Category: Business Day

Optimus Bank has launched a blood donation drive in Lagos to support emergency and maternal healthcare, amid concerns over Nigeria’s persistent gap in blood supply.

The initiative, organised under the bank’s Impact Starts With Us corporate social responsibility platform, brought together employees, stakeholders, and members of the public to donate blood under the theme ‘Give Blood. Give Life.’

Ademola Odeyemi, managing director and chief executive officer of Optimus Bank, said the bank was using its platform to support communities beyond financial services.

‘At Optimus Bank, we believe our responsibility goes beyond banking. The strength of any economy is connected to the well-being of its people, and we are committed to using our platform to create meaningful impact in the communities we serve,’ he said.

Odeyemi said the initiative was also aimed at encouraging Nigerians to contribute to efforts that could give patients another chance at life.

Nigeria requires an estimated 1.8 million to two million units of blood annually, but only 371,827 units were collected in 2024, according to the World Health Organisation (WHO).

The shortfall has implications for patients requiring urgent transfusions, including women experiencing bleeding during childbirth, accident victims, children with severe anaemia, people living with sickle cell disorder, and patients undergoing surgery.

Postpartum haemorrhage accounts for about 23 to 30 percent of maternal deaths in Nigeria, according to the WHO, highlighting the importance of timely access to safe blood during childbirth.

Morolake Philip-Ladipo, head of corporate communications at Optimus Bank, said the initiative was designed to encourage voluntary blood donation.

‘Behind every unit of blood is the possibility of helping a mother, a child, an accident victim, or a patient receive the care they urgently need,’ she said.

The drive received technical support from the Department of Haematology and Blood Transfusion, Lagos University Teaching Hospital (LUTH), to ensure compliance with medical and safety standards.

Titilope Adeyemo, a professor who is the head of the department, said regular voluntary donation was necessary to ensure hospitals had blood available when needed.

‘A safe and reliable blood supply is critical to saving lives. Regular voluntary blood donation helps ensure that blood is available for emergencies, childbirth, surgery, and patients who require ongoing transfusion support,’ she said.

The bank said the blood drive forms part of its broader social-impact activities spanning healthcare, education, economic empowerment, and environmental sustainability.

Optimus Bank said it intends for the initiative to extend beyond the immediate collection of blood by encouraging regular voluntary donation among Nigerians.

Botswana has suffered its second sovereign credit rating downgrade from Moody’s in less than a year as a prolonged slump in the global diamond market weakens government revenue and puts pressure on public finances.

The global rating agency on Friday downgraded the Southern African nation’s long-term domestic- and foreign-currency issuer ratings to Baa2 from Baa1, leaving the country two notches above junk status.

It also revised the outlook to stable from negative, citing a stronger fiscal policy response and the possibility that a sustained recovery in diamond revenues could slow the pace of debt accumulation.

The downgrade comes less than a year after Moody’s cut Botswana’s rating to Baa1 from A3 in October.

Botswana’s latest rating action highlights the growing fiscal risks facing one of Africa’s historically stronger economies as weaker diamond revenues expose the country’s dependence on the commodity.

Diamonds account for roughly one-third of government revenue and about three-quarters of foreign-exchange earnings, making the prolonged downturn in the global diamond market a major threat to government finances and external buffers.

Moody’s said weaker revenue from diamonds, lower-than-expected receipts from the Southern African Customs Union (SACU) and disappointing proceeds from newly introduced tax measures had weakened Botswana’s fiscal position.

The agency expects government debt to rise from about 31 percent of GDP in fiscal 2025 to 41 percent by fiscal 2027, despite the government recently reducing its forecast budget deficit for fiscal 2026/27 to 3.1 percent of GDP from 8.9 percent.

The downgrade comes days after Finance Minister Ndaba Gaolathe said Botswana expected a significantly smaller budget deficit in the current fiscal year, supported by higher-than-expected revenue from the central bank and measures to contain government spending.

Further pressure from De Beers deal

Moody’s also warned that Botswana could face further ratings pressure if it materially increases its investment in De Beers through debt-financed transactions.

