Category: Business Day

Omowunmi Osholeye, a corporate banker and researcher on digital finance and cybersecurity, has asserted that the growth and survival of SMEs in today’s digital economy depend on integrating strong cybersecurity measures into their operations.

Disclosing this recently in a press briefing, she underscored the growing cyber threats facing SMEs.

Osholeye, who in 2021 published ‘The Growth of Digital Currencies and the Impact of Cyber Risk,’ explained that cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs) are not speculative bubbles but represent ‘a significant shift reshaping the future of finance.’

According to her, the COVID-19 pandemic accelerated this shift as lockdowns forced businesses, trade, and payments online, making digital wallets and cashless services part of daily life.

She noted that for SMEs, this rapid transition opened new markets through faster transactions, but at the same time exposed them to cyberattacks.

‘Technology alone cannot safeguard businesses. Most SMEs lack the funding and technical support needed to protect themselves, which makes them easy targets for cybercriminals,’ Osholeye said.

Her warning comes as cybercrime continues to surge globally, rising in tandem with the adoption of digital financial systems. Phishing emails, ransomware, and impersonation scams have become dominant threats.

The Cybersecurity Breaches Survey confirms this trend, reporting phishing as the most frequent cybercrime targeting businesses.

Small firms, Osholeye added, are particularly vulnerable to impersonation attempts, with cybercriminals replicating staff emails or fabricating supplier invoices to steal funds.

‘Digital currency adoption without cybersecurity measures is a dangerous trap,’ she cautioned. ‘A business cannot scale if its cash flow is at risk from cyberattacks; similarly, a loan becomes worthless if ransomware drains a company’s accounts.’

Osholeye also argued in the statement that digital finance can significantly contribute to economic growth in emerging markets, but only if cybersecurity safeguards are built into financial systems from the ground up.

‘Without these protections, the growth potential of digital currencies will be severely compromised,’ she stated.

She pointed to practical steps SMEs can adopt, drawing attention to the UK National Cyber Security Centre’s Small Business Guide, which recommends simple but effective measures such as securing passwords, implementing two-factor authentication, and regularly backing up data.

Looking ahead, Osholeye highlighted that digital currencies, blockchain, AI-driven fintech platforms, and CBDCs will continue to shape the future of global finance. However, each technological advance also increases the exposure of SMEs to cybercrime.

She concluded by urging SMEs to take proactive steps to secure their digital infrastructure. Osholeye is a seasoned corporate banker and researcher whose work bridges development economics and digital security, with a focus on how emerging technologies shape financial growth and risk management.

The Nigerian Pension Commission (PENCOM) recently welcomed a new chairman, Otunba Opeyemi Agbaje. He is a fine gentleman I have followed since his days at GTBank. We started writing for BusinessDay Newspapers around the same time. I religiously followed his column. I have also been an active participant in his Policy Council from its inception, both on television and now as a WhatsApp forum. I can claim to know him.

PENCOM has been fortunate to have a long line of very competent people. They include those who birthed the industry in Nigeria and have regulated it since the beginning. I expect nothing less from Mr. Agbaje and his board.

I want to suggest an agenda for them. This will give me something to benchmark their performance against in the future.

Lessons from the Capital Market.

This is not the first time I have proposed an agenda for a regulator. Sometime in 2010, I suggested an agenda for Ms Arunma Oteh. She was appointed the Director General (DG) of the Securities and Exchange Commission (SEC) during a crisis in the Nigerian capital markets. Reporters at BusinessDay Newspapers asked for my suggestions in an interview they later published.

I suggested three focus areas for her:

Resolve Disputes: Clean out all disputes and claims from the collapse of the Nigerian Stock Market in 2009.

Foster Self-Regulation: Focus on the rapid development of market associations. These associations would serve as her monitors in the market. Many of the groups we see today did not exist then, apart from a few like the Association of Issuing Houses (AIHN),. responsible for the primary side of the capital market . actually (the Association of Investment Bankers, which cuts across the bank and non-bank institutions in the market) . These associations are now monitored and self-regulating entities. They keep the market vibrant and self-correcting. The market has fewer infractions today than at any other time in its history. I believed then that self-regulation was the best regulation. If market participants organise and work with regulators, the market becomes more accountable. Regulation then becomes easier and more efficient.

Implement Reforms: Focus attention on implementing the Dotun Suliaman committee report on the Nigerian Capital Market. This committee was prompted by the 2008 financial crisis in the US. It was a proactive move by the then-SEC Chairman, Senator Udo Udoma, to better prepare the market for the impending crisis in Nigeria.

The Suliaman Committee’s Impact.

The committee consisted of some of the brightest minds in our market, including people within Nigeria and in the diaspora.

For instance, Ms Yvonne Ike, managing director of Renaissance Capital, West Africa, who was previously a managing director at JP Morgan, was a standout. Her work ethic and devotion were second to none. I was a member of that committee, and I know how often she hosted a small group in her home to ensure the work got done. The committee’s work was detailed and benchmarked against best market practices globally. Many of its recommendations are why the market is working so well today.

This work could have been more impactful. It might have partially saved the market from the 2009 stock market crisis if the government had taken our suggestions seriously and intervened. Unfortunately, the authorities did not react quickly enough before the crash came. During our work, we stumbled on a brewing crisis and feared its impact. We set up a subcommittee to focus on what we found.

Warning the Government.

The sub-committee’s report was grave. The SEC Chairman, Senator Udo Udoma, called the attention of the federal authorities to it. He arranged a meeting at the Federal Ministry of Finance in Abuja.

