Category: Business Day

Erling Haaland continued his ruthless scoring form as Manchester City edged past Brentford 1-0, delivering a landmark 250th Premier League victory for manager Pep Guardiola.

Guardiola reached the milestone in just 349 games, the fastest in league history, surpassing the previous best by 55 matches.

The decisive moment came early, as Haaland outmuscled Sepp van den Berg to meet Josko Gvardiol’s looping cross, then twisted away from the defender before calmly slotting past Caoimhin Kelleher.

It was the Norwegian’s third goal in a week and his 18th in just 11 appearances for club and country this season.

After taking the lead, City were forced to defend for more than 80 minutes at the Gtech Community Stadium but restricted Brentford to limited chances in a scrappy second half.

The win lifts Man City to fifth place heading into the international break, though the sight of midfielder Rodri limping off after just 21 minutes sparked concern.

The Spaniard, who previously missed much of last season with an ACL injury, is still searching for the form that earned him the Ballon d’Or last year.

George Akume, Secretary to the Government of the Federation, on Monday, extended an invitation to members of the Council of State and Police Council to a hybrid strategic meeting scheduled for Thursday, October 9.

Segun Imohiosen, Director, Information and Public Relations, office of the SGF, in a statement on Monday, announced that the meeting is expected to take place at the Council Chambers of the Presidential Villa, Abuja.

Recall that the country had in recent times witnessed heightened insecurity, with attacks and extortion of innocent Nigerians, especially in states hitherto considered peaceful.

The meeting, which will be presided over by President Bola Tinubu, will be attended by all former Presidents, the Chief Justice of Nigeria, the Governor of the Central Bank of Nigeria and the Inspector General of Police and any other invited public officials.

BusinessDay gathered that all the Service Chiefs are also expected to attend the meeting summoned to discuss the current security situation in the country

Emanso Umobong, the Permanent Secretary, Cabinet Affairs Office, at the office of the SGF, disclosed that ‘ the meeting aims to discuss matters of national importance and key issues affecting national security and policing.’

The SGF said that while the meeting with the Council of State comes up at 1 pm, the Police Council will take place at 2:00 pm

According to the statement, ‘Members are requested to participate either physically or virtually.’

‘This high-level meeting underscores President Bola Ahmed Tinubu’s commitment to addressing pressing national issues and ensuring the safety and security of citizens.’

Jobberman Nigeria, in partnership with the Mastercard Foundation, has successfully expanded its flagship HR Fusion Series to Akwa Ibom State, hosting the inaugural edition at Vinpy Hotel, Uyo. The event brought together HR professionals, business leaders, and entrepreneurs to address critical talent management challenges and explore opportunities shaping the future of work in the region.

Themed ‘Effective Talent Management for Business Growth,’ the programme featured a keynote address by Ide O. Owodiong-Idemeko, who outlined five strategic pillars for effective talent management such as aligning HR with business goals, attracting the right talent, developing and empowering employees, driving engagement and retention, and leveraging technology and data.

In his closing words, he urged participants to embrace talent management as a driver of transformation:

‘If we in Akwa Ibom, and indeed Nigeria, embrace effective talent management, we will unleash a generation of workers and leaders who will transform our businesses, our communities, and our economy. The companies that will thrive tomorrow are those that manage talent today with vision, empathy, and innovation.’

Speaking at the event, Babajide Anjorin, head of Marketing at Jobberman Nigeria, reaffirmed the company’s commitment.

‘HR Fusion represents our commitment to bridging the talent gap across Nigeria. By bringing this initiative to Akwa Ibom, we are empowering the silent architects of business growth. And as we work together, let’s remember this truth: business growth does not happen in boardrooms, it happens when people are effectively managed, motivated, and retained.’

The event also featured four breakout sessions focused on practical HR challenges: upskilling and reskilling the workforce for the future; employee engagement and its impact on productivity; building a culture of talent Retention; and fostering inclusive workplaces for sustainable business success.

Participants highlighted the programme’s relevance as Akwa Ibom diversifies its economy beyond oil and gas into agriculture, ICT, creative industries, and tourism, creating growing demand for adaptable and skilled workers.

Imaobong Ofana, HR manager at Fhenix Africa, praised the initiative:

‘This programme has been eye-opening. The sessions gave me practical ideas I can implement immediately in my organisation. It’s encouraging to see Jobberman bringing this level of expertise to Akwa Ibom. More importantly, Jobberman must continue to harness the great talent we have here, train and empower them, and work closely with HR bodies to build a stronger workforce for the future.’

