Category: Business Day

Jensen Huang, Nvidia CEO, has warned that the United Kingdom (UK) and other major economies face a crippling shortage of skilled tradespeople like electricians and plumbers.

The deficit, according to him, could be best met by encouraging more workers from overseas.

The technology chief underscored the urgent need for a massive increase in the blue-collar workforce to keep pace with the accelerating global boom in data centre construction.

This fast-growing sector, essential for powering the artificial intelligence (AI) revolution, requires a vast physical infrastructure, and Huang insists the required skills are not on track to be filled domestically. ‘If you’re an electrician, you’re a plumber, a carpenter we’re going to need hundreds of thousands of them to build all of these factories,’ Huang stated.

He projected an explosive demand in the sector, claiming, ‘The skilled craft segment of every economy is going to see a boom. You’ve going to have to be doubling and doubling and doubling every single year.’

The call for overseas labour

Huang’s comments echo the anxieties of other leading business figures who have highlighted immigration policies and a lack of interest among young people as creating a perfect storm for construction and manufacturing.

Earlier this year, Larry Fink, BlackRock CEO, voiced his concerns to the White House, specifically pointing to the negative impact of immigrant labour deportations on the ability to build essential AI data centres in the United States (US). ‘We just don’t have enough,’ Fink lamented, noting the shortfall in skilled workers like electricians needed for the construction drive.

This view was recently backed by Jim Farley, Ford CEO, who cited a gap between political ambitions to ‘reshore’ manufacturing and the reality of the domestic workforce.

According to Farley, the US is already short by over half a million construction workers and 600,000 factory staff, demonstrating that ‘there’s nothing to backfill the ambition’ of large-scale, national projects. The demand for these workers is not speculative. Industry analysts project that global capital expenditure on data centres will soar to $7 trillion by 2030.

Each large-scale data centre can demand up to 1,500 construction staff during its initial build, with many roles offering six-figure salaries without the requirement of a university degree.

Huang’s stance signals a shift, suggesting the most lucrative opportunities now lie in the physical side of technology rather than the software. When asked what he would study if he were a young man today, the Nvidia CEO confessed he would now choose disciplines rooted in the physical sciences.

With AI threatening a swath of traditional white-collar, entry-level roles, it is obvious that the future workforce needs to be ready to get its hands dirty, and a major influx of domestic and foreign talent is required to power the next industrial revolution.

The travel and tourism industry plays a major role in Nigeria’s economic development. In this interview with BusinessDay, IFEANYI EZEOKOLI, the MD/CEO, Incel Holidays and Tourism Limited, highlights the innovative ways Incel Holidays is redefining the tourism industry in Nigeria. Excerpts:

The tourism sector, to a very large extent, gives the state of health of the country. How has your experience been in Nigeria’s tourism sector, especially in the last 2 years?

The last two years have been both challenging and inspiring. On the challenging side, we have had to deal with rising costs in the industry from flights, visas, and even processing our local passports due to the exchange rates. I would also add that there are also infrastructure gaps and global travel restrictions that have reshaped customer expectations. Some years ago, you could travel to Dubai with N500,000 with flight, hotel, and visa inclusive; now N500,000 can barely cover return flights even to neighbouring Ghana.

But on the positive side, there has been a strong shift in interest towards other international destinations, including our very own domestic tourism. More Nigerians are realising that they don’t always have to go abroad to enjoy rich culture, scenery, and relaxation. Taking a cue from the last ‘Detty December’ in Lagos, seeing how Nigerians and foreigners trooped into Lagos to enjoy the excitement Lagos has to offer. That shift has kept the sector alive and given us hope for bigger opportunities ahead. Besides Lagos, we should remember Calabar Carnival, Obudu Resort, Ikogosi, and other interesting places within Nigeria.

More Nigerians are realising they don’t always have to go abroad to enjoy rich culture, scenery, and relaxation-Ezeokoli

What unique features stand your firm out in the nation’s holiday and tourism sector?

At Incel Holidays and Tourism Limited, we offer more than just travel planning. We provide complete solutions for our clients – end-to-end travel service, which includes affordable flights, smooth visa processing, hotel bookings, transfers, corporate travels, airport protocols, and guided tours. We have holiday packages designed to be fun-filled and convenient. Also, on request, we create bespoke holiday packages so our customers can focus on enjoying their trip while we take care of everything else. This ability to simplify travel for individuals, families, and corporate clients has helped us gain the trust of our customers over the years.

