Category: Business Day

Adewale Egbedun, Speaker of the Osun State House of Assembly, has called for the immediate arrest and investigation of Francis Eniade, the All Progressives Congress (APC) House of Representatives candidate for Ifelodun, Boripe and Odo-Otin Federal Constituency, over an alleged threat contained in a video ahead of Saturday’s Governorship election.

Addressing a press conference at the Assembly complex in Osogbo on Wednesday, Egbedun alleged that Eniade specifically mentioned his name in the video and issued threats against him and other eligible voters in the constituency who are not members or supporters of APC.

He said, ‘This is not merely political rhetoric that should be dismissed or ignored. It is a matter that raises serious concerns about threats to life, voter intimidation and the promotion of political violence ahead of the election.’

The speaker called on the Inspector-General of Police, Tunji Disu, to immediately order Eniade’s arrest and investigation, particularly because, according to him, he was personally mentioned and threatened in the video.

Egbedun disclosed that his lawyers had already submitted a formal petition to the Inspector-General of Police and other relevant authorities, expressing optimism that the matter would be thoroughly investigated.

‘This is not about political persecution or vendetta; it is about protecting lives, enforcing the law and preserving the integrity of our democracy. No threat to life should be treated lightly, irrespective of the political party or individual involved.

‘Let me say this categorically: It will be totally resisted by the people through peace, vigilance, the law and the ballot box. Our people will not be intimidated into surrendering their constitutional rights. The police must act before threats become violence.

‘The appropriate law-enforcement authorities must investigate the allegations thoroughly and, where a criminal offence is established, take the necessary legal action without fear or favour,’ he said.

Egbedun urged residents not to allow threats or intimidation to prevent them from exercising their constitutional right to vote, calling on voters to come out peacefully and remain vigilant.

‘On Saturday, I urge every eligible voter who supports the re-election of Sen. (Dr.) Ademola Jackson Nurudeen Adeleke to come out en masse and exercise that right. Your vote is your voice. Your vote is your power. Vote, don’t fight.

‘I assure you that we will continue to demand the protection of our people and the integrity of their votes through lawful and democratic means. Remain peaceful. Remain vigilant. Observe the process lawfully. Protect your vote with every lawful means. Your vote must count,’ he stated.

OPay Limited processed $358 billion in gross transaction value (GTV) in 2025, more than double the $166.2 billion recorded a year earlier, as the Nigerian fintech improves its growth ahead of a potential US initial public offering (IPO).

The represent a 115 percent increase in transaction value between 2024 and 2025. The growth was accompanied by a significant expansion in OPay’s customer base and lending operations.

OPay’s monthly active users rose 57 percent to 39.3 million in 2025, from 25.1 million in 2024.

Daily active users also increased 50 percent to 22.7 million in the fourth quarter of 2025, giving the platform a daily-to-monthly active user ratio of 57.8 percent.

The fintech’s lending business recorded even stronger growth. New loans originated increased 285 percent, from $243.9 million in 2024 to $938.3 million in 2025, while quarterly unique borrowers in Nigeria rose 119 percent to 4.6 million.

The surge in transaction activity translated into stronger financial performance, with OPay’s total revenue rising 161 percent to $536.3 million in 2025 from $205.7 million in 2024.

The company also returned to operating profitability during the year. Operating income improved from a $35.1 million loss in 2024 to a $107.1 million profit in 2025, while EBITDA moved from a $33.6 million loss to a $113.1 million profit.

OPay’s reported net loss attributable to ordinary shareholders differs from its operating profitability because of non-cash accretion associated with redeemable convertible preferred shares.

Those shares are expected to convert into ordinary shares if the company completes a qualifying IPO.

Despite OPay’s international operations, Nigeria remains overwhelmingly its largest market.

Nigeria accounted for 88.1 percent of the company’s revenue in 2025, while Indonesia contributed 9.9 percent, Egypt 1.6 percent and other markets 0.4 percent.

OPay operates across Nigeria, Indonesia, Egypt and Pakistan, offering payments, savings, credit and other financial services through its mobile-first platform. In Nigeria, the company operates under Mobile Money Operator and Microfinance Bank licences.

The company also reported a first-attempt transaction success rate of more than 99 percent in Nigeria in the fourth quarter of 2025.

The performance comes as OPay prepares for a potential listing in the United States, with the fintech reportedly targeting a valuation of about $4 billion.

Citigroup, Deutsche Bank and JPMorgan Chase have been appointed to work on the proposed offering, which could take place later in 2026.

The proposed listing would represent a major step up from OPay’s 2021 funding round, when it raised $400 million at a $2 billion valuation.

Opera, an early investor in OPay, subsequently valued its stake at an implied company valuation of roughly $3.1 billion in a regulatory filing.

However, the planned US listing has generated debate among Nigerian investors and market participants because Nigeria accounts for the overwhelming majority of OPay’s revenue.

The debate comes amid growing calls for successful Nigerian technology companies to consider domestic listings.

Temi Popoola, chief executive of Nigerian Exchange Limited, recently urged President Bola Ahmed Tinubu to support policies encouraging major companies operating in Nigeria, particularly high-growth fintechs, to list on the domestic exchange.

Beyond the IPO, OPay is positioning itself for further expansion across its markets. In July, the company announced a long-term ambition to reach one billion users, support 10 million merchants and create one million jobs.

The company’s latest transaction and financial figures suggest that its strategy is moving beyond payments into a broader financial services ecosystem, with lending and multiple product offerings becoming important drivers of user engagement and revenue.

With transaction volumes, users, lending and revenue all recording substantial growth, OPay enters the potential public-market process from a stronger operating position.

