Category: Business Day

Nigeria will be 65 years old on October 1st. As a firm in this country, what could you say about the country’s journey from independence to date?

Nigeria’s journey in the past 65 years has been a mix of great promise, evolving challenges and resilience in the face of those challenges. However, despite the challenges and sundry headwinds, the country has recorded remarkable strides in some critical areas such as telecommunications, financial services, education, entrepreneurship and to a large extent, infrastructure. Our people remain our greatest asset; the sheer ingenuity, creativity, and resilience of Nigerians are evident everywhere, both locally and globally.

For us in the private sector, including STL Trustees, the story is one of growth amid constraints. Despite economic fluctuations, regulatory changes, and political transitions, businesses, including ours, continue to innovate and thrive. What this demonstrates is that Nigeria is a land of opportunities waiting to be unlocked. So, while we may not have fully realized the dreams of independence, our capacity for reinvention keeps hope alive. What we need now is to translate this resilience into sustainable growth, driven by good governance and consistency in policy implementation.

At 65, we may not be where we envisioned post-independence, however, our capacity for renewal and reinvention gives us confidence that the best is yet to come. Although the journey is still far, I believe we are on the right part to sustained national prosperity.

What are the wins and challenges and how could the federal, state and local governments consolidate on the wins and address the challenges?

Some of the wins are significant and noteworthy. Nigeria has one of the largest economies in Africa, with a huge market and youthful population. Our financial services sector, particularly, has matured impressively, with banks and other capital market operators, including trusteeship firms, showing resilience and innovation. A significant win in recent times is the local government autonomy which has the capacity to catalyse rural development and launch our economy with speed if well-managed and supervised. This would enable the municipals to access funding from the capital market to finance important projects that would be beneficial to citizens at the grassroot thus making it easier to deliver the dividends of democracy, amongst other advantages.

Additionally, the expansion and stability of our democratic journey, though not yet perfect, is a key achievement in our national trajectory, and it can only continue to get better. The challenges, however, remain daunting. These include infrastructure deficits, inconsistent policies, insecurity, unemployment, and exchange rate volatility. The ease of doing business must also be championed continuously to encourage businesses to stay. To consolidate on the wins and address the challenges, governments at all levels must not relent in the area of creating an enabling environment for businesses, including through ensuring policy consistency, investing in

infrastructure, as well as transparency and accountability in governance.

Equally important is addressing insecurity, which is critical to attracting both local and foreign investments. Effective collaboration between the federal, state, and local governments is vital in this regard. Furthermore, government must be intentional about building and empowering institutions to be strong, independent and virile. Strong institutions, not strong individuals, are what sustain democracies and economies. If we can achieve this, the Nigerian narrative will be one of exponential transformation in the years to come.

What motivated STL to go into its line of business? How long has it been in business?

STL Trustees was incorporated in 1991 and commenced business in 1996 as a wholly owned subsidiary of the old EIB Bank (which subsequently became Skye Bank). The motivation of the parent Bank at that time was borne out of the need for business expansion and diversification as well as the motivation to deepen the Bank ‘s service and product offerings to its customers.

How big is Nigeria ‘s Trustee industry and what portion does your STL control?

The Trustee industry in Nigeria is still evolving with room for growth and additional players as the economy expands. Estate planning, digital assets etc., are some areas that are just budding and need to be maximised towards further development of the industry. While I cannot say with precision the share of the industry that our firm controls, what I can say with certainty is

that STL Trustees plays in the big league in the industry.

How would you describe the business environment in Nigeria post subsidy removal and the floating of the Naira?

The removal of fuel subsidy and floating of the Naira are bold policy steps aimed at correcting longstanding distortions in our economy. However, these reforms have come with noticeable short-term pains for businesses and households, costs of operations have risen sharply, and inflationary pressures are affecting both production and consumption. That said, these reforms also present opportunities. In the long run, subsidy removal will free up fiscal resources for more productive investments in infrastructure, education, and healthcare, amongst others, while exchange rate unification will encourage transparency and boost investor confidence.

