Category: Business Day

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.

Nigeria’s top business, finance, and sustainability leaders have called for stronger financing mechanisms, sound policy frameworks, and innovation-driven strategies to accelerate Africa’s transition toward a sustainable future.

The call was made on Tuesday in Lagos at the media launch of the 2025 Private Sector ESG Forum, a prelude to one of the continent’s most influential gatherings on sustainability.

The media launch, held ahead of the ESG Masterclass on October 28 and the Main Forum on October 29, highlighted the Forum’s growing influence in shaping sustainable business transformation, climate resilience, and corporate responsibility across Africa.

Now in its third year, the 2025 edition of the Forum, themed ‘Energy Security and Decarbonisation: Bridging the Gap for a Sustainable Future,’ will focus on designing an African energy transition model that addresses energy poverty while advancing environmental responsibility and economic inclusion. Delivering the opening remarks, Odiri Erewa-Meggison, Chair of the ESG Forum Technical Committee and External Affairs Director, BAT West and Central Africa, highlighted the continent’s most pressing sustainability challenge: how to power development without harming the environment.

‘Africa must not merely import global sustainability standards; we must define our own context,’ Erewa-Meggison said. ‘Our conversation is not just about reducing emissions, it is about expanding opportunity. We must begin to look for solutions that work for us; solutions that ensure energy fuels factories, lights homes, and sustains livelihoods.’

She explained that the Forum aims to serve as a rallying point for collaboration between private sector players, policymakers, and financiers.

According to her, the transition to a low-carbon economy must be pragmatic and equitable, ensuring that communities and industries still struggling with basic power access are not left behind.

‘The transition is not only about what we stop doing, but what we build in its place: innovation, local capacity, and inclusive progress,’ she added. Representing the financial sector, Tosin Leye-Odeyemi, Head of Risk and Capital Management at Stanbic IBTC Holdings, underscored that sustainable transformation will remain elusive without robust financing structures.

‘Transition financing is not a buzzword; it is the backbone of implementation,’ she said. ‘We must de-risk sustainability investments and build blended finance structures that attract both public and private capital. If we want transformation, we must build financial systems that reward responsibility and long-term value creation.’

Leye-Odeyemi emphasised the need for financial innovation to unlock climate finance. She urged the private sector to explore instruments such as green bonds, sustainability-linked loans, and other capital market tools that align with Africa’s development priorities.

Speaking from the agribusiness perspective, Yosola Onanuga, Head of Corporate Responsibility and Sustainability at TGI Group, examined how energy and food security are deeply interconnected.

‘Food security and energy security are inseparable,’ she said. ‘By integrating renewable energy into agricultural production and processing, agribusinesses can lower costs, reduce emissions, and build resilience for communities most vulnerable to climate shocks.’ Onanuga’s remarks reinforced the need for cross-sector collaboration, highlighting how sustainable energy solutions can simultaneously drive agricultural productivity and rural development.

In her closing remarks, Halimat Shuaibu, Head of Business Communication and Sustainability at BAT West and Central Africa, reflected on the Forum’s overarching goal, to move the continent from dialogue to measurable action.

‘This Forum is a collaborative commitment to align profit with purpose, and growth with responsibility,’ she said.

When Optasia, formerly known as Channel VAS, began operating in Nigeria in 2014, it was celebrated as a fintech innovator bringing digital convenience to Africa’s largest mobile market. Its idea was deceptively simple: provide airtime and small credit advances to MTN subscribers who ran out of balance, then recover repayment on their next recharge. For millions of Nigerians, it felt like progress – instant microcredit available through a handset. But a decade later, the picture looks very different. The real wealth created by this model does not stay in Nigeria.

Optasia is not a Nigerian company. It is a foreign fintech platform offering AI-based lending and scoring services to telecom operators across Africa, the Middle East, and Asia. Its biggest and most profitable market is Nigeria, where MTN, the continent’s largest mobile operator, serves as both partner and distribution channel. Since entering the country, Optasia’s transaction volumes have grown exponentially, generating vast sums from Nigerian users. Industry estimates suggest that between 2019 and 2023 alone, Nigerian subscribers received over ?4.7 trillion in airtime and nano-loans through the Optasia-MTN system, producing an estimated ?560 billion in interest income. In 2023, the platform processed about 46 billion micro-advances worth ?1.4 trillion, yielding roughly ?210 billion in interest. These figures, while staggering, tell only half the story – because most of that income was earned offshore.