There are so many players in Nigeria’s tourism industry. How does your firm handle competition and disruptions in the industry?

Travel and tourism in Nigeria is a highly competitive space. However, we don’t approach it with fear. Instead, it pushes us to be innovative, go the extra mile to satisfy our customers while staying flexible.

When challenges come up-like changes in exchange rates, flight cancellations, or new rules-we adjust quickly. We negotiate new deals, look for new destinations, and keep open communication with our clients. This ability to adapt, along with our personal touch, helps us succeed in a very competitive industry.

The new government policies concerning exchange rates and subsidy removal created opportunities and new challenges. Could you please share your experience on how your firm tapped the opportunities and addressed the new challenges?

The policies definitely raised travel costs, but they also pushed us to think smarter. We leveraged stronger partnerships with airlines, other agencies, travel vendors, and hotel groups to secure discounted deals. We also expanded our domestic travel options, encouraging Nigerians to visit and see places in Nigeria. We have invested in reaching more customers around the world, using our Dubai branch as a key example. We are also using digital tools to provide our clients with more flexible payment options. While we faced challenges, these also gave us the opportunity to diversify and innovate. Nigeria will be 65 years old on October 1st. What message do you have for the country’s leaders at the federal and state levels?

At 65, Nigeria has much to celebrate, but we also need to look forward. I want our leaders to understand that tourism can be an integral part of our economy if we focus on it. Investing in infrastructure, safety, and promoting our destinations will attract foreign visitors and encourage Nigerians to explore their own country. If the government and private sector collaborate effectively, tourism can create as many jobs and contribute to the nations GDP as much as the oil and gas industry in the next ten years.

The Yuletide season is almost here and it is the time of the year customers expect a unique experience. Any special packages in the pipeline for your current and prospective clients?

Yes, this Christmas we have put together packages that give our clients something truly memorable. For those who want to explore closer to home, we are running a 7-DAY CHRISTMAS ADVENTURE ACROSS FOUR WEST AFRICAN CITIES, COTONOU, OUIDAH, LOMÉ, AND ACCRA.

It is a mix of history, culture, and fun, with stops at places like the Amazon Statue in the Republic of Benin, Casa del Papa resort, a Lomé boat cruise, and Accra’s Kwame Nkrumah Park. It promises to be a thrilling and relaxed road trip in a comfortable air-conditioned bus. The tour runs from 22nd – 28th December, 2025. This special offer allows clients to deposit only 30% by 15th October, and the balance due by 25th November, 2025.

For travellers looking further abroad, we have created a Singapore package that covers four nights of sightseeing, including Merlion Park, the famous Cable Car ride, and a guided tour of Scentopia. Everything from the visa to airport transfers and hotels will be handled by us thus making the trip stress-free. This valid from 1st September 2025 to 20th January 2026.

And for sports fans, December is extra special because of the AFCON 2025 in Morocco from Dec 21 to 31, 2025. Our Package takes you to three live Super Eagles matches, with 10 nights’ accommodation, tours, visa support with flights included.

Our Christmas package this year is different from the norm, as there are options that fit different target markets in the travel space. For those looking for a ONE-STOP travel partner this Yuletide season, Incel Tourism offers you everything from visa assistance and processing to flight tickets, hotel bookings and airport transfers. Our end-to-end solutions make your travel easy and stress-free. For bookings and further enquiries Call/WhatsApp 09113218885, 09113218886 or mail [email protected]

What is the outlook for the holiday and tourism sector in Nigeria?

The future is definitely bright for Nigeria’s tourism industry. Nigerians love to travel and experience new things. Aside from wanting to ‘JAPA’, more people are looking to build their travel history for either tourism or relocation to study or work. The Nigeria travel space has better online booking options and greater awareness of local attractions; the tourism sector is growing. If the government invests in the travel and tour industry and collaborates with private businesses, Nigeria’s tourism industry can become one of the strongest in Africa in the coming years.

Mainstream Energy Solutions Limited (MESL), in a bid to advance the Nigerian energy landscape, has signed an agreement with Granville Energy (PTY) Limited to design, build, finance, and operate a 100 megawatt (MW) floating solar power plant at the Kainji hydro power plant.

Speaking during the signing ceremony in Abuja on Tuesday, Sani Bello, Chairman, Board of Directors, Mainstream Energy Solutions, said that the project is a significant step forward in the company’s mission to transform Nigeria’s energy landscape.

