Category: Business Day

Big corporate stocks on the Nigerian Exchange Limited (NGX) have seen an unprecedented wave of capital reallocation this year, and sitting comfortably at the vanguard of this financial renaissance are First Holdco Plc, Seplat Energy Plc, and HBM Nigeria Plc.

Overtaking its traditional NGX Premium Board peers, First Holdco has recorded a 186.64 percent year-to-date (YtD) return, decisively rewriting valuation norms across the local bourse.

This trajectory reflects a major shift in market sentiment, transitioning the conglomerate from a historical value play into an aggressive growth leader.

Driving this market-beating momentum is a powerful convergence of aggressive retail accumulation, institutional positioning, and renewed confidence following strategic balance sheet restructuring.

While fellow elite banking and industrial heavyweights on the Premium Board have posted respectable mid-tier gains, First Holdco’s parabolic ascent to stand at N137.3 as at October 19 highlights how effectively the group has unlocked underlying shareholder value.

BusinessDay’s trend watch shows other Premium Board companies and their returns year-to-date (YtD), such as MTNN (61.45 percent), Dangote Cement (65.52 percent), Seplat (175.44 percent), First Holdco (186.64 percent), HBM Nigeria (163.94 percent), Zenith Bank (100.65 percent), UBA (0.84 percent), and Access Holdings (33.10 percent).

In the basket of eight Premium Board Companies, investors have increasingly rewarded First Holdco for its decisive measures to clean up legacy exposures and optimise its expansive financial services ecosystem.

This exceptional outperformance also highlights a broader structural reallocation toward deeply liquid, highly capitalised tier-one Nigerian equities capable of hedging against macroeconomic volatility.

As market participants search for robust vehicles to preserve capital and outpace inflation, First Holdco’s liquidity depth and massive market capitalisation, hovering around N6.243trillion territory as at October 19 have made it an unavoidable destination for both domestic and foreign portfolio flows.

NGX Premium tracks the Premium Board companies in terms of market capitalisation and liquidity. It is a price index and is weighted by adjusted market capitalisation – the number of a company’s listed shares, multiplied by the closing price of that company, multiplied by a capping factor. Only fully paid-up common shares are included in the index.

As the NGX navigates through market dynamics, the Premium Board continues to serve as the crown jewel for institutional and retail investors seeking liquidity, solid governance, and impressive capital appreciation.

For instance, the performance of the NGX Premium Board highlights a market favouring high-conviction growth stocks, particularly within financial services and energy sectors.

While top performers like First Holdco, Seplat and HBM Nigeria have yielded extraordinary triple-digit windfalls, the diverse spread of returns emphasises the importance of portfolio rebalancing and strategic stock selection tailored to risk appetite.

Energy titan Seplat followed First Holdco closely behind with a stellar 175.44 percent YtD return, trading at N16,000.10 and boasting a market cap of N9.599 trillion. Seplat Energy Plc has continued to demonstrate phenomenal financial muscle and capital growth.

Backed by robust performance in the oil and gas exploration and production sector, Seplat stands out as one of the most rewarding large-cap investments for equity holders. Delivering an explosive 175.44 percent YtD return, Seplat has heavily rewarded investors, comfortably outperforming broader market indices and solidifying its status as an elite capital-growth engine.

Seplat’s ability to combine robust fundamental earnings with aggressive capital appreciation makes it a cornerstone asset for portfolios targeting the oil and gas sector. For investors looking for heavy-hitting exposure backed by solid structural valuations and extraordinary capital gains, Seplat remains a premier benchmark of success.

Meanwhile, HBM Nigeria (N355 per share as at October 19) also delivered massive gains at 163.94 percent YtD, cementing the dominance of top-tier growth plays.

As a heavyweight contender on the NGX Premium Board, HBM Nigeria Plc has established itself as an exceptional wealth-generator for investors. Backed by solid market positioning in the industrial goods sector, the company’s strong performance highlights why it remains a focal point for capital appreciation.

Investors who positioned themselves in the stock early this year have enjoyed explosive capital gains, mirroring the bullish momentum seen in select heavy-hitting industrial and energy plays.

Zenith Bank successfully crossed the milestone triple-digit threshold, recording a 100.65 percent YtD return with a share price of N124 as at October 19 and a N5.092 trillion market valuation, proving that tier-1 banking institutions remain a staple for wealth creation.

Market heavyweights MTNN (N17.321 trillion market cap) and Dangote Cement (N17.008 trillion market cap) demonstrated solid, defensive growth, posting respectable YtD returns of 61.45 percent and 65.52 percent respectively, while trading at N825 and N1,008.

While Zenith Bank doubled investors’ capital, other financial institutions like Access Holdings (33.10 percent) and UBA (0.84 percent) experienced more subdued momentum, presenting potential value or consolidation phases for long-term investors.

Crucially, for First Holdco Plc that blazes past others, the 186.64 percent YtD milestone serves as a powerful validation of the holding company structure adopted by the group, enabling greater operational agility and targeted capital allocation across its diverse banking, merchant, and asset management subsidiaries.

By streamlining its risk architecture and improving core revenue generation, the firm has successfully dismantled historical valuation discounts that previously separated it from its closest index rivals.

As the market steers into the final stretch of the year, all eyes remain fixed on whether First Holdco, Seplat Energy, and HBM Nigeria can sustain this blistering momentum against tightening monetary levers and shifting macroeconomic headwinds.

Yet, by decisively outrunning their NGX Premium benchmark peers, these companies have firmly cemented their status as the defining market darlings of the current trading cycle, signalling a bold new chapter for West Africa’s capital markets.

The United Kingdom and Nigeria have agreed to deepen cooperation on migration, justice and security, with a focus on tackling visa fraud, organised immigration crime, drug trafficking and cyber-enabled fraud, while improving legal migration pathways and border management.

The agreement followed the annual UK-Nigeria Migration, Justice and Home Affairs (MJHA) Dialogue held in London on October 6, where senior officials from Nigeria’s Ministry of Foreign Affairs and the UK Home Office jointly chaired discussions on translating commitments made during President Bola Tinubu’s State Visit to the UK in March 2026 into practical measures.

The discussions covered a range of areas, including document verification, border security, the return and reintegration of migrants, extradition, asset recovery and prisoner transfers, as both countries seek to strengthen law enforcement cooperation and protect legitimate travel between them.

The two countries also agreed to work together to address drug trafficking and crimes facilitated by digital technologies, reflecting the broadening scope of their bilateral security cooperation.

