Category: Business Day

Nigeria’s U20 side, the Flying Eagles, have booked their place in the Round of 16 at the ongoing FIFA U20 World Cup in Chile after earning a hard-fought 1-1 draw against Colombia in their final group game on Sunday.

The result means the seven-time African champions will face Argentina at the Estadio Nacional Julio Martínez Prádanos in Santiago on Wednesday, a repeat of the quarter-final encounter at the 2001 tournament hosted by Argentina, where Nigeria won 2-0 in San Juan.

Flying Eagles goalkeeper Ebenezer Harcourt was instrumental in keeping the Flying Eagles in the contest, pulling off key saves in the 23rd and 26th minutes to deny Colombia an early lead.

Nigeria, however, looked the more adventurous side, striking the woodwork multiple times through Tahir Maigana, Kparobo Arierhi, and Suleman Sani, who kept the South Americans under constant pressure.

Colombia took the lead six minutes after the restart when Kener Gonzalez finished off a clever assist from Neyser Villareal, but the Flying Eagles refused to be deterred, pressing relentlessly for an equaliser.

Defender Odinaka Okoro came close in the 76th minute, seeing his header saved after connecting with a Maigana cross. The breakthrough finally came in the 86th minute when captain Daniel Bameyi calmly converted from the penalty spot after a Colombian defender handled Maigana’s goal-bound effort.

Nigeria nearly snatched victory late on, but Arierhi’s 89th-minute shot was blocked inside the box, ensuring the points were shared.

The Flying Eagles now shift their focus to a high-profile knockout showdown with Argentina.

Governor Hope Uzodinma of Imo State has tasked the Board and Management of the Anambra-Imo River Basin Development Authority to work hard in order close the gaps that exist in water sector, agriculture, power, food security, livestock among others in the South-East and Nigeria, in the course of discharging their duties.

He gave the challenge when he received the Agency’s new team led by Emmanuel Anosike, the Chairman and a Senator on a courtesy visit at the Government House Owerri.

Governor Uzodinma urged the Board and Management to galvanise the Agency’s programmes to be able to address critical areas that exist in the areas within their mandate.

The governor, who congratulated members of the team on their appointments, advised them to avoid project duplication, but cooperate with State Government-owned agencies to harmonise their projects to get the SMEs, adding, ‘and call us for any possible assistance or support.’

He expressed confidence in the integrity of the new Board, given the background of the Chairman, Anosike, and the Managing Director of the Agency, Emeka Nduka whom, he said, ‘are very conversant with the original objectives for setting up that platform and the expectations of the people, and how the organisation will, in collaboration with other agencies, facilitate development in all sectors of the economy.’

Governor Uzodinma advised the Board to avoid project duplications and cooperate with State Governments to address the needs of the people. ”As you do that not only Imo State, the South East but Nigeria will be better for all of us,’ he stressed.

He further urged the Board to hit the ground running as Imo State is indeed happy to play host to the Agency and has them as partners.

‘If you desire more land, don’t hesitate to approach the government. We need to plant what we eat and eat what we plant,” Uzodinma noted.

Earlier, Anosike said that their visit was ‘to pay courtesy call on the host Governor, Senator Hope Uzodinma after the inauguration of the Board in May, 2025.’

He expressed appreciation to President Bola Tinubu for finding them worthy of the appointment and to Governor Uzodinma for his magnanimity, recommendation, and facilitating their appointments in November last year.

Nigeria has never lacked reform blueprints. From the mid-2000s banking consolidation to fuel subsidy removals, privatisation, and exchange-rate adjustments, policymakers have repeatedly promised turning points.

Yet for most Nigerians, these reforms have felt like waves that rise and fall without lifting living standards. The pattern is familiar: bold technical fixes are introduced, optimism briefly spikes, and then the gains evaporate. The real issue is not the absence of ideas, but the weakness of the institutions meant to carry them through.

