Category: Business Day

At least nine out of every 10 Nigerians will no longer have to pay the Pay as You Earn (PAYE) tax Taiwo Oyedele, the chairman, presidential fiscal policy and tax reform committee has said. He also added that Nigerians will start enjoying benefits of new tax laws, beginning from January 2026.

Oyedele who spoke at the ongoing Nigerian Economic Summit (NES31) in Abuja on Tuesday, said that about 98 percent of the Nigeria’s population will no longer pay the Pay As You Earn (PAYE) tax.

He emphasied that the new tax laws are targeted at protecting the low income earners or those at the poverty line.

‘We cannot tax poverty, about 97 to 98 percent of Nigerians will no longer pay the PAYE, but the 2 percent will pay more as high income earners,’ he said.

Maintaining law and order across Nigeria’s vast 853,000 square kilometers requires disciplined and diligent police leadership, given its single police command structure within a federal administration. Such leadership isn’t simply a product of promotion; rather, it’s built on a broad range of experience and expertise gained from operational command in diverse departments, divisions, and commands.

Given the demands of this role, exceptional police officers with such a strong profile are rare. However, the Police Service Commission (PSC) found a standout candidate in Jonathan Towuru, who embodies the key attributes of a strong police officer. These include law enforcement skills such as crime prevention, investigation, and emergency response, as well as essential soft skills like communication, problem-solving, and ethical judgment – attributes that are particularly vital in today’s complex Nigeria.

Effective policing hinges on a strong partnership between the community and law enforcement, where officers serve as guardians and uphold public trust through integrity, consistency, and compassion in applying the law. This approach is guided by key principles, including fostering public trust and respect, promoting collaboration, ensuring fairness and consistency in enforcing rules for all communities, and holding officers accountable for misconduct to maintain confidence in the system.

With over 35 years of transformative leadership, DIG Towuru has redefined policing excellence in Nigeria and beyond. His extensive experience in leadership roles across various crucial operations and departments has earned him a reputation as a standout leader. Serving in multiple geo-political zones, Towuru’s career trajectory is marked by notable postings, including Assistant Commissioner of Police, State CID in Enugu (2011); Deputy Force Secretary II, Force Headquarters, Abuja (2012); Deputy Commandant, Police College, Maiduguri, Borno State (2014); Commissioner of Police, Western Port, Apapa, Lagos (2022); and Assistant Inspector General (AIG), Zone 6 Headquarters, Calabar, Cross River State. Throughout his career, Towuru has honed his skills in building strong relationships between communities and law enforcement officers

As the head of The Nigeria Police Force Criminal Investigation Department (FCID), DIG Towuru’s leadership skills shone brightly. FCID, Nigeria Police’s highest investigating arm, is responsible for probing and prosecuting serious and complex crimes nationally and internationally, while coordinating crime investigations and prosecution across the force. Under Towuru’s stewardship, the FCID pioneered Nigeria’s most advanced investigative ecosystem, harnessing cutting-edge forensics, inter-agency fusion centers, and AI-driven crime analytics. His leadership has been marked by high-stakes crisis response, transnational crime dismantling, and mentorship of Africa’s next-generation security leaders.

DIG Jonathan Towuru’s appointment as Commander Director of the Nigeria Section at the International Police Academy – UNIPOL was a fitting international recognition of his outstanding contributions to policing. The academy described him as a master strategist who has ‘redefined policing excellence in Nigeria and beyond,’ with a career marked by innovation, integrity and institutional impact in national security, criminal justice reform and international counterterrorism. Some of his notable achievements include exceptional contributions to national security, law enforcement leadership, and international cooperation, notably designing Nigeria’s intelligence-driven policing model that reduced violent crime by 40% in operational commands. He has held various leadership positions and received several awards and recognitions for his service, including a Presidential Commendation for foiling electoral violence plots in 2023 and being featured by the UNODC for his work on port security innovation. Overall, DIG Towuru’s appointment to the International Police Academy – UNIPOL is a testament to his dedication to advancing policing standards and his commitment to public service.

