Category: Business Day

BusinessDay Maritime Conference ‘Strengthening Nigeria’s Maritime Business: Bridging Policy Gaps and Optimising Global Competitiveness,’ on 30th September convened a who’s-who of shipowners, regulators, lawyers, port operators and freight forwarders to confront a blunt truth: Nigeria’s maritime promise is real, but the system that should turn that promise into jobs, exports and revenue is fragmented – and running out of runway.

Frank Aigbogun, Publisher/CEO of BusinessDay, set the tone in his opening: ‘Nigeria’s maritime sector is not a side note to our economy.’ He urged delegates to stop talking about potential and start converting assets into measurable economic value.

Keynote: law, policy and a hard look at implementation

Mfon Usoro, national president, Chartered Institute of Logistics and Transport Nigeria, delivering the keynote address

Mfon Usoro, president, Chartered Institute of Logistics and Transport (CILT) Nigeria, in her keynote address, set the tone with the masterfully crafted theme, ‘Bridging Policy Gaps and Advancing Maritime Competitiveness: A Roadmap for Nigeria’s Future.’ Her central argument: Nigeria already has many of the policies it needs; the gap is implementation.

She laid out a simple taxonomy of maritime business: ship ownership and operations at the centre, surrounded by maritime technology, seafaring manpower, ports and logistics, and supporting services (finance, law, insurance). ‘It is the crux of the matter. All the other ones around it operate around the main shipping itself,’ she said.

On indigenous shipping, she was pointed and practical. Recalling the Obasanjo government’s ill-fated fleet purchase, she warned that ‘operation of a ship profitably is not like buying a car. You have to prepare the structure, the manpower, the marketing assessment, everything before you buy the ship to ensure the sustainability of the business.’

She rejected the narrative that Nigeria lacks policy: ‘I don’t agree that we don’t have policies. We have a lot of policies,’ she said, citing the Nigerian Maritime Administration and Safety Agency (NIMASA) Act (2007) and the legal instruments that create incentives for Nigerian ownership (national-carrier status with 60% Nigerian ownership and 70% Nigerian officers, for example). Her challenge to the room: after enactment, where is the delivery?

She backed that diagnosis with market numbers: Q1 2025 merchandise trade stood at ?38.30 trillion, of which crude accounted for ?11.90 trillion – ‘there’s cargo outside of crude,’ she emphasised – and the Nigerian Ports Authority (NPA) recorded 4,100 seagoing vessel calls in 2021, none flying the Nigerian flag.

Goodwill messages: private sector, states, and forwarders weigh in

The conference threaded practical examples through policy prescriptions.

Representing NLNG Shipping and Marine Services (NSML), Ladu spoke for the group and for the absent managing director, Abdul Khadir Ahmed, stressing that policy must translate to technical capacity. NSML runs 13 vessels for clients and maintains a Maritime Centre of Excellence in Bonny – a model, he said, of deliberate domestic skill development: ‘With the right policy and the right skill set we can actually do it as a country.’

Anambra State’s commissioner for Transport, Patricia Igwebuike, pitched a subnational perspective. She called Onitsha River Port a priority and urged inter-agency collaboration and capacity building: ‘It’s not just that you have a river port. You must get the capacity building, the training, and the interaction with others in the sector.’

From the freight-forwarding community, Godfrey Emeka Nwosu, general secretary, National Association of Government Approved Freight Forwarders (NAGAFF), speaking for Tochukwu Ezisi, president, NAGAFF, said the sector’s future will be defined by ‘digital transformation, regulatory harmony and empowerment of local operators,’ urging professionalism, transparency and partnership between government and private operators.

The fleet gap and the cargo guarantee that never arrived

Usoro had earlier, in her keynote address, exposed the fatal flaw in Nigeria’s national-carrier policy: political promises of cargo guarantees were never operationalised. She recalled the Nigerian Fleet Committee effort (with private entrepreneurs and foreign partners ready to take minority shares) – and the dealbreakers: ‘Where is the cargo?’ potential partners asked.

The NIMASA Act’s Section 36, she said, anticipates this by guaranteeing cargo (a minimum share of federal, state and local government cargo, 50% of dry and liquid bulk, and 50% of international aid cargo) for vessels granted national-carrier status. But she cut to the core: ‘The ministry could not give this guarantee because they don’t own cargo. NIMASA does not generate cargo.’ In short, legal guarantees exist on paper; the operational plan – cross-ministerial, cross-agency cargo allocation and fiscal incentives – does not.

Logistics performance and the ‘whole-of-government’ fix

Usoro weaponised data to press the point. Nigeria ranks 88th of 139 on the World Bank Logistics Performance Index (LPI), with low scores across customs efficiency (2.6), infrastructure (2.4), international shipments (2.5), logistics competence (2.3), tracking (2.7) and only relative strength in timeliness (3.1). ‘Isn’t that a shame?’ she asked.

Her prescription: a whole-of-government approach. The Ministry of Marine and Blue Economy cannot run the show alone. ‘The silo approach does not work. It has to be a Nigerian project, not a NIMASA project,’ she said – demanding ministerial coordination, integrated budgets and enforceable implementation committees that include finance, works, ports, customs, immigration and state and local governments.

