Category: Business Day

Veritasi Homes and Properties Plc, one of Africa’s fastest-growing real estate firms, and Cooperative Investment and Thrift Society Limited (COOPLAG), on Saturday, held the official groundbreaking of Allied Towers, a luxury residential development in Ikoyi, Lagos.

The project is part of a multi-million dollar partnership deal between Veritasi Homes and COOPLAG.

The 11-floor project, sitting on a 1,431 sqm prime plot on McGregor Street, will feature 26 luxury apartments and penthouses designed to redefine urban living in one of Lagos’ most prestigious neighborhoods.

Bordered by Ikoyi Golf Club, Microsoft Head Office and the new U.S. Consulate General, Allied Towers blends cutting-edge architecture with premium amenities.

According to the real estate firm, residents will enjoy premium amenities, including a gym, relaxation area, dedicated recreational floor, landscaped grounds and secure parking for residents.

Speaking at the event, Nola Adetola, chief executive officer of Veritasi Homes and Properties Plc, described the project as a bold new chapter in Lagos’ skyline.

‘Today, as we break ground on Allied Towers, we are declaring possibility and our determination to do something meaningful with it. Together with COOPLAG, we begin a new chapter in Lagos’ skyline, in Nigeria’s housing story, and in Veritasi’s journey.’

Reflecting on Veritasi’s journey, Adetola added ‘Eight years ago, we looked at Nigeria’s real estate market and asked: Can we do better? That question gave birth to Veritasi Homes.

‘Guided by integrity, innovation, and customer-centricity, we began in 2017 with a small team and a big vision: to create developments that deliver value as reliably as they deliver shelter.

‘We envision a Veritasi that spans continents, a brand so trusted that wherever you see ‘Veritasi,’ you expect quality, innovation, and integrity. COOPLAG, we are honored to have you walk this journey with us. To our investors and future homeowners, this is your opportunity to own a share of Lagos,’ he said.

In his words, Mr. Francis Adeoye, president of COOPLAG, underscored the significance of the project and the vision behind it.

According to him ‘Today, we are not just breaking ground, we are breaking barriers. We are laying the foundation for a future where cooperative strength meets architectural excellence, where innovation meets legacy, and where our members and stakeholders can aspire to live in spaces that reflect their values, ambitions, and achievements. ‘This is the realization of a shared dream, a dream to redefine urban living and empower our members.

‘For over three decades, our society, COOPLAG, has stood as a beacon of cooperative strength, financial empowerment, and community development.

‘Allied Towers, situated in the heart of Ikoyi, is more than a luxury high-rise. It is a symbol of what is possible when two visionary organizations come together with a shared commitment to quality, sustainability, and community.

‘I want to express our profound appreciation to Veritasi Homes, led by the dynamic Mr. Nola Adetola, for their partnership, professionalism, and shared vision. Veritasi’s reputation for delivering premium developments and driving innovation in Nigeria’s real estate sector makes them the ideal partner for this ambitious endeavour.

‘Together, we are responding to the evolving needs of our members and the market. We are creating homes that offer security, prestige, and value. Homes that will stand the test of time and serve as a legacy for generations to come,’ he noted.

In his remarks, Tobi Yusuff, partner at Veritasi Homes, highlighted the groundbreaking as a reflection of Veritasi’s growth journey and its ability to earn the confidence of institutional partners like COOPLAG.

The development is being supported by a consortium of leading financial institutions, including Nova Bank, Providus Bank, Lotus Bank, Stanbic IBTC, Sterling Bank, and FirstBank. Managing directors and senior officials of these banks, who attended the event, pledged their full support, affirming the project’s significance for Nigeria’s housing and investment landscape.

Subscribers and prospective homeowners also praised the project, reiterating their confidence in Veritasi Homes and COOPLAG to deliver Allied Towers as promised, both on time and to the highest standard of excellence.

Temitope Runsewe, Chief Executive Officer of Dutum Construction, whose firm serves as the project’s construction partner, stressed that safety and engineering excellence will guide every stage of Allied Towers.

Veritasi Homes has continued to set the pace in Africa’s real estate sector through its innovative and value-driven approach.

Recognised by the Financial Times as one of the continent’s fastest-growing businesses, Veritasi remains the only Nigerian real estate firm to earn a place on the prestigious list.

In just seven years, the company has delivered over 1,000 homes, launched 12 landmark projects across Lagos and Abuja-including the celebrated Camberwall Advantage series-and served more than 2,500 clients, many from the diaspora. The company also holds double ratings from DataPro and GCR, a milestone that highlights its credibility, financial strength, and unwavering commitment to delivering world-class properties.