The HR Fusion series reflects Jobberman Nigeria’s evolution from an online career platform into a full-service talent solutions provider. Today, Jobberman partners with organisations to deliver end-to-end recruitment support, employer branding, soft skills training, and workforce capacity building – equipping HR professionals with strategies and networks to make talent management a driver of sustainable growth.

The success of the Akwa Ibom edition further underscores Jobberman’s commitment to expanding HR development programmes beyond traditional commercial centres, bringing world-class talent management expertise to emerging business hubs across Nigeria.

Foreign investors may think twice before picking Nigeria over other frontier markets when its 30 percent capital gains tax, the highest among its peers, takes effect in January 2026.

Through the introduction of the new capital gains tax, Nigeria could earn up to N1 trillion annually. But the move has already begun unsettling both investors and issuers.

Capital gains taxes apply when investments such as stocks, bonds, and digital assets are sold at a profit. Under the reform, Nigeria will introduce a rate of up to 30 percent on foreign equity investors, and 25 percent for reinvestments in local fixed-income or non-equity assets, the highest among frontier markets.

Victor Athe, partner, Tax and Strategy Services, said the policy could have unintended consequences.

‘Indeed, there is a risk that the tax hike may dampen foreign investor appetite, as higher CGT reduces investors’ net take on equity sales. Investors who are speculative or short-term-focused may have to sell off and lock in gains before the new rates take effect.

‘From a macroeconomic context, Nigeria is seeking to boost tax revenues amid fiscal pressures, currency reforms, and subsidy removals. A sharp pullback in foreign investments could undermine liquidity and increase volatility. The move fits into the government’s broader push to expand the non-oil tax base, but the risk is that it may send mixed signals to foreign investors at a time when the country is seeking foreign direct investments (FDIs) and portfolio inflows to support the naira and deepen financial markets,’ Athe said.

Bukola Bankole, partner and corporate finance expert at TNP, said the decision to raise capital gains tax on foreign equity investors to 30 percent ‘sends a strong fiscal message but risks unsettling the renewed confidence returning to the market.’

‘The NGX has gained momentum on improved sentiment and stronger corporate results, and this policy shift could interrupt that recovery,’ she said. ‘For offshore investors already contending with FX volatility and repatriation delays, the higher tax changes the post-return picture in a way that may slow new inflows.’

Bankole noted that at 30 percent, Nigeria would rank among the highest-taxed frontier markets.

‘For foreign portfolio investors, that matters, especially when comparable markets in Africa and Asia offer effective rates mostly between zero and 20 percent, alongside greater policy predictability. The issue isn’t the tax itself but its timing and the signal it sends. Investors make long-term decisions based on stability, and sudden changes like this tend to create hesitation just when confidence is improving.’

She added that the tax rise also runs counter to recent monetary signals. ‘The Central Bank of Nigeria (CBN)’s modest rate cut was seen as a shift toward supporting growth and credit expansion, while the tax hike tightens post-return yields. Without better alignment between fiscal and monetary policy, mixed messages like this risk dampening investor enthusiasm just as liquidity is returning.

‘In isolation, the hike may bring short-term revenue, but without broader reforms that strengthen FX stability and deepen market trust, it could end up costing more in lost confidence than it raises in tax. In Nigeria’s capital market, confidence remains the most valuable currency.’

Akinbamidele Akintola, chief commercial officer at retail tech firm Alerzo, questioned the logic of the move. ‘Will foreign portfolio investors be forced to pay this tax? If they are, then Nigeria just made itself even less attractive compared to every other frontier market out there,’ he said. ‘Imagine a foreign investor weighing where to park capital: on one side, Kenya exempts listed equities from capital gains tax altogether; on the other, Nigeria now imposes a 25 percent haircut at the exit door. Why would you choose Nigeria?’

Akintola, a former head of sub-Saharan Africa equity and fixed income sales at Stanbic IBTC, warned that the implications could be severe. ‘Foreign participation will fall. Liquidity will dry up. Bid-ask spreads will widen. Valuations will compress. Long-term holders will be punished because inflation isn’t recognised in the cost base. And the overall perception of Nigeria as a place to invest will slide even further.’

He suggested that the government consider ‘smarter ways’ to achieve its revenue goals. ‘If the government really wants to deepen the equity market, there are better tools. Incentivise long-term holding by offering tax credits or reward reinvestment into priority sectors. Give pension funds and asset managers clearer rules on equity allocation. Strengthen the regulatory framework so investors feel protected. In short, use carrots, not sticks. Right now, Nigeria needs every drop of foreign and local capital it can get. Putting up a 25 percent barrier at the exit door is the exact opposite of what we should be doing.’

