Category: Business Day

President Bola Tinubu on Friday congratulated Al’amin Muhammed Idris, chief executive of Interface Africa, on winning the NextGen Innovation Challenge.

Bayo Onanuga, special adviser to the President on information and strategy, said Interface Africa, representing Kaduna, won a cash award of £1.5 million at the challenge’s grand finale, held on Thursday at the Hilton London Paddington.

The NextGen Innovation Challenge is a national initiative spearheaded by the National Board for Technology Incubation (NBTI) in partnership with UKALD London.

Onanuga said the challenge, inspired by President Bola Tinubu’s Renewed Hope Agenda, ‘is designed to unlock Nigerian youths’ innovative potential.’

The Ghana International Trade and Finance Conference (GITFiC) has advised African countries to adopt a collective approach to the United States’ newly announced global reciprocal tariffs. The group said a united response will give the continent a stronger voice in global trade negotiations and protect vulnerable economies from potential shocks.

On April 2, 2025, U.S. President Donald Trump declared ‘Liberation Day’ at the White House and unveiled a sweeping tariff policy aimed at resetting global trade relations. The plan introduces a baseline 10 percent tariff on nearly all U.S. imports, with higher rates-some as steep as 50 percent, targeted at 60 countries. The tariffs will take effect in phases between April 5 and April 9.

The policy, according to the Trump administration, is designed to promote ‘fair and equitable trade practices.’ But analysts warn that it could deepen global trade tensions and disrupt supply chains already struggling from inflation and slow recovery in key markets.

Smaller economies such as Lesotho, Cambodia, Laos, and Madagascar face the steepest tariffs, ranging between 47 and 50 percent. Washington argues that these measures will push developing nations to reform their trade structures and grow local industries. In contrast, larger economies have been largely spared. The United Kingdom, Brazil, Singapore, and Chile are subject only to the 10 percent baseline rate. Analysts see this as a calculated move to preserve key partnerships and prevent large-scale retaliation. Ghana, Togo, and Morocco also fall under the 10 percent bracket.

The new tariffs have triggered swift reactions globally. China has imposed a 34 percent reciprocal tariff on U.S. imports, while Canada introduced a 25 percent levy on certain American auto products. Canadian Prime Minister Mark Carney said the era of global trade anchored around the U.S. ‘has fundamentally changed.’ The European Union is finalising its first set of countermeasures targeting U.S. steel and may expand its response if talks collapse. GITFiC said these developments signal a turning point for Africa. ‘This moment presents both challenges and opportunities for African countries to adapt, innovate, and strengthen their collective economic future,’ it said in a statement.

The group warned that most African nations lack the economic leverage to respond individually. It urged policymakers to consider a joint strategy under the African Union to maximise impact. ‘Given that over 80 percent of African countries may lack the capacity for effective individual retaliation, a united response is recommended,’ GITFiC noted. It also called on affected nations to engage the World Trade Organization (WTO) under Article XXIII to seek consultations and dispute resolution. The group emphasised that states have the right to pursue legal recourse for damages and compensation through WTO adjudication processes.

‘Fair trade must remain the foundation of global commerce,’ GITFiC said. It added that the U.S. must recognise the interconnected nature of global trade and avoid measures that could destabilise economies still recovering from the COVID-19 pandemic.

GITFiC concluded by reaffirming its commitment to collaborate with affected countries through its Global Debt Initiative to safeguard economic progress and stability across developing economies.

One bright spot in the sombre and understated celebration of sixty-five years of Nigeria’s Independence was an event that took place at the Shell Hall of the MUSON Centre on Sunday, the 5th of October. It was tagged ‘Àríyá Eko’, and was organised by the EVERGREEN Musical Company, in collaboration with the Lagos State Ministry of Culture, Arts and Tourism.

Sunday was a gloomy day in Lagos. The sky looked overcast in the morning, and halfway through your Church service, it started to rain quite heavily. You thought about the prospect of your coming journey to the MUSON Centre at the Marina. Your friend Tunde Fagbenle had sent invitation cards and promised that ‘Ariya Eko’ would be something to remember.

