Category: Business Day

Owerri, the Imo State capital, is wearing regal looks, as the state prepared to receive President Bola Tinubu to commission legacy projects executive by the Governor Hope Uzodinma’s administration.

BusinessDay gathered that the state is hosting a mini convention of the All Progressive Congress (APC), as all the 24 APC Governors, will be present, with party delegates coming in from across the 36 states.

It was also gathered that Governor Siminalayi Fubara of Rivers State is also expected to be at the event.

Aside from the Governors, Kayode Egbetokun, Inspector General of Police, traditional rulers and all the local government, are also mobilised for the event.

The state capital is wearing a new look, following massive clean up mobilisation by the state government to clear up the streets, weeding grasses along the road sides and preparing the venues where the President will have the events.

One of the projects lined up for commissioning include the flyover built by the government at the over the area known as ‘ Control’

The state government has cordoned off traffic along the newly constructed fly over at the Control, as the President is expected to commission the bridge

Some of the residents who spoke to BusinessDay around the flyover commended Governor Hope Uzodinma for making the project a reality.

Faith Osuji who sells her wares along the Bank Road noted that ‘ Do you know how long we have suffered because of this project? We are happy that the government has finally completed it’

‘ Our advice to the Governor is that they should not allow miscreants hide under the overhead bridge so that they will not use their as their hideouts.

A bus driver, who simply identified himself as Chidi, also hailed the Uzodinma’s administration for giving infrastructure in the state a face lift.

‘ Governor Hope has tried, but the only challenge is insecurity,’ he said.

Chidi who declared that Owerri, the state capital has enjoyed relative peace in recent times, said the reverse is however the case in the rural areas

‘ Let him work with the Federal government to address the insecurity in the local governments.

‘ We still find it difficult to travel to our villages, especially on market days’

Declan Emelumba, the Imo State Commissioner for Information who spoke with BusinessDay, said the state is fully prepared to receive the President

‘As you can see, we are fully ready to host Mr. President and his team in Owerri, today,’ the commissioner said.

The whole town is agog, the President will be unveiling the legacy projects of this administration

These include the Owerri to Mbaise road project, the over head flyover bridge at control, which had lingered on for several years

The Emmanuel Iwuanyanwu Center, is a 10,000 capacity edifice.

Speaking on security, the Commissioner noted that the state has overcome the ‘ Seat at home’ threats adding ‘ This does not apply in Imo’.

‘The Governor has done a lot to make Imo comfortable for our people, therefore, no one in his right senses will work against his or her own people,’ Emelumba said.

‘Looking ahead, the next phase goes beyond connectivity. Our goal is a robust, resilient, safe, and secure internet for all citizens, businesses, and government. That will require a revised National Telecommunications Policy. Work on this, led by the Federal Ministry of Communications, Innovation and Digital Economy, will begin in Q4 this year.’

What is the scope of Nigeria’s policy environment for the telecommunications sector?

This is a good place to start. Nigeria’s telecoms journey rests on a clear policy-to-law pipeline. It began with the National Telecommunications Policy (NTP) 2000, which paved the way for the Nigerian Communications Act (2003)-the law under which the NCC, as you know it, operates today. NTP 2000 liberalised the market and, with strong political will, transformed connectivity: we moved from about 500,000 fixed lines to almost 80 million active lines in under a decade. Competition drove innovation and affordability; even with recent tariff adjustments, the average price per minute remains below the approximately ?50 per minute level at the dawn of the GSM era. That policy shift also catalysed adjacent sectors like digital payments.

Now building on that foundation, several newer policies shape today’s landscape: the Revised National Policy for SIM Card Registration (2021), which we completed implementation of last year and is now just an ongoing business-as-usual process; the National Policy on 5G, which enabled the commercial launch of 5G services; and the Nigerian National Broadband Plan (2020-2025), which expires this year-which, by the way, we have already begun engaging our Ministry on for a third iteration. There is also the National Cybersecurity Policy (2021), which led to the establishment of the sectoral Cyber Incident Response Team (CSIRT) under the NCC, and in fact, we are now finalising a telecoms sector cybersecurity framework. We also have the National Child Online Protection Policy, which guides how we safeguard users online, and the National Policy for the Promotion of Indigenous Content in the Nigerian Telecommunications Sector (2021)-a pivotal, long-term agenda to deepen local participation across the value chain.

‘Over the next year, you will see us push hard on network reliability through tighter QoS standards across the entire value chain, including with co-location service providers, alongside CNII operationalisation and real accountability via public performance dashboards-so service quality is visible, comparable, and ultimately improves.’

So, where are we today in terms of progress with these policies?

I’m glad you are asking this. Nigerians may not realise, but a lot of progress has been made with policies in our sector. Most significantly, we have dismantled monopolies and built a competitive market over the past two and a half decades. The industry has built broadband networks, which have led to local digital ecosystems emerging, most notably digital payments and e-commerce. Internet consumption continues to grow exponentially-streaming, short-form video, virtual meetings, online learning, online shopping, and the list goes on. In that sense, the NTP 2000 has largely been delivered and, in many areas, exceeded what it originally envisaged.