This is the context in which the 31st Nigerian Economic Summit (NES #31), scheduled for October in Abuja, assumes unusual significance.

Themed ‘The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030’, the summit will focus on three guiding pillars: reforms, resilience, and results and explore sub themes such as industrialisation, investment flows, infrastructure, inclusion, and institutional strengthening.

Among these, the emphasis on building strong institutions may prove to be the most critical.

When institutions fail, reforms falter

Policy inconsistency, corruption, fragile regulatory frameworks, and poor governance have long undermined Nigeria’s economic transformation. The 2014 power sector privatisation promised to unlock billions in investment, yet the absence of a robust regulatory regime and entrenched governance flaws left households facing blackouts and businesses reliant on diesel generators.

In 2016, the adoption of a managed float for the naira was meant to stabilise the currency, but opaque implementation and conflicting signals from regulators deepened investor anxiety.

More recently, the removal of fuel subsidies and the unification of exchange rates under President Bola Tinubu in 2023 were praised by multilateral lenders, yet the immediate social costs – soaring transport fares, higher food prices, and suppressed wages – have left citizens sceptical that reforms work for them.

The lesson is clear: technical reforms cannot thrive in the absence of credible institutions. Without trust in governance, every policy shift is seen not as an opportunity but as a threat. As Niyi Yusuf, Chairman of NESG, recently argued, reforms may deliver a short-term cushion, but only institutions can guarantee long-term results.

He went further, warning: ‘What is required now is a second wave of reforms; structural, deliberate, and transformative.’

Faruq Quadri, CEO of SPEC-MATRIX, added that institutional weakness remains the bottleneck for every well-intentioned policy and economic reform.

Nigeria’s institutional deficit

Nigeria’s institutional fragility is not abstract. The judiciary struggles with delays and perceived political influence, eroding contract enforcement. Regulatory agencies, from power to aviation to oil, are often underfunded and vulnerable to capture by vested interests.

Anti-corruption campaigns have been high-profile but inconsistent, with enforcement appearing selective. This combination has weakened both domestic and foreign investor confidence, while also fuelling public cynicism.

Data underline the scale of the challenge. Nigeria ranked 145th out of 180 countries in Transparency International’s 2023 Corruption Perceptions Index, slipping behind several African peers. The World Bank’s Worldwide Governance Indicators show persistent weaknesses in regulatory quality and rule of law.

Meanwhile, the IMF has repeatedly highlighted policy reversals and lack of coordination as constraints on growth. These institutional gaps explain why Nigeria’s economy, despite its scale and resource base, has struggled to sustain growth above population expansion for much of the past decade.

As Yusuf told business leaders earlier this year: ‘Nigeria will only rise when we produce what we consume and consume what we produce.’ That vision, however, demands institutions strong enough to enforce discipline and sustain reform momentum.

Reform without institutions is reform without results

At NES #31, delegates will no doubt debate industrialisation and investment flows, but the more fundamental question is whether Nigeria can build institutions capable of sustaining these reforms. Without stronger oversight, credible regulation, and greater policy continuity, the cycle of reform and relapse is likely to persist.

The stakes could not be higher. Nigeria’s median age is just 18, with millions entering the labour market each year. If institutions remain weak, reforms will fail to generate the jobs and opportunities needed to absorb this demographic surge. On the other hand, credible institutions can unlock the benefits of Nigeria’s youthful population, abundant resources, and growing markets.

For Nigeria, the summit offers a chance to break the cycle. Reform is imperative, but reform without institutions is reform without results.

On Monday, just hours after unveiling his cabinet, Sébastien Lecornu, the 39-year-old prime minister walked out of the Hôtel de Matignon, coat buttoned, voice tight, and announced his resignation. In doing so, he became the shortest-serving prime minister in the history of France’s Fifth Republic.

Lecornu’s resignation capped one of the most turbulent political stretches France has seen in years. The country has burned through five prime ministers in less than two years, each undone by the same problem, a parliament too divided to govern and a presidency running out of allies. For president Emmanuel Macron, Lecornu’s sudden exit was a personal and political blow.

