Category: Business Day

Nigerian-born former two-weight world champion and current WBC number one heavyweight contender Lawrence Okolie is set to headline a historic heavyweight fight in Lagos, Nigeria, marking his first professional fight on African soil.

The electrifying event, dubbed ‘Chaos in the Ring II’, will take place on Friday, December 19, 2025, at the Mobolaji Johnson Arena and will be broadcast live worldwide on DAZN. The event, following the success of ‘Chaos in the Ring I’, is a collaboration between Balmoral Group Promotions, AK Promotions (Amir Khan), and Frank Warren’s Queensberry Promotions, showcasing a major push to elevate African boxing onto the global stage. Dr. Ezekiel Adamu, CEO of Balmoral Group Promotions, said:

‘We are thrilled to bring this world-class event to Lagos, showcasing Nigeria’s rich boxing talent on a global stage. This triple header is a celebration of our heritage, resilience, and ambition to elevate African boxing to new heights. Fans can expect an unforgettable night of action.’

Amir Khan, former world champion turned promoter, added:

‘Lagos is about to witness something special. This event brings together explosive heavyweights and Nigeria’s rising stars, backed by the global reach of Queensberry Promotions and DAZN. I’m proud to be part of a night that will inspire the next generation of African fighters.’ Frank Warren, Hall of Fame promoter and founder of Queensberry Promotions, said:

‘Nigeria has a proud boxing history, and we’re extremely pleased to bring this opportunity to two of our leading fighters. Queensberry is the Home of the Heavyweights, and we look forward to our guys doing the business in Lagos in December.’

The card will feature a trio of top heavyweights with deep ties to Nigeria:

Lawrence Okolie (22-1, 16 KOs): The London-born star, whose parents hail from Nigeria, headlines the card. Okolie, a former WBO Cruiserweight and WBC Bridgerweight world champion, will put on a statement performance as he vies to become a three-weight world champion in 2026.

Okolie stated: ‘Big time boxing comes to Lagos!!! This will be a historic moment for Africa, my family and my career.’

David Adeleye (14-2, 13 KOs), the explosive heavyweight contender, also of Nigerian descent, is set for the co-main event as he aims to rebound from a valiant effort against top-ranked Filip Hrgovic.

Adeleye, a proven knockout boxer, expressed his excitement: ‘Nigeria – Motide, mo wa nile – I’m coming home. What an honour and a pleasure it will be to fight back home in my parent’s land.’

Emanuel Odiase (9-0, 8 KOs), the undefeated prospect, will return to the Lagos arena where he previously delivered a devastating first-round KO, looking to solidify his status as a breakout star in the heavyweight division.

The card will also feature an all-action bout between two Nigerian fan favourites as local hero Taiwo Agbaje (18-0, 13 KOs) battles his fierce rival Musa Tope Tajudeen (19-1, 17 KOs) in a highly anticipated clash

An NGO, Sightsavers International says over 4.24 million Nigerians are affected by blindness or visual impairment, mainly due to preventable or treatable conditions like cataracts, glaucoma and uncorrected refractive errors.

The News Agency of Nigeria (NAN) reports that the the organisation’s Advocacy Coordinator, Esther Bature, representing Country Director, Joy Shuaibu, said this on Tuesday in Kano.

She spoke on Day 2 of a workshop attended by journalists from North-West Nigeria.

It is aimed at boosting collaboration between the media and sightsavers on health, disability inclusion, and Neglected Tropical Diseases (NTDs).

Bature said that access to eye care remained a challenge, with only 4.4 per cent of Nigerians getting eye health services as against 38 per cent in middle-income countries.

She said that sightsavers, established in 1950, had over 50 years’ presence in Nigeria promoting healthcare, education and inclusion for persons with disabilities.

Bature urged the government and stakeholders to boost awareness and investments in eye health via the ‘4Ps Approach’ – Preserve, Prioritise, Prevent and Protect_.

She stressed bridging gaps between tertiary institutions and the rural communities, advocating inclusive policies for women, children and persons with disabilities.

Sightsavers also reaffirmed commitment to supporting national initiatives prioritising disability inclusion and eye health.

Festus Keyamo, minister of aviation and aerospace development, has emphasised that strategic investment in human capacity is vital for Nigeria to remain competitive in the rapidly evolving global aviation industry.

Keyamo made the remark while declaring open the 54th Annual General Meeting (AGM) of the Nigeria Air Traffic Controllers’ Association (NATCA) held on Tuesday in Abuja.