According to a statement by the British High Commission, the dialogue was designed to convert political commitments made during the State Visit into practical areas of cooperation that would benefit citizens of both countries.

The discussions also emphasised the need to support safe and dignified migrant returns and reintegration, alongside efforts to prevent the abuse of immigration systems.

It noted that Nigeria remains a significant source of travellers to the UK, receiving the third-highest volume of UK student visas globally and the fifth-highest volume of work visas. This level of movement has made cooperation on protecting legitimate travel, strengthening verification processes and holding those responsible for immigration-related offences accountable a key priority for both governments.

The UK and Nigeria also agreed to support the development of Nigerian visa pathways for businesses seeking to invest in Nigeria.

Vicky Seymour, British Deputy High Commissioner, said the partnership was producing practical results on issues of importance to both countries.

‘The UK-Nigeria partnership is delivering practical results on issues that matter to both our countries,’ Seymour said.

She said both governments were building on the momentum of Tinubu’s State Visit by implementing commitments aimed at tackling visa fraud and organised immigration crime, strengthening border security, and supporting safe and dignified return and reintegration.

‘Our goal is simple: protect legitimate travellers, tackle those who abuse our systems and make both our countries safer,’ she said.

On Nigeria’s part, Dunoma Ahmed, Permanent Secretary of the Ministry of Foreign Affairs, said migration remained one of the most important and visible aspects of the bilateral relationship.

Ahmed said cooperation on migration should not be limited to enforcement but should also create meaningful opportunities for legal migration and establish credible pathways for legitimate migrants.

‘Migration remains one of the most important and visible aspects of the UK-Nigeria relationship.

‘This dialogue must both cover enforcement activities as well as ensuring meaningful opportunities for legal migration, and credible opportunities for pathways for legitimate migrants,’ he said.

He added that the dialogue was ultimately aimed at strengthening the security, prosperity and safety of both countries and their citizens.

The Lagos Commodities and Futures Exchange (LCFE), the Securities and Exchange Commission (SEC) and other capital market stakeholders have urged young Nigerians to verify investment opportunities and beware of fraudulent schemes, particularly those promoted through social media.

The warning was issued at the LCFE’s sixth Annual Financial Literacy Seminar in Lagos on October 22, held to commemorate World Investor Week 2026 under the theme, ‘Invest Smart, Stay Alert: Protecting Investors from Commodity Investment Scams.’

The seminar brought together students from secondary schools and tertiary institutions, alongside representatives of key financial market institutions, to promote financial literacy, responsible investing and awareness of investment fraud.

Representing Akin Akeredolu-Akeredolu, Managing Director, LCFE, the Head of Operations, Nkechi Obi-Chidi, urged the students to become ambassadors for Nigeria’s capital market by promoting legitimate investment opportunities and encouraging others to verify investment schemes with the SEC before committing funds.

She emphasised the importance of distinguishing regulated investment opportunities from fraudulent schemes as young Nigerians increasingly encounter financial promotions across digital platforms.

Kelechi Azubuike-Luke, Senior Manager, Financial Literacy Technical Committee, Securities and Exchange Commission (SEC), who represented the Commission, cautioned participants against schemes promising guaranteed profits or unusually high returns. She advised investors to confirm the registration status of capital market operators through the Commission’s official channels and avoid making investment decisions based solely on peer pressure or social media endorsements.

Speaking on behalf of the Association of Securities Dealing Houses of Nigeria (ASHON), Athan Ogbozor, Executive Secretary,

ASHON commended the Exchange for sustaining the financial literacy initiative.

Ogbozor urged investors to question promises of unrealistic returns and verify the regulatory status of investment operators, noting that the growing use of social media to promote investments makes investor vigilance increasingly important.

Onome Komolafe, Divisional Head, Business Services and Client Experience at the Central Securities Clearing System (CSCS), stressed the need for investors to understand investment products before committing their money.

She encouraged young people to exercise patience and discipline in building wealth, adding that sustainable financial growth depends on knowledge, informed decisions and a clear understanding of investment risks.

The speakers agreed that investor protection requires collective responsibility among regulators, exchanges, market operators and the investing public.

A major highlight of the seminar was the presentation of awards to winners of the financial literacy essay competition, which challenged students to examine investment scams and demonstrate their understanding of responsible investing.

At the tertiary level, Sesugh Innocent Tyokosu, a 300-level law student of Rev. Fr. Moses Orshio Adasu University, Makurdi, Benue State, emerged first, while OdunmbakuDaniel Odunayo of the Department of Economics, Caleb University, Lagos, took second place.

In the secondary school category, Enilama Jesse, a Year 11 (SSS2) student of STandT Regency International School, won first place, while Oseremen Omoyemen Oseghale of Corona Day Secondary School, Lekki, finished second.

The competition provided a platform for students to engage with investment fraud, financial responsibility and the importance of investor protection, reinforcing the role of financial education in promoting informed participation in the capital market.

LCFE said its annual financial literacy programme reflected its continued commitment to educating the public about commodity markets, investment risks and the importance of dealing with appropriately regulated market operators.

The seminar ended with a call on young and prospective investors to verify investment opportunities, question promises of quick profits and prioritise informed financial decisions over the pursuit of unrealistic returns.

The road to 2027 is no longer a distant political calendar event. It is here. The gladiators are already in the arena, squaring up, guarding territories, testing alliances and deploying strategies that leave little doubt that the coming general election will be a winner-takes-all battle. In Nigerian politics, there is no prize for second place.

The entire political atmosphere is charged, tense, and transactional. The old cliché says all is fair in war and politics. But in a constitutional democracy, not all should be fair. There is supposed to be an umpire – the Independent National Electoral Commission (INEC) – whose constitutional duty is to checkmate excesses, guarantee a level playing field and protect the sanctity of the ballot.

What we are witnessing, however, suggests that the ruling All Progressives Congress (APC), both at the federal and state levels, is not leaving anything to chance. Its body language, its control of public infrastructure, its relationship with security agencies and its apparent tolerance of anti-opposition actions at the sub-national level all point to a deliberate strategy to shrink the political space.

Politics is visual. Visibility creates viability in the mind of the electorate. Take Lagos as a case study. Lagos is arguably Nigeria’s most politically competitive state, with at least five major parties jostling for the presidency, governorship, Senate, House of Representatives and State Assembly. Yet, a tour of the city – from train stations to shopping malls, from Third Mainland Bridge to Ikeja, from Alausa to Lekki – shows a near-total dominance of the ruling party’s billboards, posters and insignias.

