Category: Business Day

MGE Realty Limited has successfully delivered its first real estate development in the Federal Capital Territory, Abuja.The project known as Esther’s Court, was developed in partnership with Grandbricks Engineering Limited who doubles as the project contractor.

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Nestled in the heart of Lugbe in the FCT, Esther’s Court comprises 18 units of exquisite 3-Bedroom Terraced apartments.The development which commenced earlier in 2024 covers a vast land area of approximately 3460 square metres, backed with good title. It is strategically located off Airport in Sabon Lugbe, a district that has become a sought-after destination for shopping and leisure facilities.

Its endowed position along Abuja Airport Road ensures quick access to the Nnamdi Azikiwe International Airport within 15 minutes and the inner districts of Abuja within 20-25 minutes which highlights Lugbe’s centrality in the city’s landscape.

Esther’s Court is thoughtfully conceived with serenity in every detail. It harmonises modern living with peaceful nature, boasting abundant green spaces,ample on site parking, reliable power supply and efficient sewage system for tranquil living. What is more,its carefully designed access roads ensure seamless connectivity, complemented with top notch security architecture.

Each terrace is a testament to thoughtful craftsmanship, providing an ideal place that meets urban lifestyle.With all rooms ensuite, Esther’s Court is a perfect blend of contemporary architecture and functionality.

The unit price varies from N60.5m for full payment made within 2 months to N61m for full payment made within 4 months.However,each corner piece unit attracts a further N5m payment.

Other payments include N3m infrastructure fee and N2m legal fee.

MGE Realty Limited has established itself as a prominent player in Nigeria’s real estate market, consistently delivering exceptional residential, commercial and leisure properties.

With an extensive portfolio that spans various locations,MGE Realty has achieved aclaim by delivering a myriad of homes with many more at various planning and progress stages of development.

Notably, the company has also forged strategic partnerships with prominent contractors and architects,ensuring the highest standards of construction and design excellence.

Siminalayi Fubara, governor of Rivers State, has expressed satisfaction with the pace and quality of work at the Creek Road Market in Port Harcourt, assuring that it will be completed by January 2027.

A statement by Onwuka Nzeshi, Chief Press Secretary to the Governor, on Friday said Fubara stated this on Friday during an inspection visit to the project site.

Fubara said the visit was prompted by his meeting with SETRACO, the construction firm, handling the resurfacing of roads in the old Port Harcourt Township.

He said SETRACO had identified the Creek Road axis as a major cause of delay in its road rehabilitation works, as traders have virtually taken over the road, making it difficult for the contractor to work.

The governor noted that relocating the traders to the new market remained the only solution to freeing the road for the resurfacing work to be done successfully.

Despite the challenges encountered since the commencement of the project, Fubara said he was impressed with what he saw on site, commending the contractor for the quality of the job done so far.

He disclosed that the first phase of the market comprises about 700 stalls and shops, covering both wet and dry sections, which he said is sufficient to accommodate most of the women trading along Creek Road and ultimately restore free flow of traffic along the route.

The governor assured the contractor handling the market project that the State Government will play its part to ensure the project continues as agreed, including addressing the issue of funding in order to guarantee its timely delivery.

Speaking on the benefits of the market, Fubara said the project goes beyond providing trading spaces, as it is also aimed at restoring sanity, decency and a healthy environment in the Old Port Harcourt Township, which he described as home to many aged people and ‘aborigines’ of the city.

He lamented that the situation of the old market forced traders onto the streets, turning the Creek Road and adjoining streets into an open market.

Governor Fubara observed that the current situation of trading along the streets could create serious environmental and health hazards, noting that many diseases are caused by overcrowding, dirt and uncleanliness.

He reiterated his administration’s commitment to improving the health and well-being of Rivers people, stressing that he is happy not just as head of the current administration, but as a citizen of the State to see a project that will return the old Port Harcourt Township to its cherished status as a clean and orderly city.

Ezekiel Ikotun, the chief executive officer (CEO) of Flinchglow Travels Limited, company that services the travel value chain, shook the audience at a workshop on air travel in Port Harcourt with how Nigeria’s prosperity in the tourism industry has been stifled.

Spoke at the workshop which took place at the Ogeyi Place in the GRA 2 section of the Garden City where he revealed how insecurity had badly affected the growth of the tourism sector. It was a workshop that brought together the airlines and agencies in the sector.

Explaining more to newsmen on the drawbacks, Ikotun said: ‘The first thing is insecurity which drives people away. Who wants to come to a space where you hear about a lot of kidnapping, hear about bandits, and all of that?

‘If insecurity can come to an end, and better business architecture where there’s certainty in the business area is installed, you’ll see investors coming in to invest heavily in our space, and we’ll see how tourism is going to grow exponentially.’

He said people want to come to Nigeria because Nigeria has a lot of natural endowments across the entire region of Nigeria.

Setting at the seminar in PH

‘There’s no area that does not have something natural for which people can fly in from anywhere in the world to come and see. But in terms of investment, government support is not there. But if we can have that, have security, everything will be fine.’

On how the event came about and its inspiration, the CEO said it is called ‘Partner Plus Connect’. ‘We are a travel consolidator. We are agents’ agent. So, we service everybody within the travel space. We buy from airlines in bulk and resell to other travel agencies.

‘For the fact that we are driven by volume, we get better discounts because of our position, then we can resell better to other travel agencies.’

In the past, he said, ‘We discovered that there’s been a lot of uneducated travel agents in the Nigerian space. And part of the product that we offer is to ensure that all our travel agencies are better positioned in terms of awareness, in terms of capacity building.