The event, themed ‘The Human Edge: Capacity Building in the Next Generation Air Traffic Management,’ aligns with the Minister’s Five-Point Agenda, which underscores the federal government’s commitment to strengthening human capacity and fostering innovation in the aviation sector.

In a statement signed by Odutayo Oluseyi, head of Press and Public Affairs at the ministry, Keyamo commended NATCA for its steadfast dedication to safety, professionalism, and operational excellence in air traffic management.

He reiterated that human capacity remains the most critical component of aviation safety and efficiency, pledging the ministry’s continued support for training, retraining, and creating an enabling environment for aviation professionals to thrive.

‘As the global aviation industry evolves toward next-generation air traffic management systems, Nigeria must strategically invest in its workforce to remain competitive and compliant with international standards,’ the minister said.

Keyamo also highlighted the government’s ongoing measures to address workforce shortages in the aviation sector, particularly among air traffic controllers and other technical professionals.

Recall that during the unveiling of the Isaac Balami University of Aeronautics and Management (IBUAM), Africa’s first privately owned aeronautics university, he revealed that the ministry has had to retain and recall retired personnel to fill critical gaps.

‘I want to say that we are short-staffed in certain areas of aviation, particularly air traffic controllers. They are highly skilled professionals, and it takes time to train them. That’s why we’ve had to recall retired hands to bridge the gap while developing new capacity,’ he explained.

According to him, the establishment of IBUAM is a strategic step toward addressing these challenges, as it aligns with the federal government’s vision to build local capacity, reduce dependence on expatriate expertise, and prepare the continent’s workforce for the future of aviation.

The 54th NATCA AGM provides a platform for air traffic controllers, regulators, and aviation experts to deliberate on issues affecting the profession and to develop strategies for improving operational efficiency, safety, and service delivery across Nigeria’s airspace.

Selected thought leaders who met in Port Harcourt, Rivers State, have pointed how Nigeria’s economy can be moved to faster growth with innovation and self-reliance.

This is as the speakers and entrepreneurs focused on health, wealth, and relationships to push healthy economy, just as the speakers warned citizens to help themselves because the government may not do it.

The business leaders, entrepreneurs, and professionals from across the country who converged in Port Harcourt for the ‘Business Balance and Beyond Xclusive 2025’, a transformational gathering, explored how innovation, wellness, and enterprise can drive sustainable personal and economic growth.

Held at Oak Park, Port Harcourt, the annual summit, convened by Ella Chioma Ezeadilieje, popularly known as ‘Veronica’s Daughter’, focused on the theme: ‘Level Up: The 360 Life.’

The event sought to help participants realign their lives across four key areas, health, wealth, relationships, and leadership through practical conversations, expert insights, and real-life stories.

In her keynote address, Ezeadilieje, the business influencer, urged Nigerians to take responsibility for their economic empowerment through entrepreneurship and innovation.

‘The truth is, the government doesn’t have the ability we are too many,’ she said.

She added: ‘That’s why entrepreneurship is on the rise. We are creating value, solving problems, and building dynasties along the way. If you find a problem to solve, you’ll make money. That’s the heart of entrepreneurship.’

She added that Nigerians must stop waiting for the government to provide solutions but instead embrace creativity and self-initiative.

‘For so long, we’ve said, ‘The government will do this or that.’ But the truth is, the government cannot do it all. Do something for yourself,’ she urged.

Ezeadilieje thus urged Nigerians to take greater responsibility for their financial future by embracing entrepreneurship and innovation rather than waiting for government interventions.

‘The truth is, the government doesn’t have the ability to meet everyone’s needs, we are too many, that’s why entrepreneurship is on the rise. We are creating value, solving problems, and building dynasties along the way.’

Also speaking at the summit, Hansatu Adegbite, women economic empowerment specialist, emphasized that Nigeria’s youth population must be viewed as a national asset, and their empowerment a collective responsibility.

‘Nigeria has one of the largest youth populations globally. It is very important for not just the government but for all of us as citizens to prioritize entrepreneurship and skill development, especially among our youth and women if we must build this nation to the next level,’ she noted.

She said when more people produce goods and services, the economy grows stronger, adding that entrepreneurship is key to sustainable development.

Chinonso Egemba (Aproko doctor), a digital health advocate, urged attendees to manage their stress levels even though stress could be good for the body. He further advocated for weightlifting as a crucial means of strengthening the muscles, which leads to strong bones needed as one grows older.

