Category: Business Day

Behind every job interview lies a strategic process where employers assess far more than just qualifications. From cultural fit to problem-solving skills, hiring decisions are shaped by a range of subtle and specific criteria.

Experts at the 2025 StudyIn Nigeria Global Education Conference took exclusive look inside hiring rooms, recruitment and reveal what truly influences hiring managers, and what job seekers need to know to stand out in today’s competitive job market.

Zahra Parker, an infectious disease public health scientist, emphasised that in an ideal hiring room, employers would prefer experience to mere academic excellence.

‘The key skills that employers are looking for beyond your certificate is your past experience, no matter how small the experience.

‘Employers want to know if you have taken an initiative to do something, have you gone into a volunteering internship or shadowed your capacity in doing something,’ she said.

Parker urged young job seekers to take out time to do something even while still in school because such will count for them during their hiring days.

She emphasised that employers are looking for people who have taken the practical steps to solidify their interest in the position they applied for.

Besides, experience, she said that attitude matters in hiring a person, ‘You have to have the right attitude. Are you confident in your position, and being a team player is an added afvantage.

‘Because when you come into the workforce, you realise that no man is an island, so, you have to be a team player. You have to know how to navigate and collaborate even with people who are very different from you,’ she said.

Buttressing on the right attitude for an interview, she explained that it is a mix of things.

‘For me, it’s how confident you approach the interview. It’s about how calm you feel in the knowledge that you are coming with. So, have you looked up the company that you’re coming to interview for? Have you looked up the opportunity and what the requirements are that you would be expected to have?

‘How do you present yourself knowing that there may be gaps in what is expected versus the skills you have, so, it’s your ability to display a certain calm in how much you know and how you present yourself moving forward,’ she noted.

Besides, she emphasised that an intending employee should not come to an interview dressed in a sweatshirt. ‘You have to come professionally dressed and you have to be professional in your demeanour. That doesn’t mean you lose yourself,’ she emphasised.

Parker reiterated that academic is the most important metrics of getting jobs, however, she explained that one must develop some skills to augment, because according to her, job placement is holistic, encompassing academic, experiences, and confidence, among others.

For Nigeria to bridge the gap between education and employability, she said that experience is sacrosanct.

‘You can go to school and have all the technical know-how, but you need to have practical experience that makes you attractive to an employer.

‘So, I would say that a huge factor in bridging the gap is gaining the hands-on and practical knowledge,’ she emphasised.

Remi Odunayo, a former Exxon Mobil human resources chieftain, emphasised that in the oil and gas sector, technical skills such as wielding, fabrications and electrical and electronics, among others are crucial to hiring.

Besides, he said diving skills are also needed for aquatic jobs, however, he explained that students can acquire such skills while still in schools.

However, Odunayo maintains that attitude is essential in hiring rooms, because employers seek to see individuals readiness to learn, that is being teachable, comportment and ability to think critically, among others.

Dolly Kola-Balogun, founder of Retro Africa, encouraged students to consider alternative pathways besides academics to their career success such as acquiring entrepreneurial skills.

However, she emphasised that doing business in Nigeria is challenging, but insists that it is doable.

She emphasised that skills in essay writing, imaginative skills and inter-personal skills, among others are needful in arts business.

In a major boost to sustainable urban mobility, the European Union has pledged pound 450 million to support the development of electric waterways transport in Lagos, Nigeria’s commercial capital.

Gautier Mignot, European Union Ambassador to Nigeria/ECOWAS, disclosed this during the 18th annual research conference of the University of Lagos (UNILAG), Akoka, on Wednesday, when he explained that the investment aims to revolutionise water-based transportation in the city, reduce carbon emissions, and ease congestion on overcrowded roads, marking a significant step toward cleaner, greener, and more efficient public transit in West Africa’s largest metropolis.

‘We will launch on Friday a very important project under our Global Creativity Strategy, which might help us perhaps in the future not to come late to this sort of event.

‘It is about funding the electric waterways transport system in Lagos. So that we can go more quickly from one point to the other through the water, and not be stuck in traffic jams.

‘It’s a 410 million euros investment with France and the European Union in a few years to have this network in place. It’s called the ‘Omi Eko’ project,’ he said.

The EU-backed pound 410 million electric waterways transport project is expected to decongest Lagos traffic by shifting commuters from congested roads to the city’s waterways.

