Category: Business Day

Nyesom Wike, Minister of the Federal Capital Territory, has fired back at critics within the Peoples Democratic Party (PDP) who once labelled him a traitor for supporting President Bola Tinubu, noting that many of those critics have now defected to the ruling All Progressives Congress (APC).

Speaking on Wednesday at the flag-off of the construction of the main carriageways on Abuja’s Outer Southern Expressway, Wike recalled how some governors now in the APC had previously accused him of betraying the PDP.

He said their defections show that his actions were not wrong and argued that instead of criticising him, they should recognise that he was ahead of the curve.

‘The recent defections from the PDP to the APC only vindicate my earlier decision to align with the ruling party. Their actions confirm that my political choice was the right one,’ Wike said.

‘I’ve been watching the same people on television and social media-those who said I wanted to destabilise the PDP and was working for the APC. Now they’ve all joined the APC. So, if that’s the case, they should thank me for helping them get there. I did a good job,’ Wike added.

BusinessDay reports that in the past two days, the PDP has seen several key defections. Enugu State Governor, Peter Mbah, left the party for the APC, citing a desire to support national development under President Bola Tinubu. Similarly, Bayelsa State Governor, Douye Diri, along with 19 members of the State House of Assembly, defected on Wednesday. These moves have reduced the number of PDP governors from 11 in October 2024 to 8 as of today, ahead of the 2027 general elections.

Wike also commented on improvements in state finances under President Tinubu, noting that the days when governors struggled to pay salaries and fund projects are over. He said, ‘I was governor for eight years, and I remember having to approach banks just to fund projects. Sometimes, the monthly allocation couldn’t even cover salaries and allowances.’

He attributed the current financial stability in the states and the Federal Capital Territory to President Tinubu’s leadership.

‘Today, banks are no longer being approached by states-banks now seek out states. That shows how much things have changed. States can now pay salaries, run government operations, and still fund development projects,’ Wike added. He said the defections to the APC were based on practical governance outcomes, especially the improved financial capacity of the states.

‘If that’s the reason many are now supporting the President, then it makes sense. Governors no longer need to leave debts behind for their successors, which was common before. That is what leadership should achieve,’ he said.

Wike added that Nigeria needs leadership that is clear-headed and willing to make necessary decisions traits he believes President Tinubu is demonstrating.

Africa’s economic growth remains resilient in the face of persistent global challenges, underpinned by easing inflation, stronger macroeconomic policies, and ongoing structural reforms, the International Monetary Fund (IMF) said on Tuesday following a high-level meeting with African finance ministers and central bank governors in Washington.

The statement, released jointly by Hervé Ndoba, Central African Republic’s Finance Minister and Chair of the African Caucus, and Kristalina Georgieva, IMF Managing Director followed the 2025 African Caucus meeting held on the sidelines of the IMF-World Bank Annual Meetings.

‘Despite this difficult global context, Africa’s growth remains resilient and is projected at 4.2 percent for 2025, the same as in 2024,’ the IMF said, adding that inflation is expected to ease to an average of about 4 percent, while debt levels have stabilised around 65 percent of GDP.

The ministers acknowledged that Africa continues to operate in a fragile global environment, with the IMF projecting global growth to decline slightly from 3.3 percent in 2024 to 3.2 percent in 2025. Rising protectionism, geopolitical tensions, policy uncertainty, and tight global financing conditions were cited as key risks. Climate shocks are also weighing heavily on the continent’s most vulnerable economies, with extreme weather already shaving off 1-2 percentage points of output in some countries each year.

Still, the Fund pointed to progress across a range of macroeconomic indicators. It noted that governments have maintained policy discipline in the face of external shocks, while reforms to boost fiscal transparency, expand tax bases, and improve public financial management are beginning to yield results.

Several countries are also advancing medium-term fiscal strategies that aim to balance consolidation with growth, creating space for priority investments.