Oftentimes, during the journey of life, we are faced with difficult situations where reaching an agreement with an opposing party becomes demanding or even unattainable. In such scenarios, one of the most effective options is to embrace ‘negotiation’, otherwise referred to as bargaining.

Meaning and scope of negotiation

Negotiation can be described as any form of discussion entered into with a view to reaching an agreement or consensus. It takes place in a variety of circumstances, ranging from business transactions and contract agreements to mergers, partnerships, and wage disputes. It is also present in international diplomacy, relationship issues, claims settlements, conflict resolution, and even land disputes. Essentially, wherever two or more parties must reconcile competing interests, negotiation becomes indispensable.

‘Beyond individual gains, negotiation contributes to institutional stability by fostering cooperation and reducing the likelihood of prolonged conflict.’

Approaches to negotiation

Negotiation is usually conducted through two main approaches: integrative bargaining and distributive bargaining. The first is built on the philosophy of a win-win relationship, where both sides seek mutually beneficial outcomes and aim for a long-term relationship. In this model, resources are flexible, and the interests of the parties often converge. The second approach, distributive bargaining, is rooted in a win-lose dynamic. Here, the relationship tends to be short-term, resources are fixed, and the interests of the parties are directly opposed.

Benefits of negotiation

When properly handled, negotiation produces a host of benefits. It helps parties reach binding agreements and resolve disputes while building stronger relationships in the process. It opens opportunities for learning and the development of new skills, improves communication, and enhances efficiency. In the workplace, it supports business success, strengthens confidence, and even allows individuals to discover hidden talents. Beyond individual gains, negotiation contributes to institutional stability by fostering cooperation and reducing the likelihood of prolonged conflict.

Understanding corporate governance

Corporate governance, on the other hand, focuses on the proper management of a company’s affairs in the best interest of stakeholders, including shareholders, lenders, regulators, government, creditors, competitors, and the wider public. In essence, it is the system by which corporate entities are effectively controlled and directed.

Until the early 2000s, corporate governance principles were largely unfamiliar in Nigeria, having originated mainly from North America and Europe. Today, however, these principles are central to organisational life. At its core, good governance is anchored on accountability, transparency, and independence of judgement. It requires integrity in financial reporting, fidelity to regulatory obligations, and a commitment to delivering value not just for shareholders but for all stakeholders connected to the entity.

Regulatory framework

Corporate governance in Nigeria is shaped by both domestic and international frameworks. Domestically, the Nigerian Code of Corporate Governance of 2018, issued by the Financial Reporting Council, provides the baseline. Other instruments, such as the SME Business Governance Guidelines, the CBN Prudential Guidelines for banks, and the Code of Corporate Governance for insurance companies, supplement this effort. In addition, the Companies and Allied Matters Act (CAMA) 2020 and the Banks and Other Financial Institutions Act (BOFIA) 2020 provide strong legal backing. Globally, Nigeria aligns with frameworks such as the International Corporate Governance Network (ICGN) and the Organisation for Economic Co-operation and Development (OECD).

Approaches to corporate governance

Two broad approaches dominate the practice of corporate governance. The rules-based approach is anchored on statutory provisions of law, while the principles-based approach, sometimes referred to as the framework approach, rests on shared professional standards and collective wisdom. Both approaches complement each other, ensuring that governance is not just about legal compliance but also about upholding best practices.

Conflict resolution and the nexus with corporate governance

Conflict resolution, meanwhile, is the mechanism for addressing crises that arise in homes, religious organisations, politics, or the corporate world. Disagreements are inevitable, but sound corporate governance plays a vital role in minimising their frequency and intensity in the workplace. Through adherence to codes of ethics, compliance with global standards, prevention of fraud, early detection of risks, and reporting of infractions, governance structures often prevent disputes from escalating into crises.

This proactive role of governance establishes a natural link between it and both negotiation and conflict resolution. In practice, corporate bodies often rely on negotiation to resolve disputes, and in doing so, they lean heavily on governance structures. A good example lies in the role of audit committees, which negotiate on behalf of shareholders in the appointment of external auditors and in determining fair remuneration. Here, governance provides the framework, negotiation supplies the method, and conflict resolution ensures lasting harmony.