At the 31st Nigerian Economic Summit (NES #31), Abubakar Atiku Bagudu, minister of Budget and Economic Planning, acknowledged the need for stability and coherence in policymaking. ‘The government recognises the need for stable policies, consistent regulations, and an improved business environment to boost investor confidence and reduce uncertainty,’ he said.

Bagudu noted that the administration is working to streamline regulatory frameworks and enhance predictability. ‘Our policy responses in the fiscal sector, as outlined in the Four Tax Reform Acts, are aimed at strengthening revenue mobilisation for sustainable growth. We have been prioritising monetary and fiscal coordination to stabilise macroeconomic parameters. Our revenue diversification strategy includes boosting non-oil revenue, supporting manufacturing, and driving digital transformation,’ he said.

Despite government reassurances, market participants remain cautious. With the Nigerian Exchange (NGX) up about 40 percent this year, analysts warn that the new tax could moderate the rally through short-term sell-offs.

Temi Popoola, group managing director and chief executive officer of NGX Group, said: ‘Reforms of this scale raise important questions for issuers and investors alike. Our priority is to ensure the capital market remains attractive and forward-looking. By creating forums like this, we provide clarity, enable dialogue, and help the market adapt to fiscal changes in ways that support long-term growth.’

At the same event, Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, said the reform was structured to protect retail investors, noting that a N150 million annual exemption threshold would exclude 99.9 percent of individual investors from the capital gains tax.

The Tax Reform Act is designed not to stifle investment but to create a fair, transparent, and sustainable tax environment,’ he said.

‘While the standard rate is 30 percent, a reduced 25 percent CGT will apply when proceeds from share sales are reinvested in fixed-income securities or other non-equity assets, whereas reinvestments into Nigerian companies, listed or unlisted, remain exempt. This is meant to channel more capital into productive equity that drives company growth, creates jobs, and supports long-term market sustainability.’

Oyedele, chairman of Nigeria’s Presidential Tax Reforms Committee that introduced the higher capital gains tax, dismissed complaints that it hurts foreign investors and argued that they can reclaim tax credits in their home countries.

‘We are challenging them to show us how it makes them worse off,’ Oyedele said, referring to the new law. ‘We know they are not worse off, they just want the better end of everything,’ he said, adding: ‘The country you pay the capital gain tax is where you earn it from. When you now go to your home country, they credit you.’

Foreign investors accounted for 21 percent of total transactions in the stock market in the eight months through August, with total trades of N1.45 trillion ($989 million), according to a monthly report prepared by the Lagos-based Nigerian Exchange Group Plc.

But foreign investors can only get credit for the amount paid in Nigeria ‘if there is a double taxation agreement between Nigeria and their country, and if it gives Nigeria a right to tax disposals of shares,’ said Russell Eastaugh, Africa tax lead at South Africa-based consultancy Regan van Rooy. ‘There is a significant risk that investors will now find investing in the stock market less attractive.’

The Federal Government, through the Ministry of Trade and Investment, has set up a regulatory committee to deepen digital market penetration and boost the exportation of African products.

The committee was set up at the AfCFTA Digital Trade Market Access Roundtable organised by the Federal Ministry of Industry, Trade and Investment, hosting regulatory stakeholders from Egypt, Ghana, Kenya, Rwanda, and South Africa.

Jumoke Oduwole, minister for Industry, Trade and Investment, speaking at the event, said, ‘The Federal Ministry of Industry, Trade and Investment has committed to support your expansion into African markets. To do this, we will actively steer the regulators’ working group established yesterday. This group will continue the momentum of regulatory cooperation beyond this event, creating a working channel for addressing challenges and advancing solutions.

‘Also, we will explore opportunities for the passing of licenses. The goal is to create mechanisms where regulatory approvals in one jurisdiction can facilitate or expedite approvals in others, reducing barriers for firms operating across multiple markets,’ Oduwole said.

The minister lamented the poor exportation of Africa’s digital products and services delivered globally despite the talents and resources, urging the continent to collaborate to achieve desired results, leveraging the enormous potential that the Digital Trade Protocol holds.

‘For digital services, the AfCFTA opportunity is particularly compelling. Africa currently accounts for less than 10 per cent in digitally delivered services exports globally. But we have the talent, the demand, innovative experience, and now the regulatory framework to dramatically transform our levels of digital trade.’

