Category: Business Day

On October 10, 2025, ‘Sanya’, a novel by Oyin Olugbile, won The Nigeria Prize for Literature 2025. The book was adjudged winner among other two shortlist titles for the award because of Olugbile’s mythology retelling approach, her distinct and daring for casting Sango as a female and for the projection of Yoruba mythology through a story that captivates and meanders into a fantastical world.

In this interview, the author shares with Obinna Emelike, her joy as a winner, the impact on her writing career, the story behind the novel, writing technicalities, experience with publishers, the message, among others.

Except:

Why the mystical storyline?

I decided to write about Orunmila for the obvious reasons because you cannot talk about Sango without talking about all of those ones. But you can talk about Sango without talking about Ogun. Both have similarities but are also quite different at some point.

What is the story behind the book?

I wouldn’t know what you are thinking that I probably went to somewhere like a shrine and then I started thinking about the book. No.

Oftentimes people say knowledge stays with us, but then, sometimes knowledge comes in the form of a seat that you do not even know is there.

So, there is that general knowledge that I acquired whilst at the University of Lagos studying Theatre Arts because we all definitely will go through all of these gods that people act stage plays on them and that was the knowledge for me.

After that, I had nothing to do with the arts. I went into social impacts and then became a consultant for education foundations or education grants and things like that.

So, there was this particular person who came from America and she wanted to do something on child abuse. This is very wild and strange. She wanted to start a foundation on child abuse basically and I was the chief consultant on the project. But the thing with me is that I would not consult on a project without doing research on it. So, coincidentally I was doing some research on education and things like that and somehow this curious mind of mine went to Orunmila’s story. Please don’t ask me how. It is Orunmila’s story and involvement with Yemoja and all of that. From there, Sango’s story came up as well.

Typically, I have gotten what I wanted to get from the research I was doing for this person and I was done with it, but I went back to it. I just immersed myself into that research and I was neck-deep in there for months. Afterwards, I went to my husband and told him that I have a story to tell as I usually tell him stories from my head that I never write down. He told me that I have a story and encouraged me to write.

Can you talk about the technicalities of writing the book?

When I had the idea in 2017, I wrote down the summary of the story, what I was thinking in my head, and how the story is going to be. So, I wrote chapter one. But then, life was happening. I was having children, so I will stop research and continue at some point. Thinking about the story is the easiest, but then writing it and then making it good is the hard work. What I did was that I had a number of people around me for accountability and for progress. For accountability was my husband because I wasn’t a writer; I was a writer in the corporate space not in the creative space. Then, my husband would say go and write that work and every day he would hound me. Every time he does that, I would just write something and do something. I also have an editor; someone that I could pay or that I pay to say listen, I have done chapter one, look at it, does it make sense. Then the editor does that, gives me feedback, writes whatever he wants to write, changes whatever he needs to change and then I get back to do the work. Oftentimes, most first-time writers think that writing is a one-man journey. It is not. You need to have people around you that you can even pay to look at your work, whether it even makes sense, and then have some sort of accountability around you.

Did you experience rejections from publishers for your book?

Yes. I had a rejection with my first draft. My first draft without an editor was rejected by a publishing house. After that rejection I remember someone telling me to try other publishers. But the kind of person that I am, I had to look at it again and I said I think I need a proper editor. So, I got someone who I have been working with for the past five years, who looked at it again, took a lot of weeks, we had a lot of back and forth. But the second time I tried to send it out, the second publisher looked at it and said oh yeah, I want to work with you. In fact, the second one at some point I said they would publish my work even if they have to come to my place in England to steal the manuscript from me.

But going in for the prize was funny. My publishers put in the work for me while I was pregnant with my fifth child.

I think the entry went in February and I gave birth March 3rd, just to tell you how my mind wasn’t even minding in the first place. When I saw the longlist, I was like, when did I put in for this because obviously I am a new mother and I couldn’t even remember. I called my publisher and asked how it came from wherever to the 11 longlist, he said that I should just enjoy motherhood.

After ‘Sanya’, are you also looking at doing something on your Ibadan heritage?

I am fascinated by my Ibadan heritage. I have quite a lot of Ibadan stories in my, I won’t say archive, but in my folder. I am the kind of person that it may take a while to get something from me because I like to research, I like to really do the work before I write. It is okay for people who write just for the sake of it, but they must be writing from a place of knowledge. I also try to write from a place of knowledge as well. So, yes, definitely. I have a story on Okiado. But it will come at a point.

Having won Africa’s biggest literary award, where does it place you, and its impact on your writing going forward?

The thing is, the award in itself is not going to have any impact on my writing because my writing is my writing, which has been striving for excellence.

I wouldn’t say, oh, now I have won an NLNG, I don’t see anything that I will be doing any differently or any different from my typical trying to write or get an excellent piece or even just writing for the interest of people.

But I think what the award is going to do for me is help to amplify my voice in the areas that I am most passionate about in writing.

Every writer has a voice, and the voice is not just being able to speak to an audience; it is being able to pass across a certain kind of message based on what they believe in or what they stand for. So, yes, I hope that answers your question.

What kind of message do you intend to pass across with your writing?

My message is that African storytelling is gold. We have quite a number, a lot of stories to tell and need to tell them.

Listen, if we have about 250 ethnic groups in Nigeria, speaking different languages, do you not think we have a story? I think we do because the culture is rich enough, it is diverse enough for us to be able to pick our stories, and use that diversity to unify, to have one voice, to say, this is Nigeria, you have to listen to us. The world has to sit up and listen. And I believe that this is what writers before me have done. Writers in my generation are still doing the same. We have had Chinua Achebe standing for something for a national voice. That is what we have always known Chinua Achebe for.

So, even if Chinua Achebe writes about ‘Things Fall Apart’, we all know what the thematic message in ‘Things Fall Apart’ is. It is creative, very cultural, but we know what Chinua Achebe is talking about in the classic novel. The same way as Wole Soyinka, who is a surrealist.