Gains of corporate governance

When implemented effectively, corporate governance yields transformative benefits for organisations. It encourages ethical behaviour among leaders, strengthens corporate reputation, and builds public trust. It also facilitates smoother decision-making, enhances reporting credibility, and supports long-term strategic growth by eliminating bottlenecks. Governance creates job security, reduces labour turnover, and ensures compliance with rules and regulations. It protects organisations from conflicts of interest, builds strong internal controls against fraud, retains competent board members, and helps mitigate risks. More broadly, it enhances access to capital, sustains organisational objectives, and instills accountability, financial discipline, and transparency. Ultimately, robust governance fosters a culture of peace, stability, and harmony among stakeholders, ensuring that organisations remain resilient in an unpredictable environment.

Conclusion

Corporate governance is not merely a regulatory obligation; it is a strategic imperative. Accountants, and by extension, professional accountants, are uniquely positioned to lead this charge by virtue of their training and ethical grounding. Whether serving as internal auditors, external auditors, or members of audit committees, their task is to uphold global best practices while maintaining integrity, objectivity, fairness, probity, transparency, and accountability. In a world where negotiation and conflict resolution are daily realities, the synergy with corporate governance ensures that organisations not only survive but thrive.

Nigeria’s fintech revolution has fundamentally transformed the banking landscape in Africa’s largest economy. Platforms like Flutterwave, Paystack, OPay, and Kuda now process billions of naira daily, creating unprecedented access to financial services for millions previously excluded from traditional banking. The Central Bank of Nigeria reports that mobile money transactions exceeded ?59 trillion in 2023, positioning Nigeria as Africa’s largest and most dynamic fintech market.

This digital transformation represents a significant leap forward in financial inclusion, allowing Nigerians to send money, pay bills, save, invest, and access credit through their smartphones. However, this rapid digitisation has created a parallel challenge: as millions of digital wallets emerge, they’ve become prime targets for increasingly sophisticated cybercriminals. The very technology that has democratised financial access now presents new vulnerabilities that both users and providers must urgently address to protect Nigeria’s digital financial future.

Nigeria’s fintech sector has experienced unprecedented growth, driven by high smartphone penetration and a young population that is tech-savvy. Digital banking platforms like Kuda, Carbon, and PalmPay have onboarded millions of users, while payment processors cater to everything from street vendors’ transactions to large corporates’ payments. From Lagos merchants accepting QR code payments to remote workers receiving international transfers, fintech has democratised financial services across the country.

Nigerian fintech users face several significant threats. One is SIM swap fraud, where attackers convince telecom operators to reassign phone numbers to new SIM cards, gaining access to two-factor authentication messages and potentially taking over accounts. Phishing attacks also pose a risk, as scammers create sophisticated fake websites and messages targeting Nigerian fintech users, tricking victims into revealing logins, OTPs, or sensitive data. Vishing is another threat, with criminals posing as bank officials during phone calls to extract sensitive information. Additionally, fake fintech apps mimic legitimate services to capture user credentials and financial information, potentially recording logins and intercepting SMS codes. Credential stuffing is a further concern, where attackers use passwords stolen from data breaches to attempt access to fintech platforms, exploiting users who reuse passwords across services.

The most effective defences include stronger authentication methods, such as using authenticator apps like Google Authenticator instead of SMS verification, and enabling biometric options like fingerprint and facial recognition. Mobile device security is crucial-users should implement strong screen locks, avoid public Wi-Fi for financial transactions, install reputable security software, and keep devices updated. Account monitoring through real-time alerts for all transactions and login attempts, along with regularly reviewing transaction history, helps detect suspicious activity early. Password management is vital; using unique, strong passwords for each fintech account, preferably generated and stored with a password manager, while avoiding personal information and changing passwords regularly, enhances security.

Users should be alert to warning signs, including the fact that legitimate fintech companies never request passwords, PINs, or OTPs through unsolicited communications. It is wise to be suspicious of urgent verification requests, unexpected security alerts, or offers that seem too good to be true. Unexpected SIM deactivation or sudden network loss may indicate a SIM swap attack in progress.

Developing a security-first mindset involves diversifying financial activities across multiple platforms to limit potential losses and keeping backup funds in traditional banking accounts. Avoiding storing large amounts in digital wallets unnecessarily, performing regular security maintenance such as quarterly password updates, and educating family members and employees who access shared devices or accounts all contribute to long-term security.

Nigeria’s fintech boom represents a pivotal moment in the country’s economic development, offering unprecedented opportunities for financial inclusion, economic growth, and technological advancement. However, the sustainability of this digital financial ecosystem hinges on establishing a robust security culture among both users and providers. As Nigeria continues to lead Africa’s fintech revolution, the challenge lies not merely in expanding services but in building an infrastructure of trust. Financial institutions must invest in cutting-edge security systems and user education, while consumers must adopt proactive security practices as second nature. Government regulators also play a crucial role in establishing and enforcing security standards that protect users without stifling innovation.