Regulation, taxes and enforcement: a legal voice

The keynote-author and legal veteran returned to practical fixes: cut the number of agencies operating in ports (more than the eight authorised is a routine violation), reduce punitive taxes on shipowners and replicate aviation’s spare-parts exemptions for shipping: ‘It is not rocket science. shipping deserves the same treatment – zero importation tax,’ she insisted. ‘We must reduce the number of agencies at the ports and enforce discipline.’

Panel 1 – policy and infrastructure: the central diagnosis

Moderated by Kenneth Jukpo, managing director, JUKKEN Consults Limited, the first plenary brought together environmental, legal and operational lenses.

Speakers decried that many planned Inland Container Depots (ICDs) remain dormant. The Dala ICD, in Kano State, for example, ‘could produce a capacity twice the size of Apapa’ but customs have refused to resume operations there. ‘Who is Customs to say they will not resume in Dala?’ the speaker demanded – another illustration that policy without enforcement is paper.

On funding, a panellist noted successful precedents: Seychelles’ blue bond quickly mobilised capital and accelerated its blue economy; and the Lagos-Calabar coastal road financing showed that when political will, institutional support and a clear infrastructure objective align, external funding follows. The ask: shift from drafting more policy to unlocking capital via coordinated, bankable project packaging – blue bonds, Multilateral Development Banks (MDB) financing, bonds for ports and port-linked infrastructure – and empower agencies to raise finance with Ministry of Finance buy-in.

Sustainability and carbon opportunity

Felicia C. Mogo, president, African Marine Environment Sustainability Initiative (AFMESI), stressed that environmental, social, governance (ESG) is no longer optional: ‘ESG – environment, social and governance – is now what is ruling the world.’ She urged pollution controls, community inclusion, and marine-habitat protection (mangroves, seagrass, peatlands). Absent environmental integrity, she warned, grants and green finance will not flow.

On decarbonisation, the panel argued Nigeria is well placed – its crude is relatively low-sulfur – but ports must be upgraded to handle low-sulfur fuels, provide scrubber waste management, and adopt standards for vessel fuel use. One panellist who had participated in International Maritime Organisation (IMO) efforts urged Nigeria to explore carbon capture, utilisation and storage (CCUS) and emissions trading pathways: ‘We can capture carbon, utilise what is useful, and then safely store the rest in abandoned oil wells and geological formations across the country,’ he said. He also flagged mangroves – Nigeria’s mangrove forests are a global asset and a potential source of nature-based credits and debt-for-nature swaps.

Panel 2 – the single window, port community systems and digital hygiene

The second plenary, moderated by Samuel Dayo Ebidunmi (MICS), Chartered Shipbroker and Maritime/Supply Chain consultant, turned from bricks and mangroves to bytes and Application Programming Interface (APIs).

‘If you deploy technology on an inefficient system, you simply amplify inefficiency,’ Gbotolorun Babatunde Ayodele, GM, ICT, Nigerian Ports Authority, said, and added a crucial caveat: technology is an enabler, not a cure.

NPA’s current information communication technology (ICT) projects include gated access and closed-circuit television (CCTV) pilots at truck transit parks; vessel tracking and plans for Vessel Traffic Services (VTS); an electronic berth allocation system; and revenue transparency tools.

But the big game-changer, he said, is the National Single Window (NSW) – a federal platform to streamline document exchange – and the NPA’s Port Community System (PCS), which will give stakeholders shared visibility over cargo flows.

‘Information sharing and integration are key. Stakeholder resistance must be broken,’ he said, listing constraints: budget, power supply, training and legal recognition of electronic documents. His operational approach: build NPA’s internal infrastructure first, then scale integrations and system-to-system APIs rather than manual portal-by-portal access.

Port state control, security and data

Richard Olabi (speaking for Sunday Umoren, secretary general, Abuja MoU on Ports State Control) linked safety, security, environment and crew welfare. ‘Without ships, there can be no ports,’ he said. He argued that security threats across West and Central Africa have pushed up freight rates and underlined the need to harmonise port state control. He pointed to NIMASA’s C4I system at Kirikiri – integrating Automatic Identification System (AIS) for real-time maritime domain awareness – and urged alignment with NPA’s Vessel Traffic Service (VTS) for secure navigation and inspection workflows.

Freight forwarders: the single window is existential

Kingsley Igwe, registrar/CEO, Council for Regulation of Freight Forwarding (CRFFN) in Nigeria, made the clearest business case for digitalisation: ‘Everything that goes wrong in the supply chain translates directly into cost. It affects the price of goods in the market, and ultimately every Nigerian citizen.’ He positioned the national single window as Nigeria’s must-do reform: it reduces human interfaces, blocks illegal charges and enables importers/exporters to transact with regulators from a single entry point. He invited stakeholders to nationwide sensitisation events (noting an October session) and pushed for integration between NSW and the Port Community System (PCS).

Igwe also argued for professionalisation: licensing freight forwarders, haulage firms, warehouse operators and customs brokers to remove unqualified actors from the system. ‘Freight forwarding is a professional service,’ he said. CRFFN plans enforcement of licensing provisions ‘in the coming weeks.’