DIG Jonathan Towuru has been instrumental in Nigeria’s law enforcement advancements, playing a key role in establishing the country’s digital forensic hub and successfully solving over 500 high-profile cybercrimes. His expertise extends beyond Nigeria, having advised five African governments on police modernization. Notably, he made significant contributions to counterinsurgency efforts, training over 2,000 officers in counterinsurgency tactics under his leadership and authoring the Force’s Community Policing Doctrine.

His appointment as Deputy Inspector General of Police on January 8, 2025, representing the South-South zone and serving as a member of the senior Police Management Team, marked a significant milestone. Shortly after, on January 22, 2025, he was redeployed to head the Force Criminal Investigation Department (FCID), aimed at enhancing the department’s capabilities in tackling complex criminal investigations and improving crime management nationwide.

As DIG Jonathan Towuru continues to lead and innovate in law enforcement, his dedication to safety, security, and community trust remains unwavering. With a career spanning decades and numerous achievements, he sets a shining example for future generations of law enforcement leaders. His legacy will undoubtedly inspire a safer, more secure Nigeria for all.

Tetracore Energy Group is pleased to announce the new appointment of Mr. Dayo Williams former Programme Executive as Managing Director, Tetracore Energy Group Subsidiaries. This appointment reflects the Group’s continued commitment to nurturing leadership excellence and driving innovation across its business divisions in Africa.

In his new role, Mr. Oladayo will oversee the strategic direction, growth, and operational performance of Tetracore’s subsidiaries; Tetracore Energy Limited, Tetracore Gas Limited, Tetracore CNG Solutions Limited, ensuring alignment with the Group’s mission of delivering sustainable and transformative energy solutions across Africa.

Mr. Oladayo joined Tetracore Energy Group with a strong background in commercial law and business development strategy with over 15 years of experience leading high-value energy transactions across Nigeria’s oil, gas, and power sectors. Over the years, he has played a pivotal role in coordinating key initiatives that have strengthened the Group’s footprint in the energy sectors.

His achievements includes the deployment of 6.2mmscfd CNG mother station In Ogun State, mini-LNG hubs, project management of the ongoing 5.2mmscfd mother station in Tema, Ghana, fast growing Auto CNG delivery which currently supplies Dangote Cement CNG trucks, and embedded gas-to-power solutions tailored to the needs of Nigeria’s industrial clusters. He also leads a team as the Deputy Chairman of the Lagos Chamber of Commerce and Industry (LCCI) Power Sector Group, where he contributes to national policy direction on tariffs, grid decentralisation, and gas-to-power frameworks.

His portfolio features end-to-end advisory on onshore and offshore gas gathering systems, multi-million-dollar EPC contracts and long-term Gas Supply and Transportation Agreements that have unlocked reliable fuel for both on-grid and off-grid power projects. Notable achievements include leading commercial due diligence for million dollars offshore gas-gathering system, closing a $10million CNG mother-daughter network within seven months, securing the partnership and supply of Auto CNG to Dangote Cement, structuring a $15 million solar-hybrid IPP whose blended financing model attracted development-finance institutions and private-equity funds.

His leadership has been instrumental in advancing Tetracore as the largest gas trading company in Nigeria, with strategic objectives operational efficiency in its outspread of its facilities in Ogun state, Benin, Ghana and Mobile refueling unit in Ibese, Dangote Cement

Speaking on the appointment Olakunle Williams, Chief Executive Officer and Founder of Tetracore Energy Group, said:

‘Dayo’s appointment reflects his exceptional leadership, professionalism, and contribution to Tetracore’s growth journey. We are confident that under his leadership, our subsidiaries will continue to thrive and deliver even greater impact in the evolving energy landscape. For Tetracore Energy Group a greater expansion has begun, new projects are being outlined and what a perfect timing to have this appointment, we look forward to having more achievements as a team’

Expressing his appreciation, Mr. Oladayo stated:

‘It is an honor to take on this new responsibility within an organisation that continues to lead with purpose and innovation. I look forward to working closely with our teams to deepen value creation and drive sustainable growth across our subsidiaries.’

