized lenders expanded their assets, deposits, capital and profits. According to the Central Bank of Kenya’s latest Bank Supervision Annual Report, the combined market share of large banks fell to 69.7 percent in December 2025 from 75.6 percent a year earlier, while mid-sized banks increased their share to 23.2 percent from 16.7 percent.

Mid-sized banks’ combined assets rose from KSh1.24 trillion to KSh1.84 trillion, while deposits increased to KSh1.39 trillion. Their combined profit before tax more than doubled to KSh58 billion, compared with KSh27 billion a year earlier. Kenya’s overall banking sector also expanded, with total assets rising 10.3 percent to KSh8.35 trillion.

Why it matters: The shift gives smaller lenders a larger role in Kenya’s banking market and shows that competition is increasingly extending beyond the country’s traditional banking giants.

Zambia’s inflation falls to eight-year low, raising rate cut hopes

Zambia’s annual inflation rate fell to 6.1 percent in September from 6.2 percent in August, reaching its lowest level since February 2018. The decline extended the disinflation trend to nine consecutive months, with food inflation easing to 5.8 percent while non-food inflation remained at 6.6 percent.

The moderation strengthens expectations that the Bank of Zambia could cut its policy rate for a fourth time this year. However, temporary tax measures, including fuel tax suspension and zero rating of VAT, are due to expire on September 30, while monthly inflation accelerated to 0.4 percent from 0.2 percent in August.

Why it matters: Continued disinflation gives Zambia more room to lower borrowing costs and support economic activity, although the end of temporary tax measures could put renewed pressure on prices.

South Africa raises repo rate to 7.25% as inflation risks return

The South African Reserve Bank raised its policy rate by 25 basis points to 7.25 percent, its first increase since May, as higher fuel prices and a weaker global economic outlook raised inflation risks. The unanimous decision came after headline inflation rose to 4.4 percent in August from 4.3 percent in July.

The SARB now expects inflation to rise above five percent later this year and in early 2027 before easing. It raised its 2026 inflation forecast to 4.4 percent from four percent, while cutting its economic growth forecast to 1.2 percent from 1.4 percent.

Why it matters: South Africa is tightening policy even as growth remains weak, creating a difficult balance between containing imported energy inflation and avoiding further pressure on household spending and business investment.

Ghana holds policy rate at 14% as global tensions threaten inflation

The Bank of Ghana kept its key policy rate at 14 percent for a third consecutive meeting, as global conflicts and supply chain disruptions create new risks to inflation. The decision was unanimous and came after inflation increased to five percent in August from 4.6 percent in July, although it remains below the lower end of the central bank’s target band.

Governor Johnson Asiama said exchange rate stability has helped contain imported inflation, while borrowing costs have continued to ease. Average bank lending rates declined by 15.9 percent and private sector credit growth recovered, while the banking sector remained solvent, profitable and liquid.

Why it matters: Ghana’s rate pause supports cheaper credit and economic activity, but rising oil prices, geopolitical tensions and supply disruptions could make it harder to sustain the country’s recent inflation gains.

Nigeria’s digital health sector is expanding as technology increasingly changes how patients access medical services. The market is projected to exceed ?180 billion by the end of 2026, with a growing number of telemedicine platforms connecting patients with healthcare professionals across the country. One emerging area of demand is among Nigerians living abroad who need to coordinate healthcare for parents, relatives, and other loved ones at home.

VigorCare, operated by Vigor Medical Services Limited, is among the platforms seeking to address this challenge. Its healthcare coordination model connects patients and their sponsors through the VigorCare app, while doctors, nurses and specialists use the VigorProvider app to deliver care. The platform offers teleconsultations, triage support, access to a network of healthcare providers and digital payment services to make healthcare coordination more accessible for families managing care across borders.

As telemedicine adoption grows and demand for diaspora-focused healthcare services increases, BusinessDay’s Oluwafemi Mayowa Olusola spoke with Ronke Fakorede, Director at VigorCare, about how telemedicine works in practice, the healthcare challenges faced by Nigerians supporting relatives from abroad, and the opportunities and limitations of technology-enabled healthcare delivery. In this interview, she explains VigorCare’s approach, how patients and healthcare providers interact through the platform, and what the growth of telemedicine could mean for Nigerian families at home and abroad. Excerpts…

‘A digital record can make the process easier to follow by showing information such as whether a scheduled consultation took place and whether further action was recommended. Where a patient chooses to share relevant information with a sponsor, this can also help the person supporting the care understand what has been done and what may be required next.’