He wants to engage a deep understanding of culture and traditions, even though he writes it in different ways. He can write it in comedy, drama, but we understand. That is the same thing I want to do. What I stand for is that we could no longer be silenced.

That even in our silence, even in a place of silence, we can still say something, and we would definitely have a voice in our story, or with our storytelling.

What is the key message you want readers of ‘Sanya’ to take away?

That message is identity. You know, there is a saying that if a people don’t know where they are coming from, they can’t know where they are going.

I believe that one of the downfalls of Sanya, for those that have read the book, is that Sanya knew where she was going, but she sometimes lost touch with the reality of where she was coming from. But some people will argue that she probably didn’t even know where she was from. This is a child that never met her mother and father. The earliest memory she had of her father was someone who wasn’t adequate, and she had to move a lot. So, she had that identity issue.

Though she was poised to do great and prophesied to do great in the world, there were still challenges. Some people will argue that there are orphans doing great things in the world. They don’t know where they are from. That’s fine.

But then, even orphans, sometimes will know their origin and even the ones that do not know their origin know that this is where I am coming from.

This is what I want to do. But regardless, so as not to make this any deeper, it is about the fact that, as Nigerians, we need to understand ourselves, understand our culture, and our identity. We need to know who we are as individuals and then what it is that we want to contribute to our society and how we can actually make that society better.

As a writer, how are you able to cope with writing, work and home?

Well, I would say that it is not easy. And I know some will say, that is difficult. But then, I do not see anything that ever comes easy. The truth is that there are people who don’t have children, who still have commitments and responsibilities that are quite heavy on them, yet they still go ahead to do great things.

I think if you ground yourself into whatever it is that you want to do, even if it takes years or the distractions, it is still going to happen regardless.

I have seen people in their latter part of life, they call them octogenarians, who still go back to school because they want to have a degree, yet they do so well. This is because at that point, in their mind, they have already determined that this is what they want to do, and they go for it. You see them just doing it with so much grace and so much ease.

Maybe, if I was younger and I didn’t have children and I attempted this award, I probably would have really failed, like failed completely. There are people who are going through lots of challenges, yet they carry their purpose with a lot of determination.

So, I think the word here is purpose. Find your purpose. For a while, I pursued the corporate world, which was quite rewarding because yesterday, my boss from a company where I used to be the head of corporate affairs called me, and I could hear all of his staff screaming from the background, like, oh, she used to work here. I was quite young at the time, even when I was head of corporate affairs and communications. He was like, wait, I know you used to write, I know you used to, you are quite brilliant, but I didn’t know you were into the creative thing. I said, well, he found me.

But the thing is, finding one’s purpose, you can find your purpose over and over and over again. A friend of mine in the creatives was telling me that he got married early, so he’s had challenges of early marriages, which kind of just zapped him and drained him.

And he said, I can no longer find joy in what I used to enjoy. I said, listen, listen and listen well. You can find joy in something else.

It doesn’t have to be something you used to enjoy. That is why we are creative people. Look at the God that created us in different forms, shapes and sizes.

Who said we cannot find joy in different things; the problem is that we keep looking back all the time. We keep thinking, oh, I used to have this life, and then you keep just trying to go back to that life.

If you knock on that door so many times and it doesn’t work out, trust me, you will find another passion. Something else will find you and you should give yourself that room and that opportunity to enjoy something else and find purpose.

Find a purpose in yourself first. Then you will find a purpose in other things as well.

Why do you use your culture as a reflection in contemporary writing?

Start with your comfort zone because you cannot write about anything you know nothing about.

Or if you are like me, you can write something about something you don’t know anything about, just do your research, don’t take permission, then apologize later.

Who is the greatest inspiration in your literary career?

I will say Professor Wole Soyinka again because I have said this so many times. Chimamanda Adichie is a great inspiration as well. She is amazing and in the global space it is Dan Brown.

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has announced the winners of the fourth edition of the Heirs Insurance Essay Championship, a nationwide competition promoting financial literacy and academic excellence among secondary school students and educators.

The grand finale, held at the Transcorp Hilton Hotel, Abuja, brought together students, parents, and academic leaders for a celebration of knowledge and creativity. This year’s edition, which attracted over 5,000 entries from junior secondary school students nationwide, was anchored on the topic ‘The Role of Insurance in Keeping Families Safe and Secure’.

After a rigorous evaluation process by a distinguished panel of academic professionals, independently verified by Deloitte and Touche, 13-year-old Rhema-Love Abraham of Precepts Learning Field, Lagos, emerged as the overall winner, earning a N5 million scholarship and a N1 million grant for her school.

Bernice Michael of S-TEE High School, Lagos, claimed the second-place position, winning a N2 million scholarship, while Afopefoluwa Tofio-Jacobs of D-IVY College, Ogun State, took third place, receiving a N1 million scholarship.

This year, Heirs Insurance introduced the inaugural Teachers Prize, to honor teachers promoting insurance awareness within their schools and communities. This initiative was created to democratise access to insurance literacy, working collaboratively with teachers and educators.

Okpe James Chidi, a teacher at Urban Secondary School, Umuna Orlu, Imo State, emerged as the winner of the Teachers’ Insurance Awareness Prize, with a personal award of N1million cash prize, and a N500,000 grant for his school. His project, which deepened students’ understanding of financial literacy and insurance, was praised for its innovation, reach, and measurable impact.

Speaking at the ceremony, Niyi Onifade, sector head, Heirs Insurance Group, commended all the participants for their creativity and drive, emphasising the Group’s commitment to nurturing future leaders through education.

He said, ‘We are proud of every student and teacher who participated in this year’s Essay Championship. Their creativity, curiosity, and dedication reflect the future we envision for our nation; one built on knowledge, innovation, and resilience. At Heirs Insurance Group, we believe financial literacy is a powerful tool for empowerment and transformation’.