The French presidency said in a statement on Monday that Macron has accepted his close ally’s resignation.

Born in 1986 in Eaubonne, north of Paris, Lecornu’s story is not one of privilege but of early ambition. His father worked in aviation, his mother was a medical secretary. By 19, while most of his peers were still in university, he was already a parliamentary assistant-one of the youngest in the National Assembly. He studied law at the prestigious Université Paris II Panthéon-Assas, but his education was always secondary to his true classroom, politics.

Lecornu cut his teeth in Normandy’s rough-and-tumble world of local politics. At just 28, he became mayor of Vernon. Three years later, he was president of the Eure Departmental Council-the youngest in France at the time.

Those who worked with him describe him as meticulous, reserved, sometimes too serious, but utterly committed. His blend of technocratic skill and modest charisma made him a rising figure in the conservative party, Les Républicains.

But Lecornu was never an ideologue. WhenMacron burst onto the national scene in 2017, promising a centrist ‘new way’ of doing politics, Lecornu made the jump, abandoning the traditional right to join the president’s movement.

His loyalty was rewarded, he served successively as minister for local authorities, minister for overseas territories, and, eventually, minister for the armed forces-a post he handled with quiet competence during France’s recalibration of its military role in Africa and its support for Ukraine.

That steadiness, that soldierly composure, was precisely what Macron prized when he appointed Lecornu as prime minister last month. France had just seen the fall of François Bayrou’s government after parliament refused to back his austerity budget. The National Assembly was hung, its factions locked in ideological trench warfare. Lecornu was tasked with doing the impossible, uniting them.

He tried. Over his short weeks in office, Lecornu reached out across the aisle, meeting party leaders, pledging a new method of governance. He promised to end the use of Article 49.3-the constitutional shortcut that allows governments to bypass parliamentary votes-and to rely instead on compromise. He promised to form a government of ‘rupture’, signalling a break from the Macron loyalist circles that had dominated power for nearly a decade.

But when his cabinet list was released on Sunday evening, the rupture looked more like repetition. Of the fifteen ministers, ten were holdovers from previous governments. None came from the left or far right. Bruno Retailleau, interior minister and a senior figure on the right, expressed his dismay on X: ‘The composition of the government does not reflect the promised break.’ Within hours, opposition parties announced they would vote the cabinet down.

By Monday morning, Lecornu faced the inevitable. Standing outside Matignon, he spoke in a clipped, disappointed tone: ‘I was ready for compromise,’ he said. ‘But all parties behaved as if they held absolute majorities. It wouldn’t have taken much for this to work, but egos got in the way.’ His words captured both the exhaustion and futility of French politics today-a landscape fractured by mutual suspicion and pride.

Marine Le Pen, whose far-right National Rally now commands the largest single bloc in parliament, wasted no time. ‘The only wise thing to do now is to hold elections,’ she declared. ‘The joke’s gone on long enough.’ On the left, the message was similar: Macron had lost control; the government was no longer credible.

France’s financial markets reacted within minutes. Stocks tumbled on the Paris exchange. Investors feared that without a functioning government, France’s already precarious budget-its debt at 114 percent of GDP, deficit at 5.8 percent-would spiral further. Lecornu’s government, in theory, was to stabilise that. In practice, it had not even begun.

In political circles, Lecornu’s downfall has sparked sympathy as well as resignation. ‘He was the last loyalist,’ said one Macron adviser quoted anonymously in Le Monde. ‘If even he couldn’t survive, it means the system itself is breaking.’

France is a country where governing has become nearly impossible. The president’s centrist bloc lacks numbers; the far right and far left refuse to cooperate; and the middle ground-the space Lecornu tried to occupy-has all but vanished.

When he left Matignon, Lecornu’s final words were reflective, almost rueful. ‘You can’t be prime minister when the conditions simply aren’t t here,’ he said. ‘The country deserves better than endless gridlock.’