There is no law in Lagos that forbids opposition parties from erecting billboards. But billboard politics in Lagos comes with unwritten terms and conditions. Cost, approval bottlenecks, and political considerations determine who gets prime locations.

Even where opposition parties manage to hoist posters, their materials often do not survive 48 hours. Area boys tear them, security agents remove them on ‘environmental’ grounds, or they are simply blacked out overnight. The effect is psychological – to render opposition parties non-existent in the public consciousness. If people do not see you, they assume you are not contesting.

This is not unique to Lagos. It is a national pattern, only with local variations. In Abia State, reports indicated that the government fixed N200,000 for presidential billboards, N150 million for governorship, N100,000 for Senatorial, N50,000 for House of Representatives and N20,000 for State House of Assembly campaign materials before candidates could advertise.

In the Federal Capital Territory, there were unconfirmed reports in August 2026 that the Minister, Nyesom Wike, fixed campaign boards at N750 million. While both Abia and the FCT authorities denied or downplayed these figures, the perception they created was enough: politics is being priced beyond the reach of many. The figures cited are based on media reports and political claims and were not independently verified for this analysis.

What is happening fits perfectly into what political scientists call Machiavellianism – a doctrine propounded by Niccolò Machiavelli, the Florentine diplomat, in 1513 in his book ‘The Prince’.

Machiavelli argued that the end justifies the means. In its crudest political application in Nigeria, it translates to: It is better to be feared than loved, if you cannot be both. A ruler may lie, deceive, manipulate, and be ruthless, so long as it keeps power. Morality is weakness in politics. What matters is result, not method. Keep your friends close and enemies closer. Use people as tools and Power must be retained at all costs.

The signs of a Machiavellian political actor are clear: manipulative, cunning, always ten steps ahead with a hidden agenda, devoid of conscience, able to commit political evil and sleep soundly because it favours his interest.

Since 1999, Nigeria’s electoral cycles have increasingly displayed these traits, but the road to 2027 appears to be its peak. The doctrine is no longer hidden; it is practised openly.

Machiavellian politics in Nigeria is not just about posters. It is about money and the selective application of law.

The Economic and Financial Crimes Commission (EFCC) has repeatedly stated that vote-buying is a crime under the Electoral Act. Yet, in reality, vote-buying has become institutionalised. In off-cycle elections in Kogi, Bayelsa, Imo, Edo, Ondo and Osun, observers documented open cash distribution at polling units. Voters are given money, made to swear an oath, or asked to snap their ballot as evidence of compliance.

Whether the money eventually reaches the voter or is diverted by middlemen is a different discussion, but the culture of monetised elections has come to stay.

Similarly, the law appears to have two versions. One for the ruling party and another for the opposition. The most glaring example is local government elections. Across Nigeria’s 36 states, irrespective of which party controls the state, the ruling party in that state sweeps 100 percent of local government chairmanships and councillorships. Not 80 percent, not 90 percent – 100 percent. In a democracy with genuine competition, that is statistically impossible without manipulation.

No discussion of Machiavellian politics in Nigeria today is complete without examining the role of the Minister of the Federal Capital Territory, Nyesom Wike.

Wike remains a member of the People’s Democratic Party (PDP) but serves in an APC-led federal government. He openly declares that he will work for President Bola Ahmed Tinubu’s re-election while still influencing who becomes what in the PDP. Many opposition figures believe such dual loyalty cannot exist without tacit approval from the Presidency. It is the classic Machiavellian tactic: infiltrate the enemy camp, sow confusion, and keep it perpetually in crisis.

As a result, less than three months to the election, the PDP does not know who its presidential candidate is. INEC’s list, signed by its Secretary Rose Oriaran-Anthony, shows 18 candidates. It lists President Bola Tinubu for APC, Atiku Abubakar for ADC, Peter Obi for Nigeria Democratic Congress (NDC), Seyi Makinde for Allied Peoples Movement (APM), Sandy Ojang Onor for PDP, while another faction led by former Minister Kabiru Tanimu Turaki claims former President Goodluck Jonathan as its candidate. The matter is in court.

If the court overturns Sandy Onor’s candidacy close to the election, how will a replacement campaign nationwide? That uncertainty is itself a strategy – keep the opposition in court, not on the campaign trail.

Political actors and civil society groups point to four recurring methods: Police Summons and Criminalisation of Opposition: Former Kaduna Governor Nasir El-Rufai and ADC leaders were summoned by police for alleged criminal conspiracy and incitement; El-Rufai remains in detention till date.

Former Vice President Atiku Abubakar described it as a coordinated assault on civic freedoms. The APC responded that no one is above the law. The pattern, however, shows that opposition figures are far more likely to face high-profile police invitations than ruling party figures facing similar allegations.

Restriction of public space

In Osun, Abia, and Akwa Ibom, opposition parties accused Governors Ademola Adeleke, Alex Otti, and Umo Eno of revoking leases of campaign venues, deploying police to seal rally grounds, or denying use of stadiums. Governments denied political motives, citing security or unpaid fees. But the timing, always close to major opposition rallies, raises suspicion.

Legislative and electoral friction

In the National Assembly, opposition lawmakers walked out over moves to make electronic transmission of results optional rather than mandatory. For them, it was a deliberate weakening of transparency safeguards introduced in the 2022 Electoral Act.

Human rights and civic space

Human rights organisations warn that clampdowns, arbitrary arrests of activists, and intimidation of journalists create a chilling effect that damages Nigeria’s democratic credentials.

To be fair, governments at federal and state levels deny all allegations of stifling opposition. Their counter-narrative rests on four pillars: First, that they are merely enforcing the law. Corruption investigations and police summons are not political, but legal duties. Second, that opposition is crossing from dissent to sabotage, spreading disinformation and inciting chaos that threatens national security.

Third, that opposition parties lack coherent policy alternatives and rely on constant lamentation and victimhood to remain in the news.

Fourth, that many reported incidents are actions of overzealous local officials, area boys, or state-level actors, not a centrally coordinated federal directive.

These defences cannot be dismissed entirely. In some cases, opposition figures do weaponise allegations to avoid legitimate accountability. But when the pattern is nationwide, simultaneous, and benefits only one side, the ‘isolated incident’ explanation becomes less convincing.

This concern was recently echoed by Oyo State Governor and APM presidential candidate, Engr. Seyi Makinde. Speaking in Uyo during the Makinde/Daura 2027 Presidency South-South Town Hall meeting, Makinde noted that before 2023, APC had no foothold in the South-South, but after winning the presidency, began a systematic drive to capture the zone by stifling opposition.

