Category: Business Day

The latest in the line of foreign shipping companies to sail vessels powered by alternative energy into Nigeria’s seaports is Gold Star Line, which berths its first liquefied natural gas (LNG)-powered containership, the MV Sapphire, at APM Terminals in Apapa, Lagos.

The vessel, built in 2024, sails under the flag of Singapore, with a capacity of 7,800 twenty-foot equivalent units (TEUs).

Todd Rives, managing director of Lagos and Niger Shipping Agency Limited (LANSAL), which represents Gold Star Line in Nigeria, said the arrival of the MV Sapphire is part of efforts to reduce voyage costs, promote operational efficiency, and reinforce environmental sustainability.

The Gold Star Line, incorporated in 1958, is one of the oldest shipping agencies operating in Nigeria. Rives said the vessel starts off a new era in Nigerian maritime trade, with an expectation that sister ships would also call at the port in the near future.

Kayode Daniel, commercial manager of APM Terminals Apapa, explained that shipping lines globally are working together to reduce emissions, in line with international sustainability targets, appreciating LANSAL for deploying LNG-powered vessels in support of the United Nations Sustainable Development Goals.

Adebowale Lawal, the port manager of the Lagos Port Complex Apapa, said that LNG vessels are critical in addressing the challenges of climate change, while at the same time reducing costs and driving economies of scale. He assured stakeholders that of the Nigerian Ports Authority’s full involvement in the development.

The arrival of the MV Sapphire comes just months after Apapa welcomed its first LNG-powered vessel, the Kota Oasis, a 260-metre containership with a gross tonnage of 77,850.

JAC Motors International has moved to deepen its partnership with Elizade Autoland Limited, as both firms reviewed strategies to expand market share and improve after-sales service in the country’s auto market.

Speaking during a visit to Elizade JAC Autoland Limited, which is also the sole distributor of JAC’s passenger, commercial and light-duty vehicles in Nigeria, Oscar Yu, general manager JAC Motors International, expressed the company’s strong confidence in Nigeria’s automotive potential

‘Nigeria is one of our most important markets in Africa. We are here to reaffirm our long-term commitment, strengthen our partnership with Elizade JAC Autoland, and ensure that Nigerian customers enjoy cutting-edge mobility solutions that combine durability, affordability, and modern technology,’ Yu said.

The visit highlighted the deepening collaboration between both organisations and their shared vision of delivering world-class vehicles tailored to the Nigerian market.

The visit also provided an opportunity to review strategies for expanding market share, enhancing after-sales service, and introducing more innovative models that suit the needs of Nigerian customers.

Demola Ade-Ojo, managing director/CEO of Elizade JAC Autoland Limited, described the visit as a significant boost to the brand’s growth in Nigeria

‘This visit from JAC Motors International is a powerful testament to their trust in us and the Nigerian market. Together, we are committed to not only providing Nigerians with high-quality vehicles but also ensuring excellent after-sales service, spare parts availability, and customer satisfaction at every touchpoint,’ Ade-Ojo said.

According to the company, the partnership has introduced models such as the JAC T9 Pickup, JS8 Pro, and the 1.5 Ton CNG truck.

The company added that the visit sets the stage for even greater innovation, investment, and customer-focused initiatives aimed at solidifying JAC’s position as one of Nigeria’s most reliable automobile brands.

Dr. Ezekiel Adamu, CEO of Balmoral Group Promotions, has revealed plans to host a major heavyweight title fight in December 2025.

Dr Adamu disclosed after the successful staging of Africa’s biggest boxing spectacle, ‘Chaos in the Ring’, at the Mobolaji Johnson Arena in Lagos on October 1,

The historic Independence Day boxing night, organised by Balmoral Group Promotions in partnership with Amir Khan’s AK Promotions, showcased world-class action and positioned Nigeria as a growing hub for elite boxing.

In the main event, American cruiserweight Brandon Glanton stunned fans with a brutal sixth-round knockout of 2012 Olympian Marcus Browne in one of the evening’s most gripping contests.

There was also a special homecoming for Nigerian-born British boxer and former Commonwealth champion Dan Azeez, who delighted supporters with a fourth-round TKO win over Sulaimon Adeosun in his first-ever fight on Nigerian soil.