Attendees included the Minister of Finance, Mallam Shamsuddeen Usman, as our host; the Governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo; the Director General of SEC, Mr Musa Al-Faki; the Economic Adviser to the President, Mr Yakubu Tanimu; and Mr Udo Udoma, representing the Government.

Three of us were chosen to represent the market: Mr Dotun Sulaiman, the committee chairman, is a very experienced former chairman of Accenture, the consulting firm. Mr Tola Mobolurin, a capital market expert, and I.

We presented our findings, stating that the exposure of our banks was far larger than reported. Our review indicated the Banks were exposed in a bad way that could lead to a serious crisis. We asked for immediate intervention. We feared a market crash, coupled with a large exit of foreign portfolio investors, that could trigger a currency crisis.

Despite our alarm, the Government’s reaction was understated. Professor Soludo, the CBN Governor, outrightly dismissed our concerns. He said most bank managing directors were his personal friends and that he would have known if the numbers were that large. The Minister of Finance, Mallam Shamsuddeen Usman, jokingly laughed us out of his office. He quipped that we had privatised the profits when times were good but now wanted to socialise the losses in bad times.

The arguments grew heated. Mr Mobolurin became frustrated and agitated. He warned that this was exactly what US officials did in 1929, burying their heads in the sand before the crash. Our cool-headed chairman, Mr Sulaiman, intervened. He admonished us to step back. He said we had done our job and should leave them with the reports to do what they wished. The government did not take specific action before the market crash. However, Professor Soludo, the CBN Governor, must have read our reports later. He issued notices for banks to fully disclose their exposure to the capital markets.

The problem was complicated because many banks did not distinguish between a margin loan trading line and an overdraft backed by shares. A margin loan was a credit line to trade securities. Beneficiaries had to put up a 30 percent margin upfront. This margin absorbed any market decline. The bank controlled the trade and could halt it if the 30 percent margin vanished and the trader failed to replenish it. An overdraft line was simply a loan to buy specific stocks the bank believed would be profitable. The blurring of this line made the true exposure much bigger than anyone knew.

Given that Ms Oteh implemented all three recommendations, her tenure was successful. She was effective and brought about many changes.

The Agenda for PENCOM.

I am now encouraged to do the same for our pension subsector. It is another important segment of Nigeria’s financial markets. The Nigerian pension industry is vast and full of unrealised opportunities. Its potential has not been fully exploited. Therefore, I need to highlight and put up three broad agenda items for the new chairman and his board to consider.

1. Growth in Size: Participants and Investment

No industry needs size more than the pension industry. Its growth must be continuous and perpetual because its liabilities are also perpetual. It must have perpetual streams of revenue and contributions to always meet these obligations. Revenues are more critical than profits, even though profitable investments are the goal. Revenues to meet day-to-day obligations are more important.

The current move to tap the huge opportunities in the informal sector is a step in the right direction.

I would like to see pension companies come together. They should tackle our huge infrastructure deficits, which also hold vast commercial opportunities. They should enter into syndication arrangements and pool resources to make commercial infrastructure projects work. This will create a perpetual source of revenue while diffusing the associated risks.

Imagine two or three large pension companies backing a project like the Lagos-Abuja rail line. They would de-risk the project, then invite other investors and infrastructure companies to join. This is a practical way to create revenue. It would take care of our very young population, who are now contributing to their pensions.

These projects not only reduce our infrastructure deficits but also create other opportunities, jobs, and new pension contributors.

My expectation is that the current size of the industry, currently about N25 trillion (Assets Under Management), can be five times larger by the time Mr Agbaje and his team complete their first five-year term.

2. Expanding the Investment Horizon.

The regulator should also issue guidelines to allow pension companies to invest abroad. The recent stability in the Naira presents an opportunity.

The sovereign and pension companies of Norway and Singapore all invest abroad. This diversifies risks and earns in places where there is growth. Our pension industry’s size is tiny compared to its potential. It should be a consistent capital formation source that many other industries can rely on for their growth. Creating these investment revenue streams is essential to quickly developing the industry. They should also aim to benefit from available investment management expertise by using multi-managers for assistance.

3. Aim To Be The Top-Ranked Regulator.

They must take their regulatory responsibility seriously. They must understand that their role is an enabler of the industry they are regulating. They must avoid the penchant for constantly creating revenue for the regulator. This happens through all manner of fees and constantly playing the police. They should adopt the thinking that less regulation is not necessarily bad regulation. They should help their industry modernise its processes. They should bring plenty of insights for constant improvements to better serve their stakeholders.

Our pension industry has a long way to go. It has the potential to influence development in many other areas. Mr Agbaje and his board have the opportunity of a lifetime to make a huge difference.

Mr Victor Ogiemwonyi is a retired investment banker and writes from Ikoyi, Lagos.

Nigeria has taken a step towards decarbonising its ports with a new partnership between APM Terminals and the Nigerian Ports Authority (NPA) to chart a roadmap for electrifying container freight.

The agreement, signed on Monday at the Dutch Consulate in New York during the Global African Business Initiative, will see APM Terminals commit $60 million to fund the collaboration. Under the plan, Onne Port in Rivers State will become Nigeria’s first green port.

‘We believe Nigeria is ideally situated to lead West Africa’s transition to low-carbon logistics by electrifying its container transport sector,’ said Frederik Klinke, chief executive of APM Terminals Nigeria. He said that the country could leapfrog fossil-fuel infrastructure by adopting proven electric technologies, with a phased roadmap for container logistics already being designed.

Abubakar Dantsoho, managing director of the NPA, said the move would position Nigeria as a continental leader in sustainable port operations.