On specific policies: NIN-SIM linkage, like I just said, is now business as usual. After several deadline shifts, we concluded its full implementation last year, ensuring all SIMs are linked to a valid and verifiable NIN. Implementation of the National Cybersecurity Policy 2021 is ongoing. Our NCC-CSIRT has been operational for a few years; following the President’s Executive Order on Critical National Information Infrastructure (CNII) last year, we have been working with ONSA on our sector’s operationalisation, and we will be issuing a sector-specific cybersecurity framework in Q4 2025. The Child Online Protection Policy (and broader online-safety work) is still at an early stage, having only been approved in February 2023 by the previous Federal Executive Council.

On indigenous content, it is too early to appraise. It needs long-term consistency and broader reforms to succeed. Realism and consistency are key: countries that now play across the entire telecoms stack got there through decades of steady policy and disciplined execution. It is a long-term play, and we are aligning the sector accordingly. As for the National Broadband Plan (2020-2025), now in its second iteration and expiring in a year’s time, there is a lot of work still to do. Some targets may not be met, and some are no longer relevant to today’s context. We have learnt the lessons, and the next five-year plan must build in agility so we can respond to a rapidly changing environment.

Looking ahead, the next phase goes beyond connectivity. Our goal is a robust, resilient, safe, and secure internet for all citizens, businesses, and government. That will require a revised National Telecommunications Policy. Work on this, led by the Federal Ministry of Communications, Innovation, and Digital Economy, will begin in Q4 this year.

To what extent was the operators’ business environment considered in the recent tariff hike, and what is the current situation?

First, some context. We are an economic regulator as set out in the Nigerian Communications Act (2003). Our tools are grounded in competition principles to create a market where both sides get value-this means that operators can earn fair returns, and consumers get high-quality, affordable services.

Generally, consumer prices rise with inflation, and we have recently seen steeper increases as the economy adjusts to necessary macroeconomic reforms. Transport, food, and other daily items have gone up-some by more than 100%-yet telecom consumer tariffs stayed largely flat for close to a decade, often without inflationary adjustments. Meanwhile, operators’ input costs rose sharply. Just consider the diesel to power generators that run roughly 40,000 sites nationwide and the imported radio equipment at these sites, paid for in foreign exchange. So what has happened is that over time, margins were eroded and the sector became less attractive for investment. CAPEX did not keep pace with demand growth; in fact, prior to our intervention, investments were dropping. This is a sector that must invest continuously to maintain quality, especially as data consumption grows. Some operators were borrowing to buy diesel! Effectively subsidising service. When there is no cost recovery and fair returns, investors simply take their money elsewhere; it’s not rocket science.

So we faced a dilemma: how do we restore investor confidence so the necessary investments can flow while ensuring consumers still enjoy affordable, high-quality connectivity? Doing nothing would have meant continued investment decline and worsening quality. The only realistic, lawful path consistent with economic regulation was to allow tariffs to move within cost-oriented bounds.

With hindsight, the NCC could have done more, earlier, to build resilience ahead of the government’s reforms: stronger infrastructure protection, more robust operator corporate governance, QoS regulations across the entire value chain, zero-tolerance for inter/intra-industry debt, and periodic tariff adjustments in line with inflation. This is why we did not rush to approve higher tariffs. We first addressed industry debts, began to tackle infrastructure vandalism, and cleaned up industry data. Ultimately, however, the long-term solution was to permit tariff adjustments within a cost-oriented framework, just as the law envisages.

And I will emphasise: the Nigerian Communications Act (2003) does not say the NCC or the federal government should set prices. Yes, the Act requires the NCC to approve tariffs, but always in the context of preventing anti-competitive conduct, not to fix prices in a deregulated market. Our role is to ensure operators do not collude to push prices up and that no player cross-subsidises to undercut rivals unfairly. We run regular cost studies to determine price floors and ceilings within which operators can compete.

Saying all of this, the good news is that we are now seeing investments return; already, we have verified commitments of over $1 billion by operators for this year alone to expand the networks, which is significantly more than what we have seen over the past two to three years in the sector.

You mentioned tighter supervision of service quality across the value chain. What has changed?

We have stepped up oversight beyond Mobile Network Operators (MNOs) to cover every layer, especially Co-Location Service Providers (CSPs), who are arguably the most critical operators in the service-delivery chain. Co-location service providers host MNOs/ISPs at outdoor sites and provide space, power, cooling, backhaul, and security on a non-discriminatory basis. They reduce deployment costs and time-to-market. In simple terms, if there is no power, there is no service, no matter how much equipment you deploy. The major players include IHS, ATC, Pan African Towers, and Eastcastle, which I am sure most Nigerians do not know about. All the MNOs except Glo use co-location services.

So to regulate Quality of Service (QoS) properly, we updated our primary QoS instrument last year. The previous version focused on MNO Key Performance Indicators (KPI) only. The update brings all licensed operators in the service chain, including co-location service providers, into scope with clear KPIs. We also moved from state-level averages to granular LGA-level measurement and revised penalties to reflect current economic realities. For co-location service providers, the key KPI is power availability. If you look at QoS data when diesel prices spiked, QoS dipped because some providers had to adjust refuelling cycles. You know site maintenance is cash-flow intensive-the industry consumes roughly 40 million litres of diesel monthly. Another critical KPI is Mean Time to Repair (MTTR) for faults like generator failure or fibre damage. We set timelines for how quickly we expect these repairs to happen, and we are already seeing improvements in power availability and MTTR. By the way, all this KPI data is published on the NCC website.