To achieve this, the European Union and its partners aim to build new infrastructure like terminals and dredging routes, introduce high-capacity electric ferries on new routes, and integrate the new water transport system with existing road and rail networks.

According to the EU ambassador, the goal is to provide a reliable, efficient, and sustainable alternative to road travel, reducing gridlock and improving urban mobility.

Meanwhile, Mignot emphasised that the union is committed to science-based decisions and all kinds of human sciences; hence, it has allocated pound 100 billion to support research through the Horizon Europe programme for science and research over the next seven years.

‘We know that research is most efficient when it’s universal, when it’s international. It’s not efficient when it has to bend to borders, when national science is a narrow-minded concept.

‘Our big package of support to research, the Horizon Europe programme, almost pound 100 billion between 2021 and 2027, is a very international-minded programme,’ he said.

The EU ambassador further explained that the Horizon Europe programme funds research teams and research projects from all over the world, and emphasised that many Nigerian teams are also benefiting from it.

He explained that for the EU, its key objective is a human-centric digital transformation, and that this applies also to artificial intelligence.

‘We need to make sure that these tools are put at the service of humanity as a whole, and at the service of a few human beings, if you see what I mean.

‘We have to push many international actors, many countries in the same direction, and for us, the partnership with Nigeria is also key as a very big actor in the digital economy for the future,’ he said.

He revealed that the EU also has a global cooperation strategy to help its partners undertake the same triple transition that they are attempting in Europe: the green, digital, and inclusive transition.

This strategy, he said, is called the Global Gateway Investment Strategy.

Governor Agbu Kefas of Taraba State has signed into law the 2025 Supplementary Budget amounting to ?143.42 billion, alongside a virement of ?14.68 billion recently approved by the State House of Assembly.

The implementation of the 2025 supplementary budget will be extended to 31st May 2026.

The supplementary budget is aimed at addressing urgent funding needs in critical sectors of the state, including security, infrastructure, and economic development, while also cushioning the impact of inflation and exchange rate pressures on ongoing projects.

According to the report of the House Committee on Finance and Appropriation, the additional funding will enable the state to respond to emerging economic and security challenges, realign spending with the Medium-Term Expenditure Framework (MTEF), and accelerate strategic development projects.

With the new approval, Taraba’s total budget size for 2025 now stands at ?574.8 billion, with capital expenditure accounting for 68.9% and recurrent spending 31.1%.

John Bonzena, the speaker, Taraba State House of Assembly, while presenting the the budget copy to the governor for signing also urged the government to ensure transparency, accountability, and timely release of funds to achieve the intended results of the supplementary budget.

As poverty deepens and insecurity and climate shocks multiply across the country, mental health has emerged as one of Nigeria’s silent front lines, a crisis playing out quietly in homes, schools, and workplaces.

Experts, advocates, and policymakers made this declaration at the Vanguard Mental Health Summit 3.0, held over the weekend in Lagos.

The summit, themed ‘Stemming the Rising Tide of Suicide in Nigeria’ with the sub-theme ‘Substance and Silence: Unmasking the Dual Crisis of Addiction and Suicide,’ brought together leading voices from government, psychiatry, media, and civil society to address what they described as an urgent national emergency, the growing link between poverty, trauma, and suicide.

Delivering his welcome address, Eze Anaba, editor of Vanguard Media Limited, said Nigeria’s worsening economic hardship was pushing more people to the edge. ‘Just last week, the World Bank reported that about 139 million Nigerians are now living in poverty, an increase of nine million from previous figures. This harsh reality pushes more people to the edge and, tragically, for some, it may lead to the conclusion that life is not worth living,’ Anaba said. Anaba noted that mental-health challenges are not driven by economics alone but are compounded by insecurity, trauma, and social isolation. He called for greater empathy and legislative reform, particularly in the effort to decriminalise suicide attempts in Nigeria.

‘In many developed countries, suicide is approached with care; here in Nigeria, attempts are still criminalised. That is why the bill to decriminalise suicide currently before the National Assembly matters so much. We hope today’s deliberations will help accelerate that change,’ he said.

Anaba urged the media to continue to spotlight mental health as a national development issue, adding that, ‘Mental health affects productivity, public safety, education, and family life. When we invest in mental health, we invest in the strength of our people and the future of our nation,’ he said.

