Category: Business Day

Algeria beat host Morocco 3-2 on penalties following a 1-1 draw in regulation time to lift the bronze medal and secure a first-ever TotalEnergies CAF Women’s Africa Cup of Nations podium finish in Rabat on Saturday night.

This was the second meeting between the two North African sides after Morocco’s narrow victory in the group stages of the competition.

The hosts started brightly and came close to opening the scoring in the 17th minute when Ibtissam Jraidi’s first-time effort struck the crossbar.

Morocco eventually found the breakthrough nine minutes later. Kautar Azraf showed impressive technique to eliminate her marker before using her left foot to find the far corner and put the hosts ahead.

Azraf almost doubled Morocco’s advantage soon afterwards with a volley, but the effort bounced awkwardly and lost direction before being cleared to safety.

Jraidi had another opportunity in the 63rd minute when she was sent through on goal, but failed to make a clean connection with her effort.

Algeria returned from the break better organized, probing the Moroccan defence and creating a series of opportunities.

In the 77th minute, a perfectly weighted ball found captain Marine Dafeur in a promising position, but she was unable to direct her effort towards goal.

Three minutes later, Lina Boussaha came close with a well-struck volley that sailed narrowly over the crossbar.

The pressure finally paid off in the 83rd minute after Melissa Bethi produced a brilliant through ball for Boussaha, who showed composure to tuck the ball past the goalkeeper and level the contest at 1-1.

Neither side could find a winner before the final whistle, sending the match to a penalty shootout.

Nasir El-Rufai, former governor of Kaduna State, has instituted a fresh N10 billion fundamental rights action against the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over alleged denial of access to his wife and son while in custody.

El-Rufai, in the suit filed before the Federal High Court in Abuja, alleged that the anti-corruption commission repeatedly prevented his wife, Aichatou Asabe, and his son, Abba El-Rufai, from visiting him at the ICPC detention facility.

The suit, marked FHC/ABJ/CS/1852/2026, was filed on August 13, 2026, through his counsel, Ubong Akpan.

The ICPC Chairman and the Attorney-General of the Federation were joined as the second and third defendants respectively.

In the suit, the former governor is seeking nine reliefs, including declarations that his fundamental rights guaranteed under Part IV of the 1999 Constitution remain enforceable despite his detention by the commission.

El-Rufai is also asking the court to declare that the alleged repeated denial of access to his family members, particularly where such access was required to enable them provide him with food, medication and other necessities, amounted to a violation of his constitutional rights.

He specifically relied on Sections 34 and 37 of the Constitution, dealing with the right to dignity of the human person and privacy and family life, respectively, as well as Articles 5 and 18 of the African Charter on Human and Peoples’ Rights.

The former governor further alleged that officers of the ICPC physically restrained and intimidated his wife and son during an incident on July 7.

He described the alleged action as an arbitrary interference with his spousal and filial relationships, arguing that the commission had no lawful basis for restricting his access to members of his immediate family.

El-Rufai is asking the court to declare that the respondents’ continued denial of family access without lawful authority was unconstitutional, illegal, null and void.

He is also seeking an order compelling the respondents to grant him ‘unhindered and reasonable access’ to his family members and legal representatives throughout the period of his detention, in line with an earlier order of the Federal High Court.

According to the former governor, the restriction had gone beyond a mere limitation on visitation, as it allegedly prevented his wife and son from supplying him with essential items, including food, medication and other personal necessities.

He alleged that the situation had subjected him to humiliation, emotional trauma, anxiety and psychological distress.

‘The respondents acted arbitrarily, unlawfully and in a manner inconsistent with Sections 34, 37 and 46 of the Constitution and the African Charter on Human and Peoples’ Rights,’ the former governor alleged.

He further contended that the alleged conduct of the ICPC constituted ‘an unjustifiable interference with the applicant’s dignity and family life’ and was therefore unconstitutional.

In an affidavit filed in support of the suit, Mohammed Shaba, El-Rufai’s Principal Secretary, said the former governor was being detained at the ICPC office in Abuja.

Shaba said the facts contained in the affidavit were supplied to him by El-Rufai’s wife, Asabe, on July 12.