The minister added that, ‘Currently, only 5 percent of Africa’s digitally delivered services are traded within the continent. This represents an extraordinary untapped opportunity for intra-African digital trade and overarching digital transformation.

‘The time to act is now. Nigeria has been designated as the African Union co-Champion of the AfCFTA Protocol on Digital Trade. This is both an honour and a responsibility. To demonstrate our resolve, we commenced regulatory alignment and harmonisation of standards with our regional commitments, with a Digital Economy and E-Governance bill currently before the National Assembly. As co-Champion, we are committed to demonstrating practical leadership.’

Oduwole said the programme is designed to gain a clear understanding of market entry rules and processes across the countries, as they present regulatory categories, licensing requirements, and market entry processes and also have direct access to regulators through our clinic sessions this afternoon.

She tasked Nigeria’s digital service providers with compliance with domestic regulatory requirements at home in order to get the backup from the government on the international stage.

‘As the government creates these enabling structures, we also have clear expectations of Nigerian digital services providers. First, compliance at home is a prerequisite for support abroad. The Corporate Affairs Commission, Nigerian Copyright Commission, Nigerian Communications Commission, Federal Competition and Consumer Protection Commission, Securities and Exchange Commission, and Central Bank of Nigeria are all represented here today to provide consultations.

‘The government cannot vouch for your credibility in foreign markets without confidence that you have fully satisfied domestic regulatory requirements. Use today’s clinic sessions to ensure you are in good standing. Second, reflect clearly and strategically on your ambitions to invest across Africa.’

The minister promised that the Federal Ministry of Industry, Trade and Investment will continue to support the efforts of digital services providers through targeted initiatives, which will be announced before the end of the year.

Calvin Phume, director, African Bilateral Economic Relations, Department of Trade and Industry, South Africa, described the collaboration as a transformational agenda crucial to harnessing untapped potential in Africa’s digital market.

‘This is a transformational agenda. We are trying to make sure that we take these opportunities that are derived from AFCTA. Under the digital trade Protocol, it gives us access as South Africans to collaborate with other Africans in terms of ICT and other digital services,’ Phume said.

The director added that South Africa will target key areas of collaboration, including iCloud, AI innovation, among others.

Elhanan Asara, deputy director, Fintech and Innovation, Bank of Ghana, emphasised the importance of the collaboration, describing it as an avenue to find solutions to export barriers and boost market penetration across Africa.

‘There is a deficit. There is a lot of IT import to the country, really formed by Europe and the Western world in general, compared to Ghana exporting IT services. This is also an opportunity to see if this is utilised in Africa instead of going to the Western world.’

Liquidity challenges in Nigeria’s electricity market persisted in July 2025, as the country’s 11 distribution companies (DisCos) and Aba Power Limited Electric (APLE) posted a combined N49.18 billion revenue shortfall, according to the Nigerian Electricity Regulatory Commission (NERC).

The figure, captured in NERC’s July 2025 Commercial Performance Factsheet, showed a modest improvement from the N55.74 billion shortfall recorded in June 2025, but still underscores deep structural inefficiencies in revenue recovery across the sector.

Ikeja Electric topped the performance chart with a 102.05 per cent collection efficiency, billing N40.03 billion and collecting N40.84 billion, driven by arrears recovery and current charges.

Eko DisCo followed with an 86.56 percent efficiency, collecting N33.54 billion from N38.75 billion billed, while Benin DisCo achieved 95.19 percent, realising N15.13 billion from N17.77 billion billed.

Other strong performers included Ibadan DisCo, which recorded 82.81 percent efficiency with N20.90 billion collected from N25.24 billion billed, and Abuja DisCo, which posted 80.26 percent, collecting N30.44 billion from N37.93 billion billed.

In the mid-range, Enugu DisCo and Port Harcourt DisCo reported efficiencies of 78.34 percent and 76.07 percent, respectively, while Yola DisCo achieved 67.80 percent.

At the bottom of the ranking, Aba DisCo managed 61.81 percent, Kano DisCo 58.61 percent, and Kaduna DisCo 45.41 percent. Jos DisCo had the weakest showing, collecting just N4.59 billion out of N11.81 billion billed, representing a 38.95 percent efficiency rate, the lowest in the sector.

Commenting on the figures, Adetayo Adegbemle, Executive Director, PowerUp, cautioned that the results represent only about 40 percent of the energy delivered to DisCos, as the remainder is treated as a tariff shortfall to be covered by the Federal Government.