Speaking after the event, Dr. Adamu hailed the night as a milestone for African boxing and hinted at even bigger plans ahead. ‘Nigeria is the home of heavyweights. I know they say Queensbury is the home of heavyweights, but really, Nigeria is the true home,’ an elated Adamu declared.

He pointed to the country’s rich ties to the division like Moses Itauma, David Adeleye, Lawrence Okolie, Anthony Joshua, and even Deontay Wilder, who has Nigerian roots, as proof that Nigeria has long been central to heavyweight boxing.

‘You have just seen what Taiwo Agbaje has achieved. It shows we have another champion ready to rise, and we are going to make it happen,’ Adamu said after the fight night.

The Balmoral Promotions boss went further, directly challenging top Nigerian-bred heavyweights to headline a landmark fight on home soil.

‘I’m challenging these guys, whether it’s Moses Itauma, David Adeleye, or Lawrence Okolie, we must have a proper heavyweight fight here in Nigeria. And we are going to make it happen.’

Adamu confirmed that the company’s next show is scheduled for December 19, with the fight card to be announced in the coming weeks.

Daniel Ek stepped down as Spotify’s CEO because of the strong work by his top executives, not due to any outside issues. Ek said the move recognises how well co-presidents Gustav Söderström and Alex Norström have handled daily operations since 2023. ‘It’s less a function of really anything except the fact that Alex and Gustav are truly delivering exceptionally well already,’ Ek said. ‘And I feel like this is a natural evolution of what we already do as a leadership team.’

Spotify announced on Tuesday. Ek, who founded the company, will shift to Executive Chairman on January 1, 2026. In that role, he will focus on setting the company’s long-term direction, deciding how to spend its money, and guiding the senior team. This setup matches how chairs often work in Europe.

Söderström and Norström will become co-CEOs. They already serve as co-presidents, with Söderström handling product and technology, and Norström overseeing business operations. Both will report to Ek and join Spotify’s board of directors, pending approval from shareholders.

The change builds on how Spotify has run things for the past two years. The co-presidents have led strategy and day-to-day tasks, the company said. Ek described his shift as moving from hands-on manager to advisor. ‘Since taking over as co-Presidents in 2023, the two executives have really stepped up in a material way, taking much of the day-to-day responsibilities,’ Ek noted. He added that he will team up with them on major strategic choices that shape Spotify’s future.

Ek started Spotify in 2006. He has led it through growth into a global streaming service with over 600 million users. Under his watch, the company went public in 2018 and expanded into podcasts and audiobooks. Now, at age 42, Ek wants to step back from the CEO spot to let others take the lead.

Söderström brings a background in tech and startups. He joined Spotify in 2009 after working as director of product and business development at Yahoo! Mobile from 2006 to 2009. Before that, he founded Kenet Works in 2003, a firm that built community software for mobile phones. He ran it as CEO until Yahoo bought it in 2006. Söderström also invests in early-stage companies and started 13th Lab, which Facebook’s Oculus acquired. Norström came to Spotify in 2011 from King.com Ltd, where he was Chief New Business Officer. He has held several roles at the company, including Chief Freemium Business Officer, Chief Premium Business Officer, Vice President of Growth, and Vice President of Subscriptions. From 2016 to December 2019, he sat on the board of directors at Circle, a financial services firm.

Woody Marshall, Spotify’s Lead Independent Director, backed the plan. ‘The Board has been working closely with Daniel on the evolution of Spotify’s leadership structure for several years,’ Marshall said. ‘We have tremendous confidence in Alex and Gustav as they step into these roles. They each have more than 15 years with the company and have been instrumental in driving our success and enabling Spotify to lead our industry. We are also thrilled that Daniel will be actively involved, giving Spotify both founder-led strategic stewardship and mentorship to the co-CEOs as the company continues to innovate and scale.’

The transition comes at a steady time for Spotify. The company reported strong results in its latest quarter, with monthly active users up 11 percent to 696 million and premium subscribers rising 12 percent to 276 million. Revenue grew 10 percent year-on-year to pound 4.2 billion euros. Spotify faces competition from Apple Music, YouTube Music with the latter already testing AI music host features to challenge Spotify’s AI DJ.

As co-CEOs, Söderström and Norström will split duties. Söderström will push product improvements, like better recommendations and audio features. Norström will handle business growth, including ads and partnerships.