This appointment underscores Tetracore Energy Group’s dedication to recognising excellence, empowering its people, and building a future-ready leadership culture.

President Bola Ahmed Tinubu has withheld assent to two bills recently passed by the National Assembly, citing provisions that he described as inconsistent with federal policy, financially risky, and potentially harmful to good governance.

Godswill Akpabio, the Senate President, read the President’s letters to lawmakers on Tuesday at the resumption of plenary.

The first bill declined by the President is the proposed law establishing the Nigerian Institute of Transport Technology (NITT).

While acknowledging its good intentions, Tinubu said the legislation contained several provisions that posed serious fiscal and governance challenges.

The bill empowered the institute to collect 1% of all import and export freight levies, a provision he described as ‘onerous and unfair to businesses’ and inconsistent with the Federal Government’s tax policy.

It authorized the institute to borrow up to ?50million without presidential approval, which he warned could open the door to ‘serious financial abuse.’

It also gave the institute power to invest funds, even though the agency is not revenue-generating by design.

Tinubu stressed that such clauses violated the government’s fiscal discipline framework and would set a dangerous precedent if allowed.

The President also rejected the National Library Trust Fund Establishment (Amendment) Bill 2025, citing conflicts with existing laws and policies.

According to him, the bill contained provisions that contradicted central government policy on the funding of public agencies, Taxation of national entities, Public service remuneration, and age and tenure of public servants.

He argued that enacting the bill in its present form would ‘create an unsustainable precedent against the public interest.’

In both letters, Tinubu urged the Senate to review the identified issues and make necessary corrections.

‘I hope that the Senate will take necessary steps to fix the identified issues with this legislation,’ he wrote.

In his response, Akpabio thanked the President for carefully scrutinizing the bills, noting that the concerns raised were valid and would be addressed by the relevant committees.

‘This is a demonstration of the President’s steady hands and attention to detail.

‘It now falls on us to re-examine the bills and ensure they are in line with national policy and fiscal responsibility,’ Akpabio told his colleagues.

The two bills were subsequently referred to Senate committees for further legislative action.

‘Humanity first: that has been the core of my life, what keeps me up at night: how can we transform lives across Africa? How do we leave a legacy that uplifts people and creates opportunity for everyone?’

These were the words of Tony Elumelu, spoken through his wife, as she received, on his behalf, Rabbi Arthur Schneier’s 2025 Appeal of Conscience award in New York City. Honoured along with Tony Elumelu at the event, which was held on September 29, 2025, was the Archbishop of New York, Cardinal Timothy Dolan.

The Appeal of Conscience was launched in 1965 by Rabbi Arthur Schneier as an innovative platform for a vibrant international coalition of interfaith business, religious, and foreign policy leaders to uphold the principle ‘live and let live’ and address issues pertaining to human rights, religious freedom, and mutual understanding in former Communist countries. Within the year, he engaged the early leadership of those who had a passion for world peace and civil and human rights.

Over the next half a century, the Foundation’s efforts expanded throughout the globe. Today in a world rampant with bias, hatred and division, the work of the Appeal of Conscience Foundation is more vital than ever, as the leadership is bound by a shared destiny to heal our wounded world.

Tony should have been physically present at the 2025 ceremony. It is such a prestigious award instituted by the rabbi, recognised as a Holocaust survivor by former President Bill Clinton in 2001. The award has grown to recognise and honour world business and political leaders who promote truth, religious tolerance and economic inclusion.

But he was not. He could not. Despite the potential business networking opportunities the event and award ceremony could have afforded, Elumelu decided to stay away to continue to mourn six personnel of United Capital who were choked to death by the smoke emitted from the fire incident at Afriland Towers, in Lagos Island.

His absence would be the second time in as many weeks that Tony decided to stay away from pivotal global events. During the United Nations General Assembly, he had barely touched down in New York when news of the fire incident at one of the subsidiaries of his Heirs Holdings broke, and he immediately flew back to Nigeria to honour his departed colleagues.

