Category: Business Day

Nigerian artist Davido earned $1.61 million in ticket sales from the first three dates of his ‘5ive Alive’ North America tour, according to reports shared by Touring Data on X.

The shows, held in October 2025, sold 25,600 tickets at an average price of $63.The tour opened at Merriweather Post Pavilion in Columbia, Maryland, on October 18, drawing 11,024 attendees-73 percent of the venue’s capacity-for $695,845 in revenue. The New York stop at Barclays Center on October 20 sold out its configured 8,863 seats, generating $552,822. The Boston concert at Agganis Arena on October 21 attracted 5,713 fans, or 95 percent capacity, for $364,495.

These figures reflect partial arena setups, with Barclays’ full capacity at 19,000.The tour marks Davido’s third major North American run in recent years, following the 2023 Timeless Tour and an earlier outing. It underscores Afrobeats’ continued growth in the U.S. market, where streaming and live events have boosted Nigerian artists’ visibility.

On X, reactions split along fan lines, with supporters debating the numbers against peers Wizkid and Burna Boy. Wizkid fans, often called FC, highlighted perceived low attendance, noting the Barclays setup sold just 8,863 tickets despite the arena’s larger potential.

One post mocked, ‘8k for 19k capacity,’ while another claimed, ‘Add everything together, e no reach this one,’ implying Davido underperformed. These jabs reference Wizkid’s 2022 Made in Lagos tour, his last major U.S. run four years ago, which grossed over $10 million across 20 dates but ended in 2021.

Davido backers countered with tour frequency and single-show peaks. They pointed to his $1.2 million high from a prior concert, topping Wizkid’s $1 million mark. At Madison Square Garden, Davido’s 2023 Timeless show grossed $809,689 from 10,185 tickets (93 percent capacity), trailing Burna Boy’s 2022 record of $1.57 million from a full 13,586 sellout but ahead of Wizkid’s 2022 $1 million from 12,901 tickets.

Burna Boy entered the fray indirectly, with fans citing his arena averages near $1 million per show versus Davido’s $500,000 and Wizkid’s lower recent figures.

Spotify data fueled broader arguments: Burna Boy leads with 22.1 million monthly listeners and 13.86 million followers, followed by Wizkid (12.9 million listeners, 9.23 million followers) and Davido (8.61 million listeners, 8.82 million followers).

One post tallied Burna Boy’s solo streams at 26.7 million, exceeding Davido and Wizkid’s combined 25.9 million. Billboard Artist 100 rankings added fuel, with Wizkid peaking at No. 58 for 18 weeks, Burna Boy at No. 69 for one week, and Davido absent.

Despite the rivalry, the exchange highlights Afrobeats’ competitive U.S. foothold, where all three have sold out major venues. Davido’s tour continues with dates in Toronto and Los Angeles, testing sustained demand.

Nigeria’s football stars Victor Osimhen and Stanley Nwabali have earned nominations for the 2025 CAF Awards, reinforcing the country’s influence in African football.

The Confederation of African Football (CAF) on Wednesday unveiled the shortlist for the Men’s categories, with Osimhen nominated for the CAF Men’s Player of the Year, and Nwabali for the Goalkeeper of the Year award. Both players enjoyed standout seasons for club and country, showcasing consistency and excellence across top competitions.

Osimhen Eyes Second African Crown

Osimhen, who won the 2023 CAF Men’s Player of the Year award, had an outstanding season with Galatasaray, scoring 37 goals and providing eight assists, leading the team to a domestic double after also winning the Turkish Cup. Osimhen faces fierce competition from some of Africa’s biggest names, including Mohamed Salah (Liverpool), Achraf Hakimi (Paris Saint-Germain), Serhou Guirassy (Borussia Dortmund), Denis Bouanga (Los Angeles FC), Frank Anguissa (Napoli), Fiston Mayele (Pyramids FC), Oussama Lamloui (Étoile du Sahel), Pape Matar Sarr (Tottenham Hotspur), and Iliman Ndiaye (Everton).

Nwabali’s Rise to the Top

Super Eagles goalkeeper Nwabali continues his incredible rise after being nominated for the CAF Goalkeeper of the Year award.