In a stirring address, Deborah Omage from the Nigerian Mental Health Association (NMH), an advocacy network of more than fifty organisations, said the country was facing an overlapping crisis of economic struggle, insecurity, and climate disruption, all of which amplify vulnerability to mental illness.

‘Risk is interconnected. Economic struggle, insecurity, and climate change amplify one another, creating compounded vulnerability to mental illness. Mental health is protected not only in clinics; it is protected by economic policy, security reform, and climate action,’ Omage said. Citing recent data from the World Health Organisation, she revealed that over 720,000 people die by suicide annually worldwide, more than deaths from HIV, malaria, or homicides individually. ‘Here in Nigeria, the estimate is about 16,000 suicide deaths annually, a stark reminder of how urgent this challenge is,’ she added.

The speaker told the story of a young Nigerian man who, after losing his business to inflation and flooding, told a clinician, ‘I no longer see a future that includes me,’ adding that this story could come from almost any part of Nigeria today.

Omage explained that Nigeria’s rising mental-health burden is directly linked to social and environmental conditions like economic hardship, which deepens despair and fuels anxiety and depression; insecurity, leaving psychological scars that persist long after violence subsides and climate shocks such as floods and droughts, causing trauma in real time, displacing families and destroying livelihoods.

‘The mental-health impact of these crises doesn’t make headlines, but it changes the mood of entire communities. Fatigue, anger, resignation, and hopelessness become widespread,’ she said.

The NMH representative called for policy-based interventions, noting that economic policy can be mental-health policy. She urged government to strengthen social protection, job creation, and climate-resilience measures, and welcomed the progress made on the National Suicide Prevention Bill 2024, sponsored by senator Asuquo Ekpenyong.

The bill, which has passed its first reading in the National Assembly, seeks to decriminalise attempted suicide and establish a national suicide prevention framework, including 24-hour crisis hotlines, aftercare services, and improved data systems. ‘Today, under our Criminal and Penal Codes, someone who attempts suicide can face up to one year in prison. Criminalisation deepens stigma and drives people away from care. The new bill reframes suicide attempts as cries for help and replaces punishment with compassion,’ she said. Omage revealed that NMH played a key role in drafting and advocating for the bill, holding stakeholder meetings, and translating the text into Yoruba, Hausa, Igbo, and Pidgin so that every citizen can understand it. The federal government has reportedly set December 2025 as the target to fully decriminalise attempted suicide, a move that would align Nigeria with global best practices.

Beyond legislation, speakers at the summit called for stronger mental-health integration into primary care, training of non-specialist health workers, and community-based models that restore connection and hope.

Stakeholders closed with a message of resilience, stating, ‘Mental health is not a luxury for peaceful times. It is the foundation of resilience during turbulent ones. If we combine compassion with evidence, and policy with humanity, we can save lives and build a Nigeria where every mind has room to heal, to hope, and to dream.’

Nigeria has established a working group to explore the possible adoption of stablecoins as part of ongoing efforts to support innovation in the financial sector while balancing the risks of emerging technologies, according to Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN).

Cardoso disclosed this during a joint press briefing at the conclusion of the annual meetings of the World Bank and the International Monetary Fund (IMF) in Washington DC. He said the Central Bank, the Ministry of Finance, and other relevant institutions have set up specific working groups to take a deeper dive into understanding the broader ramifications and implications of adopting a viable framework for stablecoins in Nigeria.

The CBN governor explained that the discussion around stablecoins was one of the recurring themes at the meetings. ‘The message from there is that the Central Bank Governor, the Ministry of Finance, and others reached a general consensus on the need to support innovation and ensure it continues. By no means does anybody want to stifle innovation. However, there is also a need to balance this with the risks involved in these new technologies and digital currencies,’ Cardoso said.

He added that beyond policy engagements, the apex bank is deepening partnerships with key stakeholders driving innovation and investment. According to him, the CBN recently held a strategic session with Nigerian FinTech leaders under the theme ‘Shaping the Future of FinTech in Nigeria: Innovation, Inclusion and Integrity.’

Speaking on recent economic developments, Cardoso said inflation has eased, reflecting the impact of disciplined monetary tightening, exchange rate unification, and improved market transparency. He noted that the naira continues to strengthen, with the spread between the official and bureau de change rates now below 2 percent. Nigeria’s foreign reserves, he added, stand above $43 billion, providing more than eleven months of forward import cover supported by sustained inflows and renewed investor participation across asset classes.