During an emotion-laden speech delivered on his behalf by his wife, Awele, Tony, who didn’t mince words about his humble beginnings, paid tribute to the employees who lost their lives in the fire incident at Afriland Towers, a demonstration of how deeply he was affected by the departure of those employees.

Before calling for a minute’s silence in honour of his departed colleagues, Elumelu paid tribute to

‘It is an honour to receive this award, one that deeply resonates with my personal values, and it is a privilege to be associated with the legacy represented by the Appeal of Conscience Foundation and Rabbi Arthur Schneier. It is with a heavy heart, weighed by recent and profound loss, that I accept this award. Just a few days ago, we lost six beloved colleagues in a tragic incident. They were family, friends, mothers, sons, and daughters, hard-working individuals who were dedicated to building a better Africa. Their absence leaves a void that cannot be filled. Across our group, we are grieving this deep loss. And so tonight, before all else, I wish to honour their memories with a moment of silence,’ Elumelu told the august gathering, betraying the strong emotions that lie beneath the energy that has been driving the growth of his mammoth enterprises spanning banking, real estate, oil and gas, hospitality, power, manufacturing, and others.

It also lends credence to rumours in the Nigerian financial circles of his plans to go beyond the conventional to compensate the families of the departed employees of United Capital in such a way as would assuage the pains of their tragic loss.

Elumelu spoke strongly about humanity as the core of capitalism, acknowledging that he was not born with a silver spoon.

‘Humanity first: that has been the core of my life, what keeps me up at night: how can we transform lives across Africa? How do we leave a legacy that uplifts people and creates opportunity for everyone? I was not born with a silver spoon, I was not educated abroad, and I inherited nothing. I was blessed with determination but also luck,’ Elumelu told the gathering.

He went ahead to recognise the tradition of philanthropy and said he was conscious of the need to give back to society while building his business empire.

‘The American tradition of philanthropy, the tradition we see so clearly in this room today, has always inspired me. The great names that built America in the Gilded Age, the new generation that has endowed universities, research and culture. I was conscious right from the beginning that we needed to give back. I was determined to contribute in a manner that would catalytically transform our continent, Africa. I am not one to blame others,’ he said.

He drew a corollary between what he does as a business and philanthropy, saying, ‘When we create value in the financial services industry, we drive inclusion, offering the underrepresented a stake in the economy. And through the Tony Elumelu Foundation, a personal commitment we made in 2010, we have identified, trained, mentored, and provided over USD 100 million in seed funding to over 24,000 young African entrepreneurs from all 54 African countries.’

By empowering a generation with economic opportunities and the means to shape their own destinies, Elumelu said he, his businesses, and his Tony Elumelu Foundation are combating the despair that fuels economic instability, migration, and insecurity in Africa.

But there’s more to be done. Thus, the Appeal of Conscience Foundation award not only strengthens my resolve to do more, to deepen our impact, but it is also a call out for collaboration with those who share similar values.

In his speech, Rabbi Arthur Schneier described Tony as a beacon of ethical entrepreneurship and a visionary leader.

‘Tony Elumelu stands as a beacon of ethical entrepreneurship and visionary leadership. Business can be a powerful force for peace, stability, and human dignity. His commitment to uplifting others is a living example of conscience in action,’ the highly respected rabbi said.

The Chairman and CEO of Bank of America, who also chaired the Appeal of Conscience Gala, Brian Moynihan, also praised Tony Elumelu for moral leadership and global responsibility.

‘The Appeal of Conscience Foundation (ACF) has chosen to honour Tony Elumelu and Cardinal Dolan because they personify the moral leadership and global responsibility that ACF stands for. Brian Moynihan emphasised that Tony Elumelu’s efforts in faith, community, and economic empowerment serve as a reminder that progress and conscience are inextricably linked.

The Nigerian beer industry is growing faster in valuation this year after the sector rebounded from the crushing blow of the foreign exchange crisis that hammered earnings and spooked investors’ sentiments.

All the beer manufacturers listed on the Nigerian Exchange (NGX) maintained profitability in the first six months of 2025, with some achieving a record-setting period due to rising demand, aggressive pricing and stable macroeconomic conditions.