The Chippa United shot-stopper shone at the 2023 Africa Cup of Nations, where he kept four clean sheets in seven matches, helping Nigeria reach the final and claim the silver medal.

The 2025 CAF Awards ceremony will celebrate the best of African football over the past year, honouring the players, coaches, and teams that have made a lasting impact on the continent and beyond.

Ahmed Usman Ododo, Governor of Kogi State, has flagged off the distribution and installation of 30 units of 500kVA transformers to improve electricity supply and enhance rural development in 30 communities across the three senatorial districts of the state.

Speaking at the official flag-off ceremony of Phase One of the statewide rural electrification project at the Government House in Lokoja on Monday, he described the event as ‘a major step forward in fulfilling his promise to light up communities and empower the people’. He said,’ It is with great pride and a profound sense of duty that I flag off the first phase of the distribution and installation of 30 units of 500KVA transformer strategically distributed across the three senatorial districts of our beloved state’.

He pointed out that the initiative was a direct response to the needs and requests received from communities through the Ministry of Rural and Energy Development, adding that every request was treated with a sense of urgency in line with the mantra of his administration to prioritize the welfare of people especially those at the grassroots, as he stressed that the distribution of the 30 transformers under the Phase One of the project would be guided by fairness and balanced development across the three senatorial districts of the state.

He said, ‘In the spirit of fairness and equity, I have directed that these 30 transformers be distributed across the three senatorial districts. This ensures that the benefits of this crucial infrastructure project are felt simultaneously and equitably across our state’.

Ododo equally added that the installation of the transformers was not just about power supply, but about investing in commerce, education, healthcare and the overall quality of life for Kogi citizens. He said, ‘Electricity is critical to our industrial drive and our determination to light up our rural areas to enhance livelihood and agriculture.

‘It is about lighting lives, powering education, drive industry, supporting healthcare and strengthening the security of our communities, this project speaks to the truth that every part of Kogi State matters’..

The Governor reaffirmed his administration’s determination to continue to implement projects that have a direct impact on the people, promising that subsequent phases of the rural electrification project would reach even more communities across the state, as he called on residents to protect the electrical equipment from vandalism and ensure its effective use for the benefit of all. Earlier in his address, Abdulmitalib Mohammed, the Commissioner for Rural and Energy Development, said the distribution and installation of transformers is in line with the mandate of the ministry to enhance the quality of lives in rural communities across the state, noting that the ministry was guided by rigorous technical assessment of the needs of every community that presented requests for replacement or installation of transformers, adding that more communities will be covered in the next phases of the project.

Mohammed equally noted that the initiative will improve daily lives and stimulate business activities in the communities, as he commended Governor Ododo for acceding to the needs of rural communities and people who have had to endure challenges of power supply shortages before now.

The Nigeria Security and Civil Defence Corps (NSCDC), Federal Capital Territory (FCT) Command, and the Nigeria Police Force (NPF) have renewed their commitment to joint security operations aimed at sustaining peace and combating crime in the nation’s capital.

The commitment was reinforced during a courtesy visit by the newly deployed Dantawaye Miller, FCT Commissioner of Police, to Olusola Odumosu, NSCDC FCT Commandant, at the Corps’ headquarters in Abuja.

Odumosu commended the cordial relationship between both agencies, stressing that sustained collaboration and intelligence sharing were key to ensuring long-term peace and security in the territory.

He noted that while Abuja currently enjoys relative calm, proactive measures must continue to be taken to forestall any form of criminal resurgence.

‘We must continue to forge ahead and come to a round table to ensure that we move the FCT to another level where people can go about their normal businesses without fear of any criminal attack,’ Odumosu said.

The NSCDC Commandant described the visit as a demonstration of continuity in the existing partnership between the Police and the Corps, saying it marked a renewed effort to eliminate unhealthy rivalry and promote unity among security agencies.

‘The best way forward in ensuring heightened security in the FCT is robust synergy and collaboration between security agencies. ‘Seeing you today gives me hope and confidence that the days of unhealthy rivalry are over. We are all one and the same, so whether at the upper or lower echelon, we should see each other as one because the only difference between us is the uniform we put on’, Odumosu stated.

In his remarks, Miller lauded the NSCDC for its proactive engagement and operational cooperation, describing security as a ‘shared responsibility’ that requires the joint efforts of all agencies.

