Category: Business Day

Ahead of the 2027 general election, there are indications that Labour Party’s internal crises have continued to deepen, casting dark clouds over the 2027 presidential ambition of Peter Obi and the party’s efforts to consolidate its activities at the grassroots.

Labour Party has, since 2022, served as home to the over six million Obidients, a group of young and vibrant ardent followers of Peter Obi, according to the 2023 election results released by the Independent National Electoral Commission (INEC).

The electoral umpire stated after the election Labour Party had secured a total of 6,101,533 votes, winning 11 states, including Lagos and the Federal Capital Territory, Nigeria’s two most important states, as well as 25.40 percent of the total votes cast.

The party won Abia State governorship election, 34 House of Representatives seats and seven senatorial seats out of the 109.

On the overall, the Labour Party came third, behind the winner, President Bola Tinubu’s All Progressives Congress (APC), who got 8,794, 726 or 36.61 percent and Atiku Abubakar’s Peoples Democratic Party (PDP), which secured 6,984, 520 votes or 29.07 percent.

Labour Party, which was established in 2002, had struggled without much success to break the stronghold of Nigeria’s politics controlled by the PDP and other parties until 2023.

Obiora Ifoh, the party’s national publicity secretary, in a telephone chat with the BusinessDay, admitted that the LP did not have what it took to compete with the other big parties until the emergence of Peter Obi.

‘Yes, there is no doubt that this party did not have what it takes to compete with the other parties before His Excellency, Peter Obi, came on board, but what is currently happening to the party is certainly not what we had anticipated.

‘ If, by now, everyone had cooperated with the Julius Abure-led leadership, it would certainly have been the most respected and feared opposition party.’

This is coming amidst speculations that Peter Obi may abandon the Labour Party, the platform under which he contested the 2023 presidential election as its candidate.

Katcy Ononuju, director-general of The Heritage Center, Abuja, and a strong member of the Obidient Movement, told BusinessDay that Peter Obi will announce his platform before the end of the year.

He expressed regrets that both David Mark and Atiku Abubakar are using their alliance, which dates back to 1993 presidential election, to deny Peter Obi the chance of fulfilling his 2027 presidential ambition on the platform of the African Democratic Congress (ADC). He claimed that the ADC is pushing for Atiku Abubakar’s presidential election in 2027.

Ononuju assured that the Obidient Movement, which he described as an ‘organic movement,’ will remain in the party.

‘Even if Peter Obi goes to any other party, we already have planted our men in the party and they will vote for Peter Obi in 2027.

‘Members of the Obidient Movement are everywhere. It is an organic movement and they grow freely from the inside. Peter Obi is loved by everybody.

‘So, irrespective of where he contests the presidential election from, Nigerians will vote for him, come 2027.’

Internal crisis

Labour Oarty could not field any candidate in the August 16 by-elections held across 13 states over the current internal crises.

BusinessDay gathered that despite several efforts by Peter Obi to resolve the crises in the Labour Party, there is yet no sight of a proper national convention in the party.

The current crises in the LP began at the alleged expiration of Abure’s tenure in March, 2024.

Abure, in an effort to consolidate his hold on the party, summoned a national convention, which returned him as chairman.

The Independent National Electoral Commission (INEC) rejected the convention on the grounds that the party did not comply with INEC regulations for such convention.

The INEC refused to send an observer team as required by the law, saying that it did not recognise the process leading to the March 2024 National Convention, which re-elected Abure as chairman. The commission, also in exercise of its powers, wrote and informed the party that the present National Working Committee (NWC) of the party no longer had a valid tenure after June, 2024.

The Abure-led leadership of the party sued INEC challenging, amongst other things, its exclusion from the commission’s refresher training for uploading party agents ahead of the Edo and Ondo governorship elections.

But an INEC a counter-affidavit, filed in response to the suit, argued that the Labour Party’s leadership, including Julius Abure, was now invalid, stressing that it did not recognise the party’s March 2024 national convention, which re-elected Abure as chairman.

Following this development, Peter Obi and Governor Alex Otti convened a stakeholders’ meeting in Umuahia, where they appointed a 29-member caretaker committee, headed by Nenadi Usman to, amongst other things, organise an all-encompassing national convention that would produce a new leadership for the party.

They subsequently wrote a letter to the INEC on September 6, 2024, informing the commission of the non-existent leadership crisis in the party.

Every effort to settle the dispute arising the failed March 2024 convention has so far failed.

On the backdrop of the establishment of the 29- member committee, the- Abure led leadership said the party would not give Obi automatic ticket.