Analysts say the recovery of the sector from huge FX losses is restoring confidence of investors, which in turn led to a growing market sentiment with Nigerian Breweries leading the pack with a valuation of N2.35 trillion.

How the beer makers feared YtD (data as of 3rd Oct. 2025)

Nigerian Breweries – N2.35 trillion

Nigerian Breweries has had a great run this year after it rebounded from losses in 2024. Net profit at the Lagos-based brewer rose to N88.4 billion in the first half of 2025, reversing a N85.2 billion loss a year earlier, as the country’s largest brewer rode a sharp jump in sales and slashed finance costs after retiring its foreign currency debt.

Nigerian Breweries is currently the 12th most valuable stock on the NGX with a market valuation of N2.35 trillion, which makes about 2.58 percent of the country’s equity market.

Shares of Nigerian Breweries closed on Friday, October 3, 2025, at N76.00 per share, recording a 2.4 percent gain over its previous closing price of N74.25. The stock has more than doubled in value within nine months, gaining 138 percent in terms of year-to-date performance.

‘Shareholders can be optimistic about NB, knowing the stock has accrued 15 percent over the past four-week period-21st best on NGX,’ according to African Exchange.

International Breweries – N2.27 trillion

International Breweries, a subsidiary of Anheuser-Busch InBev, is currently the 13th most valuable stock on the NGX with a market capitalisation of N2.27 trillion, which is about 2.49 percent of the Nigerian equity market.

The brewer, which had had its earnings crushed by foreign exchange pressures for the past seven years, began its profitability run this year with half-year profit surging to N41.29 billion, compared to a significant loss of N107.71 billion in the prior period.

That profit run has seen the stock accrue 21 percent over the past four-week period alone, making it the 15th best on the local bourse.

Shares of International Breweries have risen 143 percent since January to close trading on Friday, October 3, 2025, at N13.50. In terms of year-to-date performance, it is ranked 31st on the Exchange.

Guinness Nigeria – N402 billion

Guinness Nigeria has seen a total turnaround in profitability after Tolaram’s acquisition, as the beverage company posted a net profit of N16.2 billion for the financial year ended June 30, 2025, compared to a N54.8 billion loss reported in the previous year, a 130 percent swing that highlights the recent strategic shifts.

The company’s earnings performance saw the shares of the company, which began the year at N70.25, rise to N183.75 in nine months, gaining 162 percent on that price valuation.

The stock is ranked 25th on the NGX in terms of year-to-date performance, as the market cap stood at N402 billion.

For investors, it must be noted that Guinness has accrued 41 percent over the past four-week period alone on growing confidence in the company’s strategic positioning.

Champion Breweries – N142 billion

Champion Breweries’ turnaround story is by far the most impressive. The Uyo-based brewer is the smallest among the big four beer makers, yet it grew its profit by 692 percent in the first six months of 2025 to record N2.3 billion, reversing a N386 million loss in the previous period last year.

The company announced a deal to acquire Bullet, the ready-to-drink brand, where it’s seeking to raise N58 billion in equity and debt financing to finance the acquisition.

That deal will expand Champion Breweries’ market coverage, including export sales, as Bullet makers, EnJoycorp, already has footprints in 14 African countries. Management sees the acquisition growing revenue by fivefold.

In terms of stock performance, Champion Breweries leads as its shares have gained 316 percent since January, closing its last trading day at N15.85, a 5 percent gain over its previous closing price of N15.10.

Simba TVS has launched its new Kargo tricycle in Nigeria, designed to improve last-mile delivery and address the growing logistics challenges faced by businesses and service providers across the country.

According to the company, the Simba TVS Kargo tricycles are adapted for cargo and utility purposes, from FMCG distribution to rural healthcare delivery, providing solutions to sectors long underserved by conventional logistics.

‘Simba TVS Kargo is more than just another product, it’s a lifeline for businesses, farmers, and communities.

‘We saw the struggles created by rising costs after fuel subsidy removal and stepped in with a solution that is practical, durable, and affordable,’ Kamlesh Pitale, head of institutional sales at Simba Group said.