What exactly is VigorCare?

VigorCare is a healthcare coordination platform designed to help patients and the people supporting their care manage consultations, payments, and follow-up remotely. It is particularly relevant to families where the person arranging or paying for care may not be in the same location as the patient. The platform has two connected applications: VigorCare for patients and sponsors, and VigorProvider for doctors, nurses and other healthcare professionals. Depending on the service required, users can access teleconsultations, triage, healthcare providers and payment services through the platform.

What does ‘telemedicine’ actually mean?

Telemedicine refers to providing certain healthcare services remotely, usually through a telephone or video consultation rather than a physical appointment. It can allow a healthcare professional to assess a patient’s reported symptoms, provide advice, discuss an existing condition, or determine whether the person needs further examination. It is useful in situations where a physical consultation may not be necessary, but it does not eliminate the need for in-person care when that is clinically required.

Is telemedicine meant to replace hospitals and clinics?

No. Telemedicine complements rather than replaces physical healthcare services. It can be useful for consultations, follow-up appointments, some chronic-care management, and initial guidance, but some situations require a physical examination, diagnostic tests or immediate treatment. Symptoms such as severe chest pain, difficulty breathing, uncontrolled bleeding or possible signs of stroke require urgent in-person medical attention. Telemedicine should not be used as a substitute for emergency care.

Who is VigorCare actually for?

It is intended for patients who need access to healthcare services and for people who help organise or finance their care. This can include Nigerians living abroad who support parents or relatives in Nigeria, as well as people within Nigeria who are helping family members in another city or state. Healthcare professionals are another part of the platform, using VigorProvider to participate in consultations and provide care within the services available.

How does a consultation on VigorCare actually work?

The patient completes the relevant triage information and books a consultation through the VigorCare platform. The patient can then connect with a healthcare professional through a video or voice consultation, depending on the service available. Following the consultation, the healthcare professional may provide advice, recommend follow-up care, issue a prescription where appropriate, request further tests, or recommend an in-person visit. The relevant information is recorded on the platform so that the patient has a record of the consultation and any recommended next steps.

Why does that record matter?

For families supporting healthcare from a distance, knowing what happened after money was sent for treatment can sometimes be difficult. A digital record can make the process easier to follow by showing information such as whether a scheduled consultation took place and whether further action was recommended. Where a patient chooses to share relevant information with a sponsor, this can also help the person supporting the care understand what has been done and what may be required next.

When should someone choose a video consultation instead of going to a hospital?

A virtual consultation can be useful for follow-up discussions, some aspects of chronic-condition management, seeking another medical opinion, or discussing symptoms before deciding whether further care is necessary. It can also be useful when distance makes an initial consultation difficult. However, it is not appropriate for emergencies or situations where a physical examination or immediate intervention is necessary. VigorCare is not an emergency medical service.

How are the doctors and providers on VigorCare verified?

Healthcare professionals who provide services through the platform go through a verification process before joining the provider network. The purpose is to establish that providers meet the relevant professional and licensing requirements. Patients should still understand that a telemedicine platform does not remove the normal limitations of remote medical consultations, particularly where a diagnosis requires physical examination or testing.

What happens to a patient’s medical information? Is it private?

Patient information is used in connection with the healthcare services being provided and should be handled in accordance with applicable privacy and healthcare requirements. Information shared with a sponsor is subject to the patient’s consent and the permissions applicable to the service. A sponsor supporting a patient’s healthcare should not be assumed to have unrestricted access to that person’s medical information.

Can a sponsor abroad pay for care directly through VigorCare?

Yes. Where the relevant payment service is available, a sponsor can pay for healthcare services through the platform. This allows the payment and the related healthcare activity to be connected within the same digital process, rather than requiring the sponsor to arrange every part of the transaction separately. The specific services available may depend on the type of care being requested.

What can’t VigorCare do yet?

VigorCare does not replace hospitals, laboratories, pharmacies, or emergency medical services. It is primarily a coordination and access platform, so there are limits to what can be done remotely. A patient may still need to visit a hospital, undergo diagnostic testing, or receive treatment in person. Services that are not currently available on the platform should not be assumed to be part of its offering.

How does someone get started with VigorCare?

Patients and sponsors can access the VigorCare application, while healthcare professionals use the VigorProvider application. Both applications are available through the Google Play Store and Apple App Store. Users can then register and select the services relevant to their healthcare or provider needs.