‘You had known Femi Esho briefly as a jolly good fellow with a distinctive goatee beard. From his school days his heart was in Music, and after a few jobs, including a stint as Personal Secretary to Mobolaji Johnson, first Military Governor of Lagos State, he founded the Evergreen Music company.’

There was already a sizable crowd when you eventually made your way into the hall. A band on the stage was playing old Highlife tunes. You recognised Tunji Sotimirin with his tall cap among the comperes. The chairs and tables were arranged in banquet fashion, and there were glasses and charger plates, as well as a printed menu. Oh, there was going to be lunch, you reflected.

You sat with Tunde and some mutual friends. The conversation turned to Femi Esho, who had founded Evergreen Music, and who sadly died last year, and to Bimbo, his daughter, who was carrying on his legacy.

From the printed programme, you could see that several people who were household names in the history of Music performance and production, and related fields, were to be honoured in the course of the event.

You had known Femi Esho briefly as a jolly good fellow with a distinctive goatee beard. From his school days his heart was in Music, and after a few jobs, including a stint as Personal Secretary to Mobolaji Johnson, first Military Governor of Lagos State, he founded the Evergreen Music company.

He quickly proceeded to obtain copyrights to the works of Nigerian and other African Music legends, and began to promote, document and distribute their works. Such notable figures included Fela Kuti, Victor Olaiya, ET Mensah and Rex Lawson. He chronicled a century of Nigerian music – 1914-2014 in a widely watched NTA documentary. In 2024 he launched the Evergreen Music Heritage Foundation which was planned to be the largest Music Museum and Gallery in Africa, with support from Mountain of Fire Ministries.

Unfortunately, he died shortly afterwards, on June 17, 2024.

His daughter Bimbo, who had taken on the role of CEO of the company before his death, has continued to expand the vision. ‘Àríyá Eko’ – to celebrate and reward the icons who have enriched the musical culture of Lagos, was a logical next step on the journey.

Stella Monye – veteran actress and songstress who many people would remember for her popular song ‘Oko mi ye’ was the first star to be called up on stage to receive her award. Hers was not just a story of talent but sacrifice resilience. She left her musical career for several years at the peak of fame to look after her sick son.

In between bursts of live nostalgic music, other icons were called up to the podium to receive their awards.

When Dele Abiodun – whose real name was Prince Cyril Bamidele Aideyamba Alele, went up on stage, he cut an unusually sombre figure from his familiar ebullience. The reason emerged from his acceptance speech.

‘I am dedicating this award to my daughter who died recently’.

The crowd applauded his bravery and shared his pain momentarily, even as a burst of his sultry Juju music was played.

The hall was now filled – with people, and with excitement.

Ghariokwu Lemi came up for his award. He was the man who did the ‘busy’ cover of Fela’s ALAGBON CLOSE, which you had bought as a medical student. He would go on to draw 26 iconic covers for Fela’s albums, and over 2000 album covers for Nigerian and international music stars. His work has been exhibited as Album Art in different parts of the world.

Other stars stepped up.

Olaolu Akintobi – aka Laolu Akins – member of the famous rock-fusion Lagos band ‘BLO’, producer, mentor and coach to many Nigerian music stars.

Iconic Tee-Mac, who had entertained Lagos and the world with his famous flute for many years.

Dr Ola Balogun, pioneer of indigenous film industry with such films as Ajani Ogun, Aiye, Orun Mooru, and Ija Ominira.

Salawa Abeni treated the audience to a catchy medley of songs as she received her plaque. She was a child prodigy of ‘Waka’ music who had grown up and lived most of her life in the public eye, taking her music global.

The arrival of the Governor of Lagos State caused a stir. He was probably coming from the International EI Electric Boat Race on the Lagos Lagoon.

The Governor presented an award to the big elephant in the room – Chief Commander Ebenezer Obey, a man whose voice and lyrics were embedded in the minds of every person who grew up in Lagos and environs. Obey composed a song for the Governor there and then, to which he danced.

The Governor did the honours for some other icons. They were all getting on in years. Mrs Fasoyin of the famous CAC ‘Good Women’s Choir’ who gave the nation ‘Odun Nlo Sopin’ when many in the audience were but children.

Evangelist Adelakun of ‘Ayewa’ fame.

The veteran Gospel songstress Funmi Aragbaiye.

