Category: Business Day

Nigeria’s refinery capacity has become a source of European supply resilience. That reversal should change how both sides understand their economic relationship. The challenge is to turn crisis-driven demand into a durable productive partnership.

For decades, the economic relationship between Europe and Africa has been described through a familiar vocabulary. Europe possessed capital, technology, infrastructure and industrial capacity. Africa possessed natural resources, development needs and market potential. Trade frequently followed the same pattern: raw materials travelled north; higher-value products travelled south.

In recent months, a different relationship has emerged. As conflict disrupted Middle Eastern energy exports, Europe lost roughly one-quarter of its usual diesel and aviation-fuel supplies. Inventories in Northwest Europe tightened. Buyers sought alternatives. Nigeria supplied part of the answer.

Market data indicate that Europe imported about 80,000 barrels per day of jet fuel from the Dangote refinery in the second quarter of 2026, covering roughly 13% of the shortfall. Nigeria became Europe’s second-largest supplier country for jet fuel after the United States, with Dangote a major individual refinery supplier.

This is more than a remarkable statistic. It reveals a shift in economic position. A facility built principally to end Nigeria’s dependence on imported petroleum products has become relevant to European energy and aviation security.

A reversal worth understanding

Nigeria’s petroleum history has long contained a painful contradiction. The country was one of Africa’s largest crude-oil producers but depended heavily on imported refined products. European refineries and trading centres converted crude into petrol, diesel and aviation fuel, some of which was sold back into Nigerian and West African markets.

I remember the other side of that trade from my teenage years. During school holidays with my sister’s family near the oilfields around Omoku in Rivers State, gas flares and thick, dark smoke seemed such ordinary features of the sky that I scarcely thought to question them. Her husband worked in the oilfields. The elnvironmental cost of extraction was part of the landscape we lived in; it was never an abstract argument to us. That is why the question of where petroleum is processed,P and who retains the value it creates, has always meant more to me than a line in a trade report.

Nigeria carried the environmental and political burden of extraction while surrendering much of the value associated with refining, logistics and product trade. The Dangote refinery has begun to alter that structure. According to the U.S. Energy Information Administration, Nigeria’s seaborne petroleum-product imports fell from nearly 400,000 barrels per day in 2023 to less than 130,000 in the second quarter of 2026. Meanwhile, exports of refined products to Europe and other African markets have grown. The shift is from dependence towards strategic relevance. That should influence how Nigeria conducts economic diplomacy and how Europe approaches Nigeria.

Crisis created the opening

We must nevertheless avoid turning a market opening into a permanent conclusion. Nigeria’s European fuel exports expanded during exceptional circumstances. Conflict disrupted Middle Eastern refineries and shipping routes. European inventories fell. Refining margins rose. The Dangote refinery was operational and geographically positioned to respond. This was sound commercial timing, but crisis-driven demand is not guaranteed demand. When traditional supply routes recover, Nigerian products will have to compete against established refiners in the Middle East, Asia, the United States and Europe. Buyers will judge them on price, specification, reliability, shipping time, contractual performance and regulatory compliance.

Nigeria should treat this moment as an audition, not a coronation. The aim is to turn emergency cargoes into lasting customer relationships. That requires consistent production, transparent contracts, reliable ports and the ability to meet seasonal and environmental fuel specifications. Strategic relevance becomes lasting market access through operational credibility.

Belgium sits at the centre of the opportunity

The development has particular meaning in Belgium. The Amsterdam-Rotterdam-Antwerp region is one of the world’s most important centres for petroleum refining, storage, blending and commodity trading. Antwerp’s terminals and industrial infrastructure connect maritime cargoes to European markets. Belgium also sits within a dense network of airports, pipelines, logistics companies and chemical industries.

Until recently, the commercial question was often how European fuel suppliers could reach Nigerian and West African consumers. Now it is also how Nigerian products can enter and move through European supply systems. That creates opportunities in storage, blending, inspection, shipping, trading and distribution. Belgian engineering and industrial-service companies can also contribute to maintenance, efficiency, emissions management, water treatment and petrochemical development.

But Europe should not interpret partnership merely as an opportunity to sell more services to one successful Nigerian enterprise. A mature relationship would help build a wider Nigerian industrial ecosystem: local suppliers, engineers, laboratories, logistics operators, manufacturers and training institutions capable of participating in the value chain. Europe’s commercial role should evolve as African productive capacity evolves.

From supplier to strategic partner

Europe has increasingly organised economic policy around resilience. It speaks of energy security, strategic autonomy, diversified supply chains and reduced dependence upon individual countries or unstable routes. Yet Africa is still too often treated principally through development cooperation or migration management.

Nigeria’s aviation-fuel exports expose the inadequacy of that framework. A country capable of relieving part of a European fuel shortage is not merely an aid recipient or a market waiting for European goods. It is a potential contributor to Europe’s economic security. That does not eliminate the profound development challenges Nigeria continues to face. Nor does one refinery transform the entire economy. But international relationships should respond to demonstrated capability.

Europe should identify sectors in which African countries can strengthen supply resilience: energy, critical minerals, agricultural processing, pharmaceuticals, digital services, maritime logistics and manufacturing. Partnerships should connect African production with European technology, finance, standards and markets while retaining a fair share of value in Africa.

Nigeria must manage its new leverage carefully

Strategic relevance brings responsibilities. Nigeria must not confuse temporary European need with unlimited bargaining power. Nor should it allow the success of one privately controlled refinery to become a substitute for functioning institutions and competitive markets. The country requires transparent rules for crude supply, credible downstream regulation, adequate strategic fuel reserves and conditions that allow additional refiners and service companies to invest. It must also use present petroleum strength to prepare for an energy system that will gradually become less carbon-intensive.

Aviation is particularly important. Conventional jet fuel will remain essential for years, but Europe is introducing increasingly demanding sustainable-aviation-fuel and emissions requirements. Nigerian engagement should therefore extend towards renewable feedstocks, synthetic fuels, certification, traceable carbon data and cleaner refinery operations. The future opportunity is not simply to sell more fossil-based jet fuel. It is to build capability in the fuels and industrial systems that aviation will require during transition.