Businesses, including ours, are adjusting by tightening operational efficiency, exploring local alternatives, and leveraging technology to remain competitive. It is imperative for governments at all levels to complement these reforms with policies aimed at cushioning the effect, social safety nets for vulnerable citizens, targeted support for businesses, as well as investments in critical infrastructure. The combination of robust social safety nets and targeted interventions to cushion the immediate effects, are some of the factors that would turn today’s pain into tomorrow’s gains.

What new opportunities have the reforms thrown up for players in your sector and how is your firm tapping them?

The local government autonomy and the removal of some items from the Exclusive list are some of the major game changers that can lead to increased big -ticket transactions in the capital market and STL will continue to put our best foot forward as we leverage these emerging opportunities.

Technological innovations such as Artificial Intelligence, Machine Learning, and others, have greatly influenced the global financial industry where you operate. What innovative products or services has your firm launched in recent times and how could your prospective clients benefit from them?

At STL Trustees, we are deeply committed to using technology to enhance client experience and deliver bespoke Trust solutions. We see technology not just as a tool, but as an enabler for delivering value. Our mission has always been to simplify Trust solutions and make them accessible to all, and technology is helping us bring that vision to life. We also leverage technology for our innovative products and service offerings. Machine Learning is a subset of AI that we use to collate information on client needs and demography; this enables us to curate appropriate products to meet the needs of our clients.

In recent times, we have introduced digital onboarding platforms that enable our clients to initiate and complete Trust arrangements seamlessly online, thereby eliminating geographical barriers. We have also deployed AI -powered analytics to improve investment monitoring and risk management across the diverse portfolios we manage.

For our clients, this translates to faster service delivery, greater transparency, improved security, and more tailored solutions to their specific needs. Beyond that, we continue to explore innovations in estate planning, corporate trusteeship, and capital market transactions that make our services more accessible, more reliable, and increasingly client focused. The goal is to simplify Trust services while creating lasting value for all our stakeholders.

Cybercrime is one of the downside risks of technological innovations in the global financial industry. What measures have you put in place to address cybercrime?

You are very correct; cybersecurity is one of the most pressing risks in present day’s global financial landscape. At STL Trustees, we approach cybersecurity with the utmost seriousness because we handle sensitive information and assets on behalf of clients. We have invested in robust cybersecurity infrastructure, including advanced firewalls, intrusion detection systems, and encryption protocols to secure our digital platforms. Equally important, we conduct regular cybersecurity audits and penetration testing to identify and close potential vulnerabilities proactively whilst we keep assessing and fortifying our system from time to time. Staff training and awareness are also key, because human error is often the weakest link in cyber defense, hence we keep training and retraining our people on the subject matter periodically.

Additionally, we comply with all relevant regulatory guidelines from our apex regulator, the Securities and Exchange Commission (SEC), and other oversight bodies. We also partner with reputable cybersecurity firms to continually strengthen our cybersecurity framework. For our clients, this means peace of mind knowing that their data and assets are fully protected in line with best global practices. Whether it is estate planning, corporate trusteeship, or capital market transactions, we are constantly innovating to ensure that our solutions remain relevant and beneficial to our clients. At STL Trustees, technology is not replacing human touch, it is enhancing it.

What is the future outlook for players in your sector?

The outlook for players in our sector is bright. I see the industry on an upward trajectory. This is because our sector will continue to thrive with the expected growth in the economy.

The rising profile of Enugu State, in Southeast Nigeria, as a livable city and an investment destination is positively impacting the state’s real estate market, especially the residential segment.

Real estate is benefiting from the Peter Mbah administration, which, in pursuit of its determination and quest to make the state business-friendly and grow its GDP from the current $4 billion to $30 billion over the next eight years, is focusing on infrastructure development.

The real estate market in the state has, in the last eight months of this year, recorded an appreciable demand for quality homes, indicating demographic changes and rising city dwellers and home seekers’ taste for well-managed real estate products.

Well-managed estates are establishing standards in the state’s residential market, while the performance of ageing estates such as the Federal Housing Estate indicates a potential for regeneration. It is expected that assets that integrate effective management will excel in both rental and resale markets.

A comparative analysis of housing estates in the state provides some insight into building quality and resident satisfaction across four major developments. A recent survey by the University of Nigeria, Nsukka (UNN) shows that Riverside Housing Estate scored high on indicators such as foundation as well as quality, which were rated 91percent and 90 percent respectively.