He warned that the sector’s sustainability remains precarious, ‘If DisCos are struggling to meet obligations on just 40 percent, their survival would be in serious doubt once tariff shortfall payments are removed and they are required to recover 100 percent of their Collection Rate Target (CRT),’ Adegbemle said.

According to him, the CRT stands at N210 per kWh, while the average allowed tariff is N116 per kWh, and the average recovery rate is N89 per kWh.

Some DisCos, he added, are recovering as little as N30 to N41 per kWh, highlighting the persistent inefficiency in collections despite ongoing regulatory reforms.

Industry analysts say the widening gap between energy billing, collection, and actual cost recovery highlights the fragile financial state of Nigeria’s power sector, raising concerns about its long-term sustainability without significant tariff adjustments and enforcement of performance standards.

Angry Rangers fans attempted to block the team bus from leaving Falkirk Stadium on Sunday evening following a dismal 1-1 draw, in the latest eruption of unrest surrounding the club’s poor form.

A significant police presence was required to allow players and staff to exit, with tensions boiling over outside the ground.

Supporters surrounded the team coach, shouting abuse and demanding accountability, forcing officers to intervene and clear a path.

Under-fire head coach Russell Martin, who has faced mounting calls for his dismissal in recent weeks, was escorted away in a separate vehicle under police guard in an effort to avoid confrontation with the hostile crowd.

A group of fans, many dressed in black, remained outside the stadium for over 90 minutes after the full-time whistle and were eventually dispersed by authorities around 18:30 BST.

The chaotic scenes followed another disappointing result, which leaves Rangers languishing in eighth place in the Premiership, 11 points behind leaders Hearts, nine points behind Celtic, and just four points clear of bottom-placed Aberdeen.

Martin, appointed on a three-year deal in June, has won just one of his first seven league matches. Fan frustration has grown steadily, with protests and anti-Martin chants becoming a fixture at recent games.

The club’s board now faces a critical decision over the international break, with Rangers not in action again until 18 October, when they host fourth-placed Dundee United.

The Federal Ministry for Economic Cooperation and Development (BMZ) of the German Government, in collaboration with World Food Programme (WFP) and Care Nigeria is set to empower a total of 6,389 households in Yobe State.

Abatcha Abubakar, the Area Manager, Care Nigeria, stated this to newsmen at state level stakeholders inception meeting on resilience and social cohesion (peace) held in Damaturu, Yobe State.

According to him, the Resilience and Social Cohesion (Peace) Project is a joint initiative that seeks to restore essential services and rebuild livelihood to drive sustainable transformation in the state.

He said the households would be trained and empowered with agric inputs, crops processing machines and stipends to improve their livelihood.

He added that the program was funded by the Federal Ministry for Economic Cooperation and Development (BMZ) of the German Government, in partnership with World Food Programme (WFP), UNICEF and Care Nigeria.

He further said the project goals were to increase the productivity and revenue of 6,389 smallholder farmers and households in the agric value chain and improve the economic status of 31,945 individuals.

According to him, the project is targeting 5 wards in Jakusko LGAs to ensure that those households improved their dietary diversification and access to financial services through Village Savings and Loan Association (VSLAs).

‘We implement crop production initiatives where project participants are grouped together and provided with inputs to build their resilience and self-sufficiency. Additionally, we have an Income Generating Activity (IGA) aimed at improving household finances. Through IGAs, we form groups and equip them with agro-processing machines, enabling them to generate income beyond farming.

‘Furthermore, these groups are organized into Village Savings and Loan Associations (VSLAs), a tool we use globally. VSLAs empower women to save and contribute to a collective fund, providing mutual support.

‘The initiative aims to support 6,389 households through agricultural interventions. We’ll provide seeds for crops like maize, groundnuts, and rice, focusing on wet season farming. Additionally, we’ll promote vegetable gardening, encouraging participants to cultivate backyard gardens.

‘This effort seeks to improve livelihoods and prevent households from falling into food insecurity. Furthermore, selected households will receive a monthly stipend for six months. We’re also constructing warehouses to support these initiatives.’ He said.

In his remark, Owen Maganga, the Head of World Food Programme, Damaturu Sub Office, Yobe State, said the WFP is committed to support the Livelihoods of farmers in the Northeastern region.

Few issues stir as much passion as pensions. After all, retirement is not some distant concept, it is the very moment when decades of work are meant to translate into dignity, stability, and peace of mind.

