Category: Business Day

Peter Odili, veteran medical practitioner and former governor, has given tips on how to reduce the ‘japa’ syndrome in Nigeria.

Odili, who is founder of the PAMO Medical University in Port Harcourt, said upward salary review would stem the mass exodus of medical doctors.

He also gave another tip, urging states to emulate Rivers by embarking on mass training of medical doctors through scholarship scheme, saying it would reduce ‘japa’ effect by replacing those that leave the country.

Odili spoke at the ‘Induction/Oath-taking’ of 65 newly graduated medical doctors from PAMO University of Medical Sciences (PUMS), on Monday, October 6, 2025, at the Iriebe campus of the university.

The first civilian governor of Rivers State after military rule is also the Pro-Chancellor as well as Chairman of the University he founded with his wife, Mary.

The former state governor said upward review of their remuneration would reduce brain drain witnessed in the health sector.

He stated the University has produced over 330 healthcare professionals in less than eight years of existence, adding that if other institutions across the country could move at the same pace, the country would have enough medical practitioners and will not be affected by unprecedented exodus abroad for greener pastures. He inferred that the country does not have the power to stop workers from moving beyond borders but suggested attractive salaries and fast reproduction of medical doctors could be better option.

The former governor who studied medicine at the University of Nigeria Nsukka (UNN) commended President Bola Ahmed Tinubu through Fatima Kyari, a professor and Registrar/Chief Executive Officer (CEO), Medical and Dental Council of Nigeria (MDCN), for bold step in the health sector.

Odili said: ‘We congratulate him (Tinubu) and we urge him to pay very special attention to the training of health professionals because they hold the key to national health. A healthy nation is a wealthy nation.

‘We must be healthy first before the wealth. So, congratulate him (Tinubu) and urge the Federal Government to invest more and also look at the review of the remuneration of health workers. That way, we would be killing two birds with a stone.’

Odili went on: ‘You can imagine what would happen when all the other schools across the country move at the pace PUMS is moving. Nobody will worry about who moves, running away with japa or whatever they call it, looking for greener pastures.’

The initiative began during Nyesom Wike when the school was started, but Sim Fubara continued it. Odili said: ‘So, let me use this opportunity to thank the Rivers State government, especially the governor, Siminalayi Fubara, for the initiative and sustenance of the scholarships for students who are indigenes.

Kyari, while inducting the graduands into MCDN, charged them to be good ambassadors of the institution and the council.

She advised them to see their field of career as a calling and not a profession, warning that any person who indulges in any unwholesome practice would be sanctioned accordingly by the council.

The professor further warned the inductees not to build their practice on the trending artificial intelligence (A.I.), but on empathy with human feelings, which she said connects doctors with their patients.

The advice came at a time some prominent Nigerians have died because doctors were either never available or insisted on police report before attending to critically wounded patients especially at night.

Former President Goodluck Jonathan has been dragged before the Federal High Court in Abuja over a legal bid to stop him from contesting the 2027 Presidential election.

The suit, filed on Monday by Johnmary Chukwukasi Jideobi, a lawyer, asks the court to issue a perpetual injunction restraining Jonathan from submitting himself to any political party for nomination.

The plaintiff also wants the court to bar the Independent National Electoral Commission (INEC) from accepting or publishing Jonathan’s name as a candidate in the 2027 Presidential election or any future poll.

In the suit marked FHC/ABJ/CS/2102/2025, Jonathan is named as the first defendant, while INEC and the Attorney- General of the Federation are the second and third defendants.

The case raises a constitutional question: whether, in light of Sections 1(1), (2), (3), and 137(3) of the 1999 Constitution (as amended), Jonathan is eligible to contest for Nigeria’s Presidency again.

The plaintiff argues that the Constitution does not permit Jonathan to run, having already served out the remainder of late President Umaru Musa Yar’Adua’s term and then his own full term following the 2011 election.

An affidavit filed in support of the case by one Emmanuel Agida states that Jonathan was first sworn in as President on May 6, 2010, after Yar’Adua’s death, and was re-elected in 2011.

The plaintiff says recent media reports suggest that Jonathan may attempt another run in 2027, which he believes would violate the Constitution’s two-term limit.