‘If you look at the engagement today, you can see that all airlines are coming to make presentations about their products and services, and then in turn, our partners, our sub-agents can ask questions or be better enlightened on how best they can do their business.

‘Most of them don’t even have the opportunity or the privilege to have this kind of gathering, if not for us coming up with it to bring all of these airlines together and other GDSs to be able to serve them better.’

On benefits to travelers and agents, he said it is an ecosystem which is connected. ‘It means that if the sub-agents are properly educated, that means they will serve the traveler better.

‘Now, for the agents also, once they can serve better, they can have better businesses. For those who are in our own ecosystem, that simply means they will know better about the business, and they can serve their customer better.

‘Look at this information now about Ethiopian Airlines, it’s coming to them firsthand. They now have the contacts of these airlines so they can reach out to them and go through us for ticket issuance. So, they have firsthand information about how best they can service their customers.

Let all airlines sell tickets in Naira:

On what the FG should be doing to lift agents to make the sector more formidable, the expert pleaded on forex as the greatest challenge they faced. ‘We are asked to issue tickets in dollars, remit in dollars, but we have limited dollar access. So, if that can be properly handled, our local currency is Naira. If all the airlines can be mandated to sell in Naira, then we can remit in Naira. So, we don’t have any problem when it comes to remittances.’

In terms of awareness, he said the aviation industry worldwide is one of the most viable sectors. ‘If you look at the GDP of the world, what travel and tour industry is contributing is not a small fraction. So, if a lot of investment can be done in that regard like Kenya does. People travel from America to Kenya simply because of how their tourism industry is being structured.

‘So, if you have something similar in our space in Nigeria, that means that industry will even give more to the GDP of Nigeria.’

He said they were excited about the next move. ‘AI is taking the front door of every conversation. If you look at the investment globally, this year is over $1 trillion, the investment. Meaning any industry that is a bit structured is going to be heavily hit by AI.

‘So, the next phase is about building a robust architecture technology that can accommodate some of the things we talked about in terms of automation, in terms of availability of products and services, access to technology, and all of that. So, what’s next for us is to see how we can be a major player when it comes to that particular ecosystem where technology will meet AI, then automation makes work a lot easier for both the travel agency and the travelers.’

Oluremi Olusunde, CEO of Realms Travels and Tours Limited: How to survive as an airline agent

Also speaking to newsmen, Oluremi Olusunde, CEO of Realms Travels and Tours Limited, admitted that the event was smoothly executed, saying it was a time of learning. ‘It was a time of getting renewed information in the travel industry.’

He said the panelists were just simply brilliant and interesting. And for the airlines that came, all the questions they had about their services, their offers, their perks were answered adequately. It was really a time well spent.

‘I have been over a decade in the industry. The industry has its challenges, however, I think that it is a huge place. And if you are able to carve a niche market for yourself, and you’re able to adequately update yourself regularly, you can keep your customers and you will thrive in the industry.’

‘On how this event was organized, I am beyond impressed with this meeting. I’m someone who doesn’t like to stay out, to take a lot of time out of work, but for this meeting, I think for every minute I’ve spent here, it’s been worthwhile. It’s been a nice experience.’

How to use AI in this industry:

He went on: ‘Yes, we came to this training on AI, and I want to say AI is everybody’s friend as long as you know how to use it. AI does not replace human intelligence. It is artificial intelligence for a reason. It is faster but you always need human intelligence because you need that balance to be able to curate things according to how humans will need it curated.

AI just gives you data. Human intelligence filters the data and adapts it to every individual.

So I don’t think AI challenges my position in the industry. I just think it’s a tool that I can use to make myself better.’

Ethiopia Airlines happy to return to PH:

The airline was at the seminar in Port Harcourt and revealed their plans to resume flights to the Garden City.

Speaking, Firiehiwot Mekonnen, Area Manager – Nigeria, Ethiopian Airlines, gave her take home from the seminar, first saying the event was very good. She profusely commended Finchglow Travels for bringing all travel partners together.

‘It’s really an amazing event, and they keep on doing it every year. So, we really want to appreciate and thank you, Finchglow Travels, for that.’

She also said she was glad that they were able to meet and discuss with all the travel partners, travel agencies around this area. ‘They have already expressed their support for Ethiopian Airlines. They have expressed their appreciation for Ethiopian Airlines to commence flights to Port Harcourt.

‘As Ethiopian Airlines, we are also really happy and excited to start our fifth frequency or fifth destination in Nigeria, which is Port Harcourt. We expect that this operation, which we are starting with four frequencies per week, is going to grow to daily frequency with the support of Finchglow Travels and all the travel partners that we have met today.

‘We have also taken all their comments and feedbacks, and we are committed to working on that.’

She described their experience in Nigeria one of resilience. ‘You know, Ethiopian Airlines started operating to Nigeria right after one month of Nigeria’s independence. So, this year we have celebrated our 65 years of anniversary in Nigeria.

‘And in Ethiopian Airlines, since we have started, we have been continuing, we have never stopped through thick and thin, no matter what. There are times where so many airlines were challenged and suspended their flights, but Ethiopian Airlines never did that.

‘So, throughout all these years, we kept on adding and making sure that we bring the best to the Nigerian public. We bring the best of the airlines. We fly with A350,000 to Lagos, Abuja, and then we are going to bring that as well to you.’