‘The African Caucus reaffirmed its commitment to safeguarding macroeconomic and financial stability while advancing policies that enhance living standards,’ the joint statement said. It added that African governments are prioritising job creation, expanded access to social services, and the promotion of sustainable and inclusive growth.

Efforts to strengthen domestic resource mobilisation remain central to fiscal reform agendas, supported by digitalisation of tax systems, governance improvements, and anti-corruption measures. These are expected to boost efficiency, enhance revenue collection, and ensure that public spending delivers greater impact.

The IMF noted that many low-income countries remain under considerable financial pressure. On average, interest payments in these economies now consume about 15 percent of government revenues, a situation exacerbated by high borrowing costs and declining official development assistance.

Fragile and conflict-affected states face particularly acute challenges. In several countries, per capita incomes have yet to return to pre-pandemic levels, raising concerns about poverty, inequality, and social cohesion. Structural reforms, including efforts to deepen trade integration and support private-sector development, are being pursued to build resilience and unlock long-term growth potential.

The Fund also emphasised recent steps to improve the availability of concessional financing. ‘The recently approved reform of the Poverty Reduction and Growth Trust (PRGT) has strengthened the Fund’s capacity to provide concessional lending,’ the IMF said, projecting new commitments of about SDR 5.2 billion (US$7.1 billion) per year. These include zero-interest loans for the poorest countries.

Meanwhile, the Resilience and Sustainability Trust (RST), which offers longer-term affordable financing, has now approved 26 programs, nearly half of which are in Africa. These programs aim to support structural transformation, climate adaptation, and pandemic preparedness across eligible countries.

‘We encourage continued efforts to ensure that the PRGT and RST are adequately resourced to meet the region’s growing needs,’ the statement said.

Reaffirming the Fund’s support for the continent, Georgieva noted: ‘The Fund is strongly committed to its African members, working with these nations to build fiscal space for scaled-up infrastructure and human capital spending.’

The IMF assured that it would continue adapting its lending tools and policy advice to help African countries respond to evolving economic challenges while advancing their long-term development goals.

BusinessDay, West Africa’s leading provider of business intelligence and market-moving news, has appointed Ijeoma Ude as its Executive Director of Sales, a strategic move that reflects the company’s commitment to innovation and customer satisfaction.

With a remarkable career spanning years, Ude brings a unique blend of skills and experience to drive sales growth and revenue.

Ude’s elevation from Chief Marketing and Sales Officer leverages her proven expertise in sales leadership and marketing acumen to propel the organization forward.

In her new role, Ude will provide strategic direction and oversight for the sales function, spearheading initiatives to drive advertising revenue, secure key sponsorships, and foster business growth.

As a member of the senior leadership team, she will work in close collaboration with other top executives to ensure alignment with the company’s overall objectives, driving BusinessDay’s continued success in the market.

Her key responsibilities would include developing and implementing sales strategies to meet revenue targets; leading a team of sales professionals to drive advertising and sponsorship sales; building relationships with key clients and stakeholders; identifying new business opportunities and pitches;

collaborating with editorial and content teams to create attractive packages for clients; analyzing market trends and competitor activity to inform sales decisions and driving revenue growth and meeting sales targets.

Having begun her career with the organization, over the years she has grown overtime from a young aspiring media executive to roles of increasing responsibility to the position of a Business Development Executive and then to the General Manager Advert, Chief Marketing and Sales Officer and now

the Executive Director of Sales.

Her commitment and immeasurable dedication to the brand have earned her many meritable awards including the ‘Distinguished Staff Merit Award’ in 2008 as Best Marketing Executive and the most recent Manager of the Year Award in 2021.

You may avidly describe her as one who constantly seeks knowledge and possesses the will to remain at the top. This is evidently depicted in the plethora of Certifications she holds.

She is an alumna of the esteemed Lagos Business School and a member of the Advertising Practitioner Council of Nigeria (APCON).

She also holds doctoral fellowships to the following professional bodies; FIGPCM, CCM, LPC, FCIHRM, CHRP, AISM, and IPMA.