Bilateral resilience still needs multilateral rules

The World Trade Organization warns that the global trading system is at a critical juncture. Its 2026 World Trade Report estimates that fragmentation into geopolitical blocs could reduce global exports by 18.6% relative to its baseline scenario. Smaller and poorer economies would bear disproportionate losses.

Nigeria’s new position in European fuel markets demonstrates the value of strategic bilateral relationships. Yet it also demonstrates why multilateral rules remain essential. A crisis may create opportunities for a country possessing a needed product. But many African economies do not yet possess sufficient scale to negotiate with major blocs from a position of strength. They depend on rules that limit discrimination, constrain arbitrary barriers and preserve access beyond preferred alliances.

Africa should therefore pursue strong economic corridors without abandoning multilateralism. Deeper Nigeria-Belgium and Nigeria-EU cooperation should diversify supply and improve resilience. It should not become another closed arrangement in a world divided into rival commercial camps.

The meaning of a cargo

A cargo of Nigerian aviation fuel arriving in Europe represents industrial conversion. Nigerian crude has been processed at home, creating operating income, technical jobs, export revenue and strategic relevance before entering the international market. That differs from exporting crude and buying back finished fuel.

Nigeria must now multiply this logic across other sectors. Cocoa should lead to more processing and branded products. Gas should support power and industrial inputs. Minerals should feed manufacturing chains. Agricultural production should connect to storage, standards, logistics and food processing.

The principle is straightforward: resources create leverage when they become capabilities other economies value. Europe’s fuel shortage has given Nigeria an unexpected demonstration of that principle. When Europe faced a supply gap, Nigeria possessed a product it needed and the industrial capacity to deliver it. The task now is to make this more than a profitable consequence of crisis: evidence that a more reciprocal Africa-Europe economic relationship can endure.

African Travel Market, a Lagos-based leading travel and tourism event in West Africa, would once again participate at this year’s Magical Kenya Travel Expo (MKTE), which will be held in Nairobi this October.

Akwaaba, which will participate at the expo as an exhibitor, is the only international travel fair in West Africa in the last 22 years, and has consistently participated at several travel fairs around the world including: World Travel Market WTM London, EMITT Travel Expo Istanbul, Turkey, ITB Berlin, Germany, Magical Kenya Travel Expo, Kenya, Pearl of Africa Travel Expo POATE, Uganda, Kilifair Expo in Arusha, Tanzania, Sanganai in Zimbabwe, Travel Indaba in Durban, South Africa, among others. In 2025, Akwaaba made its presence at MKTE as an exhibitor for the first time and will again participate this year as an exhibitor. The 16th MKTE is set to take place from October 6-8, 2026, at the Uhuru Gardens National Monument and Museum in Nairobi, Kenya.

Akwaaba, targeted mainly at Africans promoting Africa to Africans, has successfully opened up intra-African travel, connecting Africans to each other. In its 22 years of existence, it has networked African tour operators, hospitality, aviation and other travel professionals. It attracts over 3000 tourism professionals from over 20 African countries. The three-day exhibition attended by delegates from all over Africa, will hold its 23rd edition from September 5-7, 2027.

In 2022, it received an award of excellence from the UN Tourism and the Nigerian Ministry of Tourism.

Many presidents and VIPs have attended Akwaaba, including President Olusegun Obasanjo, President Dawda Jawara of The Gambia, current President Bola Tinubu among others. It is the host of the annual Africa Travel 100 Awards, the African Medical Tourism Expo and the West African Jollof Rice war.

Ecocide is now feared in a community in Rivers state where gas leaks have persisted since October 2025. Now, Scientists have found heavy presence of methane gas, formalin, formaldehyde, hydrogen sulphide, sulfur oxide, carcinogens, and carbon dioxide said to be deadly to human organs.

These were found as the experts began testing water and air as part of their efforts in the Bille gas seepage crisis which began since October 2025.

The environmental scientists who went to Bille in Degema LGA of the state began testing to ascertain the types and grades of gases that have been leaking for about a year now.

Continuous seepage of methane and other gases had sparked a severe health and environmental emergency in the area. The situation escalated further in May 2026, when leaking gas ignited and erupted into fire at multiple spots, including an abandoned water mono pump.

Now, environmental and medical experts have urged the Rivers State Government to evacuate the residents and stop the leakage in the polluted Bille community said to be saturated with different gases.

Courage Nsirimovu, a lawyer and environmental rights advocate who is the coordinator of PILEX Centre for ‘Civic Education Initiative’ led experts and media people on a physical inspection in Bille town.

Courage, who was accompanied by a team of scientific researchers said the visit was necessitated by the need for the scientists to make all of the attribution concerning what is happening to people attending to gas spillage in the Bille area.

Tests and inspections conducted in various compounds revealed the presence of gas leaks and gas bubbling sound. Also a sample of sparkling colourless water turned into black after 15 seconds, indicating and confirming high intensity of gas leaks in Bille community.

Nsirimovu recalled with nostalgia the experience of their first visit, and the subsequent rallies done to that effect, all to inform and persuade the Government to evacuate the people, and mitigate the gas leakage but to no avail.

He expressed regrets that the gas leaks matter has lingered up to alleged gas explosion at a location known as Joy Amos.

He said: ‘What prompted us to come is the fact that we had been here before. We told the Government that the incident in the community is an ecocide, and if nothing is done about it, it could lead to strategic genocide. People may begin to die.

‘There is bio accumulation of this gas in the body of people. There is the fact that if people eat fishes in Bille community, they are ingesting the same methane or benzene. It is a form of carbon dioxide. It is dangerous to the body.

The PILEX Centre boss regretted the whole scenario and demanded full compensation for the victims of the incident and remediation of the environment.

In his submission, Eferegbo Fortune Uchenna, the environmental scientist gave his opinion on field observations which he said indicated possible gas seepage from the subsurface. He said this was characterised by continuous bubbling and audible emissions from the ground.

These, according to him, include methane gas, formalin, formaldehyde hydrogen sulphide, sulfur oxide, carcinogenic (which is cancerous) and carbon dioxide which are unhealthy to human organs.

Uchenna added: ‘Such toxins when inhaled for a long period could be bad for people whose immunity are already compromised especially the elderly and the little children whose lungs are not properly developed.’

He confirmed that the water in the area is polluted. ‘The people are drinking poison from the sample of the sparkling colourless water suddenly turning to black. This is ecocide that is strategically leading to genocide.’

