Category: Business Day

A group known as Nigeria First Project Initiative, has urged the Presidency and the Nigerian judiciary to disregard agitations by some individuals and groups calling for the release of Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB).

Kanu who is being arraigned by the Department of State Services on charges bordering on terrorism, treasonable felony, illegal possession of firearms and managing an unlawful organisation among others was first arrested in 2015 and a second time in 2021.

Briefing newsmen at a press conference in Katsina on Monday, Hamza Saulawa, the National Coordinator of the group, , expressed fears that even if released, Kanu will continue to incite violence against the Nigerian state.

According to him, ‘Kanu was granted bail in 2017 but he arrogantly flouted the bail conditions and even jumped bail and fled the country where he continued sending inciting and hateful messages through social media channels.

‘These messages led to more killings of security agencies and hundreds of ordinary Nigerian citizens including those of Southeast origin.

‘It took the grace of God for the Nigerian government through international collaboration and intelligence sharing to rearrest Kanu in 2021 and bring him back to Nigeria to face charges of terrorism’, Saulawa said.

He accused Kanu of being behind the continued operations of IPOB despite its proscription and designation as a terrorist organization by the federal government.

Saulawa also lamented the compulsory sit-at-home order imposed by the group in the Southeast and parts of South-south zones, paralysing business, educational and social activities and causing untold hardship on ordinary citizens.

While describing Kanu as a divisive figure, Saulawa expressed the fear that ‘if freed or released on bail, the IPOB leader will continue to promote hate, violence and terrorism and attempt to undermine the sovereignty of the Federal Republic of Nigeria’.

The group urged the convener of #RevolutionNow, Omoloye Sowore, and other individuals and groups to desist from organising protests to call for the release of Nnamdi Kanu.

Similarly, the group condemned the rumoured coup plot and commended the proactiveness of intelligence agencies against the plot, stating that democracy has come to stay in Nigeria.

Nigeria First Project Initiative described the coup plot as ‘part of the grand design to achieve a sinister agenda by a retrogressive section of the Nigerian elites who are hell-bent on truncating our hard-earned democracy.

‘Nigerian democracy is indeed thriving as we just recently marked a milestone of 26th year anniversary of uninterrupted democracy, only apologists of totalitarianism and anarchists will wish the reversal of this great feat in our democratic journey,’ Hamza Saulawa stressed.

Industry professionals at the 7th Summit of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos Branch, have called for stronger ethical standards, innovation, and collaboration to rebuild public trust, drive excellence, and align local practices with global real estate standards.

The two-day summit, themed ‘Building Trust and Driving Excellence in Real Estate Practice: Global Standards, Local Realities,’ brought together key players across the real estate value chain to examine challenges limiting the sector’s growth and discuss strategies for achieving sustainable excellence.

In his opening address on Day 2, Emeka Eleh, chairman of the occasion and former president of NIESV, said the discussions from the first day underscored the urgent need to match professionalism with integrity and innovation.

Eleh acknowledged the local challenges that hamper professional practice, from bureaucratic bottlenecks in project approvals to weak enforcement of regulatory frameworks, but urged estate surveyors to remain ethical and forward-looking.

‘The realities exist, delayed approvals, discretionary powers, files stuck on desks for months, but we must keep our standards. Clients expect us to honour our promises and commitments regardless of what government agencies do,’ he said.

Earlier, Tosin Kadiri, chairman of NIESV Lagos Branch, welcomed participants to the second day of the summit, noting that the discussions were timely in light of the evolving dynamics of Nigeria’s property market.

Kadiri emphasised that while Nigerian professionals must aspire to global best practices, they must also adapt them to local economic and institutional realities.

‘We must continue to explore strategies that balance international standards with the unique challenges of our environment,’ he said.

Delivering the keynote address, Odunayo Ojo, chief executive officer of UPDC, urged estate surveyors and valuers to evolve with the changing face of real estate globally or risk becoming obsolete.

‘Real estate practice must evolve beyond traditional definitions of agency, valuation, and property management,’ he said. ‘Today, technology, private equity, sustainability, and data are transforming the landscape. It’s no longer business as usual, we either innovate or we die.’