The key test for investors, however, will be whether the company can sustain this growth while reducing its dependence on the Nigerian market and translating rapid transaction expansion into durable shareholder returns.

African wisdom teaches that lasting strength is rarely determined by what is visible. A tree does not become weak because its branches grow wider. It weakens when its roots can no longer sustain its growth. Organisations follow the same principle. Businesses seldom struggle because they become larger. They struggle because, as they grow, the systems that once supported them gradually become burdened by unnecessary complexity.

Growth and complexity are often mistaken for one another. They are not the same.

Many organisations assume that increasing size inevitably requires more approvals, more reporting layers, more meetings and more procedures. New challenges are met with additional forms, extra committees and increasingly elaborate processes. Each change appears reasonable in isolation. Collectively, however, they create an organisation that spends more time managing itself than serving its customers.

Complexity is one of the hidden taxes organisations impose on themselves.

‘This is why leadership must periodically ask a difficult question: If we were designing this organisation today, would we build this process exactly as it exists?’

Unlike statutory taxes, it does not appear in financial statements under a single heading. It is paid through slower decisions, duplicated effort, frustrated employees, delayed customer responses and rising operating costs. Every unnecessary approval consumes management time. Every redundant process increases the cost of execution. Every unclear responsibility weakens accountability.

Over time, complexity quietly becomes more expensive than competition.

One of the enduring responsibilities of leadership is therefore not merely to grow the organisation but to preserve its clarity as it grows. This is far more difficult than it appears. Adding a process is easy. Removing one requires discipline. Creating another reporting line demands little courage. Eliminating a layer of bureaucracy requires confidence that the organisation can perform more effectively without it.

Operational simplicity is not the absence of structure. It is the deliberate design of structure.

Simple organisations are often highly sophisticated. Their sophistication lies not in the number of controls they possess but in how seamlessly those controls work together. Employees understand what is expected of them. Responsibilities are clearly defined. Decisions are made at the appropriate level. Customers experience consistency because processes are predictable rather than improvised.

Simplicity is therefore not a reduction in capability. It is an increase in organisational intelligence.

Having spent many years building businesses and designing operating systems across different industries, I have come to appreciate that organisations rarely become inefficient overnight. Inefficiency accumulates gradually through small compromises that appear harmless at the time. An additional approval introduced to solve yesterday’s problem remains long after the problem has disappeared. A temporary reporting requirement quietly becomes permanent. A manual process survives even after technology has made it unnecessary. Eventually, no one remembers why these practices exist; they simply become ‘the way we do things’.

This is why leadership must periodically ask a difficult question: If we were designing this organisation today, would we build this process exactly as it exists?

If the answer is no, the process deserves to be challenged.

Technology deserves particular attention in this conversation. Many organisations invest heavily in digital platforms, believing technology will simplify operations. Yet technology cannot simplify a process that is fundamentally inefficient. Automating unnecessary complexity merely allows organisations to become inefficient more quickly. The objective should never be to digitise poor processes but to simplify them before technology amplifies them.

‘When the roots of a tree begin to decay, it spreads death to the branches.’ – African Proverb

The commercial consequences are significant.

Simple organisations execute faster. They onboard employees more efficiently. They respond to customers more quickly. They introduce new products with less internal friction. They recover costs more effectively because fewer resources are consumed by activities that create little or no value. Simplicity therefore improves productivity, strengthens competitiveness and enhances profitability.

It also strengthens governance.

Contrary to popular belief, governance does not require bureaucracy. Effective governance creates clarity. It ensures that authority, responsibility and accountability are understood throughout the organisation. Good governance reduces unnecessary complexity because people know who should decide, who should execute and who should provide oversight. Confusion is rarely evidence of robust control. More often, it reflects poorly designed systems.

As African businesses continue to expand across increasingly competitive markets, operational simplicity will become an even greater source of strategic advantage. Organisations that preserve clarity while they grow will respond more quickly to customers, adapt more confidently to change and scale more sustainably than competitors burdened by unnecessary internal complexity.

The African proverb reminds us that a tree does not collapse because its branches become too many. It collapses when its roots can no longer support its growth. Businesses face the same risk. Growth without operational discipline eventually weakens the very institution it seeks to strengthen. Enduring organisations understand that simplicity is not the opposite of sophistication. It is the highest expression of it. The strongest institutions are rarely those that operate through the most complicated systems. They are those that make excellence appear remarkably simple.

The Governor Seyi Makinde of Oyo State and the Allied People’s Movement, APM Presidential candidate on Thursday said that he would work actively with like-minded politicians to ensure a better Nigeria come 2027.

Makinde who was formally elected as the Presidential candidate of the Allied People’s Movement, APM said he’s well prepared to lift the millions of Nigerians out of the poverty level, which has ravaged the land even more in the past three years as a result of poorly implemented policies.

Speaking at the party’s National Convention, which took place at the Rilwan Adamu Square in Bauchi on Thursday Makinde said it is not a coincidence that today’s epoch-making event is taking place in Bauchi, the home state of the first Prime Minister of Nigeria, Sir Abubakar Tafawa Balewa.

His Presidential running mate is Lawal Musa Daura, the former Director-General of the State Security Service (SSS) between 2015 and 2018, whom he said was deliberately chosen to solve the security situation of the country.