For Lecornu-once the youngest departmental president in the nation, once the steady hand at the defence ministry, now the shortest-serving premier in modern history-stands as both symbol and casualty of a political system that has forgotten how to govern itself.

Football fans in Lagos were treated to an electrifying night of passion and entertainment on Saturday, as MTN hosted a lively English Premier League Watch Party at Cubana Lagos.

The event came alive as Chelsea clinched a dramatic 2-1 victory over reigning champions Liverpool, sealed by an incredible stoppage-time winner from 18-year-old Brazilian sensation Estevão.

The atmosphere was nothing short of electric, cheers, chants, and debates filled the air as hundreds of fans followed every touch of the ball as though they were at Stamford Bridge itself. Chelsea’s early dominance set the tone, and the Lagos crowd erupted when Moisés Caicedo fired a thunderous strike into the net in the 14th minute.

Liverpool, desperate to avoid a third consecutive defeat, fought back in the second half through Cody Gakpo, who bundled home a close-range equaliser after fine work from Alexander Isak. The tension rose as both sides traded chances, but the drama reached its peak deep into stoppage time.

In the 96th minute, after Enzo Fernández had struck the post moments earlier, Marc Cucurella whipped in a low cross that found Estevão, who slid in to stab the ball past Giorgi Mamardashvili, sending Chelsea fans at the watch party into wild celebration.

‘See you finish! That’s the Caicedo we paid a hundred million for!’ yelled Chinedu Ofili, a jubilant Chelsea fan, as the venue transformed into a carnival of music, dancing, and laughter.

Speaking during the event, MTN Nigeria’s Chief Marketing Officer, Onyinye Ikenna-Emeka, said: ‘At MTN, we believe every Nigerian deserves to be connected, seen, heard, and celebrated. That’s why we’re taking this experience across the country, from bustling cities to remote communities, ensuring no youth is left behind.’

American tech entrepreneur and billionaire Brooklyn Earick has withdrawn his £4.5billion takeover bid for Tottenham Hotspur after the club’s owners, the Lewis family, made it clear they would not sell under any circumstances.

His proposal reportedly included £3.3billion for the acquisition of the club and an additional £1.2billion earmarked for transfers, player wages, and agents’ fees.

Although Tottenham’s owners, ENIC and the Lewis family, had previously ‘unequivocally rejected’ the initial offer, a stance confirmed in a Stock Exchange statement, further discussions were held last week between Earick and the club’s representatives.

However, after it became clear that a sale was not on the cards under any conditions, Earick formally withdrew his bid.

In a statement filed with the Stock Exchange, Earick said:

‘Further to the announcement made by the Board of Tottenham Hotspur Limited on 26 September 2025, I confirm that I do not intend to make a firm offer for the company.’

The statement also noted that Earick and his consortium reserve the right to acquire shares in the company in future, keeping the door open for potential investment opportunities.

Posting on social media, Earick added:

‘It’s been a privilege engaging with Tottenham Hotspur and the Lewis family’s representatives over the past few months. I have great respect for the club, its leadership, and its supporters, and wish them nothing but success.’

Earick’s withdrawal marks the third failed approach for the north London club since the departure of former executive chairman Daniel Levy in September.

Previous bids from Amanda Staveley’s PCP International Finance and Firehawk Holdings Limited, led by Dr. Roger Kennedy and Wing-Fai Ng, were also rejected.

Abubakar Dantsoho, the managing director of the Nigerian Ports Authority (NPA), says that the central position and agro-allied potential of Abuja, Nigeria’s capital city, make it crucial to Nigeria’s non-oil export ambitions.

At the NPA Special Day during the Abuja International Trade Fair, Dantsoho said the authority’s focus on port-hinterland connectivity is central to linking producers in the heart of the country to international demand clusters.

He noted that Abuja’s location gives it a strategic advantage in connecting regional value chains and supporting the Federal Government’s drive to grow non-oil revenue.