Ojo lamented that while Nigerian professionals possess deep technical knowledge, many have failed to lead in investment management, real estate finance, and sustainability, areas driving the global market.

He called for greater emphasis on data, continuous education, and ethics to reverse the ‘trust deficit’ in the industry. ‘My hope is that when we meet again next year, we won’t hear stories of scams or collapsed buildings,’ he said. ‘Excellence must start with us.’

Ojo urged practitioners to embrace collaboration over competition. ‘No professional can do everything. Collaboration allows us to balance each other’s strengths and weaknesses. Rather than compete, let us specialize and work together,’ he advised.

He also challenged regulators to uphold excellence in their duties. ‘Excellence doesn’t stop with professionals; regulators, too, must lead with integrity and accountability,’ he noted.

As the summit concluded, speakers agreed that Nigeria’s real estate professionals must invest in skill development, technology adoption, and strong governance to achieve global relevance.

Stakeholders on the innovation and creative space across the continent are set to gather at the 2025 Prosper Conference aimed to connect African innovation with global opportunities.

According to the organisers, the conference being hosted by Vesti Technologies from October 23 to 24 at the Landmark Event Centre, will go the overused rhetoric of ‘Africa rising’ to explore how the continent can convert its energy, talent, and creativity into measurable prosperity.

With the theme ‘Roots to Riches: Africa Climbing,’ the conference will reflect a growing understanding that Africa’s future wealth will depend less on resources and more on ideas, technology, and the continent’s increasingly mobile population. For policymakers, investors, and entrepreneurs, it offers more than just inspiration, it’s a strategic platform to rethink how migration, innovation, and digital finance can jointly fuel inclusive growth.

‘Prosper Con is more than a conference, it’s a bridge between Africa’s ambition and global opportunity,’ said Olusola Amusan, co-founder/CEO of Vesti Technologies. ‘We want to move beyond ideas and convert insight into measurable impact,’ he added.

The event’s speakers include Olakunle Soriyan, a global strategist and author; Tubosun Alake, Lagos State Commissioner for Innovation, Science and Technology; and Vesti’s founders, Olusola and Abimbola Amusan.

Sessions will focus on practical solutions related to migration infrastructure, fintech innovation, and inclusive development, equipping African entrepreneurs with insights into navigating global systems and scaling their impact.

One of the major attractions is the Prosper Pitch Competition, where early-stage founders will compete for a $5,000 grant to advance bold ideas. The Prosper Awards will also honour individuals and organisations making tangible contributions across technology, migration, and the creative sectors, reinforcing the view that Africa’s economic future lies in cross-sector collaboration.

Nigeria is preparing to host the 2026 World Public Relations Forum (WPRF) in Abuja, Yusuf Tuggar, the minister of foreign affairs, has announced.

Tuggar made the announcement on Monday, during the unveiling of the forthcoming forum at the Nigerian Air Force (NAF) Conference Centre, Abuja.

Represented by Kimiebi Ebienfa, ministry’s spokesperson, Tuggar congratulated the Nigerian Institute of Public Relations (NIPR) for securing the hosting rights for the 2026 World Public Relations Forum, describing it as a ‘remarkable achievement’ and a strong validation of Nigeria’s global standing.

‘The choice of Abuja for WPRF 2026 is a powerful testament to Nigeria’s growing stature on the world stage.

‘It is a recognition of our vibrant democracy, our dynamic economy, and our unyielding commitment to fostering open and constructive dialogue, both within our borders and across the continent’, the Minister said.

He said hosting the global event aligns with President Bola Ahmed Tinubu’s foreign policy thrust anchored on the ‘4Ds’, Demography, Democracy, Development, and Diaspora which seeks to project Nigeria as a premier destination for investment, tourism, and international discourse.

Tuggar highlighted the crucial role of strategic communication in today’s interconnected world, noting that effective public relations fosters understanding, strengthens diplomacy, and drives socio-economic development.

‘In an era of rapid information exchange and complex global challenges, the role of strategic communication has never been more critical.