FACTS

General Hydrocarbons Limited (‘the Appellant’), having been granted Oil Mining Lease (OML) 120 by the Federal Ministry of Petroleum Resources for a term of twenty years, entered into a Memorandum of Understanding with First Bank of Nigeria Limited (‘the 1st Respondent’) for the funding, development, operation, and optimal exploration of the oil block. Under the arrangement, the 1st Respondent undertook to finance the Appellant’s operations, while the Appellant agreed that the parties would share the profits from the sale of crude oil produced from OML 120 in the ratio of 50:50. As part of the financing structure, the Appellant was required to domicile the proceeds of all crude oil sales from OML 120 into a designated collection account maintained with the 1st Respondent. The parties further agreed that the loan facilities advanced by the 1st Respondent would be repaid from the proceeds of crude oil sales paid into the account before the balance was applied in accordance with the parties’ profit-sharing arrangement.

The relationship between the parties subsequently deteriorated when the Appellant accused the 1st Respondent of failing to honour its funding obligations under the agreement and frustrating its efforts to obtain alternative financing for the development of the oil block. The dispute eventually resulted in arbitral proceedings and separate proceedings before the Federal High Court, Lagos, where preservative orders were granted in aid of the ongoing arbitration.

Dissatisfied with those orders, the 1st Respondent appealed against the decision of the trial court and also sought a stay of execution, alleging that the Appellant had failed, refused, and neglected to remit the proceeds from the 2024 lifting and sale of crude oil into the designated collection account despite repeated demands. While those proceedings remained pending, the 1st Respondent commenced a fresh action seeking to enforce the Appellant’s contractual obligation to domicile the proceeds of crude oil sales into the designated account pursuant to the Memorandum of Understanding and the facility agreement. In the suit, the 1st Respondent also filed an ex parte application for an order arresting, attaching, and placing a lien on the entire cargo of crude oil aboard the Floating Production Storage and Offloading (FPSO) vessel Tamara Tokoni. The trial Federal High Court granted the application and ordered the arrest, attachment, and lien over the cargo.

The Appellant and the other Respondents challenged the ex parte orders by filing preliminary objections and applications to set them aside on the grounds that the orders were obtained through material misrepresentation, concealment of pending proceedings, and constituted an abuse of court process. The trial court upheld the objection, declined jurisdiction, dismissed the suit, and vacated the arrest order. On appeal, however, the Court of Appeal reversed that decision, restored the arrest order, and further directed that the crude oil cargo be sold, with the proceeds paid into an escrow account pending the determination of the substantive dispute.

Dissatisfied with that decision, the Appellant appealed to the Supreme Court. The issue raised by the Supreme Court suo moto for the determination of the appeal was: Whether in the circumstances of this case, the trial court had the subject matter jurisdiction to entertain the suit.

ARGUMENT

Learned Senior Counsel for the Appellant contended that the transaction between the parties was purely a financing arrangement governed by the Memorandum of Understanding and the facility agreements. He argued that the dispute did not concern the ownership, possession, or carriage of crude oil, nor did it involve any proprietary or possessory interest in the cargo aboard the vessel. Rather, the complaint was simply that the proceeds realized from the sale of crude oil had not been paid into the designated collection account as agreed by the parties.

According to the Senior Counsel, the claim arose solely from an alleged breach of the financing agreements and was, in substance, a debt recovery claim founded on contract and argued that the arrest and detention of the crude oil cargo were unwarranted because the Bank had no legal interest in the cargo itself. He submitted that neither the Memorandum of Understanding nor the facility agreements created a mortgage, charge, assignment, or any other security interest over the crude oil. The 1st Respondent’s Bank’s rights were limited to receiving payment into the designated account, and those contractual rights could not transform an ordinary commercial dispute into an admiralty claim.

In response, learned Senior Counsel for the 1st Respondent argued that the Appellant had deliberately breached its contractual undertaking by diverting the proceeds of crude oil sales instead of paying them into the designated collection account. Having provided the funds for the development and production of the crude oil, the 1st Respondent was entitled to seek the arrest and preservation of the cargo to protect its financial interest and prevent the dissipation of assets pending the determination of the dispute. He submitted that the reliefs sought, including the preservation of the crude oil cargo and recovery of the diverted proceeds, were sufficient to invoke the admiralty jurisdiction of the Federal High Court.

DECISION OF THE COURT

In resolving the issue, the Supreme Court held that:

A claim founded on the breach of a contractual obligation to pay proceeds from the sale of produced crude oil into a designated account, and to recover any diverted proceeds, is not a maritime matter and does not fall within admiralty jurisdiction merely because the crude oil is stored aboard a vessel at sea.

The Supreme Court explained that a dispute concerning the alleged diversion of proceeds from produced and lifted crude oil, in breach of a financing arrangement, is essentially a banking and commercial dispute. The fact that the subject matter involved crude oil did not, without more, convert the claim into an admiralty claim. According to the Court, the Appellant’s promise to pay sale proceeds into a designated account created, at most, a contractual right in favour of the 1st Respondent and does not give the 1st Respondent ownership of the crude oil, nor did it make the crude oil security for the financing provided. Consequently, although the 1st Respondent financed the production of the crude oil and was entitled to recover the facility from the proceeds of sale paid into the designated account, that entitlement did not confer any right to seize or detain the crude cargo itself.

Issue resolved in favour of the Appellant.

Dr. A. I. Layonu, S.A.N, Chika Osolu Ojukwu, S.A.N, with them, Yakubu O. Galadima, Esq., Doherty Taiwo, Esq., S.A. Liman, Esq., Usman Munirat Musa and Maxwell C. Ukomah, Esq.For Appellant(s)

Babajide Kuku, S.A.N, with him, Kehinde Wilkey, Esq. and Buchi Ofolue, Esq. – for 1st Respondent

Onome Okodiya, Esq., with him, Emmanuel Esedo, Esq., and E. Erewa, Esq. – for 2nd to 4th Respondents

This summary is fully reported at (2026) 7 CLRN in association with ALP NG and Co.