He argues that if the court does not act, a political party may nominate Jonathan, potentially allowing him to contest and win the 2027 election.

That, he claims, will result in Jonathan taking the Presidential Oath a third time contrary to Constitutional provisions.

The plaintiff maintains he has the legal standing to bring the suit as a lawyer committed to upholding the Constitution.

He refers to provisions that state no person who has completed another’s term may be elected more than once.

He also cites the Constitutional requirement that Nigeria must be governed strictly according to the law, with no person or group assuming power outside the framework of the Constitution.

He argues that Jonathan’s return would undermine constitutional order and has filed the suit in the public interest to protect the rule of law.

The plaintiff asks the court to declare Jonathan ineligible to contest, bar INEC from accepting or publishing his candidacy, and order the Attorney General to enforce compliance.

As of the time of this report, no date has been fixed for the hearing.

Nigerian striker Akor Adams marked his first-ever Super Eagles call-up in grand style by scoring the final goal in Sevilla’s stunning 4-1 victory over La Liga champions Barcelona on Sunday at the Ramon Sanchez-Pizjuan Stadium.

The 25-year-old forward, who received his maiden invitation to the national team just days earlier, came off the bench in the second half and made an instant impact, sealing an emphatic win for Sevilla.

Adams, joining compatriot Chidera Ejuke in the Sevilla squad, capped a dominant performance by the Andalusian side, who continue their impressive climb up the La Liga table.

For Barcelona, the defeat, their first league loss of the season, deepened the growing concerns among fans after their midweek Champions League home defeat to Paris Saint-Germain (PSG).

The match began disastrously for the Catalans. Ronald Araújo, restored to the starting XI after the PSG loss, conceded a penalty following a foul on Isaac Romero, confirmed by VAR. Former Barcelona forward Alexis Sánchez converted from the spot to open the scoring.

Romero, who tormented the Barcelona defence all night, doubled Sevilla’s advantage in the 37th minute after missing two earlier chances, finishing calmly from Ruben Vargas’ left-wing delivery.

Adams’ late strike put the result beyond doubt, capping off a remarkable night for Sevilla and a memorable moment for the Nigerian, who now heads into his first international duty with confidence and momentum.

Nigeria is facing a chronic infrastructure deficit that could erode the gains of the ongoing reforms, slow economic growth, and further strain citizens’ living standards.

Africa’s most populous nation has an infrastructural gap estimated at $100 billion annually and projected to reach $878 billion by 2040, according to a report by credit rating agency AugustoandCo. The size of the gap means budget funding alone won’t cut it.

The country needs a more creative and sustainable means of financing to bridge what the World Bank says it would require investment spending of $3 trillion over the next 30 years to bridge.

Nigeria’s current infrastructure stock constitutes only 30 percent of GDP, far below the World Bank’s benchmark of 70 percent. Similarly, the nation ranks behind 23 other African countries on the African Development Bank’s Africa Infrastructure Development Index (AIDI), underscoring the need to increase investment spending on infrastructure to remain competitive.

Mobilising private capital like the idle pension funds or Sukuk Sharia Compliant instruments could be a game-changer for a country undergoing its boldest strings of reforms since independence.

A Sukuk, an Islamic type of bond specifically used in Nigeria for infrastructure projects, has gained traction in recent times after its first issuance in 2017, worth N100 billion.

While the federal government and state governments like Osun, Katsina, and Gombe have tapped into the instruments for infrastructural financing, the new Investment and Securities Act 2025 now gives local governments explicit authority to issue municipal bonds and Sukuk in what’s expected to drive development at the grassroots levels, according to Akeem Oyewale, chief executive officer of Marble Capital.

‘Nigeria needs humongous infrastructure development over the next couple of years. The benefits of issuing Sukuk are huge if we have all three tiers of government in that space,’ Oyewale said in an interview on Channels recently.

But structural and capacity cum leadership understanding of its issuance could limit success and investors’ appeal, especially at the local government levels, Oyewale said.

The federal government’s allocation of N5.99 trillion (10.8% of the 2025 budget) for infrastructure, though doubled year-on-year, is inadequate compared to the $100 billion annual target set by the Master Plan. Addressing this deficit means increased private-sector investment.