‘I can tell you they are doing everything possible to ensure that the opposition does not unite,’ Makinde said. His statement underscores a fear among opposition governors that federal might is being used to coerce defections and weaken structures.

History teaches us why Machiavellian monopoly is dangerous. The collapse of the First Republic in 1966 was precipitated by a combination of ethnic rivalry, electoral fraud, and the suppression of opposition. When a ruling party believes it can crush all dissent, it closes channels for peaceful change, leaving extra-democratic forces to fill the vacuum.

Nigeria is too large, too diverse and too complex to be governed as a one-party state. A democracy without a viable opposition is an autocracy in disguise. It breeds apathy, fuels agitation, and in worst cases, invites military incursion under the guise of ‘correcting’ the polity.

If in 2027, Nigerians go to the polls feeling that their voices do not count, that opposition has no say, that whatever government says is truth – even when it is obvious that government has made mistakes and then claims its voice was cloned or generated by artificial intelligence – then we have crossed a dangerous line.

We would have built a democracy where the masses have no say, where institutions are captured, and where government never comes clean.

Machiavellianism may win elections, but it does not build a nation. It creates fear, not legitimacy. It creates compliance, not consent.

The 2027 election offers Nigeria a choice: continue down the path where the end justifies any means, or return to the foundational principle that democracy thrives on competition, dissent, and respect for the opposition.

INEC, the judiciary, security agencies and the media must rise above partisanship. The ruling party must realise that allowing opposition to breathe is not weakness; it is strength. And the opposition must realise that unity, not litigation, is its only antidote to Machiavellian capture.

Otherwise, we risk a victory that costs us our democracy.

Nigeria’s content creative industry is fast becoming an economic driver as creatives develop content that combines business objectives with authentic audience engagement.

To strengthen this shift, Insight Redefini, in partnership with Woof Studios Africa, hosted YouTube PluggedIN 2026, a platform where brands and creators shared insights on exploring opportunities for more meaningful collaboration through brand-funded content on YouTube.

The event, with the theme ‘Beyond the Placement: Rethinking How Brands Work with Creators,’ examined how brands, agencies and creators can move beyond conventional advertising placements to develop content that combines business objectives with authentic audience engagement.

Speaking at the event, Babatunde Olaifa, Group CEO of Insight Redefini, said that the growth of the creator economy depends on meaningful collaboration among brands and creators.

Olaifa said that no single stakeholder could build the ecosystem alone, highlighting the importance of combining their respective strengths to transform creative ideas into valuable content.

Building on a 2025 pilot, this year’s edition expanded the conversation to more brands, with a focus on small-group discussions and one-to-one engagements designed to connect brands with creators and move promising ideas towards campaign briefs, partnerships and funded content.

Adetutu Laditan, founder and Creative Director of Woof Studios Africa, said the growing ambitions of Nigerian creators and the need to address the business and production complexities involved in turning creative ideas into content that can be funded, produced and distributed to wider audiences.

Discussions throughout the event centred on three priorities: involving creators earlier in the creative process, ensuring brand-funded content remains relevant and authentic to audiences, and translating conversations into tangible partnerships, content opportunities and measurable outcomes.

A key highlight was a brand panel moderated by Esosa Osagiede, Group Creative Director at Insight Redefini, which explored what brands look for when selecting creators for partnerships.

Panellists, including brand managers from established Nigerian brands, identified brand fit and genuine audience influence as critical considerations. They stressed that follower counts and views alone do not necessarily reflect a creator’s ability to connect with audiences or influence their perceptions and behaviour.

One of the panellists, Media and Consumer Experience Manager of Mondelez International, Bolaji Popoola, noted that a shared understanding of objectives, audiences and creative direction is essential to building effective partnerships.

Prominent Nigerian creators, including Kiekie, Taoma, Aproko Doctor and Ify’s Kitchen, also shared perspectives on collaborating with brands through content that reflects their creative identities while meeting commercial objectives.

Babatunde Shobanjo, Chief Operating Officer of Insight Redefini, described the initiative as a positive development for the media and marketing communications industry, pointing to the value of creating platforms where brands and creators can explore new ways of working together.

Their emphasis on collaboration reflects Insight Redefini’s integrated approach to marketing communications. Earlier in 2026, agencies within its ecosystem, working with global partners, won a Gold Lion at the Cannes Lions International Festival of Creativity in the Creator Collaboration category for Vaseline’s The Real Nigerian Prince campaign.

The event comes amid growing interest in digital video and creator-led content as platforms for brands to connect with audiences. YouTube previously reported that watch time in Nigeria grew by more than 50 per cent year on year in 2025, with the platform reaching more than 30 million adults in the country each month.

Nigeria’s Lekan Otufodunrin has been elected as the president of the World Association for Christian Communication (WACC) Africa Region, to lead its next phase of growth across the continent.

Otufodunrin, president of Journalists for Christ International Outreach, was elected along other new executive members at its recent General Assembly for four year tenure.

Also elected with him are Amie Joof-Cole of Inter Africa Network for Women, Media, Gender and Development (FAMEDEV), Senegal emerged as the vice president; while Blessing Oladunjoye, emerged as secretary.

Otufodunrin and Amie would also serve as board members of WACC UK board.

Otufodunrin in his acceptance pledged that the new executive will implement programmes that will promote the focus of WACC on digital, gender and climate justice among other issues in the continent.

Kehinde Adegboyega, convener, West Africa Digital Rights Defenders Coalition, called for universal access, rights safeguards and data sovereignty in a keynote address on Ensuring Digital Justice in Africa.

‘No digital future is just until it is inclusive, free and grounded in dignity for all Africans,’ Adegoyega stated, reiterating that the road map for regional action should include capacity building, policy advocacy, coalition building and community action.

Sarah Macharia, staff liaison, Africa Region, commended the last executive headed by Matomklawè Kpalla for its accomplishments and urged the new executive to do more to enhance the status of the WACC in the region.

Other executive members include Secretary, Blessing Oladunjoye, BO Foundation For Inclusive Media, Nigeria; Treasurer, Mwendwa Kivuva, Member, Board of Trustees, The Kenya ICT Action Network (KICTANet), Kenya, Alternate executive members – George Stewart, Media Development Specialist, Liberia and Opeyemi Lawal, Journalist, Nigeria.