The Heirs Insurance Essay Championship is a flagship Corporate Social Responsibility (CSR) initiative of Heirs Insurance Group, created to build awareness of insurance literacy and critical thinking among young Nigerians. The introduction of the Teachers’ Insurance Awareness Prize further demonstrates the Group’s commitment to advancing insurance education and promoting financial inclusion at every level of society.

Nigeria has struck a deal with LONGi of China, the world’s largest solar panel manufacturer, for the establishment of a factory in the country to boost local production of solar equipment.

Bayo Onanuga, special adviser to the President on Information and Strategy, in a statement on his X handle, said the Energy Commission of Nigeria (ECN) facilitated the landmark deal.

The deal was sealed on behalf of the federal government with LONGi of China during a follow up visit of federal government delegation to China after both parties had, earlier in the year, signed the memorandum of understanding.

Under the partnership, the world’s largest solar panel manufacturer agreed to set up a one thousand mega watts capacity solar panel production factory in the country to meet the growing demand for renewable energy.

Mustapha Abdullahi, director general of ECN, said the deal marks a significant milestone in the renewable energy landscape and aligns with Nigeria’s efforts to expand solar manufacturing capacity.

The Energy Commission of Nigeria is currently implementing the renewed hope solarisation programme of the present administration aimed at accelerating deployment of solar mini grids to public institutions across the country.

Abdullahi noted that the ‘establishment of solar panel production factory in the country, will boost implementation of the intervention as well as create jobs.’

Rana Energy, an AI-powered Clean Energy-as-a-Service company, has raised $3 million in pre-seed funding to expand its digital utility network across Africa. The company aims to increase access to affordable and reliable clean energy for households and businesses on a continent where over 600 million people still lack a dependable electricity supply.

The funding round includes $500,000 in equity from Techstars, EchoVC Eco, and angel investors such as Chinedu Azodoh and Tayo Bamiduro, co-founders of mobility company MAX. The remaining $2.5 million was raised through a local currency green debt note arranged by Optimum Global and backed by FSDH Asset Management.

Founded in 2023 by engineers Abraham Mohammed and Mubarak Popoola, Rana Energy is developing what it calls Africa’s first AI-driven digital utility. Its core platform, known as the Virtual Solar Network (VSN), uses artificial intelligence to forecast energy demand, aggregate solar and battery storage projects, and manage distributed energy assets remotely.

Through this model, businesses and communities can subscribe to clean energy services without upfront payments. Rana installs and operates solar and storage systems while customers pay predictable monthly fees. This structure has allowed clients to cut energy costs and reduce reliance on diesel generators.

Dr. Boroji Osindero, Medical Director at Wellness Centre in Lagos, said the service had made a significant difference. ‘Before Rana, we were spending over ?2.5 million monthly on diesel at our physiotherapy clinic. Now, we have 24/7 clean power at 25% less cost, and our patients know they can count on us during emergencies.’

According to co-founder and CTO, Mubarak Popoola, Rana Energy has deployed 1.3 megawatts (MW) of solar and storage systems across Nigeria in just 18 months. ‘Execution is everything in this market, and Rana delivers at lightning pace,’ he said. ‘We’ve achieved 99.9% uptime, reduced diesel use by over 80%, and cut energy costs by up to 30% for our clients.’

With the new funding, Rana plans to expand its VSN asset base to 10 MW within 12 months, extending services to battery swap stations, hospitals, supermarkets, and industrial facilities across Nigeria, Ghana, and Zambia. The company estimates this will avoid more than 450,000 kilogrammes of carbon emissions each year.

Co-founder and CEO, Abraham Mohammed, said the model combines venture equity with structured green debt to create a sustainable investment pathway for Africa’s energy transition. ‘By blending venture equity with structured green debt financing, we have built a replicable model for Africa’s energy transition, where every $1 deployed generates over $10 in local economic value,’ he said.

EchoVC Eco’s Managing Partner, Eghosa Omoigui, said Rana’s approach demonstrates a scalable solution to Africa’s energy access gap. ‘Abraham and Mubarak have built the first truly scalable solution to Africa’s $20 billion energy access gap,’ he said. ‘Their AI-powered approach doesn’t just replace diesel with a clean substitute, it creates a neoenergy paradigm that will unlock billions in economic growth.’

Rana Energy’s software team, led by Head of Software and AI Innovation, Godpraise Momoh, said the VSN ecosystem supports project mapping, financing, and monitoring. The system integrates mobile payments and offers real-time performance tracking, with blockchain-based carbon verification in development.

Africa’s distributed energy market is expected to reach $127 billion by 2030. Rana Energy says it intends to help drive that growth by providing clean, cost-effective power where it is needed most.

Diamonds and Pearls Travels has once again redefined the art of exploration by reintroducing its groundbreaking ’50-Plus Vacation Club,’ a curated travel experience designed exclusively for adventurers aged fifty years and above.

First launched in 2018, the 50-Plus Vacation Club was celebrated as the first travel package of its kind, blending comfort, discovery, and community for senior travellers who wanted more than just a holiday. The programme took valued senior members aged 50 years and above to incredible destinations including Doha, Dubai, and Israel, creating memories of culture, spirituality, adventure, and luxury. The initiative was later paused due to the global COVID-19 pandemic, but in 2025, Diamonds and Pearls Travels successfully revived it.

The response has been overwhelming, with rave reviews pouring in from returning travellers and new clients eager to celebrate their older relatives through travel. The revival of this niche proves that meaningful, well-curated experiences remain in high demand. In line with current realities, some destinations such as Israel are on pause due to the ongoing war, but the 50-Plus Vacation Club continues to chart new journeys for its members with the same standard of excellence.