However, private investment in Nigerian infrastructure has been low, totaling $8.4 billion from 2013 to 2023, compared to South Africa’s $17.2 billion, data from AugustoandCo show.

Institutional assets, including pension and insurance funds, now exceed $100 billion. Yet less than 5 percent is invested in infrastructure, compared to 15 percent in South Africa.

Private equity and venture capital flows to Nigeria reached $1.2 billion in 2023; however, a significant portion of this was directed towards infrastructure.

‘A trust deficit drives this underinvestment; policy inconsistency, currency volatility, and weak contract enforcement all weigh heavily,’ Teslim Abass, an infrastructure investment analyst wrote in an opinion piece in June, 2025 on BusinessDay.

Abass cited limited data availability, policy uncertainty, currency volatility, perceived risks as some of the factors holding private capital in infrastructural development.

Private capital mobilisation has worked elsewhere. India’s highway sector attracted $20 billion in private investment between 2018 and 2023, resulting in 50,000 kilometres of new roads. Nigeria has a dynamic private sector and a growing institutional investor base.

Deficits in power, health, transport stall growth

Nigeria, Africa’s top crude producer, is targeting a 7 percent annual growth in the next two years and an economy worth $1trillion by 2030.

But with widespread infrastructural gaps, the ambitious growth plan may be stalled.

The country’s infrastructure challenges are vast. Nigeria’s road network, crucial for trade and mobility, spans around 195,000 kilometres.

Yet over 70 percent of these roads are in poor condition, according to the Federal Ministry of Works.

This gap is driving up transportation costs, delaying deliveries, and limiting access to markets, especially for small businesses and farmers, which further stokes of living crisis for Nigerians, whose spending power has been eroded.

Despite being the cheapest means of transportation and capable of moving freight and passengers across longer distances more efficiently, rail transport constituted less than 1 percent of the transportation industry’s contribution to Nigeria’s gross domestic product (GDP) in 2023, which further intensifies the load on roadways.

Power generation remains a bottleneck. Installed capacity stands at 12,500 megawatts (MW), but average output is just 4,000 MW due to transmission losses and gas supply issues. This leaves Nigeria’s per capita electricity consumption at just 144 kilowatt/hour (kWh) annually, far below the global average of 3,131 kWh, according to the World Bank.

Limited power generation means businesses spend an estimated $29 billion yearly on backup energy sources like diesel generators, data from the International Finance Corporation revealed.

‘This considerable deficit hampers economic growth, sustainable development, and poverty alleviation,’ AugustoandCo wrote in a recent report.

Dideolu Falobi, managing director of Kresta Laurel, a Lagos- based electro-mechanical company argued that investors are willing to pour in billions in capital for infrastructure if the country’s justice system is overhauled to guarantee investors security.

‘One of the biggest challenges we have with infrastructure funding is our legal system. A legal system that doesn’t guarantee justice on time discourages investors,’ Falobi said.

‘Nigeria has a very good Return on Investment. People will bring in funds when there’s a system that makes people feel secure.’

The National Information Technology Development Agency (NITDA), in partnership with U.S.-based ChipMango, unveiled Nigeria’s first national microchip design framework, a move seen by many in the industry as a defining step toward digital sovereignty.

For a nation that has long depended on imported technology, the announcement during the GITEX Nigeria 2025 in Lagos marked a bold pivot.

‘We are building a future where Nigerian talent leads in semiconductor design,’ said Kashifu Inuwa Abdullahi, NITDA’s director general, during the launch. ‘This framework embodies our vision for digital sovereignty and inclusion, creating jobs, exports, and innovation for generations to come.’

The framework rests on three pillars: capacity building, outsourcing, and policy alignment. Central to this plan is ChipMango’s AI-powered e-learning platform, which will provide Nigerian students with hands-on training, simulation tools, and globally recognised certifications. Already in use in U.S. universities, the platform is designed to turn learners into industry-ready chip designers.

Beyond education, the framework positions Nigeria as a global hub for microchip design outsourcing, linking local talent to international projects worth billions of dollars. Policy integration with President Bola Ahmed Tinubu’s Renewed Hope Agenda and NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) ensures the initiative is tied to national economic goals.

A distinctive feature is inclusion. Women, often underrepresented in STEM, are placed at the centre of the effort through outreach, mentorship, and scholarship programmes to ensure a diverse and innovative talent pool.