‘It is the bedrock of mutual understanding and a vital tool for shaping a future defined not by division, but by collaboration and shared progress,’ he stated.

According to the minister, the 2026 forum, scheduled for November next year will not only showcase Nigeria’s world-class infrastructure, rich cultural heritage, and hospitality but also serve as a platform for African voices to shape global narratives.

He said the ministry of foreign affairs, working closely with NIPR and other relevant agencies, would ensure that all necessary diplomatic and logistical arrangements are in place for a ‘seamless, peaceful, and exceptionally successful’ hosting.

‘The ministry will dedicate the necessary resources and expertise to facilitate the smooth issuance of visas to international participants and ensure a productive and unforgettable experience for all delegates,’ he assured.

Tuggar also extended an open invitation to communication professionals around the world to experience Nigeria’s warmth and innovative spirit, saying the 2026 edition of WPRF would be ‘more than just a conference.’

‘Abuja 2026 will be a crucible for new ideas, a marketplace for innovation, and a celebration of the power of communication to change our world for the better,’ he added.

The World Public Relations Forum, a flagship event of the Global Alliance for Public Relations and Communication Management, is the largest international gathering of communication professionals.

The Coalition of Aboriginal Coastal Local Government Areas of Akwa Ibom State has strongly opposed the agitation for the creation of Oro-Obolo State, reaffirming their commitment to the unity and territorial integrity of Akwa Ibom State.

In a press statement issued over the weekend, the coalition – comprising Eket, Esit Eket, Ikot Abasi, Mkpat Enin, and Onna LGAs applauded Governor Umo Eno’s firm declaration that no new state would be carved out of Akwa Ibom under his administration.

‘We restate our avowed position that Oro-Obolo State, or any other state for that matter, cannot be created on Ibibio soil,’ the statement read. ‘Agitations for state creation must not infringe on the territorial rights of our people.’

The coalition expressed gratitude to Ifim Ibom Ibibio, the apex Ibibio traditional leadership, for mobilising Ibibios at home and abroad to oppose the proposed state, describing the move as a veiled attempt at land annexation rather than a genuine pursuit of self-determination.

They also acknowledged support from the Annang ethnic group, stating that the collective rejection of the Oro-Obolo agitation was driven by the desire to protect Akwa Ibom’s shoreline and natural resources from what they termed ‘an evil conspiracy.’

According to the statement, the agitators of Oro-Obolo State are currently in court challenging the official map of Akwa Ibom State a move the coalition described as an attempt to distort the legitimate boundaries of local governments and manipulate control over strategic areas such as the Cross River estuary and Tom Shot Island.

They also applauded the administration of former Governor and current Senate President, Godswill Akpabio, for revoking the controversial 1990 Traditional Rulers Council (TRC) Edict, which they claimed erroneously classified villages from Eket, Esit Eket, Onna, Mkpat Enin, and Ikot Abasi under Ibeno and Eastern Obolo jurisdictions.

The coalition reaffirmed its support for the Akwa Ibom State Map Establishment Law of 2023, describing it as a definitive legal framework that accurately reflects the boundaries of all LGAs and effectively nullifies the Oro-Obolo statehood bid.

‘This law puts to rest the agitation for a non-contiguous Oro-Obolo State on Ibibio land,’ the coalition stated.

The press statement reflects deep-rooted concerns over ethnic identity, land rights, and the political future of Akwa Ibom State, as coastal communities close ranks to oppose what they view as territorial encroachment masquerading as state creation.

As the world marked World Food Day on October 16, 2025, under the theme ‘hand in hand for better foods and a better future,’ the industry acknowledged the necessity for a fundamental shift in the national agricultural strategy. The consensus among major stakeholders is that the country must move beyond the defensive goal of ‘food security’ and commit to achieving food sovereignty.

Food sovereignty, in this context, is defined not merely as ensuring enough caloric intake, but as controlling the entire food system-from production and processing to distribution-to ensure national resilience and self-reliance. Industry analysts argue that this objective is directly synonymous with comprehensive national development and is a non-negotiable component of national security.

To construct a durable future, the prevailing view is that policy must be anchored in data rather than political rhetoric. This requires a frank confrontation with the numerical reality of Nigeria’s agricultural paradox.