Ek said the decision feels right. ‘I will work with Gustav and Alex on the big strategic decisions that we face in the long arc of the company,’ he explained. In the end, Ek’s step back honors his team’s progress. It positions Spotify to tackle future challenges, from AI tools to new markets.

Hotels across Jos, the Plateau State capital, have been fully booked following an influx of guests arriving for the burial of Mama Lydia Yilwatda, mother of Nentawe Yilwatda, the All Progressives Congress (APC) National Chairman.

The burial, scheduled for Saturday, October 4, 2025, will take place in Kanke Local Government Area, the hometown of the bereaved family. The ceremony is drawing top politicians, dignitaries, and sympathizers from across Nigeria.

A survey of several hotels in the Rayfield area of Jos on Friday by BusinessDay revealed that rooms have been unavailable since midweek. Among the fully booked facilities are CRISPAN Hotels, Silk Hotel along Zaramangada Rayfield Road, and ELIM Hotels. A hotel staff, who spoke to BusinessDay on the condition of anonymity, confirmed that most of the guests checked-in as early as Wednesday. ‘Almost everyone here is attending the burial,’ said a staff member at Elim hotels. The high turnout underscores Nentawe’s rising political influence since his appointment as APC National Chairman months ago. Many of those in attendance are said to be party stalwarts, public office holders, and community leaders.

Heightened Security Presence in Jos

Security has been visibly beefed up across Jos and its environs, particularly around hotels. Traffic congestion has increased in parts of the city, prompting officials to deploy additional personnel to manage movement and ensure safety throughout the weekend.

The deceased, is remembered as a respected matriarch and community leader. She is survived by her children, grandchildren, and great-grandchildren. Guests are expected to begin traveling in Kanke early Saturday for the final rites.

Yemi Kale, the group chief economist and managing director, Afreximbank has said that if Nigeria stay the course of its ongoing reforms, inflation could fall to around 14 percent by end of 2026.

Meanwhile, the National Bureau of Statistics report showed that Nigeria’s inflation eased to 20.12 percent in August from 21.88 per cent in July.

Kale who stated this while delivering a keynote address at the ‘Platform Nigeria’, said that however, between now and then the hardship on households will continue.

According to him, much of the previous decade, monetary policy oscillated between tightening to fight inflation and loosening to spur growth, often undermined by large quasi-fiscal interventions. However, CBN has now reasserted price stability which is its core mandate. The Monetary Policy Rate was initially raised to 27.5 percent-one of the steepest tightening on record-while open-market operations were streamlined to mop up excess liquidity.

‘And importantly, these actions were accompanied by clearer communication with regular policy reports, forward guidance, and transparent explanations of the inflation outlook.’

According to him, the results are now visible, as headline inflation, which averaged above 25-30 percent in 2023-24, has begun to ease toward the low 20s, and food inflation, while still elevated, is slowing. He streesed that the gains are not merely statistical, adding that every percentage point of disinflation protects the real value of salaries, pensions, and savings, and reduces uncertainty for investors who must plan projects years in advance

‘And I believe that if we stay the course, inflation could fall to around 14 percent by end of 2026, all things remaining constant, as the effects of the currency float and fuel price jump are absorbed,’ he said.

According to Kale, Nigeria missed a similar opportunity to soften the immediate shock of reform, relying on ad-hoc and often poorly implemented palliatives rather than a comprehensive, well-communicated and targeted social-protection plan.

‘But the lesson here is, again, clear Reform is like curing a fever-you must endure some discomfort as the medicine takes effect, but the alternative of letting the fever rage because the pill is bitter or injection too painful is far worse.

‘A second, equally important lesson here is for government itself, which I have highlighted many times already. Many peer countries have matched reforms with targeted and effective social cushions to protect their most vulnerable citizens.

‘I mentioned Egypt earlier. Ghana is another. Ghana combined its 2022 debt-restructuring and currency reforms with a comprehensive and well targeted, scaled-up cash-transfer and school-feeding program to absorb some of the shock. But in this regard, Nigeria missed a similar opportunity to soften the immediate shock of reform, relying on ad-hoc and often poorly implemented palliatives rather than a comprehensive, well-communicated and targeted social-protection plan,’ Kale said. He emphasised that the key is not just introducing necessary reforms or even the important political will to see them through, but reforms must also be carefully planned, and thoughtfully implemented, so that structural change is matched by social protection and long-term public confidence.