She has gone on to bag many educational qualifications and degrees; LLB Law, University of Bradford, UK; Masters of Business Administration (MBA), University of Chichester, UK; Business Management, Metropolitan School Of Business Management, UK; and Senior Management Program,

Lagos Business School.

Her professional certifications include Doctorate of Philosophy, in Leadership and Organizational Management; Distinguished Fellow, Institute of Leadership Manpower and Management Development; Doctoral Fellow Institute of Global Peace and Conflict management; Fellow, African Institute of Strategic Managers; Fellow, Professional Managers and Administrators; Certified Human Resource Professional – Doctoral Fellow, Chartered Institute of Human Resource Management; Certified Professional Manager and Administrator Institute of Professional Managers and Administrator of Nigeria; Certified Advertising Specialist (TAS) and Advertising Practitioners Council of Nigeria.

Ude is also a certified Conflict Manager, licensed Peace and Conflictologist and certified Human Resource Professional – CHRP.

She holds other certifications in Operational Business Strategies for Media Effectiveness; Professional Sales and Relationship Management;

Charted Institute of Human Resources Management; Institute of Professional Managers and Administrators of Nigeria; Cross-selling for Sales Professionals; Executive Development Programme on Leading Teams for Optimal Performance; Leading with Personal impact during slow Growth; Beyond Survival: Developing Actionable Strategies for Success in Era Of Negative Growth, amongst others.

All these are from reputable bodies such as the School of Media and Communication Pan-African University, Workforce Group, Texem, Lagos state government (Ministry of Commerce, Industry and cooperatives), Journalism Clinic and Advertising Practitioners Council Nigeria (APCON).

She also has a series of corporate management recommendations in the industry. To put it quite modestly, she has been and would continue to be a major force in the media and advertising industry in Nigeria.

The United Nations Children’s Fund (UNICEF) and the Ganye Local Government Area of Adamawa State have strengthened their partnership to enhance access to immunisation and promote hygiene practices through community-based approaches.

The renewed collaboration was highlighted by the official launch of the ‘Fathers for Good Health’ initiative in Ganye.

Speaking at the event, Farouq Mohammed, the Chairman of Ganye LGA, on Tuesday described health as a vital sector requiring active community participation. He assured both UNICEF and residents of the council’s unwavering support for the programme.

‘As a government, we fully support the Fathers for Good Health initiative inaugurated today. We are committed to ensuring its success and improving the health status of our people,’ Mohammed said.

He reaffirmed the council’s commitment to sustaining immunisation drives, Water, Sanitation and Hygiene (WASH) programmes, and maternal health campaigns.

Commending UNICEF’s long-standing support, Mohammed said its WASH programme had already started yielding positive results in the area.

‘Thanks to workshops, seminars, and awareness campaigns, we are seeing behavioural changes. Open defecation is reducing, toilets are being built, and boreholes are being installed across communities. We truly appreciate UNICEF’s contributions,’ he added.

Also speaking at the event, George Eki, Social and Behavioural Change Specialist at UNICEF’s Bauchi Field Office, said the new initiative aims to strengthen community participation in health interventions.

Eki explained that while previous outreach efforts had focused mainly on women, research revealed that paternal resistance was often a major barrier to child immunisation.

‘This led to the development of Fathers for Good Health, which started in Bauchi and has now expanded to Plateau, Borno, and Adamawa states,’ Eki said.

‘We’re involving fathers directly, as key decision-makers in homes, to ensure they take ownership of their children’s health.’

He praised the local government’s active involvement, describing it as a demonstration of government ownership and commitment to long-term sustainability.

Eki expressed optimism that the initiative would improve vaccination coverage, reduce disease outbreaks, and enhance household hygiene in Ganye.

In his remarks, Jared Gangso, Executive Secretary, Ganye Primary Healthcare Development Agency, said 100 men had been selected for the initiative, with 10 assigned to each ward in the LGA.

‘They will go door-to-door mobilising families, encouraging child vaccinations, and promoting hygiene practices to curb outbreaks such as measles and cholera,’ he said.