Beyond its destinations and luxury touches, the essence of the 50-Plus Vacation Club lies in one of its goals to promote collective leisure among our elderly loved ones. It creates an opportunity for people aged fifty and above to travel together, connect, and share experiences that encourages networking, cultural exchange, companionship, and emotional wellbeing. Each journey becomes an experience, one that values shared stories as much as the sights themselves.

The 50-Plus Vacation Club offers: Handpicked Destinations: Rich in culture, history, and leisure, chosen to spark wonder and relaxation. Premium Comfort, from seamless airport transfers to carefully selected accommodations, every detail is designed for ease and enjoyment. Curated Experiences that include gentle-paced city tours, cultural encounters, wellness activities, and opportunities to connect with like-minded travellers. Dedicated Support and On-Ground Chaperone: Personalized assistance and attentive service from start to finish, with an experienced chaperone accompanying every trip.

‘When we first introduced the 50-Plus Vacation Club in 2018, it was groundbreaking,’ said David Olatunde Lamidi and Wonuola Olatunde-Lamidi, who are both managing partners at Diamonds and Pearls Travels. ‘Now, revisited in 2025, it has returned stronger than ever, and the reviews from our guests speak volumes. Travel is not just about seeing new places; it’s about creating memories, building connections, and celebrating milestones.’

Adding to the above, Mayowa Obasanya, junior partner at Diamonds and Pearls Travels, who also served as a chaperone on the September 10-16, 2025 trip, shared a memorable reflection. ‘One of our travellers told me that he loved the initiative so much that he would prefer to have trips like this once a year rather than being given cash. Hearing that touched me deeply, it showed that what we are offering goes beyond a vacation. The experience itself has measurable value that money simply cannot match,’ Obasanya said.

The niche recognizes that the 50-plus traveller is not slowing down but seeking journeys that enrich, inspire, and honour a lifetime of experiences.

With Diamonds and Pearls Travels leading the way, the ’50-Plus’ travel movement is more than just a package, it is a lifestyle. A reminder that adventure has no age, and the best journeys are yet to come. The next 50-Plus Vacation Club trip is already scheduled for October 23-29, 2025, continuing this inspiring journey of friendship, culture, and discovery.

The Nigeria Security and Civil Defence Corps (NSCDC), Federal Capital Territory (FCT) Command, has warned protesters to desist from vandalising public and private property during Monday’s planned protest in Abuja over the continued detention of Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB).

Olusola Odumosu, FCT Commandant of the Corps, issued the warning on Sunday in Abuja, stressing that the protection of Critical National Assets and Infrastructure (CNAI) remains a top priority for the security agency.

According to Odumosu, the Corps has deployed a massive contingent of officers and special forces across strategic locations in the FCT to safeguard infrastructure and ensure the safety of residents before, during, and after the planned rallies.

‘The Corps will not condone any form of vandalism or theft of public and private facilities, all in the name of protest,’ Odumosu said.

He noted that the personnel had been properly briefed and directed to maintain professionalism and civility while performing their duties.

Officers were also instructed to avoid harassment, intimidation, or accidental discharge, with Odumosu emphasising that no form of indiscipline or overzealous conduct would be tolerated.

‘We are prepared, as always, to ensure there are no incidents of destruction of properties or threats to peace in the territory. ‘The deployed men have been cautioned to adopt a non-kinetic approach while carrying out the mandates of the Corps,’ he stated.

The commandant, however, issued a stern warning to individuals planning to hijack or disrupt the peaceful demonstrations, vowing that anyone caught engaging in criminal acts would be arrested and prosecuted in accordance with the law.

The warning comes amid heightened tension in Abuja as separate groups prepare to stage demonstrations either supporting or opposing the release of Kanu, who has been in the custody of the Department of State Services (DSS) since June 2021.

Kanu faces seven counts of terrorism and treasonable felony, charges linked to his activities with IPOB, which was outlawed by the federal government in 2017. He was first arrested in 2015, granted bail in 2017, but fled the country following a military invasion of his home in Abia State.

The protest is being spearheaded by Omoyele Sowore, convener of the #RevolutionNow movement, alongside other civil society organisations, who insist that the demonstration will proceed despite a Federal High Court order restraining mass protests around key national institutions in Abuja.

HXafrica, through its subsidiary, the Real Estate Investment Cooperative (REICo) in a move to foster inclusive growth and sustainable development among indigenous communities in the Federal Capital Territory (FCT), has signed a Memorandum of Understanding (MoU) with the Abuja Original Inhabitants Youth Empowerment Organisation (AOIYEO).

The partnership seeks to establish a state-wide cooperative society aimed at promoting economic empowerment, enterprise development, and financial inclusion for Abuja’s original inhabitants.

The initiative will leverage cooperative management and microfinance models to create sustainable opportunities for local residents, aligning with government efforts to reduce poverty and strengthen community participation in development.

Speaking at the MoU signing ceremony, Ugo Peters, chief executive officer of HXafrica, said the partnership underscores the organisation’s guiding philosophy of putting people before profit.

He explained that the collaboration reflects HXafrica’s long-term commitment to improving livelihoods and supporting social impact projects that address pressing community needs.

‘Our vision is to build a system that works for everyone, one that prioritises people, not just profits. This partnership with AOIYEO will empower Abuja’s indigenous people to become active participants in their own economic growth,’ Peters stated.

As part of its broader social responsibility agenda, HXafrica also runs the Free Bus Initiative, which provides daily free transportation for residents across Abuja. Since its launch in March, the initiative has served over 19,000 commuters, saving more than ?9.6 million in transportation costs, a testament to HXafrica’s belief that businesses can thrive while driving social good.

Isaac David, executive director of AOIYEO, lauded HXafrica and REICo for their commitment to grassroots empowerment, describing the collaboration as a deliverance day for Abuja’s original inhabitants. He announced plans for the newly established cooperative to set up a microfinance bank that will provide access to funding, promote entrepreneurship, and strengthen community-led development initiatives.