But in a twist, Tony Akeni, the interim national publicity secretary in charge of the Nenadi Usman-led NWC, announced his intention to resign from the party over poor funding.

In what he said is a ‘pre-resignation memo’ sent to all the relevant organs of the party, Akeni disclosed that the party has not been able to carry out the assignment of organising congresses from wards to the national level, due to poor funding.

According to him, ‘ The assignment given to the NWC of our party to conduct nationwide state congresses and all-inclusive national convention commenced after its inauguration at Umuahia on September 4, 2024. Less than two years to the 2027 general elections, instead of the three months (90 days) original time frame given to the working committee, the exercise has now spanned 445 days, several months more than a full year.

‘Yet membership registration and revalidation, which are compulsory antes to the congresses and convention, are not close to commencement, much less conclusion in the foreseeable time.’

He disclosed that he was compelled to relocate to Abuja from his Edo State family abode and abode of occupational livelihood on August 7, 2025.

‘I have since then been carrying out all assignments of the office from hotel accommodation without a penny from the Labour Party or its stakeholders, except a single N10,000 token for data shared to me by Prof. Theophilus Ndubuaku on September 27, 2025.

‘The zero budget assertion and insistence of an unnamed iNWC member pertaining to the office of the National Publicity Secretary raises very disturbing questions and implications against my continued and effective functioning of the duties, responsibilities and expectations of the office,’ he said.

Akeni lamented that the fund-yourself party policy asserted by the unnamed official gives rise to several aching questions.

‘Assuming that Nigeria’s capital city were Maiduguri, from our National Chairman to the least member of the NWC as composed, which official would relocate to Maiduguri, pay his flights, entire accommodation, daily upkeep, meeting attendances and multi-faceted media conferences/publicity bills for even just one month, and accept that he or she is working for a responsible political party and cause?

‘In view of the above, one is compelled to agree with majority NWC members that whoever made the assertion that the National Publicity Secretary should single-handedly bear the broad funding burdens of the nationwide media needs of a modern political party which is about to go into nationwide state congresses and national convention does not mean well for the party.’

Peter Obi’s fate

With the tide against Obi in the ADC and crisis within his traditional party, where does he go from here?

A school of thought argues that Obi may not contest in 2027 as he understands that it would be an uphill task for him to defeat President Tinubu. He also knows that the opposition will be divided, as usual, in 2027.

However, another school of thought contends that he may be secretly shopping for a party, which he will not disclose until 2026.

Access to capital is often the difference between scaling an innovative idea and shutting down prematurely.

Raising money is often the biggest hurdle, and while equity funding from venture capitalists tends to grab the headlines, more founders are beginning to explore debt financing as an alternative path.

Nigerian startups are increasingly turning to venture capital (VC) to scale their ideas into regional or global businesses. However, how founders manage debt can influence investors’ decisions.

For Nigerian startups eyeing venture capital, debt is not just a lifeline but a credibility test. Borrowing wisely demonstrates that founders understand capital efficiency, risk management, and sustainable growth. In today’s competitive fundraising landscape, the startups that combine strategic debt management with equity readiness will stand out to venture capitalists. The VCs look beyond ideas; they want to see founders who demonstrate financial discipline, risk management, and the ability to grow sustainably. When done right, borrowing can make a startup more attractive to investors.

Investors don’t just write cheques for ideas; they look for evidence of financial discipline and sustainable growth.

Here’s a smart borrowing guide for startups preparing for VC funding

Borrow to prove market fit, scalability

When a startup shows consistent revenue growth funded by smart borrowing, it proves to VCs that the business can scale responsibly, which implies that if founders can use borrowed capital to achieve measurable growth without burning equity, it signals discipline.

Venture capitalists are drawn to startups that can demonstrate traction. Debt can provide the working capital to test and validate business models, expand distribution, and acquire first batches of customers.

Balance funding sources

VCs prefer startups that balance funding sources by showing that debt complements equity and does not replace it.

Using moderate debt before raising equity shows that founders can manage risk while avoiding unnecessary dilution. Use debt strategically, then position equity as the next logical step for scale. Maintain clean financial record

Keep clear documentation of loan agreements and repayment history, cash flow statements, and audited accounts.

No VC wants to fund a startup with messy books; lenders and investors also value transparency, hence a strong debt repayment record reassures investors that the startup can handle larger sums responsibly.

Negotiate founder-friendly debt terms

Founders should be able to raise more money without being crushed by prior debt because VCs are usually wary of startups tied down by predatory loans.