According to the survey, Uwani Estate recorded an internal space rating of 89 percent, indicating a design inclination towards more spacious living quarters.

‘Federal States and Scheme Estate was rated high in liveability and location. It ranked highest in location at 89 percent and compound size at 83 percent. Federal Housing Estate, however, struggles with accessibility to services, including drainage (64 percent) and security (60 percent). These are possibly due to ageing infrastructure,’ the survey noted.

BusinessDay checks show that housing development in this Coal City focuses mainly on blocks of flats and single-family residences. Though more preferred outside the city centre, Bungalows, townhouses, and traditional homes constitute a lesser proportion.

This imbalanced housing composition, along with the effects of inequality, suggests that housing development is yet to match the demand of marginalised groups, thus creating opportunities for investors who would like to have a bite of the cake

However, the findings show that restricted access to education and essential utilities for specific demographics undermines sustained demand for more inclusive housing.

For instance, in this market, gender gaps contribute to restricting market participation; they reduce the potential pool of buyers and renters. This means that constructing housing that addresses societal needs could stimulate demand.

Similarly, rectifying gender disparity is not merely a social responsibility but also a strategic initiative for real estate expansion. This is because homelessness, lack of property rights, and limited access to finance play a major role in slowing down housing development.

Against this backdrop of exclusion and inequality, innovative and sustainable housing alternatives are beginning to gain traction. One of such alternatives is the plastic bottle homes, which have the major advantage of being cheaper in terms of construction cost.

A recent report on that housing model says it costs about 30 percent less to build a plastic bottle home than to construct a conventional brick and mortar house. The homes are also sad to be more durable and are bulletproof.

The Senate on Tuesday constituted a 12-member ad-hoc committee to advise the upper chamber on how to respond to growing international concerns over alleged state-backed persecution of Christians in Nigeria.

The resolution followed a closed-door session where lawmakers deliberated on recent claims by the United States Government suggesting possible acts of genocide targeting Christians in parts of the country.

The move comes amid increasing diplomatic scrutiny and concerns over the potential impact of such allegations on Nigeria’s international image, security cooperation, and interfaith relations.

Members of the committee include Senators Victor Umeh, Yemi Adaramodu, Aniekan Bassey, Niyi Adegbonmire, Abdul Ningi, Titus Zam, Tony Nwoye, Tahir Munguno, and Asuquo Ekpenyong, among others.

The committee has been tasked with developing a comprehensive position paper to be presented to both the Executive and the Senate, outlining Nigeria’s official legislative stance on the issue and providing evidence-based counterpoints to the genocide allegations.

Declaring the composition of the committee, the President of the Senate, Godswill Akpabio, said the position paper must be ‘backed with verifiable facts and statistics’ to ensure that Nigeria’s engagement with international partners is informed and credible.

‘There are misconceptions that need to be corrected,’ Akpabio said. ‘We are dealing with a complex terrorist threat, and it’s important that our counterparts in the US understand that the violence affects both Christians and Muslims.’

Earlier, the Senate had resolved to engage directly with the United States Congress to address and counter what lawmakers described as ‘misleading narratives’ portraying Nigeria’s internal security challenges as a form of Christian genocide. The resolution stemmed from a motion sponsored last week by Senator Ali Ndume (Borno South), which sparked a wider debate on how Nigeria is being portrayed internationally in discussions about religious persecution and insecurity.

During deliberations, senators expressed concern that such reports, though often driven by humanitarian motives, were ‘grossly misinforming international partners’ and ‘damaging Nigeria’s global reputation and economy.’ Akpabio proposed that a delegation of select lawmakers visit the United States to directly engage with American legislators and clarify the true nature of Nigeria’s security situation.

He suggested that the engagement be conducted through private diplomatic channels, emphasizing the need for accuracy and nuance in communicating the realities on the ground.

The ad-hoc committee is expected to submit its report within a short timeframe, providing a framework for both legislative and diplomatic engagement on the matter.

Nigeria’s competitive currency has helped the country achieve a trade surplus and strengthened domestic production, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said on Tuesday.

The governor made the disclosure during a press briefing on the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24), a forum that coordinates the positions of developing countries on international monetary and development finance issues.