The future of Nigeria’s fintech sector will be determined not just by the convenience and accessibility of its services but by its resilience against evolving cyber threats. By collectively prioritising security alongside innovation, Nigeria can ensure its digital finance ecosystem remains a powerful engine for economic empowerment rather than a vulnerable target for cybercriminals. The promise of financial inclusion through technology can only be fully realised when digital wallets are both accessible and secure for all Nigerians.

Schneider Electric, the global leader in energy management and automation, has introduced its flagship MasterPacT MTZ Active circuit breaker to the West African market, marking a significant step forward in industrial safety, efficiency, and digital energy management.

The launch comes at a time when businesses across the region are grappling with unreliable power supply and the growing need to integrate alternative energy sources into their operations. From small-scale manufacturers to large industrial plants, consistent electricity remains a challenge, often disrupting production and limiting growth.

‘Power availability and reliability remain a pressing issue across many sectors in West Africa,’ said Opeyemi Olaniyan, Offer Manager, Power Products at Schneider Electric West Africa. ‘The MasterPacT MTZ Active is purpose-built for today’s electrified and digitised environment, where uptime is essential and energy management has become increasingly complex.’

At the heart of the MTZ Active is the MicroLogic control unit, which provides real-time data on energy performance, allowing facilities to manage load fluctuations and restore power quickly after outages. By combining traditional circuit breaker functionality with advanced digital intelligence, the product is designed to help industries minimise downtime, optimise power use, and extend equipment life.

One of its standout features is wireless connectivity. Unlike traditional systems that rely on wired infrastructure, the MTZ Active supports Bluetooth, NFC, Zigbee, and cloud gateways. This capability not only reduces installation costs but also allows seamless integration into decentralised environments or legacy systems undergoing upgrades. Through Schneider Electric’s EcoStruxure architecture, users can remotely monitor and analyse performance, enabling predictive maintenance and improved operational efficiency.

Safety is another key focus of the MTZ Active. The breaker is equipped with an Energy Reduction Maintenance Setting (ERMS), which reduces the risk of arc flash hazards during live maintenance. In addition, an industry-first QR code on the LCD display enables maintenance staff to scan and immediately access diagnostics, shortening fault response times and enhancing worker confidence.

For businesses already invested in Schneider Electric’s older MasterPacT NT/NW systems, the MTZ Active offers a cost-efficient upgrade path. Facilities can retrofit by replacing only the trip unit with the MicroLogic Active, without altering the existing switchboard or footprint. This compatibility extends asset life, reduces waste, and avoids the downtime typically associated with system replacement.

Sustainability is also embedded in the product’s design. Its modular build allows for firmware upgrades and digital module enhancements, while components are certified for refurbishment and reuse. With rated current up to 6,300 A and compliance with UL 489, ANSI C37, and IEC standards, the MTZ Active is suitable for a wide range of industrial applications in the region.

Olaniyan summed up the product’s value by highlighting its blend of innovation and practicality: ‘This circuit breaker combines connectivity, safety, and retrofit capability in a way that directly addresses the challenges faced by industries in West Africa.’

By setting a new standard in circuit protection, Schneider Electric’s MasterPacT MTZ Active could play a crucial role in helping businesses across West Africa secure reliable power, reduce operational risks, and prepare for a more sustainable, digitised future.

David Umahi, the minister of works, has given a seven-day ultimatum to Winhomes Global Services Limited to provide the necessary documents for an alleged $250 million real estate investment along the ongoing Lagos-Calabar Coastal Highway, threatening to petition security agencies and international authorities to investigate the matter.

The minister dismissed claims by the company that it invested $250 million in a land acquisition affected by the Lagos-Calabar coastal highway project, insisting that there is no evidence to support the company’s allegations of government encroachment and demolition.

Speaking during an inspection of the project site in Lagos on Monday, Umahi accused the firm of misleading Nigerians and attempting to discredit the federal government’s infrastructure drive. He said the matter had already been resolved in court in favour of the government and that the Lagos State government had legally revoked the land in question.

‘I have a document from Winhomes that says they bought 12 hectares of land in 2022 for the sum of N50 million. In this area, with all the development around, I don’t know if the villagers were terribly cheated or if due process was followed. Nigerians should ask questions,’ Umahi told journalists at the site.

The minister alleged that the company exaggerated its claims, pointing to what he described as substandard fencing, a poorly constructed drainage of ‘not more than 10 meters,’ and no visible infrastructure of the value claimed.