A company adds customers by the day. Revenue climbs. The team hires and hires again. Then, without warning, everything slows. Deadlines slip. Customers leave. Staff quit. The founders ask what happened. The answer stands in view already: growth arrived, but structure never did.

This pattern repeats across industries. CB Insights found that running out of cash accounts for 38% of startup failures, and a lack of structure inside teams often drives that shortfall. McKinsey has tracked change efforts for decades and reports that around 70% fail to reach their goals, a figure that holds steady across sectors and company sizes. Harvard Business Review has documented that companies that grow headcount by more than 40% within twelve months face a much higher chance of breakdown within two years. These figures point to one conclusion: expansion without a framework behind it tends to fail, not succeed.

The cracks that open first

Growth exposes weakness before it rewards effort. A business without structure tends to show the same signs:

? Decisions pile up on one person, because no one else holds authority to make them.

? Communication breaks into fragments, so departments duplicate work or contradict each other.

? Onboarding disappears, and new hires learn their roles through guesswork.

? Errors reach customers, because no process exists to catch them first.

? People stop trusting a system that changes by the week, and culture erodes with it.

Why founders resist structure

Many leaders treat structure as a threat to speed. They built a company on instinct and momentum, and they fear that rules will slow both down. This fear misses the point. Structure does not replace judgement; it protects it. Without structure, judgement gets spent on problems that a system should catch on its own. A founder who reviews every invoice, every hire, every complaint has no capacity left to think about direction. Structure hands that capacity back.

There is a second reason founders resist structure, one they rarely say aloud: structure forces a founder to admit that the company has outgrown them. In the early days, one person can hold the whole business in their head. They know every customer, every supplier, every line of code. Structure means handing pieces of that knowledge to other people, and trusting them with it. That handover feels like a loss of control, even though it is the only path towards a company that can outlast its founder. Businesses that skip this step often stay dependent on one person long after that dependence stops serving anyone.

What structure actually looks like

Structure does not mean bureaucracy. It means clarity. A company with structure can answer, without hesitation, who owns which decision, how information moves between teams, and what happens when something goes wrong.

? Ownership sits with one person per function, not spread across several desks.

? Recurring work follows a written path, so it survives staff turnover.

? Teams review results on a schedule, not only after a failure.

? Hiring and expansion follow capacity, not ambition alone.

The cost of waiting

Leaders often delay structure until a crisis forces their hand. By then, the cost has multiplied. Staff have left. Customers have moved to competitors. Trust, once lost, returns slowly if at all. Building structure early costs time and discomfort. Building it late costs the company itself.

A crisis-driven structure also arrives with a different tone. Instead of a framework built to support people, it becomes a set of rules imposed to prevent the last disaster from repeating. Staff feel punished rather than supported, and morale drops further at the exact moment a company needs its people most. Structure built ahead of trouble reads as care. Structure built after trouble reads as control. The same policies, introduced at different points, land in opposite ways.

A choice, not a constraint

Structure asks a question that ambition often skips: what happens when this works? Growth without an answer becomes growth without a floor. The company rises until something gives way, and nothing catches it. The founders who last are not the ones who grew fastest. They are the ones who built a floor before they built height.

Growth remains the goal. But growth without structure carries its own end inside it. The choice is not between growth and structure. It is between structure now, on your own terms, or structure later, forced by collapse.

No company gets structure right on the first attempt, and none should wait for a perfect version before they start. A single owner assigned to each decision, one process written down this week, one review scheduled for next month: each step moves a company away from the edge. The work never finishes, because growth keeps changing what structure needs to hold. That is not a flaw in the idea. It is the reason structure matters at every stage, not only at the start.

.Ochugbua is a results-driven media and marketing leader with 17+ years of experience, including 12 in the media industry. As Digital Sales Manager at BusinessDay Media, she drives digital revenue growth, leads high-performing teams, and delivers innovative advertising solutions. A certified APCON member and award-winning professional, Linda is passionate about mentorship, storytelling, and building transformative platforms in Africa’s media space.

Global 6G connections are projected to reach 2.4 billion by 2035, marking a rapid expansion of the next-generation mobile technology after commercial launches begin around the end of the decade, according to GSMA Intelligence.

The research arm of the GSMA expects 6G connections to rise from about 50 million at the end of 2030 to 275 million in 2031 and nearly 740 million in 2032, as operators and technology companies build out the ecosystem around the new standard.