The unveiling also launched the NITDA-ChipMango Innovation Challenge 2025, a nationwide competition inviting students across Nigeria’s six geopolitical zones to design chip-based solutions for healthcare, agriculture, robotics, and AI. Winning teams will gain recognition, mentorship, and industry certification.

For ChipMango’s Nigerian-born CEO, Ola Fadiran, the mission is clear. ‘This is more than a framework; it is a national strategy,’ he said. ‘Together with NITDA, we are nurturing experts, innovators, and leaders who will power Nigeria’s microchip design economy.

Momentum will continue at Digital Nigeria 2025, where discussions will focus on building a national outsourcing ecosystem around the framework.

For many students in the audience, the launch was more than policy; it was a glimpse into a future where Nigeria’s chips could power the world. As one whispered to a friend, eyes wide with possibility, Maybe the next iPhone chip could come from Nigeria.

Governor Umar Namadi of Jigawa State has announced that an executive bill is before the State House of Assembly for the establishment of the State Teacher Development Agency, which will focus exclusively on teacher training, retraining, and professional capacity development.

Speaking at the 2025 World Teachers’ Day celebration held at the Nuhu Muhammad Sanusi Durbar Ground in Dutse on Sunday, the governor commended teachers for their hard work, resilience, and dedication to duty, describing teaching as the foundation of every other profession.

‘The objectives of the Bill, therefore, include, among others, enhancing the capacity of teaching and non-teaching staff at both the basic and post-basic levels, undertaking capacity-building programmes at the basic and post-basic levels, and enhancing teaching methodologies. Only through an agency established for this purpose would teacher development be given the actual attention it deserves.

‘This underscores our concerns towards professional teacher development to ensure that our children get the opportunity to receive quality teaching from high-quality teachers. The quality of our pupils and students is directly related to the quality of our teachers.’

The Governor also restated his administration’s commitment to teachers’ welfare, continuous professional training, and recruitment to further strengthen the education sector across the state.

While recognising the role teachers play in nation building, he described them as role models and mentors who provide moral guidance and inspiration to pupils and students alike.

Teachers play the role of parents and provide moral guidance and inspiration for pupils and students to grow up as functional and productive members of society. This is precisely why most often people say that the reward of teachers is in heaven, and this is true if teachers see what they are doing as service to humanity.’

Earlier, Abdulkadir Yunusa, Jigawa State Chairman of the Nigeria Union of Teachers (NUT), lauded the State Government for its continuous support to the education sector, highlighting several achievements under Governor Namadi’s leadership, including the promotion of over 16,000 teachers, the implementation of a ?70,000 minimum wage, and the recruitment of more than 10,000 teachers across the state.

Yunusa also commended the governor for introducing digital reforms in schools, fencing off education facilities for safety, and establishing critical agencies such as the Jigawa State Senior Secondary School Education Board, Jigawa Education Resource Agency (JERA), Education Quality Assurance Agency (JISEQA), and the Teacher Training and Development Agency (JITDA).

He further acknowledged the government’s allocation of 32% of the state’s budget to education, exceeding UNESCO’s recommendation, and praised the reinstatement of the Best Teacher Award as motivation for excellence in the teaching profession.

Global multi-asset broker JustMarkets has been awarded the prestigious title of ‘Best Global Broker’ at the Jordan Financial Expo 2025 (JFEX), one of the MENA region’s most influential financial and fintech events.

This award recognizes brokers that deliver innovative solutions, cutting-edge platforms, and efficient services that empower clients to achieve greater success in financial markets. For JustMarkets, the honor highlights its consistent ability to adapt to global trends, expand its product offerings, and lead in technological innovation and educational processes in online trading.

JustMarkets Representative on One More Award

‘Being recognized as the ‘Best Global Broker’ at JFEX 2025 is a proud moment for us. It validates our commitment to creating smarter, more accessible trading solutions for clients across the MENA region and beyond. This award is dedicated to our clients, whose trust inspires us to continue breaking barriers in the industry.’

That’s how the Business Development Manager at JustMarkets commented on receiving the award on behalf of the company.