He explained that when fully operational, the project will provide thousands of Nigerian homes and businesses with clean, reliable energy, supporting economic development while minimising environmental impact.

‘We are proud to partner with Granville Energy (PTY) Limited to design, build, finance, and operate a 100MW floating solar power plant at the Kainji hydro power plant. This pioneer project embodies our unwavering commitment to increasing power generation in Nigeria while promoting sustainable and environmentally friendly solutions.

‘As an organisation. We have consistently demonstrated our commitment to renewable energy, aligning this with our mission statement and the focus areas of our Corporate Social Responsibility interventions. This MOU signing is a testament to our resolve to drive positive change and contribute to Nigeria’s economic growth.

‘This aligns perfectly with our core objective: powering Nigeria’s economic growth in an environmentally responsible manner,’ he said.

In his remarks, Abba Aliyu, Managing Director, Rural Electrification Agency (REA) noted that Nigeria currently have the highest number of people without electricity, with most of these people located in the rural and urban areas of the country.

For him, the most economically viable means of providing them with electricity is through distributed renewable energy, through the deployment of renewable sources.

‘For us to have an opportunity where 100 megawatts of renewable energy can be injected into the grid, for us, this is a huge and significant increase in the renewable mix of the country. I will say that apart from the Azura, which was 450 megawatts that was added as a Greenfield, and Zungeru, which mainstream is very much active in managing that, there is no significant renewable capacity that has been added to the grid.

‘Initially, the Rural Electrification Agency is currently working on injecting about 188.4 megawatts through interconnected mini-grids, one of which we intend to be the first to will do the floating solar in the University of Lagos, where we will put the panels by the side of the lagoon to power the University of Lagos.

‘But definitely, the commitment of the mainstream and the partners, Granville Energy, is something that the federal government will always have pleasure in and will always key into it.

He said that Nigeria needs to increase the generation capacity, hence the need to deploy more renewable resources and an innovative model like this that harnesses the space around the hydro and creates a floating solar.

He also advised the companies that the project should come with its own distribution network, SCADA system, and full meters to enhance the commercial viability of the project, adding that without these, the commercial viability of the renewable project can never be sustained.

‘This is an ingenious, complex framework that must be encouraged, and for the Rural Electrification Agency, we would like to be part of this initiative, key into it, support it, and in any way also learn from how we will do that, how we will deploy it at this level of capacity,’ he added.

Also speaking, Tabi T. Tabi, Chief Executive Officer, Granville Energy, said that the MOU commits both parties to the development of the Kainji Floating Solar Plant, which is intended to reach a total capacity of 1,000 megawatts (1 Gigawatt).

He explained that the immediate focus is the rapid deployment of phase one, which will add 100 MW of hybrid renewable power to the grid. ‘This multi-gigawatt vision is a testament to what is possible when two African giants-Nigeria and South Africa-collaborate,’ he said.

Tabi noted that by deploying high-efficiency solar panels directly onto the surface of the Kainji reservoir, the project will deliver a powerful hybrid system. This synergy, he said, ensures that when the sun shines brightest, it generates solar power; and when it sets, or when water flow fluctuates, the stabilised output of the hydro plant and the power from the battery energy storage systems step in, providing consistent, reliable power to the national grid.

‘Floating solar is a win for water management. By covering a section of the reservoir, we drastically reduce water evaporation-a critical benefit for a nation balancing energy production with agricultural and domestic water needs.

‘This first 100 MW phase is the down payment on a larger vision that will, upon completion, provide 1,000 MW of new, clean capacity, dramatically cutting carbon emissions and cementing Nigeria’s commitment to the goals of the Paris Agreement and its long-term climate targets,’ he said

Yemi Kale, former statistician-general, has urged the federal government to remain committed to ongoing structural reforms despite the short-term hardships they impose on households, warning that abandoning the process could trap the country in another cycle of low growth, high inequality, and fiscal stress.

Delivering his speech entitled ‘Reform and Resilience: Strengthening Nigeria’s Economic Foundations’ at The Platform in Lagos on Wednesday, Kale, who currently serves chief economist at Afrenexim bank, said the government’s reforms since 2023 – subsidy removal, exchange rate unification, and tighter monetary policy – have begun stabilising the macroeconomy but stressed that the reforms would be incomplete without strong social protection and structural transformation.

‘Reform is like curing a fever,’ Kale said. ‘You must endure some discomfort as the medicine takes effect. But the alternative of letting the fever run just because the pill is bitter, or the injection is too painful, is far worse.’