Infrastructure disruption remains a problem. How are you addressing it?

There are intentional disruptions like theft, vandalism, and access denial due to disputes and avoidable ones, like fibre cuts from roadworks, that better coordination could significantly reduce. People often do not realise the consequences: a vandalised site can knock multiple sites offline; a burnt manhole can disrupt services over a wide area.

Luckily, we now have the right framework to act. The President’s Executive Order on Critical National Information Infrastructure (CNII) last year designated 13 sectors, including telecoms, as CNII, making intentional damage to telecoms infrastructure a criminal offence and providing a platform to work more closely with security services. We are receiving very strong support from the National Security Adviser to operationalise CNII in our sector; whenever we discuss the topic, he shows so much passion and commitment.

So, how are we going about it? Our approach is multi-tiered. We have amended co-location guidelines to include minimum security checklists (human, physical, and technological). We are running a national awareness campaign in Pidgin, Yoruba, Hausa, Igbo, and English to explain the real-world impact of vandalism and access denial. And we are building collaboration frameworks with public works authorities to cut avoidable damage, especially to fibre.

Fibre typically follows road corridors connecting communities and avoiding complex private right-of-way negotiations, but poor coordination during road construction causes repeated cuts. Federal highways are under the Federal Ministry of Works; state roads are under state ministries. We are putting MoUs in place with the Federal Ministry and priority states (Abuja, Lagos, Kano, and Kaduna) to establish a shared digital platform. The platform will work like this: work agencies will upload project plans; NCC and fibre owners will have visibility; and affected operators will receive timely notifications to relocate or activate secondary routes. India has shared lessons from a similar model, and we are confident this will help. I have personally dealt with a case where a contractor on a federal road claimed they did not even know how to contact the affected operator-that is exactly the coordination gap we are closing.

We are also mediating disputes between service providers and landlords/communities/state agencies where possible; not everything needs to end up in court. And where dialogue fails, we will work with ONSA and relevant authorities, though we hope force remains the exception. People must understand: disrupting telecoms can mean a hospital loses access to critical information or someone in distress cannot call for help.

But let us wrap up on policy and the future. If the goal is affordable, high-speed data for every Nigerian citizen and enterprise, how do we get there? We need fibre-to-buildings-homes, schools, businesses, public institutions-connectivity. We already have about 30,000 km of fibre in Nigeria, but most of it is for connecting mobile base stations, because fibre is essential to achieve 4G/5G speeds. I am fortunate to have home fibre; I use close to 1 TB a month across work, video calls, and streaming, and it costs me less than half of what the same usage would cost on a mobile network. This is not unique to Nigeria; globally, fixed fibre is cheaper per GB than mobile, because fibre is the most cost-effective technology for high-speed data. It is largely passive infrastructure, cables, ducts, and poles, and consumes significantly less power compared to active radio gear. Yes, you have to dig and manage the right-of-way, but it is undeniably the way forward. As, after all, the name ‘mobile’ implies, it is designed for mobility, while most data consumption happens indoors.

This is where government policy has now caught up. The 90,000 km national fibre project being championed by the Honourable Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, can materially expand access to affordable, high-quality data connections. It will also support local industry; for example, Coleman in the South-West manufactures fibre-optic cables locally.

Could we have been further along? Possibly. About a decade ago, regional Infraco licences were awarded to build wholesale fibre networks. When I reviewed our files at NCC, the Infraco licensees had delivered less than 10,000 km. Meanwhile, the country already had 30,000-plus kilometres of backbone fibre linking major cities and several thousand kilometres of metro fibre. The 90,000 km initiative and other players that will build fibre networks will expand both backbone and metro networks.

But an important regulatory intervention by the NCC is also underway. We have launched a Wholesale Fibre Study, which is likely to open up existing backbone, and any built in the future, on comparable, transparent terms so that backbone owners and Internet Service Providers (ISPs) can interconnect more easily. This should be concluded by mid-2026. We believe this intervention will be key to building dense metro fibre networks nationwide. We are also looking at growing the number of smaller ISPs nationwide; today, they are mostly concentrated in Lagos and Abuja. We need more ISPs that will build metro networks and deliver last-mile services to homes, schools, businesses, and public institutions, thereby increasing choice and competition. Lastly, on this, we are also advocating for the states’ governments to waive Right of Way (RoW) charges to encourage the deployment of fibre, and so far in the past two years, five states have totally eliminated RoW charges, making it 11 states with zero RoW charges.

My last question: we’re seeing more NCC data in the public domain. Is this part of a broader strategy?

I am glad you noticed. Yes, it is a deliberate shift. The traditional ‘command-and-control’ model, where you write a rule and enforce it to the letter, has limits in a complex, fast-moving industry with over a thousand licensees. It can be rigid, costly, and ultimately slow innovation.