Baba Ajobiewe, whose genre was musical Yoruba poetry known as Ésà Oríkì.

The food was horrible, when it came, which it did not for many in the seated audience, as the service was attended by unseemly chaos among the support staff. A minor detail.

It was an edifying experience, you decided, as your table broke up. A tour de force of your collective past. The collaboration of Evergreen Music company and the Lagos State government was the perfect way to celebrate the richness of Lagos culture, and Nigeria, at sixty-five.

A new study by Moniepoint Microfinance Bank has revealed that 42 per cent of informal sector operators do not have enough savings to survive beyond a month without income.

The finding, in a statement on Thursday in Lagos by the bank, highlighted the financial vulnerability of millions of small business owners and self-employed Nigerians who make up a large part of the nation’s workforce.

The yet-to-be-released report, supported by the Federal Ministry of Industry, Trade and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), forms part of the second edition of the nation’s Informal Economy Report.

The study will be officially launched on Friday, Oct. 17, at the Abuja Continental Hotel, where industry leaders, government officials, regulators, lawmakers, academics, and civil society representatives are expected to gather to discuss its findings.

Mr Babatunde Olofin, Managing Director of Moniepoint Microfinance Bank, said that the report aims to offer evidence-based insights that could guide policymakers, regulators, and financial institutions in developing practical interventions for the informal economy.

‘The Informal Economy Report is a robust and important study that examines the informal market more closely and curates fresh insights into its realities.

‘We believe its key outputs will serve ecosystem players and government well in policy direction and execution,’ Olofin said.

Olofin described the informal economy as the backbone of Nigeria’s livelihood, accounting for over 80 per cent of employment and contributing significantly to the country’s Gross Domestic Product (GDP).

He explained that for millions of Nigerians excluded from formal employment, informal businesses serve as a lifeline against poverty, providing daily income and sustenance despite structural challenges.

According to him, Moniepoint’s ongoing research into the sector seeks to identify practical ways to help informal business owners access credit, improve financial literacy, and transition gradually into the formal economy.

The 2025 edition of the report will also explore key policy areas such as digital inclusion, micro-savings mechanisms, and affordable credit access for informal workers, crucial levers for achieving financial resilience.

Olofin said that the event would bring together stakeholders from across Nigeria’s business and development community to exchange ideas on how to create a more inclusive and sustainable economic framework.

‘Our ultimate goal is to ensure that no small business or informal worker is left behind in Nigeria’s growth story.

‘With the right data and collaboration, we can design better systems that truly empower them,’ he added.

The event will feature keynote addresses, panel discussions, and presentations of the study’s findings, with discussions focused on strategies to improve the welfare and productivity of informal sector participants.

The 2025 Informal Economy Report follows the success of its inaugural edition, which was widely commended by stakeholders for providing credible data, actionable insights, and practical policy recommendations to strengthen the informal sector.

The All Progressives Congress (APC) has announced that Governor Peter Mbah of Enugu State will officially declare for the ruling party on October 14, 2024, alongside members of his cabinet and the state legislature, in what party leaders describe as a ‘political evangelism’ aimed at transforming the Southeast’s political landscape.

The disclosure was made by Ben Nwoye, the newly inaugurated Enugu State APC Caretaker Committee Chairman, during the committee’s inauguration in Abuja on Friday.

He said the move would mark the end of Enugu’s decade-long stay in opposition politics.

‘I’m happy to announce that on Tuesday, October 14, the governor will be declaring for APC and he’s not coming alone.

‘He’s coming with 260 ward councillors, 24 members of the House of Assembly, members of the National Assembly, and his entire executive council,’ Nwoye said.

According to him, the planned defection will merge Governor Mbah’s ‘transformative agenda’ with President Bola Tinubu’s ‘Renewed Hope Agenda,’ which he claimed had already begun to impact Enugu’s development trajectory.

Nwoye lamented that the APC only polled 3,774 votes in Enugu during the last election, calling it a ‘shameful’ outcome that the new leadership was determined to change.

‘We have started political evangelism. We took the message to the governor, and he has agreed to be part of us to ensure the Renewed Hope Agenda of President Bola Tinubu comes to Enugu State,’ he said.