Monetary and fiscal reforms restoring stability

Kale argued that Nigeria’s monetary policy had regained credibility after years of inconsistency and quasi-fiscal interventions by the Central Bank. He pointed to the sharp increase in the monetary policy rate to 27.5%, one of the steepest in history which was recently reduced to 27%, as well as efforts to mop up excess liquidity through streamlined open market operations.

‘Importantly, these actions were accompanied by clearer communication, regular policy reports, forward guidance, and transparent explanations of the inflation outlook,’ he said. ‘The results are now visible. Headline inflation, which averaged 25-30% in 2023 and 2024, has begun to ease towards the low 20s. Every percentage point reduction protects the real value of salaries, pensions, and savings, and reduces uncertainty for investors who must plan projects years in advance.’

He projected that inflation could fall to about 14% by the end of 2026 if reforms are sustained. But he cautioned that households would continue to feel the strain.

‘Between now and then, the hardship will continue. The lesson here is clear, reforms must be matched with targeted and effective social cushions to protect the most vulnerable.’

Energy and power: The backbone of growth

The former statistics chief emphasised that no reform agenda could succeed without addressing Nigeria’s chronic energy and electricity challenges.

He praised the launch of the Dangote refinery, which exported its first gasoline cargoes in 2025, as a step toward reducing dependence on imported refined products. But he listed unresolved issues, reliable feedstock supply, transparent pricing formulas, labour disputes, and clear currency settlement mechanisms, that could hinder its impact on domestic supply.

‘The broader challenge is to achieve energy security without reverting to hidden subsidies or encouraging monopolistic practices,’ Kale said. ‘This underscores the need for complementary policies such as strong antitrust oversight, transparent pricing, and incentives for new entrants.’

On electricity, he called the 2023 Electricity Act a ‘bold structural shift’ that decentralises regulation to the states. ‘In essence, it breaks the old centralised monopoly and opens the door for states to partner with private investors to generate, transmit, and distribute power locally,’ he said. ‘Decentralise, liberalise, and let there be light.’

Kale, however, warned that not all states have the capacity to regulate electricity effectively, urging federal support and regional cooperation to prevent the rise of ’36 mini-monopolies.’

Infrastructure, trade, and the business environment

Kale identified infrastructure investment as both an economic necessity and a macroeconomic stabiliser. Citing World Bank projections, he said Nigeria requires $3 trillion by 2050 to meet infrastructure needs, including $575 billion for the transport sector between 2020 and 2043.

‘To put this into context, Nigeria’s entire 2025 budget is about $36 billion, and its rebased 2024 GDP was about $275 billion,’ he said. ‘Government alone cannot meet these vast needs. Public-private partnerships are therefore key.’

He urged that part of the savings from subsidy removal should be legislated and earmarked for transport, logistics, and energy infrastructure.

‘Embedding this commitment into the national budgeting process and potentially into legislation would help rebuild trust with citizens who have borne the immediate burden of subsidy removal,’ he said.

Kale highlighted Nigeria’s telecoms liberalisation as a model for reform. ‘In 1960, we had fewer than 20,000 telephone lines for 40 million people. By 2001, after four decades of monopoly under NITEL, there were only 400,000 lines. Liberalisation in 2001 changed everything. Within five years, lines rose to over 10 million. Today, Nigeria has over 220 million active subscriptions, contributing 16% of GDP. That is what well-designed reforms can do,’ he said.

On trade, he warned that restrictive policies such as export bans, high tariffs, and border closures undermine competitiveness and integration into global value chains.

‘While such measures are often justified as protecting local industries, in practice they encourage smuggling, raise consumer prices, and limit efficiency,’ he said.

He urged Nigeria to position itself as a continental hub under the African Continental Free Trade Area (AfCFTA).

Kale acknowledged that while macroeconomic stabilisation was visible in the data, millions of Nigerians still measure progress in ‘the price of food, the reality of electricity, and their children’s job prospects.’

He praised initiatives like the Student Loan Act and state-level fuel relief packages but called for deeper reforms in education, healthcare, and social protection.

‘Without shared opportunities, inequality and unrest will erode stability. Power and fiscal reforms should empower states, while federal economic and agro-processing zones can lift lagging regions,’ he said.