The forecast indicates that 6G will cross the one-billion connection mark in 2033, reaching about 1.3 billion connections by the end of that year. Connections are then expected to rise to 1.9 billion in 2034 before reaching 2.4 billion in 2035.

GSMA Intelligence expects 6G to account for about 0.5 percent of global mobile connections by the end of 2030, reflecting an initial period of limited commercial deployment before adoption accelerates.

The growth is expected to occur in two distinct phases. Between 2030 and 2032, 6G deployment will be driven mainly by initial commercial launches and ecosystem development. From 2033, GSMA Intelligence expects the technology to move into global-scale operations as device availability, network coverage and supporting infrastructure expand.

Despite the rapid growth, 6G is not expected to immediately displace existing mobile technologies.

GSMA Intelligence forecasts that 5G will still account for around 60 percent of global mobile connections in 2035, compared with 23 percent for 6G. This points to a prolonged period in which operators will manage multiple generations of mobile technology rather than move customers wholesale from 5G to 6G.

Matthew Iji, head of data modelling and forecasting at GSMA Intelligence, said the 2035 projection should be viewed as a milestone in the development of 6G rather than its final destination.

By 2035, he said, 6G will have become firmly established in the global mobile technology mix while 5G remains the larger technology base and 4G continues to serve many markets.

‘This coexistence is likely to be one of the defining characteristics of the early 6G era,’ Iji said.

China is expected to have a particularly significant influence on global 6G adoption because of the size of its mobile market.

GSMA Intelligence forecasts that China will account for more than half of global 6G connections by 2035. It also expects several other leading mobile markets to have around half of their connections running on 6G by the middle of the decade.

The forecast suggests that the transition to 6G will therefore be less about replacing 5G outright and more about adding another layer to an increasingly multi-generation mobile ecosystem.

For operators, the prolonged coexistence of 4G, 5G and 6G is likely to require continued investment across network infrastructure, spectrum, devices and supporting technologies as adoption develops at different speeds across markets.

The projected 2.4 billion connections would represent a substantial expansion from the estimated 50 million connections expected during the first year of commercial 6G deployment, underscoring the anticipated acceleration once the technology moves beyond its initial launch phase.

The Amalgamated Union of App-based Transporters of Nigeria (AUATON) has declared a mega protest in October that will see them shut down the Bolt and inDrive apps in Lagos as the union presses for a 10 percent commission cap and a review of platform fares.

According to the statement, signed by Jaiyesimi Azeez, chairman of the Lagos State Council of the union, the mega protest is intended not only to draw massive attention to the plight of e-hailing drivers and other app workers, but to also bring the two major apps in the country, Bolt and inDrive, to the table.

AUATON noted that rising operational costs, vehicle financing obligations, fuel expenses, maintenance costs, insurance, data subscriptions, government levies and other daily expenses have placed enormous financial pressure on drivers.

The union, however, noted that despite these challenges, ride-hailing companies have refused to adjust their existing fare and commission structures to reflect these realities, creating serious concerns about the sustainability of the profession.

‘The proposed Mega Shutdown is a structured and collective industrial action intended to draw the attention of relevant stakeholders, regulatory authorities and app-based transport companies to the legitimate concerns of drivers.

‘It is a coordinated demand for fairness, transparency, dignity, welfare and sustainable working conditions for app-based transporters,’ the statement read.

AUATON also disclosed fare review, as its core demand from Bolt and inDrive, noting that app companies must review fares to reflect the prevailing economic realities and the actual cost of operating a vehicle.

The union demanded a substantial reduction in commissions with a target of not more than 10 per cent, which will be subject to negotiations and a transparent explanation of any additional charges or deductions.

AUATON called for an end to fare and commission manipulation, stating that any significant change to fares, commissions, subscriptions or other financial terms should be preceded by meaningful consultation with driver representatives.

It further demanded that Bolt and inDrive establish meaningful welfare structures for drivers, including health insurance, accident support, emergency assistance, retirement/social protection initiatives and driver support programmes.

AUATON also called for transparency in trip pricing, urging both platforms to provide drivers with clear information on passenger fares, driver earnings, platform commission, discounts, promotional deductions, other charges, trip distance and duration, and applicable pricing variables.

‘Drivers should be able to understand exactly how the amount credited to them was calculated,’ the union said.

AUATON further demanded proper rider verification to enhance driver safety, which includes consideration of NIN-linked identity verification, subject to applicable Nigerian privacy, data protection, and regulatory requirements.

‘The objective is to reduce impersonation, fraud, robbery, assault and other security risks affecting both drivers and passengers.