Botswana currently owns a 15 percent stake in De Beers, while Anglo American is seeking to sell the diamond producer as part of a broader restructuring of its portfolio.

A significant debt-funded increase in Botswana’s stake could put additional pressure on the country’s fiscal position and trigger another rating action, Moody’s said.

The warning underscores the difficult policy choices facing Botswana as it seeks to protect its position in the diamond industry while managing rising public debt and weakening revenues.

Diamond dependence exposes fiscal vulnerability

Botswana has long been regarded as an African economic success story, transforming its diamond wealth into relatively strong institutions, fiscal buffers, and higher living standards than many commodity-dependent economies.

But its economic structure has also left it highly exposed to changes in the global diamond market.

Botswana is the world’s second-largest producer of natural rough diamonds, and diamonds have historically accounted for about 70 percent of exports, one-third of government revenue and roughly a quarter of GDP.

The sector has been under sustained pressure since late 2023 as global demand and prices weakened.

The downturn has been driven by a combination of weaker luxury spending, softer demand from China and growing competition from lab-grown diamonds.

Diamond prices have fallen substantially from their 2022 highs, reducing export earnings and putting pressure on government revenues.

For Botswana, the weakness is particularly significant because diamond revenues have historically helped the government build fiscal buffers and accumulate foreign-exchange reserves.

External buffers also weakening

The pressure is extending beyond government finances to Botswana’s external position.

Foreign-exchange reserves fell to about $3.8 billion at the end of 2025, from $7.5 billion in 2017, reflecting the impact of weaker diamond export earnings.

The Bank of Botswana has introduced several measures aimed at protecting reserves and supporting the pula.

In July 2025, the central bank increased the downward rate of crawl of the pula to 2.76 percent from 1.51 percent and widened trading margins to plus or minus 7.5 percent from 0.5 percent.

It subsequently introduced asymmetric trading margins in January 2026.

While the measures have helped support the country’s foreign-exchange position, reserves remain significantly below their previous levels, underscoring the longer-term challenge posed by weaker diamond revenues.

S and P also cuts Botswana rating

Moody’s is not the only major ratings agency to have raised concerns about Botswana’s fiscal outlook.

In March, S and P Global Ratings lowered Botswana’s long-term sovereign credit rating to BBB- from BBB, while cutting its short-term issuer credit rating to A-3 from A-2 and maintaining a negative outlook.

The downgrade reflected growing risks to fiscal stability as the country grappled with the prolonged weakness in the diamond market.

S and P’s downgrade took Botswana to its lowest investment-grade rating since the agency began assessing the country in 2001, according to BusinessDay analysis.

With Moody’s now also cutting its rating, Botswana faces increasing pressure to diversify government revenues, strengthen its fiscal position and reduce its dependence on diamonds.

The country remains investment grade under Moody’s Baa2 rating, but continued weakness in diamond revenues, rising debt, or a debt-funded expansion of its De Beers stake could increase pressure on its sovereign credit profile.

Federal Unity Colleges nationwide reopened on Monday, after weeks of protests by the senior civil servants and parents over the concession of King’s College, Lagos to the King’s College Old Boys’ Association (KCOBA) by the federal government.

As a result of the impasse, all 117 colleges were shut down, and academic activities were grounded, as a result of protests by the workers and parents who kicked against the concession plan.

BusinessDay correspondent who visited King’s College, Lagos, confirmed that the students have resumed academic activities as they were seen seated in their various classes waiting for the teachers.

However, a chat with Samuel Enag, unit chairman of the Association of Senior Civil Servants of Nigeria (ASCSN), revealed that the resumption is tentative.

‘We have resumed tentatively, for 14 days, to monitor the outcome of the minister’s meeting with the Trade Union Congress, the Association of Senior Civil Servants of Nigeria and other affiliated unions.

‘We still maintain our stand on reversion of the proposed concession of King’s College, Lagos. The old boys can contribute to the development of their alma mater, but not to take over the management of the school,’ he said.

Meanwhile, a parent who spoke with BusinessDay reporter said they were sent a circular last week on the resumption.