Stakeholders at the event commended the move, expressing optimism that the cooperative would enhance capacity building, create jobs, and foster sustainable livelihoods across indigenous communities in the FCT.

Dr Okwudiri Anasiudu Awarded Final $10,000 NLNG Prize for Literary Criticism

LAGOS: In a ceremony on October 10th, academic and literary scholar Dr Okwudiri Anasiudu was awarded the $10,000 Nigeria Prize for Literary Criticism. This award marks a significant milestone, as Dr Anasiudu is set to be the final recipient of this national honour for contributions to literary critique.

A lecturer and researcher at the University of Port Harcourt, Dr Anasiudu was recognised for a body of work that demonstrates innovative theoretical approaches to African and diasporic literature. His winning entries were:

‘Afropolitan Identity and Afrodiasporic Otherness in Selected African Novels’

‘Allegorical Conjectures in Helon Habila’s Measuring Time’

‘Mimetic Designs in Helon Habila’s Oil on Water’

His research focuses on the intersection of language, culture, and ideology, often drawing on African and Diasporic Literature, Conceptual Metaphor Theory, and Cultural Linguistics. Dr Anasiudu has published extensively, with notable analyses of authors such as:

Bessie Head, examining the linguistic construction of ‘Otherness’ in Maru.

Nnimmo Bassey, exploring the aesthetic imagination in poetry about the Niger Delta.

Chimamanda N. Adichie investigates themes of trauma, identity, and diaspora in Half of a Yellow Sun and Americanah. The panel also commended the other finalists for their exceptional submissions:

Ekikereobong Aniekean Usoro, for essays on Igbo cosmology in Chigozie Obioma’s work, male privilege in Cheluchi Onyemelukwe-Onuobia’s novel, and the politics of gender representation.

Uchechukwu Peter Umezurike, for exploring masculinity in Adichie’s *Purple Hibiscus*, agency in Tayeb Salih’s writing, and receptive masculinity in Achebe’s *Things Fall Apart*.

Onyeka Ike, for analyses of war in Flora Nwapa and Adichie’s works, corruption in public office, and character archetypes linking Achebe’s Okonkwo to Adichie’s Eugene Achike.

In its final commendation, the panel praised all the entries, noting that the ‘published articles in both institutional and professional journals offered valuable insights into a wide range of novels. They explored diverse areas of human concern and deftly interrogated the selected works, offering interpretations and novel, concise findings.’ Dr Anasiudu standing with the Literature prize winner Oyin Olugbile.

The economy is picking up at the moment; we’ve seen stable Naira, and then inflation is also slowing. However, Nigerians are not feeling that impact. So, what do you think is responsible for this?

Well, you’re right to say Nigerians are not feeling it, because we all go to the market and we know. But you see, these things will take time. The economy is moving now in the right direction. Interest rates that went all time high a few months ago have stabilized and we’re seeing it come down. The same with FX – the exchange rate has more or less stabilized. In fact, what we found was when the exchange rate was going up, people were moving from Naira deposits or investments into dollars. But now that there’s stability, people are coming back. People are coming back and exchanging, back to say, oh, please, I want to come back into Naira. So, all these things, and from infrastructure that the government is trying to improve upon. At the end of the day, I believe that things will get better. And we’ve also seen it in the kind of transactions that we’re seeing from our customers because like this time last year, the oil and gas industry wasn’t really. But now we’re seeing that, they’re getting more help. People that are like the subcontractors of the big oil and gas companies. So, we’re seeing that improve and our own take is that we’ll see further improvements. At the last time, Monetary Policy Committee, the NPR rate was dropped by 0.5. So, we believe that it may even drop further in the next couple of meetings. And so, we’re also reacting in terms of the interest rates and all that. So, I believe that things are going to improve.

The Nigerian financial space is very competitive, especially with the evolving regulatory climate; so, what gap is Lukefield filling in this market?

The financial industry is very vast. There are different players in the industry. So, we call them sub-sectors. And the ones we work on are the ones that are regulated. And our main regulator is the Central Bank of Nigeria. So, in that market, it goes from the commercial banks down to microfinance banks, even down to the BDCs and all those are in the market. So, our own license, where we play, is the finance company sub-sector. And that sub-sector plays a very vital role in the whole economy. We are sandwiched between the big banks and the microfinance banks. So, there are certain things that our license allows us to do, and there are certain things that our license doesn’t allow us to do. Let me start from what it does not allow us to do; we’re not allowed to trade in foreign exchange. We’re not allowed to take deposits, which mean that we’re not allowed to take current account monies or savings account. But we’re allowed to take funds from customers. In our own sub-sector, we call it borrowings; we borrow funds from the customers, and then we lend to the people that need it. And then, of course, we’re not allowed to do things that our license doesn’t specifically state, like stockbroking, project management, and all that. The way I try to differentiate it is that if you remove those three broad things from what banks can do, then we can do every other thing that banks can do – whether it’s in consumer loans, leases, factory, invoice discounting, retail loans, every other thing we’re allowed to do apart from those loans. So, what happens in our own climate is that the operations are relatively small and compact, decision making is fast. And then we also focus on the SME subsector. I know the SMEs; they don’t have all the collaterals of this world and every other thing that big banks will ask for. We’re able to meet the needs of those people in terms of understanding their business, in terms of speed of doing transactions, and of course in terms of just holding them to improving their business. That is really the key sector that we focus on, and that’s the value that we bring to our customers. The speed, the one-on-one interaction, and just being able to meet their needs and understand the peculiarity of their business. If I may also say, if you go to a big bank and you want to take a loan, and they’ll be asking for your financial statements, audited account, and all that. Or even when our customers don’t have audited financial statements, we’re able to take their bank statements, and understand their business from their bank statements and make judgments on whether we want to finance those type of businesses or not. And then looking at the other side of the balance sheet, which is the borrowings that I talked about, the funds. Because we don’t take current accounts and savings accounts, so our cost of funds is a bit higher than banks. So, for designing customers who have funds and want to invest their funds maybe for 60 days, 90 days, 180 days, instead of putting such funds in banks at 5% or 3%, or even at zero current account, they come to us and they give us such funds. So, on both sides of the balance sheet, we have our target customers who see our value in what we do and are able to bank with us.