He stated that Asabe had personally taken responsibility for providing her husband with food, clothing, medication and other personal necessities required for his comfort, health and general well-being while in custody.

According to the affidavit, Asabe had regularly visited El-Rufai before July 7 and had been able to deliver meals and other essential items to him without obstruction.

Shaba alleged that the situation changed after the July 7 incident, when access by the former governor’s family members was allegedly restricted.

He argued that the restriction was particularly significant because El-Rufai remained in custody while facing criminal proceedings and was entitled to retain the constitutional protections available to detainees and accused persons.

The affidavit also referred to an existing criminal case against El-Rufai, identified as FHC/KD/73C/2025, pending before the Federal High Court in Kaduna, in which the Federal Republic of Nigeria is the complainant.

Shaba recalled that Justice R.M. Aikawa of the Kaduna Division had, on April 1, ordered the ICPC to allow the defendants access to their counsel and personal physicians whenever they required their services.

He argued that the order underscored the principle that persons in detention should not be held incommunicado and that the conditions of their detention remained subject to judicial oversight.

‘Clearly, this order reflects the settled principle of law that detainees are not to be held incommunicado and that the ICPC is subject to judicial oversight regarding the conditions of detention,’ Shaba stated in the affidavit.

He further maintained that El-Rufai continued to enjoy his fundamental rights under the Constitution and the Administration of Criminal Justice Act, including the right to humane treatment and reasonable access to members of his family.

The latest action therefore seeks not only monetary compensation but also specific judicial orders compelling the ICPC to restore family and legal access to the former governor while his detention continues.

The N10 billion action is the latest in a series of lawsuits filed by El-Rufai against the ICPC since the commission commenced investigations involving the former governor.

In February 2026, El-Rufai instituted a separate N1 billion fundamental rights suit against the anti-corruption agency over an alleged unlawful search of his Abuja residence.

The suit, marked FHC/ABJ/CS/345/2026, challenged the validity of a search warrant issued by a Chief Magistrate of the Federal Capital Territory Magistrates’ Court.

El-Rufai had alleged that the warrant was used by the authorities to raid his residence, arguing that the search violated his constitutional rights to dignity, personal liberty, fair hearing and privacy.

Those rights are protected under Sections 34, 35, 36 and 37 of the 1999 Constitution.

The N1 billion suit was subsequently amended, with the former governor removing the magistrate who issued the warrant from the list of defendants.

Nigeria’s headline inflation rate eased further in July, strengthening expectations that the Central Bank of Nigeria (CBN) could resume monetary policy easing as early as September.

The Consumer Price Index (CPI), released by the National Bureau of Statistics (NBS), showed that headline inflation declined to 15.4 percent in July 2026, from 15.9 percent in June.

The July reading was slightly lower than the 15.51 percent forecast by BusinessDay, pointing to a faster-than-expected moderation in price pressures.

On a month-on-month basis, headline inflation stood at 1.57 percent in July, indicating that prices continued to rise but at a relatively moderate pace.

Food prices, however, remained a key source of pressure. The food inflation rate rose by 5.56 percent month-on-month in July, underscoring the continued vulnerability of household purchasing power to food-price movements.

The latest moderation in headline inflation could provide the CBN with greater room to reconsider its tight monetary policy stance, particularly if the downward trend persists in August.

The central bank’s next policy decision will be closely watched by investors, businesses and consumers, as a sustained decline in inflation could strengthen the case for a reduction in the Monetary Policy Rate (MPR).

Manchester City have stepped up negotiations with Lille over a potential transfer for highly rated Moroccan midfielder Ayyoub Bouaddi as Enzo Maresca looks to strengthen his midfield following Rodri’s imminent departure.

The Premier League side are keen to conclude a deal for the 18-year-old this week, having identified him as a potential replacement for Rodri, who is set to join Barcelona in a transfer worth around £65 million.

Lille are understood to value Bouaddi at around pound 100 million (£85.6 million), although reports suggest City could ultimately pay as much as pound 129 million for the promising midfielder.

The deal is expected to progress further once Rodri completes his move to Barcelona.