The Nigerian paradox: Confronting the data

Nigeria faces a severe paradox: a nation blessed with extensive agricultural land and human resources yet grappling with profound food insecurity. This disparity, experts note, is a statistical reality demanding immediate and focused attention.

Data released by the United Nations indicates a deeply troubling trend for 2024. Over 30 million Nigerians are food insecure, representing a staggering increase of five million people from 2023 figures. This crisis is further underscored by the latest Global Hunger Index, which ranks Nigeria 115th out of 123 countries assessed, signalling a serious and pervasive level of hunger nationwide. Compounding this structural vulnerability are the lingering effects of environmental disasters, notably last year’s devastating floods, which impacted 9.2 million people and destroyed over 1.6 million hectares of vital farmland.

While these statistics define the magnitude of the national problem, they also risk obscuring the immense and proactive efforts the domestic private sector is already making to close the gap.

The engine of progress: Domestic Direct Investment in action

Discussions about national economic growth often prioritise Foreign Direct Investment (FDI). However, major Nigerian agribusinesses champion the foundational necessity of Domestic Direct Investment (DDI). These are the investments made by Nigerian companies and those with a deep, long-term commitment to the nation, often operating in challenging environments for decades.

The logic is straightforward: FDI will inevitably gauge its security based on how well domestic investors are protected and incentivised. Industry leaders assert that DDI is the foundational bedrock of the agricultural ecosystem, having proven its resilience against currency volatility, infrastructural deficits, and natural disasters.

Integrating the value chain: From seed to shelf

Massive, tangible investments across the agricultural value chain evidence this deep commitment. Companies like Olam Agri, for instance, operate on a philosophy of ‘farm to fork’ and ‘seed to shelf’, demonstrating a radical integration into Nigeria’s agricultural landscape. The company’s actions, including swiftly pivoting and rebuilding after being directly impacted by last year’s floods, underline the long-term nature of DDI.

This commitment manifests in several critical areas:

· Integrated operations and outgrower empowerment: Companies are not merely running large-scale farms; they are building resilient agricultural ecosystems. Operations typically include nucleus farms that work in partnership with extensive networks of smallholder farmers. Olam Agri, for example, collaborates with over 35,000 outgrowers, empowering them with better seeds, financing, and modern agronomic techniques to ensure sustainable and inclusive production scaling.

· Significant production capacity: Nigeria has demonstrable capacity to produce staple foods. Key players report holding high stocks of locally produced goods. The fact that the country’s largest rice producer can maintain a consistent supply, including popular, high-quality local brands, proves that the fundamental capacity to produce is not the central issue.

· Diversified value chain investments: Investments extend robustly beyond the farm gate and into industrial processing. Alongside processing essential grains, these investors are establishing new facilities, such as a $45 million soya crushing facility currently slated for commissioning by one firm, Olam Agri, which will add significant value to domestic agricultural output by processing oilseeds locally.

· Economic contribution and foreign exchange strength: The positive impact of DDI extends to the national economy. Related entities are contributing substantial figures-in one case, an Olam group company, OFI (Olam Food Ingredients), exports between $300 and $350 million in annual non-oil exports, directly strengthening Nigeria’s foreign exchange reserves and demonstrating the global competitiveness of its integrated agricultural sector.

Despite this proven production power and investment depth, critical external roadblocks are actively preventing the translation of bumper harvests and significant capital deployment into genuine food sovereignty.

The real bottlenecks: Smuggling, storage, and logistics

Analysis from the private sector is unequivocally clear: Nigeria’s current food insecurity crisis is not a problem of production or investment. It is, fundamentally, a crisis of logistics, post-harvest management, and border security. Systemic failures in these areas are actively undermining domestic producers, eroding the value of DDI, and creating artificial scarcity in a land of potential plenty.

The scourge of unchecked smuggling

The most corrosive threat to food sovereignty today is the unchecked smuggling of agricultural products, particularly rice, the country’s most significant staple. Smuggled goods enter Nigeria without paying duties or levies or adhering to local quality standards. This creates a fundamentally distorted and unlevel playing field where domestic producers, who diligently pay taxes and invest billions locally, are rendered uncompetitive in their own market.