He joined in calling for a state of emergency in Bille, saying; ‘This community is not a place where human beings should stay, even animals. If they come here and drink this water, they will die!’

He said the only solution at this point is to plug or stop the leakage. ‘For Bille people, they should be evacuated from this environment. That is the only way.’

The scientist has carried out many tasks including the assessment of the activities of Indorama fertilizer Company Ltd on human health and the environment 2026; investigation of the activities of oil companies on coastal communities in Ilaje local government Area of Ondo State 2025; and the environmental and socioeconomic assessment in Ibaa community in Emohua LGA of Rivers State 2023.

Earlier in his welcome address, Timothy Agunbade, the executive vice president of the Bille kingdom Youth Federation, lamented the current situation of the community. He said people in the community were experiencing signs consistent with a potentially contaminated and hazardous environment, including reported gas seepage, petroleum-like substances in ground water. According to him, this has affected social life and financial viability of the people in the community.

Also, educational growth progress of children in the community has been affected because of the gas bubbling in the school environment, which is up to 360 degrees spreading for hours in the community.

The only hotel, which was a recreational centre in the Bille community, has been abandoned.

Residents told newsmen thus: ‘This building has more than 30 rooms. If you came here before now, you’ll hear music and people enjoying themselves. The place is deserted now. This is what we are living with everyday.’

He called upon Nigerians to come to their aid by raising their voices for action to be taken to rescue the Bille people of Rivers State. ‘We want visits but we want it to translate to meaningful actions.’

Genocide: All words and no action?

There are reasons why most activists believe that genocide may have been initiated. When leaders fail to save lives or deliberately initiate deaths of a large population of people, it may be regarded as genocide.

The Bille gas leak first began in October 2025 when residents and fishermen in the area reported toxic gas bubbling to the surface in nearby rivers, swamps, and drinking wells.

The continuous seepage of methane and other gases sparked a severe health and environmental emergency in the area. The situation escalated further in May 2026, when leaking gas ignited and erupted into fire at multiple spots, including an abandoned water mono pump.

Gov Sim Fubara approved the ?100 million relief fund for the Bille community on April 1, 2026. The intervention was announced by Dagogo Wokoma, the Secretary to the State Government during an on-the-spot assessment of the community. The funds were provided as immediate palliative support to mitigate the impacts of persistent gas emissions and seepages that had been affecting the community’s land and water sources.

As inaction continued for months, the Youths and Environmental Advocacy Centre (YEAC-Nigeria) announced that a fire incident occurred in Bille.

On Wednesday, May 13, 2026, the Centre said it received a report from the community that the gas leaking and bubbling from the ground in and around Opu Dah Community in Bille caught fire on an abandoned mono pump head.

Keg of gunpowder:

YEAC-Nigeria said it had repeatedly warned in previous press statements and media advocacy that Bille was sitting on a keg of gunpowder because of these hazards. ‘Unfortunately, that warning has now materialized as the ‘keg of gunpowder’ has caught fire, putting lives, property, and the environment at immediate risk.

YEAC-Nigeria led by Fyneface Dumnamene Fyneface demanded for declaration of state of emergency in Bille, saying the scale and duration of the gas leaks required urgent executive action to protect residents and prevent possible loss of life.

Other demands included temporarily relocating the residents, saying this should be done after the emergency declaration to prevent further inhaling of gas and poisonous hydrocarbon-related chemicals by the residents, as well as possible impending larger fire incidents triggered by cooking and other domestic activities. Fumigation should also be carried out.

YEAC also called for the deployment of marine fire service teams and tugboats, saying there was the need for the government to urgently deploy and station marine fire service units and patrol tugboats from the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and the Navy firefighting unit in Bille and its environs to respond to any further fire outbreaks.

They also called on the Federal Government, Rivers State Government, New Cross, and all other oil companies operating in Bille to treat this situation as an emergency and take concrete steps to stop the gas leaks, secure abandoned facilities, and prevent recurrence of not just the gas leakages but the reported fire incident.

There was the call for the National Emergency Management Agency (NEMA) to act fast and urgently rise to the occasion and distribute relief materials to affected households in Bille to cushion the impact of the ongoing disaster.

YEAC-Nigeria promised to continue to monitor the situation and hold all responsible parties accountable until the safety of Bille residents and the environment is guaranteed for human habitation.

In June 2026, Gov Fubara pledged swift action to tackle the gas leakage and environmental pollution in Bille. Fubara gave the assurance while addressing a group of peaceful protesters who were at Government House in Port Harcourt to draw government’s attention to the plight of the Bille people and other oil and gas bearing communities across the Niger Delta.

The delegation comprised members of two non-governmental organisations namely, the Pilex Centre for Civic Education Initiative, (PCCEI), and Lekeh Development Foundation, (LDF).

The governor, who was represented by Honour Sirawoo, the Permanent Secretary of the Ministry of Information and Communications, assured the demonstrators that their grievances would receive immediate attention, considering the impact of the gas leakage on their environment and the livelihoods of the people.

Gov Fubara commended the protesters for maintaining peace and orderliness in spite of the environmental challenges in their community and the economic hardships the situation has imposed on them.

He acknowledged that the challenges facing the community were enough to provoke violent demonstrations, and commended them for choosing the path of peace.

Be assured that the Rivers State Government has a responsibility to protect the lives and property of our people and this issue is not one that will be swept under the carpet,’ he said.

According to Gov Fubara, safeguarding the environment remained a top priority of the government as that was the only way farming and fishing, which are the main stay of the local economy in these coastal communities, can be sustained.

Nsirimovu had stressed that Bille was not alone as several other communities including Rukporkwu, Ebubu, and Elelenwo were also suffering from similar environmental issues because of spread effect through tidal waves.

The delegation demanded the immediate relocation of the people of Bille from the polluted environment, just as they called for total transparency regarding the application of remediation funds under the Petroleum Industry Act.

Since this pledge on June 29, 2026, nothing has been heard from neither the oil companies/NNPCL nor from the government.

After four days of thought-provoking conversations, bold ideas, and meaningful connections, the curtains have fallen on the 58th International Conference and Exhibition (ICE) of the Chartered Institute of Personnel Management of Nigeria (CIPM), leaving thousands of HR professionals with a renewed commitment to create measurable value and lasting impact in their organisations.