‘By this development, the Onne Port will be the first green port in Nigeria, thereby promoting the decarbonisation efforts within the transportation ecosystem,’ he said.

The MOU builds on a study presented by APM Terminals at the Decarbonising Infrastructure in Nigeria Summit in July, which concluded that electrified container freight could unlock private investment, create skilled jobs and deliver more reliable energy supply.

But the report stressed that coordination between public and private actors will be essential to make the transition work.

Jeethu Jose, managing director of the West Africa Container Terminal (WACT) in Onne, said the partnership was about long-term growth.

‘Our investments are for our shared future and for the people living in the region, and we look forward to driving this project with our stakeholders in the port industry.’

If you are involved in Nigeria’s Commercial and Industrial (CandI) sectors, you understand the challenges businesses face. In a business environment where resilience is crucial, the unreliable national power grid and the rising cost of diesel are not merely inconveniences; they pose serious threats to the sustainability and growth of businesses. For players in these sectors, from manufacturing to logistics, the reality is apparent. You often pay more for inconsistent power, incurring hidden costs such as downtime, generator maintenance, and fuel logistics. This new reality should force a fundamental rethink of your energy strategy.

The Business Pulse: Key Drivers for Energy Strategy

Our recent public poll among business stakeholders highlighted their top concerns regarding their energy needs, revealing the clear motivations driving a shift towards a steady energy supply that allows for a more sustainable business model. A resounding 39% of respondents cited the ongoing need for a consistent and uninterrupted energy supply, particularly in regions with high grid costs and frequent outages. Meanwhile, 33% emphasized the importance of affordability and long-term savings in their transition to sustainable solutions, and 28% identified the growing pressure to meet global ESG standards as a significant priority.

Beyond the Bill: The True Cost of Unreliable Power

The financial burden of unstable power supply extends far beyond the direct costs of electricity bills and diesel. Nigerian businesses are facing a confluence of economic pressures, including a stubbornly high inflation rate, macroeconomic instability, and increasing compliance costs. While the National Bureau of Statistics (NBS) reports that the annual inflation rate had eased from 33.4% in July 2024 to 21.88% in July this year, this rate remains considerably high and continues to erode the purchasing power of businesses and consumers. For energy-intensive sectors such as agro-processing, manufacturing, and large-scale warehousing, these factors erode profit margins and make long-term financial planning more challenging than ever. As Idris Muhammed, West Africa Commercial Director, Starsight Energy, stated, ‘The cumulative effect of these challenges is that the old way of doing business is simply not sustainable. We are seeing an energy crisis that is not just a problem, but a catalyst for change.’

Data illustrates this pain point with stark clarity. According to the Nigerian Electricity Regulatory Commission (NERC), recent tariff adjustments have resulted in a significant increase for Band A customers. For a typical CandI company, consuming around 950,000 kWh per month, this translates into a staggering monthly increase that can add millions to operational expenses. Furthermore, the average price of diesel has surged by approximately 29.72% in the past year, with prices reaching an average of ?1,789.45 per litre in July 2025, according to the National Bureau of Statistics. The cumulative effect of these costs is an unviable business model.

A Multi-Faceted Approach to Energy Security

The opportunity to escape this vicious cycle is clear, but the solution requires more than just a single alternative. The key is a sophisticated, multi-faceted approach to energy management. As Idris Muhammed noted, ‘We have seen that the best energy plans are now comprehensive. By combining multiple technologies, at Starsight Energy, we provide our clients with an integrated solution that gives them the power, security, and cost predictability they need to thrive in this new reality.’

Power-as-a-Service (PaaS): The Modern Business Model

One of our most transformative solutions is the Power-as-a-Service (PaaS) model. This approach fundamentally shifts the dynamic of energy consumption by removing the burden of ownership from the client. Under the Starsight Energy PaaS model, the service provider assumes responsibility for financing, installation, operation, and maintenance of the energy system. The client simply pays a fixed, monthly fee freeing up capital and internal resources for their core business. This model offers a predictable and cost-effective energy solution, enabling businesses to regain control of their budgets and focus on innovation and growth.

To achieve proper energy security, the solution lies in a model that guarantees resilience and an uninterrupted supply. This is where the Power-as-a-Service (PaaS) model could be a viable approach. This involves intelligently combining multiple power sources, such as solar, battery storage, and a reliable backup like the national grid or a generator, into a single, integrated system. This ensures that a business is never reliant on a single source of power. For example, the system can draw from solar during the day, switch to battery storage at night or during grid outages and use a generator only as a last resort. ‘The key to true reliability isn’t a bigger generator; it’s a smarter system,’ said Idris Muhammed. ‘Our model provides the peace of mind that comes from knowing your operations are protected against any single point of failure.’ This approach maximises cost savings while eliminating the risk of downtime, providing a powerful hedge against a volatile energy landscape.

Partnering for a Resilient Future

For project sponsors and owners alike, the opportunity to escape the cycle of unreliable and costly power is clear. The key is to move beyond the traditional models and engage with an experienced energy partner to explore a comprehensive solution tailored to their specific operational and strategic needs. This is where Starsight Energy comes in, providing the crucial first step toward building a more resilient, sustainable, and profitable future. By adopting advanced models like the Power-as-a-Service (PaaS) model, businesses can not only stabilise their operations but also unlock new avenues for growth and competitiveness. This is more than a simple transaction; it’s a strategic partnership in building a future where your business is insulated from volatility, powered by innovation, and positioned for enduring success.