Despite processing trillions of naira in transactions through Nigerian telecom networks, Optasia does not hold a Nigerian financial licence. It operates through MTN’s infrastructure, using the network as a distribution layer while conducting its data analytics, revenue booking, and risk modelling abroad. The firm’s local footprint is minimal, often limited to a small compliance or liaison office. The algorithms, servers, and banking relationships that underpin the entire enterprise remain outside Nigeria’s jurisdiction. What looks like innovation on the surface is, in practice, a sophisticated form of digital extraction – a system where foreign platforms monetise local data and demand while leaving the host country with little more than operational residue.

Even more troubling is the fact that, despite processing trillions of naira in loans, *none of this credit activity is reported to Nigeria’s licensed credit bureaus* such as CRC Credit Bureau or FirstCentral. This means that millions of Nigerians who consistently borrow and repay these airtime loans *build no formal credit history* – they remain invisible to banks, mortgage providers, and legitimate financial institutions. The very citizens whose repayment patterns sustain these foreign platforms are denied the opportunity to convert that discipline into real creditworthiness. What could have been an on-ramp to financial inclusion has become a closed circuit of extraction.

Regulatory oversight has not caught up with this reality. The Nigerian Communications Commission (NCC) regulates the telecom sector, while the Central Bank of Nigeria (CBN) oversees lending and payment services. Yet Optasia sits between both domains, in a grey zone where neither regulator exercises direct authority. The result is a multi-billion-naira industry operating beyond the reach of financial supervision and beyond the scope of domestic taxation.

The implications are profound. Nigerian subscriber data fuels Optasia’s predictive algorithms, but those models are built, owned, and refined abroad. The loan fees and commissions earned from each transaction are often booked as ‘technology service’ or ‘licence’ payments to offshore entities, allowing profits to escape local taxation through intra-group transfer pricing. Without a Nigerian licence, the company’s lending practices are not bound by domestic consumer-protection laws, and its use of sensitive personal data is subject only to indirect oversight. At the same time, the absence of local research or development means no Nigerian coders, no domestic IP, and no local shareholding benefit from the billions generated on Nigerian soil.

If Nigeria had captured even ten percent of the estimated interest income generated by these operations – about ?56 billion over five years – that amount could have financed a nationwide fintech accelerator programme, supported rural broadband expansion, or strengthened regulatory capacity in the digital economy. Instead, it flows outward, enriching global investors and reinforcing Nigeria’s role as a supplier of data and demand rather than a builder of digital wealth.

Other nations have faced similar challenges and responded with assertive policy. India, for example, mandates that digital-lending firms host their data locally, partner with licensed domestic financial institutions, and comply fully with onshore capital and tax requirements. Indonesia imposes strict local-incorporation rules, caps foreign ownership in peer-to-peer lending, and requires public disclosure of revenue-sharing agreements between telecom operators and their digital partners. These measures are not protectionist; they are pragmatic. They recognise that innovation without value retention merely transfers prosperity abroad.

Nigeria’s policymakers can take a similar approach. The time for permissive digital laissez-faire has passed. The country must establish clear rules for telco-embedded credit and AI-based financial services, requiring that any entity serving Nigerian subscribers be locally licensed, partly Nigerian-owned, and subject to the same tax and data-protection standards as domestic players. Data processing for Nigerian consumers must occur within Nigerian jurisdiction under the Nigeria Data Protection Act, and telecom agreements should be publicly disclosed to ensure fair revenue sharing and consumer benefit. Without such reforms, Nigeria’s digital economy will remain a pipeline for exporting value, not building it.

Optasia’s rise is both a testament to Nigeria’s economic scale and a warning about its vulnerabilities. With more than 200 million mobile subscribers, the country represents one of the world’s richest laboratories for digital finance. Yet Nigerians remain spectators in their own success. Their data trains foreign algorithms, their consumption drives foreign valuations, and their economy receives only the thinnest fraction of the gains.

To change this trajectory, Nigeria must move beyond celebrating foreign participation as an end in itself. Investment is valuable only when it deepens domestic capacity and retains local wealth. The choice is not between openness and protectionism, but between dependency and partnership. The principle should be simple: if global firms wish to profit from Nigeria’s digital scale, they must build with Nigeria, not merely on Nigeria. Otherwise, we risk exporting opportunity and importing dependency – one airtime loan at a time.

Set up by the National Housing Fund (NHF) Act of 1992, NHF offers all Nigerians above 18 years of age and working in the public, private and informal sectors eligibility to register and participate by contributing 2.5 percent of their monthly incomes to the fund. It is targeted mainly at Nigerians within the low and medium-income levels, especially civil servants, who cannot afford commercial housing loans.