Bouaddi emerges as Rodri’s replacement

Bouaddi has emerged as one of Europe’s most exciting young midfielders after making his Lille debut in October 2023, just three days after his 16th birthday.

He has since established himself as an important member of the French club’s first team, making more than 90 appearances across all competitions.

Last season, Bouaddi featured 42 times for Lille and helped the club finish third in Ligue 1.

The midfielder also made a strong impression at the 2026 FIFA World Cup, starting five of Morocco’s six matches as they reached the quarter-finals.

His performances at the tournament further enhanced his reputation following his breakthrough display in Lille’s Champions League victory over Real Madrid in 2024.

City step up pursuit

Manchester City are attracted to Bouaddi’s composure under pressure, tactical intelligence and ball-carrying ability.

The teenager primarily operates as a deep-lying midfielder and could complement summer signing Elliot Anderson, who is capable of playing both as a box-to-box midfielder and in the deeper No. 6 position.

Bouaddi remains under contract with Lille until 2029, while Transfermarkt values the Morocco international at around pound 80 million.

City have also been linked with Chelsea midfielder Enzo Fernandez, but the London club’s valuation would make a deal for the Argentina international significantly more expensive.

For now, Bouaddi has emerged as City’s preferred midfield target as the club prepares for life without Rodri.

Three innovators have emerged as winners of the HelpMum CareCode Hackathon 2.0, taking home a combined N10 million as healthcare and technology leaders gathered in Lagos to examine how artificial intelligence can transform Africa’s healthcare system.

The winners were announced at MedVerge 2.0, a health technology event convened by Abiodun Adereni, founder and CEO of HelpMum, Dobic Health and SmartMRS, and held at the Radisson Blu, Victoria Island, Lagos.

Lavender Care won the first prize of N5 million, while Chop Beta and Bumply placed second and third, receiving N3 million and N2 million respectively.

The three winners emerged from five finalists selected from hundreds of applications. Other finalists were HerPride and MamaConnects.

According to Adereni, the hackathon was designed to give young innovators an opportunity to develop and present technology-driven solutions to healthcare challenges.

‘These people are basically students coming to pitch an idea. It has to be healthcare-related and also involve technology,’ he said.

The event also provided a platform for HelpMum, Dobic Health and SmartMRS to showcase their innovations and launch a government working document aimed at strengthening collaboration around healthcare technology.

Adereni said MedVerge was conceived as a platform where innovators could share their work, inspire young people and attract investment into healthcare-focused solutions.

The gathering featured healthcare professionals, technology experts, students, innovators and policymakers, with discussions focused largely on the future of AI in healthcare.

Lily Aimas Love, AI Research, Monitoring and Evaluation Associate at HelpMum Africa, said the organisation is leveraging artificial intelligence, research, advocacy and policy advisory to improve maternal and infant health outcomes.

She noted that preventable deaths among children remain a major concern, particularly where misinformation and poor access to health information affect vaccination decisions.

Love also argued that AI should be viewed as a productivity tool rather than a replacement for healthcare workers.

‘AI is not really going to take your job. It depends on how you can leverage AI to actually make your workflow better,’ she said, stressing that professionals who learn to use emerging technologies effectively would become more productive.

HelpMum’s team also highlighted its efforts to reach underserved women in rural communities with pregnancy, childbirth, lactation and child vaccination information.

According to the organisation, its initiatives have reached more than one million mothers across its programmes.

Beyond technology, HelpMum is expanding its focus to nutrition. Abionu Oluwatise, the company’s consultant dietitian, said the organisation is running the Nutrition Champions Initiative, which trains community healthcare workers on maternal, infant and young-child nutrition.

It also operates the Nova Hub programme, which provides antenatal nutrition education to pregnant women at primary healthcare centres.

Oluwatise said assessments conducted before and after the interventions have shown strong knowledge retention among participants, highlighting the importance of targeted nutrition education.

MedVerge ultimately positioned healthcare innovation as a collective responsibility, bringing together doctors, nurses, pharmacists, technologists, students and other professionals to develop solutions capable of improving Nigeria’s healthcare outcomes.

Nigeria needs lower-cost financing, better infrastructure and simpler land and tax policies to unlock investment in its real estate and hospitality sectors, according to Edward Akinlade, group managing director/chief executive officer of Haldane McCall Plc.