The G-24 session was addressed by Pablo Quirno, Secretary of Finance at the Ministry of Economy, Argentina. First Vice-Chair was Olawale Edun, Minister of Finance and Coordinating Minister of the Economy, Nigeria, who was represented by Governor Cardoso. Second Vice-Chair was Jameel Ahmad, Governor of the State Bank of Pakistan, and the Director of the G-24 Secretariat, Iyabo Masha, was also present. Speaking on trade and tariffs, Cardoso said Nigeria had been relatively insulated from major external shocks. ‘From Nigeria’s perspective, trade and tariff impacts have been less of a problem for us. We were fortunate because many necessary actions were done earlier, creating resilience and buffers against potential shocks. Oil is basically the only commodity so exposed, and the impact has been relatively modest. We now have a more competitive currency, resulting in a positive balance of trade, with a trade surplus expected at around six percent of GDP. Essentially, this is part of a complete restructuring of the economy, where a competitive currency encourages domestic production and discourages imports.’

On balancing economic growth with social equity, the governor emphasised the importance of sound domestic policies and multilateral coordination. ‘Countries operate within a global framework where multilateral institutions play a key role alongside governments. Balancing growth and social equity is critical. Sound domestic fiscal policies reduce government intervention in private markets, encourage investment, and facilitate growth. Coordination with multilateral development banks supports infrastructure, resource mobilization, and workforce development, strengthening the multilateral framework.’ He also highlighted the G-24’s role in fostering dialogue between developing economies and global institutions. ‘The G-24 is a body comprising countries with common interests. They have been relatively successful in facilitating dialogue. For example, this morning we had discussions with both the Managing Director of the IMF as well as the representative of the Managing Director of the World Bank, where there was an exchange of ideas that helps the leadership of the Bretton Woods institutions understand directly from the players what the issues are and where the pain points really lie.

From that perspective, it has been a very effective engagement. The communique that comes out is also very useful, covering issues from domestic resource mobilization to inflation and other commonalities among G-24 members. They learn from us, and we learn from them. There were points today about growth being behind, but not as behind as expected, and the correlation between sound macroeconomic policies, growth, and disinflation. These are critical issues for our economies.’

On the use of local currencies in trade settlements, Governor Cardoso acknowledged previous challenges but indicated ongoing efforts. ‘To be frank, we have had an experiment with that, and it didn’t work out very well for us. That’s not to say we are not interested; we are at an elementary stage of putting up a framework now that our currency is more competitive, to ensure it’s a win-win for everybody.’ In his remarks, Pablo Quirno noted that recent adverse shocks have left growth below pre-pandemic levels, with rising policy uncertainties creating substantial medium-term headwinds. Emerging market and developing economies have faced deteriorating terms of trade, reduced export volumes, and declining foreign currency earnings. Many of these countries have implemented domestic policies to mitigate uncertainty, but constrained policy space underscores the urgent need for collective solutions supported by multilateral institutions.

The International Monetary Fund (IMF) has commended Nigeria for making notable progress in revenue collection and for improving transparency in its foreign exchange and reserve management.

The Fund made these remarks during a press briefing on the Global Financial Stability Report, held as part of the ongoing World Bank/IMF Annual Meetings in Washington, D.C.

Those who addressed journalists at the session included Tobias Adrian, Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department (MCM); Vamvakidis Athanasios, Deputy Director of the department; and Jason Wu, Assistant Director. The briefing was moderated by Meera Louis, Communications Officer at the IMF.

During the discussion, the IMF officials highlighted that movements in exchange rates play a critical role as a natural buffer that helps economies adjust to external shocks. They explained that a depreciating exchange rate is not inherently negative and can, in fact, be beneficial when it helps restore balance and competitiveness within the domestic economy. The Fund observed that Nigeria has implemented important policy steps aimed at strengthening its macroeconomic framework, particularly in the area of monetary policy. It reiterated its support for Nigeria’s transition toward a more flexible exchange rate regime, describing it as a vital reform that aligns with the broader goal of enhancing the country’s economic resilience.