The fund is currently supervised by the Federal Mortgage Bank of Nigeria (FMBN), which was established with a clear social mandate to ensure that Nigerians, particularly those in the low- and middle-income brackets, have access to affordable housing finance.

Many years on, FMBN has continued to serve as Nigeria’s foremost bridge to homeownership, helping ordinary workers turn their housing dreams into reality through the NHF scheme. FMBN had suffered slow growth until recently, when the mantle of leadership of the apex mortgage bank fell on Shehu Usman Osidi, the managing director/chief executive, and his dedicated management team.

Osidi revealed recently that, since their inauguration, they have embarked on bold reforms to reposition the Bank, deepen transparency, and enhance service delivery. ‘One visible result of these efforts is the marked increase in NHF registrations nationwide,’ he said.

According to FMBN’s January to July 2025 operational performance report recently released, more than 76,000 new workers joined the scheme within the past seven months, a significant jump that underscores growing confidence in the Fund.

‘But when set against Nigeria’s massive workforce, which is estimated at over 70 million people, this figure is still a drop in the ocean. The reality is that millions of Nigerian workers remain outside the NHF ship, either due to scepticism, misinformation or sheer lack of awareness,’ the managing director noted.

He lamented that misconceptions about the Fund continue to thrive, discouraging participation and denying workers access to one of the most affordable mortgage products in Africa. This, he said, has necessitated the need to demystify the Fund to let Nigerians know what it is all about.

What NHF was designed to do

The NHF scheme was created as a solution to Nigeria’s chronic housing challenge. The idea behind its establishment was simple: if Nigerian workers each contributed a small fraction of their monthly income, the pooled resources could create a revolving fund for affordable housing loans. The scheme was therefore the government’s strategic effort at democratising access to homeownership, ensuring that even workers on modest incomes could aspire to own a home.

The scheme is, therefore, not just a savings programme but also a form of social security for Nigerian workers. It is designed to protect workers from the vulnerability of rent dependency, housing insecurity and the high cost of commercial mortgages provided by other mortgage and financial institutions.

With repayment periods stretching as long as 30 years and interest rates capped at six percent per annum, the NHF remains the most worker-friendly housing finance product in Nigeria. This is in addition to an opportunity to access up to N50 million for housing development or outright purchase of a property. Over the years, many Nigerian workers have taken advantage of the opportunity and realised their homeownership aspirations through this scheme.

Contributor’s age, financial requirement and products:

The scheme is designed in a way that any Nigerian up to the age of 18 is eligible to register and begin a contribution of 2.5 percent of his monthly income immediately. As a registered contributor to the NHF Scheme, it opens up the window for the contributor to access any of FMBN’s range of products after consistently contributing for a minimum period of six months.

These products include the NHF Loan, Rent-To-Own and Home Renovation Loan. Others are the Individual Construction Loan and Cooperative Housing Development Loan. In addition to these products, FMBN recently announced plans to launch the Diaspora Mortgage Loan and Non-Interest Loan. All these products have been designed to ease the struggles of homeownership faced by the majority of Nigerians who fall within the low- and middle-income segments.

Correcting misconceptions about the scheme: NHF is not for civil servants alone.

One of the biggest misconceptions about the NHF is the assumption that it is exclusive to government employees. While civil servants form a large portion of contributors, the NHF was designed for every Nigerian worker above the age of 18. Private-sector employees, traders, artisans, entrepreneurs and self-employed professionals can all register and contribute. This way, the scheme promotes inclusivity.

The inclusivity of the NHF is one of its greatest strengths. By widening the contributor base, the scheme pools more funds for housing development and ensures that the benefits are not limited to one segment of the workforce. It targets all Nigerian workers, not only those in government employment. More recently, it has expanded beyond Nigeria’s borders, enabling Nigerians in the diaspora to participate and benefit from it.

NHF deductions are not taxes.

Another widespread misconception that has stood as a barrier to Nigerians’ getting on board the NHF scheme is that its contributions are simply another government tax that workers will never benefit from. This belief has discouraged many from even asking questions about the scheme. In reality, the deductions are not taxes but mandatory savings that remain tied to the worker’s name.

Workers who contribute to this scheme build eligibility to access loans for housing. They get the ticket to access affordable mortgage finance or housing. Those who never apply for a loan are entitled to a refund of their contributions with a 2-percent interest at the point of retirement or disengagement from service. Far from being ‘lost money’, NHF deductions are a form of enforced savings with either a home or a refund as the outcome.

Access to mortgage loans is possible for everyone.