President Bola Tinubu has charged Nigerian youths to dream big, innovate and conquer more territories in their various fields of endeavour

The President, speaking on 1st October, nationwide broadcast to mark Nigeria’s 65th Independence Day anniversary, assured the youths of his administration’s support through policies and funding.

‘You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector.

‘Our administration, through policies and funding, will continue to give you wings to fly sky-high’

The President cited the creation of the National Education Loan Fund, NELFUND, saying the initiative is to support students with loans for their educational pursuits.

‘ Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion.

The President also revealed that Credicorp, another initiative of the administration, has granted 153,000 Nigerians N30 billion in affordable loans for vehicles, solar energy, home upgrades, digital devices, and more. Speaking on other measures aimed at giving support to young people, the President assured that the ‘YouthCred, which I promised last June, is a reality, with tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement’

‘Under our Renewed Hope Agenda, we promised to build a Nigeria where every young person, regardless of background, has an equitable opportunity to access a better future-thus, the Investment in Digital and Creative Enterprises (iDICE) programme. ‘This initiative is at the cusp of implementation. Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.

‘Fellow Nigerians, I have always candidly acknowledged that these reforms have come with some temporary pains.

‘The biting effects of inflation and the rising cost of living remain a significant concern to our government. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option. Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.

‘The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities. Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas. Today, the governors at the state level and local government autonomy are yielding more developments.

‘Therefore, on this 65th Anniversary of Our Independence, my message is hope and a call to action. The federal government will continue to do its part to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing. In this regard, I urge the sub-national entities to join us in nation-building. Let us be a nation of producers, not just consumers.’

As Nigeria marks 65 years of independence, attention is shifting toward the next phase of freedom – one defined not just by political sovereignty but by economic and industrial self-reliance. In the transport sector, NEV Electric Ltd is emerging as a key player shaping that vision, using local manufacturing and clean energy to solve Nigeria’s mass transit challenges.

For decades, Nigeria’s public transport system has relied heavily on imported vehicles and fossil fuels, exposing citizens to fuel price shocks and rising costs. NEV Electric is changing that narrative through an integrated model that combines local assembly, increasing local content manufacturing, and sustainable infrastructure deployment.

The company currently builds its electric buses with 30% local content, incorporating Nigerian components, materials, and labor, with a clear roadmap to reach 70% local content as domestic supply chains expand. This strategy ensures more value remains within the economy, fueling industrial growth, job creation, and technology transfer.

‘True independence means being able to design, build, and power what we need with our own hands,’ says Mosope Olaosebikan, Founder of NEV Electric. ‘We’re not just assembling buses; we’re building Nigeria’s transport future – powered by clean energy, local innovation, and sustainable systems.’

So far, NEV Electric has assembled over 120 electric buses in-country, with plans to scale up to 300 units in its next production phase. The company is also deploying 160kW high-capacity fast chargers across Abuja and Lagos – the largest in Nigeria – to support fleet operations and reduce range anxiety for operators.

To make electric mobility affordable, NEV Electric has introduced a Pay-As-You-Drive financing model that enables transport operators and state agencies to adopt EVs without heavy upfront capital. The plan bundles access to the bus, charging, maintenance, and battery into one predictable payment, ensuring smooth fleet transition and easier adoption.

Beyond vehicles, NEV Electric is investing in training programs for Nigerian engineers and technicians in EV assembly, maintenance, and conversion – empowering a new generation of green-skilled workers.

Aligned with Nigeria’s industrialization goals, NEV Electric is positioning the country as a regional hub for electric mobility. The company’s vision extends beyond Nigeria, with plans underway to export its electric buses and technology solutions to other African markets, contributing to the continent’s clean mobility transition.

By integrating local manufacturing, charging infrastructure, and innovative financing, NEV Electric is delivering a homegrown solution to Nigeria’s urban transport needs – one that reduces emissions, lowers operating costs, and builds local capacity.

As the country looks toward a more sustainable future, NEV Electric represents the promise of a new kind of independence – powered by Nigerians, built in Nigeria, and soon exported to Africa.

‘Every bus we build is a statement of what’s possible,’ Olaosebikan says. ‘We’re proving that Nigeria can lead Africa’s clean mobility revolution – not by importing the future, but by building it.’

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

Meaning and scope of negotiation

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

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

Approaches to negotiation

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

Benefits of negotiation

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

Understanding corporate governance

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

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

Regulatory framework

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

Approaches to corporate governance

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

Conflict resolution and the nexus with corporate governance

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

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

Gains of corporate governance

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

Conclusion

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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