He said the ongoing reforms have enhanced transparency and efficiency in the foreign exchange market, supporting the disinflation trend alongside stable exchange rates, durable improvements in food supply, and continuing moderation in petroleum product prices.

Cardoso also spoke about the growing role of non-bank financial institutions in the financial ecosystem, noting that globally, the ratio of financial dependence on banks versus non-banks has continued to shrink. He said microfinance institutions, digital lenders, and other non-bank entities have become significant players, but their regulatory environments are not as stringent as those of traditional banks. ‘Therefore, there is a need to closely monitor how that sector develops and to strengthen regulations accordingly,’ he stated.

He pointed out that the removal of fuel subsidies and expenditure rationalization have helped to rebalance public finances and create fiscal space for productive investment. According to him, the bold reforms undertaken over the last two years have set a strong foundation for Nigeria to pursue the next phase of its economic agenda, driving inclusive growth and job creation to alleviate poverty.

Speaking on the government’s job creation agenda, Doris Nkiruka Uzoka-Anite, Nigeria’s Minister of State for Finance, said the government is prioritising investments in infrastructure, the digital economy, and agriculture. She noted that Nigeria has joined the World Bank’s Agri-Connect Programme, designed to scale innovation in agriculture through blended finance to support women and vulnerable groups.

‘These initiatives, in collaboration with the World Bank, will catalyze job creation and business growth. As I mentioned earlier, we are also prioritising our spending and appropriation towards key sectors. With the increase in government revenue, which we expect to rise further next year through new tax reforms and the digitization and automation of revenue collection, government will have more funds to invest in these priority sectors. This will provide another boost to job creation,’ Uzoka-Anite stated.

The Defence Headquarters (DHQ) has dismissed as false and malicious a report claiming that the cancellation of Nigeria’s 65th Independence Anniversary parade was linked to an alleged coup plot against President Bola Tinubu’s administration.

In a statement issued on Saturday, by Tukur Gusau, director of Defence Information, the DHQ described the publication as ‘misleading and intended to cause unnecessary tension and distrust among the populace.’

According to the statement, the decision to cancel the October 1 parade had nothing to do with any alleged coup attempt but was taken to allow President Tinubu attend a strategic bilateral meeting outside the country.

The DHQ added that the move also enabled members of the Armed Forces of Nigeria (AFN) to sustain momentum in ongoing military operations against terrorism, insurgency, and banditry.

‘The attention of the Defence Headquarters has been drawn to a false and misleading report by an online publication insinuating that the cancellation of activities marking Nigeria’s 65th Independence Anniversary was linked to an alleged attempted military coup.

‘The claims by the said publication are entirely false, malicious, and intended to cause unnecessary tension,’ Gusau stated.

The DHQ further clarified that the arrest and ongoing investigation of sixteen officers recently reported in the media was a purely internal process aimed at upholding discipline and professionalism within the ranks, not a politically motivated action. It explained that a duly constituted investigative panel is currently reviewing the conduct of the affected personnel, and its findings will be made public once the process is concluded.

‘The ongoing investigation involving the sixteen officers is a routine internal process aimed at ensuring discipline and professionalism is maintained within the ranks,’ the statement said. The Defence Headquarters urged Nigerians to disregard what it called the ‘falsehood being circulated by purveyors of misinformation and enemies of the nation,’ while reiterating the unwavering loyalty of the Armed Forces to the Constitution and the democratic government of President Bola Tinubu.

The DHQ also appealed to all peace-loving citizens to continue supporting security agencies in their efforts to safeguard the country, stressing that the federal government, legislature, and judiciary are working together for Nigeria’s safety, development, and stability.

‘Democracy is forever,’ the statement concluded.

The Independent National Electoral Commission (INEC) has announced plans to test its upgraded Bimodal Voter Accreditation System (BVAS) and commence the collection of Permanent Voter Cards (PVCs) ahead of the 2025 Anambra State governorship election.

In a statement signed by Victoria Eta-Messi, director of Voter Education and Publicity, the Commission said it will conduct a mock accreditation exercise to test the upgraded BVAS, adding that PVC collection for voters who registered during the recent Continuous Voter Registration (CVR) exercise will hold from Wednesday, 22nd to Sunday, October 26, 2025.