To be a smart founder, try to avoid high-interest loans with punitive penalties, negotiate repayment schedules that match revenue cycles, and steer clear of loans with clauses that limit equity fundraising. Use debt to build assets

Borrowing should be used to build valuable assets such as equipment, technology, inventory, or customer acquisition that strengthen a pitch deck.

When debt is used for short-term survival, it signals poor management and repels investors. VCs often ask how debt has been deployed. Hence, if it shows up as tangible assets and measurable traction, it is a credibility boost.

Highlight debt as strategic step

While speaking with investors, highlight borrowing as part of your growth strategy by showing how past loans funded expansion, and also present repayment as proof of discipline.

Explain how future equity will unlock larger growth beyond what debt can sustain. This will signal maturity and reassure investors that you’re not relying solely on the capital you are hoping for.

Troops of the Nigerian Armed Forces have foiled crude oil theft valued at over ?98.7 million and arrested a wanted commander of the proscribed Indigenous People of Biafra (IPOB) and its armed wing, the Eastern Security Network (ESN), identified as Gentle, in a string of coordinated operations across the country.

This was disclosed by Markus Kangye, Director of Defence Media Operations, during the weekly press briefing on military operations across the country for the period ending October 16, 2025.

According to the Defence Headquarters, troops of the Joint Task Force South-South, Operation Delta Safe, uncovered and dismantled multiple illegal refining sites across Delta and Rivers States, preventing the theft of about 92,500 litres of crude oil, 1,575 litres of Automotive Gas Oil (diesel), 660 litres of Dual Purpose Kerosene, and 5,000 litres of Premium Motor Spirit.

The operations also led to the destruction of 11 crude oil cooking ovens, 7 dugout pits, 14 storage tanks, 9 boats, and 7 illegal refining sites. Thirteen suspected oil thieves and accomplices were arrested, while weapons, ammunition, and vehicles were recovered.

Further raids conducted between October 9 and 12 in Delta’s Ethiope East, Ughelli South, Ndokwa, Okpe, and Warri local government areas, as well as Ahoada East and Toru LGAs in Rivers State, resulted in the arrest of nine more criminals and the recovery of additional weapons and vehicles.

The military noted that the operation reflects the Armed Forces’ resolve to protect national economic assets and eliminate organised oil theft networks undermining Nigeria’s revenue base.

Beyond the South-South theatre, troops across other regions also recorded significant successes in counterterrorism and anti-banditry operations. In the North East, troops of Operation Hadin Kai sustained offensives against Boko Haram and ISWAP elements in Borno, Yobe, and Adamawa States.

‘Between October 8 and 16, coordinated air and ground operations in Konduga, Magumeri, Gubio, Nganzai, Monguno, Kaga, and Mobbar LGAs neutralized dozens of terrorists.

‘Sixteen informants and logistics suppliers were apprehended, while seven kidnapped victims were rescued. Recovered items included weapons, vehicles, petroleum products, and ?5.14 million in cash’, it added.

In the North West, Operation FANSAN YAMMA maintained its offensive in Sokoto, Zamfara, Kebbi, Kaduna, and Niger States.

According to the statement, troops killed several terrorists, arrested 14 others, and rescued six kidnapped victims.

Additionally, a gunrunner and two members of a drug cartel were arrested in Kaduna and Zamfara States, leading to the recovery of 1,307 live ammunition, large quantities of narcotics, motorcycles, mobile phones, and ?227,000 cash.

It noted that in the North Central zone, Operation Enduring Peace troops foiled attacks and responded to distress calls in Plateau and Kaduna States.

‘Operations in Riyom, Jos South, Bassa, Barkin Ladi, Mangu, and Jema’a LGAs led to the elimination of several extremists and the arrest of 11 others. Weapons, vehicles, and motorcycles were recovered during the engagements.

‘Four suspects arraigned for conspiracy and theft in Jos South were convicted and sentenced to one year imprisonment each’, the statement added.

Similarly, Operation Whirl Stroke troops operating in Taraba, Benue, Nasarawa, Kogi, and the FCT reported multiple, killings of armed criminals, arresting 12 others, and rescuing 17 kidnapped victims. Arms, ammunition, livestock, and vehicles were also seized.

In the South East, Operation UDO KA troops arrested a wanted commander of the proscribed IPOB/ESN group known as ‘Gentle’ alongside eight accomplices during raids in Imo and Ebonyi States.

According to the military, a female logistics supplier was also apprehended in Abia State with three children identified as the offspring of a wanted ESN leader, Maduabuchi Nwankwo (alias Emergency). Weapons, ammunition, and a vehicle were recovered.