The Presidential Working Group on the National Policing Bill has extended the deadline for the submission of memoranda and position papers on the proposed legislation to 5pm, Friday, August 21, 2026.

Femi Gbajabiamila, the chief of staff to the president, and chairman, Presidential Working Group on the National Policing Bill, revealed this on Thursday.

The Group had earlier fixed August 13 as deadline for the submission of memoranda and contributions to the National Policing Bill.

But Gbajabiamila, on Thursday, said the ‘extension is intended to provide stakeholders with additional time for thorough preparation and ensure that interested individuals, institutions and organisations have adequate opportunity to make well-considered contributions to the proposed legislation.’

He stated that the Presidential Working Group is committed to ensuring that the process of developing the National Policing Bill benefits from broad consultation and the informed perspectives of Nigerians and relevant stakeholders.

The proposed legislation is intended to provide the operational, administrative, institutional and funding framework necessary for an effective policing architecture that responds to Nigeria’s evolving security needs while providing appropriate safeguards for accountability, professionalism and the protection of citizens’ rights.

‘Given the significance of the proposed reform to the future of policing and internal security in Nigeria, the Working Group considers it important that stakeholders are afforded more opportunity to make substantive and technically sound contributions to the process’.

He called on legal practitioners, civil society organisations, security sector professionals, state governments, professional bodies, academics, experts and interested members of the public to ‘take advantage of the extended period to submit their memoranda and position papers.

‘All submissions must be made on or before 5:00 p.m. WAT on Friday, August 21, 2026, exclusively through the official National Policing Bill portal, nationalpolicingbill.com’.

Gbajabiamila also noted that the Working Group recognises that developing an effective policing framework requires careful consideration of critical issues, including sustainable funding, command and control structures, recruitment and training standards, operational jurisdiction, inter-agency coordination, accountability mechanisms and safeguards against political interference or abuse.

‘These considerations underscore the importance of robust stakeholder engagement in developing a framework that is effective, accountable, sustainable and responsive to the peculiar security needs of communities across the Federation’

At the conclusion of its assignment, the Presidential Working Group is expected to present a final, implementation-ready draft of the National Policing Bill for onward legislative processing.

He expressed the Working Group’s appreciation to the stakeholders who have already made submissions and encourages others intending to participate in this important national process to take advantage of the extension.

Africa’s private sector entered the second half of the year on firmer footing, with business activity rising to its highest level in seven months in July as stronger demand and easing inflation supported growth across several economies.

BusinessDay’s analysis of Purchasing Managers’ Index data from S and P Global across eight African economies shows that the average PMI rose to 51.0 in July, its highest level since January, from 50.5 in June.

Six economies recorded an expansion in private-sector activity, the highest number since March, while two remained in contraction.

The improvement points to a broadening recovery in the continent’s private sector after a weaker June, when three economies recorded contractions. Ghana, Egypt, Zambia, Kenya and Mozambique all recorded improvements in their July PMI readings, while Uganda retained its position as the strongest-performing economy with a PMI of 55.5. Egypt remained the weakest at 46.8.

A PMI reading above 50 signals an expansion in business activity from the previous month, while a reading below 50 indicates contraction. The index is closely watched because it provides an early indication of changes in output, new orders, employment and business confidence.

But the stronger July performance comes with an important caveat: much of the improvement was recorded before renewed tensions in the Middle East began to intensify towards the end of the month.

‘July’s data were collected over a period during which a tailwind from lower oil prices and improved prospects for the situation in the Middle East, including increased shipping flows through the Strait of Hormuz, supported businesses,’ said Chris Williamson, business economist and executive director at S and P Global Market Intelligence.

‘But that tailwind went into reverse toward the end of the month, with oil prices rising sharply again amid renewed hostilities and escalating disruptions to shipping.’

The timing could prove critical for African economies.

Last month’s PMI data capture a period when businesses were benefiting from stronger demand, relatively stable currencies and easing inflation in several markets. The latest escalation in the Middle East, however, raises the risk that some of those gains could be eroded in the months ahead.

Higher oil prices could increase fuel and transportation costs across the continent, while disruptions around the Strait of Hormuz could push up shipping and insurance costs. For economies that rely heavily on imported fuel, food and industrial inputs, those pressures could quickly feed into domestic inflation.

That, in turn, could complicate the task facing African central banks. While improving inflation and stronger business activity could create room for policymakers to support growth, a renewed increase in energy and imported costs could force them to keep monetary policy tighter for longer.

Brent crude has retreated from wartime highs above $120 a barrel to close to $90, but markets remain sensitive to developments around the Strait of Hormuz, through which roughly a fifth of global oil and liquefied natural gas supplies normally pass.

Oil futures had risen by more than $3 a barrel after Iran reviewed legislation that would ban US and Israeli vessels from the Strait of Hormuz, underscoring the sensitivity of energy markets to developments in the region.

For African businesses, the immediate concern is therefore not simply whether activity remains above the 50-point PMI threshold, but whether stronger demand can translate into sustained output and investment without renewed energy, shipping and inflation pressures undermining the recovery.

The data offer an encouraging start to the second half of the year. But whether the improvement becomes a durable recovery will depend increasingly on how long African economies can withstand another external shock.

Demand provides a lift

The strongest common factor across the July surveys was an improvement in demand.

Kenya returned to expansion after several months of weak activity, while Zambia and Mozambique also moved back into growth. Nigeria maintained its expansion, and Uganda continued to record robust growth.

The improvement was also visible in business confidence. In several markets, firms reported stronger expectations for future activity, increased hiring intentions and higher purchasing activity.

But the recovery was not uniform.

Ghana remained in contraction, although the pace of deterioration slowed. Egypt also remained below the 50-point threshold despite a sharp improvement in business confidence, while South Africa recorded only marginal growth.