The company added that with a 400-550kg carrying capacity, the Simba TVS Kargo fills the critical gap between motorcycles and pickup trucks, backed by warranties, after-sales support, and customisation options.

‘The vehicles are already in use across multiple industries, including poultry, crop farming, FMCG distribution, waste management, and even healthcare,’ the company stated, noting that one standout innovation is the Simba TVS Ambulance Tricycle, designed to navigate rough terrain and reach remote communities with speed and efficiency.

‘Recent deliveries have been made to Taraba State, Port Harcourt, and the Leprosy Missions in Lafia, Abuja. Known for its maneuverability, low fuel consumption, and high performance, the Simba TVS Ambulance Tricycle has been described as a life-saving option when minutes matter.

Major players such as Multipro and Tolaram have already embraced Simba TVS Kargo. Multipro alone operates more than 165 units nationwide, replacing decades-old imported trucks that were unreliable and costly to maintain,’ they company noted.

Beyond vehicles, Simba TVS has invested heavily in after-sales infrastructure, committing more than N20 billion to service and support. With 50,000 trained mechanics, nationwide spare parts warehouses, and a 24-hour helpline, the company ensures minimal downtime for operators.

Its new ‘Service on Wheel’ campaign takes maintenance directly to customers’ locations, reducing operational disruptions.

Simba TVS also runs a youth training initiative, certifying more than 15,000 technicians in partnership with the National Automotive Design and Development Council (NADDC). Riders are also given orientation sessions on maintenance, warranties, and best practices to maximize product life.

Jide Odelola, head of Marketing, said that Simba TVS Kargo is steadily becoming a permanent fixture in Nigeria’s logistics ecosystem.

‘The traction is building rapidly. Soon, Simba TVS Kargo will be the go-to special-purpose vehicle across hospitals, churches, farms, SMEs, NGOs, and government agencies. These vehicles are built for Nigeria’s realities, durable, cost-effective, and reliable,’ Odelia said.

With over 35 years of engineering expertise and a strong footprint across the country, Simba TVS is positioning Kargo as the future of last-mile mobility in Nigeria, a future that is affordable, practical, and truly transformative

Microfinance in Nigeria has grown from humble beginnings in community savings groups to a key player in today’s financial sector.

First formalised through the Community Bank programme in the late 1990s and given a nationwide framework in 2005, microfinance banks (MFBs) were designed to provide financial services to the unbanked, reduce poverty, and support small businesses.

Today, the sector has expanded significantly. According to the Central Bank of Nigeria (CBN), as of late 2024 there are 729 licensed microfinance banks, including nine national, 121 state-level, and 599 unit-level banks. The rise of digital players such as Kuda MFB, Fairmoney MFB, and Moniepoint MFB has also reshaped the landscape, making borrowing even more accessible.

For many Nigerians, the worsening economy-marked by high inflation, rising unemployment, and the increasing cost of living-has made access to quick credit more urgent. Borrowers say microfinance banks have stepped in where commercial banks often fall short.

Daniel, a borrower, explained that speed and accessibility were the main reasons he chose a microfinance bank. ‘They are fast when it comes to processing,’ he said. ‘Unlike commercial banks that may take three months, I was able to access ?2 million without collateral.’ While repayment was demanding-he was given just a week to balance up-he noted that the loan helped him manage priorities: ‘I don’t spend money on things that are not important.’

Glory shared a similar experience, pointing to flexibility as the deciding factor. ‘They were more approachable and willing to consider my financial situation than bigger banks,’ she said. With her loan, she was able to restock her shop and cover urgent family needs. She added that when repayment delays occurred, the bank allowed her to reschedule. Her advice was cautious: ‘Yes, I would encourage others, but they should borrow only what they can repay and use the funds wisely.’

Olusegun emphasized the personal connection that MFBs foster with customers. ‘The workers are approachable and have built relationships with their customers,’ he said. In his case, bank officials even visited his shop before approving the loan. The funds enabled him to buy goods in bulk at lower prices, giving his business a cushion during tough times. However, repayment came with pressure. ‘I was unable to pay back on the deadline, so I was allowed another day, but the bank was on my neck,’ he recalled. His advice was direct: ‘Don’t do more than yourself. Only borrow what you can return.’