The conference brought together over 4,000 physical delegates and over 1,000 virtual delegates from across Nigeria and beyond, reinforcing its position as Africa’s largest gathering of human resource professionals.

Delivering his closing remarks,

Mallam Ahmed Ladan Gobir, the President and Chairman of the Governing Council of CIPM, reflected on the journey of the conference and the significance of the conversations that shaped the event.

‘We came, we learned, we networked, and we connected,’ he said, capturing the essence of a conference that brought together business leaders, HR professionals, policymakers, academics, and global experts around the theme, ‘Repositioning for Value and Impact.’

Mallam Gobir noted that while the conference sessions had come to an end, the real work was only beginning.

‘The real conference begins when we return to our boardrooms, leadership teams and organisations. What we have learned here must be translated into action, measurable value and lasting impact,’ he charged.

According to him, the conference succeeded in providing delegates with more than just knowledge.

‘This conference has given us knowledge and memories to take home. The challenge before us now is to ensure that the lessons learned become catalysts for transformation in our workplaces and institutions,’ he said.

Expressing appreciation to participants, speakers, sponsors, exhibitors and partners, the CIPM President acknowledged the vital role delegates played in making the event a success.

‘There is no conference without the people, and you all brought this one to life. We are grateful to every delegate who travelled from different parts of Nigeria and the world in search of knowledge, collaboration and professional growth,’ he added.

Throughout the conference, delegates engaged in insightful discussions on some of the most pressing issues shaping the future of people management, including human-centred leadership, public sector transformation, organisational performance, governance, workforce productivity, artificial intelligence, human capability, HR standards, career development and the evolving expectations of business leaders from the HR profession.

A major highlight of the conference was the announcement of a growing international recognition of CIPM and its commitment to advancing global standards in people management.

Mallam Gobir noted that the Institute continues to deepen its global footprint through mutual recognition and strategic partnerships with leading professional bodies, including the Chartered Institute of Personnel and Development (CIPD), Chartered Professionals in Human Resources (CPHR), the Society for Human Resource Management (SHRM) and the World Federation of People Management Associations (WFPMA).

He described the partnerships as a testament to the growing influence of Nigerian HR professionals on the global stage and a reflection of CIPM’s commitment to ensuring that its members remain globally competitive.

In another significant announcement, the CIPM President revealed that the Third African Human Resource Summit will be held alongside the 59th International Conference and Exhibition (ICE 2027) next year, a development expected to further strengthen collaboration among HR practitioners across the continent and consolidate Africa’s voice in the global people management ecosystem.

The conference featured an impressive lineup of renowned speakers, business executives, public sector leaders and HR thought leaders who challenged participants to rethink conventional approaches to people management and embrace innovation, data-driven decision-making and value creation.

Many delegates described the conference as one of the most impactful editions in recent years. They praised the quality of the speakers, the relevance of the sessions and the diverse networking opportunities that enabled meaningful exchanges among professionals from different industries and countries.

As delegates departed Abuja with fresh insights, new partnerships and renewed inspiration, the closing message remained clear: the success of the conference will not be measured by the number of sessions held or contacts exchanged, but by the value created and the impact delivered in workplaces, organisations and communities.

With the curtains drawn on the 58th International Conference and Exhibition, CIPM has once again reinforced its position as the leading voice of people management in Africa, leaving participants with a renewed commitment to reposition themselves and their organisations for greater value, relevance and impact in an increasingly dynamic world of work.

Nigeria is calling for a fundamental reform of the United Nations’ global power structure, arguing that an institution created around the balance of power in 1945 must reflect the realities of today.

Delivering President Bola Ahmed Tinubu’s national statement at the 81st United Nations General Assembly in New York, Vice President Kashim Shettima said reform of the UN must begin with the reconstitution of the Security Council.

‘The world of 2026 cannot remain captive to the distribution of power in 1945,’ Shettima said, arguing that Africa cannot continue to feature prominently on the Council’s agenda while remaining excluded from permanent membership.

Nigeria is seeking at least two permanent seats for Africa, with the full rights and responsibilities of permanent membership, including veto power for as long as the veto remains. It is also demanding five non-permanent seats for the continent.

The position is supported by the African Union, which has called for at least two permanent African seats with veto rights while the veto remains, alongside five non-permanent seats.

However, changing the structure of the Security Council faces significant diplomatic challenges.

The Council currently has 15 members, including five permanent members, China, France, Russia, the United Kingdom and the United States, all of which have veto powers.

The future of the veto remains one of the major issues in the reform debate. Proposals have included extending the veto to new permanent members, withholding it from them, abolishing it or limiting its use.

Africa’s position is that if the veto remains, any new African permanent members should have the same rights.

The debate also raises questions about Nigeria’s own diplomatic engagement.

President Tinubu has missed the UN General Assembly for three consecutive years, with Shettima representing him. The Presidency has maintained that the Vice-President has the President’s full mandate and that his representation does not diminish Nigeria’s diplomatic standing.

However, some analysts have highlighted the value of presidential participation in high-level international diplomacy.

Professor Ayo Olukoju, Professor of History and Strategic Studies at the University of Lagos, has described the General Assembly as a major diplomatic platform where direct engagement between national leaders can help advance negotiations.

Former Foreign Service officer Iliyasu Gadu has similarly argued that presidential-level diplomacy can be important where international decisions require the authority and personal engagement of the President.

Kelechi Nwogu, a research fellow at the Nigerian Institute of International Affairs, said Tinubu’s absence has implications for Nigeria’s international visibility and could reduce opportunities for direct engagement with other leaders.

Professor Joshua Bolarinwa of the Nigerian Institute of International Affairs, however, has argued that Nigeria can be adequately represented by the Vice-President, Foreign Affairs Minister or its Permanent Representative to the UN.

The debate therefore extends beyond whether the President should personally attend the General Assembly. It raises broader questions about how Nigeria can combine presidential engagement, professional diplomacy and multilateral representation to advance its interests.

For Nigeria and Africa, the push for permanent representation goes beyond an annual speech. It is a challenge to a global system created in 1945, but changing that system will require sustained negotiations and sufficient international support.

As Nigeria calls for a greater African voice at the UN, the debate at home also centres on how effectively the country is using every available diplomatic channel to pursue that objective.