Gangso also noted that Ganye has one of the highest rates of maternal deaths in Nigeria. He said the selected fathers would help register pregnant women and link them with healthcare centres to access antenatal care.

‘With their support, we’re confident that we can tackle more than 50 per cent of the preventable diseases in the area. I believe that within a year, the health situation in Ganye will improve significantly,’ he said.

Omolola Oloworaran, the director-general of the National Pension Commission (PenCom), and Olusoji Oluwole, president, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), have urged stakeholders in the labour/employment ecosystem to collaborate and rethink policies and processes to protect workers amid growing artificial intelligence (AI’s) influence.

Oloworaran spoke at the 2025 Labour Writers Association of Nigeria (LAWAN’s) workshop, with a focus on artificial intelligence, held in Ibadan, Oyo State, on Friday, October 10.

She emphasised that the evolving world of work, driven by AI and digital transformation, demands renewed collaboration among government, labour, and industry players.

She stated PenCom’s commitment to digital innovation. Oloworaran said the Commission’s Pension Revolution 2.0 reform agenda is strategically designed to leverage technology and reshape Nigeria’s pension administration. According to the PenCom boss, the initiative focuses on automating key processes such as the issuance of Pension Clearance Certificates and benefits processing, while introducing a redesigned, technologically enabled Personal Pension Plan (PPP) to facilitate seamless onboarding of contributors. ‘Just as artificial intelligence is transforming work patterns, Pension Revolution 2.0 is reshaping the retirement system-making it smarter, faster, and more responsive to contributors’ needs,’ Oloworaran said.

She acknowledged LAWAN’s efforts at leading the conversation on the future of work, noting that such discourse is crucial to shaping a fair and inclusive labour ecosystem in Nigeria.

Oloworaran further commended media professionals for their dedication to workers’ welfare and their role in promoting awareness about pension reforms. According to her, PenCom regards the media as a vital partner in building a reliable, inclusive, and sustainable pension system for all Nigerians. She reaffirmed the commission’s commitment to working with all stakeholders to ensure that Nigerian workers are adequately equipped to navigate the AI-driven economy with confidence and security.

Also speaking, Olusoji Oluwole, president of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), called on trade unions to reinvent themselves in response to the growing influence of Artificial Intelligence (AI) on the global workforce, warning that failure to adapt could render unions obsolete.

In his paper, ‘Job security and the future of trade unions in the AI Era,’ Oluwole described AI as a continuation of technological evolution that began decades ago, noting that it represents the ‘fourth industrial revolution.’

He observed that while AI presents opportunities for innovation and new skill creation, it also poses significant threats to job security, particularly in routine and low-skilled roles. ‘Before AI, the functions threatened were minimal, but today, almost every sector – including technology itself – faces job displacement,’ he said.

WASHINGTON D.C|| Nigeria’s general government gross debt, (debt-to-GDP) is projected to decline steadily over the next two years, according to the latest Fiscal Monitor Report released by the International Monetary Fund (IMF) at the ongoing Annual Meetings of the World Bank and IMF, in Washington D.C.

The report indicates that Nigeria’s debt-to-GDP ratio will fall from 39.3 percent in 2024 to 36.4 percent in 2025, and further to 35 percent in 2026, reflecting growing fiscal discipline and economic stability.

According to the IMF, the figures include overdrafts from the Central Bank of Nigeria and liabilities of the Asset Management Corporation of Nigeria (AMCON).

The IMF’s projection signals a gradual improvement in Nigeria’s debt sustainability outlook, driven by expected fiscal consolidation measures, improved revenue mobilization, and the positive effects of economic growth. A declining debt-to-GDP ratio implies that the country’s debt burden is shrinking relative to the size of its economy, a development that underscores progress in public financial management and reduced dependence on borrowing. Speaking at a press conference on the report, Vitor Gaspar, director of the IMF’s Fiscal Affairs Department, emphasised that Nigeria’s fiscal stance remains consistent with efforts to curb inflation while supporting sustainable growth. He was joined by Era Dabla-Norris, Deputy Director; Davide Furceri, Division Chief; and Tatiana Mossot, Senior Communications Officer, all from the IMF’s Fiscal Affairs Department. They responded to inquiries about Nigeria’s new borrowing plans and offered policy advice to help the country maintain fiscal stability.