B’Odogwu vs Single Window – clearing up a live technical question

During QandA, a delegate asked about the practical difference between B’Odogwu (the customs electronic declaration platform) and the National Single Window. Kingsley clarified: B’Odogwu is customs-specific (harmonised system (HS) classification, duty calculation) and accessible to licensed customs brokers; the National Single Window is broader – it centralises permits and certificates from Standards Organisation of Nigeria (SON), National Agency for Food and Drug Administration and Control (NAFDAC), CRFFN and other agencies, and will eventually embed B’Odogwu functions so a trader can process all approvals from a single login.

Real problems, practical solutions

Speakers underlined a handful of concrete priorities:

Rail and inland logistics – ports like Apapa and Tincan are river ports hemmed in by urbanisation; only Apapa currently has meaningful rail; hinterland rail and ICDs (Inland Container Depots) must be revived to decongest terminals.

Modal balance – revive barge operations and integrate them with road and rail (Ports and Terminal Multiservices Limited’s (PTML) barge movements to Mile-2 were cited as a positive experiment).

Deep seaports – dredging Apapa to ever-deeper drafts is a losing game; the panel urged investment in naturally deep drafts (16m+) at sites such as Abia and Akwa Ibom to attract mega vessels and economies of scale: ‘If we want mega vessels that offer economies of scale, we cannot continue with ports whose drafts are capped at 13 metres.’

Legal and fiscal fixes – standardise customs procedures across ports, remove punitive taxes on shipowners, adopt stabilisation clauses in public-private partnerships (PPPs) and ensure community consultation and compensation frameworks.

Data and statistics – create a single source of truth for throughput, vessel calls, detention statistics, and cargo flows to support planning and enforcement: ‘If you don’t have the information, you cannot make the right decisions.’

Voices from the floor: inclusion, licensing and rolling out change management

Freight forwarders in the audience raised a practical and political point: they are routinely excluded from policy design despite being the operators who execute trade flows. ‘Nobody has considered how to empower the freight forwarder,’ one delegate said, calling for targeted funding and training so small- and medium-sized forwarders can buy the laptops, software and connectivity NSW will require.

Another delegate urged maximising inland waterways: ‘Let us use what we have to get what we want – jetty-to-jetty water movements can relieve roads today.’

A final practical exchange cut through to what matters: the NSW is near completion (panellists said ˜60% integrated), pilots are expected in the coming months, and legal recognition for e-documents (e-manifests, e-invoices, electronic bills of lading) must be fast-tracked. Kingsley estimated that the broad adoption of electronic documents could reduce logistics costs by up to 40%.

Closing: the ask is simple – execute, integrate, regulate

The conference closed on a procedural but symbolic note – a group photograph and a call to action from BusinessDay’s trade correspondent, Bethl Ujabi: the ‘most important part of today is the action that begins after now.’

Across plenaries, the prescriptions converged:

Stop treating maritime as a ministry project. Make it a national project with ministerial key performance indicators (KPIs) and cross-cutting budgets. ‘Whole-of-government’ was the conference watchword.

Fast-track the National Single Window and Port Community System – with legal recognition of e-documents, strong cybersecurity rules and an integration roadmap that prioritises API-to-API communication (not manual portals).

Invest in hinterlands and deep seaports rather than endlessly dredging shallow river channels.

Professionalise the supply chain through licensing, training and a freight-forwarder support fund so local operators can adopt digital freight models.

Make sustainability a funding lever – protect mangroves, pursue CCUS pilots and position Nigeria to capture nature-based credits and green finance.

Bottom line

The conversation at BusinessDay’s maritime conference was less about new ideas than about discipline: Nigeria is not short of plans or policies; what it lacks is coordinated execution, line-ministry ownership of outcomes, predictable finance and the digital plumbing to make the whole system visible and accountable.

If ministers, regulators and private investors can align, the payoff is tangible: more Nigerian ships in international trade, lower logistics costs, jobs in ship management and seafaring, and export-ready supply chains. If they don’t, the country will continue to watch foreign flags carry Nigerian trade and foreign ports reap the productivity gains.

As Mogo put it in a moment that cut through the policy layers to a political charge: ‘We have policy – now we must show the will to implement it.’ The rest, the delegates warned, will be earned – or lost – in the months after the conference.

Technology is advancing at an unprecedented rate, and terms like ‘machine learning’, ‘deep learning’, and ‘neural networks’ are no longer confined to research labs or Silicon Valley boardrooms. They are shaping how banks approve loans, how telcos manage customer churn, how oil and gas firms optimise drilling, and even how governments plan infrastructure.

For business executives and the general public, it is crucial to demystify these buzzwords. Understanding them doesn’t mean becoming a data scientist, but it does mean knowing enough to see opportunities, ask the right questions, and avoid costly mistakes.

What is machine learning?

Machine learning (ML) is the foundation of modern artificial intelligence. It’s about teaching computers to learn from data and improve over time without requiring explicit programming.

Using the banking sector as an example. A Nigerian bank handling millions of Naira transactions daily must constantly be vigilant against fraud. Instead of relying on static rules, such as flagging only large transfers, it should adopt dynamic approaches. Machine learning models can spot subtle anomalies, such as a customer suddenly making multiple small transfers late at night or unusual login behaviour from an unknown or foreign device. The system improves and becomes more effective the more transactions it analyses.

For executives, machine learning means transitioning from ‘rules-based’ systems to adaptive ones that evolve in tandem with the business environment.