The Institute of Strategic Management Nigeria (Chartered) (ISMNC) in Rivers State is set to build itself into a legacy that members will proudly serve today and future generations will proudly inherit.

Patterson Ogon, the newly inaugurated chairman of the Rivers State Chapter, set the agenda for the new executive committee during a strategic meeting in Port Harcourt, the Rivers State capital.

The meeting served as an inaugural meeting, swearing-in ceremony and handover of administrative affairs of the institute.

ISMNC is a non-governmental, non-profit, independent professional, learning and research organisation with an extensive range of courses in Strategic Management, Leadership, Entrepreneurship, Governance, and Digital Innovation that sets the pace for executive training and professional development.

Founded in 2003, and chartered in 2023, the Institute of Strategic Management of Nigeria (Chartered) has been described as Africa’s premier institute for strategy crafting.

It has a mission to advance and promote knowledge and skills in the practice of strategic management, strategic leadership, strategic entrepreneurship, and governance through research, publications, education, training, certification, induction and regulation of students and members.

Its vision is to be a world-class professional body, a pan-African best reference in strategic management, and a key player in positioning Nigeria and Africa for leadership in the global society.

Ogon, who is the Director of Planning, Research and Statistics, Niger Delta Development Commission (NDDC) was elected as the chairman of the Rivers State Chapter on July 23, 2026 at the Annual General Meeting of the institute in Lagos.

Strategic management is about employing a strategic framework to achieve both short-term and long-term business objectives consistently and efficiently.

While it may look easy on the surface, the actual execution of strategic management can easily result in confusion, particularly when businesses become large and complex.

The Brighton School of Business and Management, says that strategic management is where the resources available to an organisation are brought together.

The resources which include operations, marketing, research and development and other organisational functions are all analysed to best determine how they can be used to reach business goals.

Through strategic management, all company staff are made to have a clear understanding of what their roles will be for the goals of the organisation to be achieved.

And, Ogon is determined to build on the foundations laid by previous administrations and strengthen the institute’s contribution to professional development and strategic leadership within his two-year tenure.

He assured that his administration would position the chapter as a platform for professional excellence, strategic thinking, ethical leadership, intellectual development, collaboration and measurable impact, stressing that membership must provide meaningful opportunities for learning, contribution, networking, mentorship and professional growth.

‘Distinguished colleagues, leadership of a professional body is not simply about occupying an office; it is about accepting responsibility for people, institutions and the future.

‘ISMNC brings together professionals from diverse disciplines, sectors and areas of expertise. This diversity is one of our greatest strengths, and we must create an environment where knowledge is shared, ideas are exchanged, professionals collaborate and expertise is translated into meaningful value,’ he stated.

Declaring that strategy must translate into practical outcomes, Ogon pledged to ensure that every programme and initiative undertaken by the chapter has clear objectives, creates demonstrable value and delivers measurable results through a culture of planning, implementation, evaluation and continuous improvement.

He identified continuous professional development as a major priority, noting that technological advancement, artificial intelligence, changing economic realities and evolving leadership expectations were reshaping the professional environment and requiring members to remain relevant and adaptable.

To address these emerging challenges, Ogon promised to promote seminars, workshops, knowledge-sharing and intellectual engagements while strengthening mentorship and intergenerational learning by combining the experience of established professionals with the fresh perspectives, technological awareness and innovative ideas of younger members.

He said: ‘The professional environment is changing rapidly. Technology, artificial intelligence, economic realities and changing leadership expectations are reshaping the workplace.

‘As a professional Institute, we must remain relevant. We will encourage continuous professional development, knowledge-sharing, seminars, workshops and intellectual engagements that equip our members to respond effectively to emerging challenges.

‘We will also strengthen mentorship and intergenerational learning. Our experienced professionals have valuable knowledge to transfer, while our younger professionals bring fresh perspectives, technology awareness and innovation.

When these strengths come together, the Institute becomes stronger.’

On collaboration and member engagement, he called for stronger relationships among members, state chapters, regional structures and the national leadership, urging members to contribute their ideas, expertise and professional opportunities to advance the Institute’s collective interests.

He also pledged to uphold transparency, accountability and professional ethics by operating within the institute’s established framework, maintaining responsible communication with national structures and ensuring that resources entrusted to the chapter were managed prudently in the interests of its members.

‘We also intend to strengthen collaboration among members, state chapters, regional structures and the National leadership.

We must move beyond simply attending meetings to actively participating in the development of the Institute.

‘If you have an idea, bring it forward. If you have expertise, share it. If you have an opportunity that can benefit the Institute, make it available. The strength of this chapter will ultimately depend on the collective commitment of its members,’ he said.

Ogon emphasised that the institute must remain greater than any individual office holder, and urged members of his executive to serve with humility, integrity and accountability while preserving existing achievements, improving areas requiring attention and creating new opportunities for institutional growth.

He pledged good governance, transparency, accountability and professional ethics as essential parts of his administration.

Ogon declared: ‘As we assume office, we recognise that good governance, transparency, accountability and professional ethics are essential.

‘We will operate within the established framework of the Institute, communicate responsibly with the relevant national structures and ensure that resources entrusted to us are managed in the best interest of the chapter and its members.

Our institution must always be greater than any individual office holder.’

Continuing, he stated: ‘Distinguished colleagues, the world around us is changing rapidly. Technology is transforming industries, artificial intelligence is reshaping professional practice, and leadership expectations are becoming increasingly demanding. In such an environment, strategic thinking is not an option; it is an imperative.

‘today marks the beginning of a new chapter for ISMNC Rivers State. As chairman, I make this commitment: We will lead with purpose. We will serve with integrity. We will promote knowledge. We will develop people. We will encourage collaboration. We will pursue measurable results. And we will place the interests of the Institute above personal interests. I invite every member to join us in this journey.

‘Let us build an ISMNC Rivers State Chapter that reflects the competence of its members, the excellence of its professionals and the strategic value of the Institute.

‘Let us build an institution that we will be proud to serve today and that future generations will be proud to inherit.’

Ogon expressed appreciation to the outgoing leadership for their service and contribution to the development of the chapter and acknowledged their achievements.

He also appreciated the National President and Chairman-in-Council, the Registrar/CEO, the Governing Board, Board of Fellows, National Executive Council, committee chairmen, state chapter chairmen, distinguished members and all our guests for honouring the occasion.

Inaugurating the Rivers State Chapter, Ndudi Alex Enebeli, National President and Chairman-in-Council of ISMNC, welcomed the leadership transition, describing the chapter as particularly significant to him and emphasizing that incoming executives must build on the achievements and foundations established by their predecessors.