While we will continue to use ‘command-and-control’, over the past two years, we have begun to complement this with information disclosure and transparency, and we will gradually tilt more towards this. We are publishing accurate, timely, accessible information on industry performance, consumer satisfaction, network performance, and more, so the public, investors, and consumers can make informed decisions. Transparency fosters accountability, encourages voluntary compliance, and lets the market reward good behaviour and expose bad practices. Operators compete not just on price or coverage, but on ethics, quality, and governance.

How has this worked in practice?

In 2017, when we revised teledensity using an updated population estimate of approximately 190 million, the figure dropped by about 10 percent. It was not a ‘headline-friendly’ move, but it signalled data integrity.

When a major operator defaulted on interconnect charges, we approved partial disconnection and issued a public notice. The result: a drastic reduction in intra-industry debt.

After last year’s subscriber-database audit, we found significant discrepancies and took the bold step of publishing the true numbers. That strengthened public trust in our data.

Under our Tariff Simplification Guidelines, operators must publish a standard disclosure table for every tariff plan-so consumers can compare like-for-like across operators. Operators must now also notify customers of major outages and log them on our public Major Outage Reporting Portal.

In early Q4 this year, we will launch a Network Performance Map on our website, showing location-level performance using crowdsourced data. From Q4 as well, we’ll publish Quality of Experience (QoE) and network performance reports for MNOs and ISPs based on the same data.

We are also revamping industry statistics to add new metrics and deeper insights.

We have also released updated Corporate Governance Guidelines for the industry. Transparency is its guiding principle: it emphasises stronger leadership structures, board independence, ESG/CSR reporting, mid-year and annual compliance reports to be made public, and the appointment of a regulatory officer in every licensed company. Together, these measures strengthen transparency and accountability and help safeguard the sector’s long-term sustainability.

Final question: As we wrap up (yes, this is really the last one!), what should Nigerians – consumers, industry, and government – expect from the NCC over the next 12-24 months?

(Laughs.) I know you said the previous one was the final question, so think of this as the ‘bonus data’ at the end of the bundle.

Three things: reliability, affordability, and transparency.

Over the next year, you will see us push hard on network reliability through tighter QoS standards across the entire value chain, including with co-location service providers, alongside CNII operationalisation and real accountability via public performance dashboards-so service quality is visible, comparable, and ultimately improves. On affordability, our focus is on enabling sustainable cost recovery and faster fibre build-out; our wholesale fibre study, which is concluding by mid-2026, would unlock more fibre build and open backbone access on fair, comparable terms. That combination is how we hope to bring high-speed, high-quality data to more homes, schools, hospitals, MSMEs, and public institutions at a better value. And on transparency, we will keep publishing clear, timely data from outage notices to QoE maps, to consumer satisfaction reports, to operator compliance reports and tariff disclosures so consumers and investors can make informed decisions.

What does this recognition mean to you personally and to the company as a whole?

This award is a validation of the hard work and commitment of our entire team. Personally, it reinforces my belief in the vision laid down by our founding partners and continually championed by the team which is building a truly African financial services firm that can compete globally. For the company, it’s both a recognition of past performance and a motivation to push further in delivering innovative, client-focused solutions.

What key strategies or innovations do you believe set your company apart from competitors in the African market?

Putting our clients at the heart of every decision has been the cornerstone of our success. We invest deeply in understanding their needs and tailoring solutions rather than taking a one-size-fits-all approach. Backed by our robust, data-driven research capabilities, we provide insights that help clients navigate complex markets and make informed investment decisions. Coupled with this, we leverage technology to enhance efficiency and transparency, and we are constantly innovating – whether in product design, execution speed, or access to markets.

With increased competition and market volatility, what strategies are you implementing to sustain this competitive edge and possibly win again in the future?

We are doubling down on innovation, diversification, and partnerships. By continuously refining our product suite, strengthening relationships with clients, and leveraging technology, we can stay ahead of the curve. Equally important is maintaining operational discipline – ensuring efficiency and resilience even in volatile market conditions.

Can you walk us through some of the biggest challenges that CardinalStone faced on the path to this achievement, and how your team overcame them?

Like many firms operating in Africa, we’ve had to navigate macroeconomic volatility, currency fluctuations, and regulatory shifts. These challenges could have slowed us down, but we responded with agility by strengthening risk management frameworks, diversifying our offerings, and investing in talent capable of adapting quickly. The steady leadership of our management team combined with the resilience of our people, has been key to overcoming these hurdles.

How has the Company tailored its services to cater to the diverse needs of investors across different African markets?

Africa is not a monolith. Each market has its own regulatory environment, investor appetite, and liquidity dynamics. We’ve succeeded by being adaptable – building local expertise while drawing on global best practices. This allows us to serve institutional and retail clients with the nuance and customisation they require.

Technology is reshaping the financial industry globally. How has digital transformation contributed to the Company’s success, and what’s next in your digital roadmap?

Technology has been a game-changer for us. From electronic trading platforms to data analytics that support smarter decision-making, we’ve embedded digital tools into every layer of our operations. Looking forward, our focus is on enhancing accessibility for retail investors and automating processes to reduce friction to better serve our clients.

Talent is critical in a fast-moving industry like stockbroking. What steps is the Company taking to attract, train, and retain top talent across its operations?