She said Nigerians love Ethiopian Airlines. ‘So, the experience that we have had in operating in Nigeria is very good. It’s a Nigerian airline, that’s what we can say and that’s how our passengers claim as well. So, the experience is very good, very vibrant people, very warm people, and then we keep on growing and we keep on giving back to Nigeria.’

Explaining further, she said she just arrived from Lagos. She said her colleague, Agitu Tesfaye, will be working in Port Harcourt. She said she considered it good news to the agents.

‘So, Mr. Agitu is going to be the Traffic and Sales Manager of Ethiopian Airlines here in Port Harcourt; someone who is going to be closely working with you.

‘We will just give you a brief overview of Ethiopian Airlines. This airline has been flying to Port Harcourt, and this presentation is like a discussion, an interaction.

‘Ethiopian Airlines has been flying to Port Harcourt back in 2019. Now, we are resuming our flights in December 2026. So, I just want to give you a brief introduction about Ethiopian Airlines, and then I want us to discuss.

‘I want you to ask, request, and comment as well on our services. Ethiopian Airlines is an 80-year-young airline. So, this is just to give a note about Ethiopian Airlines. Ethiopian Airlines was founded in 1945. This year, we have already celebrated our 80th year anniversary. It is fully owned by the government.’

Chigozie Nnah: Key lecture on ticket pricing mechanism:

Nnah is the Account Manager, Lufthansa Airlines, Port Harcourt, and he spoke on what he called continuous pricing mechanism in the industry.

He said: ‘We are used to our Reservation Booking Designators (RBDs), K-class, Lima class, and the rest of them. Now, what this continuous pricing normally does is that when it looks at a booking situation in any period and sees that there are seats not sold and the other ones the seat before that or the RBD before that is sold.

‘So, what the system does is instead of if K-class is N90,000 and then Lima is N100,000, instead of charging you N100,000, what it does is it tries to do what we call a little of differentiation and gets a price in between and offer it to anyone who is booking.

So, it’s only applicable or available within a specified period of time. The moment you book it and you do not pay, you want to wait until the next day, it may not be available.’

Now, he said, the New Distribution Capability (NDC) is a win-win game, so to speak. ‘We have attractive NDC smart offers, transparent, value-added, full customization and personalization deals. What do we mean by personalization? Individualization to suit each and every customer if you so wish.

‘And then the technology, the trade and technology partner, we have better servicing functionalities, value-based commercial models, and it comes with increased efficiency.

‘The most difficult thing for a man to do is change which is difficult, change is the only thing that is constant.’

He said when he hears people say they cannot change from the traditional way of booking to the new and the smart way such as the NDC that is a smart way of booking; ‘It clearly tells you that in the new way of doing business, it offers you more efficiency than the old way of doing your business, especially as time and tides change.

‘Again, we have its installer of innovative NDC smart offers. We have different offers available for our partners and the state-of-the-art shopping experience. Gradually the airline industry will come to a point like what you have on Amazon and the rest, where you have a shopping cart. You can pick this and put to that cart, put this and all in that one cart, and then at the end you have just a basket of all the things that you need. So, this is how it’s going to run, and that’s what is seen. It’s the state-of-the-art shopping experience, and it comes with value-based willingness to pay.

‘I need to talk about ancillary. This is one topic or one subject I think we have not actually fully utilized; ancillary.’

With additional services on the local government, he went on, travelers can make their journey even more individual and comfortable.

‘There’s ancillary, you have the extra leg room, there, you can make advance seat reservation. Recently, I had some people say, ‘I do not have the money to pay for premium, and I need comfort. You can simply book advance seats, make an advance seat reservation. That way, your customer becomes comfortable even though at that period is not able to pay for the higher class.

‘So, this is part of what we should offer as professionals, at least, give them the complete package, ensure that these ancillaries are effectively and properly utilized. We have the sleeper rolls and then the fixed price upgrade.

‘Many of you may not know about the fixed price upgrade. We have fixed price upgrade and bid upgrade, and even the excess bag rate.

‘For the fixed price upgrade, there’s a fixed price to upgrade for instance from one class to the other. For the bid price, if you make a booking even though you did it in your office, you can go online and then you can ask for an upgrade. That upgrade is not fixed. You’re allowed to make quotes or bid. You’re allowed to make an offer. And at the end of the day, when it’s close to the flights especially, the person that has the highest offer is given that offer to upgrade.’

He explained with examples: ‘So, sometimes, if somebody has bid at $100, another person bid $105, another one $112; at the end of the day they pick the one that had the highest bid. If there are other avenues to make some other upgrading, take them just like that. So, this is how it works.

‘The one I want us to dwell on is the one of the extra bag. Recently, we have seen cases of people who have been saying that the extra bag amount is quite on the high side.

‘Just this Tuesday, a passenger was traveling and he told me wanted an extra bag, and asked how much for it. I said $305, he shouted. I said, but you know you can go to Lufthansa website and ask for an extra bag at a cheaper rate. He did and at the end, he got it at $132.

That’s shocking. Look at the difference.

‘So, for partners here, you can give your customer better services, you can also save them money, you can as well make more money for yourself.

‘I want you to make some money when you click. Why should I go to the airport and pay $305 whereas I can do it online? You can do it online and give to my clients, and also get some fringe from it.

‘We have the latest services we just mentioned.

Now, allegries. It is our latest in the market in terms of seats. It’s only in Lagos. We have the allegries that come with our flights, dreamliner that comes into Lagos. The allegries is simply a new configuration of seats that gives you additional maximum comfort.’

It’s found in all the cabins in the business class. ‘The suites are the one in front. If you have someone who always flies first class, and he is so used to first class, and there is unfortunately on this route there is no first class.