‘The only thing we destroyed was the gatehouse, for which the enumerator graciously gave her N19 million.

‘The woman claimed she has invested $250 million. Not ?250 million, but dollars. We cannot trace the money, the approvals, or the investors. If she really brought that amount, where is it? Show us through the CBN, show us who paid, and how much they paid. Otherwise, it is a fraud to me,’ Umahi said.

He announced plans to petition the Economic and Financial Crimes Commission (EFCC) and the Department of State Services (DSS) to investigate the matter, and warned that unless Winhomes provided verifiable evidence within seven days, the ministry would escalate the case to diplomatic channels.

‘I need an apology from the woman, and I’ll be writing to the Embassy of America to demand that they send the woman back to us so that she will come and tell us where the money is and how it left America to come to Nigeria,’ Umahi said.

Civil society representatives who joined the inspection also questioned the company’s claims. Declan Hekare, one of the activists who had earlier led protests in Abuja, said his findings on site contradicted the narrative of large-scale demolitions.

‘What I am seeing here is below my expectations. I expected to see structures that were erected and pulled down. That is not the case. If by the end of two weeks, more evidence is not provided, we will address a world press conference. Nigerians cannot be misled,’ Hekare declared.

On the broader project, Umahi assured that the coastal highway, one of the federal government’s four legacy infrastructure projects, would be delivered under a funding arrangement that combines 30 percent government financing and 70 percent private capital. He added that concessionaires with proof of funds were already lined up to participate.

Premium Power Solutions will graduate the first cohort of its free Technician Academy on Oct. 6 in Lagos, part of a private-sector effort to close Nigeria’s chronic shortage of skilled technicians, undermining its energy sector.

Nigeria loses an estimated $26 billion annually to unreliable electricity, according to the World Bank, while manufacturers report power as one of their top five constraints to growth.

Yet the shortage of certified technicians remains largely overlooked, with fewer than one for every 1,000 households connected to the grid, industry data shows.

The 12-month program by Lagos-based Premium Power offers practical training in electrical and mechanical technology, protective gear, professional toolkits, and preparation for the Federal Ministry of Labour’s trade test, all at no cost to participants. The first class also includes female trainees, a step toward improving gender diversity in a male-dominated industry.

Ejiroghene Udu, Premium Power’s founder and chief executive officer, said the initiative is meant to create a pipeline of skilled workers who can immediately enter the market.

‘Energy at PPS means more than electricity; it’s about unlocking potential and dignity for our youth. This academy is our pledge to close the skills gap and empower a new wave of talent, especially young women, to shape Africa’s energy future,’ Udu said.

‘For me, this journey is deeply personal. Every young person trained here represents a life transformed and a step closer to bridging the technical skills gap in our country. I am especially proud of the women who have taken bold steps to break barriers and thrive in a space that has not always been welcoming to them.’

Nigeria has one of the youngest populations in the world, with about 43 percent under 15 years old, and unemployment among young people is more than double the national average.

Industry leaders say technical training could help absorb some of this demographic pressure while boosting the country’s ability to expand grid power and off-grid renewables.

By producing certified technicians, Premium Power is betting that its graduates will raise employability and help strengthen capacity in a sector critical to Africa’s fourth biggest economy.

The company sees the academy as both a corporate responsibility project and a strategic investment in sustaining long-term growth.

The mediation meeting to resolve the ongoing dispute between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENSASSAN) ended in a deadlock as both parties could not come to terms, after about nine hours of meeting.

The meeting which was chaired by Muhammad Dingyadi, minister of Labour and Employment, had leadership of PENGASSAN, Dangote Refinery, Minister of Finance, and key directors of the Nigerian Upstream Petroleum Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Authority in attendance.

Speaking to journalists after the meeting at the early hours of Tuesday, Festus Osifo, president of PENGASSAN explained that the meeting could not resolved the issues at hand as the management of Dangote Refinery refused to reinstate the sacked staff.

He insisted that the demand of the association was the reinstatement of the 800 staff that were sacked, adding that the strike action continues without their reinstatement.

‘Yes, as you could see, we’ve been here for about nine hours trying to find solutions. And we’ve had numerous deliberations from the larger team we broke into a smaller team trying to find solutions. But unfortunately, there is no solution tonight.

‘Because all we want is that we have 800 people plus that are at home, these people, they are fathers, they are mothers, their career is at stake. When you terminate people the way you’ve terminated them, it will be extremely difficult for them to find jobs anywhere.