That divergence matters because it shows that Africa’s recovery is not being driven by a single regional cycle. Instead, individual economies are responding differently to domestic demand, inflation, exchange-rate movements, monetary policy and commodity prices.

Ghana: contraction loses pace

Ghana’s private sector remained under pressure last month, but the downturn weakened considerably.

The West African nation’s PMI increased to 49.2 from 47.7 in June, remaining below the 50-point threshold for a second consecutive month.

New orders declined again as customers struggled to secure funds to pay for purchases, but employment continued to rise and business confidence improved.

‘Ghana’s private sector began the second half of the year in much the same fashion as it ended the first, with firms facing challenges securing new work as customers struggled to secure the necessary funds to commit to new projects,’ said Andrew Harker, economics director at S and P Global Market Intelligence.

He noted that sustained job creation and stronger confidence could support a recovery in business activity as the second half progresses.

The improving inflation picture provides some support for that outlook.

Annual inflation fell to 4.6 percent in July from 5.3 percent in June, its first decline after three consecutive monthly increases, according to the country’s statistical agency. Food inflation slowed to 3.1 percent from 3.9 percent, while non-food inflation eased to 6.1 percent from 6.3 percent.

The Bank of Ghana kept its benchmark rate at 14 percent after pausing in May following five consecutive rate cuts.

However, renewed Middle East tensions could complicate that benign inflation picture if higher oil and shipping costs begin to feed through to domestic prices.

Egypt: confidence returns before activity

Egypt offers another example of improving sentiment ahead of a full recovery in business activity.

Business confidence among Egyptian firms rose to a three-year high in July, even though the non-oil private sector remained in contraction for a seventh consecutive month.

The PMI increased to 46.8 from June’s 46.0, meaning the pace of deterioration slowed but operating conditions remained weak.

S and P Global said early third-quarter PMI data were broadly consistent with annual GDP growth of about 4 percent, following stronger-than-expected expansion in recent quarters.

Africa’s second largest economy grew five percent in the first quarter of 2026, up from 4.8 percent a year earlier, according to the Central Bank of Egypt.

‘The non-oil private sector witnessed a notable uplift in business sentiment in July, despite operating conditions remaining firmly in contraction territory,’ the PMI report said.

The improvement in confidence is encouraging, but inflation remains a constraint. Annual urban inflation accelerated to 14.9 percent in July from 14.3 percent in June.

The Central Bank of Egypt therefore extended its monetary policy pause, leaving its benchmark interest rate at 19 percent for a third consecutive meeting.

The Arab nations’ challenge is to convert improving confidence and stronger economic growth into a sustained recovery in private-sector activity without allowing renewed energy and imported price pressures to derail progress.

Zambia and Kenya return to growth

Zambia’s private sector returned to expansion, ending three consecutive months of contraction.

The PMI rose to 50.7 last month from 49.9, supported by a recovery in output and new orders, stronger employment growth and improved supplier performance.

The expansion was modest, but business confidence reached its highest level in eight-and-a-half years.

‘The country’s private sector returned to growth in July 2026, with the PMI rising to 50.7 from 49.9 in June, driven by a recovery in output and new orders, stronger hiring, improving supplier performance, while also recording the highest level of business confidence since December 2017,’ said Musenge Komeki, head of sales at Stanbic Bank.

It’s inflation remained at 6.5 percent in July, within the Bank of Zambia’s 6-8 percent target range, providing policymakers with some room to support growth.

Kenya also returned to expansion after four months of stagnation or decline.

Its PMI rose from 50.0 in June to 51.3 in July, driven by the strongest increase in new orders since January.

Employment expanded at its fastest pace of the year, while business optimism reached its highest level since February 2023.

But the improvement was constrained by weak output, elevated input costs and supply-chain disruptions.

‘Kenya’s PMI increased in July as conditions in the private sector improved,’ said Christopher Legilisho, economist at Stanbic Bank. ‘The headline gain was mainly driven by stronger new orders and modest short-term hiring, implying that firms are responding to pockets of demand and near-term workload pressures.’

The annual inflation in East Africa’s biggest economy edged up to 6.5 percent in July from 6.4 percent in June.

The Central Bank of Kenya kept its benchmark rate at 8.75 percent on Tuesday, its third consecutive hold, saying the current policy stance remained appropriate for maintaining price and exchange-rate stability.

Mozambique posts strongest improvement in three years

Mozambique recorded one of the most notable improvements in the July survey.

Its PMI rose to 51.4 from 50.0 in June, marking a return to growth after three months of stagnation and the strongest improvement in business conditions in three years.

New business grew at its fastest pace in eight months, while output expanded at the joint-fastest rate in three years.

Business confidence also reached its highest level since October 2022, with 59 percent of firms expecting activity to increase over the next year.

Yet the east African nation illustrates the vulnerability of the recovery to higher energy costs.

The survey recorded the sharpest increase in input prices since May 2022, driven by fuel shortages and supply constraints.

‘The July PMI reflects positive performances across most PMI sub-indices, including output and new orders. However, the employment sub-index slid below 50 for the first time since May 2025, implying still fragile growth,’ said Fáusio Mussá, chief economist for Mozambique at Standard Bank.

Mozambique’s annual inflation had already accelerated to 7.51 percent in June, the highest since May 2023.

The central bank kept its benchmark MIMO rate at 9.25 percent for a third consecutive meeting while tightening liquidity through a higher reserve requirement on local-currency deposits.

Uganda leads the expansion

Uganda remained the strongest-performing economy in the survey, with a PMI of 55.5 in July.

Although the reading eased from 56.5 in June, it marked an 18th consecutive month of improvement in private-sector conditions.