Gaspar noted that Nigeria has made notable progress in reforming its tax administration and streamlining its tax codes to boost revenue without placing undue pressure on low-income earners or the business sector. He explained that reforms have helped reduce tax expenditures and create a fairer tax system, while the government continues to improve efficiency in public spending. He stressed that there remains significant scope to enhance revenue collection through further administrative reforms and to increase social spending aimed at addressing vulnerabilities within the population.

‘The policies being implemented in Nigeria are consistent with a structural fiscal framework that strengthens both the revenue and expenditure sides of government operations,’ Gaspar said. ‘There is still room to improve tax administration and spending efficiency, while also expanding social programmes to protect vulnerable groups.’

The IMF’s broader Fiscal Monitor also paints a cautious picture of global public debt dynamics. Gaspar disclosed that global public debt prospects have deteriorated further since the last meeting in April, with debt projected to exceed 100 percent of global GDP, the highest level since 1948. He warned that debt could rise even faster under adverse conditions, with a 5 percent risk scenario pushing global public debt to 124 percent of GDP by 2029. According to the IMF, fiscal risks remain unevenly distributed across countries. Major advanced economies such as Canada, China, France, Italy, Japan, the United Kingdom, and the United States have debt levels exceeding 100 percent of GDP but benefit from deep financial markets and strong policy credibility.

‘So drivers of global debt development, from a mechanical decomposition viewpoint, the countries that are pushing the global public debt ratio are large countries’.

In contrast, many emerging markets and low-income countries, despite having lower debt ratios, face higher fiscal risks due to limited policy space and weaker financing access. The IMF’s latest assessment shows that 55 countries are currently at high or distressed fiscal risk levels.

Gaspar explained that rising global interest rates have drastically altered the debt landscape, increasing borrowing costs and straining government budgets. Interest spending is projected to rise to 2.9 percent of global GDP in 2025, up from 2 percent in 2020, and could continue increasing through the decade. He added that public spending pressures from defense needs to climate and disaster responses combined with resistance to higher taxes, are pushing many countries toward unsustainable fiscal paths.

He emphasised that restoring fiscal buffers is essential to safeguard economies from future shocks and maintain financial stability. ‘Starting from already high deficits and debts, the persistence of spending above revenue will push debt to ever higher levels,’ he warned.

‘Countries must act now to strengthen fiscal discipline, build resilience, and enhance growth prospects through effective public spending and institutional reforms.’

Gaspar further highlighted that countries can support long-term growth by adjusting the composition of their budgets to prioritise education, infrastructure, and other growth-friendly areas, without necessarily increasing total expenditure. Enhancing spending efficiency, improving governance, transparency, and accountability, he said, are crucial to building citizens’ and investors’ trust, key elements for sustainable financing and inclusive development.

He reaffirmed the IMF’s commitment to supporting member countries, including Nigeria, in designing fiscal and structural policies that promote growth, safeguard stability, and strengthen public trust in government institutions.

The Senate on Wednesday debated a Bill seeking to create a legal framework that would allow small and medium-sized enterprises (SMEs) to access quicker financing by converting unpaid invoices into immediate cash.

Sponsoring the legislation titled ‘Factoring Regulation Bill, 2024,’ Senator Asuquo Ekpenyong said the proposal is aimed at tackling one of the most persistent challenges facing micro, small, and medium enterprises (MSMEs), delayed payments.

He noted that across the country, MSMEs frequently deliver goods or services but often wait up to 90 days to be paid, a delay that hampers their ability to pay workers, restock materials, or scale up operations.

‘This cycle of weak cash flow not only traps small businesses but also slows down our economy’s overall growth,’ Ekpenyong said.