While legal importation remains necessary to bridge a national consumption gap (estimated at 2 million tonnes for rice), it must be strategically managed by competent companies with proven, long-term investments, rather than being left to an unregulated free-for-all.

The enforcement of border security is a core and non-negotiable responsibility of the government, and they should own up to it.

The catastrophic post-harvest crisis

The second critical bottleneck is the paradox of post-harvest losses, which keeps consumer food prices stubbornly high even after ‘bumper harvests’. This is attributed to a catastrophic lack of preservation, storage, and logistics infrastructure. Conservative estimates suggest that 60-70 percent of perishable produce rots before it reaches the final consumer.

Nigeria is the world’s largest producer of staples like cassava, yam, and cocoyam. Yet, the inability to move, store, and preserve this abundance effectively turns an agricultural strength into a national weakness. This logistics failure is the true engine of food price inflation.

A call for strategic partnership: An action plan for government

The private sector cannot resolve these systemic challenges in isolation. They are calling for a strategic partnership with the government, which must act as an enabler of both growth and security. This requires policymaking guided by what industry leaders term the ‘SID principle’-it must be Strategic, Intentional, and Deliberate.

The sector has formally proposed a clear, four-point action plan designed to create an environment where domestic production capacity can finally translate into genuine food sovereignty for all Nigerians:

· Secure the borders: Combating smuggling must be the most urgent priority, framed as a national security issue. Consistent, decisive enforcement is needed to protect domestic investment and ensure the economic benefits of agricultural labour remain within Nigeria.

· Invest in national infrastructure: The government must lead the investment in a national network of silos, modern supply chain logistics, and strategic grain reserves. These critical assets should be managed by competent, private-sector professionals, not political appointees, to reduce post-harvest losses drastically.

· Act as a strategic off-taker: The government should act as a primary, strategic off-taker, buying bulk produce directly from large-scale, compliant producers to fill these strategic reserves. This action would stabilise prices for farmers, provide a powerful tool to cushion food inflation for consumers, and bring predictability to the market.

· Foster a transparent marketplace: The government must strengthen commodity exchanges to ensure transparent price discovery. Arbitrary price controls should be discouraged, as they distort markets and discourage long-term production, advocating instead for an open and efficient marketplace.

One must acknowledge positive foundational steps, primarily the stability achieved through recent fiscal and monetary policy alignment under the current Central Bank leadership, which is a welcome development that has boosted confidence for businesses planning long-term investment and helped with predictability.

Conclusion: Cultivating our shared future

In summary, I believe that Nigeria’s food insecurity stems from a systemic crisis of logistics, policy, and enforcement, not a failure of production capacity or private sector commitment. Domestic direct investors have responded to the national emergency call with massive production and investment.

The private sector now extends a firm offer of strategic partnership. This moment calls for joint action-industry and government-to secure the borders, build the necessary storage and logistics infrastructure, and stop the dual scourges of smuggling and post-harvest waste. By collaboratively tackling these real, systemic bottlenecks, Nigeria can secure the lasting food sovereignty and economic dignity its population deserves.

Parthian Partners has cautioned against implementing the recent decision to impose a 75 percent Cash Reserve Ratio (CRR) on non-TSA public sector deposits, describing it as a well-intentioned but potentially harmful policy that could derail Nigeria’s fragile economic recovery.

The firm, in a research note titled ‘Avoiding a Damaging Cure: Preventing the CBN’s 75 Percent CRR on Non-TSA Public Funds from Hurting the Recovery,’ warned that while the Central Bank’s intent to curb inflation and mop up excess liquidity is understandable, the approach adopted could have unintended and damaging consequences for fiscal operations, governance, and the banking sector.

According to analysts at Parthian Partners, the CBN’s move to sterilise three-quarters of state and parastatal funds held outside the Treasury Single Account represents a blunt policy instrument that risks undermining service delivery and disrupting the gradual recovery the economy has begun to record. The firm noted that policy design should consider timing, sequencing, and stakeholder consultation, stressing that the hasty implementation of such a measure could strain both public finance and the private sector.