‘ Some of these people are trainees and you said they have committed sabotage. So if they go home like that, there is no other company they will get jobs to do again in Nigeria because they have seen them as saboteurs. So these are careers that will be damaged if proper remedy is not put in place.

‘So that is why for us, our position has been very clear; you have to reinstate these people. If you reinstate them tonight, we will call off our action tonight but unfortunately, that reinstatement did not happen. And we were not able to reach conclusions on the subject.

‘So they have asked us to come back again by 2 o’clock tomorrow and we will continue to pray. Or rather, 2 o’clock today. We are already on Tuesday, 30th September. So we will reconvene. And we pray that God should touch the heart of the capitalists. God should touch the heart of the oppressors for them to call our people back to work. So as it is, just as we have communicated, the strike continues until we come back again to see if we can find a solution to the issues,’ Osifo said.

For Muhammad Dingyadi, minister of Labour and Employment, the Federal Government is committed to resolving the dispute which according to him revolves around the sacked staff and unionization of workers.

He said that the parties agreed to reconvene by 2pm to resolve the dispute.

‘There are no other issues now, the issue of unionisation and the 800 staff that were sacked. These are two basic issues that we have been discussing.

‘We have not arrived at any position. We are still working, we are still talking.

Also speaking, Wale Edun, minister of finance and coordinating minister of the economy said that what is of utmost importance in the minds of everybody, the public, the government, the investors, and economic actors generally, is the need to limit the damage the action could have on the economy.

‘We need to wrap it up, we need to resolve it, and we need to have workers going back to work. We need to have the gas flowing. We need to have food flowing as imports into production, which is where the economy has arrived at right now, where we are able to add value, where we are able to grow the economy.

‘And we don’t want that momentum to be broken. And that’s why you see us here for nine hours trying to resolve just one naughty issue, as the Honorable Minister for Labor and Employment has said, and we are optimistic that by tomorrow we will break the deadlock, we will resolve the stalemate, and we will put this issue behind us and be able to keep the Nigerian economy going forward as it is currently at present. It’s important that we maintain the momentum of growth, of upward trajectory of the Nigerian economy,’ Edun said.

Nigeria is seeing an increasing cases of cardiovascular diseases (CVDs), with a treatment cost that is deepening household poverty, health experts and multiple studies show.

As Nigerians join the rest of the world to mark World Heart Day today, experts warn that CVDs are becoming a major casue of mortality and also impoverishing households. They stress that poor awareness of risk factors, a shortage of specialists, and the country’s weak health insurance coverage are compounding the crisis, leaving millions of citizens to pay out-of-pocket for expensive treatments.

Also, several studies reviewed by BusinessDay found that the cost of care doubles the poverty headcount among households.

Akin Osibogun, chairman of the Nigeria Heart Foundation, noted that the prevalence of CVDs had risen from 10% in 1990 to 28% today, and globally, about 20 million people die annually from CVDs.

Osibogun decried Nigeria’s low health insurance coverage, stressing that the cost of care remains unaffordable for many. According to the National Health Insurance Authority (NHIA), barely 10% of Nigeria’s estimated 220 million people are insured, while the rest are forced to pay out-of-pocket.

A study published in the Public Library of Science in 2021, based on a survey of patients who accessed healthcare in public and specialised heart hospitals, revealed that patients paying out-of-pocket faces catastrophic health expenditure (CHE).

The study found that 54.6% of CVD patient households incurred CHE, with the poorest households facing a 60-fold higher chance of incurring CHE relative to wealthier households.

The study also concluded that health expenditures doubled household poverty headcount, from 8.13% to 16.4%.

Private hospitals also report prohibitive costs. Lagoon Hospitals noted that cardiology care in Nigeria remains out of reach for most families. At Lagos State University Teaching Hospital (LASUTH), a valve replacement procedure costs about ?3.2 million, while a hole-in-the-heart surgery ranges between ?2.5 million and ?2.7 million. With average monthly incomes ranging between ?85,700 and ?1.5 million and with 63 per cent of Nigerians living below the poverty line, experts say life-saving procedures are priced as luxuries for the majority.

It found that heart failure, cardiomyopathies, rheumatic heart disease, and coronary artery disease-are increasingly prevalent in Nigeria, adding that Hypertension remains the leading risk factor, yet one-third of hypertensive Nigerians receive no treatment, while another third fail to maintain controlled blood pressure.

On addressing treatment cost, Osibogun, emphasised the need to strengthen local manufacturing to reduce the cost of healthcare and make treatments more accessible to Nigerians.

The expert expressed concerns that ‘Ignorance is the greatest challenge,’ in addressing CVDs as many Nigerians are no aware of risk factor such as excessive salt intake.