He emphasised the need for continuous intelligence sharing, coordinated patrols, and sustained inter-agency cooperation to effectively combat criminal activities in the FCT.

There is a need for enhanced collaboration between both organisations to forge a way forward to ensure proper protection of the territory.

‘Security is an enormous task that cannot be achieved in isolation. The importance of eradicating inter-agency rivalry cannot be overemphasised, as security organisations are meant to complement one another’, Miller stated.

The Police Commissioner also commended the existing synergy between both agencies and expressed optimism that their partnership would yield greater operational successes in curbing crime across the FCT.

According to the FCT NSCDC Command, both officials pledged to sustain the peace currently being enjoyed in Abuja by developing innovative strategies and maintaining consistent joint operations.

Tony Elumelu, chairman of Heirs Holdings, has called on African investors to reinvest in local economies, warning that the continued outflow of capital to developed markets weakens the continent’s economic prospects.

Elumelu made the appeal on Tuesday at the opening of the 2nd Abuja Business and Investment Expo (ABIEXPO 2025) held at the Bola Ahmed Tinubu International Conference Centre, Abuja.

The event was organised by the Federal Capital Territory Administration (FCTA) through its investment arm, the Abuja Investments Company Limited (AICL).

Elumelu said Africa’s transformation must be led by Africans through sustained investment focused on local growth.

‘Make your money, but please bring it home and invest locally,’ he said. ‘It is a disservice to build wealth here and then move it to economies that are already developed.’

He urged African investors to take responsibility for shaping the continent’s economic future, stating that the agenda for development will not be determined abroad but within Africa.

According to him, ‘Africa’s economic transformation will not be written in boardrooms in Washington or London, but right here in Africa, in Nigeria, in Abuja, and it will be written by Africans.’

Elumelu also stressed the need for stronger public-private collaboration, noting that addressing poverty and unemployment requires joint action from government and business.

‘Poverty anywhere is a threat to all of us everywhere,’ he said.

Highlighting youth entrepreneurship as a key growth driver, Elumelu said the Tony Elumelu Foundation has supported 24,000 young Africans with training and a $5,000 non-refundable seed grant, including 641 beneficiaries from the Federal Capital Territory (FCT).

Nyesom Wike, minister of the Federal Capital Territory (FCT), called on local and international investors to take advantage of the opportunities in the nation’s capital to drive growth and development. Represented by Mariya Mahmoud, the minister of state for the FCT, Wike reaffirmed the administration’s commitment to making Abuja not just the political capital of Nigeria but a model of sustainable economic growth on the continent.

‘As Abuja symbolizes Nigeria’s aspirations, our mission, supported by Mr. President, is to make it a safe, investment-friendly city that empowers all citizens,’ he said.

The minister noted that the summit’s theme, ‘Empowering Sustainable Growth: Unlocking Potentials in Emerging Markets,’ reflects the Renewed Hope Agenda of President Bola Tinubu, which focuses on inclusive development, infrastructure expansion, and job creation.

He said the administration is prioritising infrastructure development to link satellite towns, area councils, and rural communities to the city centre, adding that such projects are essential for industrialisation and economic diversification.

Wike commended AICL for organising what he described as a ‘strategic platform’ that brings together investors, innovators, and development partners to explore opportunities for shared prosperity. ‘The FCT administration remains committed to building a sustainable capital city and enhancing Nigeria’s position on the continental and global stage,’ he added.

In her remarks, Ambassador Maureen Tamuno, group managing director/CEO of Abuja Investments Company Limited (AICL), said the expo aligns with the objectives of the Renewed Hope Agenda, which seeks to improve investor confidence, diversify the economy, and support inclusive growth.

She said ABIEXPO 2025 attracted participants from within Nigeria and countries such as South Africa, the United Kingdom, Canada, and Botswana, reflecting Abuja’s position as a growing investment destination.

‘ABIEXPO 2025 marks the next chapter in Abuja’s evolution into a globally competitive city,’ Tamuno said.

She added that the event featured Youth Day and Women’s Day sessions to promote inclusion and connect emerging entrepreneurs with investors.