We prioritise creating an environment where people can grow. That means structured training programmes, mentorship, and exposure to global best practices. I’ve personally benefitted from the mentorship of our founding partners and executive directors, and we seek to cascade that culture of guidance across the organisation. Beyond this, we empower our people to take ownership of projects and encourage innovation, all within a culture of meritocracy and inclusiveness. These efforts have not gone unnoticed. CardinalStone has been recognised among the Great Places to Work, underscoring our commitment to building a workplace where people thrive. It’s this blend of growth, empowerment, and recognition that makes CardinalStone an attractive place to build a career.

Corporate governance and transparency are increasingly important. How is your company ensuring it maintains the highest ethical and regulatory standards?

We’ve built strong governance structures that are embedded at every level of decision-making. Compliance is not treated as a box-ticking exercise but as a culture. Regular audits, clear reporting lines, and a strong board oversight framework ensure that we remain accountable to our stakeholders. This commitment to transparency has been instrumental in building trust with clients and regulators alike.

Are there plans to expand CardinalStone’s footprint beyond your current markets, either within Africa or globally?

Yes, absolutely. Our strategy is to consolidate our leadership in Nigeria while exploring opportunities in key African markets where our expertise can add value. Beyond Africa, we are also building relationships with global institutional investors looking to access African opportunities. Expansion for us is about sustainability, entering markets where we can deliver long-term impact.

What message do you have for your clients, stakeholders, and young professionals looking to enter the African capital markets industry?

To our clients and stakeholders, thank you for trusting us, this recognition belongs to you as much as it does to us. We remain committed to walking this journey with you and unlocking opportunities together. To young professionals, Africa’s capital markets are full of potential. Stay curious, be resilient, and bring fresh ideas. The future of this industry depends on your innovation and courage.

Two weeks ago in this column, I argued that Africa must look beyond aid if we are to build sustainable futures. That argument was not theoretical. At last week’s United Nations General Assembly (UNGA80), I saw it in practice; African innovators, governments, and communities demonstrating that we are not waiting for permission, we are already shaping the solutions the world urgently needs.

‘The thread running through all of this is clear: innovation is not a product to be bought; it is a system to be nurtured.’

It was a privilege for eHealth Africa to co-host Africa-led Innovation: Shaping Sustainable Futures With or Without Aid, alongside PSI, Population Council, and Reach Digital Health. The title was deliberate. For too long, aid has dominated the development conversation. But in the packed room of leaders, practitioners, and funders, the energy was different. The focus was on Africa’s leadership and on the kinds of partnerships that can make our innovations last.

The global stage, the African voice

Our session was just one of many at UNGA80 grappling with the reality that the development landscape is undergoing a shift. A long-anticipated declaration on noncommunicable diseases stalled in last-minute controversy, yet what stood out to me was not the discord but the clear momentum from governments and civil society pushing for accelerated action. Similarly, bold replenishment calls in global education reminded us of the urgency; nearly 900 million children could leave school by 2040 without decisive investment.

These global debates underscore why Africa’s voice matters. We cannot afford to be mere recipients of frameworks negotiated elsewhere. We must co-create the solutions and ensure they are rooted in our realities.

Innovation as identity

Hon. Minister Chernor Bah opened our dialogue with the simple truth that ‘innovation is who we are as Africans.’ This is not new. From community systems that bridged gaps in the absence of state capacity to the digital health platforms now connecting workers across borders, our history is one of innovating out of necessity and resilience.

But as Minister Salima Bah reminded us, innovation must be sector-specific. Different challenges require tailored responses. A one-size-fits-all model of aid or investment will not deliver sustainable futures.

From shiny objects to systems

Too often, innovation is confused with technology alone. Yet as Michael Holscher observed, ‘innovation is rarely about a single shiny object.’ Policy, partnerships, and business models are just as important. Without them, even the most brilliant app or device risks fading after a promising pilot.

Fara Ndiaye underscored that accountability only works when governments, funders, the private sector, and communities move side by side. Dr Kemi DaSilva-Ibru reminded us that solutions must be designed with the most marginalised in mind. Judith Bruce made a compelling call for investment in ‘female infrastructure’ as a foundation for sustainable growth.

The thread running through all of this is clear: innovation is not a product to be bought; it is a system to be nurtured.

Health as an economic driver

Another theme at UNGA80 resonated deeply: health is not a drain on economies; it is a driver of prosperity. Vanessa Kerry, WHO’s Special Envoy on Climate and Health, captured it well when she said, ‘Health workers are the very versatile front line of responding to all the crises we see today.’ Strong health systems stabilise communities, support economic growth, and provide the resilience needed to withstand climate shocks.

The capital question

But if innovation is who we are, financing remains the test of whether it can endure. Too much capital in global health and development is rigid, short-term, and donor-driven. What Africa’s innovators need, what the world needs, is flexible, trust-based capital.

Trust-based does not mean unchecked. It means financing that respects local expertise, allows for adaptation, and creates room for growth. It is the kind of capital that recognises that those closest to the problems are often closest to the solutions. This approach is gaining traction globally, but it must become the norm, not the exception.

Building forward together

Leaving UNGA80, I felt both urgency and optimism. Urgency, because the scale of global challenges, from climate change to noncommunicable diseases to education gaps, is staggering. Optimism, because I saw first-hand the brilliance and resilience of African leaders, innovators, and communities who are already shaping solutions.

