Category: Business Day

Family businesses are a big phenomenon around the world and they seem to propel economies of nations. In the US, they are estimated at 5.5m, accounting for 57% of the nation’s GDP, employing 63% of the workforce. In the UK, they are about 5.1m (2018), accounting for 87.6% of all private sector firms at that time.

Nigeria posts about 24m, accounting for about 50% of all businesses in the country and contributing around $200bn to the national economy annually.

A family business is indicated as a commercial organization in which family members are involved in its management and ownership. They are grouped into three; family-owned, family managed, and family-owned and managed.

Their major problem is said to be the battle in decision-making between family-first or business-first decisions as well as succession crisis. One such family business in Aba town led to attempted assignation in the family.

Experts studying the scenario have identified marriage as a big factor in managing family business. Often, family members jump into a business out of necessity or exigence. No rules are often stated from the onset. When pressures begin to pull and the power of cash emerges, love turns to hate and cash becomes thicker than blood. Gladys and Timothy Opata, family matter experts and marriage counselors, a model couple, think they have an idea or answer. They tabled this Saturday evening, October 18, 2025, at the Redemption Hall Model Parish (RHMP) of the RCCG Area Parish on Station Road in Elelenwo in Port Harcourt. It was the Men’s Fellowship Couples Dinner staged by John Udochukwu, the President.

Mummy Gladys took the stage to show how solid marriage bound in love and intimacy would help the family to navigate difficult matters including family business, bank accounts, and disclosure issues.

According to her, both man and wife must come clean and one must have the interest of the other at heart, else, its no Christian marriage in the first place.

On bank accounts, she suggested for each couple to apply what works for them.

The key to marital intimacy, she deposed, is that one must embrace what makes the other happy; movie, football, games, storytelling, etc.

With such oneness built with love and intimacy, all other businesses and decisions go well; why? Because, they are selfless.

The House of Representatives has resolved to investigate the $460 million Chinese loan obtained by the administration of former President Goodluck Jonathan for the installation of Closed-Circuit Television (CCTV) cameras across the Federal Capital Territory, a project that was never completed despite years of debt servicing.

In 2010, the federal government obtained a $460 million loan from the China EXIM Bank to finance the installation of CCTV cameras in strategic locations across the FCT to curb insecurity.

The contract was awarded to ZTE Communications, a Chinese firm, following a Memorandum of Understanding signed in Beijing by Olusegun Aganga, the then Finance Minister. The loan was part of a $600 million soft credit facility, repayable over 10 years after an initial 10-year grace period.

The House resolution followed the adoption of a motion of urgent public importance moved by Amobi Ogah, who represents the Isuikwuato/Umunneochi Federal Constituency of Abia State, during Wednesday’s plenary session.

The motion, titled ‘Need to investigate the rising insecurity and loss of several lives in Abuja, the Federal Capital Territory, despite the CCTV project secured with a Chinese loan of $460 million,’ drew attention to the growing wave of insecurity in the nation’s capital and questioned the fate of the long-abandoned surveillance project. Ogah said despite the substantial financial commitment, there has been no visible impact of the project on public safety. ‘The administration of former President Goodluck Jonathan, acting in good conscience, sought to tackle insecurity in the Federal Capital Territory through the installation of CCTV cameras to monitor criminal activity. Yet, despite the heavy investment and continuous servicing of the loan, there is no evidence of functionality. Instead, insecurity in Abuja has worsened, with rising incidents of violent crimes and loss of lives’, Ogah said.

Ogah described the situation as a ‘lose-lose nightmare’ for Nigeria, given that the country continues to repay a loan for a non-functional project executed by the same foreign contractor from which the loan originated.

The motion was adopted by the House, which resolved to mandate its relevant committees to investigate the utilisation of the loan and the current status of the CCTV project.

The Chartered Institute of Directors (CIoD) Nigeria has called for renewed commitment to sound corporate governance, inclusive enterprise development, and sustainable business practices as vital tools for steering Nigeria’s economy through global uncertainty.

Speaking at the opening of the 2025 Annual Directors’ Conference (ADC) on Wednesday in Abuja, Otunba Adetunji Oyebanji, president and chairman of the Governing Council, CLoD, said strong governance and visionary leadership remain the foundation for building enduring enterprises capable of withstanding economic disruptions.