What is deep learning?

Deep learning is a specialised branch of machine learning inspired by how the human brain processes information. The term ‘deep’ refers to the use of many layers of interconnected processing units. Each layer learns something more complex than the previous one.

Think of it like how a telco manages its vast customer base. A telecom operator with 50 million subscribers wants to predict which customers are likely to switch to competitors. A basic machine learning model might look at call frequency or data usage. However, a deep learning model goes further; it analyses dozens of data points, including network quality, customer complaints, payment patterns, and even social sentiment. With this, the telco can not only predict churn but also design tailored retention offers, saving millions of Naira in lost revenue.

For businesses, deep learning brings a significant change in what’s possible: automating tasks once thought to require human intelligence.

‘For business leaders, the importance of machine learning, deep learning, and neural networks lies in their potential to unlock efficiency and competitiveness.’

Neural networks explained

The engine behind deep learning is the artificial neural network (ANN). Modelled loosely on the human brain’s network of neurones, an ANN consists of nodes (neurones) connected by links. Each connection carries a weight, and as data passes through the network, these weights adjust, strengthening or weakening connections until the system produces reliable results.

In the oil and gas industry, neural networks are already being utilised to enhance exploration and drilling efficiency. Consider an upstream operator analysing seismic data. The data is massive and noisy, but neural networks can learn to detect subtle patterns that point to the presence of oil or gas reserves. The technology helps geologists reduce guesswork, saving millions in drilling costs and minimising environmental risks.

A simple way to think about neural networks is how children learn. If a child touches a hot stove, they quickly avoid it next time. Neural networks operate similarly; they ‘learn’ from errors and improve decisions over time.

Why these matter for business leaders

For business leaders, the importance of machine learning, deep learning, and neural networks lies in their potential to unlock efficiency and competitiveness. Companies that harness these tools can:

Automate repetitive processes, from banking compliance checks to telco billing queries.

Predict market trends by analysing vast volumes of structured and unstructured data.

Enhance customer experience through hyper-personalisation, tailored offers, and faster service.

Reduce risks through fraud detection in finance, predictive maintenance in telecoms, and drilling safety in oil and gas, among others.

At the same time, there are challenges, including data privacy concerns, ethical issues, high implementation costs, and the risk of overhyped expectations. Not every problem requires deep learning; sometimes simpler machine learning approaches work well.

The Human Element (Human in the Loop)

It’s easy to get carried away with the technical jargon, but ultimately, these technologies are tools. They don’t replace human judgement, creativity, or strategic thinking. Instead, they augment them. The best results come when executives combine human insight with machine-driven intelligence.

For example, a retail CEO doesn’t need to code a neural network, but they should know what to ask:

Do we have enough quality data to train an algorithm?

How will AI-driven insights affect customer relationships?

What guardrails do we need to ensure fairness and transparency?

Bottom line

Machine learning, deep learning, and neural networks are not abstract scientific concepts; they are practical tools shaping the present and future of business. From banks tightening fraud prevention to telcos retaining customers to oil and gas companies reducing exploration costs, the applications are tangible and measurable.

The key is not to fear the complexity but to engage with it. Executives who understand the basics will be better positioned to steer their organisations through the ongoing wave of digital transformation.

Just as electricity once transformed industries, intelligent systems powered by machine learning and neural networks are poised to do the same in our time. The question is: will your business adapt early and lead, or lag?

Over 150 children and teenagers in Lagos took bold steps toward shaping their futures at the fourth edition of Dream Big and Reach for the Stars, a youth workshop designed to help them set goals and visualise their future.

The one-day programme, organised by Amani Health Inc., a digital health organisation that bridges the gap in emotional and mental health care support for children, teenagers, and adults, was held at the Lagos Chamber of Commerce and Industry (LCCI) Conference and Exhibition Centre, Lagos.

It also drew families who joined virtually from outside the state. Participants, aged 7 to 17, took part in a Dream Board exercise where they created visual plans for their ambitions. The organisers said the activity was intended to build clarity, confidence and a sense of purpose. By the end of the day, children left with colourful boards and a shared conviction that ‘my dreams are valid.’

For parents, the impact was immediate and profound. ‘After last year’s edition, my son turned his wardrobe into a vision wall. This time, he already told me he’s putting his academics right at the top. This programme doesn’t just inspire, it changes lives,’ one mother recalled.

Another parent testified that her once-shy daughter now demonstrates stronger self-esteem and keeps a daily reminder of her aspirations.

Ayodele Fasuyi, the convener, said the initiative was born out of a desire to restore the habit of dreaming among Nigerian children, many of whom struggle with peer pressure, social media comparisons, and anxiety about the future. ‘Our goal is to show them that, no matter the noise around them, their dreams remain valid and their future is bright,’ she said.

A highlight of the workshop was a storytelling session centred on Tunde Onokoya, founder of Chess in Slums Africa, whose journey from modest beginnings to international acclaim underscored the power of resilience and focus.

Fasuyi noted that Amani Health had previously partnered with his initiative in 2023, reinforcing the theme of collaboration in youth empowerment.

Corporate sponsors, including Indomie, SunTrust Bank, Rosabon Finance, Pasta n Grills, VDL Technologies, Markov Games AI, AYITI, and Cake Allure, provided refreshments, gifts, and resources. Organisers said this support was crucial to creating a memorable, family-friendly atmosphere.