INEC advised all eligible voters who participated in the CVR to visit the Registration Areas where they initially registered to collect their PVCs within the stipulated period. It emphasised that PVC collection will be strictly in person, as collection by proxy will not be allowed under any circumstances.

The Commission noted that the exercise is crucial for voters who intend to participate in the forthcoming governorship election in Anambra State, urging all registered voters to make use of the opportunity to collect their cards.

As part of its preparations, INEC said it will also conduct a Mock Accreditation Exercise on Saturday, 25th October 2025 in selected polling units across the three senatorial districts of the state.

The exercise, according to the Commission, will test the upgraded Bimodal Voter Accreditation System (BVAS), assess its response time, and evaluate the process of uploading results to the INEC Result Viewing (IReV) Portal ahead of the main election. The mock accreditation will take place in selected polling units located in Awka south, Idemili north, Oyi, Anambra east, Aguata, and Orumba north local government areas. INEC encouraged voters in the selected polling units to participate actively in the exercise, noting that their involvement will assist the Commission in fine-tuning its operational and technological processes before the election.

Reiterating its commitment to operational efficiency, transparency, and stakeholder confidence, the Commission assured that all necessary measures are being put in place to ensure a smooth and credible governorship election in Anambra State.

Public health experts have raised the alarm over the growing number of Nigerians battling persistent coughs and other respiratory symptoms, warning citizens not to dismiss the condition as a common cold or seasonal flu.

Speaking in an interview with BusinessDay, Prof. Wellington Oyibo, tropical disease specialist, advised Nigerians to take respiratory symptoms seriously and seek medical attention early rather than resorting to self-medication. He noted that while most coughs appear harmless, a lingering or recurrent cough could be a sign of more serious underlying infections that require prompt diagnosis.

‘People should not ignore a cough that lasts more than two or three weeks. Persistent coughs could point to infections like tuberculosis, pneumonia, or other respiratory viruses. It is important that Nigerians visit a doctor, get a chest X-ray if necessary, and avoid self-medicating. Early diagnosis can save lives,’ he said.

Oyibo stressed that respiratory infections tend to rise during the dry season and periods of poor air quality, urging Nigerians to adopt preventive measures to reduce transmission. ‘As people move through crowded areas and public spaces, especially airports and markets, they must wear masks and maintain good hygiene. Simple practices like washing hands with soap and covering the mouth and nose when coughing can significantly limit infection spread,’ he added.

He further warned that a combination of factors such as dust, poor ventilation, and air pollution could aggravate existing respiratory illnesses. ‘The dry season brings a lot of irritants into the air, from dust to pollutants. People with asthma or weak immune systems should avoid exposure to smoke and dusty environments,’ he said.

While recent reports have pointed to an increase in respiratory infections in some countries, Oyibo clarified that Nigeria’s current concern may not be about any new or imported virus but about the rising trend of persistent coughs and respiratory distress within communities. ‘We may not be facing a single outbreak, but we are seeing more people with prolonged coughs and breathing difficulties. These symptoms should not be ignored,’ he advised.

He also called attention to Nigeria’s weak public health surveillance, noting that poor awareness and slow response mechanisms make it difficult to track or contain seasonal spikes in respiratory illnesses. ‘Our public health system needs consistent vigilance. The moment symptoms start appearing in clusters, we should have systems that respond quickly,’ he said.

Echoing his view, Prof. Oyewale Tomori, a renowned virologist, who spoke separately, lamented Nigeria’s repeated failure to sustain disease monitoring and diagnostic preparedness. According to him, the neglect of laboratories and health facilities developed during the COVID-19 pandemic has left the country vulnerable to recurring respiratory outbreaks.

‘We lack sustained preparedness. Each time a health crisis arises, it is as if we are starting all over again. The laboratories that were built and equipped during COVID-19 are now mostly idle or abandoned. Instead of maintaining these facilities, we let them go to waste. When the next outbreak comes, we will start scrambling again,’ Tomori said

He warned that Nigeria’s cycle of reactive rather than preventive response undermines public confidence and puts citizens at risk. ‘We must invest in maintaining our health infrastructure and surveillance systems. That is how countries stay ready for whatever new infections may arise,’ Tomori added.

Both experts emphasized that beyond government responsibility, personal hygiene and awareness remain crucial in breaking the chain of respiratory infections.