He cited improvements in internally generated revenue (IGR) and infrastructure as evidence of Enugu’s readiness for greater political integration, boasting that the state now ranks fifth nationally in IGR and leads the Southeast in economic performance.

‘In less than two years, Governor Mbah has turned Enugu into a front-line state, 260 smart schools, 260 healthcare centres, 260 farm estates, and new industries are springing up,’ Nwoye added.

‘It’s time to align with the national vision.’ He also said Enugu would soon host the Nigerian Bar Association (NBA) national conference, after it was moved from Rivers State, citing this as a sign of the state’s growing prominence. Speaking at the inauguration, Nentawe Yilwatda, the APC National Chairman, charged the caretaker committee to rebuild and expand the party’s membership base in Enugu while maintaining unity and inclusivity.

‘Leadership is a burden and a responsibility. You can’t throw away those who built the party because you want new members,’ Yilwatda warned.

‘Everyone; old and new must have equal rights and access as enshrined in our Constitution.’

The APC chair said the dissolution of the previous state executive followed due process, including a legal review and consideration of petitions.

He urged the new leadership to avoid factionalism and embrace even their political opponents as partners in progress.

‘Even your enemies must become your friends. You took an oath to serve the party, not personal interests,’ he said.

Yilwatda emphasized that the party’s focus must be on consolidating gains from President Tinubu’s Renewed Hope Agenda and preparing for an ‘overwhelming outing’ in the 2027 general elections.

‘Under Renewed Hope, three cancer centres have been completed, over 6,000 primary health centres revitalised, and revenue shared among states has increased from ?400 billion monthly to about ?2.25 trillion,’ he said.

Yourtimepays International Company Limited has announced that it will officially re-launch its operations on 25 October 2025.

The company’s Founder and Chief Executive Officer, Kerry Kenu Sholaye, said the move represents more than a business milestone. ‘Yourtimepays International Company Limited is not just relaunching; we are redefining business with a human face. Our promise is sustainability – to our investors, to our partners, and above all, to the communities we serve,’ he stated.

In preparation for the re-launch, the company has outlined a series of key activities. It began with an official press release issued on 3 and 4 October 2025, followed by a product auction offering goods at discounted prices from 15 October.

The auction will coincide with the company’s participation at the Canton Fair in China. In addition, advertising slots on company-owned platforms have been open for booking since 1 October, providing businesses and individuals with opportunities to promote their brands.

The re-launch event on 25 October will mark the unveiling of Yourtimepays’ upgraded digital platforms, the opening of new global business offices, and the introduction of enhanced service delivery systems aimed at improving accessibility and efficiency.

As part of its broader expansion, the company has announced the opening of its VIP Restaurant Headquarters in Abuja on 29 November 2025. The restaurant will function as both a hospitality centre and a social empowerment initiative, providing direct employment for over 10,000 Nigerians and creating further opportunities across related sectors including agriculture, logistics, and services.

Yourtimepays’ growth plans are supported by partnerships with foreign investors, reflecting continued confidence in Nigeria’s economy. These collaborations are expected to drive technology-based business solutions and strengthen long-term sustainability.

The company also expressed appreciation to the Federal Government of Nigeria for its commitment to improving the business environment and encouraging investment. It noted that national social investment programmes align with its own mission of empowering communities and creating inclusive growth.

‘We recognise the Federal Government’s commitment to making Nigeria a destination for investors, and we stand ready to complement this vision by creating more jobs, building innovative platforms, and contributing meaningfully to national growth,’ the company said in a statement.

Glocient Hospitality has called for strategic planning for sustainable investment in Nigeria’s hospitality industry.

Glocient, the hospitality management and development company of Ikogosi Warm Springs Resort and Conference Center, Ekiti State, made the call at the Hospitality Enterprise Network (HEN) 2025 Conference, through Francis Ogosi, its hospitality manager.

The conference, which saw industry experts deliberating on the future of investment across Africa’s growing markets, also witnessed other events such as: product sales, experiential marketing, industry insights, business-to-business-customers (B2BC), collaborations, brand/product exposure, networking, and exhibitions.

Speaking at a panel session of the conference titled ‘Risk, Reward and Reality: Is Hospitality Still a Smart Investment?’, Ogosi shared some of the most practical insights, reflecting Glocient Hospitality’s expertise that has seen Ikogosi Warm Springs Resort and Conference Center, emerging the best Holiday Resort in Nigeria for two years in a row.