Now in its fourth year, Dream Big and Reach for the Stars has become a trusted platform for families seeking to nurture children’s growth beyond academics. Parents described it as both inspiring and practical, giving their children clarity about the future while teaching confidence and resilience.

Building on the momentum, Amani Health announced the second cohort of Excel Beyond the Classroom, a four-month skill-acquisition and mentorship programme designed to help children turn their vision boards into reality. The curriculum includes emotional intelligence, digital literacy, entrepreneurship, public speaking, and project-based learning. By the end of the programme, each child will produce a tangible product, project, or portfolio that moves them closer to their dream.

For many families, the message resonated deeply in that, in an age of distractions and uncertainty, the ability to dream big and take practical steps forward may be one of the most powerful gifts children can receive.

‘We want children to move from hope to action. It is not just about dreaming but about equipping them with the tools to make those dreams achievable,’ Fasuyi explained.

Nigeria’s Securities and Exchange Commission (SEC) is proposing N10 billion minimum capital requirement for Credit Enhancement Service Providers.

The SEC noted this in the proposed rules on Credit Enhancement Service Providers and Sundry Amendment to existing rules of the Commission.

‘Where a credit enhancement facility provider fails to maintain the minimum capital requirements prescribed by the Commission, it shall be prohibited from providing additional credit enhancement facilities until the required minimum capital is restored and shall submit a recapitalisation plan acceptable to the Commission,’ the SEC said.

Credit Enhancement Service Providers.

Credit Enhancement Service Providers, such as InfraCredit, offer financial guarantees and other mechanisms to improve the credit quality of debt instruments, making them more attractive to investors like pension funds and insurance companies, thereby unlocking capital for infrastructure and other projects. These entities help bridge the gap between the long-term capital needs of projects and the risk appetite of domestic investors.

No dividends payment except .

SEC also proposes that a credit enhancement facility provider shall not declare or pay dividends until all its preliminary and preoperational expenses have been written off, adequate provisions made for all losses, and it has met the minimum prudential requirements as specified under these Rules.

The SEC also noted that every credit enhancement facility provider shall establish and maintain a robust risk management framework approved by its board of directors to ensure that all risks inherent in its operations are properly identified, measured, monitored, controlled, and reported in accordance with best practices.

What’s more.

‘A credit enhancement facility provider shall, at all times, comply with the IFRS or such other accounting standards as may be prescribed by the Financial Reporting Council of Nigeria in the preparation of its financial statements, and in reporting its assets and liabilities,’ SEC proposes.

Commercial banks, and insurance companies registered by the Commission to provide credit enhancement services under these Rules shall be deemed to have satisfied the capital and liquidity requirements under the Rule, upon submission of a letter of good standing from the CBN or National Insurance Commission (NAICOM) confirming compliance with applicable prudential standards and shall not be required to comply with any other prudential requirement under this Rule.

‘Banks and insurance companies shall be required to submit a renewal compliance letter from the CBN and NAICOM annually, within 45 days after the end of their applicable financial year or such other period as may be prescribed by the Commission,’ SEC noted.

The sundry amendment requires among other that the cash/asset ratio for core operators in the market shall be a minimum of 60 percent in liquid assets and the cash/asset mix ratio for non-core operators shall be a minimum of 30 percent in liquid assets provided that the credit enhancement facility provider shall have a cash/asset mix ratio of 85 percent on liquid assets.

The addresses delivered by global leaders, including the compelling statement from President Bola Ahmed Tinubu, represented by Vice President Kashim Shettima, at the September 2025 UN General Assembly, served as a resounding admittance that the objectives of SDG 16 on Peace, Justice, and Strong Institutions are yet to be met and a collective demand for change, directly linking the world’s most acute security and economic failures to the UN’s institutional stagnation. Far from focusing on traditional, isolated challenges, these speeches uniformly confronted the modern global threat matrix-a terrifying convergence of asymmetric conflict, climate-driven instability, systemic economic inequity, and digital warfare. Every nation, regardless of size, acknowledged that the 1945 security paradigm is broken. This shared diagnosis positions the Pact for the Future not merely as a diplomatic aspiration but as a viable strategic roadmap for survival, committing the UN and its member states to the necessary institutional reforms, from financial justice and governance modernisation to the New Agenda for Peace, required to regain strategic relevance in a dangerously complex new world order.

The 80th session of the UN General Assembly opened on 9 September 2025. The first day of the high-level general debate started on Tuesday, 23 September, under the main theme: ‘Better together: 80 years and more for peace, development and human rights’. This year’s UNGA is its 80th and coincides with a time when the world body is facing a crisis of strategic relevance. Its foundational security doctrines, designed for a post-World War II world of state-on-state conflict, are failing to adapt to a new global threat matrix. The UN’s foundational commitment, a pledge by the world’s governments to collaborate harmoniously and address shared challenges, faces an unprecedented array of pressures. Ancient, persistent challenges, such as the spectre of oppression, the pursuit of extraterritorial ambition, and the deep-seated roots of conflict, are now intertwining with a new wave of disruptive forces. The challenges are not merely political; they represent a fundamental failure of the collective security apparatus to counter the complex, asymmetric, and hybrid threats that define our era.