Nations are often remembered through the leaders they elect. Just as often, however, they are shaped by the entrepreneurs they produce.

The story of modern Nigeria cannot be told without its great business builders. Aliko Dangote redefined industrial production. Tony Elumelu transformed banking and democratized entrepreneurship. Femi Otedola expanded his influence in energy while elevating the culture of strategic philanthropy.

Among them stands Mike Adenuga, one of the most consequential yet least understood figures in Nigeria’s economic history.

Known as both the ‘Gentle Giant’ and ‘The Bull,’ Adenuga has spent more than four decades reshaping Nigeria’s economy while avoiding the spotlight. He grants few interviews, makes even fewer public appearances, and appears to have concluded long ago that publicity is overrated. Instead, he lets his businesses do the talking.

They have been remarkably chatty.

From telecommunications and oil to banking, real estate, aviation, sports, and entertainment, Adenuga has built enterprises that touch virtually every strategic sector of the Nigerian economy. His companies have done more than create wealth. They have challenged monopolies, expanded access, created jobs, and strengthened indigenous participation in industries long dominated by foreign interests.

Nowhere is that more evident than in telecommunications.

When Globacom entered Nigeria’s telecom market in 2003, mobile communication remained too expensive for many Nigerians. A few operators dominated the industry and consumers had limited options. Adenuga recognized something simple but powerful: telecommunications could not drive national development if ordinary people could not afford to use it.

His introduction of per-second billing changed the game.

Competitors were forced to rethink their pricing models, and millions of Nigerians suddenly gained more affordable access to communication. It was not merely a clever marketing strategy. It reshaped an industry.

But Adenuga was never interested in winning today’s battle and ignoring tomorrow’s war. Through investments such as the Glo-1 submarine cable and an extensive fiber-optic network, Globacom helped lay the infrastructure for Nigeria’s digital future.

More than two decades later, Globacom remains Nigeria’s only wholly indigenous telecommunications giant. In a capital-intensive industry dominated by global players, that achievement is both commercial and symbolic. It demonstrates that Nigerian-owned companies can compete at the highest level and win.

His success in oil and gas tells a similar story.

Through Congas and Conoil Producing, Adenuga built one of Nigeria’s leading indigenous energy companies in a sector historically controlled by multinational corporations. At a time when many assumed only foreign firms possessed the expertise and financial strength to operate at scale, Conoil proved otherwise.

Long before ‘local content’ became a policy buzzword, Adenuga was already practicing it. His success challenged the notion that world-class energy companies had to come from somewhere else.

His influence extended into banking as well, although that chapter receives far less attention.

Through his early investment in Equitorial Trust Bank, Adenuga supported efforts to expand access to modern financial services during a critical period in Nigeria’s economic development. His philosophy was straightforward: people cannot build wealth, grow businesses, or participate fully in the economy if they remain outside the financial system.

That vision outlived the institution itself. Equitorial Trust Bank later became part of Sterling Bank during the banking consolidation era, helping create a stronger institution with wider reach and greater capacity. While often overshadowed by his achievements in telecoms and energy, Adenuga’s contribution helped advance financial inclusion and strengthen Nigeria’s banking landscape.

Yet his ambitions were never confined to balance sheets and boardrooms.

Across Nigeria’s cities, his real estate investments have helped shape the physical spaces where economic activity occurs. Telecom networks may connect people and banks may finance growth, but somebody still has to build the offices, commercial hubs, and developments where that growth happens.

Real estate rarely enjoys the glamour of a telecom revolution or an oil discovery. Innovation gets magazine covers. Buildings get security guards and parking attendants. Yet cities do not grow on headlines. They grow because investors are willing to commit to concrete, steel, and long-term confidence.

Adenuga understood that. The same logic explains his presence in aviation.

Private jets are easy targets in a country where inequality remains a concern. But managing an enterprise that spans telecom networks, oil assets, banking interests, commercial properties, and multiple markets is not exactly a work-from-home arrangement.

For Adenuga, aviation is less about luxury than efficiency.

It is the difference between waiting and moving, between delay and execution. His aircraft serve as business tools that keep executives, engineers, and decision-makers connected across complex operations.

More importantly, every flight supports an ecosystem of pilots, engineers, maintenance specialists, airport operators, and service providers. In classic Adenuga fashion, what appears at first glance to be a personal asset often turns out to be part of a larger economic machine.

The man buys a plane; an entire value chain clocks in for work.

Perhaps the most revealing aspect of Adenuga’s career is that he rarely speaks about national development while consistently investing in it.

His support for football, entertainment, and culture has helped project Nigerian talent beyond the country’s borders. Through sponsorships and strategic investments, he has backed not only businesses but also something economists often struggle to quantify: national confidence.

Successful nations export more than products. They export culture, talent, stories, and identity.

Long before ‘soft power’ became fashionable policy language, Adenuga appeared to understand its value. His investments in sports and entertainment have amplified Nigeria’s voice globally while creating opportunities for artists, athletes, and creative professionals at home.

Perhaps that perspective comes from his own journey.

Before becoming one of Africa’s richest businessmen, Adenuga worked as a taxi driver in New York while pursuing his education. His rise from modest beginnings to the summit of African business has become part of Nigerian entrepreneurial folklore.

Yet the significance of his story is not simply the wealth he accumulated.

Many people make money. Far fewer redefine industries.

What distinguishes Adenuga is his repeated willingness to enter sectors where Nigerians were told they could not compete and then proceed to prove the skeptics spectacularly wrong.

Most business leaders are remembered for the companies they build. A much smaller group are remembered for changing entire industries.

Mike Adenuga belongs firmly in the latter category.

Today, his influence is woven into the fabric of modern Nigerian life. Millions communicate through networks he built. Businesses operate within systems he helped shape. Entire industries became more competitive because he challenged assumptions others accepted as permanent.

Mike Adenuga is more than a billionaire. He is a nation-builder, a disruptor, a patron of culture, and a powerful symbol of indigenous enterprise. His legacy extends far beyond market valuations and rich lists.

The ultimate measure of his contribution may be the idea he has spent decades proving: that Nigerian-owned companies can innovate, compete, and succeed on the global stage.

Nigerian entrepreneurs have been urged to inspire a new generation of innovators as the Telecommunication and Technology Sustainability Working Group (TTSWG) convened a broad spectrum of policymakers and thought-leaders to deepen conversation on driving sustainable innovation acros the country.