‘Knowledge is like a garden: if it is not cultivated, it cannot be harvested.’ This African proverb underscores the truth that education remains the foundation of any nation’s development. In most parts of the world, it is treated as a fundamental human right and the bedrock of social mobility. Yet in Nigeria, education has been allowed to wither, and the consequences are becoming ever more visible.

The statistics alone are sobering. UNICEF estimates that 20.2 million Nigerian children are out of school, the highest number globally. Federal allocations to education remain dismal, at just 6.39 percent of the 2024 budget, far below UNESCO’s recommended 15-20 percent. Meanwhile, the country’s youth population continues to swell, with over 44 percent of Nigerians under the age of 15. In this mismatch between demand and supply lies the clearest evidence of systemic failure.

‘Nigeria’s education crisis is both a governance failure and an opportunity cost to the economy. No country has ever been able to achieve sustainable growth without investing in its people. Education is not a social service to be grudgingly funded; it is a strategic investment.’

Access denied

Poverty is the single biggest barrier to education in Nigeria. Families struggling to feed themselves cannot afford school fees, uniforms, or textbooks. For children in rural areas, the barriers are compounded by poor infrastructure: dilapidated classrooms, absent libraries, and a lack of basic sanitation. The result is a widening educational divide between urban and rural populations and between rich and poor.

Cultural factors also exacerbate the problem. In northern Nigeria, child marriage and the almajiri system continue to deprive millions of children, especially girls, of formal schooling. When combined with economic inequality, these social norms deepen the exclusion crisis.

Quality without teachers

Even for those who manage to access school, the quality of learning is often dire. Nigeria’s student-teacher ratio in public primary schools is 53 to 1, according to UNESCO data, a figure that points to severe overcrowding. Teachers themselves are underpaid and demoralised, with little or no access to continuous professional development. Many enter the profession as a last resort, rather than a calling.

The result is predictable: Nigeria’s literacy and numeracy rates remain far below global averages. In 2022, the youth literacy rate was 72.8 percent, compared to the global average of over 90 percent. Without urgent reforms to teacher training, remuneration, and accountability, the quality gap will continue to widen.

A curriculum stuck in time

Nigeria’s curriculum is another silent crisis. Designed decades ago, it remains heavily theory-based, with little connection to the skills demanded by today’s economy. Graduates often leave school without digital skills, critical thinking abilities, or entrepreneurial capacity. The mismatch is glaring in a country where unemployment among degree holders remains stubbornly high.

Language barriers add to the problem, as policies on the language of instruction are inconsistently applied across regions. And with Nigeria’s population projected to hit 400 million by 2050, the system is simply not keeping up. Overcrowding is the norm, and each year, hundreds of thousands of qualified applicants are shut out of higher education because universities lack the capacity to admit them.

Learning under siege

The fragility of Nigeria’s education system is nowhere more visible than in the northeast, where Boko Haram’s campaign against ‘Western education’ has left hundreds of schools destroyed and thousands closed. Between 2014 and 2022, at least 1,680 students were abducted, according to SBM Intelligence. But the insecurity is no longer confined to Borno or Yobe: banditry in the northwest and farmer-herder clashes in the Middle Belt now routinely disrupt schooling. For displaced children, education is often the first casualty of conflict.

Corruption and mismanagement

Underlying many of these challenges is the cancer of corruption. From inflated contracts for school projects to the diversion of scholarship funds, resources meant for education often end up in private pockets. The consequences are not abstract: every stolen naira translates into classrooms without roofs, teachers without salaries, and children without textbooks. Until governance improves, funding increases alone will not fix Nigeria’s education crisis.

Pockets of innovation

Yet amid the gloom, there are glimmers of hope. Non-state actors, social enterprises, private schools, and NGOs are experimenting with models that work.

SKOT Impact Academy is pioneering blended learning approaches that integrate technology and entrepreneurship into secondary education, equipping students with the tools to compete globally. GiveBackGroup has created pathways for disadvantaged children by providing scholarships, mentorship, and community-led learning initiatives that directly address access barriers. Meanwhile, KEY Academy is reimagining early childhood education, focusing on creativity, leadership, and critical thinking, showing that quality can be built from the ground up.

These initiatives may be modest in scale compared to the enormity of Nigeria’s education crisis, but they offer important lessons: that innovation, accountability, and community-driven solutions can succeed where bureaucracy has failed. If supported through better policy frameworks and partnerships, they could become the seeds of wider transformation.

Where do we go from here?

Nigeria’s education crisis is both a governance failure and an opportunity cost to the economy. No country has ever been able to achieve sustainable growth without investing in its people. Education is not a social service to be grudgingly funded; it is a strategic investment.

The way forward must include a radical increase in funding, closer to UNESCO’s benchmark, alongside reforms that ensure money reaches classrooms. Teacher recruitment, training, and remuneration need an urgent overhaul. Curriculum reform must prioritise skills for the digital age. And most critically, the government must secure schools and communities from the violence that is robbing children of their right to learn.

But reform will not succeed without collaboration. Civil society, the private sector, and communities must be at the centre of designing and scaling solutions. The examples of SKOT Impact Academy, GiveBackGroup, and KEY Academy show what is possible. The task before Nigeria is to move from isolated bright spots to a system where quality education is the rule, not the exception.

Until then, the promise of Nigeria’s youthful population, its so-called ‘demographic dividend’, will remain a ticking time bomb.

As Nigeria positions itself at the forefront of Africa’s innovation landscape, the 10th edition of the Nigerian Innovation Summit (NIS) marks a major milestone in the nation’s digital and technological journey.