The lesson for all of us is clear. Health, education, climate, and finance cannot be siloed. Partnerships must be cross-sectoral, inclusive, and long-term. Women, girls, and marginalised communities must be at the centre. And innovation must be nurtured not as a series of pilots, but as systems built to last.

If we do this, Africa will not only shape its own sustainable future, but it will also help shape the world’s sustainable future.

The Future of Jobs Report 2025 by the Lagos State Employment Trust Fund (LSETF) highlights that 65 percent of Nigerian employers cite skill gaps as a major barrier to organisational transformation.

Although, Nigeria mirrors this issue which is also a global trend, it also faces unique challenges. Roles such as AI and machine learning specialists, data analysts, and sustainability Experts are among the fastest-growing, with net increases of 82 percent, 41 percent, and 33 percent respectively.

Digital transformation is reshaping employer priorities. Network and cyber security skills are in highest demand, with 87 percent of Nigerian employers identifying them as critical, well above the global average of 70 percent. Other sought-after competencies include AI and big data proficiency, systems thinking, customer service, and global citizenship. However, significant barriers persist. In addition to the 65 percent skills gap, half of employers report difficulty attracting talent, resistance to organisational change, and regulatory inflexibility. Limited investment capital further compounds these challenges.

As global labour trends accelerate, driven by technological disruption, demographic shifts, and the green transition, Nigeria must urgently invest in human capital to remain competitive.

According to Tshif Dombo, human resource value engineer at SAP Africa, said, ‘There’s a balancing act between upskilling and reskilling, and a lot of organisations right now want to be skills-based organisations’.

‘The issue is that there’s still a maturity gap around skills, how we define them, how we measure them, and how we connect them back to business outcomes.’

Globally, reports from the World Economic Forum’s Future of Jobs report 2025 survey of over 1,000 large enterprises across 55 economies, projects that 170 million jobs will be created globally over the next five years, while 92 million will be displaced. More than a billion roles are expected to evolve in form and function. These projections signals a profound shift in the nature of work. Global Trends: The rise of tech and green roles

Across international markets, demand is surging for roles such as big data specialists, fintech engineers, AI and machine learning experts, and software developers. Green economy positions, such as autonomous vehicle engineers, environmental scientists, and renewable energy experts, are also climbing the ranks.

Conversely, traditional roles like bank tellers, postal clerks, and administrative assistants are experiencing steep declines. Employers globally are prioritising analytical thinking, cybersecurity, and digital literacy, alongside soft skills like creativity, adaptability, and lifelong learning.

Nigeria’s labour landscape: Opportunities and challenges

The report emphasises that public-sector investment in reskilling is vital. Stakeholders across government, industry, and education must collaborate to ensure Nigerian talent is future-ready. While resumes may still hold relevance, the future belongs to those who can adapt, learn, and lead in a world defined by change.

The skills gap is not merely a statistic, but a barrier to growth, innovation, and inclusion. As technological disruption, climate imperatives, and economic uncertainty reshape the global labour market, Nigeria must act decisively.

The report also recommends that 73 percent of Nigerian employers advocate for increased government funding, while 40 percent stress the need for improved transport infrastructure to support workforce mobility.

Organisations must also play their part by embedding upskilling into corporate culture and strengthening change management strategies. Without such commitment, Nigeria risks falling behind in the global race for talent.

Consolidated Hallmark Holdings Plc secured an operational license for CHI Life Assurance Limited on March 10, 2025, further positioning the Group as a one-stop financial services organization in Nigeria. Eddie Efekoha, chairman of CHI Life and group CEO of the holding company, shares insights into the rationale behind the new subsidiary and plans to grow its market share in the life insurance sector. Modestus Anaesoronye reports.

Consolidated Hallmark Holdings Plc recently achieved a milestone of securing a Life Assurance licence, what does this mean for the Group’s broader vision, and what is your expectation in making this new investment?

Yes, we received with great delight, the operational licence from the industry regulator, the National Insurance Commission (NAICOM), precisely on 10th March 2025. And we are grateful to them for finding us worthy of the licence. For us all at Consolidated Hallmark Holdings Plc, and the subsidiaries, it was indeed a dream come true. We aspired to become a one-stop shop for insurance and other financial services and we are now very well on the verge of attaining that. You would recall that we have since had a micro insurance licence with national coverage of operations. This was, however, limited in scope to a sum assured of N2 million maximum per individual. With this new licence, therefore, this limitation has been removed and our market expanded. I would like to let you know that arrangements are now in top gear for a formal launch of CHI Life in the next couple of weeks.

Life insurance holds a big potential for the insurance industry, but the challenge has been the environment as well as strategy of operating companies, what are you going to do differently to make a mark?

Opportunities abound and remain to be fully tapped, for both operators in Life Assurance business and individuals who are yet to take advantage of the benefits inherent in the service offerings of operators. Of course, beyond the provision of the simple death benefit, which a lot of people are aware of, the products offered helps to build savings for individuals while enabling operators create a pool of funds for long term investment and grow value. CHI Life Assurance has a background. It is coming from a family with a formidable reputation built on professionalism and exceptional service delivery. We are poised to fully leverage on these to grow value for all stakeholders. With a formidable team at the helm of our new subsidiary, we aim to launch out shortly with unique product offerings. These products have reached an advanced stage of development. We are optimistic of their acceptance by discerning customers and prospects alike, who truly look forward to deriving value through investment-linked products even while alive. Deepening insurance penetration in Nigeria, in the first instance, ensure we rank amongst the top in Africa, so requires a multi-pronged approach in product innovation, financial literacy, and easier accessibility through improvement of distribution channels.