Growth was supported by sustained increases in output and new orders, while employment continued to rise.

But input and purchase prices increased as firms faced higher fuel and staff costs.

‘Ugandan firms reported a further improvement in demand in July, which underpinned robust output,’ said Christopher Legilisho, economist at Stanbic Bank.

The country’s annual inflation rose to 4 percent in July from 3.7 percent in June. Its strong private-sector performance therefore stands out in a region where several economies are still struggling with weak demand and elevated costs.

Nigeria maintains momentum

Nigeria’s private sector continued to expand in July, although growth moderated.

The PMI fell to 52.5 from 53.4 in June but remained above the 50-point threshold for a sixth consecutive month.

New orders continued to increase strongly, supported by new product launches, competitive pricing and improving customer demand.

Output and employment also increased, while input costs rose at their slowest pace in five months.

‘Businesses reported improved customer demand in July while better pricing and new product launches also helped them to capture new orders arising from the increase in demand,’ said Muyiwa Oni, head of equity research for West Africa at Stanbic IBTC Bank.

Annual inflation was little changed at 15.91 percent in June from 15.93 percent in May, helped by relative naira stability.

The Central Bank of Nigeria kept its benchmark rate at 26.5 percent in July after raising it by 50 basis points in February.

South Africa remains fragile

South Africa barely remained in expansion territory in July, highlighting the uneven nature of the regional recovery.

The S and P Global PMI for the continent’s biggest economy stood at 50.3, down slightly from 50.5 in June, as a return to output growth was offset by weaker employment growth and renewed stock drawdowns.

Businesses benefited from easing cost pressures, but weak demand, political instability and supply-chain disruptions continued to weigh on activity.

‘South African businesses enjoyed more breathing room in July, following the cost squeeze over the second quarter, as a drop in fuel prices helped to lower the rate of input price inflation and reduce second-round wage effects,’ said David Owen, principal economist at S and P Global Market Intelligence.

But he warned that the recovery remained fragile, with new orders and business confidence still weak.

The country’s inflation accelerated to five percent in June, its highest level in two years, driven largely by transport and fuel costs.

The South African Reserve Bank kept its benchmark rate at 7 percent last month, balancing inflation risks against a fragile economic recovery.

The recovery faces its biggest test yet

The July PMI data provide a cautiously positive picture of Africa’s private sector.

Demand is recovering in several economies, businesses are becoming more optimistic and employment is strengthening in some markets. The average PMI has moved further into expansion territory, while economies such as Uganda and Mozambique are recording particularly strong improvements.

But the recovery is far from secure.

The biggest immediate risk is that renewed Middle East tensions could reverse some of the favourable conditions businesses enjoyed during the first half of July.

Higher oil prices would raise fuel and transportation costs across the continent. Disruptions to the Strait of Hormuz could increase shipping costs and delay imports, while renewed imported inflation could force central banks to keep interest rates higher for longer.

That would be particularly challenging for economies such as Kenya, Mozambique, Egypt and South Africa, where inflationary pressures are already constraining policy choices.

Last month’s numbers therefore represent an encouraging start to the second half of 2026, but they do not yet signal a decisive turning point.

The more important question for the months ahead is whether stronger demand can translate into sustained increases in output, investment and employment before higher energy costs and geopolitical uncertainty begin to erode the recovery.

For now, Africa’s private sector has momentum. The challenge will be keeping it.

Anambra state has set a 2030 deadline to digitise every government entity in the state as it seeks to move more public services online and extend digital access to rural communities.

Chukwuemeka Fred Agbata, managing director and chief executive officer of the Anambra State ICT Agency, said the state’s next phase of digital transformation would focus on e-governance, smart government, digital infrastructure and the use of emerging technologies to improve public services.

‘My core vision is that we would have digitised every single government entity in Anambra State,’ Agbata said during an online media engagement on Thursday.

The target marks a shift in the state’s technology strategy from building basic digital infrastructure to using it to deliver government services, support businesses and improve how residents interact with government.

Agbata said the agency, under its 2.0 agenda, is building websites for ministries, departments and agencies while adding functions that allow residents to access actual government services online.

‘We are building websites for all the MDAs. We are also automating them to be able to carry out services and give government support and government services through their websites,’ he said.

The move is intended to reduce the need for residents to travel to Awka or other government offices for services that can be initiated or completed online.

Early usage of the Smart Anambra platform is already pointing to demand for such services. Agbata said the platform recorded about 14,000 visits between July 9 and July 29, an average of about 700 visits a day, despite limited publicity.

The platform is being connected to services spanning hospitals, schools and other government processes, with the goal of allowing residents to start applications remotely, complete forms online and only appear physically where necessary.

‘What the data is already showing us is that we really need to build a system that allows people to actually get government services remotely,’ Agbata said.

Rural connectivity remains a hurdle

The state’s 2030 digital ambition, however, faces a major infrastructure challenge outside urban centres.

Agbata said rural connectivity remained weak because telecommunications operators are often reluctant to invest in communities where the commercial returns do not justify deployment costs.

The state is therefore considering partnerships that could allow it to use Federal Government infrastructure and support from the Universal Service Provision Fund (USPF) to extend connectivity to underserved communities.

‘We understand what digital inclusion means because we are dealing directly with these communities,’ he said.

The push is important to the state’s digital-government strategy because online public services cannot reach residents who lack reliable access to mobile networks or broadband.

Anambra wants rural residents to benefit from digital government regardless of where they live, making connectivity a key part of the state’s broader digital transformation programme.

SMEs targeted

The government is also linking digitalisation to business formalisation, particularly among small and medium-sized enterprises operating in the state’s major markets.