Since its inception in 2016, the summit has grown into a critical platform for cross-sector dialogue, policy reform, and groundbreaking innovation, having recorded participation of over 12,000 from different sectors. This year’s edition, themed ‘Sustainable Innovation,’ promises to inspire conversations that set a bold agenda for the continent’s future.

Backed by partners such as the Nigerian Communications Commission (NCC), MTN Nigeria, Lagos Chamber of Commerce and Industry (LCCI), the International Society for Professional Innovation Management (ISPIM), stakeholders in Blockchain Technology Association of Nigeria (SiBAN), the African Innovation Academy, the Credit Bureau Association of Nigeria (CBAN), the Bank of New Innovation (BONI), QNET, eHealth Africa, and strategy and PR firm, Phenom Communications, the summit is positioned to deliver unmatched value.

This year’s summit will feature a keynote address from Aminu Maida, executive vice chairman and CEO of the Nigerian Communications Commission; Chinyere Almona, DG/CEO, Lagos Chamber of Commerce and Industry (LCCI); Michelle Lane Messina, CEO of Explora International LLC; Toyosi Akerele-Ogunsiji, founder and CEO of Rise Networks and Rise Interactive Studios, Africa; Eghosa Urhoghide, managing director of the Edo State Information Communication Technology Agency, and Obinna Iwuno, president of SiBAN.

Other speakers include, Teresa Aligbe, CEO, Phenom Communications; Sheila Moor, founder and CEO of Fresh Fare HQ; Caroline Moore, founder/CEO, Ideamarketplace; Nnedinma Obioha, founder/CEO, TecTerminal Ltd; Adaobi Orajiaku, founder of Atsur; and Richard Sodienye Pepple, founder, Technoville; Chiemela Anosike, CEO and founder of Solaris GreenTech Hub; and Kevinblak (popularly known as Governor Amuneke), a creative force in Africa’s digital entertainment scene.

The media reach of the summit continues to expand, with partnerships from top technology and business outlets including Techtrends Africa, The Cable News, Techclout Africa, Tech Insider, Techeconomy, Brand Times, ITPulse, Nigeria Communications Week, Founder Story, The Nigerian Economy, Rave News Online, Coinratecap, among others.

As the Nigerian Innovation Summit celebrates a decade of thought leadership and transformative collaboration, this edition stands as a pivotal moment for innovators, entrepreneurs, policymakers, and investors. More than just a gathering, it is a strategic call to action for building a resilient, inclusive, and future-ready Africa.

Real Estate Discussions and Awards (REDA) is a two-day event organised by Thinkmint Nigeria. It is dedicated to advancing Africa’s real estate sector through insightful discussions, exhibitions, and strategic networking. The platform brings together developers, investors, policymakers, and key industry players to exchange ideas, explore opportunities, and shape the future of the built environment.

The 6th Edition is themed ‘Back to the Basics – The Future of Real Estate’ and will take place on Tuesday, 21st and Wednesday, 22nd October 2025 at Radisson Blu Hotel, Ikeja GRA, Lagos.

The day will feature keynote addresses, in-depth discussions, and masterclasses led by top voices in finance, policy, and urban development.

Participants will also explore an exhibition of projects and services, join high-level networking sessions, and connect at receptions designed for partnerships and deal-making. The evening will conclude with the prestigious REDA Awards, celebrating excellence and innovation across Africa’s real estate ecosystem.

The keynote address at REDA 2025 will be delivered by Dr. Armstrong Takang, CEO, Ministry of Finance Incorporated, and Engr. Dr. Oluyinka Olumide, Honourable Commissioner for Physical Planning and Urban Development, Lagos State.

The event will also feature distinguished government leaders, industry experts, and corporate executives, with Special Guests of Honour invited from both the public and private sectors to enrich the conversations and engagements.

Topics of discussion will explore the future of real estate, with a focus on funding, investment, and market growth. Speakers will also examine the evolving dynamics of retail and commercial developments, the impact of technology on property management, and insights into emerging trends shaping the industry’s direction.

This event will welcome over 500 real estate professionals, investors, policymakers, and entrepreneurs. Participants will engage in high-level discussions, exclusive networking sessions, and deal-making opportunities. With a dedicated exhibition area, receptions, and an awards ceremony, REDA 2025 is designed to create maximum visibility, meaningful connections, and real value for businesses and brands across the real estate ecosystem.

The conference will host over 40 industry leaders and experts, including: Engr. Oluwole Olumide Sotire (Permanent Secretary, Ministry of Physical and Urban Development, Lagos State), Dr. Olajide Abiodun Babatunde (Special Adviser to the Governor on E-GIS and Urban Development), Dr. Emeka Henry Inegbu, (Executive Director of Operations, Family Homes Funds), Ayo Olowookere (MD/CEO, Imperial Mortgage Bank), Femi O. Awofala (Founder/CEO, The African Catalyst), Abiodun Mamora, FCCA, (Director, GAI Holdings), Dr. Olumide Adedeji, PhD, FCA, FCTI, (MD/CEO, Living Trust Mortgage Bank), Babatope Davies, CFA, FCCA,( Executive Director/COO, Wealthbridge Capital Partners), Dr Ayobami Alo, (CEO, Castle Price Holdings), Lanre Olutimilehin, (Strategic Advisor, Diya Fatimilehin and Co / Director, Trillium Partners), Olawunmi Alade, (Partner, Detail Commercial Solicitors), Ronke Akinleye, (Executive Director, Gateway Mortgage Bank), Monsurat Muhammed, (Head, Family Homes Funds), Ayotunde Adesulu, (CEO, Novare Fund Manager Nigeria), Laide Agboola, (CEO and Co-founder, Purple Group), Azubuike Emodi, (MD/CEO, Afriland Properties), Obinna Udeagha, (Managing Director, ONL Group), Olurogba Orimalade, (Principal Partner, Rogba Orimalade and Co), Ayo Akinmade (Executive Vice Chairman, IWG PLC (REGUS PLC)), Tolu Dima-Okojie (Managing Partner, Kola Akomolede and Co), Peace Adetutu Ezeafulukwe (Founder, Openhouse Africa), Bukunmi Ajiboye (Co-Founder, VAMP FI), Adekunle Jinadu (Co-Founder/CEO, Good Tenants), Ayomide Temitope A (Co-Founder/COO, Dormot), Tolulope Arobieke (CEO, Moradia Ltd), Ibukun Ajiboye, (Deputy Manager, Urban Shelter), Odunayo Ojo (MD/CEO, UPDC), Habinuch Owhondah (Country Manager, CBRE | Excellerate Nigeria Limited)