ý’There are different milestones in building an innovation, but one critical part is the ability to inspire a new generation of innovators. This is part of what the conference seeks to achieve,’ Bankole Oloruntoba, lead consultant at the TTSWG Secretariat, said during the second edition of the Innovation Makers Challenge (IMC) Conference and Innovation Exhibition 2.0, themed, ‘Nurturing Innovation Ecosystems: Beyond Ideas to Real Impact.’

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ýOloruntoba said that the broader vision of IMC 2.0 was to deepen support for sustainability in the technology and telecommunication sector. According to him, the IMC was built on the premise of supporting innovation and creating a convergence for young innovators within those sectors.

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ý’We know the sector cannot attain sustainability with just technology alone; we also have to bring in other essential components or wide-range of activities.

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ý’When we had the first Innovation Makers Challenge Conference and Exhibition, we had quite a number of participants. The first edition focused mostly on two sectors, while today we have expanded to five sectors – health, agriculture, education, climate change and technology,’ Oloruntoba said.

ýDapo Otunla, senior vice president and chief corporate services officer, IHS Nigeria, said that the conference provided a platform for closing the gap between infrastructure and imagination, and between connectivity and capability by creating opportunities for young innovators to come into the ecosystem, leveraging their creativity to solve real-life problems.

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ý’As a company, we believe education is one of the most powerful forms of economic empowerment available to us. When entrepreneurs are equipped with the right knowledge, they build stronger businesses. They create employment, develop other people, make smarter decisions and scale responsibly,’ Otunla said.

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ýAccording to him, the conference aimed to solve critical challenges that exist between having an idea and knowing what to do with the idea. ‘This is the intersection where the Innovation Makers Challenge lives: the meeting point between infrastructure and imagination, between connectivity and capability. That’s the gap this conference exists to close.’

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ýThis year’s conference was characterised by a top-five live pitch session featuring all-female early-stage Innovators: QiqiFarms (farm produce offtaker AgriTech), Elcornel Business Enterprises Limited (climate-friendly AgriTech), Anatsor Limited (tech-based poultry farming management software enabler), Agrovesto (tech-based AgriTech pioneering operating system for bankable and sustainable agriculture), and Blue Sands STEM Labs (a virtual lab EdTech).

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ýThe three winners of the pitch received a combined N9.5 million seed fund to support their growth. Agrovesto received N6 million (prize winner); Blue Sands STEM Labs, N2 million (first runner up); and QiqiFarms, N1 million (second runner up).ý

Economic instability has become an unavoidable reality of doing business in Nigeria, and a few sectors feel their consequences as directly as project development and management.

From residential buildings and commercial centres to roads, industrial facilities, and public infrastructure, projects are conceived on assumptions about cost, financing, time, and market conditions.

Yet, those assumptions can change dramatically between conception and completion. Nigeria has experienced significant shifts in inflation, exchange rates, fuel prices, interest rates and the cost of imported inputs in recent years.

Although recent reforms have contributed to improved macroeconomic stability, inflationary pressures remain significant and external shocks continue to pose risks. The World Bank reported that Nigeria’s economy grew by about 4 per cent in 2025, supported by services, real estate, ICT and construction, while inflation remained elevated.

The IMF has similarly noted that renewed global fuel and food-price pressures can quickly feed into domestic inflation and transport costs. For project stakeholders, therefore, economic volatility is no longer something to be considered only after problems arise; it must be incorporated into project planning from the beginning.

The effect of economic fluctuations on projects is particularly visible in construction. A developer who prepared a bill of quantities, obtained financing and negotiated contracts at one price level may discover that the same project requires substantially more money several months later.

Inflation, exchange-rate movements, and fuel costs can affect cement, steel, electrical components, plumbing materials, finishing products, transportation, and equipment.

The situation becomes more complicated when projects depend on imported materials or equipment, because exchange-rate movements can alter the naira cost even when the international price remains unchanged. Recent Nigerian research has found significant relationships between exchange-rate volatility, imported material costs and budget revisions in construction projects.

This creates a dangerous cycle: rising costs produce budget pressures; budget pressures delay procurement; delays expose projects to another round of price increases; and the resulting cost escalation may threaten the original financial viability of the project. In practical terms, a project that looked profitable at commencement can become financially unattractive before completion.

Time, therefore, has become an economic variable in project management. Traditionally, project managers are expected to control the familiar triangle of cost, time and quality. In an unstable economic environment, however, these variables are increasingly interconnected.

A delay of three or six months is not merely a scheduling problem when interest is accumulating on borrowed funds, contractors are demanding revised prices and construction materials are becoming more expensive.

For property developers in Lagos, Abuja, Port Harcourt and other rapidly developing urban centres, delayed completion can also mean delayed rental income, delayed sales and additional security, maintenance and professional costs.

Globally, major infrastructure and construction projects face similar challenges from commodity-price movements, supply-chain disruptions, geopolitical tensions and changes in financing conditions.

The lesson is important for Nigeria: project schedules should not be treated as static documents. They should be actively monitored against economic developments, with realistic contingency provisions and clearly defined procedures for dealing with material changes in project conditions.

Financing is another area where economic fluctuations can fundamentally alter project outcomes. Higher interest rates increase the cost of borrowing and can make projects that appeared viable under one financial environment considerably more expensive under another.

Developers who rely heavily on debt financing must therefore examine not only the initial cost of a project but also the sensitivity of its financial returns to changes in interest rates, exchange rates, construction costs, occupancy levels and selling prices.

This is particularly important in Nigeria, where real estate development often involves substantial upfront expenditure and a relatively long period before revenue is realised. A sound feasibility study should consequently contain alternative scenarios rather than a single optimistic projection.

What happens if construction costs rise by 15 per cent? What if the exchange rate moves significantly? What if sales take longer than expected? What if interest rates remain high for another two years? Scenario analysis does not eliminate uncertainty, but it enables stakeholders to understand the consequences before committing substantial capital.

The contractual framework surrounding a project must also reflect economic reality. In periods of relatively stable prices, parties may be comfortable with fixed-price arrangements, but prolonged volatility can expose contractors, consultants and clients to risks that were not properly anticipated at contract signing.