The DHQ commended the gallantry and professionalism of Nigerian troops across all theatres of operation, noting that their collective efforts have continued to yield tangible results toward restoring peace and stability nationwide.

It acknowledged the sacrifices of military personnel who paid the ultimate price in defence of the nation and assured Nigerians that the Armed Forces remain unwavering in their constitutional mandate to defend the territorial integrity of the country.

‘Our recent operational successes, whether in counterterrorism, anti-banditry, maritime security, or internal operations are not just battlefield victories, but demonstrations of our collective resolve to secure every inch of our nation,’ DHQ said.

It appealed for sustained public cooperation and intelligence sharing to consolidate gains recorded so far, reaffirming that with continued unity and vigilance, Nigeria will move closer to achieving lasting peace and security.

The Africa Family Business Survey by PricewaterhouseCoopers (PwC) has identified tax reforms, succession planning, governance, and sustainability as principal forces shaping the next chapter of African family businesses.

Esiri Agbeyi, partner at PwC Nigeria and Africa family business leader, presented the findings at BusinessDay’s Family Business Summit held on Thursday in Lagos, describing it as a pulse check on the current state of family businesses and a practical snapshot of both the challenges they face and the opportunities available to them.

Agbeyi noted that the past three years have been characterised by economic volatility but observed signs of emerging stability, particularly in foreign exchange (FX) markets.

Now in its 12th edition, the PwC Family Business Survey is conducted biennially across multiple continents. This year’s dataset includes contributions from 79 African family businesses.

The survey highlighted five global megatrends that are shaping the future of family businesses: climate change and sustainability, demographic shifts, social and wealth inequality, artificial intelligence (AI) and technological transformation, and economic volatility.

Agbeyi explained that while AI dominates discussions globally, African businesses remain primarily preoccupied with economic issues, particularly taxation and currency instability.

‘For African businesses, economic issues tend to override innovation concerns,’ she said. ‘The insight here is how we can maintain stability without losing focus on what matters: innovation and sustainability.’

Succession planning, leadership gaps

One of the most significant findings was that succession planning and access to capital remain the biggest challenges for African family enterprises.

The survey also found that leadership development and talent retention continue to pose difficulties, especially as younger generations push for modernisation. The report noted that resistance from older generations is beginning to ease.

‘We are seeing more senior leaders embrace the idea of letting go,’ she observed. ‘The ‘how’ remains a challenge, but it is progress.’

Access to capital, governance practices

African family businesses are largely reinvesting profits to finance growth, rather than relying on external funding.

Agbeyi, however, urged enterprises to diversify their sources of capital.

‘Banks often complain about weak governance structures and incomplete records,’ she explained. ‘But there are opportunities in strategic partnerships, government grants, and subsidies that can be explored.’

Governance tools remain underutilised. While wills are common, fewer businesses use shareholder agreements, dividend policies, or family constitutions, which are mechanisms that help preserve long-term objectives.

‘Not many family businesses realise that these are the instruments that sustain both continuity and stability,’ Agbeyi noted.

Balancing long-term sustainability, short-term pressures

The PwC survey revealed that while family businesses understand the need to balance short-term risks with long-term goals, implementation remains inconsistent.

Agbeyi used the coffee value chain as an illustration, explaining that ‘the highest value is not in the beans but in the service, the retail experience.’ She argued that Africa must evolve from resource-based to service-led economies, especially as AI reshapes manufacturing and service delivery.

‘Traditional business models will change,’ she said. ‘The economies that will thrive are those that can adapt quickly to this shift.’

Tax reforms, business implications

Tax emerged as a defining issue for African family enterprises. While most respondents said they were proud to ‘pay their fair share of taxes,’ they also viewed taxation as a major business cost that must be strategically managed.

Agbeyi highlighted several ongoing tax reforms in Nigeria, including changes in the definition of tax residency, capital gains tax (CGT) adjustments, and new electronic invoicing rules.

‘A foreign company can now be considered a Nigerian tax resident,’ she explained. ‘If management and control happen here, it falls under Nigeria’s tax net. That means family businesses using offshore structures need to ensure proper governance and substance.’

She advised business owners to stay compliant with the Federal Inland Revenue Service (FIRS) e-invoicing system by 2026, warning that non-compliance could attract fines of up to N200,000 per transaction.

‘Tax is no longer a cost line; it is a business issue,’ Agbeyi concluded. ‘We must reframe conversations around how we manage capital, reward family members, and preserve value.’

Sustainability, legacy, community values

The survey found that African family businesses place a high premium on community impact and legacy preservation. Respondents cited ‘taking care of their communities’ and ‘preserving family legacy’ as their top motivations, even above financial performance.