He explained that as part of this plan, the NPA has established Export Processing Terminals (EPTs) designed to simplify export documentation, packaging and shipment processes that had previously made Nigerian goods uncompetitive.

The terminals, he said, act as ‘one-stop shop’ for cargo consolidation and certification, working in sync with Domestic Export Warehouses and Inland Dry Ports to create seamless logistics for exporters.

Dantsoho added that the authority is digitising its operations through the Ports Community System (PCS), which will feed into the National Single Window promised for kick-off in the first quarter of 2026.

The move, he said, will remove human interference and promote transparency in cargo handling, in line with best practices.

He urged businesses to take advantage of these reforms to connect their products to global markets, assuring that the NPA remains open to partnerships beyond the trade fair.

Nigeria’s economy is running on a ‘survivalist’ mode, as 93 percent of the nation’s workforce is trapped in informal employment, according to a report.

The findings are based on the 2025 report by the Nigerian Economic Summit Group (NESG) titled ‘From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria’.

The report highlights that there is an overwhelming reliance on informal, often ‘survivalist’ activities which are actively hindering national development and poverty reduction.

Analysis reveals that 81 percent of Nigerian workers are concentrated in sectors like subsistence agriculture and retail trade, which offers very low productivity.

The jobs in particular, ranges from petty trading and informal transport to roadside services engaged by millions of Nigerians.

These form of work offers severely limited opportunity for productivity gains and income mobility.

According to Dr. Musa Yusuf, Founder of the centre for the promotion of private enterprise, ‘Those are the people sustaining the economy through creativity, resilience and hard work. Yet, from a policy point of view, the informal sector receives little serious attention’

‘If the sector delivers over 90 percent of jobs, what is the policy framework to support it? Many operators are harassed as markets demolished, artisans displaced, mechanics taxed and fined.Their contribution to the economy is over N60 trillion, dominant in trade, agriculture and blue-collar work.’

In a similar vein, Chinwe Egwim, Economist and banker notes, it’s not surprising that over 90 percent of jobs are in the informal sector. Many Nigerians lack the necessary skills and education to fill roles in the formal sector, leading to high underemployment’.

The productivity trap

According to the report, the scale of informal work is directly linked to Nigeria’s long-standing struggles with low labour productivity.

For nearly three decades, from 1990 to 2018, Nigeria’s labour productivity growth averaged a meagre 1.5 percent and has since been in decline.

This contrasts sharply with nations like Indonesia and Malaysia, which saw gains of 2.5 percent over the same period, demonstrating the potential for growth with sustained economic reforms.

This deeply entrenched issue is compounded by persistent national crises, including inadequate infrastructure, erratic power supply, low industrial output, and widespread insecurity.

The shrinking formal sector

The root cause of this informal explosion is the inability of the formal private sector to generate adequate jobs.

Over the last decade (2015-2024), macroeconomic instability marked by two economic recessions, a volatile currency, and soaring inflation, has increased the cost of doing business, constraining firms’ capacity to expand and hire.

Formal jobs accounted for a meagre 7.8 percent of total employment as of 2023, according to the National Bureau of Statistics (NBS, 2024), which underscores a weak private sector.

Furthermore, only 15 percent of all employed Nigerians are wage earners, meaning 85 percent are self-employed, often operating outside the protection of formal labour laws.

This labour market is strained further by an estimated 3.5 million young Nigerians entering the workforce annually. Many are forced into underemployment, taking on roles like PoS operations and informal transport gigs that are below their potential.

Regional disparities

The crisis is not uniform across Nigeria, and regional disparities highlight the uneven economic landscape.

While states like Lagos, the Federal Capital Territory (FCT), and Oyo show the highest shares of wage earners (Lagos at 33.8 percent, FCT at 27.2 percent), indicating a relatively stronger, albeit still insufficient, private sector base, the northern states tell a different story.