When you book the person in business class, please, pay for that business suite.

If you go online it’s cheaper. It’s more or less like first class, the services are top-notch.

You can find same in premium and as well in economy class.

‘As experts (agents) you should be registered with Lufthansa experts. It is a where we communicate our products, services, and other information that ordinarily you cannot get anywhere else. Lufthansa gives you credit.

‘Some ask for group discount. Any class you book, your staff, the family, you are entitled to 20% discount. Contact the airline, or read down the ticket. We have Lufthansa group meetings, we call it miles meetings, incentive and all that. And then we have the partner plus benefit.

‘The green fares are part of the fair family on the Lufthansa fair basis. Green fair simply means the fair that helps to promote a greener environment, safer environment, reduce carbon dioxide emission.’

He said when anybody books green fair, what the airline does is a little bit higher, but the benefit that weighs what you pay is that whereas you pay surcharge to ask for refund or rebook, this one is free. ‘Again, the additional benefit for green fair is that a customer enjoys 20% more on their miles and more.’

Redeemers University’s Institute of Genomics and Global Health (IGH) hackathon has reiterated the need for interdisciplinary collaboration in proffering home-grown solutions for African health challenges.

This was the outcome of its 2026 XR and Al Genomics Hackathon, themed, ‘From Genome to Impact: XR and Al Solutions for African Health,’ culminating in a Demo Day at the IGH/ACEGID Auditorium, Redeemer’s University, Ede, Osun State.

The hackathon brought together participants from science, technology, 3D design and science communication to develop immersive learning experiences aimed at making complex genomic procedures easier to understand.

Adedayo Okunfolami, CITIO at IGH and convener, XR and Al Genomics hackathon 2026, stated that the central challenge is to ensure that emerging technologies are scientifically accurate, accessible to their intended users and connected to clearly defined needs.

According to him, Genomics can contribute to understanding health and disease, while immersive technologies can offer new ways to explain scientific concepts and practise selected procedures in simulated environments.

Five teams develop virtual reality prototypes for polymerase chain reaction (PCR), training as IGH builds its GenomicsXR platform and creates new pathways for the next generation of genomics talent.

Okunfolami stated that the initiative reflects IGH’s wider ambition to preserve the legacy of genomics education, encourage younger scientists to enter the field, and explore how emerging technologies can help people understand scientific processes that are often difficult to visualise.

‘At the centre of this effort is GenomicsXR, an extended reality (XR) product being developed to bring genomics activities and laboratory procedures into interactive virtual experiences.’

According to him, the 2026 hackathon focused on the next module PCR, a laboratory technique used to make many copies of a selected DNA segment for analysis; while its first module, DNA Extraction, was deployed in 2025.

Rather than asking one group to build the entire PCR experience, Okunfolami disclosed that the workflow was divided into five stages, while each stage was a team. ‘The result was five separate prototypes intended to contribute to a larger, connected learning experience.’

Adeleke Osho, Provost, Postgraduate School, Redeemer’s University and lead judge, announced the results of the hackathon on Demo Day,

According to him, team 5 emerged as the overall winner, followed by team 2 in second place and team 3 in third place. Accordingly, team 4 placed fourth, while team 1 finished fifth.

The results recognised the teams’ work in developing their respective stages. He also disclosed that the next step would see participants review and connect the separate contributions so that users can move through the PCR process as a single learning experience.

The ISO World Summit, a premier annual platform dedicated to advancing organisational

performance and raising awareness about the vital importance of ISO compliance in business operations, will soon convene key stakeholders in Nigeria.

The event is confirmed to hold on October 29, 2026, at the Sheraton Hotel, Mobolaji Bank Anthony Way, Ikeja, Lagos.

The summit will bring together industry leaders, policymakers, and compliance experts to advance

dialogue, foster learning, facilitate networking, and drive practical action on global ISO frameworks.

This year’s summit, themed ‘Quality Creates Trust, Trust Builds Brands’, is organised by ISO World Consult Limited, a leading consulting firm that helps businesses translate international ISO standards and Quality, Health, Safety, and Environment (QHSE) compliance into everyday workflows.

A vital objective of the 2026 summit is driving full alignment with ISO standards and compliance.

To achieve this, organisers and participating institutions are focusing on upgrading documentation, refining organizational write-ups, and embedding a deep-rooted culture of quality across all operational levels.

Discussions at the ISO World Summit 2026 will focus on inspiring organisations to view quality not merely as a compliance obligation, but as a strategic business culture capable of strengthening brands, improving performance, and creating sustainable value.

Another major highlight of the event will be the International Quality Certification Awards. This prestigious ceremony will recognise exceptional organizations and individuals making measurable

contributions to advancing ISO standards, quality management, brand trust, and operational

excellence across Nigeria.

To deliver a truly robust and immersive quality gathering, ISO World Consult Limited has proudly

partnered with AFRIBIS for this year’s edition. A key feature of this collaboration will be the presentation of authentic gold-sealed certificates and golden plaques to 51 confirmed leading organisations.

Mirroring the summit’s core commitment to global ISO standards, the entire awards process guarantees absolute credibility and transparency, with all nominations undergoing rigorous evaluation by an independent panel of certified auditors.

As the Presidential campaign rallies for the re-election of President Bola Ahmed Tinubu kicked off Saturday, the Deputy Governor of the State, Olayide Adelami, has tasked stakeholders in the All Progressives Congress (APC) to work tirelessly for the victory of the President and the party in next year’s general election.