From these accounts, a pattern emerges. Borrowers choose microfinance banks not because the loans are easier to repay, but because they are easier to access. Shorter processes, fewer collateral requirements, and flexible terms make them attractive to small business owners and low-income earners who often feel shut out by commercial banks.

As the economy worsens, this accessibility explains why more Nigerians are turning to microfinance institutions. Yet, borrowers are also clear about the risks: repayment can be stressful, and only careful financial discipline prevents loans from becoming burdens.

Triumph Against Odds is a podcast where Africa’s toughest business leaders share how they’ve weathered failure, disruption, and uncertainty.

From advertising to e-commerce and now education, Shagaya has built ventures that tested both his vision and his resilience. Konga, once Nigeria’s flagship e-commerce platform, was a casualty of the 2015 currency crisis. uLesson, his edtech startup, was rattled by the 2023 reforms that shrank family incomes. Both moments threatened collapse. Yet each time, Shagaya rebounded, a spirit he credits to his military upbringing, where discipline and stamina were forged early.

That resilience now fuels Miva University, one of Nigeria’s fastest-growing tertiary institutions. For Shagaya, entrepreneurship is about more than profit: it is about shaping an ascendant Nigeria. At 50, he sees the country entering a new phase of growth, and his own journey moving toward new frontiers in education, industry, and service.

In this first episode of Triumph Against Odds, Shagaya reflects on setbacks, pivots, and why building in Nigeria is to bet on its future.

People often describe you as someone who, no matter how many times you fall, you get back up. Where does that resilience come from?

The closest thing I can think of is my military background. My father was a career officer, and I attended Nigerian Military School, Zaria. It was tough, regimented, and very disciplined. We were running cross-country races, spending days in the bush. Looking back, those experiences really instilled resilience in me.

You’ve built in tech, advertising, and now education. What really drives you?

A deep desire to see Nigeria move forward. It’s not only about financial independence or family pride. At some point, it becomes about building this country. That’s what keeps me going.

What moments stand out when it felt like the dream was slipping away?

The first was at Konga. We were doing well until 2015’s devaluation hit. It was a macroeconomic earthquake. The version I ran couldn’t survive, and it took me years to regroup.

The second was in 2023. After reforms, family incomes shrank and demand for uLesson slowed.

For a while, I thought: this is happening again. But that same year we received our licence to launch Miva. Education proved far more resilient. So while uLesson slowed, Miva took off.

Did you ever think of walking away from entrepreneurship?

Yes. But what kept me here is a thesis I hold deeply: I believe Nigeria will be ascendant in my lifetime. Culturally, militarily, economically, it will rise. To be from here is a privilege. I refuse to not participate in that story.

uLesson was founded just before COVID. How did you survive?

COVID became a tailwind. Schools shut down and demand for digital learning exploded. On the operations side, we innovated: renting houses in Jos as mini studios so work continued despite lockdowns. That creativity paid off.

What unique challenges came with launching Miva?

Trust. Choosing a university is a life-changing decision. We invested heavily in community, success advisors, peer networks, structures that keep students engaged. We admitted our first students just six months after securing our license. Today, we’re approaching 20,000 students, and our aspiration is to build a million-person institution.

If the next five years of your life were a book, what would the title be?

Either Heavy Industry or Public Service. I feel there are other ways to contribute to Nigeria’s growth beyond technology. Think about industrialists who built banks or projects like the Dangote Refinery, those are also acts of service.

And what do you see ahead for Nigeria?

I think Nigeria is entering a period of long-term growth. Inflation is trending down, the stock market is strong. Of course, daily realities are still tough, but if you study other countries, growth often shows up in corporations first before trickling down.

I believe bigger companies will emerge here, especially in agriculture and heavy industry. These are capital-intensive but transformative. That’s the type of arc I see in Nigeria’s next chapter.

Looking back at your early startups and where you are now, what’s one piece of advice you wish someone had whispered in your ear at the beginning?