‘The mega protest also aims to push for proper regulation of the e-hailing industry and create a framework for constructive negotiations between drivers, the Union, the government and platform operators,’ the statement read.

The union acknowledged that drivers’ financial obligations could limit participation in the industrial action, as many operate under hire-purchase arrangements, rentals, daily remittances and other repayment commitments. It said prolonged periods offline could therefore expose some drivers to significant financial hardship.

‘Rather than ignoring this reality, AUATON Lagos is proposing a strategic alternative. The Council shall engage credible Nigerian/local mobility platforms capable of providing drivers with an alternative operating environment where appropriate.

‘The objective is not merely to replace one application with another. The objective is to promote an industry model that places drivers at the centre of its economic structure,’ AUATON stated.

The union noted that any local platform to be considered shall be subjected to proper evaluation, including fare structure, commission model, driver welfare provisions, safety mechanisms, payment transparency, customer support, data protection, driver participation in decision-making, dispute-resolution mechanisms, regulatory compliance and sustainability of the business model.

The girl sat with vacant eyes, her head at an angle. There was a din around her, noise from a nearby car, and lots of talking going on around her. We were both in the same space. I was engaged with a trader in the middle of Wuse’s market, but she sat still inside the store, hardly moving. I was surprised that the noise did not affect her gaze, and the cacophony did not break her stillness.

Then a woman who looked old enough to be her mother walked into the shop carrying a bright orange handbag and half a smile. ‘Let’s go,’ she said to the girl whose gaze remained fixed on nothing in particular. She nudged her verbally twice before the girl even noticed that she was being spoken to. She was certainly not present. She jerked into movement like someone who had been in a trance.

I carried her gaze with me for days before I randomly ran into her again in a supermarket. It was serendipitous that we should meet again. I stepped forward with my brightest smile to make her acquaintance. She was cool in her engagement and seemed uninterested in any form of friendship. The gaze was half there, and she did not even volunteer her name. So I presented her with my call card and walked away.

Nameless remained on my mind for another month. Her gaze, her stillness, her disinterest in friendship. She seemed like someone from a different planet. She moved slowly, almost mechanically, and spoke in a whisper, her voice in the recesses of her almost gaunt body. I could see the lines on her forehead and a slight throbbing in her forehead. Now I was concerned. She seemed troubled. Her gaze, albeit her persona, stayed with me and made me uncomfortable. She was about 17 years old but had the visage of someone younger. There was something, but I could not place my finger on it.

Spool forward about eight weeks later, and she called.

Her name was Margaret, and she wanted to meet with me. It had to be in the evening because she had a plan, and she was prosecuting it that evening.

I drove under the cloak of an early night. Darkness played tricks on the road, flickering shoplights filtering through to create shadows of moving persons in the dark. It was near a series of poorly lit shops. I sat in my car and waited. It was eight o’clock in the evening.

She emerged, wrapped in a brownish see-through veil. A floral blue and white long dress hugged her fragile body. She moved slowly like someone without intent. She brought her vacant look with her. Margaret boarded the front seat of my car without looking at me. Then she began to talk. First, a slow run, quickly catching her breath as she raced along. The words came like salvos, each one piercing the night.

When she stopped after a thirty-minute run, her voice was husky and carried indescribable emotions. She turned slowly and looked at me. For the first time, there was a spark of someone behind those tear-filled eyes. Her last set of words was haunting. You have to help me.

Margaret’s story was painful and troubling.

It’s my father,’ she said when she started talking. I work. But he takes all I earn. As if that was not enough, he had been abusing her since she was thirteen years old, when her mum left him temporarily after a fight. When her mother returned, Margaret had the courage to report her dad, but her mum did not believe her and called it a fantasy. Then, one day, she caught her dad in the act and asked to tell no one. ‘I am literally living like a ghost,’ she said. In my father’s house.

Margaret had asked me several questions that night, one of which was why families inflict pain on their members. I had no immediate answers.

In the last year, since I met her, incest has been on the rise. Some incredible, mostly troubling. Who is protecting the girl child? How about the lady in Delta sodomising her three-year-old daughter? Don’t be deceived that the boy child does not need protection. Another of them is also being abused. The era of Sodom and Gomorrah is upon us. Families are destroying each other and inflicting pain on one another.

Phenomenal American writer Maya Angelou was raped when she was very young, and it led to her not speaking for three years.

The trauma of rape does not diminish whether it’s a family member or a stranger.