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The deputy governor made the call at the weekend while addressing party faithful during the APC ward meetings at Igboroko 1 Ward 2 and Igboroko 2 Ward 3 in his hometown of Owo.

Adelami emphasised the landmark achievements of the President and the unprecedented record of the APC in critical areas of the economy, asking the people to choose progress over retrogression.

According to him, ‘The President had taken some bold steps to make life better for our people in his first term. The student loans for our young ones have made education easier and more available to children of the poor; the money saved from the removal of the fuel subsidy is being put back into the economy, especially at the sub-national. It is in our best interest to give the President our votes so he can finish the good work he has started’.

The deputy governor charged leaders of the party to embark on a house-to-house campaign to further deepen the renewed hope message of the current administration.

He said that Governor Lucky Aiyedatiwa has expressly directed all APC leaders and members to deliver overwhelming votes for the president and every candidate of the party in the state.

Speaking at Igboroko 1 Ward 2, a former commissioner for women affairs and social development in Ondo State, Yemi Mahmoud, thanked the governor and his deputy for appointing political leaders from Owo into the state executive council and other portfolios within the government.

She expressed the readiness of the party leaders to go all out to mobilise massively for the APC.

Similarly, Jamiu Ekungba, who spoke at Igboroko 2 Ward 3, charged the leaders to give their maximum support to the governor and his deputy to enable them to record a resounding victory for the president and the party.

The Nigeria Football Federation (NFF) has congratulated Super Eagles midfielder Alex Iwobi after he became the joint second-most-capped African player in Premier League history, drawing level with Egypt’s Mohamed Salah.

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Iwobi reached the milestone on Saturday during Fulham’s 1-0 win over Coventry City, taking his Premier League appearances to 328.

The 30-year-old Nigerian ball passer is now 25 appearances short of the record held by former Ivory Coast international Kolo Touré, who made 353 appearances in the competition.

Dr Emmanuel Ikpeme, NFF’s acting general secretary, congratulated Iwobi on the achievement and expressed hope that the midfielder would go on to set a new record.

‘The NFF celebrates Alex Iwobi for this new achievement, and we wish him even greater glory. We will be very happy to see him become the African with the most appearances in the Premier League in the near future,’ Ikpeme said.

Iwobi, who celebrated his 100th cap for Nigeria during a friendly against Portugal this summer at the Estádio Dr. Magalhães Pessoa in Leiria, has also won one silver and two bronze medals with the Super Eagles at the Africa Cup of Nations.

Nigeria’s banking industry has spent years rebuilding capital, restructuring institutions and celebrating stronger financial performance. Amidst all these developments, one fundamental question remains unanswered. The concern is how much of this financial strength is translating into productive investment, affordable credit, business expansion and employment.

The worry has grown more urgent after the Central Bank of Nigeria’s recapitalisation exercise, which brought in N4.65 trillion in equity. By the end of March 2026, 33 of the country’s 37 banks had met the updated capital requirements. The exercise aimed to strengthen the system, improve resilience, and boost banks’ ability to finance economic growth.

But raising capital is not the same as expanding productive credit. A stronger balance sheet is not automatically a stronger economy.

One thing that is certain is that Nigeria’s banking industry is not short of institutions, financial expertise or regulatory reforms. As reality stares at Nigerians, the more difficult question is whether its growing financial capacity is being converted into financing for businesses that produce goods, create jobs, process local raw materials and expand the country’s export base.

Experiences from Morocco’s Attijariwafa Bank, Kenya’s Equity Group Holdings and Togo-headquartered Ecobank Transnational Incorporated offer useful benchmarks. Their institutional development, customer reach and regional operations provide different perspectives on the possibilities of modern African banking. They are not perfect models, and their operating environments differ from Nigeria’s. Nevertheless, their experiences offer a basis for asking whether Nigerian banking reform is delivering enough economic value beyond financial-sector growth.

The real test of recapitalisation is not simply how much capital banks have raised. It is what that capital ultimately enables them to do.

The first question is straightforward: what does a stronger capital base mean or the benefit of strengthening banks’ capital if productive businesses still struggle to obtain credit?

Capital is essential to and the backbone of banking. Amidst its many functions, it helps banks absorb losses, meet regulatory requirements, handle larger transactions and maintain customers’ confidence in their ability to keep their money safe. Nigeria’s recapitalisation exercise was therefore important. But its economic benefits depend partly on how banks deploy their expanded capacity.

The IMF’s May 2026 assessment, with clarity reviewed developments through the first quarter of 2026, found that private-sector credit remained relatively low, at approximately 12 per cent of GDP in 2025. It also observed that, despite growth in lending, which was obviously a huge contradiction, Nigeria’s financial markets were not adequately intermediating domestic savings into productive investment.

This is a more revealing measure of the challenge than the amount of capital raised alone. From the playout of activities, it is obvious that the banking industry can expand its balance sheets without financing a sufficiently broad range of businesses. Established and bigger corporations may obtain credit while smaller manufacturers, agricultural processors and emerging enterprises struggle with high interest rates, collateral requirements and short repayment periods.

The question is not whether Nigerian banks lend. They do. The question is whether the scale, cost and distribution of that lending adequately serve an economy seeking to diversify beyond oil, expand manufacturing and create sustainable employment.

Kenya’s Equity Group Holdings provides a useful point of comparison as this is discussed further. In a real sense, its success in attracting customers, using digital channels and supporting small businesses shows how banks can serve more people while keeping lending risks under control.