On his part,Olusola Olaleye, a business strategist, who also featured as a keynote speaker addressed a critical topic on business growth systems.

Also, Tunde Bello, a tax consultant, dissected Nigeria’s evolving tax environment ahead of the tax reforms starting in 2026 while sales and marketing expert, Frank Somtochukwu Okonkwo, otherwise called El Classico, energised the audience with a practical session on closing sales and building customer trust.

He also sponsored one of the day’s biggest highlights, an iPhone XR giveaway, won by a delighted participant, symbolizing the summit’s focus on growth, generosity, and community.

The 2025 edition of the Business Balance and Beyond Xclusive drew hundreds of participants from across Rivers State and beyond. Entrepreneurs, professionals, and homemakers engaged in high-impact networking sessions, exploring strategies for building balanced, resilient, and purpose-driven lives.

The Business Balance and Beyond Summit is an annual gathering of thought leaders, entrepreneurs, and professionals committed to redefining success through balance. Founded by Ezeadilieje (Veronica’s Daughter), the summit seeks to inspires growth-minded individuals to thrive in work, wealth, health, and relationships while staying grounded in purpose.

The transformative summit seems to explore how innovation, wellness, and enterprise can drive personal and national economic growth.

The annual event is said to have become one of Nigeria’s foremost gatherings for thought leaders seeking to redefine success through balance.

This year’s edition focused on how individuals can realign their health, wealth, relationships, and leadership to achieve holistic progress.

She emphasised that self-reliance and creativity remain the strongest paths to economic empowerment.

With N1.017 trillion in assets, TAJBank Limited has emerged as Nigeria’s largest non-interest bank, solidifying its leadership in the growing non-interest banking (NIB) sector, following five years of operations characterised by rapid expansion and performance milestones.

The development was disclosed during a seminar organised by Leaders Corporate Services in Abuja, themed ‘Roles of Non-Interest Banks in SMEs’ Financing.’

Speaking at the event, Olabode Akeredolu-Ale, an investment analyst and chartered stockbroker revealed that based on the latest half-year 2025 financial statements approved by regulators, TAJBank currently tops the NIB subsector in terms of total assets, gross earnings, and earnings per share. According to Akeredolu-Ale, TAJBank’s total assets rose to N1.017 trillion as at June 2025, up from N953.098 billion recorded in December 2024-an increase of over N64 billion. This figure places the bank ahead of its peers, with the next competitor trailing by approximately N53 billion in total assets.

Similarly, TAJBank’s gross earnings surged significantly in the first half of 2025, climbing to N53.752 billion from N32.86 billion at the end of 2024, representing a 64 percent growth. ‘This places the bank clearly above other non-interest banks in terms of income performance,’ Akeredolu-Ale noted.

He also pointed out that the bank recorded earnings per share (EPS) of 61.36 kobo for the same period-about 92 percent higher than the EPS of the nearest competitor in the NIB space. ‘The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify,’ he stated. ‘I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.’

Highlighting the economic relevance of NIBs amid Nigeria’s tight credit conditions and rising interest rates, Akeredolu-Ale stressed that NIBs have become indispensable in providing affordable funding options for micro, small and medium enterprises (MSMEs), which often struggle to secure financing from traditional deposit money banks (DMBs).

‘Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth,’ he said.

He further urged SME operators at the seminar to consider switching to non-interest banking options in order to access ‘cost-friendly financing’ and benefit from the ethical and inclusive financial model offered by institutions like TAJBank.

Echoing similar sentiments, Benjamin Chukwudi, another financial analysts who spoke at the seminar, praised NIBs for their growing influence in supporting the SME ecosystem. He said the institutions have been ‘catalytic’ in providing access to interest-free loans and advisory services that are helping SMEs stay afloat despite the high cost of doing business in the country.

According to Chukwudi, ‘The non-interest banks are not only offering loans without interest, but they are also equipping entrepreneurs with critical financial management support, which is key in this challenging business environment.’

Spiro, Africa’s leading two-wheel transportation and battery swapping company, has raised $100 million in investment to expand access to affordable mobility to the masses while transforming Africa’s clean energy and urban transport sectors.

This investment, which is also the largest-ever in the continent’s two-wheel electric transport sector, includes $75 million from the Fund for Export in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank).

Kaushik Burman, CEO of Spiro, stated that Africa is at an inflection point in personal mobility, noting that riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles. ‘For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles.

‘This landmark $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent,’ Burman said.