‘We received a notice last week that students should resume today, and were given seven days to pay the fees, though they’re yet to tell us how much the fees are,’ the parent said.

Recall that BusinessDay had reported that ASCSN called off its strike over the concession of King’s College, Lagos, clearing the way for the reopening of the country’s Federal Unity Colleges.

A communiqué issued on Wednesday showed the resolution followed a meeting in Kano on Tuesday between the leadership of the Trade Union Congress of Nigeria (TUC), the ASCSN and zonal coordinators of the Unity Schools.

The union leaders agreed to suspend the industrial action to give a seven-member committee room to review the concession document for King’s College.

The strike had kept all Unity Colleges shut for about two weeks after the ASCSN and the Parent Teacher Association protested the federal government’s decision to concede King’s College to its old boys’ association.

The colleges were due to resume on September 13, but workers boycotted the date, arguing that the concession threatened the future of the Unity College system.

According to the communiqué, the TUC, ASCSN and zonal coordinators reviewed both the agreement earlier reached between labour and the Federal Ministry of Education and the King’s College concession document, before resolving ‘to suspend the ongoing strike action in the Unity Colleges to enable the seven-man committee to review the concession document.’

Manchester City CEO Ferran Soriano says the club’s legal battle with the Premier League over its financial charges will take ‘a lot more time’ to conclude.

Soriano made the comments on Monday while speaking at a board meeting of the European Football Clubs (EFC), formerly the European Club Association, in Copenhagen ahead of the organisation’s general assembly.

According to the Press Association, Soriano told fellow executives, ‘It’s taken eight years to get here, and it’s going to take a lot more time,’ referring to the Premier League investigation, which began in 2018.

His comments came days after reports emerged that an independent panel had found Manchester City guilty of all but one of the 115 financial-rule charges brought against the club. Sanctions have yet to be determined, while City are expected to appeal the findings.

The charges relate to alleged breaches between 2009 and 2018, including claims that City failed to provide accurate financial information, failed to provide accurate details concerning player and manager payments, breached UEFA financial regulations and failed to cooperate with the Premier League’s investigation.

The Premier League has not commented on the reported verdict. City also stopped short of confirming or denying the reports, insisting that the process remains ongoing and subject to confidentiality.

‘The Premier League process remains ongoing with significant elements to be completed and subject to strict confidentiality,’ the club said in a statement.

The Federal High Court in Abuja has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to keep granting petrol import licenses to Matrix Energy, AA Rano and AYM Shafa.

This ruling could reshape the balance between imported fuel and output from local refineries, including the giant Dangote plant.

Justice Inyang Ekwo said on Monday that the regulator’s refusal to issue licences to the three companies was in ‘direct non-compliance’ with the Petroleum Industry Act, the 2021 law that overhauled Nigeria’s oil and gas sector.

He also said the authority had acted beyond the provisions of the law.

The judge held that the ‘consequence of non-compliance’ with the Act and related laws makes any exercise by the authority in respect of import licences ‘null and void.’

He found that the plaintiffs had established their claim and that the case succeeded on its merits.

The dispute centered on the regulator’s refusal to issue and renew import licences for the three companies.

Their lawyers, Raji Ahmed, a senior advocate of Nigeria, and Chris Ekemezie, asked the court to declare that the Act does not ban the importation of petroleum products into Nigeria.

They also argued that it does not stop the regulator from granting or renewing licences for eligible importers.

Ekwo went further than simply ordering licences.

He declared that Sections 31 and 32 of the Act, read alongside Section 72 of the Federal Competition and Consumer Protection Act, oblige the regulator to promote a competitive market for midstream and downstream operations.

Those provisions, he said, also require it to prevent the abuse of dominant positions and restrictive business practices.

The court also ruled that the plaintiffs are entitled to be granted, extended or renewed import licences once they meet the conditions the regulator sets.

Those rulings tie the regulator’s discretion to its own stated requirements.

The judge also addressed who holds licensing power. He declared that under Sections 29(3), 32 and 33 of the Act, the regulation of midstream and downstream operations is vested in the regulator alone.