Back to Margaret. The night I met her, she had planned her escape. She was running away. She carried nothing. Just her phone and a notepad where she wrote about her pain. I did not want to take anything that reminded me of that house, she said.

Today Margaret is a graduate. Her eyes light up when you talk about human anatomy. With a BSc in Biology, she has enrolled to become a doctor. Are you inflicting pain on a family member? Who are you? A destroyer or a builder? All builders gather here. All destroyers stay away. Await the law of Karma.

For over two decades, Citi Hotel Group, a leading indigenous hospitality company, has played in the Nigerian hospitality landscape, amid success.

The group, which started with a property in Abuja, recently opened Citi Residence, its premium boutique offering at Onikoyi Estate, Banana Island Road, Ikoyi.

In this interview, Olufemi Talabi, founder and chairman of the group, shares with Obinna Emelike the vision of the group, rationale for the new hotel, why priority is given to the environment, the selling points, commitment to human capital development, among others.

Excerpt.

Congratulations on the new hotel. How has the new offering impacted Citi Group’s vision?

This is our fourth hotel, and we have been moving on along the line, in accordance with our vision. We grow slowly, organically, and we continue to move on.

So, what we do is to ensure that wherever we are, we put the environment into consideration. From the conceptualization, to the building of our hotels, we make sure that they are built in accordance with the environment where we are.

To answer your question directly, we are moving in accordance with our vision to have all these boutiques and small hotels in very few locations in the world.

What informed the high quality?

Well, the idea is that we believe that first of all, whenever a guest comes to a hotel, it is the property’s services and facilities that facilitate patronage.

If you do it very well, that means that you score at least 30 percent because when the guests come in, they see that all your walls have marble on them, the marble floor, the granite floor, and the ambience is good, they love it and enjoy their stay. Again, these days, hospitality, particularly when it comes to luxury hotels, is more of the service you provide. What we try to do is to ensure that we match our services with the facilities.

What are the facilities in the new hotel?

We have 47 rooms in this hotel and a small meeting room that takes about 50 guests. We have other regular facilities. We have a restaurant, a gym, and a rooftop terrace, which is quite nice. From the rooftop you can see the lagoon water. The view is very nice, especially in the evenings.

What is your target market?

We are more or less like a business hotel. We target people who want to have their quiet, and who want a serene environment, because that is the advantage of where we are located here. It is very serene compared to Banana Island, so that is very important. That is also why we make sure that our rooms and facilities are to that standard.

Beyond business guests, are there elements of luxury in the hotel?

Certainly, yes. Like I would go to our rooms to see what we have and what we don’t have. Like I said, luxury has not even transcended just what you see. It is the experience people get that is now very important, and that is really the definition of luxury now. It is not much of the furniture, the chandeliers and things like that. It is still important to put in place all that, but what is critical is that experience that you create for people, and that memory that was experienced.

How did you go about the staffing of the current hotel, considering its highbrow environment?

What we did was a mixture. We brought some good hands from other locations, and we employed more people because we have a culture already, and it is important that we maintain that culture. So, apart from the fact that we are improving standards here, we still have a culture which is driving that customer experience we are trying to offer. So, it is a mixture of both.

With four hotels now, are you considering setting up a training academy?

You are absolutely right because it is an idea we have toyed with in the past. We have already incorporated a company to pursue that.

So, because you agree with me that there can be a thread of good hands in this area. And don’t forget that a lot of people that come into hospitality, usually the idea is not to make it permanent. I mean a permanent vocation and profession; they are always ready to move.

It is only when they now start enjoying what they are doing that they stay. They enjoy it in terms of the type of business itself, and of course, the operation of the business.

One of the things we are trying to do is also to incorporate in our people that this hospitality business is very good and can sustain them. For me, hospitality is very good. I am enjoying it so much.

How long has the hotel been opened and how has business been since then?

We have been in business here for about a year now. Also, business has not been bad. Of course, we can do better. I would say we have broken about 55 percent occupancy on average.

Considering your high-end location, how is competition here?

Well, we have a lot of hotels around, apart from here. Do not forget that when people come to Ikoyi, they want a place to stay, and we have a number of hotels here and a lot of short-time apartments all over the place as well. So, that is enough competition for us.

But this is the business we understand and enjoy. What is important here is that we make sure that we operate in such a way that we do not destroy the environment. It is very critical for us. And that is our promise also to the estate area. We love quiet and serene settings and our hotel is in that setting because the target is guests that want some level of privacy, a place where they can sit and enjoy themselves quietly, sleep, and that is it. We do not allow any noise around here.