‘The need for sound governance and leadership is crucial to our nation’s quest to build enduring enterprises that stand the test of time,’ Oyebanji said.

‘Leaders must now balance profitability with responsibility, growth with inclusion, and innovation with integrity.’

The two-day conference, themed ‘Leading Through Change: Building Sustainable and Inclusive Enterprises,’ brought together business leaders, policymakers, regulators, and diplomats to examine the evolving role of directors in shaping Nigeria’s economic future.

President Bola Ahmed Tinubu was represented at the event by Abubakar Atiku Bagudu, minister of Budget and Economic Planning which also had senior government officials including Tunji Alausa, minister of Education, Shamsuddeen Usman, chairman, Ministry of Finance Incorporated, who chaired the conference among several others.

The keynote address was delivered by Kola Adesina, group managing director, Sahara Power Group, who was commended for his leadership in transforming Africa’s power sector and advancing sustainable business innovation.

Oyebanji noted that inclusive governance and responsible leadership are key drivers of national prosperity. He cited a recent African-wide study showing that private sector credit expansion significantly enhances economic welfare, particularly in economies that prioritise the ease of doing business.

He further referenced a 2025 ESG-focused report which revealed that over 20 African countries now embed sustainability principles into their financial market regulations, while 15 provide incentives for green and sustainable assets – a sign of growing alignment with global responsible investment standards.

In Nigeria, he said, such inclusive strategies are most visible in sectors like renewable energy and fintech, where access to finance and youth participation are driving innovation. He stressed that SMEs – which contribute nearly 50 percent of GDP and 75 percent of national employment – remain central to inclusive growth, citing the joint NBS-SMEDAN 2021 MSME Survey. ‘Despite notable progress, policy inconsistencies, infrastructure deficits, and limited access to affordable finance continue to constrain enterprise growth,’ Oyebanji said. ‘Overcoming these challenges requires stronger public-private partnerships and innovative financing models designed to scale inclusive enterprises.’

The CIoD President announced that the ‘Business Meets Government Dinner’, scheduled for Thursday, would serve as a high-level platform for dialogue between policymakers and private sector leaders on fostering governance-driven growth.

In his welcome remarks, Otunba Bimbo Ashiru, chairman of the 2025 ADC National Organising Committee, said the conference theme was deliberately chosen to reflect the pressing need for Nigerian businesses to adapt to disruptive change and embed sustainability within their operations.

‘Good governance is a practical tool for fostering economic resilience and sustainable progress,’ Ashiru said. ‘Our sessions are designed to move beyond rhetoric – to challenge assumptions, share best practices, and drive tangible actions that strengthen our economy.’

He noted that this year’s agenda includes thematic sessions on policy reforms, technological disruption, boardroom diversity, succession planning, and stakeholder engagement, aimed at equipping directors with the skills to lead through volatility. Ashiru also commended the CIoD Governing Council, led by Otunba Oyebanji, for its consistent advocacy for governance excellence and corporate leadership development, while appreciating sponsors, partners, and delegates for supporting the institute’s mission.

The Chartered Institute of Directors Nigeria, established to promote professional directorship and ethical leadership, remains a key voice in policy advocacy, boardroom governance, and enterprise transformation in Nigeria.

As the conference continues, stakeholders are expected to adopt strategies that strengthen institutional resilience and reinforce Nigeria’s transition toward a more inclusive, sustainable, and investment-friendly economy.

In 2024, Chioma Odu, a woman in her mid-50s from Imo State, woke up with a sharp pain in her joints. Concerned, she visited a nearby clinic where she was diagnosed with arthritis. But that diagnosis was later proven to be wrong.

While recounting her ordeal, she told BusinessDay how that the singular event took a toll on her, leaving her emotionally traumatised.

For Faustina Onyenwe, January 2025 nearly ended in tragedy. Her three-year-old daughter had been vomiting uncontrollably, and in desperation, she rushed her to the nearest primary healthcare centre (PHC) in Bwari, Abuja.