Enebeli expressed concern over growing apathy among members of professional bodies in Rivers State and challenged the new executive to develop effective strategies to re-engage members and encourage greater participation in the Institute’s activities.

He urged members to embrace the Institute as a platform for continuous learning and professional development rather than participating only when individual programmes offered an immediate personal benefit, encouraging them to take advantage of its capacity-building opportunities to improve themselves and contribute more effectively to society.

Identifying communication, cooperation and collaboration as three essential elements of successful leadership and teamwork, he commended the outgoing executive for its contributions, urged its members to mentor and support the new leadership, and encouraged the chapter to harness its members’ expertise to strengthen professional development outcomes.

Enebeli also expressed satisfaction with the Rivers State Chapter’s contribution to the Institute’s national leadership, noting that it had produced the national president and had been recognised as the Institute’s best-performing chapter in successive periods.

Nathan Excellence, the immediate past chairman of the chapter, thanked his executive committee for its support during approximately two years in office, declaring that the administration was handing over a more structured institute with improved capacity to deliver while expressing confidence that the new executive would build on the foundation laid by its predecessor.

‘The Igbo have no king, as the saying goes, and that absence of a central authority figure has allowed us to flourish in some ways while limiting us in others. Ohanaeze was meant to fill that void, to be the voice that speaks when the people cannot speak as one. But a voice that is silent when it should speak, that is absent when it should be present, that allows impostors to hijack its message without consequence, is a voice that is slowly strangling itself’ (Agbeze Ireke Kalu Onuma’s ‘Ohanaeze at 50,’ p. 236).

Introduction

A new Colonial Master looms large on the economic horizon of 21st Century Igboland. He is the militant Arab expansionist, hand in glove with the Islamist Nigeria, that captured the Ohaji/Egbema gas fields through the Nigeria-Morocco Gas Pipeline, NMGP, also known as the African Atlantic Gas Pipeline, AAGP. His resource terrorism against Ndigbo has been going on since 2016. Once completed, the pipeline will place the economy of Ndigbo in the hands of Morocco for as long as gas powers human civilisation. What has Ohanaeze Ndigbo Worldwide, the apex socio-cultural group representing some 80 million Igbos, done to halt the construction of this illegal pipeline?

It is also instructive that in September 2026, days before Ndigbo gathered in Lagos to receive Agbeze Ireke Kalu Onuma’s major work, ‘Ohanaeze at 50: The Burden of Memory. The Politics of Relevance,’ overwhelmed Igbo traders in Lagos protested against the new Chinese economic conquistadors. Ohanaeze should have known a day would come when Asian retailers would enter Nigeria. The same traders demonstrating against the Chinese allowed Lebanese syndicates to operate gambling machines in Igbo markets targeting our apprentices (see my ‘The Igbo Apprentice Addicted to Gambling and Other Matters: Open Letter to Leaders of Igbo Traders’ Associations’).

In ‘Capitalist Nigger,’ Chika Onyeani warned us the economy was everything because an economically self-reliant black community could never be easily dominated politically. He forewarned Ohanaeze about how the Chinese Spider-Web Economic Doctrine operates: China would enter Nigeria, sell everything to Nigerians and buy nothing from Nigerians. In the past two decades, the powerful Lagos chapter of Ohanaeze did not address the possibility of Asians dislodging Igbo traders. Instead, it consumed itself with infighting. Asian retailers are here, and our response is carrying placards. That is weakness.

Ohanaeze appears not to understand the Igbo problem because it is still trapped in the post-bellum mindset of the 1970s. It lost the plot refusing to look at the global scene. Any discourse on Ohanaeze must avert intellectual foreclosure by looking at the big picture to understand the place of Ndigbo in the economic timetable of the 21st Century. Limiting ourselves to the actions and inactions of the association will ensnare one into the treadmill Ohanaeze found itself. Onuma escapes this trap by admitting the Igbo Diaspora in his argument. He also gives the Igbo economy the attention it deserves (Onuma: 387).

Understanding the Onuma Argument

Onuma examines the deployment of mechanics of power by the Ohanaeze leadership (human factor) and how the monolithic body became the elephant in the room (institutional failure). He believes the association suffers a crisis of legitimacy due to poor performance. Legitimacy is not a permanent certificate. It is renewable with every milestone covered. The moment Ohanaeze stops performing, it loses legitimacy before Ndigbo. It suffers a crisis of legitimacy because its elite leadership suffers from a survivalist complex; just as Ndigbo, especially young Igbos, it serves have their own resistance complex.

The founding fathers formed the association in 1976 as ‘a response to deep trauma. The founders were reacting to the anti-Igbo pogroms, the horror of the civil war, the dislocation and suffering that followed…. They preferred negotiation to confrontation, because survival required it’ (Onuma: 245). Their survivalist complex meant they ‘see no evil, hear no evil and speak no evil’ in a hostile Nigeria if they must remain alive and serve Ndigbo. Their collective self-abnegation was typical of any marginalised group.

In ‘Souls of the Black Folk,’ W. E. B. Du Bois identified a survivalist complex in the emancipated Negro living in the racist southern part of the United States. He called this survivalist complex ‘patent defence,’ first noticed in the Medieval Jews living in anti-Semitic Europe. The marginalised Southern Negro resorted to flattery and deception to survive white racism. Onuma agrees with Du Bois on how a violent environment emasculates the individual. Such a victim is alienated as a mental exile. He is in an environment yet does not feel he belongs, as many young Igbos feel about Nigeria (Onuma: 203). The victim’s response is either acquiescence or resistance. For Igbos who experienced the war, their response is acquiescence conditioned by their survivalist Complex. But for the latter generations, their resistance complex aims to factionalise Ohanaeze or secede from Nigeria.

‘Deep trauma,’ ‘Igbo Psyche,’ ‘horror,’ ‘war,’ ‘dislocation’, and Suffering’ constitute a unique register indicating abnormal conditions. ‘Ohanaeze at 50’ engages Psychology of Oppression, defined as the abnormal behaviour oppression produces in the victim, consistent in Frantz Fanon’s ‘Black Skin, White Masks;’ Steve Biko’s ‘I Write What I Like’ and Onyeani’s ‘Capitalist Nigger.’ Fanon diagnosed the colonized did not aspire for self-liberation but to be assimilated into the white dominant culture. Biko saw the same syndrome in those blacks he called ‘non-whites,’ who aspired to be whites instead of being proud of their black identity. He reminded them that by trying to be whites, they were insulting the intelligence of God who created them blacks. Onyeani ridiculed those blacks prepared to pay any price to live among whites instead of fixing their degraded black neighbourhoods. Onuma sees the ambivalence in Ohanaeze appeasing the rabidly anti-Igbo establishment instead of confronting it.