However, Agbeyi cautioned that intent must be matched with institutional capacity.

‘While the desire is strong, the structures to make it sustainable are still developing,’ she said.

She also underscored the growing importance of environmental, social, and governance (ESG) considerations.

‘For some, ESG feels like a soft topic, nice to hear but not nice to do,’ she admitted. ‘But these are now key drivers of capital.’

Art, trusts, preservation of wealth

Closing her presentation, Agbeyi advised on asset management and estate planning, including art as an emerging asset class.

‘Art is beautiful and valuable, but complex to value,’ she remarked. ‘If you are transferring artwork into trusts or other structures, ensure proper valuation and rebasing. These details matter for compliance and wealth preservation.’

Shifting mood

At the three-day event themed, ‘Wealth Diversification and Resilience in Uncertain Times,’ Frank Aigbogun, BusinessDay publisher, said the mood among business owners has shifted from anxiety to guarded optimism. ‘The theme resonates with resilience,’ he said. ‘The clouds are clearing and we are beginning to confidently hope for something better ahead.’

Abiodun Azeez, country representative of Mauritius Commercial Bank, said family-owned firms remain the backbone of private wealth creation in Africa but still face structural weaknesses that limit continuity.

‘In terms of generating wealth and employment in Africa, 80 percent of businesses are family-owned, but only about 30 percent move on to the second or third generation,’ he said. He added that longevity now depends less on scale and more on adaptability.

Sam Abu, country senior partner at PwC Nigeria, said the summit aims to help family firms evolve from survival to sustainability. ‘Diversification, innovation, and deliberate planning will determine which family firms outlive their founders,’ he said.

The Media Rights Agenda (MRA) has condemned the Independent National Electoral Commission (INEC) for demanding over ?1.5 billion as the cost of providing a copy of the national register of voters and the list of polling units across the country, describing the demand as an attempt to frustrate a legitimate Freedom of Information (FOI) request and undermine transparency.

In a statement issued on Thursday in Lagos, Edetaen Ojo, executive director, MRA said INEC’s action amounts to ‘weaponising cost to deny public access to vital electoral information,’ stressing that the register and polling unit data are essential tools for civil society, political parties, election observers, and the media to monitor electoral processes.

The controversy followed a letter from INEC dated October 13, 2025, and signed by its Secretary, Rose Oriaran-Anthony, in response to an FOI request submitted by V.C. Ottackpukpu and Associates on October 8, 2025. INEC reportedly demanded ?1,505,901,750 as the cost of processing and releasing the requested documents.

Ojo faulted the charge as ‘excessive, prohibitive and unlawful,’ insisting that Section 8(1) of the FOI Act restricts fees to ‘standard charges for document duplication and transcription.’ He argued that the ?1.5 billion cost cannot be justified as a duplication fee, calling it a deliberate attempt to make public data inaccessible.

He recalled that the Attorney-General’s FOI Implementation Guidelines, issued by former AGF, Mohammed Adoke (SAN), limit photocopying or printing charges to a maximum of ?10 per page. ‘The list of 93.4 million registered voters and 176,846 polling units could not reasonably amount to over ?1.5 billion at the legally permissible rate,’ he said. Ojo also cited the African Commission on Human and Peoples’ Rights Guidelines on Access to Information and Elections in Africa, which obligate election management bodies to proactively disclose voters’ rolls and related data.

He maintained that such information is already digitised and centrally stored by INEC, making the actual cost of reproduction negligible. According to him, INEC’s response ‘sends a wrong signal that the Commission prioritizes bureaucracy over transparency and accountability.’ Warning that the move sets a ‘dangerous precedent,’ Ojo said it could embolden other government agencies to impose prohibitive charges that defeat the purpose of the FOI Act.

MRA therefore urged INEC to immediately withdraw the fee and release the requested information either free of charge or in accordance with the legally approved FOI fee structure, emphasising that access to public records is fundamental to democratic transparency.

African table tennis giants Nigeria, Egypt, Tunisia, and Algeria have secured qualification for the 2026 ITTF World Team Table Tennis Championships in London, United Kingdom, after dominant performances at the ongoing 2025 ITTF Africa Championships in Tunis.

Egypt became the first men’s team to book a spot, cruising past Togo and Côte d’Ivoire with ease. Nigeria followed suit with commanding 3-0 wins over Cameroon and South Africa in Group B, while Morocco also progressed after victories over the same opponents, setting up a group decider against Nigeria.