How does the company plan to differentiate its life insurance offerings in a competitive market, especially in terms of customer value, technology, and accessibility?

The market is quite competitive, no doubt, but it remains largely untapped as we are not anywhere near where we should be. Recent data of the 2024 Insurance Industry premium which you are familiar with for instance indicates that of the N1.56 trillion generated, life business component was only N470 billion while non-life accounted for N1.1 trillion. This can be significantly improved upon especially the life component, which provides an avenue for pooling of premium for long-term investments.

The massive investment in technology, which we regularly embark upon as an organisation is geared towards easing accessibility. All our member companies embrace the tool to enhance sales, from our finance company to the health maintenance organisation to the general insurance company and now the full-fledged life assurance subsidiary. With the development of unique product offerings, which is a departure from the generic, deployment of technology and drive towards digital sales, CHI Life is here to make a difference.

Nigeria Insurance Industry Reform Act (NIIRA) 2025 was recently signed into law by President Bola Tinubu, flagging off the new minimum capital requirement for insurance companies. What is your plan for CHI Life Assurance Limited?

The NIIRA 2025 is a good development that has since been awaited in the industry and portends good tidings for all players. The benefits of the Act, if fully explored, are capable of taking the industry to greater heights. The Act raises the minimum capital base of life insurers from N2 billion to N10 billion, while that of general business underwriters was raised from N3 billion to N15 billion. Before the increase, while setting up CHI Life, we have proactively raised well above the prevailing capital at that time with N8 billion fully paid up. At the Group level, our total profit attributable to shareholders was N22.5 billion and we are currently operating with shareholders’ funds of over N34 billion. We can therefore say that we are comfortably on track.

We are however favourably disposed towards further boosting our capacity through measures including but not limited to acquisitions of smaller organisations, details of which shall gradually emerge as the regulator and shareholders approve our plans. Beyond this, the Act also seeks to ensure prompt claims payment, digitization of operations and collaboration at the sub-regional level for underwriting of risks.

We are nearing the last quarter of 2025, as an investor in the Nigerian economy, how would you describe the economy so far, and what is your expectation for the remaining part of the year? The Nigerian economy in 2025 has shown a welcome measure of resilience and relative stability compared to the turbulence of recent years. Key indicators, particularly the exchange rate have steadied, with the naira trading in the N1, 500-N1,600 band against the U.S. dollar for much of the year. While this is still some distance from the sub N1,000 levels that many businesses would consider ideal, it represents a significant improvement in predictability and provides a more reliable basis for planning and investment decisions.

Inflation, though elevated, has moderated from last year’s highs as the government implements tighter monetary policies and structural reforms. Interest rates remain on the high side, but the clarity of the Central Bank’s direction and the steadying currency have given both local and foreign investors greater confidence. We are also witnessing encouraging signs in sectors such as agriculture, financial services, and technology, which continue to attract investment and create employment despite global headwinds.

From a business and investment standpoint, this relative macro-economic stability is crucial. It allows companies to forecast cash flows, manage costs, and deploy capital with a higher degree of certainty. For long-term investors like us at CHI Life Assurance, this environment supports strategic growth, whether in product development, customer outreach, or expansion of our investment portfolio because it reduces the unpredictability that previously hindered medium- to long-term planning.

Looking ahead to the final quarter of the year, we expect this stability to be sustained, provided current fiscal and monetary policies remain consistent. We are cautiously optimistic that continued reforms in the energy sector, infrastructure development, and targeted social programmes will further support consumer confidence and economic activity.

In summary, while challenges such as inflationary pressures and structural bottlenecks remain, 2025 has so far marked a turning point towards a more predictable and investible Nigerian economy. If the current policy trajectory is maintained, the remainder of the year should consolidate these gains and lay a stronger foundation for inclusive growth in 2026 and beyond.

The CHI Group financial performance in 2024, one year after consolidation was bracing, given the challenges in the business environment, what did you do differently and how do you plan to sustain it in the current year?

True. Our financial performance in 2024 was an all-time high as reported during our Annual General Meeting held recently. Significant growth was recorded in both top lines and bottom lines with a profit of up to 404 percent. These results were achieved through a combination of factors especially the implementation of our Group Strategic Initiatives. The pivots of these are anchored on accelerated innovation, enhanced customer engagement and deeper market penetration. We are geared towards sustaining this, part of the reason we have now also ventured into full life assurance business.

Back to the life business, how do you see the current economic climate such as inflation, interest rates, and employment trends impacting the demand for life insurance products in your target market?

The current economic environment in Nigeria, though challenging, presents unique opportunities for forward-thinking individuals and families to secure their financial future. Inflation has moderated slightly over the past five months, and while interest rates remain relatively high, we expect a gradual softening in the medium term as government policies to stabilise prices begin to take effect. Employment trends are also evolving, with more Nigerians seeking multiple streams of income and exploring ways to protect their wealth.