Your company plays in the finance sector; however, that part of the market seems highly restricted by regulations. So, where is the space for growth in the sector?

Thank you very much. Let me take the restriction and regulation. My earlier background is that of banking. I spent 27 years in a notable commercial bank. So, we’re used to the regulation. We’re used to doing things within the ambit of the law. And even when you do that, you still make your money, because if you do banking very well, you are doing intermediation between people that have excess funds and people that need the funds – you’ll always make your money. So, the issue about risk – what we do is, as I said, because when you’re lending, the critical thing, apart from even financials, is the character of the borrower. In selecting the people that we do business with, it’s not everybody that we do business with.

We watch their character and as I said, from even interacting with the customers, you will know people who are credible and who would pay back your funds. There are times when things happen, you know, someone is very forthright and all that, but business just goes belly up – you always have that. My former boss, God bless his soul, used to say that, see, business is about risk. It’s just being able to dimension it.

So, you will find the Judas amongst the 12 disciples. It’s always there. But what do you do to ensure that at least the other 11 are very, very safe? So, we have very robust risk management framework. We have specific credit approval limits. It’s not just that someone just wants to do, I just want to do a loan for you, I like your face. No. So we have a credit policy guide that guides us, in who we can lend to, what we can lend, the amount we can lend to someone, the sectors we can finance, even sectorial limits. Because I can’t give all my loan – total loan portfolio to maybe two sectors, for example. The board has set limits for each of the sectors to say for this sector, it can’t go below, beyond this percentage. And we abide by that because all the corporate governance rules, we abide by. We have quarterly board meetings; as I said, we send reports to CBN every month.

They come and examine us. We have auditors. It might interest you to know that our auditors are one of the big four. Ernst and Young are our auditors, and that’s because we decided to do the business very well. So, all these things guide us to ensure that even though there is risk in the market, we dimension our risk properly, and we decide who we want to give loans to, within the system.

As a finance company, what are you doing differently to stay on top?

As I told you earlier, my own license allows me to do even up to 20 percent. So, I can do loans for 50,000 to 580 something million as I speak, which might even increase further as I close 2025 and my shareholder’s funds increases – I have that wide range. But, in life, you can’t do everything because I’ve seen a customer that came one day and said, oh, let’s partner. He’s into on-lending too. So to say, oh, you have the money. We can partner and I’ll be giving market. I said, see, let me stay on my loan. You know the market. I can give you loan. You can go and give the market people. But, I don’t have the structure to manage market women. So, even though the license allows me, if I go into any market today and I want to start doing 50, 000; 50,000 loans, I haven’t done anything wrong as far as central bank. But do I have the, as you say, unique selling point? Do I have the manpower? Do I have the infrastructure to do that? No. So, I would rather play within a niche and ensure that, I’m still adding value to the customers.

So, which side of your business drives the most growth for you?

I’m an accountant, so I always talk balance sheet. So, let me talk from the liability side of the balance sheet, which is the funds – people that give us funds; over 75 percent, 80 percent of our funds come from retail. This is our seventh year, so, over the seven years we’ve had people who’ve believed in us and given us funds. We also have, because as I said, we’re regulated by central bank, so the minimum amount we can take from any individual is N50, 000. So, if you want to do business with us and you bring N20, 000, we may not be able to. The sector has been dimensioned that that strata of the population is dealt with by the microfinance banks. But for us, our license says 50,000 minimum. So, we have also a lot of people that give us in the 1 million, 2 million range, civil servants, bank employees, even people who are doing business, that give us funds. So, from that sector of the market is really retail that we get our funds from. Now going to the other side, which is where we loan monies out. We have across like 13 different industries, from manufacturing to trading to the same retail, oil and gas, logistics, so different sectors.

Now, what we’ve also done as Lukefield is that currently, because CBN is working on it, but let me tell you what the current thing is. The regulatory share capital, capital that you need to start this business is just 100 million. They’re working to increase it, but it’s still, as we speak, 100 million. Now, CBN says for you to lend money to Mr. A or company A, the maximum you can lend to one company or one individual is 20 percent of your shareholders’ funds. So, if you just stick at 100 million, 20 percent is just 20 million. So, very early in this business, we realized that that won’t take us anywhere because we want to build a legacy; we want to do the thing properly.

So from year two, we started increasing capital. So, as I speak to you now, our share capital now, our shareholders’ funds is 2.9 billion. So that tells you that we can loan to one individual up to 580 million.

We’re able to also play in the upper band of the market, even try to shake some of the banks somehow, because some of their customers come to us, and you’ll be wondering why would they come to you, and not to a big bank. But as I said earlier, maybe they are processing their loan with a big bank. It’s taking them forever. Or at times they say, okay, we’re still working with the banks, but please, we need this money for this short period. We’re happy to give them. When they have their money from the banks, then they pay us back. So we’re able to deal with such companies, even as we are currently.

How have you managed to strengthen your capital base in this short period of time?

Okay, let me also give you a bit of history. When we started, because when you apply for a CBN license for this business, you drop your 100 million to CBN, and they give you an approval in principle for six months; and they say, in these six months, get some other monies, hire staff, buy a computer, buy furniture, rent a space. So, we did all that and brought in like additional 50 million to do all that. But when CBN gives you your final license, then they return your 100 million to you. So, if we had offset that 50 million, we wouldn’t have done anything wrong, because you can actually do that. But what we decided to do was to retain that 50 million in the business and start working. But as I said, by the time we started, we realized that N20 million loan, where will it take you? So like year two or so, we increased capital and then for the first four years of the business, we didn’t draw any dividend. So, everything we’re making, we’re putting it back into the business. And I think like year four or so; then we did a second capital call. As I speak to you today, our share capital is one billion. But our shareholders fund, which includes all the reserves and everything, is 2.9 billion. So, we were just preparing, because we knew that someday CBN would increase the capital base for this sector.