The company stated that it will use the funding to expand its industry-leading battery-swapping infrastructure across existing and new markets while further strengthening its technology platform.

Spiro also stated that it expects to surpass 100,000 deployed vehicles by the end of 2025, reinforcing its leadership in Africa and positioning the company among the world’s foremost battery-swapping providers.

‘We are delighted to partner with Spiro on this transformative initiative. Our investment reflects Afreximbank’s strong commitment to building a competitive and sustainable mobility sector in Africa,’ said Benedict Oramah, president of Afreximbank, and chairman of the boards of directors of Afreximbank and FEDA.

‘Together, we are laying the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows.

‘At the same time, we are focused on creating skilled employment opportunities and reducing the continent’s reliance on imported second-hand vehicles,’ Oramah said. Founded in 2022, Spiro has a vision to transform Africa’s transportation sector by building a mobility ecosystem that integrates advanced battery swapping and mass market accessible motorcycles.

The company added that they are committed to creating solutions made in Africa, by Africans for Africa and the world.

Today, Spiro operates Africa’s fastest-growing and largest battery swapping infrastructure, commercially in six African countries, including Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. The company recently launched pilot programmes in Tanzania and Cameroon.

Before this latest round, Spiro had secured more than $180 million from Equitane and Société Générale, reinforcing investor confidence in the company’s long-term growth strategy.

‘We are proud to welcome FEDA as a strategic investor as we accelerate the growth of Spiro’s mission to transform mobility, energy storage, and distribution across Africa,’ said Gagan Gupta, founder of Spiro.

Gupta also said that Spiro’s rapid expansion into new markets reflects the continent’s strong appetite for clean, affordable, and efficient transportation.

‘As we expand our battery swapping infrastructure and integrate renewable energy sources into our energy mix, we are positioned to unlock substantial upside in Spiro’s energy distribution,’ he noted. Marlene Ngoyi, CEO of FEDA, stated that Spiro’s success to date is a clear demonstration of the strength and scalability of its business model.

Ngoyi added that the company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa.

‘With its integrated approach, Spiro has built a platform that is both commercially viable and socially impactful,’ she said.

With more than 60,000 electric motorcycles, over 1,200 battery swapping stations, and over 26 million battery swaps to date, Spiro has achieved over 800 million kilometres of low-carbon emissions travel, transforming mobility and economies through substituting expensive imported fossil fuel-based transportation with affordable, accessible, and sustainable solutions.

Abubakar Kyari, minister of Agriculture and Food Security, has emphasised that young agripreneurs hold the key to accelerating the transformation of Nigeria’s agricultural sector through innovation, enterprise, and inclusivity.

Speaking at the World Food Forum (WFF) Nigeria Chapter Side Event held in Rome, Italy, themed ‘Bridging Policy and Innovation: Youth at the Forefront of Agri-Food Transformation,’ Kyari said empowering youth as co-architects of the nation’s food systems is essential for sustainable growth.

He noted that under the leadership of President Bola Ahmed Tinubu, agriculture has been placed at the center of Nigeria’s development agenda.

‘Food security is more than an economic priority – it is the foundation of national sovereignty and stability,’ Kyari stated.

The minister explained that the Tinubu administration, through its Renewed Hope vision, is reinforcing confidence in food systems, strengthening production, and empowering youth to drive future growth in agribusiness.

Kyari said the government is strengthening the link between policy and practice to ensure that agricultural strategies are ‘inclusive, data-driven, and shaped by those who live and work within our food systems, especially the youth driving innovation.’ He noted that Nigeria is shifting from a top-down approach to one of collaboration and co-creation, where young voices play a defining role in shaping policy.

Highlighting key policies, the minister pointed to the National Agricultural Technology and Innovation Policy (NATIP) as the backbone of a youth-driven, tech-enabled, and commercially viable agricultural ecosystem. He emphasised that financing remains crucial to sustaining innovation.

‘No matter how brilliant our ideas or technologies, without accessible and affordable finance, they cannot grow into impact,’ he said.

Kyari listed major government initiatives such as the operationalisation of the National Agricultural Development Fund (NADF) and the ?1.5 trillion recapitalisation of the Bank of Agriculture (BOA) – one of Nigeria’s largest ever agricultural finance commitments – aimed at expanding access to affordable credit for youth and women-led agribusinesses.

The Minister also celebrated young Nigerian innovators including; Samson Ogbole, Femi Adekoya, Atinuke Lebile, and Azeez Salawu.

President Bola Tinubu has forwarded the name of Bernard Doro to the Senate for confirmation as a minister representing Plateau State.