Akinlade said high construction and operating costs, elevated interest rates, infrastructure deficits and land administration bottlenecks are limiting developers’ ability to expand housing supply and attract private capital.

‘The challenges are significant and interconnected,’ Akinlade said. He called for improved access to long-term financing, faster land-title registration and greater policy stability, particularly in taxation and planning regulations.

He also urged government to expand roads, electricity and water infrastructure and strengthen public-private partnerships to enable developers to build at scale.

The hospitality industry faces similar pressures, with high energy costs, expensive financing, weaker consumer spending and infrastructure constraints affecting profitability, Akinlade said.

He called for targeted incentives, improved tourism infrastructure, better transportation and security, and reduced regulatory and tax burdens.

Akinlade stated further that Haldane McCall’s strategy is focused on expanding its development pipeline while maintaining shareholder returns.

‘The company has commenced plans for Phases 2 and 3 of its Mile 12 project in Lagos, comprising 64 two-bedroom apartments, following the completion and sale of the earlier phase. It has also completed a joint venture agreement to develop 32 three-bedroom apartments at Olateju Street, Olorushogo, Lagos.

‘The projects will strengthen the company’s revenue pipeline while allowing it to deploy capital more efficiently. Haldane McCall also paid its 2025 dividend, a fulfilment of a commitment made before the company’s listing.

‘Our objective is to create a healthy balance between immediate value distribution and reinvestment in projects that can generate future revenue and profitability,’ he said.

Akinlade explained the company would focus on scaling its project pipeline, pursuing strategic partnerships and maintaining disciplined capital allocation as it seeks to build a more diversified and consistently value-creating real estate group.

The coalition of opposition parties in Bauchi State, on Sunday, said that they would not participate in the Local Government elections scheduled for Monday (today), accusing the Bauchi State Independent Electoral Commission (BASIEC) of imposing conditions that would make fair participation impossible.

At a Press Conference held at the NUJ Secretariat in Bauchi, Ladan Salihu, Spokesman of the African Democratic Congress (ADC), said the parties reached the resolution after reviewing BASIEC’s guidelines, fees and timetable.

The coalition, which faulted the legal basis for the poll? said the election is being conducted under the State’s 2008 Electoral Law as reflected in BASIEC’s guidelines, arguing that it contradicts the 2026 Electoral Act.

‘This has produced a weak and questionable legal foundation for the conduct of these elections,’ Salihu said on behalf of the coalition.

The spokesman of the ADC listed three major grievances, including, what he called excessive nomination and administrative fees despite State funding of the exercise. Secondly, a compressed timetable that gave parties only July 15-17 for primaries, July 22-24 to collect forms, and July 27-29 to return them, leaving little time for screening and dispute resolution. Then a directive that all forms be processed only at BASIEC Headquarters in Bauchi, which he said, imposed additional transport and financial burdens on opposition parties.

Salihu alleged the ruling party already had access to Government resources and time to prepare, while opposition parties rely on voluntary contributions.

He further claimed that some opposition parties might have been contacted, cajoled, or even induced financially to participate and lend credibility to the process.

‘It is a principled rejection of political manipulation, financial exclusion, and an electoral process that does not guarantee free, fair and credible election.

‘We hereby announce our resolve to boycott what we consider a kangaroo election’, the opposition coalition declared.

Instead, the coalition said it would redirect resources to mobilisation and party building.

The coalition called on BASIEC to correct the imbalance, saying: ‘Should BASIEC fail to do so, we will be left with no option but to take whatever further action we deem legitimately necessary’.

Edo State Governor, Monday Okpebholo, has charged the new leadership of the Edo State House of Assembly to embrace humility, transparency and teamwork, urging lawmakers to put aside personal differences and focus on delivering good governance to the people.

Okpebholo gave the charge on Monday when he received the new Speaker of the Assembly, Prince Yekini Oisayemoje Idaiye, who represents Akoko-Edo Constituency, alongside members of the new leadership.

The governor said political office was temporary and should therefore be exercised with humility and a strong sense of responsibility, warning lawmakers against allowing personal differences to undermine the stability of the Assembly.