That includes the power to grant, issue, modify, extend, renew, suspend, cancel, reissue or terminate licences, permits and authorisations.

Ekwo directed the authority to continue to grant, issue, extend, renew or reissue all licences, permits and authorisations for midstream and downstream operations, particularly those relating to petroleum product imports, once the plaintiffs satisfy all statutory and regulatory preconditions.

In an affidavit, Sabiu Saidu Mahuta, executive director of A.A. Rano Nigeria Ltd., said the regulator had, since July 2025, issued or renewed import licences to the plaintiffs only sporadically rather than regularly.

He said the authority’s action or inaction was entrenching market dominance and monopolisation of the downstream sector by local refineries.

Mahuta also cited the scale of the companies’ investments.

‘Collectively, the Plaintiffs have invested more than $20,000,000,000 [Twenty Billion United States of America Dollars] in infrastructure, logistics and retail networks for the smooth operations of their licensed petroleum products businesses,’ he said in the affidavit. The figure is the plaintiffs’ own claim, and the court record supplied does not independently verify it.

Ahmed urged the court to hold that importing petroleum products alongside local production would encourage competition, check monopoly and price-fixing, and improve the midstream and downstream sector overall.

It is not yet clear whether the NMDPRA will comply, seek a stay, or appeal the decision.

Troops of the Joint Task Force North West, Operation FANSAN YAMMA (JTF NW OPFY), have neutralised a suspected terrorist, recovered an AK-47 rifle and ammunition, and rescued six attempted kidnap victims in separate operations across Sokoto and Zamfara states.

The operations, which were conducted on September 26, 2026, followed intelligence and distress information on the activities of terrorists in the two states.

According to a statement by Aliyu Danja, Media Information Officer, Joint Task Force (North West), Operation FANSAN YAMMA, in Sokoto State, troops of Sector 2 of Operation FANSAN YAMMA acted on credible intelligence about the presence of a suspected terrorist camp in Gudu Local Government Area.

The troops subsequently moved to assault the location, where they made contact with an isolated terrorist.

According to the Joint Task Force, the troops engaged the suspect and neutralised him during the operation.

It noted that a search of the area led to the recovery of one AK-47 rifle and ammunition, alongside a foreign military uniform and various tools and clothing.

The military said the operation formed part of ongoing efforts by troops to disrupt terrorist activities and prevent armed groups from establishing operational bases in communities across the North-West.

In a separate operation in Zamfara State, troops of Sector 2 responded to information about an attempted abduction of members of the family of the Sarkin Samari in Tsafe Local Government Area.

According to the military, the incident occurred on the evening of September 26, prompting troops to move to the location after receiving the information.

‘On arrival, the troops engaged the terrorists with fire, forcing the attackers to withdraw towards nearby bushes’, it added.

The military said six kidnap victims were rescued during the operation and subsequently taken to a place of safety.

The victims would be reunited with their families after necessary procedures have been completed.

The Joint Task Force said the operations demonstrated the resolve and professionalism of its troops in protecting lives and property across the North-West.

The military also urged members of the public to continue providing credible and timely information on the activities of terrorists and other criminal elements operating within their communities.

It said timely information from residents remained important to the success of security operations and efforts to prevent attacks and protect vulnerable communities.

Oak Pensions has announced the upcoming launch of AskOakAI, an artificial intelligence-powered assistant designed to enhance pension accessibility and support for contributors across Nigeria. The assistant will provide contributors with immediate, accurate responses to pension-related inquiries, including guidance on Retirement Savings Accounts, Personal Pension Plans, voluntary contributions, and the RSA Transfer Window.

With Nigeria’s pension industry managing assets in the trillions of naira, many contributors continue to encounter difficulty obtaining timely and comprehensible information regarding their retirement savings. AskOakAI has been developed to address this challenge, offering contributors a reliable channel through which to access pension guidance.

Commenting on the initiative, Obiora Ozoekwem, Executive Director, Business Development at Oak Pensions, stated that the development of AskOakAI underscores the organization’s continued investment in digital innovation and customer engagement.