His insights also delved into the opportunities and challenges shaping the sector, especially in the remote parts of the country.

Ogosi identified security challenges and the rising cost of operations as two of the biggest risks that investors must carefully evaluate when considering hospitality projects in Nigeria. He highlighted that while the market remains full of promise, success cannot be achieved without proper groundwork. According to him, investors must conduct comprehensive feasibility studies, prepare accurate pre-opening budgets, and develop a clear understanding of the Nigerian model of doing business before embarking on new projects.

‘Hospitality in Nigeria remains an attractive opportunity, but success depends on preparation and local awareness. Investors must do their studies, plan their budgets carefully, and acknowledge the operating realities on the ground. With the right approach, the rewards remain significant,’ Ogosi stated.

He further emphasized that hospitality investment in Nigeria requires a balance of resilience, adaptability, and long-term strategy. Despite the evident risks, the hospitality manager noted that the sector continues to present strong growth potential, driven by business tourism, leisure travel, domestic tourism, and the increasing demand for MICE (Meetings, Incentives, Conferences, and Exhibitions).

The session offered valuable perspectives for investors, operators, and policymakers seeking to navigate Nigeria’s evolving tourism and hospitality market. It reinforced the importance of strategic planning, sustainability, and collaboration as the sector positions itself for long-term growth.

The Yobe State Government has officially flagged off the distribution of a comprehensive welfare package for 564 Almajiri children and their teachers, known as Ulamas, across the state’s 17 Local Government Areas, in a significant step to bolster Islamic education.

The initiative, driven by the Yobe State Arabic and Islamic Education Board (AISEB), is designed to enhance the learning environment and provide crucial health and livelihood support within the Almajiri/Tsangaya education system.

Governor Mai Mala Buni described the initiative as a ‘strategic investment in human capital and social stability.’

Represented by Alhaji Umar Kaigama, commissioner for Religious Affairs, Buni said the initiative reflects the state’s collective commitment to lifting the lives of Almajiri pupils and the dedicated Ulamas who tirelessly nurture them.

He emphasised that the Almajiri system is an integral part of the region’s cultural and religious heritage, but acknowledged the challenges it faces.

‘By supporting our Ulama, we strengthen the moral foundation of our society. By caring for our Almajiri, we secure a brighter future for Yobe State and Nigeria at large,’ Governor Buni added.

In his welcome address, Mallam Umar Abubakar, the executive secretary of AISEB, stated that the intervention marks a continued effort by the state government to integrate and improve the Almajiri system. He revealed that the board has already initiated several other welfare programs, including enrolling 200 Almajiri into skill acquisition programs at the Federal Polytechnic, with a pathway to a diploma program.

‘Additional efforts include the provision of shelter, clothing, food, and sanitation facilities like toilets and boreholes to various Tsangaya schools.

‘We have commenced teacher training programs aimed at equipping our Ulamas with modern teaching techniques, emphasising discipline, hygiene and moral upbringing in accordance with Islamic principles,’ Abubakar added.

The distributed package per Local Government Area includes essential items aimed at improving daily living and learning conditions.

The items include: 100 Mats, 100 Mosquito Nets, 1,000 Exercise Books, 100 Slippers, White Board Cartons, 100 Food Containers, 100 Blankets, and 100 Allo (traditional writing boards).

At least two people were reportedly killed and seven others injured in a midnight clash between herders and farmers on Wednesday in Dagaceri, Birniwa Local Government Area of Jigawa State.

Report has it that the incident was as a result of longstanding disputes over land and grazing rights which has also caused chaos and forced many residents to flee the area.

SP Shi’isu Adam, the Jigawa State Police public relations officer, confirmed the attacks on Thursday afternoon, noting that seven suspects have been arrested in connection with the incident.

According to him, ‘We recovered bows and arrows, cutlasses, phones, and local charms at the scene and immediately launched Operation Salama to restore peace’.

Hassan Abdullahi, an eyewitness described the incident as terrifying. ‘People were running in all directions as attackers set fire to homes. It was a night filled with fear and confusion.’