Agbata said the ICT Agency was working with the Ministry of Commerce to explore ways of bringing more informal businesses into the formal digital economy.

‘One of the biggest challenges that we have is that SMEs are not formalised enough,’ he said.

The strategy could make digital platforms a gateway for businesses to interact with government, access support and participate more fully in the formal economy.

The agency also plans to deepen digital skills and education programmes, including initiatives linked to Smart Schools and broader capacity development.

Paperless government to come gradually

While the State Executive Council already operates a paperless system, Agbata said the government was unlikely to declare the entire civil service fully paperless immediately.

He said selected ministries, departments and agencies could instead serve as pilots for deeper digital transformation, with paper and digital processes operating alongside each other during the transition.

‘What might happen is a dual situation,’ he said.

Cybersecurity and public trust will also be important as more government services move online, according to Agbata.

He said the state’s transformation would require cooperation among government agencies, technology companies, telecommunications operators and local technology manufacturers.

He cited the procurement of about 2,000 computers from indigenous technology company Zinox as an example of the state’s engagement with local technology providers.

For Anambra, the challenge over the next four years will be to turn its digital infrastructure into services that residents can actually use, while solving the connectivity, skills, funding and trust gaps that could slow adoption.

Agbata said the ultimate goal was to create a state where residents and businesses can increasingly interact with government digitally and where technology plays a larger role in economic development.

The 2030 deadline now gives the state a clear benchmark against which its digital-government progress can be measured.

Brand Nigeria has huge potential but inconsistent execution. From your experience in narrative and market positioning, what is your honest diagnosis, and what would genuine repositioning require?

Brand Nigeria does not have a visibility problem. It has a narrative problem. I say that with conviction because I see the same pattern in businesses every day. Nigeria is one of the most visible countries on the planet. Our music is on global charts. Our films are on international streaming platforms. Our diaspora is in boardrooms, hospitals, and universities across major cities around the world. We are not invisible. We are simply not telling a coherent story about what we stand for. And when that gap exists, the world fills it with whatever narrative is most available, which is rarely the one that serves us.

A defined narrative, told consistently and pushed through the right channels, does more than inform people. It shapes perception, creates interest, and can attract investment. Investment creates businesses and industries. Industries create employment and economic activity. That is the compounding return on narrative investment, and it applies at both state and national levels.

So, what would an actual Brand Nigeria repositioning look like? First, a decision, not a committee, not a rebrand exercise. A genuine decision about the story Nigeria is choosing to own, built around our real, demonstrable strengths: our market size, talent density, creative output, and resilience.

Second is consistency. The government, the private sector, and the diaspora all need to show up within that story rather than telling competing versions of it.

Third is measurement: treating Brand Nigeria like a campaign with defined outcomes: investment attracted, trade expanded, tourism increased, and talent retained or returned. Not like a PR exercise.

Nigeria does not need a rebrand. It needs a narrative it is willing to commit to and the discipline to tell it everywhere, over time, without flinching.

That is what turns perception into economic value. At a national scale, that value looks like investment, tourism, trade, and the best of our people choosing to build here.

Nigeria has world-class creative talent, yet that creative excellence rarely translates into world-class brand building for Nigerian businesses. Why is the disconnect happening, and how do we fix it?

This is one of the most important questions the industry is not asking loudly enough. We have proven to the world that Nigerian creativity travels. Afrobeats is a global genre. Nollywood is the second-largest film industry by volume on the planet. Our fashion designers are on international runways.

Our content creators are shaping culture across continents. The creative muscle is not in question. The disconnect is that creativity and brand building are being treated as separate disciplines when they are fundamentally the same thing. A hit record is a narrative. A film that moves people is a narrative. But when Nigerian businesses sit down to build their brands, they abandon that instinct entirely and reach for the most generic, safest version of themselves. They stop being storytellers and become announcers. The fix is not complicated, but it requires a mindset shift.

‘But here is what nobody expected: when people came for that meal, they did not just buy that meal. They bought everything else on the menu too, and sales on every other day improved because the energy around that one narrative created a ripple through the entire business.’

Brands need to approach their identity the way our best creatives approach their craft: with a distinct point of view, a willingness to be specific, and the conviction that the right story told powerfully will find its audience. The businesses that make that shift are the ones that will build brands the world remembers.

If I get you right, most businesses don’t have a visibility problem but rather a narrative problem. Could you break that down?

Take any competitive industry – dental clinics, restaurants, financial services – every brand in that space is showing up, posting content, showcasing work, attending events, and running ads. They are visible, but visible is not the same as chosen. We worked with a restaurant once. My first question when we came on board was simple: what is your best-selling meal? What do people actually come here for? They told us. And I said, ‘Fine.’ Let us build a day around that meal. Declare it. Create a moment. When we did, footfall on that specific day increased significantly.

But here is what nobody expected: when people came for that meal, they did not just buy that meal. They bought everything else on the menu too, and sales on every other day improved because the energy around that one narrative created a ripple through the entire business. That is the difference between visibility and narrative. Visibility gets you seen. Narrative gets you chosen. And in a market this competitive, being seen is no longer enough.

What is the conversation that should be happening instead of digital marketing, ad spend, and follower counts?

A brand came to us with a brief that I hear in different forms constantly: ‘We want one million followers on social media in our first year.’ New brand, new to market, no existing audience. Before responding, I quietly checked the social media following of the most established brand in their industry. A brand that has been operating for over seven years, investing heavily in digital, with a strong team. Their following was under one million. So, I told this client plainly, You are not going to cook your followers and eat them. One million followers is not a business goal. It is a vanity metric. The real question is, what does one million followers actually do for your business? Does it drive awareness? Does it convert to sales? Does it attract the right partners?