These are very important to us. We have enough parking space for the hotel to avoid noise and that is very important for us and our host community. We are also very conscious of security.

We make sure that we know every guest that comes to this hotel before he comes in here. That is how it is.

With focus on serenity, are there meeting facilities in the hotel?

Absolutely, yes. We have space for meetings, like board meetings, and small meetings that are very quiet.

Just meetings, training, and things like that. That is what we do here, but for a very small group because we are very conscious of our environment. We do not want any noise. We just want people to come in, do what they want to do, and leave.

We have a meeting facility, it takes about 40-45 people. But it is fully loaded in terms of everything; modern conferencing facilities, projectors, and all the visuals.

How fulfilled are you at accomplishing this?

Well, I will say that I feel fulfilled with how far we have gone because we are going according to our plan.

That gives us some satisfaction and fulfilment, but we are not stopping. We are moving on and already planning ahead again. That is the idea. I will continue to do that until maybe, when I retire.

The Supreme Court has upheld the authority of the Independent National Electoral Commission (INEC) to enforce provisions of the Electoral Act 2026 on political party membership registers and the conduct of party primaries.

A seven-member panel led by Justice Adamu Jauro on Thursday overturned a Court of Appeal judgment that voided parts of the Electoral Act and upheld the decision of the Federal High Court, Abuja.

The apex court held that Sections 77(5) and 84 of the Electoral Act do not conflict with the 1999 Constitution.

The court also awarded N2 million in costs against the Zenith Labour Party (ZLP), which challenged the provisions.

The ruling followed an appeal by INEC against the July 16, 2026 judgment of the Court of Appeal, which had partly upheld ZLP’s challenge and voided provisions on party membership registers and candidate nomination.

The dispute centres on Sections 77(5), 77(6), 77(7) and 84(2) of the Electoral Act 2026.

Sections 77(5) to 77(7) require political parties to maintain and submit membership registers, while Section 84(2) provides for direct primaries or consensus as methods for nominating candidates.

ZLP had argued that the provisions amounted to interference in the internal affairs of political parties and were inconsistent with Sections 221 and 222 of the 1999 Constitution, which provide the constitutional framework for political parties.

The Federal High Court, Abuja, presided over by Justice Mohammed Umar, dismissed the party’s case in a judgment delivered on May 5, 2026.

ZLP appealed to the Court of Appeal, which in its July 16 judgment allowed the appeal in part and voided provisions relating to party primaries and membership registers.

INEC then appealed to the Supreme Court, asking it to overturn the Court of Appeal’s decision and uphold the validity of the disputed provisions.

The Supreme Court also dismissed separate appeals filed by the Social Democratic Party (SDP) and Youth Party against decisions of the Court of Appeal in their respective cases involving INEC.

In the SDP case, the court considered the appeal on its merits and dismissed it.

In the Youth Party case, the court upheld INEC’s preliminary objection and struck out the appeal for being incompetent.

The apex court held that the Youth Party filed its appeal one day outside the prescribed period.

INEC had asked the Supreme Court to dismiss the appeals filed by the two political parties.

The decisions uphold the commission’s role in enforcing statutory requirements governing political parties, including rules on membership registers and candidate nomination.

Nigerian artists generated more than N60 billion from Spotify in 2025 after their music was streamed 30.3 billion times, highlighting the growing value of the country’s music catalogue.

But as streaming revenue, licensing deals and catalogue valuations rise, disputes over who owns recordings, collects royalties and recovers investment are becoming increasingly consequential.

Recent disputes involving Runtown and Eric Many, Shallipopi, Seyi Vibez and T.I Blaze, and Dapper Music show how disagreements over contracts can become costly battles over valuable intellectual property.

The underlying issue is straightforward: a successful song is an asset, but its value depends on who owns the rights, who controls the revenue, and whether the financial records can prove what each party is owed.

‘Artists can now build audiences around the world without depending entirely on traditional labels, and streaming has made it easier to track things like streams and revenue,’ said Chukwudi Chimezie, an entertainment and intellectual property lawyer.

‘That gives artists more information about their business and, in some cases, more leverage when dealing with labels.’

A catalogue is only worth what can be verified

The growing interest in African music catalogues is turning songs into increasingly sophisticated financial assets.

Investors and specialist rights companies can acquire or manage catalogues for their future royalty streams. But valuation requires more than knowing how many times a song has been streamed.