Describing the Bill as a structural reform to unlock working capital for more than 40 million small businesses that power the Nigerian economy, the senator explained that factoring the practice of selling verified invoices to a licensed financial institution at a small discount in exchange for immediate cash offers a proven solution to chronic liquidity challenges.

‘Unlike a bank loan that depends on collateral, factoring is based on the buyer’s creditworthiness and the validity of the invoice,’ he said.

‘This allows businesses to access financing on the strength of their sales, not their fixed assets.’

Ekpenyong explained that the Bill provides a robust regulatory framework under the supervision of the Securities and Exchange Commission (SEC), ensuring that only licensed operators can participate in factoring. It also requires full disclosure of fees and charges to protect MSMEs from exploitation.

The proposed law would make invoice transfers legally enforceable, align with ongoing digital reforms such as e-invoicing and receivables registries, and strengthen verification systems to reduce fraud. According to the senator, the legislation would also encourage large corporations and government agencies to implement supplier-financing schemes that enable smaller firms to receive early payments at minimal cost.

Citing global examples, Ekpenyong noted that countries such as Mexico, India, Chile, Brazil, and South Africa had successfully used similar frameworks to unlock billions of dollars in working capital for SMEs and strengthen local value chains. He expressed confidence that, with proper implementation, Nigeria could attract over $1 billion annually through factoring to boost production, job creation, and investor confidence.

‘This is not another short-term credit scheme,’ Ekpenyong stressed.

‘It is a structural reform that converts invoices MSMEs already hold into usable capital.’

The Bill, first introduced on June 11, 2024, also mandates periodic reporting on transaction volumes, default rates, and MSME participation. It further promotes financial literacy by requiring the use of simplified contracts and standard term sheets.

After extensive debate, the Bill passed second reading and was referred to the Senate Committee on Banking, Insurance, and Other Financial Institutions for further legislative action.

The Nigerian Consumer Credit Corporation (CREDICORP) has bagged Consumer Credit Access Company of the Year award at the BusinessDay 13th Banks and Other Financial Institutions (BAFI) Awards, held in Lagos recently.

The prestigious event is organized annually by BusinessDay, Nigeria’s foremost private-sector newspaper renowned for its authoritative analysis and independent reporting. The awards convene leading players across banking, fintech, and financial services.

Other notable winners at the event included:Opay – Mobile Payment Solutions Provider of the Year; First Bank of Nigeria – Dominant Force in Inclusive Banking; Fidelity Bank – Export Finance Bank of the Year; Page Financials – Finance Company of the Year. CREDICORP – a Federal Government institution that has existed for 18 months – emerged alongside such established private-sector brands. The BusinessDay’s selection cites the Corporation’s speed of results, innovative products, and ‘ecosystem-first model’ as key factors in its decision, noting that ‘CREDICORP operates not to crowd out or compete with lenders, but to win by enabling them.’

Recognizing Transformative Impact: According to BusinessDay’s selection committee, CREDICORP was chosen following a data-driven evaluation of institutions redefining access, affordability, and innovation in Nigeria’s consumer credit ecosystem. A statement said CREDICORP has achieved measurable success in making consumer credit more affordable, driving down effective interest rates by as much as 20%, and enabling financial institutions to reach demographics historically excluded from formal lending – from artisans and civil servants to small traders and youth, with 65% of its beneficiaries being first-time successful borrowers.

The award also highlights CREDICORP’s pioneering innovation in product development, spanning the entire life spectrum of working Nigerians: YouthCred – for National Youth Service Corps (NYSC) members, and employed youth in general; Pensioners’ Credit – for retirees seeking liquidity and dignity in retirement;and multiple thematic programs in between, addressing credit for households, workers, and small business owners.