For Nigerian workers, the Contributory Pension Scheme (CPS) is the system designed to ensure that this promise is kept. Yet, as public debates grow louder, it is important to separate emotion from fact, and quick fixes from sustainable solutions.

At the heart of the pension conversation lies a simple question: should retirees be allowed to withdraw their savings in full, or should access remain structured? The former offers instant gratification; the latter seeks to protect long-term security. The choice is not trivial-it is one that determines whether our elders live their final years in comfort or in poverty.

The hidden risks of ‘Take-It-All’

Imagine a retiree with N20 million saved up over a career. It may seem logical to withdraw the entire sum and invest it independently. Some might argue that by chasing attractive interest rates or putting the money into a family business, higher returns can be secured. But this perspective often ignores three hard realities.

1. The first is longevity risk-the possibility of outliving one’s savings. A lump sum might look substantial at 60, but what happens if life stretches to 85 or 90? (which many are praying for). The CPS is deliberately structured to provide income for life, ensuring that retirees do not face destitution in their later years.

2. The second is market volatility. Treasury bill yields and bond rates do not remain at 15 elevated levels (double digits) indefinitely. They fluctuate sometimes falling to single digits. A retiree who counts on fixed high returns may quickly discover that returns are unpredictable and insufficient, especially during downturns.

3. The third is investment risk. Stories abound of pensioners who withdraw funds to finance ventures that collapse under inflationary pressures or poor management. The intention may be noble, but the outcome is often tragic: savings vanish, while bills remain.

Two faces of retirement

Consider the story of two hypothetical retirees, both of whom left service with ?20 million. Madam Okeke decided to withdraw everything and invest in a family business. For a while, it seemed promising. But within three years, inflation, currency depreciation, and unforeseen costs left her with nothing. By her early seventies, she had become dependent on relatives for basic needs.

Her colleague, Ade, opted to remain under the CPS. His monthly pension was modest but consistent. Each month, without fail, his payment arrived. At 80, he still enjoys independence, secure in the knowledge that his pension will not dry up.

Both individuals worked hard; both sought securities. But their choices determined whether retirement meant stability or vulnerability.

Why structure matters

Some critics argue that restricting lump-sum withdrawals treats retirees like children. In reality, the principle is protective, not paternalistic. Across the world, pension systems are structured to spread income across retirement years because experience shows that without safeguards, many retirees exhaust savings too quickly. Family obligations, health crises, or speculative investments often erode lump sums, leaving individuals vulnerable at the exact stage of life when they are least able to recover financially.

The CPS prevents this outcome by ensuring that pensions last as long as life itself. For retirees who live beyond expectations, payments continue through programmed withdrawals or annuities arranged with insurance companies. The notion that payments ‘end’ at 75 is a misconception; in truth, actuarial science only uses life expectancy as a guide for planning, not a cut-off point.

Building trust in the system

Trust is the lifeblood of any pension system. Workers must believe that their savings are safe and that administrators are acting in their best interests. Under Nigerian CPS, pension assets are not even held by the Pension Fund Administrators (PFAs). Instead, they are kept with independent Pension Fund Custodians under the strict oversight of the National Pension Commission (PenCom). This three-tiered structure: Saver, Administrator, Custodian provides layers of security that safeguard against mismanagement.

Since the scheme’s inception in 2004, pension assets have grown to over ?24 trillion. These funds are invested in government securities, infrastructure, corporate bonds, and housing, supporting not just individual retirees but also the broader Nigerian economy. PFAs earn regulated fees (among the lowest in Africa) while all investment returns accrue to contributors. Far from exploiting workers, the system has built a sustainable pool of capital that benefits both retirees and national development.

The temptation of oversimplification

It is easy to believe that giving retirees unrestricted access to their funds is the ‘fair’ solution. But pensions are not simple savings accounts. They are insurance against the twin uncertainties of longevity and economic shocks. Psychologists call it the Dunning-Kruger effect: when complex issues are oversimplified by those who do not fully understand them. In the pension context, what looks like empowerment today may translate into widespread elderly poverty tomorrow.

The real struggle

Ultimately, the true enemy is not the pension structure it is poverty. A nation that fails to protect its elders condemns itself to cycles of dependency and despair. Justice in pensions is not about short-term payouts but about ensuring that workers who devoted decades to the economy are not left helpless in their later years.

The CPS was designed precisely for this: to move Nigeria away from the inefficiencies and corruption of the old Defined Benefit Scheme, and toward a sustainable system that outlasts political and economic turbulence.