The northern states like Jigawa (3.3 percent), Sokoto (3.8 percent), and Kebbi (4.6 percent) have the lowest shares of wage earners, highlighting a heavy reliance on government and informal activities for employment.

Skill deficit and talent migration

Exacerbating the job crisis is a severe skills deficit.

Employers report struggling to find workers with the necessary technical and soft skills, such as problem-solving and digital literacy for the few mid-productivity jobs that are available.

An emerging and compounding problem is ‘japa,’ the increasing migration of skilled Nigerian workers.

Professionals in medicine, ICT, finance, and professional services are leaving for countries with better pay and working conditions, creating a growing talent gap that further weakens the capacity of domestic firms to grow, innovate, and compete in a low-productivity environment.

The informal sector, which climbed to 93 percent of total employment in the second quarter of 2024, has dire national implications. Firstly, limited revenue mobilisation is a key consequence, as informality undermines the government’s ability to collect taxes effectively.

Unlocking Nigeria’s potential hinges on fundamental structural reforms aimed at strengthening the formal private sector, addressing the skills gap through education investment, and creating a macroeconomic environment that incentivises business expansion and, crucially, the creation of decent, high-productivity jobs at scale.

Similarly, Egwum advised, ‘We need to strengthen education and skills acquisition, and investing more in the blue-collar economy. If sectors like plumbing, welding, and similar trades are better structured, we would see these numbers decline significantly’.

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.

About Starsight Energy

The Starsight Energy Africa Group is an Africa-focused pure-play commercial and industrial (‘CandI’) renewable energy service provider covering the full scope of CandI projects, from rooftop projects to large-scale corporate Power Purchase Agreement (‘PPA’) backed projects, including power-as-a-service and cooling-as-a-service. It provides carbon reduction, power security and cost savings to blue-chip clients in several key economic sectors, including agro-processing, education, financial services, healthcare, manufacturing and data storage. The company’s presence spans three key geographical hubs (Southern, Western and Eastern Africa) with operations in Nigeria, South Africa, Ghana, Kenya, Namibia, Tanzania and Uganda. Starsight Energy’s primary objective is to offer complete solar solutions at no upfront cost, enabling its clients to reduce their energy expenses, enhance energy efficiency, and reduce their carbon footprint.

The renovation of the Wole Soyinka Centre for Culture and Creative Arts (National Arts Theatre) with N68 billion by the Central Bank of Nigeria (CBN)-led Bankers’ Committee opens a new chapter for global relevance for Nigeria’s arts and culture. The project championed by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee opens new opportunities for financial institutions to invest and support the Federal Government’s vision of a $1 trillion economy. For the CBN Governor, Olayemi Cardoso, the investment remains one of Bankers Committee’s deliberate investment in Nigeria’s cultural future.

The Central Bank of Nigeria (CBN)-led Bankers’ Committee commitment to the creative economy came to the fore last Wednesday when the Wole Soyinka Centre for Culture and Creative Arts (National Arts Theatre) was reopened in Iganmu, Lagos.

The event, attended by President Bola Ahmed Tinubu was opportunity to highlight the CBN’s commitment to private sector-led investment in the arts and culture space.

Cardoso had lauded the role of the Bankers’ Committee in bringing back the moribund national edifice back to life.

President Tinubu further directed Cardoso to float National Arts Theatre Endowment Fund that would ensure continuous maintenance of the national edifice.

‘It has been a wonderful evening, and I have enjoyed myself. It is now left for Cardoso and others to put together an endowment fund, and I will contribute to it. It’s not a bad thing for us to use this opportunity to create jobs, maintain accessibility, and commitment. This place will not go dry again’, President Tinubu said.

The event was attended by the First Lady, Senator Oluremi Tinubu, Governor of Lagos State, Babajide Sanwo-Olu; the Honourable Minister of Art, Culture, and the Creative Economy, Hannatu Musawa and other dignitaries.