The statement further said that the Corporation’s credit interventions have been strategically directed at the pain points most affecting Nigerians’ quality of life, including: Mobility, and alternative energy for homes and micro enterprises through the Credit Access for Light and Mobility (CALM) Fund, and local production and job creation through S.C.A.L.E. (Securing Consumer Access to Local Enterprises), which combines credit expansion with industrial deepening. It said these initiatives reflect what was described as a ‘double-bottom-line model that simultaneously empowers citizens and stimulates local enterprise.Despite financial operation for less than a year, CREDICORP has reached up to 180,000 Nigerians, facilitating access to life-enhancing goods and services – including vehicles, solar systems, home improvement and productive tools – financed with affordable credit.

The jurisdiction of the Advertising Offences Tribunal (AOT), which had previously been unclear to some stakeholders, has now been affirmed by legal experts and key players in the advertising, who recognise the tribunal as a coordinate court with the power to adjudicate advertising-related offences.

The tribunal was inaugurated in May 2023 by the Federal Government to deal with violations of the provisions of the Advertising Regulatory Council of Nigeria, ARCON.

Some legal experts who spoke at the ‘The Nigerian Advertising Law: The role of the AOT’ at the Town-Hall meeting on Tuesday, in Lagos organized by ARCON in conjunction with Nigerian Bar Association, NBA Lawyers in the Media, NBA-LIM affirmed that AOT rulings carry the same judicial weight as those of other courts of equal status.

This clarification clears previous doubts in some circles about the tribunal’s authority to handle advertising-related disputes. The speakers said that the judgement of the tribunal are appealable to Court of Appeal.

Speaking at the forum, Charles Odenigbo, Director General of Centre for Media Law and Development who urged business people to take advantage of the provisions of the law, called for compliance of the provisions of the law.

‘It is very clear about the jurisdiction of the AOT under section 37, but every Nigerian must be conversant with section 34 that deals with the offences’.

According to him, the objective of the Town- Hall between lawyers and the advertising community was to bring lawyers in the media, entertainment, film production, creatives and advertisers together to create awareness about the AOT.

‘We cannot afford to leave lawyers out there doing their own things without bringing them back into this very critical area’ of understanding the AOT and implications of violations of the law.

In his keynote address, Akinlolu Kehinde, a Senior Advocate of Nigeria, SAN said the establishment of the AOT is not just a legal reform-it is a statement of national intent. ‘It signals that Nigeria will not leave its people at the mercy of deceptive adverts, unregulated influencers, or exploitative practices’.

Represented by Leke Kehinde, he said AOT plays a vital role in advertising ecosystem: it protects consumers, deters misconduct, regulates digital spaces, preserves industry integrity, and demonstrates constitutional innovation. It is a global first, but more importantly, it is a Nigerian solution to Nigerian challenges, he said.

Also speaking, Justice C.M.A. Olatoregun who is Chairman of Advertising Offences Tribunal, AOT said the tribunal had a total of 266 cases but has dispensed 201 while 65 cases are pending.

Describing AOT as a gatekeeper, Olatoregun promised that the tribunal will deliver on its mandate.

She said that the AOT represents a systemic evolution that is embedding truth and accountability into the very structure of Nigeria’s advertising environment.

She further called on lawyers in the media space to grow with the tribunal and grow the tribunal.

In his speech, Lekan Fadolapo said Nigeria practices preventive advertising regulation, which requires advertisement approval before exposure of the material. He also insisted that Advertising Standard Panel engages in message regulation and not media regulation.

Also, in the digital space ‘what we regulate in the digital media space is just the advertising element and what we do is ensure that there is sanity in that space’

Fadolapo recounted offensive advertisements by some organisations which ARCON stopped without which they would have caused social unrest.

For Lanre Adisa, Chairman of Heads of Advertising Sectoral Groups, HASG, feels that the desire is for self-regulation so that practitioners do not need such regulations to operate. He said the fear is the feeling by people of being strangulated by too many laws. He however called for more awareness of the advertising laws to ensure compliance.

‘Awareness within our industry, and awareness even outside of here. A lot of people who are creating advertising online, in particular, don’t have enough knowledge of what is going on. In advertising, when I’m aware of something, I know what to do’, he said.