UN Trade and Development (UNCTAD) Secretary-General, Rebeca Grynspan, says 31 trillion dollars burden is stifling the development of developing countries.

The UN trade official said this on Monday while addressing UNCTAD’s 195 Member States in Geneva.

Grynspan, however, said that holding the line on the existing rules-based international trading system remains an essential challenge if the world is the keep a damaging tariff war at bay

She said that 72 per cent of global trade ‘still moves under WTO rules’ – a reference to the World Trade Organisation (WHO), whose agreements are negotiated and signed by trading nations.

‘We have for now avoided the domino effect of tariff escalation that once brought the world economy to its knees in the 1930s,’ Grynspan told UNCTAD members gathering in Geneva to continue efforts to lift millions out of poverty through trade.

‘This didn’t happen by accident, it happened because of you, because you kept negotiating when it seemed pointless, defending a rules-based system even as you were to reform it, and building bridges even when they fell.’

The UNCTAD chief’s comments follow months of global economic uncertainty amid declarations of tariff impositions on trading partners of the United States.

In recent comments, Grynspan said that rising tariffs, record debt repayments by heavily indebted nations and growing mistrust, were all halting development.

‘A debt and development crisis is still facing countries with impossible choices,’ she said. ‘They have to decide: to default on their debt or on their development.’

Tariffs applied by major economies, including the United States, have jumped this year from an average of 2.8 per cent to more than 20 per cent, Grynspan recently told the UN General Assembly.

‘Uncertainty is the highest tariff possible,’ she said, adding that it ‘discourages investment, slows growth and makes trade as a path to development much harder’.

In Geneva, the UNCTAD top economist warned that global investment flows are retreating for the second year in a row, ‘eroding tomorrow’s growth’.

At the same time, today’s investment system favours projects in richer economies rather than developing nations, she continued, with one-off costs responsible for making one U.S. dollar ‘three times more expensive in Zambia than in Zurich’.

Grynspan also stressed that freight costs are now ‘too volatile’ with landlocked countries and small island developing states hit with transport bills ‘up to three times the global average’.

And while AI offered the prospect of adding ‘trillions’ to global GDP, the UNCTAD Secretary-General added that fewer than one in three developing countries have strategies to capture its benefits.

A staggering 2.6 billion people remain offline, most of them women in developing countries, UN data indicates.

Nigeria’s university system has been repeatedly disrupted by industrial actions led by the Academic Staff Union of Universities (ASUU) since the return to democracy in 1999.

Over a span of 26 years, ASUU has embarked on strike actions no fewer than 16 times, often citing underfunding, poor infrastructure, and unmet agreements with the federal government.

Stakeholders express concern that despite these prolonged and frequent shutdowns of academic activities, little has changed in terms of tangible outcomes or sustainable reforms.

The strikes have failed to improve university education in Nigeria. No Nigerian university was in the top 10 Quacquarelli Symonds (QS) 2025 ranking.

Similarly, Uniranks, one of the world’s largest university rankings, recently named the 2025 Africa’s best universities. The universities included: University of Cape Town, Stellenbosch University, University of Witwatersrand, University of Kwazulu-Natal, all of South Africa, and Cairo University, Egypt. The rankings were based on verified data, academic performance, and impact across the continent, the organisation said.

None of Nigeria’s universities was in the top 20.

Also, several members of ASUU can’t still access funds for research and do not have exchange programmes with overseas institutions.

Also, infrastructure in universities haven’t significantly improved, with several schools lacking teaching equipment.

ASUU strikes’ timeline

ASUU’s huge timeline of strikes since 1999 reflects a disturbing situation that has got stakeholders worried, particularly as the ongoing 14-day strike continues.

In 1999, ASUU was on strike for 150 days. The association embarked on strike for 90 days in 2001 and 14 days in 2002.

In 2003, the union went on strike for 180 days, which ended in 2004. Year 2005 witnessed just a three-day strike, and there were strikes in 2006 for seven days.

However, in 2007, ASUU embarked on a 90-day strike, which was reduced to seven days in 2008.

In 2009, there were strikes for 120 days, 157 in 2010, and 90 days in 2011, which began in December and ended in 2012.