Izaddeen Usman, another resident also shared his ordeal saying, ‘I hid with my children in the bushes. The loud screams made it clear that lives were in danger.’

Malam Garba, an elder in the area, called for peace, urging parties to seek dialogue over violence. ‘We cannot afford more bloodshed; peaceful resolutions are the only way forward,’ he said.

Usman Tela, another community leader, expressed hope that harmony will return soon so people can live and farm without fear.

Security forces have continue to patrol the area to maintain calm after the attack, as displaced families try to rebuild their lives.

Bala Nura, a human rights activist on his part condemned the violence and called on the government to intervene urgently to protect vulnerable residents.

He also appealed to the conflicting parties to embrace dialogue and peaceful coexistence to prevent further suffering across the state.

Nura stressed the need for security agencies to act decisively against perpetrators to safeguard human rights.

Attempts to obtain comments from the herders leadership through the Jigawa State branch of Kautel Houre, proved abortive, as calls to the forum’s chairman went unanswered despite numerous tries.

An insider told reporters that government officials are arranging peace talks and exploring the establishment of grazing reserves to minimise future conflicts.

Fans planning to attend the 2026 FIFA World Cup should brace for record-breaking expenses, as ticket prices for the tournament in the United States, Mexico, and Canada have soared to unprecedented levels.

The 2026 World Cup, featuring 48 teams across three host nations, is shaping up to be the most expensive World Cup in history.

FIFA’s newly introduced dynamic pricing system, used for the first time at a World Cup, has triggered sharp price hikes just days after ticket sales opened.

Prices Surge Within Days

According to The Athletic, ticket prices surged within days of the first sales window. For the Round of 16 match at MetLife Stadium in New Jersey, Category 1 tickets rose from $895 to $935, before climbing further to $980.

Similarly, prices for the fourth quarterfinal in Kansas City increased from $1,125 to $1,180 for Category 1 tickets, while Category 2 seats went up from $765 to $825.

The quick adjustments, continued ticket availability after 48 hours of sales, and soaring resale listings suggest that some fans are willing to pay what others have called ‘astonishing’ and ‘unacceptable’ prices.

Limited Access for Fans

FIFA made about one million tickets, roughly 15% of the total inventory, available during the first sales phase. From a pool of approximately 4.5 million applicants, only a small fraction were randomly selected. Each buyer was limited to four tickets per match and a maximum of 40 tickets overall.

Reports indicate that ticket prices for at least nine matches were raised after just one full day of sales, as FIFA adjusted prices based on demand.

The cheapest ticket for the World Cup final at MetLife Stadium in East Rutherford, New Jersey, now starts at around $6,300, with resale listings exceeding $25,000, more than ten times what fans paid at Qatar 2022.

Fans and Analysts Condemn FIFA’s Move

The pricing surge has drawn widespread criticism from supporters and analysts, who accuse FIFA of prioritising profit over fan access.

‘This is not ‘making football truly global’; this is the privatisation of what was once a tournament open to all,’ said Ronan Evain, Executive Director of Football Supporters Europe. ‘FIFA seems unable to understand that it needs fans in the stands, the life, the atmosphere, the colours, the diversity.’

Infantino Defends Dynamic Pricing

FIFA President Gianni Infantino defended the pricing model, citing examples where dynamic pricing helped lower costs at the 2023 Club World Cup in the U.S.

‘For us, the important element is to fill stadiums and give opportunities to people to come,’ Infantino said.

However, many fans argue that such reassurances offer little comfort, especially after paying top dollar for less competitive group-stage matches.

Opening Match Ticket Breakdown

Ticket prices for the opening matches highlight the growing disparity:

Mexico’s opener: $370 – $1,825

Canada’s opener: $355 – $1,745

United States’ opener: $560 – $2,735

As excitement builds for the 2026 tournament, fans are paying heavily just for a chance to attend, even without knowing which teams they’ll see.

A Tournament for the Wealthy?

Critics warn that the 2026 World Cup risks becoming a tournament for the wealthy, alienating the passionate core supporters who bring energy and atmosphere to football’s biggest event.

With prices continuing to rise ahead of the December 5 group-stage draw, the 2026 World Cup is poised to be both the largest and most expensive tournament in FIFA’s history.