Unlike Fanon and Biko, however, Onuma stops short of lampooning those Igbos who aspire to be Binis while repudiating their Igboness as a burden. Instead, he turns his attention to the fragmentation of the association and the resistance complex that produced such schism: ‘When nothing changes, when the suffering continues, when the roads are still bad, when the schools are still neglected, when the appointments still bypass the Southeast, people lose faith’ (Onuma: 245). Alienation forces impatient young Igbos to take their destiny into their own hands. Welcome to the factional Ohanaeze and separatist Indigenous People of Biafra, IPOB.

Onuma concedes that the two self-defeating mindsets/complexes put the association and Ndigbo under serious stress. It is like the proverbial falcon no longer hearing the falconer. He wonders if Ohanaeze is actually a socio-cultural entity, a political lobby group or what? This is because an amorphous Ohanaeze creates identity and audience problems for itself and Ndigbo:

Is Ohanaeze a cultural association that is inward-looking or a pressure group that is outward-looking? In the former, success is in the number of children who can speak Igbo, and in the latter, the number of policies positively influenced. If political broker success is in the number of appointments and contracts secured. Each role requires different structure, incentive, form and accountability. You can’t be all three without creating institutional contradiction and atrophy. Ohanaeze has tried to be all, only to end up being none’ (Onuma: 431).

Fear on the part of Ohanaeze leadership and anger on the part of its followership lead us to a deadlock: If Ohanaeze moves fast in ameliorating the Igbo condition as demanded by young Igbos, the suspicious Nigeria could proscribe it. But if it goes slowly about it not to alarm the establishment, Igbo youths could opt for factionalism, if not outright secession. Things are not helped, as Ohanaeze must not only remain a single entity but also keep Ndigbo in Nigeria. Failure could dent the Igbo man’s leadership credentials, a prospect the association can ill afford. Onuma’s solution, inter alia, is democratising the Igbo traditional philosophy of ‘ako-na-uche,’ or wisdom and intelligence, to make the association more responsive.

My point of divergence with Onuma is his aversion to factionalism. The author is against a parallel Ohanaeze even when elections are rigged and the constitution is violated. He favours an in-house arbitration mechanism like the Committee of Igbo Archbishops and Bishops on Peace and Conflict Resolution. The problem is that none take this committee seriously. Did former President-Generals Dr Joe Irukwu and Professor George Obiozor/successors respect episcopal arbitration in 2006 and 2023?

I conscientiously believe in the necessity of some form of counter-force to Ohanaeze if Ndigbo must see the light of the next fifty years. Socio-Cultural includes the economy, oil, gas, banking, Maritime, etc., which Ohanaeze is not addressing. The association was created to serve Ndigbo and not the other way round. The day it abdicates this crucial duty, or dallies when Igbo lives and properties are at risk, then Ndigbo must fashion out an alternative best suited for the challenge at hand.

My modest enquiry is to examine Onuma’s treatment of power within the context of Social Contract. He believes his reforms could set Ohanaeze on the true path of becoming the proactive entity envisaged by our founding fathers, namely, Dr Nnamdi Azikiwe, Eze CC Nwuche (Ekpeye), Chief CD Orike (Ogba), Okogbule Wonodi (Ikwerre), Emmanuel Agwuma (Ikwerre), Obidike Nwonodi (Ikwerre), Francis Ellah (Ogba), Akanu Ibiam, Michael Okpara, Dr Obi Wali (Ikwerre), etc. Citations from the primary text are lifted from the soft copy version.

Mutable Reality Vs Immutable Ohanaeze

Ohanaeze could have been a solution in 1976 when it was established. But the same entity can be the new problem in 2026. This is because no condition is permanent. Professor Donald Nwoga reminded us that every reality changes not only within itself but from one form of reality to another. He simply meant that within five decades, the problem of Ndigbo in Nigeria not only changed in content but also in form. Onuma’s claim that the association suffers identity and audience problem must be understood within the ambit of a changing reality.

An ossified Ohanaeze, trapped in the 1970s political inclusion mindset, when the challenge today is economic terrorism, in my view, is a stumbling block. In this age of Information Revolution that heralds the social media, Ohanaeze has proven itself the elusive ‘Pater remotus,’ or remote father. It is nowhere seen; and when seen is silent. There is nothing like Ohanaeze for Ohanaeze’s sake. Any pragmatic measure within or without the association capable of serving the Igbo interests, I truly believe, must be considered.

I agree with the author’s presentation of the factors that coalesced to reduce Ohanaeze to an albatross. But when you apply deductive calculations to his solutions, you tend to see the same old Ohanaeze emerge at the end of his reforms- an inverted Ohanaeze populated by squabbling elites, patronage network specialists who benefit from the rot, the contractors, the fixers, the gatekeepers who have learned to profit from a weak and distant Ohanaeze (Onuma: 371).

Nigerian midfielder Alex Iwobi has matched Mohamed Salah’s Premier League appearance record among African players after featuring in Fulham’s 1-0 victory over Coventry City on Saturday.

Iwobi’s appearance took his Premier League tally to 328, drawing him level with Liverpool forward Salah as the joint-second most-capped African player in the competition’s history.

However, Salah has played more minutes in the league, accumulating 26,785 compared with Iwobi’s 22,898.

The Fulham midfielder could move into outright second place when the Cottagers travel to Aston Villa for their next league fixture, provided he features in the match.

Former Manchester City and Arsenal defender Kolo Touré holds the record for the most Premier League appearances by an African player, with 353.

Iwobi played 73 minutes in Fulham’s victory over Coventry, recording 60 touches, completing 51 passes and achieving a passing accuracy of 86.3 per cent.

The achievement puts the Super Eagles midfielder within reach of Touré’s record, with 25 appearances separating him from the former Ivory Coast international’s tally.

At 29, Iwobi has the opportunity to become the African player with the most Premier League appearances if he maintains his run of involvement for Fulham and surpasses Touré’s record.

His latest milestone places him alongside Salah, underlining the longevity of both players’ Premier League careers and bringing Iwobi closer to a record held by one of Africa’s most experienced defenders.