The nomination, which was announced 24 hours earlier, follows the exit of Nentawe Yilwatda, the former minister from the state, who now serves as the national chairman of the All Progressives Congress (APC).

In a letter addressed to the President of the Senate, Godswill Akpabio, and read during Wednesday’s plenary, President Tinubu said the nomination was made in accordance with Section 147 (2) of the 1999 Constitution (as amended). The president urged the Senate to give the request ‘expeditious consideration.’

Following the reading of the letter, Akpabio referred the nomination to the Committee of the Whole for screening and possible confirmation.

However, the earliest the Senate can take up the confirmation is next Tuesday, as the chamber will not hold plenary on Thursday due to a retreat on the ongoing constitution review exercise scheduled for this weekend in Lagos.

Former Frankfurt forward Hugo Ekitike equalised for the Reds before Virgil van Dijk, Ibrahima Konate, Cody Gakpo, and Dominik Szoboszlai sealed a dominant victory, with the latter two goals assisted by Florian Wirtz on his return to Germany. Liverpool had gone behind early when Rasmus Kristensen struck on the counter, marking the fifth consecutive match in which Arne Slot’s side conceded first.

But the Premier League champions responded with a ruthless attacking display, scoring three times in 10 minutes to overturn the deficit before half-time. Wirtz, who had yet to register a goal or assist since joining Liverpool, delivered an outstanding two second-half assists to cap a standout performance, while Slot praised his team’s resilience after a difficult run.

‘We’re Liverpool, and we don’t celebrate like we’ve won a trophy, but I’m pleased with the way we reacted,’ Slot said. ‘This was the response we needed.’

The result restores Liverpool’s confidence after a dismal stretch that saw them flirting with their worst losing run in over seven decades. Frankfurt, meanwhile, continue to struggle defensively, having now conceded 23 goals in their last six matches.

‘This win means a lot,’ said Wirtz. ‘We didn’t start well, but showed our quality and fought back. I’m happy to finally contribute to the goals.’

A United States District Court has ordered the interim forfeiture of a California property belonging to Paulinus Okoronkwo, a Nigerian-American and former General Manager of the Nigerian National Petroleum Corporation (NNPC), now NNPC Limited, after finding he acquired it with proceeds of bribery.

The ruling, issued by Judge John Walter on October 3, followed Okoronkwo’s September conviction on charges of transactional money laundering, tax evasion, and obstruction of justice. Prosecutors alleged that Okoronkwo received a $2.1 million bribe from Addax Petroleum, a Switzerland-based subsidiary of China’s state-owned Sinopec, in exchange for granting favourable drilling rights in Nigeria during his time at NNPC.

According to U.S. court documents, the payment made in October 2015 was wired to Okoronkwo’s law firm trust account in Los Angeles and disguised as consultancy fees. Investigations, however, revealed the funds were bribes facilitated by Addax executives who allegedly falsified records, misled auditors, and dismissed staff who questioned the transaction.

Prosecutors further told the court that Okoronkwo, who practiced immigration, family, and personal injury law in Koreatown, Los Angeles, used nearly $1 million of the illicit funds as a down payment on a luxury home in Valencia, California. He also failed to declare the income in his 2015 tax returns, violating U.S. tax laws.

The forfeiture order covers the property located at 25340 Twin Oaks Place, Valencia, California 91381, described as Tract Number 45433, Lot 12, with Assessor’s Parcel Number 2826-143-004. The court found a ‘clear nexus’ between the property and the crimes listed in Counts 1 through 3 of the indictment, which involved money laundering in violation of 18 U.S.C. §1957.

In its judgment, the court ruled that ‘any right, title, and interest of the defendant’ in the Valencia property ‘is hereby forfeited to the United States.’ It also authorized the U.S. Attorney General or a designee to seize the property pursuant to federal forfeiture laws.

The U.S. government has since published a public notice calling on any individual with a legitimate claim or interest in the property to file a petition within 60 days of the announcement.

Okoronkwo’s sentencing hearing has been scheduled for December 1, where he faces potential prison time and further financial penalties. The case has drawn attention in both Nigeria and the U.S., spotlighting renewed international efforts to combat corruption in the oil and gas sector and trace illicit financial flows across borders.

If upheld, the forfeiture will mark another major U.S. enforcement action targeting foreign bribery linked to Nigeria’s oil industry an ongoing challenge for authorities seeking to recover assets looted through corporate and political corruption.