In 2013, Nigerian universities lost about 150 days to ASUU strikes. The following two years, 2014 and 2015, were strike-free. However, the industrial dispute resurfaced in 2016 with a seven-day strike, while 2017 recorded 35 days of academic shutdown.

In 2018, ASUU downed tools for 19 days, which continued till February 8, 2019.

The year 2020 witnessed a prolonged nine-month strike, which was the longest in ASUU’s history. It was caused by disagreements with the federal government over university funding and the implementation of the Integrated Payroll and Personnel Information System (IPPIS), which the union felt undermined university autonomy.

ASUU eventually suspended the strike in December 2020 after the government agreed to some of its demands, including the consideration of the University Transparency and Accountability Solution (UTAS) as an alternative salary payment platform.

The union resumed industrial action on February 14, 2022, embarking on another eight-month strike. Most recently, in 2025, ASUU declared a 14-day warning strike.

The union in these strikes, however, is yet to find lasting solutions to its agitations. Its strikes have instead left many students, especially those from poor homes, distracted and stranded after months of disrupted academic calendars, where a four-year course drags into a six years course, and a six-year course stretches to eight.

What ASUU should do

In the face of the unhealthy development, stakeholders have suggested the way out of this quagmire.

Nubi Achebo, director of Academic Planning at the Nigerian University of Technology and Management (NUTM), urged the federal government to prioritise implementation of existing agreements, while ensuring timely release of funds and benefits.

While for ASUU, he said the union may need to reassess its negotiation strategies, considering alternative approaches such as mediation or arbitration.

‘Both parties should strive for mutual understanding, considering the interests of students, lecturers, and the nation.

‘Maintaining unity and solidarity among members will be crucial in negotiations,’ he noted.

Hauwa Mohammed, a 400-level student at the University of Lagos, emphasised that ASUU’s repeated use of strikes has caused more harm than good, particularly for students whose academic progress is continuously interrupted, even though the union’s demands for increased funding, better welfare, and university autonomy are legitimate.

Mohammed noted that instead of depending exclusively on strikes, ASUU ought to investigate more positive and regular interactions with the government via delierations, policy advocacy, and cooperation with other educational stakeholders.

‘Meaningful reforms can increase public support and guarantee accountability on both sides,’ she said.

The House of Representatives has advanced a constitutional amendment bill seeking to clarify taxation powers among the federal, state and local governments, including a proposal to place Value Added Tax (VAT) under the Exclusive legislative List.

The bill, titled A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 (as Altered), to Clarify the Taxation Powers of the Federal, State, and Local Governments; to Define the Scope of Taxes and Levies Collectible by Each Tier of Government; to Prevent Multiple Taxation and Unlawful Outsourcing of Revenue Collection; and for Related Matters (HB.2545), was sponsored by Benjamin Okezie Kalu, the Deputy Speaker, and six other lawmakers. It scaled second reading during plenary on Wednesday.

Among its key provisions, the bill proposes the inclusion of VAT or Consumption Tax as a new item on the Exclusive Legislative List, thereby granting the federal government clear constitutional authority to administer VAT nationwide.

According to a draft legislation of the Bill, this ensures national uniformity, predictability, and a clear constitutional basis for VAT administration by the Federation.

The Bill which comprises four clauses also seeks to provide for the clarification that Stamp Duties collected by the federal government apply only to documents or transactions involving a corporate body, while Stamp Duties arising from transactions by individuals fall within the jurisdiction of States. The propsoed law also prohibits the outsourcing of tax collection to private entities; e introduce a ceiling to the maximum number (of nine) of taxies, levies or charges that may be imposed on income, consumption or property of a person in a year; and streamline taxation by Local Government Councils and to strike out redundant or overlapping taxing powers so as to prevent harassment of traders, artisans, and small businesses at the local level.

Leading the debate, Kalu described the bill as a necessary step to bring ‘order where confusion reigns’ and to ‘create clarity where overlaps have persisted.’ He said the proposed amendment seeks to ensure that every naira raised, shared or spent by government is ‘traceable, lawful, and transparent.’ ‘The fiscal architecture of our federation has, over time, become congested and conflicting. Multiple taxes and levies are imposed at different tiers of government, often on the same taxpayer. Revenue agencies overlap, creating inefficiencies and litigations over collection rights, as seen in the disputes over Value Added Tax, Stamp Duties, and Personal Income Tax’, Kalu said.