‘We must put arrogance aside to serve our people better because today we are here and tomorrow we don’t know where we will be,’ he said.

Okpebholo urged the new leadership to promote transparency, dialogue and inclusiveness, stressing that disagreements within the Assembly should be resolved internally rather than being taken to social media.

‘It is a new leadership. I don’t know what happened. Whatever must have happened in the House is for the House, and it remains there. I was also a parliamentarian, and I know that we respect one another,’ the governor said.

He specifically charged Idaiye to carry all lawmakers along, warning that excluding members from the affairs of the House could create fresh divisions. According to him, effective legislative leadership requires consultation, openness and collective decision-making.

‘The only way you can have an effective leadership is for you to carry everybody along,’ Okpebholo said, urging lawmakers to voice their concerns through dialogue and private discussions with the Speaker where necessary.

The governor also called for a peaceful Assembly ahead of the 2027 elections, urging lawmakers to strengthen their presence in their constituencies and work towards electoral success. He encouraged those who may not return to the Assembly to remain optimistic, assuring them of continued cooperation.

As construction progresses on the Lagos-Calabar Coastal Highway, Omotayo Oyerokun, a Civil Engineer, has appealed to Federal and State Governments to leverage the new infrastructure for massive economic growth.

?In an open letter addressed to President Bola Ahmed Tinubu, Lagos State Governor Babajide Sanwo-Olu, and Minister of Works, Oyerokun advocated for transformation of the strategic real estate stretch between Sangotedo and Eleko into a designated world-class resort and hospitality corridor.

?The proposal, he said, should focus on active private-sector investment to convert the beachfront and immediately adjacent land parcels into an integrated hub for hotels, luxury resorts, and entertainment infrastructure.

?’Nigeria has a rare opportunity to develop its tourism sector, particularly because of the new coastal road.

‘Developing this corridor could significantly contribute to the $1 trillion GDP target, attract foreign and domestic direct investment, and potentially generate hundreds of thousands of jobs across construction, hospitality, transport, and service sectors’, he said

?Beyond coastal land development, Oyerokun said the vision will highlights the synergy between ground transport and aviation infrastructure in the Lekki-Epe zone.

?Oyerokun therefore recommended establishing a localised air carrier, tentatively designated ‘Eko Airline,’ operating out of the proposed Lekki-Epe International Airport in Ibeju-Lekki.

‘The airline would service domestic and regional routes, enhancing passenger throughput and consolidating Lagos State’s position as a primary commercial and leisure destination in West Africa.

‘?This proposal comes as both federal and state authorities continue to emphasise infrastructure-led economic diversification to expand non-oil revenue streams and boost domestic productivity’, he added.

The election season is only a few months away. Campaigns for the Presidential and National Assembly elections will commence in a matter of days. The country will enter a cycle that will significantly affect commercial retail property more than most other asset classes.

Evidence over the years has revealed a recurring pattern: retail operators have encountered it three times before this century. Understanding this pattern accurately is crucial, rather than dismissing or exaggerating it.

Nigeria’s election cycles often influence investment patterns. Examining the 2011, 2015, and 2019 elections shows that real estate activity tends to decrease before voting and then gradually bounces back afterward. The 2023 cycle was more complicated: some sectors experienced increased liquidity ahead of the election, but it’s uncertain whether this was due to real demand or mere speculation. A major factor was the naira redesign policy. The Central Bank’s cash-swap scheme, introduced weeks before the presidential election to prevent vote-buying, led to liquidity shortages affecting retailers. For instance, Nigerian Breweries reported its lowest February sales in fifteen years, a period usually marked by high cash flow. This indicates that electoral impacts on retail are often more influenced by liquidity policies related to voting than by the election itself, sometimes causing disruptions during campaigns. Typically, the slowdown results from retail activity patterns that aren’t reflected in standard ‘election risk’ assessments.

During elections, demand for naira cash rises due to vote-buying and political costs, which reduces liquidity during a crucial consumer spending period. Additionally, decision-makers tend to postpone projects like leases, renovations, or expansions until stability returns. Early indicators for retail property include changes in foot traffic and tenant sales before vacancy rates or transaction volumes shift. For instance, a shopping center might not lose tenants in October before an election, but could experience a 10-20% drop in Saturday foot traffic if rallies block access or households withhold cash on weekends.