By the time they arrived, the child had been weak and barely responsive. The only nurse on duty assessed the child but delayed treatment for nearly 20 minutes. The facility didn’t have intravenous fluid, which was urgently needed.

‘The health centre did not have all they needed to administer care and I was asked to wait. I wanted to rush her to a general hospital but it was a bit far. I was afraid as I watched my child get weaker and weaker,’ she said.

Despite years of health sector reforms, Nigerians die earlier than global peers. Life expectancy in Nigeria remains alarmingly low, trailing behind peers and raising concerns among experts who point to deep-rooted poverty, a broken emergency care system, and weak universal health coverage as key drivers of the crisis.

Recent reports by the United Nations (2025) show that Nigeria’s average life expectancy as of 2024 was 54.6 years-far below the global average of 73.7 years, Africa’s average of 64.2 years, and the lowest worldwide. By comparison, Monaco tops the chart at 86.5 years, while other African countries such as Tunisia (76.5) and Algeria (76.2) outperform Nigeria by more than 21 years.

The wide gap between Monaco’s life expectancy and Nigeria’s position at the bottom highlights a deepening crisis. In Nigeria, rising poverty has fuelled widespread malnutrition, driving up death rates among children and young adults, according to reports. Major drivers

Adeniji Adeoluwa, chief medical director at Mecure Cancer Center, said a number of issues lower a nation’s life expectancy.

‘Poverty, insecurity, environmental pollution, poor emergency healthcare infrastructure and low universal health coverage deeply affect Nigeria’s life expectancy,’ he stated.

‘Low insurance coverage makes most poor citizens resort to local remedies for treatments, as high out-of-pocket payments for medical bills continue to limit their chances of survival, making it difficult to access quality medical care,’ he added.

‘Whenever there is an accident or a traffic incident, for instance, emergency response becomes exceedingly difficult due to the absence of a dedicated route for ambulances and a lack of proper infrastructure and facilities to manage urgent cases effectively,’ he explained. Paul Abba, director of Medical Laboratory Services at Benue State University Teaching Hospital, also highlighted critical factors contributing to Nigeria’s low life expectancy, pointing to gaps in healthcare access, food insecurity, and widespread misuse of antimicrobials.

‘Many Nigerians lack access to quality healthcare and so resort to self-medication, overuse and misuse of drugs, leading to preventable deaths,’ Abba stated. He emphasised that the low coverage of universal health services continues to drive this troubling trend.

He also drew attention to the broader systemic issues undermining public health, noting that ‘food insecurity and national security are factors that must be addressed.’

Universal health coverage means that all persons have access to the full range of quality health services they need, when and where they need them, without financial hardship according to the World Health Organisation(WHO)

‘Nigeria lags far behind its peers in terms of universal health coverage (UHC), which further reduces the quality of life,’ said Nkata Chuku, founding partner at Health Systems Consult Limited.

The World Health Organization (WHO) defines life expectancy as the average number of years a newborn is expected to live if current mortality rates remain constant. In Nigeria’s case, those rates continue to reflect systemic weaknesses. Lessons for Nigeria

Once grappling with low life expectancy, African sister nations such as Algeria and Tunisia have made remarkable strides, offering valuable lessons for Nigeria.

For instance, Algeria’s life expectancy stood at a mere 40.8 years in 1960. By 2023, it had risen dramatically to 76.3 years. Tunisia followed a similar trajectory, moving from 44 years in 1960 to 76.5 years in 2023. These are not accidental gains but reflect decades of deliberate investment and reform.

At the heart of this transformation were three core pillars. Robust investments in health infrastructure and social services, large-scale disease control and immunisation campaigns as well as significant improvements in literacy and education

The results have been profound. According to UNICEF, Algeria’s infant mortality rate has plummeted-from 147 deaths per 1,000 live births in 1965 to just 24 per 1,000 in 2024. On the other hand, Nigeria still records 60 infant deaths per 1,000 live births-a figure that signals persistent systemic failures.