This realisation is precisely why member states adopted the Pact for the Future in September 2024. The Pact is the UN’s operational attempt to shift its security paradigm, moving from reactive management to proactive anticipation. President Bola Tinubu’s address was a direct and unflinching assessment of this reality, positioning Nigeria’s national security imperatives as a blueprint for the Pact’s implementation, particularly through its New Agenda for Peace.

‘The core of President Tinubu’s message is that the UN must shift its strategic doctrine. The pact for the future is not just a diplomatic document but the strategic blueprint for this shift.’

The most glaring vulnerability in the UN’s architecture is the paralysis of the Security Council. Its veto-wielding structure has transformed it from a decisive command-and-control centre into a forum for gridlock. This paralysis creates a dangerous vacuum, a permissive environment that state-sponsored proxies and violent non-state actors exploit to expand their influence and capabilities.

President Tinubu directly addresses this systemic failure, aligning perfectly with the Pact’s Pillar 5: Transforming Global Governance (the Pact’s five pillars are indicated in the table below). He unequivocally called for a permanent African seat, arguing that a council that fails to reflect the world’s demographic realities cannot effectively govern it. By demanding a seat at the table, Nigeria is seizing the momentum of the Pact’s governance reform commitments to push for a necessary strategic adjustment, ensuring the Council is more agile and responsive to the security realities of the Global South.

The new threat matrix facing the world can be broken down into five interlocking areas:

1. Hybrid and asymmetric conflict comprising Non-State Actors (NSAs) as primary combatants and the challenge of convergent threats where criminality and ideology are merging, as well as the Proliferation of Small Arms and Light Weapons (SALW), a critical destabilising factor, facilitating everything from gang violence to regional insurgencies.

2. Climate change as a threat multiplier is a trigger for resource wars, forced migration, border stress and state erosion.

3. Digital Vulnerabilities and Weaponisation, including cyber warfare and critical infrastructure, information disorder (disinformation and AI) and the digital divide.

4. Systemic Economic Inequality and Vulnerability, such as the debt-security spiral, illicit financial flows (IFFs) and fragile supply chains.

5. Institutional Fatigue and Fragmentation, including multilateral decay and the rise of nationalism and singularity (quoting President Donald Trump) and lack of foresight (anticipatory governance).

The UN’s traditional security model is ill-equipped to deal with the ancient, persistent challenges and the asymmetric threat matrix that define our time. President Tinubu brought this into sharp focus by directly naming terrorism, banditry, and insurgency as existential threats, echoing the spirit of the Pact’s Pillar 2: International Peace and Security.

This intersection is where the economic meets the operational security:

1. Funding the conflict: Tinubu’s emphasis on fighting illicit financial flows (IFFs) and recovering stolen assets is a direct operational countermeasure. These IFFs are the lifeblood of criminal and extremist groups. By disrupting these illicit pipelines, he argues, the international community can cripple the financial lifelines of instability. This strongly supports the Pact’s Pillar 1: Sustainable Development and Financing, which seeks to reform global finance to create stability, thereby removing the economic oxygen from conflict actors.

2. Root causes and prevention: Tinubu’s insistence on addressing poverty, hunger, and exclusion as the roots of conflict is a textbook application of the Pact’s New Agenda for Peace. The Pact prioritizes prevention over intervention. Nigeria’s demand for economic equity and debt relief, a core part of the Pact’s reform agenda, is framed as a primary defence measure, investing in ‘freedom from want’ to achieve ‘freedom from fear’.

The core of President Tinubu’s message is that the UN must shift its strategic doctrine. The pact for the future is not just a diplomatic document but the strategic blueprint for this shift.

Tinubu’s call for empowering youth and addressing the digital divide also supports the Pact’s Pillar 3 (Digital Cooperation) and Pillar 4 (Youth and Future Generations). In a security context, this means:

? Countering extremism online: Closing the digital divide and establishing digital governance is essential for countering radicalisation and disinformation campaigns that fuel instability.

? Anticipatory governance: The Pact’s commitment to ‘anticipatory governance’ aligns with Nigeria’s need to predict and mitigate climate-driven conflicts (like farmer-herder clashes) before they escalate.

President Tinubu’s forceful, security-oriented stance thus positions Nigeria not as a passive beneficiary of the Pact for the Future, but as an essential and highly motivated partner in building a more secure and adaptable international order, using the Pact’s own language and framework to advance its national security interests. To do this and to ensure that the well-commended speech does not remain an aspiration as previous ones did, Nigeria should build on the outcome of the strategic dialogue on Nigeria’s commitments to the Pact held on August 29, 2025, at the UN Nigeria Office in FCT Abuja.

For Nigerians seeking a safe haven for their wealth, Dubai is emerging as a prime destination, offering dollar-denominated returns, zero taxes, and long-term residency opportunities through its Golden Visa scheme.

This was the focus at a cocktail reception in Lagos, where LifeCard Group and Azizi Developments are partnering to offer dollar-denominated offshore investments opportunities for Nigerians looking to diversify their investment portfolios by exploring Dubai’s property market.