Lanre who commended ARCON moves to ensure sanity and ensure advertising decency said there must be a balance between regulation and the use of technology to ensure that there is efficiency. He said practitioners must feel that they are not been held back with regulation.

Investment

FG welcomes $2bn Shell new offshore final investment decision

The Federal Government has welcomed Shell Nigeria’s $2 billion Final Investment Decision (FID) for a new offshore project in Nigeria’s HI Field, located in Oil Mining Lease (OML) 144, approximately 50 kilometres offshore.

The significant investment was communicated to the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, by the Country Chair of Shell Nigeria, Marno de Jong.

A statement by Nneamaka Okafor, Special Adviser, Media and Communications to the Minister on Tuesday, said the development represented another major milestone in the nation’s ongoing efforts to strengthen the energy sector and boost production.

The FID was taken out between Shell Nigeria Exploration and Production Company (SNEPCo) and Sunlink Energies Resources Limited.

It marks a strong demonstration of confidence in Nigeria’s oil and gas investment climate and the government’s commitment to driving sustainable energy growth.

Lokpobiri described the development as a direct outcome of the bold reforms and transformative policies implemented by the federal government, which continued to enhance Investors’ confidence and attract substantial capital inflows into oil and gas industry.

‘This two billion dollars investment reaffirms Nigeria’s position as a preferred destination for energy investment and highlights the value of collaboration

‘We anticipate that more Final Investment Decisions from other investors will follow in the coming months as confidence in our sector continues to grow,’ he said.

He reiterated the federal government’s commitment to foster an enabling environment for investment, ensuring that the benefits of such strategic partnerships translate into increase national prosperity and sustainable energy development.

Nigeria’s pharmaceutical stocks are leading the Nigerian Exchange (NGX) this year, with Fidson Healthcare, Neimeth International, Mecure Industries, and May and Baker Nigeria delivering some of the market’s biggest year-to-date (YTD) gains on the back of strong earnings and local production growth.

As of October 13, Fidson has surged 181 percent, rising from N15.50 to N43.50. Neimeth has gained 162 percent from N2.29 to N6.01, while Mecure Industries is up 104 percent to N28.40. May and BakerNigeria has advanced 84 percent, from N9.40 to N17.30.

While the NGX All-Share Index has risen roughly 43 percent this year, several pharmaceutical stocks have outpaced the broader market by a wide margin. The divergence reflects how investors are rewarding firms showing real industrial expansion in an erratic macroeconomic environment.

Earnings and expansion driving sentiment

The rally has coincided with stronger corporate earnings across the sector. Fidson reported a 68 percent rise in revenue to N62.6 billion as at June 2025, from N37.2 billion in the same period of 2024. Profit after tax jumped nearly 300 percent to N6.02 billion, while earnings per share increased to N2.63 from N0.66. Neimeth also reported strong turnover growth, with revenue climbing to N2.91 billion in H1 2025 from N1.66 billion a year earlier.

May and Baker recorded N19.3 billion in revenue in the first half of 2025, up from N14 billion in 2024, while net profit rose to N2.19 billion. Mecure Industries, a new entrant on the NGX – 7 November 2023 – has also benefited from strong turnover growth and expanding operations in pharmaceuticals and diagnostics, posting N37.3 billion and a PAT of N2.7 billion in the first half of 2025.

Policy tailwinds support sector growth

Government measures aimed at reducing dependence on imported drugs have strengthened the industry’s prospects. Import duty waivers on raw materials and tighter regulation of imported finished medicines have encouraged local producers to scale output.

These developments have improved investor confidence, positioning pharmaceutical equities as a defensive but growth-oriented play in a volatile market environment.

Despite the upbeat performance, analysts and portfolio managers caution that the rally could moderate if cost pressures intensify or if valuations run ahead of fundamentals. The sector still depends on imported raw materials and energy, making it vulnerable to foreign exchange fluctuations and inflation.

Even so, the sector’s earnings trajectory and policy support suggest that the pharmaceutical industry could remain one of the few bright spots in Nigeria’s manufacturing landscape through 2025.