Do not second-guess your instincts. Especially don’t let others, who may not have the same information you do, cause you to second-guess them.

Take Konga as an example. It was growing fast, but we held too much infrastructure ourselves, warehouses, inventory, logistics. My instinct was to build an asset-light, digital infrastructure platform, like Alibaba. They don’t own bikes, warehouses, or inventory; they simply provide the software and coordination.

I had that instinct, but out of respect for the board, whose experience was grounded in Western markets, I set it aside. In hindsight, if we had focused only on digital infrastructure, the story would have been very different. We would have weathered 2015 better, margins would have been stronger, and the burn rate lower.

Mohamad Darwish, CEO of IHS Nigeria, has called for urgent and coordinated public-private investment in digital infrastructure, innovation, and talent development, describing these as the foundation for inclusive growth and national competitiveness.

Speaking during the plenary session themed Smart Growth, Digital Leap, hosted by IHS Nigeria at the 31st Nigerian Economic Summit (NES) in Abuja, Darwish said Nigeria cannot achieve its development aspirations without placing digital technology at the heart of its economic agenda.

‘We cannot successfully build a prosperous and inclusive Nigeria by 2030 without digital technology being a core driver and accelerator,’ Darwish said. ‘This is because digital infrastructure is no longer just about connectivity, it has become the backbone of national productivity.’

While Nigeria has recorded significant progress in the last decade, especially in internet penetration, e-commerce, mobile payments, and startup activity, Darwish warned that the country still faces serious gaps that risk undermining that momentum.

He pointed to inadequate rural internet access, persistent power supply issues, and uneven levels of digital literacy as some of the barriers holding back full digital inclusion.

‘Our country stands very tall as the most vibrant startup ecosystem in Africa and one of the elite creative communities in the world,’ he noted. ‘But despite the progress, Nigeria still grapples with infrastructural and skill gaps.’

The session, which brought together stakeholders from government, business, and civil society, focused on how to accelerate digital adoption and reduce inequality across value chains, sectors, and geographies.

Darwish stressed that only sustained collaboration between the public and private sectors can unlock the scale of investment needed to close infrastructure gaps and scale the innovation ecosystem.

‘To bridge this divide, stakeholders must invest in public-private partnerships,’ he said. ‘Government initiatives focused on expanding broadband coverage, coupled with community-based digital skills programs, can empower more Nigerians to participate in the digital economy.’

According to Darwish, such partnerships would not only unlock productivity across key sectors but also attract new investment and position Nigeria as a future-ready economy.

He emphasized that digital infrastructure, innovation, and talent development should no longer be treated as peripheral interests, but as ‘core inputs and catalysts for growth.’

Darwish also outlined five key priorities for action, including identifying infrastructure and regulatory gaps, scaling broadband and rural connectivity, expanding innovation hubs across sectors like agriculture, health, and education, and building a digital skills pipeline aligned with industry needs.

He expressed confidence in the summit’s ability to foster alignment among key stakeholders on how best to channel investment and policy support into these areas. ‘I hope that at the end of this session, we can arrive at sector-wide alignment on where and how to scale digital infrastructure investments and a strengthened consensus among government, private sector, and development partners on coordinated investments for Nigeria’s digital transformation.’

Highlighting IHS Nigeria’s contributions, Darwish noted that the company operates over 16,000 telecom towers and has laid more than 15,000km of optic fibre across the country.

He said IHS is investing in green energy to power base stations, supporting innovation hubs, and backing upskilling programmes such as the government’s 3 Million Technical Talent initiative (3MTT) and UNICEF’s Generation Unlimited (Gen U).

‘For us at IHS Nigeria, we believe strongly that connectivity is a catalyst for socio-economic growth,’ he said. ‘We pride ourselves as Nigeria’s backbone of digital possibilities, playing a critical role in expanding network infrastructure and supporting telecom operators with sustainable, energy-efficient, and secure infrastructure solutions.’

Darwish urged stakeholders to match ambition with action, stressing that smart, inclusive growth will depend on how quickly the country can scale its digital capabilities.