Tunisia has also prioritised healthcare financing, doubling its health spending to approximately seven percent of the national budget. Nigeria, while making modest progress, allocates just 5.1 percent-a figure way below global standards of 15 percent and equally inadequate for its massive and growing population

The contrast deepens when considering disease elimination. Algeria has successfully eradicated polio, neonatal tetanus, and malaria through sustained vaccination drives and aggressive public health interventions. Meanwhile, Nigeria continues to carry the heaviest malaria burden globally, accounting for 27 percent of all global cases and over 200,000 malaria-related deaths in 2021. This burden, coupled with high rates of malnutrition, drives persistently high infant and maternal mortality.

Where do we go from here?

The experiences of countries such as Algeria and Tunisia show that transforming national health outcomes is not only possible but achievable through consistent investments, strong political will, and a deliberate focus on equity in healthcare delivery. These lessons hold crucial relevance for Nigeria as it grapples with poor life expectancy and fragile health infrastructure.

‘If we must improve on our life expectancy as a country, we must start with policies,’ said Adeoluwa, emphasising that reforms must go beyond surface-level interventions. ‘Nigeria’s reforms must be centered on policies that ameliorate poverty, ensure inclusive healthcare access, reduce environmental pollution, and promote public-private partnerships, as the government cannot do it alone,’ he added.

Central to this transformation is the need for a robust health insurance scheme that eliminates economic barriers to care. ‘An inclusive healthcare access through a robust insurance scheme will enable both the poor and the rich access to medical care without social or economic disparity,’ Adeoluwa explained.

Ahead of the seventh session of the African International Conference on Islamic Finance (AICIF) in Lagos on 4 and 5 November 2025, convener Ms Ummahani Ahmad Amin is unequivocal: ‘Islamic finance has proven to be one of the fastest-growing sectors of the global financial system, and AICIF offers a unique platform to bring together policymakers, regulators, scholars, investors, and practitioners to shape that future on the continent.’

Barrister Ummahani Ahmad Amin is a prominent promoter and advocate in Nigeria for Islamic Finance and all its aspects. Notably, Sukuk and its derivatives are at the forefront.

The Sukuk Catalyst: Building Infrastructure and Trust

Ummahani Amin recalls, ‘Advising on Nigeria’s first sovereign Sukuk issuance has been one of the most rewarding parts of my career. Over the years, we have been involved with several other issuances (Taj, Family Homes, etc.). These issuances have demonstrated that infrastructure financing can be ethical, transparent, and participatory. Beyond the roads and bridges they have financed, Sukuk has changed public perception – showing that Islamic finance is not limited to religion but is a credible tool for national development. Each Sukuk has strengthened investor confidence and expanded financial inclusion in ways we could only imagine a decade ago.’

Profoundly driven by the conviction that ‘finance can be both ethical and inclusive,’ Amin elaborates: ‘From my legal practice, I witnessed first-hand how non-interest finance-rooted in risk-sharing, asset-backing, and ethical investment-aligns seamlessly with sustainable development goals. Islamic finance, to me, is neither a mere alternative nor a parallel system. It is a reimagining of finance as a tool for inclusion, social responsibility and nation-building. This conviction continues to motivate me.’

The forthcoming AICIF conference arrives on the heels of unprecedented regulatory collaboration. Barrister Ummahani Amin explains, ‘We have seen notable progress from the Securities and Exchange Commission, the Central Bank of Nigeria, the National Insurance Commission and others in creating an enabling environment for non-interest finance. The SEC’s proactive support for Sukuk and other Islamic capital market instruments has been especially encouraging. However, further coordination between agencies is necessary, particularly in harmonising tax and accounting frameworks. There is also scope for additional incentives to promote product innovation and to mainstream Islamic finance education within regulatory bodies.’

Africa’s Islamic Finance Future

Hajia Amin believes in an African financial landscape that is green and Sukuk.

She asserts that ‘Africa is ripe for growth in non-interest finance. Cross-border Sukuk for infrastructure, agriculture, and renewable energy are particularly promising. We are also seeing opportunities for collaboration in fintech-driven Sharia-compliant products that can scale financial inclusion more quickly than traditional channels.’

She notes approvingly the growth in the non-interest finance market in Nigeria.