According to the IMF officials, Nigeria has not only improved its capacity for revenue collection but has also made significant progress in increasing transparency around its foreign exchange operations and reserve positions. These actions, combined with tighter monetary policy measures by the Central Bank of Nigeria, have helped reduce inflation from above 30 percent last year to around 23 percent this year while also bolstering the nation’s external reserves. ‘The direction of travel appears to be positive,’ one IMF official noted, expressing cautious optimism about Nigeria’s economic trajectory.

Despite the progress recorded, the IMF warned that Sub-Saharan Africa as a region continues to face notable headwinds. It pointed out that although growth across the region has remained relatively robust amid easing global financial conditions and the resumption of capital inflows, the cycle of heavy inflows followed by abrupt withdrawals remains a risk. A sudden reversal, the Fund cautioned, could expose underlying vulnerabilities, particularly in economies that are heavily dependent on foreign investments.

The IMF therefore emphasised the need for countries across the region, including Nigeria, to continue consolidating recent gains by maintaining sound fiscal and monetary policies, improving debt management, and accelerating structural reforms, especially those that boost domestic revenue mobilisation. The officials also called for sustained international support to help African economies navigate emerging risks and maintain their momentum toward stronger, more stable, and inclusive growth.

President Bola Tinubu has forwarded the name of Professor Joash Amupitan (SAN) to the Senate for confirmation as the new Chairman of the Independent National Electoral Commission (INEC).

The request was contained in a letter read on the floor of the Senate on Tuesday by the Senate President, Godswill Akpabio, at the commencement of plenary.

In the letter, Tinubu urged the Senate to give expeditious consideration to the nomination in line with constitutional provisions.

‘Pursuant to the provisions of subsection 1 (4 and 5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), I am pleased to present, for confirmation by the Senate, the appointment of Professor Joash Amupitan (SAN) as Chairman, Independent National Electoral Commission (INEC),’ the President stated.

‘Attached is his curriculum vitae. While hoping that the Senate will consider and confirm the appointment of the nominee in its usual expeditious manner, please accept, distinguished Senate President, the assurances of my highest consideration.’ Following the reading of the letter, Akpabio referred the nomination to the Committee of the Whole for consideration ‘as soon as practicable.’ In a separate communication, President Tinubu also sought the Senate’s confirmation of Ayo Omidiran from Osun State as the new Executive Chairman of the Federal Character Commission (FCC), alongside 28 others nominated as Federal Commissioners.

Some of the nominees include Dr. Ibrahim Abdullahi (Kwara State), Babangida Bwala (Bauchi State), Mrs. Eunice Thomas (Akwa Ibom State), and Obinna Oriakwu (Abia State).

The Senate President subsequently referred the request to the Senate Committee on Establishment and Inter-Governmental Affairs for screening and directed the committee to report back within two weeks.

United Nigeria Airlines has announced the commencement of direct flights to Accra, Ghana, beginning November 10, 2025.

In a statement issued on Tuesday, the airline revealed that the new service will operate from both Lagos and Abuja to Kotoka International Airport, Accra, marking United Nigeria Airlines’ first regional route beyond Nigeria’s borders.

Speaking in Lagos, Mazi Osita Okonkwo, the Chief Operating Officer, described the launch as a major milestone in the airline’s expansion strategy.

‘Ghana is an important part of our regional growth plan. This marks our first operation outside Nigeria, and we are truly excited about it,’ Okonkwo said.

‘Over the past four years, United Nigeria Airlines has built a strong reputation for safety, regulatory compliance, exceptional customer service, and on-time performance, values we are committed to extending across all regional and international routes. ‘With United Nigeria Airlines now operating on the Accra route, we are expanding travel options for the flying public, including business and leisure travelers, while proudly flying the Nigerian flag and strengthening connectivity between Nigeria and Ghana.

‘Our mission is to Unite. Uniting people, cultures, and dreams while bridging the gap in connectivity through efficient flight operations.’ Okonkwo said.

Tickets for the Lagos-Accra-Lagos and Abuja-Accra-Abuja routes are now available for purchase on the United Nigeria Airlines booking portal and agents.

More domestic routes are also scheduled to commence operations in November, including the Abuja-Sokoto and Ilorin routes, among others.

I want to begin by expressing a deep gratitude to God and Ndi Enugu.

For we are indeed at a moment of reflection, gratitude and renewal.