The 6th Edition of the Real Estate Discussions and Awards (REDA) is proudly supported by LSDPC, Ministry of Finance Incorporated, Urban Shelter, Purple Group, Elanorris Real Estate, Axial Pacific Real Estate, Dormot Technologies, Moradia Limited, Babalakin and Co etc.

Oil-producing communities in the Niger Delta region are poised to tap the benefits of the Petroleum Industry Act (PIA) to ensure rapid and sustainable development of the region.

Stakeholders from the region spoke in Ekpan, Uvwie council area of Delta State, on Thursday at an event, the Bridges Project roadshow/townhall series, focused on building awareness and capacity for the effective implementation of Host Community Development Trusts (HCDTs).

Organised by the Foundation for Partnership Initiatives in the Niger Delta (PIND), the roadshow, which brought together a wide range of participants, including settlor representatives, regulators, civil society organisations, and community leaders, was to deepen stakeholders’ understanding of the HCDT registration process and ensure the equitable distribution of oil industry resources to host communities.

The Bridges Project aims to promote transparency, accountability, and inclusivity in the implementation of the PIA, which provides allocation of three per cent of oil companies’ operational expenditure for the development of host communities.

Speaking at the launch, Chuks Ofulue, PIND’s advocacy manager, stressed that awareness is key to unlocking the Act’s full benefits.

‘The PIA opens doors for communities to take charge of their development. But awareness is key. With the right knowledge, communities can ensure transparency, demand accountability, and actively shape projects that benefit them,’ Ofulue said.

Signed into law in 2021, the PIA introduced far-reaching reforms to Nigeria’s oil and gas sector, including the establishment of HCDTs to drive community-led development. Yet, many host communities remain unfamiliar with how the trusts work or how they can actively engage.

Reiterating PIND’s vision, Ofulue added, ‘The PIA is not just a law-it is an opportunity.’

‘By demystifying the Act and the HCDT framework, we are putting knowledge directly in the hands of the people who matter most. This empowers communities to engage constructively, prevent conflict, and ensure that projects truly reflect their priorities,’ he added.

The awareness drive combines roadshows, town hall meetings, and media outreach to reach thousands of stakeholders.

Local leaders described the initiative as both timely and transformative.

Sylvester Okoh, chairman of the Delta state multi-stakeholder platform (MSP), called on more HCDTs to join the platform for a collaborative approach to the new development framework for the oil-bearing communities.

‘We’ve been bringing the leadership of the various Delta HCDTs together, sharing experiences, and addressing issues of concern,’ Okoh said. ‘The HCDTs are at a point where the General Memorandum of Understanding (GMoU) stopped, but because the HCDTs are now backed by law, there are clear directives that will ensure better outcomes for our communities.’

Pender Agwarive, BOT Chairman of Uherevie HCDT and member of the Bridges Project’s Multi-Stakeholder Platform (MSP), said, ‘For years, our communities have heard about the PIA but didn’t really understand how it affects us.’

‘What PIND is doing here gives us clarity. Now we know the questions to ask and how we can actively participate so our communities truly benefit from this law.’

The campaign also spotlighted the Bridges Project’s MSP model, which fosters dialogue, collaboration, and sustainability in host community projects.

Rachael Misan-Ruppee, PIND’s PIA consultant, said with the awareness so far created across the five project states – Akwa Ibom, Bayelsa, Delta, Rivers, and Ondo – ‘we are confident that communities are now better equipped to implement and manage development projects. We want to see active and responsible HCDT managers.’

Sheriff Mulade, national coordinator of the Centre for Peace and Environmental Justice, emphasised the importance of transparent governance in managing resources derived from the HCDTs.

‘The key to the success of HCDTs is accountability. This is the only way we can ensure that projects truly benefit our communities,’ he said.

Stella Ejeh from the Olomoro community in Isoko south LGA, said the townhall offers renewed hope for tangible development.

‘In my community, we have seen many uncompleted and abandoned projects, but with platforms like this, we believe that we can finally see real changes,’ she said.

Board of Trustees leaders of HCDTs such as Mrs Bayai Ekomieyefa (Chairperson, Ogulagha Tora-Abade HCDT), Ademola Doris (acting chairperson, Warri Kingdom Coastal HCDT) and Satu Peters (Chairman, Ogulagha-Ibe Agbonu HCDT) also expressed appreciation for the programme.

Ademola Doris, acting chairman of the Warri Kingdom Coastal HCDT, highlighted the value of the experience: ‘This has been a time well spent. We have gained valuable insights into the PIA, from the registration process to the project execution stages. We are now better positioned to address any gaps and improve where necessary.’