President Tinubu said there was no controversy in the National Theatre renaming Wole Soyinka Centre for Culture and Creative Arts, adding that he considered Prof. Wole Soyinka’s contributions to the arts and culture.

‘Prof. Wole Soyinka is one of the greatest assets of the world. So, the renaming could not have gone to anyone else,’ he said.

President Tinubu advised that Nigerians stop talking about Nigeria in a negative way. ‘Let us all come together to rebuild Nigeria. The youths should also renew their hope in Nigeria and work together for her continued greatness,’ he said.

Bankers’ Committee funding

Cardoso said the Bankers’ Committee committed N68 billion into the remodeling of the National Arts Theatre.

‘The Central Bank of Nigeria, the Bankers’ Committee, the Lagos State Government, and the Ministry of Art, Culture, and the Creative Economy came together with a shared purpose to deliver this national project, with the Bankers’ Committee alone committing approximately N68 billion, not as corporate social responsibility but as a deliberate investment in Nigeria’s cultural future,’ Cardoso said.

He said that the project stands as proof that when the public and private sectors unite behind a shared national purpose, there is no limit to what Nigeria can achieve.

He disclosed that 65 years after our nation’s founding, Nigeria’s creative spirit remains alive, pervasive, and shaping global culture.

‘This edifice has stood for nearly half a century as a proud symbol of our heritage. Completed in 1976 and inaugurated at FESTAC ’77, it became a beacon of African creativity and a repository of our shared history,’ he said.

He said that in 2020, the Federal Government approved a landmark public-private collaboration: the transfer of the Theatre and its estate into a special partnership with the Central Bank, on behalf of the Bankers’ Committee.

‘What began as an ambitious vision to reimagine an aging monument as a world-class creative hub has today become a stunning reality. The journey was not without challenges. Structural complexities, contractual issues, and even the global pandemic extended the timeline far beyond expectations,’ he said.

‘ This was a project especially close to the President’s heart, and it was his vision that transformed it from a restoration into a symbol of national renewal. By renaming the National Arts Theatre as the Wole Soyinka Centre for Culture and Creative Arts in July 2024, President Tinubu charted a bold course to place creativity at the heart of Nigeria’s renaissance,’ he said.

Cardoso explained that the Wole Soyinka Centre is more than a renovation; it is a rebirth.

‘Its iconic silhouette has been preserved while delivering world-class performance halls, cinema spaces, exhibition galleries, an African literature library, rehearsal rooms, media and medical facilities, and fully modernised infrastructure. The surrounding grounds now offer gardens, outdoor exhibition areas, upgraded access, and seamless integration with the Lagos Blue Line rail, placing culture at the heart of city life,’ he said.

Nobel Laurette, Prof. Wole Soyinka, said that before the renovation of the edifice, he thought it was irredeemable but the Bankers’ Committee made me to eat my words.

He said the Bankers’ Committee had done a great job, and brought the edifice to global standards.

He said that with the recreation of the edifice, Nigerians can now watch Africa Theatre at home instead of traveling abroad,’ he said.

On his part, Governor Sanwo-Olu reflected on the deep historic significance of the event.

He described the reopening of the Theatre as more than a renovation, it was a cultural and spiritual rebirth. He recalled that nearly 50 years ago, the same venue hosted FESTAC ’77, a pan-African celebration of culture and unity. The event, he said, demonstrated Africa’s capacity to use culture as a unifying force.

The renaming of the Theatre in honour of Wole Soyinka, he added, reflects both respect for a national icon and Nigeria’s cultural ambition on the global stage.

Sanwo-Olu highlighted the collaboration behind the transformation of the Theatre. He credited the Federal Government, CBN, Bankers’ Committee, and Lagos State for the successful execution of the project. He also noted that Lagos contributed additional land for the development and ensured direct connectivity to the Lagos Blue Line Metro, placing infrastructure and accessibility at the core of the revitalised complex.