You mentioned offices in Lagos and Abuja. Is there a reason why you have kept the two branches?

First, the truth is, banking today don’t really need all the brick and mortar to be effective. The reason why we put a branch in Abuja was closeness to those civil servants that I spoke about, because that is really the focus in Abuja.

In Abuja, we don’t really do SME and all the other; we do all that from head office. So that is really the reason. But we know that as we grow, we might have maybe another office on the mainland, for example.

But in terms of going to Port Harcourt, Kano, that’s not in the works. But the kind of things we’re looking at is, our license is not restricted. As I said, we like to work within regulation. So we’ve seen times when our customers need other things like wealth management, serious financial advisory that we are unable to give. We’re looking at that, because we have a five-year strategic plan, which started 2024 and will end 2028. One of it is that we want to buy into some other business lines, like asset management. Asset management requires a SEC license. So we’re looking at that. We’re also looking at, probably, by 2028; we’re still looking at it. Maybe we can even transition into a commercial bank because, you can go to CBN and say, I’ve held this license for this long. I want to transition into something better. That’s where partnership and collaboration will come in, because we’ll have other people who are like-minded.

Finally, our readers would like to know more about you (Aunty T)?

I’m a thoroughbred banker. That’s all I’ve done all my life. I started banking in Fountain Trust then. And then 1993, I moved to Guaranty Trust Bank. And I was in Guaranty Trust Bank until 2018 when we started this place. And in Guaranty Trust Bank, I was fortunate to work in different departments of the bank, starting from operations. I was at one time the CFO of the bank, headed risk management and operations, whether it’s funds transfer. And then I also did marketing for a very short period. So, I have this very vast experience in all these things. And before I left the bank, I also had the opportunity to sit on the board of one of the subsidiaries in Liberia. So that also prepared me and helped to set up everything that we’re doing in Lukefield. So for me, that’s all I’ve known, because my life has always been regulated by the CBN. And also, one has learned to – these are the rules, just try and obey the rules.

The International Monetary Fund (IMF) has acknowledged the positive impact of the Central Bank of Nigeria (CBN)-led economic reforms in Nigeria. The declining inflation rate, naira stability, rising foreign reserves, economic buffers and other supportive domestic factors are listed as significant benefits from the exchange rate reforms and foreign investor-friendly policies. These, the CBN Governor, Olayemi Cardoso said, ensured that higher tariffs impact on the economy remained subdued and supported IMF’s two-year upward growth revision for the Nigeria economy.

The verdict from the IMF that Nigeria’s economy remained strong in the face of global headwinds from trade tariffs, oil prices decline, prolonged financial markets uncertainty and corrections did not surprise many stakeholders.

For the CBN Governor, Olayemi Cardoso, there were strategic efforts taken by both monetary and fiscal authorities that provided strong buffers for the economy and triggered IMF growth revisions for the country.

Speaking during the Intergovernmental Group of Twenty-Four (G-24) press briefing at the 2025 IMF/World Bank Annual Meetings in Washington DC, US, the CBN said that Nigeria’s economy has been fully restructured and resilient, with huge buffers against global risks.

Cardoso, who is the leader of the Nigeria delegation at the meetings, said the naira, has equally emerged as a competitive currency, with the economy witnessing positive trade balances and large businesses moving from imports to export of locally produced goods and commodities.

On the impact of the trade tariffs on the domestic economy, he said the tariffs are less of problems for the country.

‘And I think we were very fortunate, because a lot of the things that were needed to have been done, we did them much earlier, and as a result of that, we’re able to create resilience and buffers against potential shocks,’ he stated.

‘And for us again, oil is basically the only commodity that was so exposed to the tariffs, and the impact of that was relatively modest. We now have a more competitive currency with the results that, for once, we have a situation where we have a positive balance of trade surplus, and we expect it to be six per cent in GDP for some time,’ he said.

‘So basically, what is happening is a complete restructuring of the economy, where we are encouraging people to go into domestic production, and, of course, discouraging imports,’ he added.

Cardoso explained that oil was the oil commodity that was exposed to the trade tariffs, but the impact was equally modest.

‘So, and of course, in terms of anchoring expectations, we found that those who followed the Nigerian economy were fairly comfortable. And for us, again, oil is basically the only commodity that was so exposed, and the impact of that was relatively modest,’ he said.

In his remarks, G-24 Chairman, Pablo Quirno noted that recent adverse shocks in global economy have left growth below pre-pandemic levels, with rising policy uncertainties creating substantial medium-term headwinds.

‘Emerging market and developing economies have faced deteriorating terms of trade, reduced export volumes, and declining foreign currency earnings. Many of these countries have implemented domestic policies to mitigate uncertainty, but constrained policy space underscores the urgent need for collective solutions supported by multilateral institutions,’ he said.

Nigeria’s revised growth for 2025, 2026

The IMF also gave a positive growth forecast of 3.9 per cent to Nigeria in 2025, and 4.1 per cent in 2026.

In its World Economic Outlook (WEO) report for October 2025 , the

IMF Economic Counsellor Pierre-Olivier Gourinchas, said the Fund based its outlook for Nigeria on several improving macroeconomic indicators and supportive domestic factors.

He said factor responsible for the higher growth revision include improved oil production, rising investor confidence, a supportive fiscal stance, and given its limited exposure to higher US tariffs.

According to him, the Fund also listed the stability in the exchange rate, rising foreign reserves and rebasing of the Gross Domestic Product (GDP) as significant factors expected to propel the Nigeria economy forward in 2026.

Aside Nigeria, many other economies see significant downward revisions because of the changing international trade and official aid landscape.