‘For Nigeria, we have observed tremendous growth – from a single Sharia-compliant bank to about six fully-fledged banks and one or two windows (we now have around five), along with several microfinance banks, fund managers, issuing houses, and many more – and that is just within Nigeria. Other African countries are also making significant progress in this area, so over the next decade, I envisage a more interconnected African Islamic finance ecosystem – one that leverages regional cooperation to fund shared prosperity.’

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There is significant room for growth. ‘Africa’s infrastructure gap offers a considerable opportunity. Cross-border Sukuk can fund regional projects such as transport corridors, renewable energy, and healthcare systems under frameworks like the African Continental Free Trade Area (AfCFTA)’, she affirms. ‘We also foresee strong growth in green and social Sukuk, which aligns perfectly with Africa’s sustainable development agenda. The future belongs to collaborative financing models that combine ethics, innovation, and impact.’

Ummahani Ahmad Amin: Leadership and Legacy

Ummahani Ahmad Amin is the Managing Partner of The Metropolitan Law Firm and Chairperson of the African International Conference on Islamic Finance (AICIF) Planning Committee. A leading voice in Islamic finance law, she has advised on several of Nigeria’s sovereign Sukuk issuances and has championed ethical and inclusive finance across Africa. Through Metropolitan Skills, she promotes capacity building for professionals, regulators, and emerging leaders in the non-interest finance ecosystem. Her work reflects a vision of finance as a force for fairness, inclusion, and sustainable development.

Her pioneering work has transformed non-interest finance from concept to policy and from aspiration to institution. Working closely with the Regulators and the finance ecosystem, she has been part of developing frameworks that integrate ethical finance into Nigeria’s broader economic reform agenda.

In 2013, she founded the African International Conference on Islamic Finance (AICIF)-today the continent’s leading platform for promoting thought leadership, innovation, and collaboration in Islamic and ethical finance. Under her visionary leadership, AICIF has become a conduit connecting policymakers, investors, regulators, and scholars towards a shared vision of sustainable development and financial justice for Africa.

Through The Metropolitan Skills, the firm’s training and professional development division, Ms Amin has empowered hundreds of bankers, lawyers, regulators, and entrepreneurs across West Africa, fostering a new generation of professionals equipped with both technical expertise and moral integrity.

Beyond her professional achievements, Ms Amin exemplifies grace, faith, and integrity. A fervent supporter of women in leadership, she mentors young female professionals in law and finance, demonstrating that competence and compassion can flourish together at the highest levels of influence. Her advocacy highlights her belief that women’s inclusion in finance is a moral duty and a driver of sustainable national progress.

Renowned for her eloquence, humility, and intellectual depth, Ms Ummahani Ahmad Amin embodies a new generation of African leaders redefining finance as a force for justice, inclusion, and human dignity. Her legacy is one of courage and conviction-a lifelong commitment to building a financial system rooted in fairness, transparency, and shared prosperity.

She serves on the board of the Almajiri Child Rights Initiative. She is also on the board of NGX and One 17 Capital.

Indeed, she is rightfully recognised as one of the pioneers of Islamic finance in Nigeria, a pathfinder, and a builder of ethical finance for a new Africa.

The promise of Islamic finance for MSMEs particularly excites this Shuwa Arab woman from Borno State.

Hajia Amin states that ‘Non-interest finance is naturally inclusive. Its prohibition of interest and focus on partnership-based contracts resonate with many who have historically distrusted formal banking. Instruments such as Mudarabah and Musharakah offer models for joint ownership, shared profits, and reduced collateral pressure for women and small-scale entrepreneurs.’

She adds that ‘By designing community-based micro-Sukuk and digital non-interest products, we can empower market women, artisans, and young innovators to access capital ethically-and with dignity.’

The Federal Road Safety Corps (FRSC) has expressed deep sorrow over the tragic loss of 35 lives in an inferno that occurred along the Bida-Lapai route, after Badegi, on Tuesday.

The unfortunate victims were caught in the explosion while attempting to scoop fuel from a crashed tanker laden with Premium Motor Spirit (PMS). The incident also left forty-six (46) persons with varying degrees of injuries.

This was disclosed in a statement signed by Olusegun Ogungbemide, Assistant Corps Marshal and Corps Public Education Officer.