It observed that state governments that maintain working balances with commercial banks will suddenly find large portions of their funds inaccessible for payrolls, contractor payments, and social programmes, resulting in stalled projects and delayed salaries. This, Parthian warned, could heighten political tensions, as the move may be viewed as an intrusion into state fiscal autonomy at a time when inter-governmental cooperation is crucial for sustaining economic growth. While acknowledging that channeling more funds through the Treasury Single Account could improve transparency and oversight, Parthian Partners argued that doing so abruptly, without transitional liquidity support, will undermine fiscal planning and the delivery of essential public services.

The firm further cautioned that the policy could weaken bank lending and tighten credit conditions, as commercial banks would be compelled to lock away a significant share of their deposits with the CBN. This would likely limit the availability of funds for private sector borrowing, making loans more expensive and stifling investment and job creation. It added that the combination of lowering the Monetary Policy Rate while sharply restricting bank liquidity sends conflicting signals to the market, potentially confusing investors and complicating monetary policy transmission.

Parthian Partners emphasis

ed that Nigeria’s recent signs of growth and disinflation could be jeopardized if the CRR policy triggers a liquidity shock that stalls public spending and constrains credit to businesses. A slowdown in these areas, it warned, would delay the country’s recovery trajectory and worsen poverty-reduction efforts.

The research firm recommended that the CBN adopt a phased implementation strategy, allowing both states and banks to adjust gradually to the new requirement without triggering a sudden cash crunch. It suggested that temporary liquidity windows be created to support critical public expenditures and that transitional exemptions be granted for capital project accounts to ensure continuity of essential services. In addition, Parthian Partners called for deeper consultation and coordination between the CBN, state treasuries, and finance ministries to achieve a balance between fiscal accountability and operational feasibility.

Parthian Partners concluded that while the CBN’s objective of maintaining price stability is legitimate, policy effectiveness must be matched by realism and collaboration. The firm warned that enforcing the 75 percent CRR on non-TSA public funds could yield a short-term liquidity gain but at the cost of long-term economic disruption. It urged the central bank to engage with relevant stakeholders, reconsider the pace of implementation, and introduce measures to cushion the immediate impact on state finances and bank lending. ‘Macroeconomic stability and effective public service delivery are not opposing goals,’ Parthian Partners stated, ‘and pursuing one at the expense of the other will only prolong Nigeria’s recovery and deepen structural weaknesses.’

Evidence emerging from the main opposition Peoples Democratic Party (PDP) has revealed that Samuel Anyanwu, the party’s National Secretary, co-signed the PDP’s letter to the Independent National Electoral Commission (INEC) during its 102nd National Executive Committee (NEC) meeting.

According to multiple reports from the meeting, the letter to INEC was co-signed by the National Chairman of the Party, Iliya Damagum, including Samuel Anyanwu.

An official of the party told BusinessDay that ‘Anyanwu did not deny or contest the signing when PDP Governors’ Forum Chairman, Governor Bala Mohammed of Bauchi State, publicly announced during the same NEC meeting that ‘all communication to INEC has been signed by our National Working Committee (NWC).’

‘The document in question emanated from the party’s 102 NEC meeting and Governor Bala Mohammed’s speech was never disputed by Anyanwu or any other person.’

According to him, ‘Mohammed’s statement was made in front of party leaders, stakeholders, including Anyanwu and INEC observers.’

The source who did not want his name in print, emphasised that ‘the NWC’s in their collective action, agreed to maintain party unity and proceed with the Ibadan 2025 national convention process.

‘Anyanwu was present at the meeting and remained silent on the matter, allowing the announcement to stand without objection.’

The reaction followed reports that the party’s National Secretary has petitioned INEC, the Inspector General of Police and the Department of State Services (DSS), claiming that his signature was forged.

Our sources dismissed the allegations, adding that ‘Anyanwu and his cohorts may have resorted to this when they noticed that their plans to use state Chairmen to scuttle the planned Ibadan convention has failed.’