Two wildcards to watch: Neither changes the forecast

Although examining two aspects of the current environment can be helpful, I recommend not relying on either as a dependable predictor of outcomes that differ greatly from the historical baseline.

Nigeria’s opposition seems divided as the campaign season begins. In early 2026, Peter Obi and Rabiu Kwankwaso moved from the African Democratic Congress to the Nigeria Democratic Congress. This shift has sparked talks of a fragmented opposition, but caution is necessary. With around five months until the January 2027 election, opposition parties still have time to unify or adjust, as Nigerian coalition politics often evolve under similar conditions. For retail landlords, key concerns are seasonal slowdown factors like cash shortages, logistical issues at rallies, and household caution, problems that remain regardless of whether the race is tight or not.

The next major development is the capital markets activity: Dangote Petroleum Refinery’s planned listing on the NGX. The refinery has formally submitted its IPO application to Nigeria’s Securities and Exchange Commission, with the goal of listing by September 2026. The offer size estimates range from around $1 billion for an initial tranche to as much as $5 billion, depending on the scope. However, there is currently no SEC-approved prospectus, confirmed price range, or definite listing date, so this should be viewed as an evolving event rather than a finalised plan. Even if the listing proceeds as expected, it aims to raise capital through equity sales rather than directly influence household or institutional leasing decisions, which primarily concern retail landlords.

The primary factor that genuinely impacts the result

Security remains the most significant factor that can disrupt this cycle more than politics. NECA’s Director-General, Adewale-Smatt Oyerinde, cautioned that the discipline needed to uphold Nigeria’s fiscal and monetary reforms might weaken as the 2027 cycle approaches. He highlighted that political transitions often lead to policy uncertainty and reversals, even as rising fuel and food prices already strain households. Additionally, a 2026 survey on business security risks identified major threats like subnational insecurity, especially in the north; socioeconomic instability caused by inflation and unemployment; and regulatory uncertainties linked to the pre-election cycle. This issue should be viewed as a separate economic concern, not just political: during high-risk periods, businesses tend to increase security and logistics spending, urban foot traffic drops as people stay home, and retail tenants reliant on daily customers face immediate challenges.

Regional exposure encompasses more than simple directional claims. Abuja’s economy heavily depends on political events and government employment, increasing investor caution ahead of the 2027 elections. A mid-2025 Northcourt real estate report, cited by SBM Intelligence, indicated vacancy rates of 17%, 15%, and 21% at various Grade A malls in Abuja, including Wuse Novare, Apo 2, and Silverbird, following the departure of major tenants like Shoprite. These vacancies continued into 2026, though recent data is unavailable. The market seems less resilient to slowdowns linked to election cycles. In contrast, Lagos, the main commercial hub, is less affected by politics and faces risks from currency fluctuations and consumer spending but generally remains unaffected by political cycles. Despite inflation and rising building costs, Lagos continues to attract consistent investment across residential, commercial, and mixed-use sectors. Understanding these regional differences is essential for assessing portfolio exposure over the next five months.

What this means for the next five months

Retail landlords and tenants don’t need to take a defensive stance over the next few months. Transaction activity will slow during the voting period and gradually pick up.

Monitor foot traffic and tenant sales trends carefully, as they provide early insights into financial stability. Rent collections and vacancy rates often lag behind these indicators. Focus especially on cash-heavy, high-turnover tenants such as supermarkets, grocery stores, household goods retailers, pharmacies, and quick-service restaurants. Their daily transaction volumes are the first to indicate liquidity issues, exemplified by the Naira liquidity shortage faced by Nigerian Breweries in 2023, which was immediately evident at the point of sale.

This isn’t a warning of an unprecedented event. Nigeria’s retail sector has gone through several election cycles and has slowly transitioned from informal markets to organized, branded retail outlets. The main difference between this cycle and those of 2011, 2015, and 2019 isn’t the election outcomes but the persistent and attentive monitoring of key metrics by landlords and tenants, despite campaign distractions.