According to reports from the FRSC Rescue Team deployed to the scene, the crash occurred at about 12:15 p.m. when the fuel tanker lost control due to the poor state of the road and overturned. Minutes later, residents of the area reportedly rushed to the site to scoop fuel from the fallen vehicle.

Tragedy struck when the volatile substance ignited, triggering a massive fire that consumed 35 people and destroyed nearby properties.

The FRSC rescue team, led by the Unit Head of Operations, promptly responded to the distress call in collaboration with the Niger State Fire Service, Bida Division. Together, they battled the raging flames and evacuated injured victims to nearby hospitals for urgent medical attention.

While commiserating with the victims and their families, Shehu Mohammed, Corps Marshal, described the incident as ‘a needless national tragedy born out of ignorance, greed, and disregard for safety warnings.

‘This is not just a crash; it is a painful reminder that every time people ignore safety advice and rush to scoop petrol, they gamble with their lives. No litre of fuel is worth a human life,’ Mohammed stated.

He further directed all FRSC formations nationwide to intensify community-based sensitisation, particularly in rural and high-risk areas, warning residents to steer clear of fuel-laden crash sites.

The Corps Marshal also appealed to traditional rulers, religious leaders, and local authorities to support the Corps in educating communities on the dangers of fuel scooping.

Mohammed noted that most high-fatality crashes recorded in 2024 were linked to fuel scooping rather than the primary crash events, stressing the need for proactive community education to prevent a recurrence.

The Corps urged motorists and residents along major highways to report any crash involving tankers or hazardous materials through the FRSC toll-free emergency number 122, instead of engaging in reckless and life-threatening actions.

The FRSC reaffirmed its commitment to ensuring safer road environments through sustained public enlightenment, strict enforcement, and collaboration with relevant stakeholders to avert similar tragedies in the future.

As Nigeria grapples with high inflation, volatile FX policies, and fragile investor sentiment, a cross-section of policymakers, founders and investors have identified value creation, collaboration as critical in driving the country economic future.

Gathered in Lagos at The Star Network Podcast and HoaQ in roundtable in partnership with Mainstack titled ‘Macros of Africa’s Largest Economy: Investing in Nigeria Over the Next Five Years, the stakeholders asked pertinent questions on how next to drive growth.

Moderated by Joe Kinvi, founder, Borderless and Co-founder, HoaQ, and Zephia Ovia-Ikem, founder, The Star Network, the discussion featured Francis Sani, technical adviser to the Minister of Communications, Innovation and Digital Economy; Efe Barber, special adviser to the Minister of Industry, Trade and Investment; Michael Famoroti, founder, Stears; Rolake Kayantao, Africa Regional director, Seedstars; and Emeka Ajene, founder, AfriDigest.

The core message was that sustainable growth depends on collaboration between government and business to produce trade and create value at scale.

‘We can’t keep reacting to crises; we need to build systems that anticipate them,’ said Francis Sani, emphasizing that innovation remains Nigeria’s fastest path to growth, but only if companies create value that keeps talent at home. ‘Job creation doesn’t stop at training people,’ he said. ‘It’s about building companies that make talent want to stay and thrive here.’

Efe Barber tied Nigeria’s macro outlook to its export competitiveness.

‘Whether the naira appreciates or not depends on how intentionally we position our exports,’ she said. ‘It’s about building the right bilateral relationships, creating an enabling environment for trade, and telling our own story better.’

She added that the government’s push for connected production hubs and digital trade is part of a broader plan to reduce import dependence and move Nigeria closer to a $1 trillion economy. ‘Made in Nigeria isn’t just a slogan,’ Barber noted. ‘It’s how we lead across markets globally’

From the data front, Michael Famoroti anchored the discussion in hard numbers. ‘The market today is brutal, but what matters is the trend,’ he said. ‘In 18 to 26 months, we’ll start to see demand rebound, the data already points that way.’ He observed that investors are ‘paying for credibility, not just yield,’ noting that portfolio inflows into Nigeria fell 35 percent year-on-year, while markets with clearer policy signals saw steadier capital.