A call for balance

Nigeria must pursue a balanced path one that recognises retirees’ genuine frustrations while preserving the safeguards that protect them. Quick fixes may win applause in the moment, but true dignity in retirement comes from careful, compassionate, and sustainable reform. Our elders deserve nothing less.

Today, 6 October 2025, the Honourable Minister of Solid Minerals Development, Dr Henry Dele Alake, clocks 69. For many in Nigeria, the name conjures memories of his decades as a journalist and public communicator. These days, it represents a new hope for sustainable reform in Nigeria’s solid minerals sector and Africa’s mining industry.

To understand the minister, you must know his father, Pa Michael Ojo Alake. He graduated in philosophy from Fourah Bay College, then West Africa’s most prestigious university. He later founded and ran the Benevolent High School in Lagos, where indigenes of his hometown, Ikoro-Ekiti, as well as indigent students, attended free of charge. His sacrifice was not ignored. The Ikoro people gave him the title ‘Eleyinmi of Ikoro-Ekiti’ to appreciate his benevolence.

Between 1979 and 1983, Alake Senior was one of the trusted advisers of Governor Lateef Jakande on the formulation and implementation of the free education programme, a scheme which scrapped the classroom shift system and built over 500 new schools to accommodate the pupils in one single shift within four years.

Being an educationist, Alake Senior knew the impact of good schools in forming the character of a civilised, confident and progressive child. He put his son in the best schools of the times – Surulere Baptist Primary School, Surulere, Lagos; Christ’s School, Ado-Ekiti; Igbobi College, Yaba – and topped it with university education at the University of Lagos, where the minister studied political science and later earned a master’s in mass communication. But his exposure was not only academic. His inter-campus, extra-curricular engagements brought him under the influence of Professor Wole Soyinka, further raising his social consciousness and commitment to public good.

This pedigree set a high standard in morality, elocution, and public service for the minister. He is still determined to surpass it. His father excelled in education, but he chose communications. As soon as he enrolled in the National Youth Service Corps and was deployed to Ogun State Radio, his hard work and creativity were noticed. The organisation entrusted him with tasks of confirmed staffers. His work led to his engagement with Lagos State Radio and a quick elevation to Senior Sub-Editor-one of the fastest advancements in the organisation’s history.

The crusader

As a columnist, news manager, and editor, Alake made crusading for good governance the raison d’être of his career. His choice of stories and writings was deliberately crafted to conscientise the readers in the fashion of Paulo Freire’s Pedagogy of the Oppressed. This required immense courage under military rule, and he was often the guest of the secret service. At such times, they would find him ready with his toilet bag. At one point, Concord Press of Nigeria, where he worked, was put under lock and key by the junta. But this didn’t deter the crusader, whose conviction that journalism must have social relevance made him even more determined to mobilise the people to resist bad governance. To Dele, the words of Frantz Fannon, that ‘the future will have no pity for those men who, possessing the exceptional privilege of being able to speak words of truth to their oppressors but have, instead, taken refuge in an attitude of passivity, of mute indifference, and sometimes, of cold complicity’, were a call to be an agent of change.

The annulment of the June 12, 1993 election won freely by the publisher of Concord Press, Bashorun Moshood Kashimawo Abiola, thrust him into the epicentre of the struggle for the actualisation of this historic exercise of popular sovereignty by the Nigerian people. In that titanic struggle, he met and worked alongside Senator Bola Tinubu, who had given up his plan to be president of the Third Republic Senate to facilitate Abiola’s emergence. A comradeship that endures to date was forged in the furnace of that struggle, in Nigeria and in exile. Indeed, Tinubu’s plan to return to the Senate in 1998 was diverted to governorship by advisers such as Alake, who believed he had established the progressive profile and financial wizardry to execute Abiola’s manifesto, Farewell to Poverty, in Lagos State at a micro-level and later escalate to the national level. When Bola Tinubu became Governor of Lagos State in 1999, Alake became the Lagos State Commissioner for Information and Strategy, a position he held till 2007. In that capacity, he was instrumental in shaping the communications strategy and public image of the Tinubu administration in Lagos. Beyond Lagos, Alake’s involvement in national politics deepened. In December 2014, he was appointed Director of Media and Communication for the Buhari Campaign Organisation during the 2015 presidential election. Over the years, he cultivated a reputation as a strategist, tactician, and loyal political confidant of President Tinubu.