Despite the growing threats, our source insisted that the convention will proceed as planned.

For instance, as part of the plans, several subcommittees, including those of ‘Special Duties and Accommodation sub Committees’ will meet on Monday to consolidate their plans.

‘As you heard from Governor Seyi Makinde last week, whoever is working against this convention is planning suicide.

‘It is a moving train and you cannot stand against a moving train, otherwise such a person will be crushed.’

OpenAI will start applying a 7.5 percent value-added tax (VAT) to its paid services for users in Nigeria starting from November 1, 2025.

This adjustment affects all paid subscriptions, including ChatGPT Plus and other billable OpenAI offerings.

The company, in an email sent to users, stated that the new charge complies with Section 10 of the Value Added Tax Act, Laws of the Federation of Nigeria 2004 (as amended), and the FIRS Information Circular 2021/19.

The firm urged customers to include a valid Tax Identification Number (TIN) in their account payment settings to facilitate proper tax documentation, a shift which reflects Nigeria’s intensified efforts to regulate tax compliance among foreign digital service providers.

Digital platforms such as Google, Netflix, Amazon, and Facebook have already started charging VAT to Nigerian users. Recent reports suggest that Nigeria collected as much as N600 billion in VAT from such companies.

As a result of the new VAT inclusion, existing ChatGPT Plus users who currently pay N31,500 (˜ US$20) will see their monthly bill rise to N33,862.50 (˜ US$22.43) once VAT is added.

OpenAI has also introduced a lower-cost subscription tier for Nigerians at N7,000/month as a partial buffer against the price hike. This price increase is likely to ripple through the local AI ecosystem as startups built on OpenAI infrastructure (for example, Decide and ChatATP) may face higher operating costs.

For Africa, a public relations and strategic communications agency, will mark its 20th anniversary with the second edition of The RED Summit, themed ‘From Founders to Future.’ The event, scheduled for 6 November 2025, will bring together leaders in media, business, and governance to reflect on the evolution of communication and leadership across the continent.

The summit, which will be held in Lagos, is an invite-only gathering hosted by media personality Babajide Guerrero. It aims to explore how media institutions can remain relevant and impactful in an evolving African landscape.

Over the past two decades, RED | For Africa has developed some of the continent’s most recognised media platforms and initiatives. These include YNaija, a youth-focused media brand; StateCraft Inc., which has worked on civic and governance campaigns; and The Future Project, which celebrates innovation and excellence through The Future Awards Africa (TFAA).

According to the company, The RED Summit 2025 will serve as both a reflection on its journey and a conversation on what it takes to build lasting organisations in Africa’s fast-changing communication industry. The event will open with a fireside conversation between RED co-founders, Chude Jideonwo and Adebola Williams, on the company’s transition from a personality-driven enterprise to a purpose-led institution.

A highlight of the summit will be ‘The Succession Council,’ a keynote series featuring advertising executive Biodun Shobanjo and other industry figures, who will discuss legacy, governance, and scale.

Other sessions will include The Second Generation CEO Panel with Olushola Olaleye, Ayodeji Razaq, and Debbie Larry-Izamoje, who will share perspectives on sustaining growth; Built by RED, an alumni panel hosted by communications professional Brukeme Dickson; and the Contemporary Media Mavericks Panel, featuring Tosin Ajibade, Folagade Banks, Temisan Emmanuel, and Olufemi Oguntamu, who will examine how creators are redefining influence in the digital age.

Speaking ahead of the event, RED | For Africa’s Chief Executive Officer, Ayodeji Razaq, said, ‘As RED turns 20, we are reminded that our story has always been about more than media; it has been about building something that lasts. This summit is our way of honouring not just where we started, but those who paved the way, shaped the culture, and showed us what is possible.’

The RED Summit 2025 will also serve as a prelude to the 19th edition of The Future Awards Africa, one of the continent’s leading celebrations of youth innovation. Both events are designed to connect RED’s legacy of storytelling with the next generation of African leaders shaping the media and governance landscape.

Together, they mark an important moment in the company’s history – linking two decades of experience with a forward-looking conversation on leadership, media, and the future of influence in Africa.