He also warned that air pollution is an emerging driver of heart disease. ‘Due to air pollution, the concentration of oxygen is reduced by pollutants, so the heart has to work harder, almost in overdrive,’ Osibogun said.

He also urged citizens to adopt healthier lifestyles, highlighting the benefits of eating well and engaging in regular physical activity. ‘We need to move more,’ he said, stressing that exercise is a key preventive measure against cardiovascular diseases.

He recommended that primary healthcare centres (PHCs) provide cardiovascular healthcare services, as they are the closest point of care for most Nigerians.

Furthermore on prevalence, a 2022 study published in the National Library of Science found that CVD-related admissions are rising in Nigeria and across Africa. Conducted in a Lagos tertiary hospital, the study reviewed CVD admissions over a 16-year period and revealed exponential increases.

Between 2002 and 2005, cumulative CVD admissions stood at 468. By 2009, the figure had risen to 1,490, a 201.1% increase. By 2013, it had climbed to 2,883 – representing a 516% increase. By 2017, total admissions stood at 4,436, an 847.9% increase from the 2002 baseline. The study noted that both admissions and death rates were rising sharply, reflecting Nigeria’s ongoing epidemiological transition.

A 2024 study, ‘The Burden of Cardiovascular Disease Attributable to Hypertension in Nigeria: A Modelling Study Using Summary-Level Data’, published in Global Heart, confirmed hypertension as the primary driver of CVDs. The findings showed hypertension contributes to 13.2% of myocardial infarctions, 24.6 percent of all stroke cases, and 21.6 percent of ischaemic stroke cases. Its role is even greater in intracerebral haemorrhagic strokes, accounting for 33.1 percent.

Recently, the shareholders and Boards of Directors of Providus Bank and Unity Bank at a court-ordered Extraordinary General Meeting (EGM) gave their resounding approval to proceed with the business combination of the two financial institutions.

The nod to go ahead by the boards and shareholders of the two institutions signifies a moment of national significance for Nigeria’s banking industry-one that reflects resilience, foresight, and collective responsibility.

The deal, which won overwhelming shareholder approval at a court-ordered Extraordinary General Meeting, combines the strengths of both institutions.

Analysts believe that the Providus-Unity deal signals more than a merger, but a bold step to protect shareholder value, restore confidence, and reshape the future of Nigeria’s banking landscape.

The success of the merger could well determine how future business combinations are perceived-not merely as survival strategies, but as platforms for lasting value creation.

For instance, as at June 30, 2025, the enlarged bank held N5.3 trillion in total assets and N3.2 trillion in deposits, ranking 9th and 11th in the industry, respectively. It now boasts 229 branches and serves 3.6 million customers nationwide. With stronger capital adequacy, broader reach, and enhanced digital platforms, the enlarged bank positions itself as a backbone for Nigeria’s $1trillion economy ambition.

Also, the business combination between Providus Bank and Unity Bank which marks a significant milestone in Nigeria’s financial sector comes at a time when investor confidence and shareholder value have been under intense scrutiny.

The merger represents not just the unification of assets but also a strategic step towards creating a stronger, more competitive institution particularly in Nigeria’s banking environment where institutions under the regulation of the Central Bank of Nigeria (CBN) are faced with a recapitalisation hurdle with a March 31, 2026.

By prioritising transparency, safeguarding investor interests, and strengthening institutional resilience, the transaction is expected to inspire broader confidence in Nigeria’s banking system and serve as a model for how strategic partnerships can unlock value, stabilise fragile institutions, and reinforce the foundations of long-term prosperity.

Following the success of the merger, Providus Bank and Unity Bank lauded the Central Bank of Nigeria (CBN) for its foresight, determination, and commitment to building a stronger financial system.

Providus Bank believes that the New World of Fast, Smart, Personal, and Borderless banking relationship is here. We are therefore inspired by our Future Forward Banking ethos to make life (at work and leisure) more exciting for our partners with the use of cutting-edge technology that delivers best-in-class customer satisfaction.

In less than 10 years, Providus Bank has emerged as one of the fastest-growing financial institutions in the country.

Through the merger, Providus aims to transform from a niche player into a national bank, leveraging Unity Bank’s over 211-branch network spread across all 36 states and the FCT. The move aligns with Providus Bank’s broader strategy to deepen its retail presence and diversify its customer base.

Additionally, Providus Bank would significantly benefit from scale in retail banking as it would expand its footprint from a largely digital operation to a full-fledged national player.