When you answer that question honestly, everything changes. You stop chasing numbers and start building with purpose. And the growth follows, because you are playing the bigger game. The conversation that needs to happen in boardrooms is not how many people are seeing us. It is what people understand about us when they see us. Reach without clarity is just noise with a budget.

What are the specific, observable signs that a business has a narrative problem, and why do so many mistakes lead to a visibility or sales problem?

We worked with a brand in the aesthetics space. On their social media bio, they had a line that was genuinely powerful: ‘We improve confidence in women.’ Strong, differentiated, memorable. But when you scrolled through their content, that line existed nowhere else. Not in the stories they told, not in how they celebrated their clients. Not in how they described their services. The narrative was in the bio and nowhere else. And yet this brand was active, posting consistently, attending events, and known within their industry.

By every surface measure, they looked like a brand that had it together. But they were not the first name that came to mind when someone needed to make a decision in their category. That is a narrative problem. And it was being treated as a sales problem, with more campaigns, more spend, and more content. But you cannot spend your way to being the first choice. You earn that through consistency of story. Here is what most brands miss: ‘Narrative has a long game.’

Someone who encounters your story today and does not buy will eventually have a need. And when that moment comes, they will remember. They will search for that brand they saw once that said exactly the right thing. That is what a strong narrative does. It keeps working long after the campaign has ended.

Most business leaders think about the brand after they have built the product; what do you consider a more progressive approach?

If your goal is to build a healthy meal restaurant, the customer has to exist in your thinking from day one: who they are, where to find them, what to say when you do, and why this matters specifically to them. Too many brands launch and then ask – now how do we get people to care? But if you build the narrative from the beginning, people start falling in love with what you are building before it even opens. They feel like they are part of something. That is not marketing; that is architecture. The brands that enter a market and immediately feel inevitable, the ones that seem to have always belonged, did not get there by accident. They defined who they were building for before they built a single thing. And every decision after that was made through that lens.

Finally, what is the most significant result Innoventure has produced in two years, and what was the narrative shift behind it?

Two results stand out. The first was a healthcare support company that had been trying to expand into a new market for some time but kept stalling. When we came in, the problem was clear; they had not yet made their authority unquestionable in their existing market. You cannot export strength you have not yet established at home. We sharpened their narrative, reinforced their market leadership, and then led their entry into a new country. The expansion landed. Their revenue reflected it, their industry positioning reflected it, and the calibre of conversations they were having at a sector level changed entirely.

The second was a government project that came to us framed as a digital advertising campaign. I redirected that early. You cannot put fire into the market without a story behind it; people do not respond to activity, they respond to meaning. We built the narrative first, then executed. We exceeded the campaign target by over 400%. That is what narrative does when it is right. It does not just support the campaign. It is the campaign.

President Bola Tinubu has assented to a bill establishing the Nigerian Ports Economic Regulatory Agency (NPERA), bringing to a close more than a decade of attempts to give port regulation a statutory footing.

Pius Akutah, executive secretary of the Nigerian Shippers’ Council (NSC), disclosed the development on Thursday in a Facebook post. ‘Nigerian Port Economic Regulatory Agency Act, 2026. Thank you Mr President for making it a reality,’ he said.

Since the Nigerian Senate passed the bill on April 28, anticipation had peaked for final approval.

The legislation is intended to replace the regulatory arrangement under which the Nigerian Shippers’ Council has overseen the economic side of Nigeria’s ports since 2014, when the Federal Government designated the council as the interim port economic regulator following the port concessions of 2006.

The council’s role has rested largely on presidential directives and regulations rather than a dedicated Act of Parliament. The new law is intended to give the port economic regulator statutory powers over areas including tariffs, rates and charges, competition, service standards and commercial disputes.

The legislation has taken a long route to enactment. Successive National Assemblies had considered bills to establish a dedicated port economic regulator, but attempts in the sixth, seventh, eighth and ninth assemblies did not produce a law.

The current legislative effort, initially titled the Nigerian Shipping and Port Economic Regulatory Agency Bill 2023, was introduced in the House of Representatives in February 2024 and passed second reading the following month. The bill sought to repeal the Nigerian Shippers’ Council Act and replace it with a new statutory framework.

Its passage was not straightforward.

The bill attracted objections from other maritime agencies over the potential duplication of regulatory powers.

The Nigerian Maritime Administration and Safety Agency (NIMASA), for instance, raised concerns about provisions covering shipping regulation, licences, fees and charges, while the Nigerian Ports Authority questioned potential overlaps with its role as landlord and concessioning authority.

After eventually passing through the National Assembly, the legislation reached the Presidency but did not receive immediate assent. The bill was returned to lawmakers for amendments, including issues concerning its mandate and conflicts with the Nigerian Tax Administration Act 2025. The House subsequently revised the legislation, with the Senate also reconsidering its earlier passage before the amended version cleared the legislature in 2026.

By March, Akutah said the revised bill was awaiting Senate concurrence before being retransmitted to Tinubu. In April, the Senate considered the revised legislation as part of the process that eventually put it back before the President.

The significance of Thursday’s assent therefore settles, at least in legislation, the question of who should regulate the commercial relationship between port operators and users, and on what legal authority.

For importers, exporters, shipping lines, terminal operators and other port users, the practical impact will depend on how the new regime is implemented. The key questions now include when the Act takes effect, how its powers will be transferred and what happens to the existing NSC’s current structure.

The earlier version of the legislation provided for the repeal of the Nigerian Shippers’ Council Act, but the precise institutional and transitional arrangements under the final 2026 Act will determine whether the council is effectively converted into the new regulator or whether a separate institutional transition takes place.