Scepticism about access is perhaps the most damaging misconception surrounding the NHF Scheme. Many workers assume that NHF loans are shrouded in bureaucracy and reserved for the privileged few.

While challenges with processing times and documentation have existed in the past, the system has been deliberately structured to ensure fairness. But even this challenge is being overcome today, with the Bank’s full deployment of its Core Banking Application.

Workers apply through accredited mortgage banks, known as Mortgage Loan Originators (MLOs), rather than directly to FMBN. These MLOs guide contributors through the requirements, such as proof of income, title documents and building approvals, ensuring that loans are processed transparently. Importantly, the property being financed serves as the security for the loan, which means workers are not required to produce assets beyond the house they intend to own.

NHF loans are not only for new buildings.

Many workers wrongly believe the NHF scheme is only useful if they are starting construction from scratch. In truth, the scheme supports a wide range of housing needs. Contributors can use their loans to buy existing homes, purchase properties in accredited estates, construct new houses or give their existing homes a new look with the Home Renovation Loan. The only restriction is refinancing, which involves using NHF funds to pay off existing loans, which is not allowed.

This flexibility means the scheme accommodates different housing realities. A worker in Lagos may use the loan to buy an apartment, while another in Enugu may choose to build a family home on ancestral land or move into an apartment funded by FMBN and pay by installments as rent till he/she completes the total cost of the property and becomes an owner. This way, the NHF adapts to workers’ diverse needs and circumstances.

The requirements are not ‘overly complicated’ but necessary.

Documentation for mortgage loans can seem daunting, but the requirements are no different from any standard mortgage process anywhere in the world. They exist to protect contributors from fraud and ensure the value of financed properties. Items such as a Certificate of Occupancy (C-of-O), building plan approval and a valuation report by a registered estate valuer safeguard both the worker and the Fund.

‘What may appear as complicated is, in fact, a safeguard,’ Osidi assures, saying that with the guidance of accredited mortgage banks, contributors can navigate the process with clarity. ‘Increasing digitisation by FMBN has further simplified the process, reducing timelines and increasing transparency,’ he added.

NHF loans have easy repayment terms.

Another enduring misconception about the NHF scheme is that the repayment burden will cripple workers’ finances. This is not in any way true. NHF loans are deliberately designed to be affordable. The 6 percent annual interest rate is far below what commercial banks charge, and the repayment can be spread across as many as 30 years.

This structure ensures that repayments fit comfortably within workers’ income brackets. Unlike landlords who can arbitrarily increase rent, the NHF repayment terms remain stable, predictable and fair throughout the tenure of the loan.

An easy path to homeownership

Osidi here stresses that NHF is not a tax, not a scam and not a privilege reserved for a few, but a lifeline for Nigerian workers who desire to escape the trap of rent and claim the stability of homeownership.

According to him, though misconceptions have long obscured the value of the scheme, the facts are clear: 6 percent every contributor stands to gain, whether through a home loan or a refund with interest.

‘The challenge now is not whether this scheme works; it does, but whether more workers will embrace it. For those who have yet to register, the message is simple: do not let misinformation rob you of an opportunity that is both affordable and attainable. Join the NHF, secure your right to a home, and help build a future where decent housing is not a privilege but a shared reality for all Nigerian workers,’ the managing director said.

Why every Nigerian should join the scheme

At a time when the average 3-bedroom bungalow in a city like Lagos or Abuja will cost upwards of N30 million to buy or build, every worker outside the NHF scheme is missing out on an opportunity to turn small monthly deductions into life-changing assets.

The progress FMBN has made in expanding registrations shows that more Nigerians are beginning to realise this truth, but the numbers are still far too small compared to the country’s workforce.

Housing is more than shelter. It is a form of dignity, stability and security. For workers who spend decades of their lives in service to the nation or the private sector, a permanent home should not be a luxury. It should be a right, and the NHF is one of the surest ways to claim that right.

The FMBN management team has shown that reforms and renewed energy can inspire progress. By improving transparency, deepening accountability and expanding outreach, the current management team is restoring workers’ trust in a scheme that was once dismissed with cynicism. The rise in new registrations is evidence of shifting perception.

In the contemporary landscape of global project management, effective communication stands as a cornerstone of success, especially in cross-border and multicultural environments. For Nigerian professionals who operate within complex cultural systems both domestically and internationally, mastering the balance between cultural understanding and technological adaptability is essential. By blending cultural intelligence with digital communication tools, Nigerian project managers can enhance collaboration, reduce misunderstandings, and drive more effective project outcomes.