It also brings in a strong SME lending pipeline, especially in agriculture, mining, e-commerce, hospitality, and entertainment sectors, which both banks already support.

Providus plans to integrate its technology stack into Unity Bank’s branch network, enhancing service delivery and cost efficiency. The bank believes the combined entity will unlock new value across its retail, SME, and digital channels. Also, Providus Bank was recently named one of the best workplaces in banking in 2025 by the Great Place to Work (GPTW), a global leader in workplace culture. The recognition highlights the bank’s efforts to create an environment where employees feel supported, engaged and motivated.

According to GPTW, the award was based largely on staff feedback, which has become an increasingly important measure of how organisations are adapting to shifting workforce expectations.

Reacting to the feat, Managing Director/CEO, Providus Bank, Walter Akpani, had attributed it to the quality of staff at the financial institution.

‘Our people are at the very heart of what we do. This recognition is a tribute to their hard work, creativity and dedication,’ he noted.

Also, the Group Head of Human Resources at ProvidusBank, Kingsley Ogirri, said the recognition reflected the experiences of employees themselves.

‘It is proof that the policies and programmes we have put in place are making a difference, from opportunities for growth, to wellness initiatives, to creating a space where everyone feels valued,’ he added.

The CBN, by enabling the transaction, has reinforced its vision of a sector anchored on resilience and customer confidence. The CBN regulatory support is not only shaping healthier banks, but also inspiring the confidence of businesses, investors, and everyday Nigerians that the financial system is ready to serve as a cornerstone for sustainable growth.

For Unity Bank, the deal comes as a lifeline, providing an opportunity to overcome years of structural and balance sheet challenges that had weighed heavily on its operations; while for Providus Bank, it is a chance to scale further, expand reach, and leverage synergies that will position the combined entity as a force to reckon with in Nigeria’s fast-evolving banking space.

With this development, both banks have an opportunity to chart a new course defined by innovation, efficiency, and trust, setting a standard for future industry consolidations.

The enlarged entity will have the scale to compete, the reach to serve every part of the federation, and the capacity to support businesses, households, and government at every level.

Both entities merger is a move that signals stability, renews optimism, and sends a reassuring message to stakeholders that value preservation remains a top priority.

With enhanced technology platforms, deeper capital strength, and a commitment to customer service, the enlarged bank will stand as both a guardian of stability and a catalyst for growth in Nigeria’s journey toward a trillion-dollar economy. The merger also ushers in a new chapter: a bank that is bigger in ambition, broader in reach, and stronger in capacity. It also embodies the values of innovation, empathetic relationship management, customer focus, and integrity.

Beyond the immediate financial benefits, the Providus-Unity deal represents a test of the industry’s ability to inspire confidence. By prioritising transparency, safeguarding shareholder interests, and building a culture of accountability, the new entity is expected to play a central role in deepening financial inclusion and restoring public confidence in Nigeria’s banking system.

‘This regulatory support is not only shaping healthier banks, but also inspiring the confidence of businesses, investors, and everyday Nigerians that our financial system is ready to serve as a cornerstone for sustainable growth,’ the banks noted.

The vote was also a signal to the markets, to regulators, and to the wider public that Nigeria’s banking sector remains robust and forward-looking.

Ultimately, the Providus-Unity deal represents a pivotal moment for the financial sector, not just in terms of numbers on a balance sheet but in rebuilding trust and charting a new course for sustainable growth.

Former President Goodluck Jonathan, ex-Vice President Yemi Osinbajo and former Kano State Governor Rabiu Kwankwaso are among top Nigerian leaders expected to meet for a national dialogue on electoral reforms.

The event will also feature Peter Obi, Labour Party’s 2023 Presidential candidate and Attahiru Jega, former INEC Chairman, who will join other political figures, labour leaders, and civil society members in the discourse.

Scheduled for October 1st, the dialogue is part of activities marking Nigeria’s 65th Independence Anniversary. The meeting is being convened by the National Consultative Front (NCFront), Labour and Civil Society Front (LCSF), the Nigeria Electoral Reforms Coalition (NERCO) and other partners.

Invited participants include NLC President Joe Ajaero, TUC leader Festus Osofo, ex-Education Minister Oby Ezekwesili, former Rivers Governor Rotimi Amaechi, political economist, Pat Utomi and ex-Senator, Shehu Sani.

Also expected are key government officials such as the Secretary to the Government of the Federation, the chairman of the Nigeria Governors’ Forum as well as leaders of the National Assembly Committees on electoral reforms.

According to organisers, the session will push for constitutional changes and policy reforms to ensure credible polls in 2027.