A potential buyer needs to establish who owns the masters and publishing rights, whether rights have previously been assigned or licensed, whether there are outstanding contractual claims and whether historical revenue can be independently verified.

BusinessDay has reported on growing efforts to treat intellectual property, including music catalogues, as assets capable of attracting investment and financing.

That makes contractual clarity a financial issue, not merely a legal one.

A catalogue with clean ownership, reliable royalty records and predictable cash flows is easier to value, license or finance than one tied up in unresolved contractual claims.

The Central Bank of The Gambia has directed commercial banks to phase out existing non-Gambian employees and replace them with suitably qualified Gambian nationals by the end of 2026, potentially forcing significant changes to the workforce of foreign-owned lenders operating in the country.

The directive was contained in a September 16, 2026 circular addressed to managing directors of all banks and signed by Paul J. Mendy, Second Deputy Governor of the Central Bank of The Gambia (CBG).

The regulator directed banks to adopt a phased approach to replacing non-Gambian employees, while making arrangements for skills transfer and continuity of operations.

The transition must be completed by December 31, 2026, according to the circular seen by BusinessDay.

‘Consequently, all banks are required to adopt a phased approach to replacing existing non-Gambian staff with suitably qualified Gambian nationals, with appropriate arrangements for skills transfer and continuity of operations,’ the CBG said.

The directive follows a meeting between the central bank and managing directors of banks on August 27, 2026, where the employment of non-Gambian staff in the banking industry was discussed.

According to the regulator, an industry study found that a ‘relatively high number’ of non-Gambians were employed by banks in addition to recognised expatriate staff.

‘This is in violation of the provisions of the Labour Act 2023 and also not in line with guideline 9 on expatriate staff,’ the CBG said.

The regulator directed banks to ensure full compliance with the country’s labour laws and its guidelines governing expatriate employment. ‘You are hereby directed to ensure full compliance with the law and strict compliance with CBG’s guidelines,’ it said.

BusinessDay contacted the central bank on Monday to confirm the authenticity and details of the circular, particularly because the directive had not been published on the regulator’s website. The CBG had not responded as of Thursday.

Nigerian banks face exposure

The directive has implications for Nigerian banking groups that have established subsidiaries in The Gambia as part of their wider African expansion.

They include Access Bank, FirstBank, Guaranty Trust Bank and Zenith Bank, which operate subsidiaries in the country.

Ecobank Gambia is part of Ecobank Transnational Incorporated, the Togo-headquartered pan-African banking group.

However, the directive is not specifically targeted at Nigerian banks. It is addressed to all banks operating in The Gambia and covers non-Gambian employees generally.

The CBG has not announced a blanket ban on foreign employees. Instead, it instructed banks to replace existing non-Gambian staff with qualified Gambian nationals and put in place arrangements to transfer skills and responsibilities to local employees.

Foreign lenders dominate banking sector

The directive also comes against the backdrop of a banking industry with significant foreign ownership.

The Gambia has 11 licensed commercial banks, including four subsidiaries of Nigerian banking groups: Access Bank Gambia, First Bank Gambia, Guaranty Trust Bank Gambia and Zenith Bank Gambia.

Other foreign or regional banking groups include Ecobank, BSIC, Bloom Bank Africa and Vista Bank, while Agib Bank Gambia and Trust Bank are locally owned and Mega Bank Gambia is government-owned.

The World Bank has previously described The Gambia’s banking sector as predominantly foreign-owned, with significant participation from Nigerian and other African banking groups.

For Nigerian banks, the directive highlights a broader challenge associated with their expansion across Africa: balancing regional growth with local employment and workforce requirements in host markets.

Skills transfer becomes critical

The December deadline gives banks just over three months to complete the transition.

Rather than simply replacing foreign employees, the CBG requires banks to make ‘appropriate arrangements for skills transfer and continuity of operations’.

This could require lenders to identify Gambian employees capable of assuming responsibilities currently held by non-Gambian workers and provide the necessary training before the deadline.

The number of employees affected remains unclear. The CBG circular describes the number identified in its study as ‘relatively high’ but does not provide a breakdown by bank, nationality, job function or seniority.

It also does not specify whether exemptions will be available for specialised positions where suitably qualified Gambian nationals are unavailable.

Those details will be important in determining the scale of the directive’s impact on foreign-owned banks.

For now, banks operating in The Gambia have until December 31 to complete the transition and comply with the CBG’s localisation directive.