He added that the bill aims to restore fiscal discipline, reduce duplication, and promote efficiency across government levels by addressing persistent disputes between federal and state authorities on revenue collection, particularly around VAT.

Guinea’s economy expanded by more than half after a long-awaited rebasing of its gross domestic product, offering a clearer view of the nation’s output and strengthening its fiscal outlook.

The recalculation, led by the Ministry of Planning and International Cooperation through the National Institute of Statistics, shows GDP rose 51.2 per cent to GNF 311.9 trillion ($36.3 billion) in 2024.

The new base year, updated from 2006 to 2018, incorporates the informal sector, financial services, research, and the digital economy – sectors previously undercounted. ‘This rebasing is not just a technical operation. It provides Guinea with a reliable economic compass and strengthens the confidence of our partners and investors,’ said Ismaël Nabe, minister of Planning and International Cooperation.

Supported by the IMF, World Bank, African Development Bank, and AFRISTAT, the exercise expands the coverage to 104 economic branches and 187 products, compared with 34 and 54 before. Officials say the update aligns with international standards and underpins the Simandou 2040 Program, the country’s long-term plan to transform mineral wealth into sustainable prosperity.

Revised data show Guinea’s economy grew an average of 6.1 per cent between 2021 and 2024, while the debt-to-GDP ratio fell to 29 per cent from 45 per cent. GDP per capita climbed to $2,068, up more than 50 per cent.

The announcement follows Standard and Poor’s first-ever sovereign credit rating for Guinea in September – B+ with a stable outlook – citing fiscal discipline and reform progress.

The rating, combined with the rebased data, could boost investor confidence and lower borrowing costs.

‘This rebasing confirms that Guinea is moving forward on solid economic ground,’ said Djiba Diakité, chairman of the Simandou 2040 Strategic Committee.

The statistical overhaul marks a major step in Guinea’s bid to modernise its economy and attract new investment, as President Mamadi Doumbouya’s administration seeks to turn the country’s resource wealth into long-term, inclusive growth.

Thelma Ekiyor has been appointed as the new global chief executive officer of the Women for Women International (WfWI). Ekiyor brings 25 years of professional experience in international development to the role and an award-winning career dedicated to women’s economic power and social entrepreneurship.

‘Among a shortlist of brilliant candidates, Thelma Ekiyor’s experience, talent and leadership shone brightly. Her deep commitment to investing in women and supporting them to transform their lives and communities was crystal clear,’ said, Nunu Ntshingila, WfWI board chair.

‘We are incredibly grateful to our Board for taking part in an extensive interview process and to our colleague Marie Clarke who has led the organisation as acting CEO for the past nine months with immense dedication.’

Prior to joining WfWI, as a seasoned leader, Ekiyor has served in pioneering roles or led several innovative organisations, including serving as chairperson of the Nigeria Office for Philanthropy and Impact Investing, domiciled in the office of the Vice President of Nigeria, SME.NG.

During her time there, she co-founded the largest all-women’s accelerator in Nigeria, Afrigrants, which provided financing for women’s micro-businesses, TY Danjuma Foundation, and the West African Civil Society Institute (WACSI) in Ghana.

‘I am passionate about investing in women and creating opportunities that drive investment in social good,’ Ekiyor said, when commenting on her appointment.

‘WfWI’s mission supporting women survivors of war and women-led enterprises is very close to my heart and I am excited to be part of a team that is working to ensure every woman realizes her power and reaches her full potential,’ she noted.

She takes the helm at a time of immense change and uncertainty in the global development sector. Her wealth of skills and experience will be invaluable to Women for Women International as she leads the organization into the next chapter.

Throughout her career, she has worked with the private sector, governments, civil society, the media, philanthropists, and impact investors, fostering innovation and building successful coalitions.

As a Nigerian, based in the UK, she has been the driving force behind various cross-sector networks and international partnerships.

Ekiyor also served on the International Advisory Board of the Global Centre on Responsibility to Protect (R2P) based in New York and she is the co-founder and co-chair of Women in Philanthropy and Impact (WIPIA), supporting African women’s leadership in philanthropy and impact across the world.