Oyibo advised Nigerians to be more cautious during the current flu season and avoid complacency now that COVID-19 cases have dropped. ‘COVID-19 never really disappeared. It simply became one of the many respiratory viruses circulating in the population. That is why coughing and breathing issues must be taken seriously. The public should not assume it is ‘just catarrh’ or harmattan. Get checked early,’ he said. He also advised Nigerians to eat nutritious meals, stay hydrated, and prioritize rest as part of maintaining strong immunity. ‘A healthy body fights infections better. When you eat well, rest adequately, and keep your environment clean, you reduce your risk,’ he said.

In Lagos, several residents have reported a spike in cases of prolonged coughing and cold-like symptoms in recent weeks. While no official data has confirmed an outbreak, the trend has stirred anxiety, particularly among families with children and elderly members.

Oyibo said public health authorities, should use this period to reinforce community health education and reintroduce awareness campaigns on hygiene and respiratory care. Such campaigns, he noted, would help citizens distinguish between minor seasonal infections and potentially dangerous conditions.

‘The message is simple. Don’t ignore that cough. Don’t wait until you’re struggling to breathe or coughing blood. Seek medical help early. Prevention is always better than cure,’ Oyibo said.

As the dry season sets in, the experts’ warnings serve as a timely reminder for Nigerians to take personal responsibility for their health, through vigilance, hygiene, and prompt medical consultation, while urging authorities to sustain public health monitoring and maintain diagnostic infrastructure across the country.

Key preventive tips from experts include:

* Wash hands regularly with soap and water.

* Wear masks in crowded or poorly ventilated places.

* Avoid exposure to smoke, dust, and air pollutants.

* Eat balanced meals to boost immunity.

* Seek medical attention for coughs lasting longer than two weeks.

Trinity Usman, a prosecution witness, on Friday told the Federal High Court in Abuja that he received and transferred $3 million into the account of Oceangate Engineering Oil and Gas Ltd, a company owned by Aisha Achimugu.

Usman, who testified as the second prosecution witness (PW-2), was led in evidence by Ekele Iheanacho, Economic and Financial Crimes Commission’s (EFCC) counsel, before Emeka Nwite (Justice).

He testified in the ongoing trial of Halima Buba, managing director of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, both of whom are facing charges of money laundering to the tune of $12 million.

The duo were arraigned by the EFCC on June 13 on a six-count charge bordering on alleged facilitation of high-value cash transactions without routing them through a financial institution, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.

They pleaded not guilty and were granted bail in the sum of ?100 million each, with one surety in like sum.

At the resumed hearing, Usman, a Bureau De Change operator and businessman, told the court that he was contacted in April 2025 by one Suleiman Ciroma, who requested a $3 million transfer to Achimugu’s company, Oceangate Engineering Oil and Gas Ltd.

‘Ciroma contacted me that he had a transaction requiring three million US dollars to be transferred to Oceangate Engineering Oil and Gas Ltd.

‘I had the money in my company account, Triple A and Tee Oil and Gas Nigeria Ltd, and after we agreed, he gave me the dollar payment in cash. I then transferred the equivalent amount into Oceangate’s account,’ Usman said.

The witness said the payment was made in four tranches in April 2025 but could not recall the specific dates.

He further testified that he did not know or have any prior dealings with the defendants, Buba and Mbagwu.

When asked by the EFCC counsel whether his Bureau De Change firm, Triple A and Tee BDC Ltd, was used in the transaction, Johnson Usman, defence counsel representing the first defendant, objected, arguing that the prosecution was attempting to lead the witness.

Justice Nwite sustained the objection and directed the prosecutor to rephrase the question.

Usman admitted that at the time of the transaction, the licence of Triple A and Tee BDC Ltd had been suspended, hence he used his oil and gas company account for the transfer because that was where he had the available dollars.

‘The cash transaction from Ciroma was made through my staff, Abdulkadir Mohammed and Kabir Haruna. The naira equivalent was transferred into the account of Triple A and Tee Service Venture Ltd and then converted to dollars before being sent to Oceangate’s account,’ he added.

Under cross-examination, the witness confirmed that although his BDC licence was suspended, his firm continued operations and had since received approval-in-principle from the Central Bank of Nigeria (CBN).

He also confirmed making a profit from the transaction but said he did not inform the defendants that his BDC licence was inactive. When asked by defence counsel if the decision to use his oil and gas company’s account was his personal choice, Usman replied, ‘Yes.’