‘Whereas growth in Nigeria is revised upward on account of supportive domestic factors, including higher oil production, improved investor confidence, a supportive fiscal stance in 2026, and given its limited exposure to higher US tariffs, many other economies see significant downward revisions because of the changing international trade and official aid landscape,’ he said.

He said that the 10 to 12 per cent weakening of the dollar has helped financial conditions in many emerging market economies, especially countries that have dollar denominated debt. He added that local currency recovery and dip in inflation figures have also been supported by weakening dollar.

‘The depreciation of the dollar also helps a number of these countries on inflation front, because a lot of goods are invoiced in those dollars, and so the pricing dollar remains constant, but the dollar itself is weaker. This helps to reduce input prices, and lead to drop in inflation,’ he said.

IMF Deputy Director in the Research Department, Petya Koeva Brooks, said that many low-income countries in sub-Saharan Africa benefited from preferential access to the US market under the African Growth and Opportunity Act, which expired in September.

She explained that in sub-Saharan Africa, growth is expected to remain subdued, unchanged in 2025 from 4.1 percent in 2024, before picking up to 4.4 percent in 2026.

‘This is an upward revision relative to the April 2025 WEO forecast by a cumulative 0.5 percentage point, but a downward revision of 0.1 percentage point compared with the October 2024 WEO,’ she said.

According to the WEO report, the global economy is adjusting to a landscape reshaped by new policy measures.

It projected global economy growth to slow from 3.3 per cent in 2024 to 3.2 per cent in 2025 and 3.1 per cent in 2026, with advanced economies growing around 1.5 per cent and emerging market and developing economies just above four per cent.

It said that some extremes of higher tariffs were tempered, due to subsequent deals and resets.

‘But the overall environment remains volatile, and temporary factors that supported activity in the first half of 2025-such as front-loading-are fading. As a result, global growth projections in the latest World Economic Outlook (WEO) are revised upward relative to the April 2025 WEO but continue to mark a downward revision relative to the pre-policy-shift forecasts,’ the report said.

Likewise, inflation is projected to continue to decline globally, though with variation across countries: above target in the United States-with risks tilted to the upside-and subdued elsewhere.

‘Trade diplomacy should be paired with macroeconomic adjustment. Fiscal buffers should be rebuilt. Central bank independence should be preserved. Efforts on structural reforms should be redoubled.’

‘The tactics that keep activity seemingly resilient in the short term, such as trade diversion and rerouting, are costly. Suboptimal reallocation of productive resources, technological decoupling, and limitations on knowledge diffusion are bound to restrain growth over the longer term,’ it said.

The Fund said the global economy has shown resilience to the trade policy shocks, including because these shocks materialized on a smaller scale than expected at their onset, but the drag from shifting policies is becoming visible in more recent data. There have been several common drivers of growth patterns across countries but also some important idiosyncratic factors.

How it started

Speaking at the Lagos Business School leadership programme in Lagos, Cardoso, explained that when he assumed office as Governor in 2023, Nigeria’s economy faced formidable headwinds.

‘Inflation was spiraling, external reserves were strained, investor confidence was shaken, and nearly every macroeconomic indicator was under pressure. It was a moment that demanded not just technical skill, but leadership rooted in courage, credibility, and accountability. We had to act decisively,’ he said.

To rein in inflation, the apex bank tightened policy aggressively, raising rates by more than 800 basis points and strengthening liquidity management.

‘We restored orthodoxy by halting central bank financing of government beyond statutory limits and re-anchoring monetary policy on its core mandate,’ he said.

‘On foreign exchange, we introduced a willing-buyer, willing-seller framework, unified exchange rate windows, and cleared the backlog of verifiable FX commitments, restoring market confidence. We strengthened reserves, now standing above US$42 billion, and created new channels for diaspora remittances and investments, including the Non-Resident BVN platform, which allows Nigerians abroad to open accounts seamlessly from anywhere in the world,’ he stated.

For Nigeria, Real GDP expanded by 4.2 per cent in the second quarter of 2025, signaling the re-emergence of growth momentum.

‘Capital flows are rebounding, sovereign credit ratings have improved, as seen in the Credit Default Swap curve, and the naira is beginning to stabilise. Together, these shifts suggest more than a cyclical adjustment: they mark the outlines of a developmental inflection point, where investor confidence is gradually restored and Nigeria positions itself, two years on, at the threshold of structural renewal and long- term transformation,’ Cardoso said.

‘But this is only the beginning. The real task is to ensure that these hard-won gains translate into durable prosperity, especially for the next generation. And this is where leadership becomes critical,’ he added.

Over the past two years, the CBN has undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency.

This unification has enabled us to clear the outstanding foreign exchange obligations, giving businesses-ranging from manufacturers to airlines-the confidence to plan and invest in the future. To further enhance the functionality of the foreign exchange market, we are introducing an electronic FX matching system, which has proven effective in other markets.

In the foreign exchange market, the apex bank faced a backlog of over $7 billion in unfulfilled commitments and a fragmented FX regime characterized by multiple forex rates, which had encouraged arbitrage opportunities. This regime stifled much needed foreign investment, and led to the depletion of our external reserves which fell to $33.22bn in December 2023.

It must also be understood that the cost of the FX subsidy regime is estimated to far exceed that of fuel subsidies. In 2022 alone, the potential revenue lost due to a less flexible FX regime was approximately N6.2 trillion, compared to N4.5 trillion from fuel subsidies. These funds could have significantly contributed to critical investments in education, healthcare, and infrastructure development.

While the Central Bank will continue to lay the foundation for price stability and foster a conducive policy environment, the role of our banks in this journey is crucial.

An FX market defined solely by when and how the Central Bank buys or sells dollars is inadequate for the needs of a dynamic economy like Nigeria’s. Now is the time for banks to step up to their intermediation and market-making responsibilities, providing customers with the right solutions to run their businesses and manage risks effectively.