‘Dubai has shown consistent economic strength, with its currency remaining stable for over 38 years. It’s an environment where investors can enjoy capital appreciation of over 10 percent, without the burden of tax, while securing long-term value for themselves and their families,’ Grace Ofure Ibhakhomu, CEO, LifeCard Group stated.

Ibhakhomu, who is also an African consultant on global real estate and a Harvard-trained investment strategist, urged wealthy Nigerians to diversify their assets and stressed that beyond strong financial returns, Dubai guarantees safety and investor protection.

‘Dubai is a safe haven for investors. The laws are clear, over 516 nationalities coexist peacefully, and the government ensures that investors are protected. Even countries in conflict still have their citizens living together in Dubai. That stability is why global names like Donald Trump are developing luxury towers there,’ Ibhakhomu stated.

She also revealed that with Azizi’s offerings, Nigerians could access properties at lower service charges, enjoy transparency in documentation, and qualify for the 10-year Golden Visa once their investment threshold hits $550,000.

Explaining the partnership choice, Ibhakhomu stated that Azizi Developments was selected for its credibility and investor-focused structure. ‘Azizi is an investor-driven company. They don’t just build and hand over properties; they manage rentals, resales, and ensure investors get their returns. That kind of structure builds trust.’

Audrey Joe-Ezigbo, co-founder and deputy managing director, Falcon Corporation, in a keynote address stated that real estate has the tool for building generational wealth.

‘When we look at our society, we see families destroyed by disputes over inherited properties. Many fall back into poverty. Globalization gives us a safer route, investing not just in naira, but in dollars, as a safeguard for the future,’ she said.

Saad Khaled, regional director, Azizi Developments, stated that the firm has delivered over 40 projects in Dubai since 2008, and it is keen to tap into Nigeria’s huge market.

‘Partnering with LifeCard helps us bring Nigerians into Dubai’s property market with confidence. Investing here secures their future, as they earn in dollars rather than in currencies that fluctuate.’

Paris Saint-Germain (PSG) came from behind to snatch a dramatic 2-1 victory over Barcelona in their UEFA Champions League group stage clash at the Estadio Olímpico Lluís Companys.

Gonçalo Ramos struck in the 90th minute to complete the turnaround for Luis Enrique’s side, handing the Parisians a precious away win.

Barcelona had taken the lead in the 19th minute when Ferran Torres finished calmly after linking up with teenage star Lamine Yamal and Pedri. But PSG, despite being depleted by injuries, levelled before half-time through 18-year-old Senny Mayulu, who converted smartly to silence the home crowd.

The contest remained finely poised, with both sides showing flashes of quality in an entertaining duel between two of the competition’s heavyweights. As Barcelona pressed forward, PSG exploited their high defensive line late on, with Ramos racing clear to slot home the winner and break Catalan hearts.

‘After scoring the first goal, we got a confidence boost and in the second half we were better,’ said PSG coach Luis Enrique, who guided Barcelona to a treble in 2015. ‘I’m happy. because it’s an important victory and playing against Barcelona is always difficult.’

Barcelona midfielder Frenkie de Jong admitted the late defeat was tough to take.

‘If you let in a goal in the last minute and you lose at home, you’re going to be disappointed. There’s a long way to go in the Champions League. It was a good game to test where we are, we have to improve. We know that and we will do it.’

Civil society organisations, opposition party figures, and economic experts have applauded President Bola Ahmed Tinubu’s administration for the Lagos-Calabar Coastal Highway project, describing it as a landmark initiative capable of transforming Nigeria’s infrastructure and boosting economic growth.

The commendations came during a project inspection tour in Lagos, led by the Minister of Works, Senator David Umahi, where stakeholders noted the quality of execution and urged Nigerians to rise above political divides in supporting developmental projects.

Umahi disclosed that the first section of the 750-kilometre coastal highway-stretching from Ahmadu Bello Way, Victoria Island, to Eleko, Lagos-would be completed by May 2026. He said 35 kilometres had already been delivered, leaving 12 kilometres to finish the initial 47-kilometre segment. Work, he added, had also commenced on the second section from Eleko to Ode-Omi, Ogun State.

The minister highlighted the government’s efforts to save properties such as the Landmark Centre, clear refuse to a depth of 10 metres, and deploy concrete technology to ensure road durability. ‘Emerging economies like India have adopted concrete for enduring roads, and Nigeria must follow suit,’ he said.

Otunba Segun Showunmi, a chieftain of the Peoples Democratic Party (PDP) and convener of The Alternative, stressed the need for national consensus on development. ‘Beyond our political ideological differences, we need to, as a nation, breathe in and out to explore how to achieve consensus to develop our nation,’ he said. Drawing on global examples, he added: ‘When you look at countries like Singapore, India, and UAE, their achievements have come through building consensus for national development. A nation at 65 must be in a hurry to link its infrastructure to model after globally competitive economies.’

Olufemi Awoyemi, Chairman of Proshare Group, described the coastal highway as a ‘test case’ for financing large infrastructure projects. ‘This is an alternative, providing a primary route for cross-country connectivity, away from congestion, and a test case for big infrastructure projects and their financing,’ he said. According to him, the project has the potential to open new trade routes, ease transport bottlenecks, and stimulate investment in adjoining communities.