The lesson is not that Nigerian banks should simply copy Kenya. No doubt, Nigeria has different economic conditions, regulatory requirements and credit risks that may not apply to Kenya. Rather, the point is that recapitalisation should create opportunities to deepen lending, develop better products and improve the effectiveness of financial intermediation. It should not become a regulatory milestone celebrated independently of its economic consequences.

The second question is perhaps the most consequential: are Nigerian banks financing enough small businesses to make a measurable difference to the real economy? Here, the evidence deserves particular attention.

Findings showed that Equity Bank Kenya’s third-quarter 2025 investor booklet reported that the bank disbursed KSh90.7 billion ($701,255,970) in MSME loans between January and July 2025. Meanwhile, the amount represented 45 per cent of the KSh201 billion ($1,554,044,999) in MSME loan disbursements reported across the Kenyan banks included in its comparison. The booklet attributed the industry comparison to the Kenya Bankers Association.

This is a significant indicator of Equity Bank’s participation in Kenya’s MSME financing market. It suggests that a bank can make small-business lending a prominent part of its commercial activities while operating in a competitive banking system. Whilst Nigeria’s figures raise a different concern.

A research note published in October 2026 by the Development Bank of Nigeria, citing the CBN statistical data, noted that credit classified to small-scale enterprises amounted to a meager and paltry N177.44 billion in 2025, when compared with enormous total private-sector credit of N47.10 trillion. The small-scale-enterprise category consequently represented approximately 0.38 per cent of private-sector credit. The same research note showed that the category’s share had declined substantially from its historical levels.

The figures deserve serious scrutiny. They suggest that Nigeria’s banking system has expanded enormously without a corresponding increase in the relative weight of credit recorded for small-scale enterprises.

However, the comparison requires an important qualification. Equity’s KSh90.7 billion ($701,255,970) represents loan disbursements over seven months, whereas Nigeria’s N177.44 billion ($132,417,910.45) represents an outstanding-credit measure for a narrower statistical category. The figures are not directly comparable, and they cannot establish that Equity’s lending performance is superior to that of every Nigerian bank. Nor should Nigeria’s small-scale-enterprise category automatically be treated as equivalent to the entire MSME sector.

That limitation does not invalidate the question. It makes the case for better Nigerian data even more compelling.

Why should a country with a large banking market lack sufficiently clear, consistently reported evidence of how much commercial-bank credit reaches smaller productive enterprises? Why should the industry’s recapitalisation achievements get more attention than giving credit to businesses that keep people working and create jobs?

Small businesses really struggle to get financing. They often don’t have things like collateral, checked financial records, long credit histories or steady income. Banks need to think about these risks. Lending without checking can lead to loans not being paid back, hurting the bank’s money and putting depositors in danger.

But risk management should not become a permanent justification for leaving viable businesses outside formal credit.

The fact is that Nigerian banks could use cash-flow-based lending, supply-chain finance, invoice discounting, purchase-order finance, movable-asset collateral and credit guarantees. Nigerian banks would benefit from using verified transaction data to spot businesses that’re truly strong instead of borrowers whose repayment ability is very weak.

The objective is not to compel banks to lend recklessly. It is to make responsible lending to smaller businesses more commercially viable.

The CBN must also ask for reports on SME lending, such as how many borrowers are active, how many new loans are given, how much money is still owed, what the typical loan size is, what interest rates are used, when loans are due and how well payments are made. Without this data, the country cannot properly determine whether recapitalisation is truly helping people get credit. The CBN needs data to see if the plan is working.

The third question follows naturally: if Nigerian banks are profitable, why is their success not more visible in the productive economy?

Bank profitability is essential. Shareholders put in money to get returns. Depositors want their money to stay safe. Regulators want institutions that can handle economic times. There is nothing bad about banks investing in government securities or other easy-to-sell assets.

The real worry is how the financial system’s rewards and rules shape where capital goes. It’s about whether money flows toward government borrowing or toward private businesses. That balance matters. How the system rewards choices can tilt capital one way or the other. That can affect economic growth and opportunity.

The CBN’s official Money and Credit Statistics provide a useful snapshot. In July 2026, private-sector credit stood at approximately N83.43 trillion, compared with N83.26 trillion in June. Net credit to government declined from approximately N40.03 trillion in June to N33.92 trillion in July. These are the latest monthly observations displayed in the official CBN series retrieved for this article, rather than figures extrapolated from media reports.

The figures do not establish that banks deliberately abandoned businesses or that every reduction in government credit necessarily results in additional private lending. They show that the composition of domestic credit changes over time and should be examined using consistent data.

The IMF’s 2026 assessment identified banks’ holdings of government securities, high cash reserve requirements and structural constraints as factors limiting private credit. When looking at the data, it is clear that government securities made up 22 percent of banks’ total assets. Government securities can give banks liquidity, steady income and a risk-return profile that is fairly attractive. Lending to businesses can bring credit risk, expensive monitoring and uncertainty about repayment. Where government borrowing offers attractive returns, banks have commercial reasons to allocate resources towards sovereign instruments.

The policy concern is not that banks should abandon government securities. It is whether the overall balance of incentives enables enough financing to reach viable private businesses.

Monetary policy also matters. High reserve requirements can constrain the funds available for other uses, although reducing them would not guarantee that the released funds would become productive loans. Credit risk, inflation, the cost of funds and the condition of individual businesses would continue to influence lending decisions.

This is why the CBN and the fiscal authorities must examine the combined effect of monetary policy, government borrowing and prudential requirements on credit allocation.