Algeria and host nation Tunisia completed the list of men’s qualifiers by finishing top of Groups C and D, respectively. In the women’s category, the qualification pattern mirrored the men’s event, with Egypt, Nigeria, and Algeria all booking their tickets to London. They will be joined by Uganda’s youthful and fast-rising team, making a breakthrough for the East African nation on the continental stage.

Set for April 28 to May 10, 2026, the London World Championships will mark 100 years since the founding of both the tournament and the International Table Tennis Federation (ITTF) in the British capital.

The centenary edition will feature 64 teams per gender, with 52 qualifying through continental championships, 11 via world rankings (as of November 2025), and one automatic berth reserved for hosts England.

The 2026 World Championships promise to be a historic celebration, a century of excellence in world table tennis, as the sport’s finest prepare to converge on London for this once-in-a-lifetime homecoming.

CHI Life Assurance Limited, a subsidiary of Consolidated Hallmark Holdings (CHH), has officially launched into the market, having capitalised with N10billion stipulated for life insurers in the Nigerian market

This is even as it assured its current and prospective policyholders and stakeholders that the company is providing exceptional service delivery through well-tailored life products that suit the needs of policyholders.

Speaking at the launch, Eddie Efekoha, group managing director/CEO, Consolidated Hallmark Holdings, confirmed to brokers and consumers of its insurance products that CHI Life and CHI General have exceeded the minimum capital requirements of N10 billion and N15 billion, respectively, as of September 2025. Efekoha, who doubles as the chairman of CHI Life Assurance Limited, assured stakeholders that, ‘as we embark on this journey together in the provision of various life and general insurance products, remember that CHI Life and by extension CHI will not let you down when the unexpected happens.’

Saying CHI Life may be a new company, he added that, ‘but CHI Micro Insurance Limited, a member of our group, was the first to be issued a national micro life assurance licence by the National Insurance Commission in 2021. The experience gained since then has undoubtedly prepared us for this new phase.’

He assured that those attributes the stakeholders associate with the Consolidated Hallmark brand, which is, promise of value in prompt and quality service delivery, shall remain undiluted in CHI Life. To him, ‘we remain focused on our vision to be the first-choice provider of insurance and other financial services in Nigeria and shall continually live our mission of preserving wealth, reducing anxiety and creating value for all those who shall come in contact with us either as customers, investors or partners in our business.’

CHI Life, Efekoha said, will take advantage of investment-linked policies to safeguard policyholders’ future savings, regardless of prevailing economic headwinds, adding that, ‘we shall keep designing and we developing products tailored to the unique needs of individuals, families, cooperatives, and businesses, to ensuring that they receive not only financial protection but also opportunities for long-term wealth creation.’ Tope Ilesanmi, managing director, CHI Life said, his firm is a proud subsidiary of Consolidated Hallmark Holdings Plc, even as it was licensed by the National Insurance Commission (NAICOM) on 10 March 2025, ‘and we launch today backed by a very strong capital base -evidence of our stability and long-term commitment to Nigeria’s life assurance market.

‘Our vision is simple yet bold: to be the first-choice provider of life assurance and financial protection in Nigeria.’

He noted that, the new insurer is fully compliant with NAICOM regulations, IFRS 17 standards, and Risk-Based Capital requirements, giving it a solid foundation for sustainable growth.

He promised that, his underwriter will leverage his parent company’s network, cooperatives, mortgage institutions, and fintechs to widen access, stressing that, with presence across Lagos, Mainland, Island, and up-country regions, it is ready to scale nationwide. ‘Our underwriting team, supported by actuarial oversight, ensures sound pricing and swift claims processing. We proudly introduce nine NAICOM-approved products-including Credit Life, Mortgage Plan, Legacy Plan, Cooperative Plan, Welfare Plan, Edusure, Achievers Plan, Swift Plan, and Keyman Plan-crafted to provide affordable, relevant, and dependable solutions for corporates, groups, and individuals, ‘ he said.

Meanwhile, Olusegun Omosehin, the commissioner for Insurance/CEO, NAICOM, while applauding the Holding company for retaining it’s insurance brand name in all it’s subsidiary, including CHI Life, noted that, the commission has no doubt in the ability of the managers of the firm to effectively manage the entity such that, it becomes the pride of insurance industry.

The Labour Party presidential candidate in the 2023 general election, Peter Obi, has appealed to the global community, including the Commonwealth, to support Nigeria’s democracy and youth empowerment.

Obi, in continuation of his consultation and knowledge-seeking mission, was at the Commonwealth of Nations Secretariat, London, where he met Shirley Botchwey, the Secretary General.

Obi, writing on his X handle, noted that this wide range consultations within and outside the country since 2023, is part of his efforts at acquiring knowledge preparatory to his Presidential ambition in 2027.