The Nigerian private sector closed the third quarter of 2025 on a strong note, with business activity expanding for the tenth consecutive month, even as the pace of expansion slowed from the previous month.

According to the latest Stanbic IBTC Bank Purchasing Managers’ Index (PMI), the headline PMI posted 53.4 in September, slightly below August’s 54.2, but still firmly above the 50.0 benchmark that signals expansion.

‘Growth was supported by a surge in new orders, driven by improved customer demand and the launch of new products. Although the rate of expansion eased to a three-month low, business activity recorded a sharp increase across all four broad sectors. Firms responded by raising output, expanding operating capacity, and boosting purchasing activity,’ the report disclosed.

Muyiwa Oni, head of equity research, West Africa at Stanbic IBTC Bank, said Nigeria’s business conditions ended the quarter on a strong note, although the pace of strengthening moderated relative to August. Specifically, the headline PMI settled at 53.4 points in September from 54.2 in August, buoyed by improvement in output and new orders, while inflationary pressures also continued to soften.

‘The rate of expansion in output, at 56.1 points compared with 56.8 in August, remained strong despite easing slightly, supported by better material availability and rising customer demand. New orders, at 55.4 points, stayed well above the growth threshold for the 11th consecutive month, though at a slower pace than August’s 58.3 points,’ he added. The PMI figures align with the broader economy, which grew by 4.23 per cent year-on-year in Q2 2025, compared with 3.13 per cent in Q1, bringing first-half growth to 3.69 per cent. Oni said.

He added that ‘Agriculture and oil were the strongest drivers, expanding by 2.82 percent and 20.46 percent, respectively, and jointly contributing 35.6 percent of real GDP growth. Non-oil sectors such as ICT, finance and insurance, real estate, and trade also recorded positive gains.’

The PMI report hinted that Stanbic IBTC projects sustained growth into 2026, supported by a likely reduction in interest rates, lower inflation, and reduced exchange rate volatility.

The bank expects oil and non-oil sectors to grow by 14.3 per cent and 4.4 per cent year-on-year, respectively, in Q3 2025, translating into overall GDP growth of 4.5 per cent.

Yellow Card, a leading Pan-African fintech firm, has been named a finalist for the Payments Category at the inaugural Money Awards, hosted by Money20/20, the world’s premier fintech conference.

The recognition, to be celebrated at the event in Las Vegas on October 26, underscores Yellow Card’s bold mission to democratize financial access across Africa and emerging markets, placing it among global innovators reshaping the future of financial services.

Founded with a vision to level the financial playing field, Yellow Card is building critical payments infrastructure that empowers entrepreneurs in cities like Lagos and São Paulo to compete globally with the same opportunities as those in London or New York.

The fintech’s nomination highlights its rapid growth, strategic partnerships with industry giants like Visa and Fireblocks, and its expansion into new markets over the past year.

In response, Chris Maurice, CEO and co-founder of Yellow Card, said the company’s vision has always been bigger than just payments.

‘It is about creating a level playing field where an entrepreneur in São Paulo or Lagos has the same opportunity to scale globally as one in London or New York. Being a finalist at Money20/20 tells us the world is not just watching, but recognizing the importance of that mission,’ Maurice averred.

Justin Poiroux, CTO and co-founder of Yellow Card, added, ‘From an architectural standpoint, our innovation lies in making the complex feel simple. Businesses don’t need to be crypto experts to benefit from the speed and efficiency of stablecoins.

‘We built an infrastructure layer that handles all the back-end complexity. This nomination recognizes that a powerful customer experience is just as critical as the underlying technology. We’re building the financial layer to enable businesses around the world to harness the power of stablecoins and emerging market rails alike.’

Regal Insurance, Universal Insurance, and Sovereign Trust Insurance Plc have emerged as the most performing insurance stocks in the nine months of 2025, reflecting renewed investor confidence in Nigeria’s insurance sector.

According to data from the Nigerian Exchange Group (NGX), insurance stocks closed September with the sector’s index growing by 67.7 percent year-to-date to N1,191.04, up from N710.08 recorded on January 31st. This growth outpaced several other sectors of the equities market, underscoring the renewed appetite for insurance equities.

Regal Insurance led the market, with its share price soaring 290.2 percent from N0.41 in January to N1.6 by the end of September.