Upon its launch, AskOakAI will enable users to submit pension-related questions and receive prompt, informative responses to support retirement planning and decision-making. This initiative forms part of Oak Pensions’ broader strategy to advance digital engagement, promote pension literacy, and expand access to reliable retirement planning resources for contributors nationwide.

President Bola Tinubu on Monday, said the National Credit Guarantee Company (NCGC) has within one year issued a total of N21.59 billion in guarantees, to 67,512 borrowers across 25 states.

The president, writing on his official X handle, formerly Twitter @PBAT, also revealed that ‘participating lenders have also advanced about N46.95 billion, in loans, on the strength of those guarantees’.

The credit-based company was establish in May, 2025, with a capital base of N100 billion, as a loan guarantee company, to help small businesses overcome the barriers that keep them from finance.

Tinubu noted that this guarantees mean that for ‘every N1 in guarantees, it has helped unlock about N2.17 in credit.’

He said ‘so far, 67,512 borrowers across 25 states and the FCT have received credit backed by NCGC, while 11,374 if the beneficiaries are women.

A further breakdown of this shows that 33.5 percent or 22,000 Nigerians entered the records as ‘ first-time formal borrowers’

‘For more than 22,000 Nigerians, this is their first entry into the formal credit system.’ he said.

The President through the scheme, a ‘worker with access to credit can buy what the family needs and pay over time, and a small business can invest today against the income it expects tomorrow.

‘We have been building the institutions to make that possible. Through CREDICORP, working Nigerians can access consumer credit. Our students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses.

‘The National Credit Guarantee Company @ncgc takes on one of the hardest barriers to business credit’.

Before the emergence of CREDICORP, many viable businesses met the same obstacle of being unable to secure credit at the banks

‘Lenders see too much risk in a sound business when the owner has little collateral or no credit history.

‘We established NCGC to help change that. It carries part of the lending risk with participating financial institutions, giving them greater confidence to lend to businesses and borrowers they might otherwise turn away.’

To ensure the success of the scheme, the NCGC is working through 19 financial institutions, 13 commercial banks, three microfinance banks and three development finance institutions.

The president recalled that during his campaign for the Presidency in 2023, he had ‘promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance.

Tinubu while noting that many Nigerians now have a credit record they can build, added that ‘each successful repayment strengthens that record and can make the next loan easier to secure.

‘Credit matters because of what people can do with it. A trader can restock before the festive season. When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job.

‘NCGC estimates that the businesses it has supported account for 661,291 direct and indirect jobs.

‘This is how we move from reforms to opportunities. Our reforms laid the foundation. Credit gives Nigerians the means to build on it. Tens of thousands who stood outside formal credit a year ago are now inside, borrowing to grow.’

He assured that his administration will keep widening the ‘road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.

‘Promise made, Promise Kept. We are moving from reforms to opportunities. Nigeria First’ he said.

The commendation is contained in a letter by the company’s leadership to Alex Otti, governor of Abia State.

Edise Ekong, brand and communications manager, Aba Power, a member of the Geometric Power group, applauded the state government’s promotion of collaboration with the private sector in its intervention in recent negotiations between Geometric Power and some firms in the energy industry for uninterrupted power supply in the Aba Ring-fenced Area following gas supply outages that resulted in blackouts in the area.

The Aba Ring-fenced Area comprises nine of the 17 local government areas (LGAs) in Abia State.

ý’The governor intervened directly and many times in our negotiations with gas producers and suppliers to ensure constant supply, so that industries, social organizations like hospitals, laboratories and educational institutions, as well as households, markets and small and medium enterprises remain competitive for the benefit of all in Abia and beyond,’ Ekong said.

ýThough Geometric Power signed a gas supply contract almost two decades ago with The Shell Petroleum Development Company (SPDC), which used to operate Oil Mining Licence (OML) 17 in Owaza in Ukwa West LGA of Abia State, it receives gas from Heirs Energies, a fast-growing indigenous oil and gas company that now operates the oil licence following President Muhammadu Buhari’s decline to renew the Shell licence.