Today, I stand before you to announce a break from the past, and to share a decision that will shape the road ahead. This concerns our values, how we organise ourselves politically, and how we secure the future of our projects and our people.

I offer my sincere thanks to everyone who has contributed to this journey over the past 28 months.

At the top of that list is Ndi Enugu. At a time when confidence in political leaders had almost collapsed, you chose to believe in us.

When I declared that ‘Tomorrow Is Here,’ it struck a chord in your hearts. You put aside long-held skepticism and stood by us. Without that trust, the transformation we see today would never have happened.

Let us pause for a moment and consider what this transformation looks like.

It looks like Smart Green Schools nearing completion and primary healthcare centres in all 260 wards.

It looks like crime down by 80percent; Maternal, Under-5 and infant mortality rates reduced by 400 percent.

It looks like a Command and Control Centre with AI-embedded Security Surveillance System and 150 Distress Response Squad vehicles that guarantee safe streets and neighbourhoods.

It looks like water flowing again through new mains and restored supply.

It looks like over 1000 kilometres of paved roads.

It looks like Internally-Generated Revenue up 600percent.

It looks like a fully booked International Conference Centre pouring money into our local economy.

It looks like direct flights taking off – with Enugu Air linking us to key cities across Nigeria and beyond.

It looks like 3 million visitors to Enugu by 2026 – with Nigeria’s first zipline, 4 immersive eco-tourist sites.

It looks like commuting in comfortable CNG buses at 5 world-class terminals; and having 260 Farm Estates that bring production to scale.

It looks like Hotel Presidential and Nigergas revamped; and several moribund assets roaring back to life.

Of course, it looks like winning the Renewed Hope Initiative’s Model Green State Award as the Cleanest State in Nigeria.

It looks like Enugu on the national – indeed global – map.

Ndi Enugu, your trust and support have been the bedrock of our success, and we pledge to honour that by delivering on our election promises.

Our elder statesmen have also demonstrated generosity and foresight.

Many of you had witnessed decades of broken promises. When we approached you, we did not ask for blind loyalty but some faith in our vision.

You gave us that faith. Together, with your vote of confidence, we have achieved remarkable progress.

To my colleagues in the administration, I am grateful for your resilience. We have walked a path that often felt like a marathon without rest. Many of the ideas we put forward were dismissed as unrealistic. Yet you kept pushing the boundaries of what was possible.

Because of your dedication, today we hear applause for Enugu across Nigeria and beyond.

To the Peoples Democratic Party, which provided the platform on which we campaigned and won, I extend deep gratitude. The PDP supported us through a demanding campaign and joined in celebrating the victory.

For nearly 3 decades, the PDP and the people of Enugu walked side by side, united by shared purpose. Together, we built relationships that will always matter to me personally and to this state.

Yet, leadership sometimes demands difficult – even painful – decisions in the service of higher principles and goals. And there always comes a time when everyone must make a bold choice to determine their destiny.

Today, after a long reflection, we have made the decision to leave the PDP and join the All Progressives Congress. This is no whimsical decision. It’s a collective move by the political family in Enugu State, comprising members of the National Assembly, members of the State House of Assembly, the State Executive Council, all the Local Government Chairmen and Councillors, all political appointees and over 80% of party executives.

Over the past months, I have thought carefully about the path forward. In the end, after much soul searching and discussion, I have concluded that we must stand for the principles and institutions that honour transparency, trust, and above all – the people we serve.

For decades, the South East – especially Enugu – has stood firmly behind the PDP, showing loyalty that shaped the party’s success.

Yet despite this history, our voices were too often disregarded when it mattered most.

It has therefore become necessary to seek affiliation where our interests as a region are represented in the form of fair partnership.

We are not moving from a place of resentment or fear. We are confident of our future.

We have no axe to grind, no personal point to make. But fairness, respect and integrity must guide our choices for that future to be ours.

Today, in joining the APC, we are embracing a visionary partnership.

I have found in His Excellency President Bola Ahmed Tinubu, GCFR, not just a leader of our nation, but a partner in purpose, a man with the courage to look beyond today and make the tough choices that secure lasting prosperity for tomorrow.