How it started

The Memorandum of Understanding (MoU) for the handing over of the National Arts Theatre to the Bankers’ Committee by the Federal Government was signed in February 2021, and had initial completion timeline of 15 months, and estimated cost of N21.3 billion

Themed the ‘Lagos Creative and Entertainment Centre’, the project is expected to restore the glory of an iconic building by aligning most of the fabric and equipment and facilities in the building with the aesthetics of the 21st century.

Cardoso had earlier commended the work done and the vision that has repositioned the Theatre to a world class status.

He said: ‘Well, firstly, it is highly commendable what we are seeing here today. One has to commend the vision and resources of the Bankers’ Committee for doing this. It has been a long, hard road, and if it was not for the belief and the commitment of those sponsors, this would never be realized.’

He explained that it would have been a great disservice to the country if this was not achieved, because embedded in the theatre is a lot of the history and culture of the Nigerian people.

He said the Bankers’ Committee had a vision, and were determined to surmount all the obstacles in getting the theatre to where it is today.

‘For me as a Lagosian, I grew up here, and saw this in 1977 when we had FESTAC and subsequent times, we used to come here to have different events and activities and we were very proud of what we had as Lagosians. Sadly, the edifice, which was iconic at a time, fell into a state of abandonment,’ he said.

‘So, to have been able to live today, to see this massive transformation to a world class structure is again a testimony to the Nigerian spirit. For those who are going to be using the edifice and those whom it is home to their profession, it is a giant step forward. It is something that we all as Nigerians should be extremely proud of,’ he added.

He said the difficult work on the theatre has already been done, adding that not just the Bankers’ Committee, but all Nigerians should take pride in defending the Theatre.

‘This is a very, very, very major reflection. And when you go around and you see, and some of you have toured already, you will see that a lot of our culture is embedded in the structures here. So, it is beyond just an edifice. It is what it represents.’

‘Going forward, I am very certain that the partnership that has taken place between the private sector and public sector that has resulted in this, that spirit, in conjunction with the Nigerian people, will take us to the next level,’ he said.

The Bankers’ Committee also, funded the prototype cluster located to the north of the National Arts Theatre, labelled the ‘Signature Cluster’ consisting of a building each for Music, Film, Fashion and Information Technology verticals.

The main contractor for the project is Cappa and D’Alberto Limited while the Electrical Sub Contractor is being handled by Nairda Limited, and VACC Limited is in charge of the Mechanical Sub Contractor.

The aim is to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.

According to the Bankers’ Committee, a portion of the site was earmarked for the construction of the ‘Signature Cluster’, which consists of one building each for Fashion, Music, Film and IT.

The committee, said each structure was uniquely designed to function independently, yet providing the opportunity for extensive collaborations between the different creative communities.

The 44-hectare site adjourning the National Theatre will be developed and utilised for the development of purpose-built creative hubs for the Fashion Industry, Music and Film as well as Information Technology (IT).

The Bankers Committee said the project will deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.

X-raying the National Arts Theatre

The National Arts Theatre stands as one of Nigeria’s most iconic landmarks.

Analysts believe the project will open financing opportunities for commercial banks when activities fully commence after the renovation.

On October 5, 2019, President Muhammadu Buhari approved the reconstruction of the National Theatre in Iganmu, Lagos, into a world-class convention center for the development of the creative sector in diverse areas, including entertainment, movies, music, fashion, and Information and Communication Technology (ICT).

As the initial investment in the creative industry, the government expects to create at least one million jobs when the project begins operations.

In 2022, the CBN and the Bankers’ Committee collectively agreed to invest over N65 billion to rehabilitate the National Arts Theatre and restore it to its former glory. This effort has been carried out in collaboration with the Federal Ministry of Information and Culture (FMIC), the Ministry of Youth and Sports Development, and the Lagos State Government.

Analysts said banks have opportunity to finance activities at the National Theatre but that depends how it is managed. According to them, there would be a lot of activities such as cultural, training schools, events, and skill development, among other activities that will require banks involvement.