The debate on the naira’s future revealed both caution and optimism. Famoroti described it as undervalued but likely to depreciate short-term, while Rolake Rosiji Kayantao offered a counterpoint: ‘Recent export growth shows the naira could strengthen if we sustain this momentum.’ She also urged policymakers to unlock domestic private capital: ‘Nigeria has raised only a quarter of the local capital it could,’ she said. ‘We need government-led mechanisms to de-risk local funds like the UK’s SEIS model that encourages investors to take bigger bets.’

Emeka Ajene underscored that reforms must translate into jobs. ‘More jobs need to be created, and the government has to enable that to happen,’ he said. He added that Nigeria already leads culturally, ‘in music, fashion, entertainment’ but must turn that influence into scalable business value. ‘Nigeria is already attractive,’ he said. ‘The question is how we turn culture into commerce and export business the same way we export music.’

Sani concluded by urging alignment and integrity: ‘There’s such a gap between our identity as citizens and that of the nation,’ he said. ‘The green pastures we seek are here, if we build with integrity and invest in our own systems.’

The audience, a cross-section of founders, investors, operators, entrepreneurs and creatives from across Africa made the discussion even richer. Their questions pressed for actionable insight: How should early-stage investors hedge FX risk? What will it take to make manufacturing scalable again? Where should Africa’s next billion dollars of private capital go?

Across the two-hour discussion, it became clear that Africa’s economic future will hinge on integrity, value creation and collaboration.

The Rivers State House of Assembly, which was at the center of the crisis that eventually led to the declaration of a State of Emergency on the state by President Bola Tinubu, has been described as independent and conscious of its constitutional role as one of the three arms of government.

Martin Amaewhule, Speaker of the Rivers State House of Assembly, made this known on Tuesday October 21, 2025, while speaking at the maiden public engagement programme, with the theme ‘Advancing Politics and Legislature,’ organised by the Centre for Politics, University of Port Harcourt.

Martins Wachukwu, Special Assistant on Media to the Speaker, Rivers State House of Assembly, in a release, said in a lecture on the role of the legislature in a democratic system, Amaewhule described the legislature as the symbol and heartbeat of democracy. He said, ‘The legislature is the symbol of democracy. It will go down in history that during the political crisis in Rivers State, the House of Assembly under my leadership upheld the sanctity of democracy and defended the rule of law.’

The Speaker, with reference to the 1999 Constitution of the Federal Republic of Nigeria (as amended), explained the constitutional provisions regarding elections and continuity in governance during extraordinary situations.

He noted that the Constitution empowers those in authority – including the President and members of the National Assembly – to remain in office where elections cannot be conducted due to instability or national emergencies, until such elections are held.

‘Go to the 1999 Constitution as amended; it is clear that if, for any reason, the Independent National Electoral Commission (INEC) cannot conduct elections due to instability or impossibility, those in authority shall continue until elections are conducted. That is the position of the law,’ the Speaker said. Drawing from judicial precedent, Amaewhule cited the recent Supreme Court judgment, which affirmed that in the absence of elections, duly elected officials at the local government level could continue in office until new elections are conducted – a position consistent with the constitutional principle of governance continuity.

‘The Supreme Court has settled this matter. There is now a judicial precedent confirming that, in the absence of elections, those duly elected can continue in office until new elections are held. This reinforces the stability and continuity of governance,’ he said.

The Speaker explained the three cardinal functions of the legislature – lawmaking, oversight, and representation; noting that these pillars are the foundation on which every democratic society stands.

Amaewhule described lawmaking as the foremost duty of the legislature, which provides the legal framework for governance and ensures the peace, order, and good governance of the state.

He stressed the importance of the Assembly’s oversight function, which he said is the mechanism through which the legislature holds the executive accountable, ensuring transparency, fiscal discipline, and efficiency in public administration. ‘Representation,’ Amaewhule said, connects the people to government, ensuring that their voices, needs, and aspirations are reflected in policies and laws.

The Speaker commended the Centre for Politics, University of Port Harcourt, for initiating the public engagement series, describing it as a bridge between academic research and real-world governance. He encouraged students to actively participate in political discourse and legislative studies to deepen democratic understanding in Nigeria.

In attendance at the event were Georgewill Owunari, Vice-Chancellor of the University of Port Harcourt, prominent politician, Tonye Princewill, senior academics, members of the Rivers State House of Assembly, and representatives of civil society organisations.