Together, we share a conviction that transformation must be bold and disruptive – that roads, railways, and airlines must stretch out from the heart of the South East; that Enugu’s promise, its security, its schools, its hospitals, its markets, its communities – must be reinforced.

The President has shown not only interest, but a deep and vested commitment to Enugu, one that recognises our region as a pillar of national progress.

We both share a belief that renewal does not stop at the grand highways or the balance sheets. It must reach the ward, the village, our grassroots. It is in the daily life of the farmer, the trader, the young entrepreneur that reforms come alive.

We both welcome initiatives that decentralise opportunity, that strengthen the capacity of local government, that bring seed capital and credit to our youth, and that expand healthcare and education at the community level.

Just as we do in our ward-based development initiatives, these convictions are boldly expressed in the Federal Government’s Renewed Hope Ward Development Programme, an idea conceived to empower over 8.8 million Nigerians across the country’s 8,809 electoral wards.

Yes, some choices demand sacrifice. Removing subsidies, unifying our foreign exchange markets, confronting crippling inefficiency – these are not easy decisions. But these are the smart choices that free resources for investment in our people.

His Excellency, the President, has shown he is not afraid to make the tough decisions for a fair and stable nation. And here in Enugu, we have been just as audacious.

This move is bigger than politics – it is about alignment at scale. It is about connecting Enugu’s destiny with the central hub of broader reforms shaping our nation.

Of course, this does raise some questions:

Will the voice of Enugu be heard now in Abuja?

How will the change affect our progress at home?

How will your lives be touched by this decision?

Let me be clear, I will represent our state and our region with the same strength of purpose as I have always done. Our Igbo DNA does not change; our destiny does not change. What changes is that our vision now finds stronger reinforcement at the federal level.

The progress you see today will not slow, and the projects we have begun will be completed. Yes, there have been challenges and delays along the way, but make no mistake – schools, hospitals, roads, and our services will be finished as promised.

To the political elite across the South East, I say this: our people are watching. What they care about most are results. True leadership is about service to the people, not service to self. Principles, not personalities, must guide us.

To Ndi Enugu, let me say this: this will not break our stride. We are a force of endeavour, and we need an ally who can match our ambition.

Let me reassure you – this is not a detour, but a conscious step towards a more compelling future.

As we begin this new chapter, I ask for your understanding, your trust, and your continued support.

Let us gather with renewed hope to build the Enugu – and the Nigeria – that our children deserve.

Finally, I want to express our most profound gratitude to Mr President for his support and encouragement of our vision. I’m confident this marks the beginning of a new era of growth and progress.

Transcorp Power Plc, one of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc (Transcorp Group), has announced a profit before tax of N91.2 billion for the third quarter ended September 30, 2025, as revenue rose by 38 percent year-on-year.

The unaudited financial results released by the company showed that revenue increased to N308.5 billion in 2025, up from N223.5 billion recorded in the corresponding period of 2024. The strong performance was attributed to improved average power generation, reflecting Transcorp Power’s sustained investment in expanding generation capacity and enhancing operational efficiency.

According to the statement signed by Atinuke Kolade, group company secretary of Transcorp Power Plc, the company’s gross profit also grew to N119.7 billion, compared to N96.5 billion recorded in the third quarter of 2024, representing a 24 percent year-on-year increase, with a gross margin of 38.8 percent. Profit before tax climbed to N91.18 billion from N81.12 billion in the same period last year, indicating a growth of 12.4 percent, while profit after tax rose to ?68.42 billion from N58.4 billion in 2024, a 17 percent year-on-year increase.

Emmanuel Nnorom, chairman of Transcorp Power Plc, described the third-quarter results as a reflection of the company’s resilience and sustained profitability despite economic challenges. He noted that the consistent performance builds on the positive momentum from the first half of the year and is supported by efficient operational strategies and prudent cost management.

‘Our performance in the third quarter, building on the positive momentum in the first half of the year, demonstrates Transcorp Power’s resilience and capacity to sustain profitability despite economic challenges.

Supported by efficient operations strategies and prudent cost management, this sustained performance, in the face of economic headwinds, will further strengthen investor confidence in our capacity to create shared value and maintain our growth trajectory,’ Nnorom stated.