Morocco’s Attijariwafa Bank is another reference point. Its published 2025 consolidated figures show assets of approximately MAD795.5 billion ($80,580,000,000) and customer loans of MAD447.9 billion ($45,370,000,000). The group operates across markets and has built a large customer base over time.

Those figures do not prove that Morocco has eliminated its financing challenges. They provide a basis for studying how a bank grows a lending franchise, builds customer relationships and expands its operations across markets.

For Nigeria, the concern is whether banking-sector growth is matched by a corresponding expansion in lending rather than being judged mainly by profits, assets and capital raised.

The fourth question concerns regional influence: why should Nigeria’s banking scale not translate into greater financial leadership across Africa?

Nigeria has a large domestic market, internationally connected businesses and banks with experience in corporate finance, digital banking and cross-border transactions. Some Nigerian institutions have established substantial international operations. Suggesting that the industry has no regional achievements would be inaccurate. Building a domestic banking franchise and creating a durable pan-African institution are separate challenges.

Ecobank Transnational Incorporated is another example because its history is strongly connected to regional banking integration. Founded in 1985, Ecobank Transnational Incorporated started as an effort and became a bank that supports many African markets.

With this, in 2025, Ecobank Transnational Incorporated also reported a profit before tax of $801 million up 21 percent year-on-year and net revenue of $2.45 billion, which went up by 17 percent. Ecobank Transnational Incorporated also reported a capital adequacy ratio of 16.7 percent and a cost-to-income ratio of 48.3 percent.

Meanwhile, it should be known that these results show the scale of Ecobank Transnational Incorporated’s operating model, but they do not prove that the bank’s operations are free from challenges. Nor should its dollar-denominated figures be compared directly with the naira results of an individual Nigerian bank without accounting for exchange rates, business mix and reporting differences.

Ecobank’s relevance lies in the development of capabilities that support banking across national boundaries. As African countries pursue deeper economic integration, efficient cross-border payments, trade finance and regional supply-chain financing will become increasingly important.

Nigeria’s banks should be evaluated on how effectively they support these activities. The reality is that a stronger Nigerian banking industry should not only finance large domestic transactions, but it should also help Nigerian businesses compete across Africa.

The fifth question brings the argument back to the regulator: what should the CBN demand from banks after recapitalisation?

The first requirement is to recognise that stronger capital does not automatically eliminate financial vulnerabilities.

The IMF said Nigeria’s capital adequacy ratio fell to 11.7 percent in the quarter of 2025. It also indicated that Nigeria’s non-performing loans rose to 8 percent, which’s above the prudential ceiling. These figures are from Q3 2025, not from the position in October 2026. The IMF blamed this decline on factors, including the effect of naira depreciation on risk-weighted assets, higher provisioning and the migration of restructured exposures, after the end of COVID-era regulatory forbearance.

The figures illustrate why capital raising must be accompanied by sustained attention to asset quality. They should not be used to suggest that the industry’s current capital adequacy ratio or non-performing-loan ratio stays at those levels without evidence.

The CBN must continue to focus on sound underwriting, proper provisioning, effective governance and clear reporting. Financial stability cannot be ignored to push for fast credit growth.

At the same time, prudential supervision should go hand in hand with better information about the real economic impact of growth in the banking sector. The CBN could share consistent data across the industry on lending to small and medium enterprises, manufacturing, agriculture and other productive areas. It should also show how loans are spread across borrower sizes along with details on loan maturities and interest rates. It would also help to include data on the link between banks’ holdings of government securities and their lending to the sector.

Such information would allow policymakers and the public to judge whether recapitalisation is strengthening financial intermediation as well as balance sheets.

The government must also take responsibility for the conditions under which banks operate. Unreliable electricity, poor transport infrastructure, uncertain policies, weak contract enforcement and high operating costs make it harder for businesses to get financing. When companies that could otherwise succeed cannot produce cash flows, banks will naturally become more cautious.

The government needs to improve the investment environment. It must manage its borrowing needs carefully. It should not create incentives that consistently favour government borrowing over private investment. The CBN must strike a balance. It must control inflation. Ensure financial stability while still making sure the credit channel works effectively. Neither institution can solve the problem independently.

The experiences of Attijariwafa Bank, Equity Group and Ecobank do not provide a ready-made blueprint for Nigeria. They offer different examples of institutional development, customer reach, small-business financing and regional expansion.

Their value lies in helping Nigeria ask better questions about what a strong banking industry should deliver.

Nigeria’s banks have contributed to financial sophistication, payments infrastructure, capital formation and corporate financing. Their achievements deserve recognition. But financial success must also be distinguished from the wider economic benefits that a strong banking system is expected to support.

The next phase of banking reform should be measured against three tests. First, do banks have sufficient capital and sound assets to withstand shocks? Second, is credit reaching viable businesses at sustainable terms? Third, is financial intermediation contributing to productive investment, employment and regional trade?

These tests would not require banks to abandon commercial discipline. They would require the industry, its regulator and the government to demonstrate that financial strength is translating into broader economic capacity.

The SME evidence makes this challenge particularly urgent. Nigeria needs better, comparable data on small-business lending, but the available figures already justify a serious investigation into why credit classified to small-scale enterprises represents such a small proportion of total private-sector credit.

Recapitalisation was necessary to strengthen Nigeria’s banks. It should not become the final measure of banking reform. Nigeria has strengthened its banks. The next challenge is to make that strength count more visibly for businesses, jobs and the productive economy.