The emergence of airlines, the expansion of routes and renewed investment in airports across Nigeria deserve attention for their potential to benefit the wider economy.

A dependable flight connection can shape where a company holds a conference, whether an investor visits a project and how easily a producer reaches a buyer.

The opportunity is not just to move more passengers, but to turn improved access into sustained business activity, infrastructure investment and employment.

That is the context in which I believe we should assess recent developments. United Nigeria Airlines’ approach to the capital market, Air Peace’s international expansion, Ibom Air and Enugu Air, along with new airport projects and terminal improvements, all point to an evolving aviation market. They also raise a broader question: how are the places these airlines serve preparing to benefit from improved connections?

An airline’s financial performance matters because services cannot continue indefinitely without viable operators. But its revenue is only one part of the broader economic picture. A passenger arriving for a meeting may pay for accommodation, use local transport, dine in restaurants, and purchase professional services.

A successful conference generates demand for several businesses at once. These effects reach beyond the airline’s accounts and the airport’s operating income.

Reliable services can also influence decisions before a passenger travels. A company may be more willing to maintain a regional office if its managers can travel predictably. Conference organisers need confidence that delegates can arrive and return conveniently. Investors considering a factory, hotel or commercial development will assess access alongside power, security and market demand. Aviation can strengthen a location’s appeal, though it cannot overcome every weakness.

Akwa Ibom offers a useful Nigerian example. Ibom Air and Victor Attah International Airport are complemented by investment in hospitality, tourism and aviation support facilities.

The state has connected its aviation ambitions to projects such as the Arise Palm Resort, convention facilities and hotels. In February 2026, it signed an agreement to manage four government-owned hospitality properties, including the resort and Ibom Icon Hotel and Golf Resort.

The significance lies in how these assets work together. Flights make the destination accessible, while attractions and business events give passengers reasons to visit. Hotels accommodate visitors, and restaurants, retailers and transport operators compete for their spending. Maintenance facilities can create demand for technical skills and supporting services. Each element must be commercially viable, but together they offer a stronger development proposition than anyone could alone.

Abia’s airport project at Nsulu should be assessed against the needs of its productive economy, especially Aba. Improved access could make it easier for buyers, suppliers and technical partners to visit.

Northern connectivity proposals deserve the same careful scrutiny. Long distances and challenging journeys can limit trade and investment, while regular flights could improve access to markets and projects. Regional airline plans should therefore respond to clear travel needs and show that their operations are sustainable.

Investment in existing gateways is equally important. The reconstruction of Murtala Muhammed International Airport Terminal 1 gives Nigeria an opportunity to look beyond renovating a terminal building. The nearly 50-year-old terminal is being stripped to its structural frame and rebuilt with new passenger-processing, mechanical, electrical, security and commercial systems.

The approved design for a monorail linking the Lagos Red Line at Ikeja to the airport takes that thinking beyond the terminal complex. The proposed stops are Ikeja Station, Domestic Airport Station, Beesam Station, Toll Gate Station and MMIA Terminal 1. Design approval is an important step, but construction has not yet commenced, and no completion date has been announced. The proposal nevertheless recognises that rebuilding an airport without improving access for passengers and workers would leave an important part of the problem unresolved.

The real opportunity is to make these investments work together as one system. The rebuilt terminal should improve movement and the passenger experience within the airport, while the monorail and redesigned roads improve access. The precise location of the Domestic Airport Station and how it connects to the domestic terminals will be especially important.

A station within the airport district is not enough if passengers still have an inconvenient transfer to the terminal.

If properly integrated, the combined investment can do more than shorten journeys. Easier access can influence passenger spending, retail demand, advertising exposure, hospitality services and the attractiveness of surrounding commercial locations.

Therefore, consider commercial spaces, passenger services, and interchange facilities alongside the engineering works, not after the principal decisions have been made. The airport must be treated as an economic gateway connected to the city, rather than as a building standing apart from it.

Dubai South shows how public authorities can take this approach further. Al Maktoum International Airport is part of a broader development that brings together aviation, logistics, commercial premises and housing.

Dubai’s April 2024 approval of an AED128 billion airport expansion reinforced this long-term direction. Its planned capacity of 260 million passengers a year is a future ambition, not a measure of current activity.

What interests me more is the work around the airport. Road and utility infrastructure, links to Jebel Ali Port, free-zone arrangements, and dedicated business districts have given companies reasons to locate there. Dubai South has also partnered with private developers to provide logistics premises suited to occupiers.

The government did not assume the airport alone would drive development; it helped bring together a location where transport access, facilities, and commercial arrangements could work together for investors.

There are tangible results beyond drawings and announcements. Dubai South reported 653 new companies in 2025, bringing its total number of operational businesses to more than 4,200.

These results reflect years of development and Dubai’s broader trading strengths, so they should not be attributed solely to the latest airport expansion. Still, they demonstrate the value of planning for businesses alongside aviation infrastructure.

Nigeria can apply the lesson without matching Dubai’s scale. Opportunities around each airport should reflect the local economy. A tourism destination needs accommodation and attractions; an agricultural export proposition needs suitable produce, buyers, inspection arrangements and reliable cold storage. Aviation maintenance requires technical partners, skilled workers and sufficient demand. Facilities should meet credible needs, not follow a standard airport-city template copied from elsewhere.

This is where commercial property becomes essential. Warehouses, hotels, workshops, shops, and offices provide the space where the wider activity takes place. Their success depends on appropriate sites, clear land arrangements, utilities and access. Prospective occupiers should help shape development early. Their willingness to commit is more informative than a general assumption that proximity to an airport will make every property successful.

Local businesses also need a practical route into the opportunity. A growing visitor economy can buy food, transport, maintenance and other services from nearby communities. Connecting local suppliers with the standards and requirements of larger buyers gives them a better chance to grow alongside the investment.

For government, coordination is therefore part of the infrastructure investment itself. Airport development, rail and road access, land-use planning and business promotion must align behind a common direction. Private operators need clarity about what will be delivered, by whom and when. Development can then be phased around firm commitments, with financing matched to each asset’s useful life. This reduces the risk of expensive facilities sitting idle as they wait for customers who were never properly identified.

The growth of Nigerian airlines and investment in airports present an opportunity we should take seriously. Our next task is to connect that growth with the activities our states and cities want to attract. We should measure results not only by passenger numbers or terminal capacity, but also by viable services, businesses established, premises occupied, and jobs sustained. The broader return on aviation investment will depend on how deliberately we prepare the economy to benefit.