These dynamics underscore the relevance of life assurance as an essential financial planning tool rather than a discretionary purchase. Life insurance provides stability in uncertain times: it allows individuals to set aside a portion of their earnings to protect their loved ones, create intergenerational wealth, and meet long-term goals. Our products, including endowment plans, child education policies, legacy policy and retirement solutions are designed to help customers preserve value and build financial security regardless of short-term economic fluctuations.

In fact, economic pressures often heighten awareness of the need for protection and disciplined savings. When people realise that inflation erodes the value of idle cash, they look for structured, reliable avenues to safeguard and grow their resources. Life assurance is uniquely positioned to meet that need.

At CHI Life Assurance Limited, we see these conditions as an opportunity to deepen public education and financial literacy. We are committed to engaging more Nigerians, especially young professionals and emerging entrepreneurs, on the importance of early planning and the peace of mind that life assurance brings.

Ultimately, no matter the economic climate, the fundamental need to protect one’s family, plan for retirement, and create a legacy remains constant. With the right awareness and tailored solutions, the demand for life assurance will not only endure, but also continue to grow.

The Senate Committee on the North Central Development Commission (NCDC) has approved the N140 billion budgetary provision for the commission in 2025, with a charge to ensure prudent and transparent utilisation of the funds once the Senate gives its final approval.

The endorsement came after Tsenyil Yiltsen, the Managing Director of the Commission, appeared before Titus Zam-led Committee on Tuesday to defend the proposal.

Announcing the approval, Titus Zam, who chairs the Senate Committee, stated, ‘After a careful look at the issues contained in the budget and the eloquent presentation by the MD and his team, the committee has approved the budget of N140 billion as presented by the Commission.’

In his presentation, Yiltsen explained that the Federal Government allocated N140 billion to the commission for the fiscal year, with N100 billion set aside for capital expenditure across the six States of the North Central region and the Federal Capital Territory (FCT), while the remaining N40 billion will cover recurrent expenditure, including overhead and personnel costs.

He clarified that the N100 billion capital vote was intended for multiple projects across the states rather than a single project.

‘We have eight thematic areas in terms of infrastructure deployment, which are security, agriculture, mining, environmental degradation, education, health, road construction, etc,’ he said. Yiltsen assured lawmakers that the Commission would implement projects equitably across all the states in the zone and the FCT.

‘We will go out for proper needs assessment in all the states and will be fair in the distribution of these projects in all the six states and FCT,’ he added.

On the recurrent component, he disclosed that a large portion of the N40 billion would go towards the salaries of 200 new staff, pending approval of their recruitment by the Office of the Head of Service.

While commending the Commission’s presentation, the committee tasked the NCDC to ensure judicious application of the funds, particularly the N100 billion earmarked for capital projects.

It also called on State Governments in the North Central region and the FCT to provide office accommodations for branches of the commission in their respective States.

The Chartered Institute of Management Accountants (CIMA), has awarded 235 accounting and finance professionals in Nigeria with their Chartered Global Management Accountant (CGMA) certificates, and their CGMA designation at its 2025 convocation ceremony. The convocation ceremony held in Lagos at the weekend.

Acclaimed as the world’s leading and largest professional body of management accountants, CIMA training, which is recognised in over 170 countries, equips candidates with skills such as accounting knowledge, risk management, business leadership, decision-making, performance evaluation, and financial analysis that prepare them for senior management roles.

The 235 candidates will also benefit from the large global community of CGMA holders, granting them access to a global network of business and finance leaders as well as providing them with career support and continuous professional development.

Tariro Mutizwa, vice president – Africa, who was present at the certification ceremony, commended the candidates for their hard work, dedication and commitment to acquire the knowledge and skills necessary to achieve their CGMA. She assured them that the certification has paved the way for promising careers as they have been equipped to meet not only today’s business demands but also future business needs.

‘I am pleased to welcome a new generation of Nigerian accounting and finance professionals into our esteemed profession in Nigeria. Their dedication, hard work, and unrelenting commitment have paved the way for promising careers built on a solid foundation of knowledge and skill,’ Mutizwa said. ‘These future leaders are equipped not only to meet the demands of today’s business landscape but to shape what comes next, driving innovation, integrity, and excellence across their organisations. May their journey be marked by continuous growth, meaningful impact, and enduring success.’ Ijeoma Anadozie, country director of CIMA in Nigeria, was also full of praises for the candidates. The country director said the certification has positioned the candidates to seize a world of exciting professional opportunities.

‘Completing the CGMA Professional Qualification is a testament to our CGMA candidates’ commitment and passion. I extend my heartfelt congratulations to each of our Nigerian CGMA candidates on this outstanding achievement,’ Anadozie said.

According to the country director, ‘Earning the CGMA designation signifies that they are not only highly skilled and commercially astute, but also purpose-driven professionals who champion sustainable business performance and long-term value creation – positioning them to seize a world of exciting professional opportunities.’

Holders of CGMA can function across a broad spectrum of units in organisations as Risk Managers, Financial Analysts, Strategy Consultants, and Management Accounts, among other critical accounting and auditing roles.