The mining reformer

Only a man like Alake, who has established the mental agility for cracking difficult tasks and a record of standing up to the status quo, could have been assigned the herculean task of cleaning the Augean stable of the solid minerals sector. The risks were real: weak institutions, vested interests in illicit mining, and security challenges-all posed serious headwinds. Without strong follow-through, even well-intended policies can stall. Since his appointment as the Minister of Solid Minerals Development in August 2023, he has led efforts to reform a sector long considered underutilised, fragmented, and rife with regulatory inefficiencies.

Alake hit the ground running by applying the agenda-setting theory of journalism. He developed the Seven-Point Agenda for international competitiveness and local industrialisation of Nigeria’s mining sector through critical research and review of the literature and interviews with stakeholders. He identified the challenges, such as insecurity caused by illegal miners and bandits, speculation in licence administration, violations of the Minerals and Mining Act 2007, the corporate void caused by the winding down of the Nigerian Mining Corporation, low rates of royalties and administrative fees despite multi-million-dollar technological investment and the failure to establish statutory and regulatory bodies such as the Environmental Rehabilitation Fund. He was very passionate about reversing the export of raw minerals and ensuring that minerals were processed locally to provide jobs and attract higher prices in the international markets.

In 25 months, Alake put no one in doubt that a new sheriff is in charge in the solid minerals sector. He took many steps. He set up the Mining Marshals to combat illegal mining and banditry, revoked 3,974 titles for failure to pay the annual service fee or refusal to mine after obtaining licences, established the private sector-orientated Nigerian Solid Minerals Company and the Environmental Rehabilitation Fund, increased rates of administrative fees and royalties, and revolutionised mining communications. To top it all, the advocacy for value addition that he espoused for the first time at the Future Minerals Forum in Riyadh in January 2024 won the hearts of ministers of mining in Africa. To maintain the momentum across the continent, they formed the Africa Minerals Strategy Group and made him the pioneer chairman. A year after, at the 2025 Future Minerals Forum, they poured encomiums on Alake for branding the one-year-old AMSG into a continental colossus!

The results of Alake’s reforms in the solid minerals sector form a major component of the achievements of the Renewed Hope Agenda of the administration of President Bola Ahmed Tinubu. These include an increase in revenue of the Nigerian Mining Cadastral Office from N6 billion in 2023 to N12.5 billion in 2024. It has reported N10 billion between January and April this year. Similarly, for the first time, royalties collected by the Mines Inspectorate department of the Ministry peaked at N6.4 billion as of December last year.

The advocacy for value addition has stimulated mineral processing and manufacturing projects such as Hasetin’s $400 million Rare Earth plant, the $60 million ASBA lithium processing plant, the $200 million Canmax Lithium plant, the $200 million New Energy Materials Company lithium plant, and new processing projects are in the pipeline. It has encouraged existing plants such as Segilola/Thor, Kursi, and Africa Industries Group to scale up operations. The Ministry, through SMDF, its funding agency, is also planning to invest in the $1.3 billion alumina and $96.8 million silica processing projects in collaboration with the Africa Finance Corporation.

The establishment of the Mining Marshals has led to the prosecution of over 300 suspected illegal miners by the Mining Marshals, the dislodgement of illegal miners from 90 licensed areas and the monitoring of 450 locations occupied by illegal miners. With more logistical resources, the enforcement of the mining laws will surely be intensified.

Transparency and accountability in licence administration have been achieved with the upgrade of the Electronic Mining Cadastre system, the launch of the mining decisions website and the improvement of content on the websites of the Nigerian Geological Survey Agency and the ministry. Today, research for and applications for licences can be initiated 24 hours every day from anywhere on the earth.

Alake has also intervened in human capacity development. His deal with the Australian government, negotiated during the Africa Down Under in September 2023, was executed this year with the training of the first batch of Nigerian geologists in modern exploration practices at Murdoch University. Locally, over 250 youths have benefitted from workshops on gemology and jewellery making, and the Institute of Geosciences continues to produce fresh mining professionals yearly.

What no serious witness of the solid minerals sector won’t contest is Alake’s sterling achievement in ensuring better compliance with the law. Operators are now more alert to their responsibilities and religious in observing deadlines and the rules of engagement.

With these records, Alake continues the family tradition by devoting his life to the service of his fatherland. It is a daily grind of hard-work, creativity and persistence that may make him forget that another year has passed and today is his birthday. This article is a gentle reminder for him to take a day off and celebrate God’s grace. Happy birthday, sir!

Kehinde Bamigbetan, former Commissioner for Information and Strategy in Lagos State, is the Special Adviser to Dr Dele Alake, the Honourable Minister of Solid Minerals Development.