Appropriate price-adjustment or escalation mechanisms, clearly defined variation procedures, realistic completion provisions and transparent risk allocation can help prevent economic shocks from becoming disputes.

This does not mean that every increase in cost should automatically be transferred to the client. Rather, the parties should determine in advance which risks each party is capable of managing and which risks require shared arrangements.

Professional advisers therefore have an increasingly important role to play. Quantity surveyors must provide realistic cost advice; architects and engineers should consider cost-effective specifications; valuers must pay attention to changing market evidence; financiers must stress-test project assumptions; and project managers must coordinate these perspectives into a coherent delivery strategy.

In a volatile economy, multidisciplinary collaboration is no longer a luxury-it is a project-survival mechanism. Technology and better information can further strengthen project resilience. Digital project-management platforms, cost-monitoring systems, Building Information Modelling, procurement databases and data analytics can give stakeholders earlier warning when project performance begins to diverge from the original plan.

Internationally, project organisations are increasingly using data-driven forecasting and scenario modelling to manage uncertainty in complex projects. Nigeria should move in the same direction.

A project manager should know not only how much has already been spent, but also why costs are changing, which procurement items are most vulnerable, how much exposure remains and what alternative actions are available.

For large projects, periodic economic-risk reviews should become part of project governance. Rather than waiting for a budget crisis, stakeholders can monitor inflation, exchange rates, fuel prices, interest rates and supply-chain conditions and incorporate the information into procurement and cash-flow decisions.

The objective is not to predict the future perfectly; it is to make the project sufficiently responsive to changing circumstances.

Ultimately, economic fluctuations do not necessarily make successful project delivery impossible; they make disciplined project management more important. Nigeria’s improving macroeconomic conditions provide opportunities for renewed investment, with the World Bank reporting stronger activity in sectors including real estate and construction, while the IMF has identified continuing external and domestic risks that require vigilance.

The appropriate response from project stakeholders is therefore neither excessive pessimism nor unrealistic optimism, but preparedness.

Developers must strengthen feasibility studies and financial planning; financiers must examine risk realistically; contractors must improve procurement and cost control; consultants must provide timely and evidence-based advice; and project managers must become more proactive in identifying and responding to economic risks.

The Nigerian project environment may remain uncertain, but uncertainty can be managed when stakeholders recognise that economic conditions are part of the project itself. In the years ahead, the projects that preserve cost, time, quality and ultimately value will increasingly be those managed not merely as construction or investment exercises, but as dynamic economic systems capable of adapting to change.

It is all colour and glamour across the destinations today September 27th as countries and people of the world roll out drums to celebrate the World Tourism Day (WTD)2026.

The celebration, which has been observed since 1980, puts tourism on global spotlight as stakeholders and the international community commemorate WTD in the light of the importance of tourism to global peace, economy and development today.

As of 2025, tourism and travel industry contributed a record $USD11.6 trillion to the global economy, accounting for 9.8 percent of the world economy, according to the World Travel and Tourism Council.

The industry also supported 366 million jobs worldwide, which equals about one in every ten jobs globally, while being projected to contribute $USD12 trillion in 2026 and $USD16 trillion by 2034.

The above are top among the reasons Skal International Nigeria took advantage of the celebration to spotlight the country’s tourism potential.

The Nigeria chapter of the world’s largest professional organisation of tourism leaders, took this year’s celebration a notch higher with a specially curated familiarization trip to Badagry, a Lagos border town, which is better known for its slave trade history and relics.

But the trip also did not dwell much in the past, it highlighted the enormous tourism potential of Badagry, how the potential, hugely untapped, can turn things around and push Badagry to a world-class destination.

Yet, the familiarization trip was special as it not only commemorated the 2026 WTD, it most importantly, hosted for the first time ever, André Hayes, world president of Skål International, who was on his way to the 85th Skål International World Congress 2026, scheduled for September 29- October 2, 2026 at Nelson Mandela Bay, South Africa.

With the presence of Hayes, the Skal International Nigeria chapter’s WTD 2026, which was themed,

‘Roots, Royalty and Flavors: A Historical and Cultural Journey Through Badagry’, was all about fun, friendship in the spirit of Skal, and networking.

The full day trip, which commenced from two take off points: City Mall and Ikeja Mall at 8:00am, witnessed excitement across board until late evening when the tour buses headed back to Lagos metropolis with the satiated members.

Dressed in their Skal blue t-shirts, the members, who run thriving businesses in the tourism and travel industry, were elated at embarking on the trip.

From city tours, museum visits, community engagements, boat cruise, walk in slave routes and to eating with the locals, the trip lived up to their expectations.

The first point of call, on arriving Badagry by road, was the Badagry Heritage Museum, which is located on Lander Road, Marina, Badagry, where the Zangbeto Masquerade, entertained the visitors, welcoming them to the ancient town, while offering them a piece of culture and tradition of the people.

At the museum, which is located in the former administrative building of British District Officer, Peter Oliade-Mesewaku, the curator, noted that the building was constructed in 1863, and converted into a museum in 2002.

Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA

He guided the Skal International members through the eight galleries of the museum, amid trailing the history of slave trade.

Original slave trade objects like manacles and shackles bore witness of the inhuman trade, while replicas of slave ships offer more insights of the era.

He also took the visitors through conditions of the slave in the Americas, the abolition, freedom and post slavery era.

The visitors got many in sober reflection and mood. But the earlier warning by the curator not to bear grudges, helped them to recover afterwards.

From the museum, the visitors went for food tourism at Iya Alajogun Compound, where 73-year-old Iya Alajogun made Ajogun, the famous Badagry biscuit. Of course, the visitors learnt, had a taste and took home a piece of the heritage.

Another exciting stop was at the Agia Tree Monument, the spot where Christianity was first preached in Nigeria in 1842. Again, the tour guide took the visitors through faith and history combined in one spot.

Many, especially the Chritians among the visitors, took pictures at the spot, which now has improved fittings and infrastructure for tourists’ comfort.

At the Vlekete Slave Market Museum, the visitors were taken through the spiritual side of the slave trade business as lots of sacrifices were made to appease the goddess before the slaves commence their journey to the slave ships.

One gory sight at the museum is the dungeon for the unsold slaves.

But the boat cruise to Gberefu Island to see the Point of No Return, was the highlight for many.