Leaders of more than 20 civil society organisations also joined the tour. Declan Ihekaire, one of the representatives, welcomed the government’s decision to involve stakeholders in monitoring the project. ‘We, as CSOs, must not condemn every time. When we see where they are getting it right, we should talk so that we encourage them. Ultimately, the beneficiaries of good initiatives are the people,’ he said.

Umahi also addressed concerns about properties allegedly affected by the highway. He assured that due process would be followed, promising investigations into issues around WinHomes and claims of $200 million in diaspora real estate investments. ‘We will involve the EFCC and DSS to investigate the matter alongside civil society organisations,’ he said, adding that the ministry would provide regular briefings to ensure transparency.

Beyond the coastal highway, Umahi outlined three other ‘legacy projects’ under Tinubu’s administration: the 477-kilometre Trans-Saharan Highway linking Calabar to the FCT, the 422-kilometre Akwanga-Jos-Bauchi-Gombe Expressway, and the 1,068-kilometre Sokoto-Badagry Superhighway. ‘Roads and bridges are the infrastructure that build the GDP of every nation,’ he said. ‘President Bola Ahmed Tinubu has this knowledge; he demonstrated it as Governor of Lagos State, which today is an economy within an economy.’

Stakeholders at the inspection agreed that Nigeria’s infrastructure challenges required collective action rather than political rivalry. ‘Consensus is the key,’ Showunmi reiterated.

The Lagos-Calabar Coastal Highway, projected at 750 kilometres, is one of the most ambitious road projects in Africa. With sections already underway and the first stretch due in 2026, the project has attracted rare bipartisan praise-suggesting that infrastructure could be the bridge for consensus in Nigeria’s divided political landscape.

Chukwuma (Chuma) Nwokocha has been appointed the substantive Group Chief Executive of Stanbic IBTC Holdings Plc with effect from October 2. The Board of Directors of the holding company said that Nwokocha’s appointment follows the receipt of all required regulatory approvals.

Nwokocha’s appointment follows the completion of Adekunle Adedeji’s tenure as acting Chief Executive, during which time the Board undertook a formal appointment process in accordance with regulatory requirements. Adedeji will continue in his role as Executive Director/Chief Finance and Value Management Officer of the Company.

Nwokocha is a seasoned banking executive and chartered accountant with over three decades of leadership experience across Africa.

He has held several Chief Executive and Board-level roles in leading financial institutions, including Chief Executive, Standard Bank, SA; (the Mozambican subsidiary of the Standard Bank Group), driving strategic growth, governance, and operational excellence. His expertise spans retail and corporate banking, as well as mergers and acquisitions.

Sola David-Borha, chairman, Stanbic IBTC Holdings Plc, while commenting on the developmen,t expressed the Board’s delight at Nwokocha’s appointment, highlighting his strong track record in board governance, financial oversight, strategic transformation, as well as regulatory engagement.

The Board is confident that Nwokocha’s leadership would be instrumental in driving the growth strategy of Stanbic IBTC Group into the future.

David-Borha also extended the Board’s deep appreciation to Adedeji for his exemplary leadership and dedication, and for steering the affairs of the Company and Group during the transition period.

‘It is worthy of mention that under Dr Adedeji’s leadership, the Group recorded its best financial performance since inception. The Group also successfully completed its Rights Issue Programme which ensured that its banking subsidiary met the Central Bank of Nigeria’s recapitalisation requirements ahead of the 31 March 2026 deadline,’ she said.

The Crude Oil Refiners Association of Nigeria (CORAN) has announced that the CORAN Summit 2025 will be held on October 6 and 7 at Eko Hotels and Suites, Victoria Island, Lagos.

With the theme ‘Refining: Key to Energy Security in Africa,’ the two-day event will bring together leaders from government, industry, finance and civil society to shape the future of Africa’s refining sector.

Despite being a leading crude oil producer, Africa remains heavily dependent on imported petroleum products. In Nigeria, more than 90 per cent of refined fuel had previously been imported, leaving the economy vulnerable to global shocks, depleting reserves and pushing up costs. The removal of fuel subsidies in 2023 further underscored the need to boost domestic refining capacity as households and businesses struggled with rising energy prices.

Organisers said with new conventional and modular refineries coming on stream, growing private investment and ongoing policy reforms, the time is ripe to reimagine Africa’s refining future.

The summit will feature keynote sessions, technical panels, advertisements and high-level networking. Deliberations will focus on investor-friendly policies, financing and de-risking strategies, cleaner and more innovative refining technologies, regional integration under the African Continental Free Trade Area (AfCFTA), as well as job creation in the refining and petrochemical sectors.

‘After decades of exporting crude and importing refined products at great cost, the time has come to refine more at home, create jobs, and secure Africa’s energy future,’ said CORAN President Momoh Oyarekhua.

He added: ‘The CORAN Summit 2025 is not just another meeting; it is a rallying point for action, partnerships, and policy direction to transform the refining landscape.’

According to CORAN, the gathering is expected to drive policy reforms, build stronger partnerships between government and private operators, promote global best practices, and position Nigeria as Africa’s refining hub, reducing dependence on imports and enhancing energy security across the continent.

CORAN, the umbrella body for licensed crude oil refining companies in Nigeria, stressed that the summit would mark a significant milestone in advancing sustainable refining, policy reform and private-sector-driven solutions to Africa’s energy challenges