Misan-Ruppee concluded the workshop with a reaffirmation of the project’s goals.

‘The Bridges Project has laid a solid foundation, but we are just getting started. Our goal is to see the full operationalisation of HCDTs, with stakeholders working together in concerted efforts to ensure that the Niger Delta fully benefits from the Petroleum Industry Act,’ she said.

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has called on the next generation of Nigerian leaders to embrace credibility as their most valuable asset, emphasising that integrity, transparency, and trust are essential not only in central banking but in leadership at all levels.

Speaking at the maiden edition of the CBN Governor’s Lecture Series hosted by the Lagos Business School (LBS) on Friday, Cardoso delivered a thought-provoking address titled ‘Leadership Principles for the Next Generation Leadership in Monetary Policy and Nation Building, where he laid out a vision for a new cadre of leaders rooted in discipline, innovation, and inclusion.

‘In central banking, as in life, credibility is the most valuable currency,’ Cardoso declared. ‘Tomorrow’s leaders must be transparent, data-driven, and grounded in evidence. That’s why the CBN is investing in deep research partnerships and improved policy communication.’

Highlighting the digital transformation sweeping across financial systems globally, the governor stressed the inevitability of a digital future for Nigeria. He pointed to the CBN’s regulatory sandbox and its evolving digital payments framework as tools being deployed to position Nigeria for that future. ‘Payments, credit, savings, and investment are being redefined by fintech and digital platforms,’ he said. ‘The future is digital, and we are preparing for it.’

Cardoso reiterated the central role of leadership in nation-building, asserting that price stability, while essential, must be complemented by broader economic inclusion and diversification. ‘We must build a stable macroeconomic environment that fosters productivity and opportunity,’ he stated.

The launch of the CBN Governor’s Lecture Series itself, he explained, is a step towards deepening thought leadership through open dialogue. ‘We initiated this lecture series to build a community of inquiry, co-create ideas, and pass knowledge across generations,’ Cardoso noted.

He emphasised that monetary policy goes beyond technical metrics like interest rates or inflation targets. Rather, it is a tool to build trust, ensure economic stability, and inspire the collective confidence of citizens and investors alike. ‘Our aim is to build strong institutions, resilient economies, and sustained prosperity, all anchored in credible leadership that can set vision, make hard decisions, and regulate with integrity,’ he said. Addressing the young audience directly, Cardoso acknowledged their creativity, connectivity, and potential to lead transformative change. ‘You are the most mobile, most connected, and most creative generation the world has ever seen,’ he said. ‘Perseverance, though it may sound cliché, is your greatest ally. Stay the course. Lean into the challenges with creativity and courage. Disruption often creates the conditions for the greatest breakthroughs.’

According to him, stability is not an end in itself, but the foundation for inclusive growth and national renewal. He underscored three core values he believes should define the next generation of leadership: credibility, innovation, and inclusion.

‘What Nigeria needs is leadership that is data-driven yet people-centered, courageous yet humble, visionary yet accountable leadership determined to build not just for today, but for generations unborn,’ he urged.

During a fireside chat at the event, Cardoso shared key reforms already carried out by the apex bank, including the adoption of a B-matching electronic system in the foreign exchange market to improve transparency. ‘Everyone sees the same rates now. It’s brought us closer to a perfect market,’ he said. He also revealed the CBN’s push toward becoming a fully paperless institution by digitising approvals and internal processes, part of a broader commitment to modernisation.

He emphasised that macroeconomic stability remains the bedrock of national development. ‘Without stability, everything else including job creation, entrepreneurship, investment, falls apart. We’ve achieved stability, and we will defend it fiercely,’ he said. According to Cardoso, increased investor confidence is already beginning to reflect in key growth indicators, including Nigeria’s recent quarterly GDP numbers.

In her welcome remarks, Olayinka David-West, Dean of Lagos Business School, described the inaugural lecture as a pivotal moment for collaboration between academia, public institutions, and the private sector. ‘This stage has long served as a platform to inform, educate, and engage,’ she said. ‘Today, we are proud to host Governor Olayemi Cardoso as we inaugurate the CBN Governor’s Lecture Series, a bold step toward fostering accountability, transparency, and deeper public understanding of monetary policy.’

David-West highlighted the alignment between the lecture series and LBS’s mission to develop responsible leaders and contribute to Africa’s economic transformation through thought leadership.

The lecture series forms part of Governor Cardoso’s broader strategy to promote knowledge acceleration and public engagement around Nigeria’s financial systems and economic direction. It also reinforces the CBN’s ongoing commitment to the principles of accountability, compliance, and transparency, values that Cardoso and his team pledged to uphold during their confirmation by the Nigerian Senate two years ago.

In closing, Cardoso reminded the audience that Nigeria’s economic story is still unfolding and that the pen, or rather the digital device, is now in the hands of the next generation.

As Nigeria’s property market continues to evolve, Regent Real Estate has positioned itself as a company focused on trust, professionalism, and customer-centered service. At the heart of this vision is Ogaba Sanni, the firm’s CEO, whose leadership emphasizes integrity and long-term value over quick gains. In this interview with BusinessDay, Sanni shares his thoughts on the industry’s challenges, Regent’s growth strategy, and the importance of building lasting relationships with clients.

Nigeria’s luxury property market has been described as resilient despite economic headwinds. From your vantage point, what factors are sustaining demand at the top end of the market?

Two major factors stand out.