The cruise allowed the visitors to cross the lagoon and walk the path their ancestors took to the slave ships to the unknown land.

The about 10 minutes’ walk from the lagoon across Gberefu Island to the Point of No Return by the Atlantic Ocean shore was nostalgic as many keep reflecting on the sufferings of the slaves, their mindset at the moment, and the huge loss to Africa as most of them were able-bodied, very intelligent, and brave.

Getting to the Point of No Return called for more moody moments and powerful moments of remembrance as the edifice signaled the last hope of light, of life, of existence, of touch with ancestral home and sadly, goodbye to relatives they can never see again.

The Lagos State government is building a gigantic arch, far bigger than the Point of No Return to recreate the journeys of the slaves to their last point of sanity.

What seems hope is the plan by the Lagos State government to attract Nigerian and African diasporas in the Americas home through the ‘Door of Return’, a gigantic door by the Badagry waterfront to Gberefu Island.

The cruise allowed the visitors to cross the lagoon and walk the path their ancestors took to the slave ships to the unknown land.

The about 10 minutes’ walk from the lagoon across Gberefu Island to the Point of No Return by the Atlantic Ocean shore was nostalgic as many keep reflecting on the sufferings of the slaves, their mindset at the moment, and the huge loss to Africa as most of them were able-bodied, very intelligent, and brave.

Getting to the Point of No Return called for more moody moments and powerful moments of remembrance as the edifice signaled the last hope of light, of life, of existence, of touch with ancestral home and sadly, goodbye to relatives they can never see again.

But the visitors were relieved after encountering the ordeals at Point of No Return by juicy coconut sold by locals at the waterfront. The medical water and unripe seed, rich in vitamins, did the magic.

The visit culminated with a sumptuous local meal at a trendy restaurant in town, where the visitors tried local delicacies.

Speaking on his visit during the meal at the restaurant, the Skal International Global President, who earlier led a delegation to the Ministry of Tourism, Arts and Culture, Lagos State, where they were received by Bopo Oyekan-Ismaila, the permanent secretary, thanked the Nigerian chapter for having him again in the country. It has been 30 years since I have been here and I am delighted to be back,’ Hayes said in Badagry.

Hayes, who noted that he was on his way to Skal International World Congress in Mandela Bay, South Africa, noted that despite all the political situation, at the end of the day, all are colleagues. ‘We started our organisation based on one legitimate situation, which was all about being friends.

‘We need to go back to our roots and to focus on what we are. We are friends before anything else. And despite everything that is happening, not just here in the region, but all around the world, we are still friends,’ Hayes reaffirmed.

Considering the changing times, the global president urged the Nigerian chapter to embrace the change.

‘One of the things I am going to encourage you is that times have changed. The industry is changing, and for that reason we have to change as an organisation, but without losing our values, which is the most important aspect of it’.

He also confessed witnessing the true spirit of Skal among members of the Nigerian chapter.

Apart from the ones that I have seen in multiple locations at world conferences, I am walking out today with 43 new friends,’ he concluded.

Speaking at the full day event, Ademola Sanya, National President of Skål International Nigeria, noted that it was such a satisfying moment to have Skal’s world president visit members in Nigeria.

‘He has gone to a lot of places. I think it is imperative that he visits a country where the largest delegate at any congress comes from, which is Nigeria,’ Sanya said.

Reflecting on tourism, Sanya regretted that there is so much potential that is untapped, while calling for collaborations to develop tourism and make it count.

‘Today we visited Badagry. The potential from an outsider is much. From those of us that are in the tourism space, we have seen so much potential here that can be harnessed.

‘The same thing that people sell around the world and make lots of money from is lying fallow around the streets of Badagry. Let me be honest with you.

‘If I live in Badagry, we will have an association in Badagry that will be selling artefacts, things that relate to Badagry,’ Sanya noted.

For Chudi Aligwekwe, president, Lagos Chapter of Skål International, the host, the visit to Badagry was very unique considering that it witnessed the presence of Skal’s Global President, as well as timely as it marks World Tourism Day 2026.

He appreciated the global president for his visit, which he described as timely. He also noted that Nigeria is very important to Skal considering the huge membership as Lagos alone has over 90 members.

Speaking on tourism, he noted that all over the world, tourism is a big industry. ‘I encourage people who are in this space to try and belong to clubs that go beyond just making money like Skal.

‘It is not just that we are here as members, we are first of all friends because the main tenet of Skal is friendship first and you can do business after,’ he concluded.

Enugu poet James Ngwu Eze has said that being named among the final three for the 2026 Nigeria Prize for Literature felt, for a moment, as if he had already won Africa’s richest literary award.

Eze’s third collection, Unbind Me Now (Masobe Books), shares the shortlist with Ogaga Ifowodo’s Why Does God Need a Gun? and Tares Oburumu’s Flora’s Love Colony. The three titles were chosen from 223 entries and an 11-book longlist. The $100,000 prize, sponsored by Nigeria LNG Limited, is expected to be announced on 9 October.

In an interview after the shortlist was published, Eze said a friend’s call brought ‘relief, disbelief’ and the sense that the book had ‘finally found its readers.’ He had completed the manuscript in December 2025. On 11 February 2026, before the public had seen the new poems, the English Department of Chukwuemeka Odumegwu Ojukwu University honoured him as ‘The People’s Poet’ after a reading of his debut, *Dispossessed*.

‘It means a great deal to me that, out of 223 books, mine was named among the three best poetry books in Nigeria in 2026,’ he said. ‘I feel immense validation. I feel noticed. I feel seen.’

The prize advisory board praised Unbind Me Now for ‘fluid and aesthetically captivating language’ and a movement from sociopolitical dysfunction toward redemption. Eze said that reading matched his design: he had ‘deliberately woven layers of hope into most of the poems.’

Dispossessed was longlisted for the same prize in 2022 and won the Association of Nigerian Authors Poetry Prize in 2020. Eze described the new collection as a more battered speaker taking ‘a bold and courageous rise to the tongue of the inferno.’

He rejected talk of losing. ‘I don’t go into any contest with the slightest thought of not winning,’ he said. ‘God, who led me this far on this journey, will crown me with glory.’

If the book does not take the prize, he still wants it remembered as ‘a watershed in Nigeria’s contemporary poetry’ and ‘the book whose impact rang the loudest in recent memory.’