Universal Insurance followed closely, rising by 216.6 percent, from N0.36 in January to N1.14 in September. Sovereign Trust Insurance Plc ranked third, appreciating by 200 percent, moving from N1.00 to N3.00 within the same period.

AIICO Insurance and NEM Insurance joined the rally, with both companies more than doubling their share value, gaining 116 percent and 110 percent, respectively.

The momentum was equally felt among mid-tier players. Veritas Kapital Assurance advanced by 85 percent, while Cornerstone Insurance, Linkage Assurance, and International Energy Insurance all recorded growth of more than 70 percent year-to-date.

AXA Mansard Insurance, one of the most capitalised players in the market, rounded off the rally with a gain of 56 percent, reinforcing the broad-based recovery across the industry.

A major factor shaping sentiment is the recently passed Nigeria Insurance Industry Reform Act (NIIRA), which introduces stringent capital requirements aimed at strengthening the sector’s resilience.

Under the new regime, insurers must raise their minimum paid-up capital to N15 billion for non-life businesses, N10 billion for life, and N35 billion for reinsurance. Operators that fail to comply within 12 months risk losing their licences.

Industry experts say that while the recapitalisation exercise could lead to market consolidation through mergers, acquisitions, or exits, it will ultimately create fewer but stronger players.

Similarly, the insurance sector’s contribution to the nation’s GDP also recorded double-digit growth in the second quarter, rising to 15.7 percent compared to 7.08 percent in the first quarter.

The Federal Government which seeks a $1trn economy has been told how to easily meet the target and probably get to as high as $3trn within the period targeted.

He also said the right tech deployment could add half of Nigeria’s annual tax to current amounts, saying evidence is already on display.

This was the major echo at the StartupSouth 2025 summit which began in Port Harcourt Thursday, October 2, 2025.

Sylva Opuala-Charles, a professor of economics and financial expert, who delivered a keynote at the well-attended event, said technology adoption could be the game changer in the quest.

The Bola Ahmed Tinubu administration has since declared the ambition of a $1trn gross domestic product (GDP) before year 2030, from current $200bn to $300bn levels. Now, the professor said Nigeria could get to $3trn if the right technology is adopted.

Opuala-Charles, the founder and president of the Port Harcourt Premier Business School who was a banker and onetime finance commissioner in Bayelsa State, said the trillion-dollar economy could be majorly aided by research and development investment expenditure. ‘Research and Development (RandD) expenditure is the gross domestic spending on research and development, as a percentage of GDP.’

The world average is in RandD is 2.67%. ‘The US is at 3.59% as against less than 0.5% for Nigeria. ‘For instance, technology adoption in revenue collection could improve the country’s revenue generation by over 50% in the medium term.

‘We are already seeing this happening with the government generating over N20 trillion in revenues by August 2025 as against half of this in the corresponding period of last year with increased technology adoption in the process.’

He said with technology adoption in procurement, expenditure management in government and the private sector, there would be a major turning point for Nigeria’s growth and development.

Speakers and top stakeholders at the Startupsouth 10th annual conference in PH

He said with a population of under 35 years of age comprising about 75% of Nigeria’s population, the government and big corporations can stem the country’s growth challenges by taking remarkable measures to promote and adopt technologies in all sectors.

To achieve this, Opual-Charles suggested immediate establishment of technology parks in major cities to provide tremendous business and job opportunities to young people and innovative minded citizens as inalienable rights to change their lives.

‘With technology, capital will not be much of a challenge as scaling and repeatability are the major drivers in the startup space. What the government owes us is to make technology work and legislate to make both public and the private sectors take it to the next level. This will also help the ease of doing business, which is capable of attracting foreign direct investments into the country and creating new economic businesses, changing lives, transforming institutions and strengthening the economy.’

The conference, the 10th, seems to shake the south-south especially Port Harcourt. Most participants and experts around Nigeria and beyond streamed their commendations and appreciations for the journey so far.

Chairman of the StartupSouth, Kalada Apiafi, who is a known personality in the Small and Medium Enterprise (SME) space in the Niger Delta, said key resource in any business is information. He said Startupsouth was a place to get the strategic information tips to build, connect, and grow as the slogan says.

In his remarks, the convener, Uche Aniche, showed how the states of the south-south and east have faired in startup and tech.

Major speakers that thrilled the participants on day one include those from Google, Main One (now Equinix), and goodwill messages.