Governor Uba Sani of Kaduna State has approved the implementation of 70 percent of the 2024 CONPCASS/CONTEDISS salary structure for staff of all state-owned tertiary institutions, effective October 2025.

The approval followed a high-level meeting between the governor and leaders of the Joint Union of Tertiary Institutions of Kaduna State (JUTIKS), which resulted in the suspension of a month-long strike embarked upon by the unions.

The dialogue, held at the Government House, Kaduna, was facilitated by the Nigeria Labour Congress (NLC) Kaduna State Council, led by Comrade Ayuba Suleiman, and attended by representatives of both academic and non-academic unions from Nuhu Bamalli Polytechnic, Zaria; College of Education, Gidan Waya; and the Kaduna State College of Nursing and Midwifery with campuses in Kaduna, Kafanchan, and Pambegua.

The unions had declared the strike on September 30, 2025, over issues bordering on the implementation of the 2009 CONPCASS/CONTEDISS salary structure, retirement benefits, and staff welfare in state-owned tertiary institutions.

In a joint press conference after the meeting, the union leaders commended Governor Sani for what they described as his ‘listening leadership, transparency, and unwavering commitment to workers’ welfare and educational advancement in Kaduna State.’ According to the unions, the key outcomes of the meeting include the approval and immediate implementation of 70 percent of the 2024 CONPCASS/CONTEDISS salary structure, approval of the 65-year retirement age, and the 40-year service policy for non-teaching staff.

The unions also hailed Governor Sani’s commitment to paying the national minimum wage despite fiscal constraints and acknowledged the ?13.5 billion paid in gratuities, pensions, and death benefits to retirees under his administration.

They further lauded the Governor for approving a 50 percent reduction in tuition fees across state-owned tertiary institutions, which they said has expanded access to higher education, alongside the ongoing renovation and upgrade of facilities in campuses across the state. While acknowledging the state’s financial challenges, including a ?5 billion monthly debt repayment burden inherited from the previous administration, the unions praised the Governor’s prudence and prioritisation of education and human capital development.

‘In recognition of the Governor’s sincerity, proactive engagement, and decisive action on our demands, the Union has resolved to suspend the strike with immediate effect,’ the statement signed by union leaders declared, pledging continued dialogue to sustain stability and progress in Kaduna’s tertiary education system.

Siminalayi Fubara, governor of Rivers State, has frowned at the dumpsite along the busy Port Harcourt Airport-Obiri-Ikwerre Road, describing it as a public health threat and a damaging first impression for visitors arriving Port Harcourt, the state capital.

In this light, he has unveiled plans to relocate it to a permanent site farther away from the city lines.

Fubara made this known on Tuesday, October 21, 2025 during an inspection of a proposed replacement site, which is a disused burrow pit near Bambo Estate, off Eneka Road in Igwuruta, Ikwerre Local Government Area. Nelson Chukwudi, Chief Press Secretary to the governor, in a release, said the location is being assessed as a potential permanent dumpsite for the state.

Fubara, who was accompanied by Samuel Nwanosike, Board Chairman, Rivers State Waste Management Agency (RIWAMA), and Ibimina Wokoma, Managing Director, expressed concern about the environmental and health challenges posed by the existing site, which sits along a major entry point into the state. ‘The kind of environmental hazards that we are facing there along the Airport-Obiri- Ikwerre Road; the smell on that road being the entrance into the state, we felt it’s not proper,’ he said. ‘So, we are making alternative arrangements so we can have a permanent refuse dumpsite that meets acceptable standards.’

He added that the government would move swiftly to formalise ownership of the land and complete construction work on the access road to make the new site functional.

‘We have not concluded the issue of the burrow pit, but the access road, I think the government is doing something about it. So, I will make sure that everything that needs to be done to ensure government owns this burrow pit is done,’ he said. Fubara also commended the state waste management agency (RIWAMA) for what he described as a more assertive and improved approach to managing refuse across the state.

The governor also paid a visit to the Permanent Secretaries’ Quarters located in Elimgbu Town, Obio/Akpor Local Government Area, to assess the extent of ongoing construction work on the facility.