Peter Ikenga, managing director and chief executive officer of Transcorp Power Plc, also expressed optimism about the company’s trajectory, noting that the strong third-quarter results underscore its strategic focus and operational discipline.

He explained that the company’s performance was driven by further growth in energy delivered to the national grid, highlighting Transcorp Power’s commitment to creating increasing value for shareholders and stakeholders. ‘The Q3 2025 results are underpinned by further growth in energy delivered to the grid, emphasising our strategic approach that ensures we deliver ever-increasing value to our shareholders and stakeholders.

These results illustrate our continuous drive to improve our business operations, eliminating waste and harnessing value. We are confident of finishing the year strong in fulfilment of our mission to improve lives and transform Africa,’ Ikenga said.

The International Monetary Fund (IMF) will unveil its latest World Economic Outlook (WEO) on Tuesday (today), October 14, 2025, in Washington, D.C. time, during a hybrid press briefing at the annual meetings of the World Bank/ IMF, in Washington, USA.

The report will present the IMF’s updated assessment of global economic developments and prospects, providing key insights into the state of the world economy and growth projections for individual regions and countries.

The press briefing will feature Pierre-Olivier Gourinchas, Economic Counsellor and Director of the Research Department; Petya Koeva Brooks, Deputy Director, Research Department; and Denis Igan, Division Chief, Research Department. The WEO, one of the IMF’s flagship publications, is widely regarded as a leading source of analysis and forecasts on global economic performance.

Also scheduled for release on the same day is the Global Financial Stability Report (GFSR), which will be launched at 10:15 a.m. Washington, D.C. time. The GFSR assesses key risks and vulnerabilities affecting the international financial system and offers policy recommendations aimed at strengthening global financial resilience. The hybrid briefing for the GFSR will also take place at the IMF headquarters in Washington, D.C.

In addition, the IMF will hold a press conference on the Fiscal Monitor on Wednesday, October 15, at 8:45 a.m. Washington, D.C. time. The Fiscal Monitor evaluates global fiscal developments and public finance strategies, providing insights into fiscal sustainability across economies. The session will be led by Vitor Gaspar, Director of the Fiscal Affairs Department; Era Dabla-Norris, Deputy Director, Fiscal Affairs Department; and Davide Furceri, Division Chief, Fiscal Affairs Department. Annexes with country-specific fiscal data will be released at the start of the press conference.

Meanwhile, the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) will hold its press conference on Tuesday, October 14, 2025, at the IMF Headquarters in Washington, D.C., in Meeting Halls A and B. The G-24 serves as a platform for developing countries to coordinate their positions on international monetary and development finance issues. This year’s G-24 Ministers, Central Bank Governors, and Deputies meeting will focus on the theme ‘Structural Transformation Policies for Unlocking Growth Potential.’

A formal communiqué will be issued immediately before the press conference, outlining the G-24’s position on key global economic and financial matters. In addition to the main theme, the communiqué will cover global economic conditions, macroeconomic and financial stability, international liquidity and financing, debt sustainability, climate finance, international tax cooperation, the global trading system, and the role of Multilateral Development Banks in supporting the Sustainable Development Goals. It will also address ongoing discussions on IMF quota and governance reforms, as well as the World Bank’s Evolution Roadmap.

The G-24 membership includes countries from Africa, Latin America and the Caribbean, and Asia. African members include Algeria, Côte d’Ivoire, Egypt, Ethiopia, Gabon, Ghana, Kenya, Morocco, Nigeria, South Africa, and the Democratic Republic of Congo. From Latin America and the Caribbean, members include Argentina, Brazil, Colombia, Ecuador, Haiti, Guatemala, Mexico, Peru, Trinidad and Tobago, and Venezuela. Asian members include India, Iran, Lebanon, Pakistan, the Philippines, Sri Lanka, and Syria, while China will participate as a special invitee.

The G-24 leadership for 2025 comprises Pablo Quirno, Secretary of Finance at the Ministry of Economy, Argentina, serving as Chair; Olawale Edun, Minister of Finance and Coordinating Minister of the Economy, Nigeria, as First Vice-Chair; and Jameel Ahmad, Governor of the State Bank of Pakistan, as Second Vice-Chair. Iyabo Masha serves as the Director of the G-24 Secretariat.