M.S. Ibrahim, second defence counsel, asked whether he informed the defendants that the inflow would come from an oil company account, and the witness admitted he did not.

After his testimony, the court discharged the witness, and Justice Nwite adjourned the case to December 10 and 11 for continuation of trial.

Earlier in the trial, Suleiman Ciroma, owner of Funnacle BDC Ltd and the first prosecution witness (PW-1), told the court that Mrs. Achimugu requested the $3 million transfer because depositing such cash directly into a bank would have triggered restrictions under money laundering regulations.

Ciroma, who is also a member of the BDC Traders Association in Abuja’s Wuse Zone 4, said: ‘If she had deposited the money in cash, she would not be able to transfer it. So, after receiving the cash from her representatives, I and my partners transferred the dollar equivalent, less our commission to the account she designated.’

He confirmed that the funds were intended for the purchase of two oil blocks and that all transfers were made from accounts that had corresponding inflows, not cash deposits.

During cross-examination, Ciroma admitted that he had never met the defendants personally and had no phone or chat records showing communication with them.

He also acknowledged that his BDC licence had expired at the time of the transactions but said he never disclosed that to the bank officials.

The EFCC alleges that Buba and Mbagwu, as senior executives of SunTrust Bank, knowingly facilitated suspicious transactions in breach of Nigeria’s anti-money laundering laws.

For ten years, Businessfront, the parent company of Techpoint Africa, Finance in Africa, Energy in Africa, and Intelpoint, has chronicled the rise, challenges, and breakthroughs of innovation-driven enterprises across Nigeria and beyond.

We’ve seen how hard it is to last ten years in business.

Most startups don’t make it past five. The odds are tougher in an unpredictable market like Nigeria, where infrastructure, policy shifts, and economic cycles constantly test resilience.

Yet, across industries like banking, manufacturing, construction, energy, publishing, and education here are companies that have not only survived but thrived for five decades or more.

They have become institutions, employers of generations, and quiet builders of the Nigerian economy.

‘At Businessfront, we understand the weight of time. Reaching ten years has taught us what endurance requires: reinvention, vision, and leadership that looks beyond quarterly results. That’s why we’re celebrating those who have stood the test of half a century,’ a statement by the company reads.

Introducing Businessfront Over 50

Businessfront Over 50 is a landmark initiative that recognises and celebrates companies that have operated in Nigeria for 50 years and beyond – those whose resilience, innovation, and commitment have shaped the country’s economic story.

Through this platform, the firm is documenting not just longevity, but legacy – the values, leadership, and decisions that have kept these organisations relevant through changing decades.

The celebration spans three tiers of distinction:

Gold (50-70 years) – Honouring the golden milestones of sustained growth.

Diamond (71-99 years) – Recognising rare brilliance and continuity.

Ruby (100 years and above) – Celebrating timeless excellence and enduring legacy.

More Than an Honour – A Historical Record

Businessfront Over 50 is more than a one-time celebration. It’s a comprehensive, multi-platform project featuring:

A permanent online directory profiling Nigeria’s long-standing companies.

A commemorative magazine featuring executive portraits, legacy stories, and CEO interviews.

A trends report offering data-driven insights on the strategies and resilience patterns behind corporate longevity in Nigeria.

These components come together to build a living archive – a reference point for future generations of entrepreneurs, policymakers, and business leaders.

A Night of Legacy and Leadership

The initiative will culminate in an exclusive Businessfront Over 50 Celebratory Dinner – a black-tie event gathering CEOs, industry captains, government dignitaries, and thought leaders on 7th December 2025 and Venue will be announced soon.

This night will be dedicated to honouring the companies that have stood firm through decades of change – those who laid the foundations for the industries we now take for granted.

Why This Matters

This isn’t just an event. It’s a movement to reframe how we talk about success in business – beyond funding rounds and startup valuations, towards stewardship, stability, and legacy.

By spotlighting Nigeria’s most enduring companies, Businessfront aims to inspire a new generation of entrepreneurs to build with time in mind,

strengthen ties with legacy institutions that define the nation’s industrial backbone and provide valuable intelligence through research and storytelling that help preserve our shared economic history.

Because lasting 50 years in business isn’t just about survival – it’s about impact that outlives its founders.