Obi, was accompanied to the international body, by his wife, Margaret, where he had discussions on ‘critical issues of our nation, democracy, education, and youth empowerment dominated the discussion at the enriching event.’

According to him, ‘On Wednesday, my wife and I met with the Commonwealth Secretary-General, Shirley Ayorkor Botchwey, at the Commonwealth Headquarters in London. Our discussions centred on promoting democracy, deepening the rule of law, expanding access to education, and empowering young people across Commonwealth nations.

‘With over 2.5 billion of the Commonwealth’s population under the age of 30, young people remain the organisation’s greatest asset and hope for the future.

‘I emphasised that for Nigeria, a nation richly endowed with human and natural resources, meaningful investment in education, innovation, and entrepreneurship is key to unlocking the vast potential of our youth.

‘When properly equipped, our young people will not only drive national development but also contribute significantly to global progress.

‘I further noted that youth unemployment remains one of the most pressing challenges of our time. Addressing it requires intentional and practical action – through skills development, access to quality education, and the creation of an enabling environment for small and medium-scale enterprises to thrive.

‘Hon. Botchwey, the first African woman to lead the 56-member Commonwealth, reaffirmed that her top priorities include education, youth engagement, and employment creation.

‘She spoke passionately about the need to build inclusive societies that promote democracy, good governance, justice, and equal opportunity for all.’

He noted that her visionary, reform-minded leadership continues to amplify the voices of developing nations within the Commonwealth and inspire greater cooperation among member states.

‘She also stressed that empowering young people is not only vital to sustaining democracy but also indispensable to shaping a stable, peaceful, and prosperous future for all Commonwealth citizens. Her commitment to youth inclusion, education, and institutional reform reflects the enduring values of the Commonwealth.

‘I commended Hon. Botchwey for her dynamic and inspiring leadership, describing her as a trailblazer whose dedication to education, youth empowerment, and democratic ideals strengthens the global Commonwealth community,’ he added.

Obi expressed confidence that with leaders like her, ‘the Commonwealth will continue to serve as a beacon of unity, hope, and shared progress for its member nations.’

The Central Banks of Nigeria and Angola on Thursday in Washington, D.C., signed a Memorandum of Understanding (MoU) for bilateral technical cooperation, marking a significant step toward strengthening financial and institutional ties between the two countries.

The objectives of the MoU include, among others, the establishment of a bilateral forum for the reciprocal exchange and sharing of technical assistance between the two central banks to enhance capacity in the execution of their respective central banking functions.

The agreement seeks to promote cooperation and collaboration in the cross-border supervision of authorised institutions and the exchange of cybersecurity information between the two authorities. It also provides for the licensing, ongoing supervision, resolution planning, and implementation of resolution measures for cross-border financial establishments, ensuring that both countries’ financial systems remain sound, resilient, and transparent.

Another key objective of the agreement is to ensure transparent and seamless periodic exchange of information while defining clear procedures for such exchanges. The MoU identifies critical areas of cooperation that include exchange control, financial markets and foreign reserves management, currency management, economic research, and monetary and financial statistics. It will also cover the management of payment, clearing, and settlement systems, financial sector development, banking supervision and regulation, and cross-border supervision of financial institutions, including due diligence where applicable.

Additionally, it emphasises joint efforts in anti-money laundering and combating the financing of terrorism (AML/CFT) as well as market conduct supervision. The cooperation will further extend to staff training, capacity building, and the exchange of experiences within the scope of each institution’s respective responsibilities.

Speaking at the official signing ceremony in Washington, D.C., Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), expressed deep satisfaction with the signing of the agreement, describing it as timely and strategically important. ‘Thank you very much for coming here today and for this technical cooperation agreement that we have just signed. This is something that has been long in the making, and I am very pleased that we have been able to execute the agreement today. Quite frankly, it could not have come at a better time or in a better place,’ he said.

Explaining further, Cardoso emphasised that the forum in which the agreement was signed represented an ideal setting for such a milestone because of its global relevance and the opportunities it offers for partnership. ‘Why do I say this? Because we all know that this particular forum brings together a multiplicity of stakeholders, diverse interests, and people from different countries who come here to build relationships and foster collaboration. I believe that what we have done today truly reflects the spirit that guides our participation in the annual and spring meetings every year,’ he stated.

He added that the signing reflected the growing spirit of African cooperation and underscored the need for stronger regional partnerships to tackle common challenges. ‘I am very pleased that this has taken place here today, and even more so because this is exactly what Africa needs, more cooperation and stronger partnerships. We face similar challenges across the continent, and initiatives like this give us an opportunity to deepen regional understanding and enhance cooperation,’ he said.