First, the weakening of the naira has shifted the priorities of wealthy Nigerians and investors. With inflation and devaluation eroding the value of cash, people are turning to hard assets, especially prime real estate in Ikoyi, Banana Island, Victoria Island, and now Lekki Phase 1. For high-net-worth individuals, these properties are not just homes but ‘wealth storage,’ as they tend to preserve and even grow in value in dollar terms.

Second, diaspora demand has surged. Naira depreciation has increased the buying power of Nigerians abroad, making prime properties appear relatively affordable compared to a few years ago. With remittances rising to about $20.93 billion in 2024, more diasporans in the US, UK, Canada and beyond are acquiring luxury homes both as investments and as a base in Nigeria.

Inflation and currency volatility have been major concerns for developers. How are these forces reshaping your project planning and delivery in the high-end segment?

Speed of execution has become critical. Every delay means higher costs for materials, labour and financing. To manage this, we now adopt accelerated project cycles, including prefabrication and modular construction, to shorten timelines without compromising quality.

At the same time, efficiency in design is key. We are focused on ‘functional luxury’, maximising natural light, airflow and usable space, while using durable materials. Digital design platforms help us streamline collaboration and avoid costly mid-project changes.

Finally, supply chain discipline has become a differentiator. We prioritise local sourcing to reduce dependence on volatile imports and, where imports are unavoidable, we secure pricing and timelines through strong supplier partnerships. This lean approach keeps costs under control and ensures faster delivery.

Some argue that Nigeria’s luxury developments still fall short of global benchmarks in finishing, efficiency, and amenities. Do you agree, and what can be done to close that gap?

It is true that not every project in Nigeria meets global standards, but the gap is narrowing quickly. Developments like IV Bourdillon, Cuddle, and The Belmonte show that our market can compete with Dubai, London or New York in both design and lifestyle. Projects under construction such as Quantum Towers on Ozumba Mbadiwe, and our own Park Towers in Victoria Island and 41 Turnbull, Ikoyi will raise the bar further.

The reality is that Nigeria’s luxury market is still young, so the volume of world-class projects is lower compared to mature economies. But as the market stabilises and investor confidence grows, we will see more globally competitive projects, particularly in premium zones like Eko Atlantic City.

When you speak of ‘fit for purpose’ developments, what does that mean in practical terms for the investor or homeowner?

It means delivering both functionality and long-term value.

For investors, a fit-for-purpose development is one that holds its value, attracts tenants easily, and ensures steady returns. For homeowners, it means spaces designed to support real lifestyles, adequate natural light and ventilation, thoughtful layouts, reliable utilities, leisure facilities, smart home features, and strong security. It’s luxury that balances elegance with practicality.

Material costs have risen sharply in recent years. What procurement or design strategies help you preserve quality without pushing prices beyond what buyers can accept?

We rely on direct and data-driven procurement. Wherever possible, we buy straight from source, cutting out middlemen. Our partnership with Cutstruct Technology also gives us real-time price aggregation, as well as relying on them for supply of key construction materials by leveraging their wide pool of building material manufacturers..

This approach helps us manage costs without compromising on finishes. On the design side, we specify materials that are premium but also cost-efficient and sustainable long-term. The combination of smart sourcing and disciplined design allows us to maintain quality while keeping pricing attractive.

Premier Court in Lekki Phase 1 was delivered during a period of steep cost inflation. How did you adapt while maintaining your high-end standards?

That project tested our principles of lean operations and forward planning. We purchased essential materials early, hedging against inflation, and relied on long-standing partnerships with suppliers and contractors to keep costs stable and timelines intact.

Despite the volatility, we delivered Premier Court to our standards, which proved that disciplined planning and the right partnerships can make world-class delivery possible even in tough conditions.

Sustainability is becoming a non-negotiable in global real estate. How do you see eco-friendly and energy-efficient design fitting into Nigeria’s luxury developments?

Sustainability is fast becoming an expectation in our market too. Buyers increasingly want homes that are luxurious and environmentally responsible. That means solar solutions, water recycling, energy-efficient systems, and sustainable materials.

Beyond environmental benefits, these choices reduce running costs and make homes more reliable in Nigeria’s infrastructure environment. Over time, they will also protect long-term value, especially as ESG standards start shaping investment flows into real estate.

Government policy can be both a driver and a barrier to real estate growth. What specific reforms or support measures would most benefit the premium property segment?

Three areas stand out.

First, Nigeria needs a more transparent credit system to expand access to financing, beyond collateral-based lending. With reliable credit reporting, banks could lend at sustainable rates like in mature markets.

Second, collateral registries should be expanded to recognise presale contracts and receivables. This would allow developers to raise financing transparently against off-plan sales, giving both banks and buyers more confidence.

Finally, the government should deepen infrastructure partnerships with developers. When roads, power, and security are guaranteed around projects, it elevates entire neighbourhoods and supports property values.

Looking ahead, where do you see the most viable opportunities for growth in Nigeria’s luxury property market over the next five years?

Mixed-use, live-work-play developments will drive the next phase. The future of luxury is integrated environments that combine residences with high-end retail, dining, and leisure, offering exclusivity and convenience in one ecosystem.

In congested urban centres like Lagos, these developments solve practical challenges while delivering prestige, making them especially attractive to both local and diaspora buyers.

For emerging developers aiming to enter this space, what is the single most important discipline or mindset they must develop to succeed?

Differentiation. This is not a market where copycat projects succeed. Buyers expect uniqueness in design, lifestyle and value. Developers must commit to creating projects that stand out and consistently deliver on their promises.

Success in this space requires originality, hard work, and discipline. The luxury buyer is uncompromising, and only those who can meet that expectation with resilience and creativity will thrive.