ýGiven the ageing gas infrastructure, which was built over half a century ago and has now created serious operational challenges, Ekong noted that Governor Otti has been encouraging Geometric Power to explore alternative sources of gas supply to its 188-megawatt plant in the Osisioma Industrial Layout in Aba.

ý’As he was intervening in negotiations with gas suppliers, the governor was also getting constant briefings from his Commissioner for Power and Public Utilities, and his Special Adviser on Power and Public Utilities, both sound professionals and dedicated public servants’.

ýEkong, an engineer, stated that Governor Otti demonstrated the same passion in Geometric Power’s discussions with the Niger Delta Power Holding Company (NDPHC) and the Independent System Operator (ISO) in Abuja for his firm’s temporary use of power from the national grid during emergencies.

ýHe revealed that Geometric Power has already paid in advance an undisclosed amount, which he described as significant, for supplies from the national grid ‘when there is a compelling need to draw electricity from this source’

ýCommending the state administration for ‘practising public-private partnership in truth and spirit’, he commended religious bodies, civil society organisations, industrialists, landlords, professionals, traders, communities, and other stakeholders in Aba and the environs for their understanding during the blackouts arising from a total lack of gas while the repair and rehabilitation of the antiquated gas infrastructure were on.

Ayeni Adekunle, CEO of BHM Holdings, said Africa’s next phase of economic growth will depend in part on its ability to build companies capable of operating at global scale. Speaking at the fourth edition of Africa Breakfast Convos (ABC) 2026 in New York, on September 25, 2026, Ayeni pointed to the possibility of building globally competitive companies out of Nigeria and across the continent, arguing that Africa’s long-term economic prospects will be shaped not only by the size of its markets, but by the businesses capable of serving them and expanding beyond them.

His remarks came as business leaders, investors and policymakers gathered during UNGA81 to examine the trade, investment and partnerships shaping Africa’s position in the global economy.

‘I like to look into the future and imagine what is possible if we build 10 or 20 global companies out of Nigeria,’ Ayeni said.

‘Despite the challenges in Nigeria, South Africa, and across the continent, I choose to focus on the power of possibility. If we keep building and investing for the next 5, 10, or 20 years, the global landscape will look completely different.’

The ambition to build globally competitive African companies is already visible across sectors, from financial technology and telecommunications to consumer goods, energy and digital services. Nigerian companies such as Flutterwave, Moniepoint, Interswitch and Jumia have built operations or customer bases across multiple African markets, illustrating how businesses born in one African market can develop regional and international reach.

The emergence of these companies also points to a broader question for the continent: whether Africa can produce a larger pipeline of businesses that move beyond regional scale to compete consistently in global markets.

That challenge is partly about access to markets. The African Continental Free Trade Area is designed to create a single market for goods and services across participating African countries, reducing barriers to intra-African trade and giving businesses a larger potential customer base. For companies trying to scale, a more integrated market could mean that growth does not have to stop at national borders, making it easier to build the revenues, talent and operating experience required to compete internationally.

The 2026 edition of Africa Breakfast Convos brought together voices from across that wider business ecosystem, including Hackim Abdul, Director of Citi’s Public Sector Group for Africa; Yasamin Alttahir, Director of Global Marketing, Communications and External Affairs at The King’s Trust International; Kayode Akintemi, Managing Director and Editor-in-Chief of News Central TV; Akunna Cook, Chief Executive Officer and Founder of Next Narrative Africa; Otunba (Dr.) Bimbola Ashiru, Chairman, Blackcod Group and Group Director, Odu’a Investment Company Limited; and Claudine Moore, Managing Director for Africa at Allison Worldwide.

Ayeni’s argument ultimately shifts the focus from whether Africa has potential to what can be built from it. Producing more companies with the scale to serve multiple African markets and compete internationally will require founders willing to build for the long term, investors willing to support that ambition and institutions that make expansion possible.

For Africa’s next growth story, the measure may be less about how often the continent is described as a market of opportunity and more about how many companies are able to turn that opportunity into global businesses.