The 5th agribusiness international conference taking place in Uyo, the Akwa Ibom State capital, has secured the partnership and endorsement of key stakeholders, including UN agencies, intended to boost agriculture and food security.

With the theme, ‘Accelerating agribusiness transformation, unlocking value chains to achieve food security, nutrition sustainability, job creation, poverty alleviation and national prosperity,’ the conference is expected to draw participants from entrepreneurs, farmers, agricultural experts, top government officials including governors and federal ministers in charge of agriculture, trade and investments.

Howard Usen, chairman of the central planning committee, who made this known while briefing a representative of Governor Umo Eno, said preparations for the conference were progressing following the strategic meeting of the agribusiness unit, office of the governor, adding that the committee was working with key partners to deliver a well-coordinated and productive conference.

According to him, the meeting provided an opportunity for the committee to brief the director of agribusiness unit on the conference’s level of preparedness, programme planning, stakeholders engagement adding that the conference ‘will provide an opportunity to bring government officials, industry experts, farmers, investors and development partners together to ‘identify practical ways to strengthen agricultural value chains and expand agribusiness opportunities,’ he said.

‘All hands are on deck to ensure a successful conference, one that promotes meaningful dialogue, practical partnership and lasting value for Akwa Ibom State and the wider agribusiness community,’ Usen said.

In his remarks, Ofonmbuk Nelson, director of agribusiness, governor’s office, expressed delight over the conference, which he said was in line with the state government’s emphasis on agriculture as seen in the Arise Agenda, an economic blueprint of the state government.

The conference has received formal endorsements from the federal ministry of agriculture and food security and the federal ministry of trade and investment as both permanent secretaries have confirmed their participation.

Also, representatives of key United Nations agencies, including the Food and Agriculture Organisation (FAO), United Nations Industrial Organisation (UNIDO) are also expected at the conference. Usen explained that the conference was designed to provide a meeting point for policymakers, agribusiness experts, farmers, processors, financiers and technology providers to provide solutions on the challenges facing agriculture and agribusiness.

He said the key areas of discussions would include agricultural value chain development, food security and nutrition, processing and value addition, post-harvest loss reduction and access to finance.

Other areas he said would also include climate resilience, trade and market access, skills development and the participation of women and young people in agribusiness.

Usen also disclosed that exhibitors would have platforms to present their products, technologies, service and investment opportunities to network with conference participants while farmers, cooperatives and entrepreneurs would also be able to connect with relevant organisations and explore potential business and institutional partnerships.

The Kwara State House of Assembly has approved a proposed alteration to the 1999 Constitution of the Federal Republic of Nigeria to provide a legal framework for the establishment of state police.

The approval followed deliberations during plenary after the Speaker read a letter from the Clerk of the National Assembly requesting the state legislature’s consideration of the proposed constitutional amendment.

Leading the debate, Mogaji Oba Abdulkadri, the House Leader, highlighted the potential benefits of state policing in addressing Nigeria’s security challenges.

Other lawmakers who contributed to the debate supported the proposed amendment, arguing that state police would bring law enforcement closer to the people and strengthen the protection of lives and property.

They expressed optimism that decentralising policing would enhance security operations and enable law enforcement agencies to respond more effectively to threats at the grassroots level.

Following the approval, Yakubu Danladi Salihu, Speaker of the House, directed Ahmed Olayiwola, the Clerk of the Assembly, to formally communicate the House’s decision to the National Assembly for further legislative action.

Meanwhile, residents of the Kwara State capital have expressed mixed views on the proposed state police framework, with some welcoming the initiative while others called for broader public consultation.

Abdulrasheed Femi Yusuf, Chairman of Ifelodun Local Government Area of Kwara State, described the proposed state police framework as a welcome development that could help address security challenges at the grassroots.

He said decentralising the security architecture would bring policing closer to communities and improve the protection of lives and property.

‘If we have our own state police, security will be closer to the people, making it easier to protect lives and property at the local level,’ he said.

Yusuf added that his local government was prepared to support the implementation of state policing, noting that community-based security arrangements were already being deployed to tackle criminal activities.

‘In response to the security challenges in our state, we have already been working with local vigilantes to protect our communities. We also collaborate with local hunters and forest guards, who have played a vital role in maintaining security and controlling criminal activities,’ he said.

He expressed confidence that the experience gained from these existing arrangements would support the successful implementation of state policing at the local level.

Similarly, Aliyu Musa, a public analyst, described the proposed amendment as a welcome development in view of Nigeria’s contemporary security challenges.

He said the initiative could bring about a significant shift in the country’s security architecture but stressed the need to prioritise local intelligence in preventing and combating crime.

Musa also urged authorities to ensure that rural communities received adequate attention in the deployment of state police personnel.

‘Local intelligence should be top-notch as a way of making greater impact on crime prevention,’ he said.

However, Florence Emmanuel said the state legislature should have provided an opportunity for residents to express their views before approving the proposed amendment.

Emmanuel said she learnt about the Assembly’s decision through a radio broadcast, arguing that public engagement would have enabled citizens to contribute to discussions on such an important security reform.

‘We just heard on the radio that the bill has been approved by the State Assembly. Ideally, the Assembly should have called people and heard their views about it before approving it,’ she said.

She, however, acknowledged the potential benefits of the proposed reform, adding that public consultation would have made the process more inclusive.

‘Nothing is bad about the move, but at least they should have allowed citizens to express their views and contribute to it,’ she noted.

The proposed state police framework comes amid persistent security concerns across parts of Nigeria, including kidnapping and violent attacks, which have intensified calls for a more decentralised and community-responsive policing system