At the Heart of JFEX 2025

Held in Amman, JFEX 2025 brought together brokers, investors, fintech innovators, and regulators from across the Middle East and North Africa. Over the course of two days, participants explored the latest financial technologies, discussed regulatory frameworks, and shared insights on the future of the region’s investment landscape.

As a key exhibitor, JustMarkets showcased its expanding suite of products, including the JustMarkets Trading App, swap-free Islamic accounts, and competitive trading conditions with leverage of up to 1:3000. The company also emphasized its focus on transparency and innovative services, which continue to resonate strongly with traders in the MENA region.

Building the Future of Online Trading

Winning the ‘Best Global Broker 2025’ award reflects JustMarkets mission to create a convenient and transparent trading environment where everyone can reach their full investment potential. With over 13 years of industry experience, regulation from the FSC Mauritius, FSA Seychelles, and the South African FSCA, and clients in more than 160 countries, JustMarkets is committed to shaping the future of online trading through innovation, education, and client trust.

To start using the JustMarkets Trading app, simply register and download it on your Android or iOS device.

About JustMarkets:

JustMarkets is a globally recognized multi-asset broker providing reliable and transparent trading services since 2012. The company has earned over 50 industry awards, highlighting its excellence in the financial sector. JustMarkets offers a diverse array of trading instruments, including CFD on Forex, stocks, commodities, indices, metals, energies, and cryptocurrencies, serving clients in over 160 countries.

Bimbo Roberts Folayan, convenor of the Nigerian Diaspora Direct Investment Summit (NDDIS), has revealed philanthropic funders offered deals ranging from $1 million to $500 million in grants for small businesses and state-led projects at the last diaspora summit in March.

He noted this recently in a video interview, where he highlighted that NDDIS has played a key role in encouraging Nigerians abroad to establish businesses back home, as remittances totalled over $20.9 billion in 2023, (nearly four times) Nigeria’s foreign direct investment.

He however expressed frustration at the slow response from Nigerian states. ‘Since we started, we’ve mobilised and encouraged many diasporans to set up businesses in Nigeria,’ he noted. ‘They’re taking new technologies, ideas, and business models back home. It’s been very successful, but the government still doesn’t fully understand the importance of this.’

‘It took us so much to convince some states to bring forward projects; this is free money,’ he said. ‘We managed to get Bauchi and Katsina States involved, and we’re hoping to mobilise a minimum of $200 million into Nigeria before the end of the year.’

Folayan, also regarded as a repected elder statesman within the UK-based Nigerian community described the diaspora community as ‘a powerful bridge to investors’ ,and urged the government to deepen its collaboration with citizens living overseas.

He strongly believes that the Nigerian diaspora has a critical role in driving economic growth and attracting investment into the country.

On diaspora engagement and foreign investment

Folayan also emphasised that diaspora engagement and foreign investment represents an untapped resource for development.

‘The government in Nigeria needs to engage more with the diaspora because of the power that the diaspora holds,’ he said. ‘When you look at the economic situation and what the diaspora has been doing for years setting up initiatives, returning with new ideas and technologies this is where the real investors are.

He added that initiatives like the NDDIS have helped change the government’s mindset towards viewing the diaspora as an extra resourcs for nation-building. ‘We are like children abroad; you don’t need to do much, you just need to engage and connect us with what you want for Nigeria,’ he explained.

On the absence of ambassadors and diplomatic engagement

Folayan criticised the prolonged delay in appointing Nigerian ambassadors and high commissioners, describing it as a major gap in the country’s foreign engagement.

‘It’s very confusing even the High Commission doesn’t understand why,’ he lamented. ‘It shows that the government doesn’t fully grasp the importance of foreign engagement. There’s a huge disconnect between our missions, the community, and investors.’

He stressed that without substantive ambassadors in place, ongoing diaspora investment efforts risk losing momentum.

‘Unless proper ambassadors are appointed before the end of the year, much of the work people like us are doing will not amount to much,’ he warned.

Reflecting on the administration’s economic reforms, Folayan acknowledged that the reforms are long-term in nature, but immediate relief is needed through local governments and stronger diaspora collaboration.

He called for men and women within the diaspora to work directly with the government to support implementation and monitoring, and reaffirmed his commitment to fostering stronger diaspora participation in Nigeria’s development.