Cardoso concluded by expressing optimism that the agreement would serve as a foundation for enduring collaboration between Nigeria and Angola in the financial and economic space. ‘I am truly delighted, as I believe this marks a landmark moment for both organizations and for both countries,’ he declared.

On his part, Manuel António Tiago Dias, governor of the Central Bank of Angola, expressed appreciation to his Nigerian counterpart and acknowledged the collaborative spirit that had made the signing possible. ‘Thank you from the Central Bank of Nigeria. Thank you to the Executive Governor and alternate head in our constituency at the World Bank. We have signed the protocol in both Portuguese and English,’ he said, reaffirming Angola’s commitment to working closely with Nigeria to advance mutual economic interests.

The signing of this MoU between the two central banks is expected to lay a solid foundation for greater cooperation, knowledge exchange, and institutional strengthening between Nigeria and Angola, two of Africa’s leading oil-producing nations with shared ambitions for financial stability and regional integration.

At the intersection of innovation and impact stands James Osita, the managing partner of BlackCrest, a dynamic fintech entrepreneur reshaping Africa’s digital finance landscape.

With over $20 million in funding powering his ventures, Osita is not just building tech solutions; he is unlocking financial access and inclusion across the continent.

His journey reflects the new wave of African tech leaders transforming challenges into billion-dollar opportunities.

Osita, who is leading a startup-focused law firm in Lagos, has successfully advised over 50 founders who have raised a cumulative of $20 million in pre-seed and seed investment rounds.

The young entrepreneur, who studied law at the University of Nigeria, Nsukka, was called to the bar at 21, and then pursued a master’s in innovation management in the UK with a fully funded Chevening scholarship.

Through his experience as a lawyer and the business insights he gained from his postgraduate diploma in management from the Nigerian University of Technology and Management (NUTM), Osita launched his law firm in 2021 at the age of 25.

On his motivation to start his business, Osita says, ‘I was building a fintech company called Surepayy between 2021 and 2023. My goal was to develop a digital escrow system that helps Nigerians shop safely online. After attempting partnerships with banks to scale the product, I quickly realised how easy I had it because I was a lawyer.’

‘I began speaking with other founders to understand their experiences navigating compliance, data protection, and partnerships, and I noticed a significant gap in the legal services market.’

‘I then reached out to my friends, Vincent and Eustace, who attended law school with me in 2018, and together, we founded BlackCrest, a startup-focused law firm offering tailored legal solutions to African startups of all stages.’

Regarding the challenges he faces, Osita notes that his biggest hurdle at BlackCrest has been increasing the number of retainer clients while managing competing deliverables.

‘When you position yourself as the best, you must deliver consistent, high-quality support, which is not always easy when you have many clients to cater to,’ he says.

On how he manages these challenges, the young entrepreneur explains, ‘For sales, we address the challenge by using content as a sustaining marketing strategy.

At BlackCrest, we host monthly webinars on various legal issues affecting the startup ecosystem and organise an in-person Founders Meet and Chat (MAC) quarterly in Lagos. We also post an average of 50 pieces of content monthly on LinkedIn to drive visibility for our firm.’

‘For competing deliverables, we assign each of our associates to different retainer clients and foster a culture of work ownership and excellence in line with our core values of innovation, client-centricity, and excellence.’

On how he funded his business, Osita says, ‘I started BlackCrest with the funds I saved from my first company, Flourish Consult, a writing and consulting firm I launched during my NYSC service year in 2019. I reviewed over 400 CVs for young professionals at Flourish Consult before I switched my interest to tech.

‘I also leveraged my network from the NUTM, where I was a fully funded management scholar, to get referrals to startups that needed legal support. The rest, as they say, is history.’

Speaking on his goals, he says, ‘My short-term goal is to increase our number of retainer clients at BlackCrest while maintaining our current quality and delivery time.

‘In the long term, I aim to transition BlackCrest into a Swiss Verein structure, expand into multiple jurisdictions, and support startups globally-because I believe well-managed tech innovation businesses can create jobs, reduce poverty and inequality, cure terminal ailments, and change the world.’

To young lawyers aspiring to start their own businesses, Osita advises, ‘Stop overthinking and just start. I never worked as an associate in any law firm, yet I successfully built a leading startup-focused law firm by investment deal size. Focus on your core strengths. I gained business and leadership experience from running Flourish Consult and Surepayy immediately after service; that background helped me become the kind of leader capable of building BlackCrest.’