Recognising cultural diversity is crucial to developing strong communication within teams. Nigeria, with over 250 ethnic groups and numerous local languages, presents a unique challenge in harmonising communication styles and workplace expectations. Cultural norms often shape how individuals perceive authority, express opinions, and handle conflicts. For instance, while directness may be valued in Western settings, it may be perceived as disrespectful in some Nigerian or other African contexts. Consequently, project managers must develop sensitivity to these nuances, fostering respect and collaboration across varying cultural backgrounds.

Cultivating cultural intelligence (CQ) enables Nigerian professionals to go beyond awareness and actively adapt their behaviour in multicultural project environments. CQ involves understanding cultural values, interpreting social cues, and adjusting communication styles appropriately. A project manager with high CQ can tailor messages, anticipate possible misinterpretations, and create a sense of inclusion among team members. This adaptability is vital for aligning diverse stakeholders and maintaining cohesion in both local and international projects.

Alongside cultural competence, technology serves as a transformative tool in bridging communication gaps. Digital collaboration platforms-such as Microsoft Teams, Slack, and Zoom-facilitate real-time interaction, document sharing, and project tracking, making it easier for geographically dispersed teams to stay aligned. For Nigerian professionals, the use of such tools represents not just efficiency but also a pathway to global participation in complex project networks. However, reliance on technology introduces challenges related to tone, context, and cultural sensitivity. Misinterpretations can occur when non-verbal cues are absent in emails or messages. Therefore, project managers should combine written and visual communication formats, using video calls when discussing sensitive topics to preserve relational context.

Establishing structured communication protocols is equally important. Nigerian project managers should define standards for reporting, feedback, and response times that respect cultural preferences while maintaining professional efficiency. Regular communication checkpoints encourage accountability, ensure transparency, and strengthen team trust. When protocols are paired with open dialogue, teams can address issues proactively, minimising conflict and delays.

Training in intercultural communication should also be an ongoing part of professional development. Such training not only increases awareness but also provides practical tools for managing diversity within teams. For example, simulation exercises, role-playing, and storytelling workshops can improve empathy and help project managers navigate differences constructively. Encouraging team members to share their cultural perspectives fosters inclusivity and enhances creativity, as diverse viewpoints often generate innovative solutions to project challenges.

Feedback mechanisms represent another important dimension of effective communication. Project managers should routinely gather input from team members and stakeholders through surveys, debriefs, or one-on-one meetings. This iterative process allows for the continuous improvement of communication strategies, ensuring they remain adaptive to team needs and evolving project dynamics. A responsive communication culture also demonstrates respect and strengthens stakeholder trust.

Ultimately, successful project management for Nigerian professionals depends on the synergy between cultural intelligence and technology. Integrating these elements creates a dynamic framework where collaboration thrives despite differences in background or geography. By understanding and respecting cultural nuances while leveraging modern communication tools, Nigerian project managers can build cohesive, high-performing teams capable of delivering quality results in an increasingly interconnected world. As globalisation continues to redefine how projects are managed, this dual emphasis on culture and technology will remain the foundation of sustainable success in project environments.

Festus Keyamo, minister of aviation and aerospace development, has directed all airlines operating in Nigeria to give priority boarding to serving military personnel, ahead of first or business-class passengers.

Keyamo made the announcement on Tuesday during a stakeholder meeting to review preparations for the Centenary Celebration of Aviation in Nigeria and the country’s first-ever International Airshow, scheduled for December 2-4, 2025.

According to the minister, the new directive is a mark of respect and gratitude for the selfless service and sacrifices of men and women of the Nigerian Armed Forces.

‘This is what is done in other countries, and it is not a bad thing to copy. It is the least we can do to honour our serving military personnel.

‘Yes, I confirm that I reiterated this directive today,’ Keyamo said in a post confirmed on his official X handle.

Ibrahim Kana, permanent secretary in the ministry, who is a member of the Centenary Airshow Organising Committee, described the decision as both ‘brilliant and symbolic.’

He added that the directive will be promptly communicated to the Nigerian Civil Aviation Authority (NCAA) for implementation across all domestic and international airlines operating within Nigeria.

Kana noted that the NCAA will issue clear guidelines to airlines and airport operators covering the verification of military credentials, staff training for boarding procedures, and effective public communication to ensure smooth rollout.

He further stated that airlines will be required to update their boarding systems to include a ‘serving military personnel’ category in their check-in and announcement protocols.

According to the ministry, the measure will remain a permanent feature of air travel in Nigeria, symbolising unity, respect, and appreciation for those who defend the nation’s skies and sovereignty.