‘The diaspora is the engine of growth,’ he said. ‘When properly engaged, we can help drive investment, innovation and positive change for our country.’

Ange Postecoglou’s future as Nottingham Forest manager is hanging by a thread after the club suffered a fifth defeat in seven matches, piling intense pressure on the Australian coach.

Despite Forest’s alarming run of results, sources close to the club indicate that the hierarchy is unlikely to sack Postecoglou during the international break, preferring to give him at least two more weeks to turn things around, starting with the home clash against Chelsea.

Club owner Evangelos Marinakis and the board, however, have demanded immediate improvement, as Postecoglou appears to have already lost the backing of a growing section of supporters. The Trentside club is reluctant to make a third managerial change this season but may have little choice if the slump continues.

Postecoglou’s recent record makes grim reading. Including his time at Tottenham, he has now lost 30 of his last 49 Premier League games, a run that firmly places his sides in relegation form.

Forest’s latest setback came in a 2-0 defeat to Newcastle United on Sunday, with goals from Bruno Guimarães and Nick Woltemade sealing their fate at St James’ Park. That result followed a 3-2 Europa League loss to FC Midtjylland, during which Forest fans chanted, ‘You’re getting sacked in the morning,’ at their own manager.

Since replacing Nuno Espírito Santo on September 9, Postecoglou is still without a win, overseeing five defeats and two draws in all competitions. Forest currently sit 17th in the Premier League, just above the relegation zone, having failed to win since the opening weekend of the season.

Postecoglou’s frustration boiled over after Thursday’s European defeat, where he clashed with a journalist when asked about his job security.

With a daunting schedule ahead, starting with Chelsea’s visit in two weeks, Postecoglou’s time at the City Ground could soon be up unless results improve dramatically.

Nigerian-born global investor Adebayo Ogunlesi has expressed strong confidence in President Bola Tinubu’s economic reforms, describing them as a solid foundation for renewed international investment in the country.

Ogunlesi, Chairman of Global Infrastructure Partners (GIP), made the remarks after a high-level meeting with the President at his Lagos residence on September 29, 2025, where discussions centred on deepening private sector participation in key industries including energy, aviation, and ports.

Speaking with journalists after the meeting, Ogunlesi commended the administration’s economic direction, citing the removal of fuel subsidies, ongoing tax reforms, and the revival of the national refinery, which has commenced export of aviation fuel, as signs of genuine policy progress.

‘We had an excellent meeting where we discussed strategies to put Nigeria front and centre for global investment. The President was very encouraging, and we exchanged valuable ideas on driving economic growth,’ he said.

While declining to disclose specific investment figures, Ogunlesi confirmed that his firm is actively investing in Nigeria and evaluating new opportunities across multiple sectors.

‘Watch this space. Nigeria may not yet be the most exciting investment destination, but that’s what we are working on,’ he noted.

On areas of focus, Ogunlesi highlighted energy, gas, aviation, ports, and renewable energy, stressing that Nigeria’s vast gas reserves remain significantly underdeveloped. Drawing on his firm’s experience in LNG projects in Texas and Australia, he described Nigeria’s energy sector as ‘ripe for sustainable partnerships.’

Regarding aviation, Ogunlesi-famously known as ‘the man who bought Gatwick Airport’-signalled interest in developing local aviation infrastructure. He also admitted that one of his companies operates ports in Cotonou and Lomé, but none in Nigeria, a point the President humorously challenged him on.

‘He forgave me but said, ‘You must bring port investment to Nigeria,” Ogunlesi recounted with a smile.

Also present at the meeting, international investor Hakeem Bello-Osagie emphasized the importance of diaspora involvement in Nigeria’s economic transformation.

‘When Nigerians at home and abroad invest in the country, it sends a powerful message to the global community,’ he said, commending Tinubu’s policies for making Nigeria increasingly attractive to investors.

Echoing similar sentiments, Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), noted that the administration’s fiscal and structural reforms are laying the groundwork for an export-led economy.

‘We have done the fundamentals, and now it is time to deliver growth,’ Adedeji said.

With global investors showing renewed interest and confidence, Nigeria’s economic repositioning under the Tinubu administration appears to be gathering momentum, setting the stage for transformative investments across strategic sectors of the economy.