Category: Business Day

DP World, global ports and logistics operator, has signed agreements with the Ogun State Government to develop the Gateway Deep Seaport and a 10,000-hectare Blue Marine Special Economic Zone.

The Memorandum of Understanding (MoUs) agreement, signed in Paris, France, amid President Tinubu’s visit, envisages an initial investment of more than $7 billion, according to the Presidency on Thursday, with the potential to create more than 50,000 direct jobs when fully developed.

The proposed Gateway Deep Seaport at Ogun Waterside will have a four-kilometre berth and an 18-metre draft, allowing it to handle larger vessels and providing an alternative gateway to the congested Lagos port corridor.

President Tinubu said the port would help ease pressure on Apapa and Tin Can Island ports while reducing logistics costs and delays for importers and exporters.

‘The agreements before us bring together vision, expertise, capital and execution capacity. I particularly welcome DP World, one of the world’s leading port and logistics operators,’ Tinubu said in France.

The President said the Federal Government would provide regulatory and institutional support for the projects and facilitate road, rail and power connections needed to support the port and industrial zone.

He said the Blue Marine Special Economic Zone was already attracting interest from global manufacturing and industrial companies, with the zone expected to process imported inputs, convert Nigerian raw materials into finished products and support exports.

‘A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other,’ Tinubu said.

The Gateway Deep Seaport is expected to serve the industrial zone and provide a new maritime gateway to Lagos, the Nigerian hinterland and markets across Africa.

Tinubu also linked the project to the Lagos-Calabar Coastal Highway, saying the 28-kilometre Ogun section of the highway would provide a critical transport connection to the port and zone.

The President said the government would also work with Ogun State and investors to remove bureaucratic bottlenecks and strengthen investment security as the projects move from agreements to implementation.

The federal government and the Central Bank of Nigeria (CBN) have made concerted efforts and rescued the economy from the brink of total collapse and stabilised it, though there are still mileages to cover to engender prosperity going forward. In the pursuit of economic recovery, there is no magic wand nor quick fixes to all the economic challenges, as everything has to go through the processes in the economic cycle, and achieving macroeconomic stability is the starting point.

To fully appreciate the efforts of the federal government and CBN in the process of economic recovery, it is important to understand the major and chronic challenges of the economy and its trajectory over the past years through successive governments, but especially the immediate past administration, which printed money and abused the Ways and Means facility; as a result, excess money was pumped into the economy, which triggered inflationary pressure.

Former CBN Governor Sanusi Lamido Sanusi (now the Emir of Kano) had noted that ‘everything we are complaining about today is something that every economist would have told you would happen. Once you print money, you know where you will end up.’

Sanusi commended the CBN under the present governor, Olayemi Cardoso, for the remedial policies of the bank. He said, ‘I have nothing but positive words for what the Central Bank has done. We are coming from a background of a very high level of instability as a result of loose money and an uncontrolled money supply, and the Central Bank has taken the last one year to mop up all that money.’

He further noted that though the interest rate was still high, the exchange rate had been stabilised, and the economy had been rescued and pulled back from the brink of total collapse.

Sanusi also noted that though inflation was still relatively high, it had come down from the very high levels a few years ago and that the economy had recorded growth, which he noted was the first time in a long time that the economy grew faster than the population growth.

The Minister of Finance and Coordinating Minister of the Economy, Professor Taiwo Oyedele, also credited CBN with helping to stabilise and restore confidence in the economy, and he noted that the economy recorded a balance of payment surplus of USD5 billion in 2025 and foreign reserves rose to USD55 billion.

CBN has maintained sustained vigilance and a proactive money policy stance and initiated policy reforms for macroeconomic stability and an enabling environment for economic growth and development.

In the recent past, CBN cleared an outstanding USD7 billion forex backlog, which restored confidence among market participants and reinforced Nigeria’s commitment to honouring financial obligations in a timely and efficient manner.

An expert and CEO of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, also noted that the development reduced pressure on CBN and gave the bank the latitude to build up reserves and be able to support the naira.

CBN has built institutional credibility by re-establishing confidence in the system, improving regulatory effectiveness, promoting transparent decision-making and responsible governance and creating an enabling environment for capital inflows and economic growth.

The Bank’s efforts in the restoration of confidence in the system and the stabilisation of the economy are foundational for building more blocks towards strengthening the economy.

Recently, the federal Ministry of Finance and CBN signed a fiscal-monetary pact to strengthen the tie in policy formulation and align economic policies. The agreement is for coordination, data sharing, and policy consultations towards lowering inflation sustainably and strengthening the foundations for investments.

As noted by the Multilateral Investment Guarantee Agency (MIGA), confidence and stable investment environments are essential for attracting sustainable private investment in emerging economies.

Going forward, though the economy has been stabilised and confidence restored, inflationary pressure reduced (though it’s still relatively high), with a trade surplus, increased foreign reserves and economic growth, there is still an anomalous pattern in the economy that needs to be corrected.

Ideally, economic growth should be employment elastic. Growth should have a positive correlation with employment, which provides personal income, which will boost aggregate demand, and which in turn will lead to business expansions and inclusive and sustainable growth, but the anomaly is that the economic growth is not employment elastic, and it has been the pattern of growth in Nigeria’s economy since the past years to date.

One major reason for the anomalous growth pattern is because the growth is driven mainly by capital-intensive sectors such as oil, telecommunications and finance, which are relatively not labour-intensive compared to the real sector.

The real sector, which consists mainly of manufacturing and agriculture, is the driving force of any economy and which creates linkages in the economy more than any other sector.

Experts have noted that the real sector has the capacity to generate high employment and that it satisfies aggregate demand and is connected to the standard of living of the people and is used to measure the effectiveness of macroeconomic policies.

The fiscal and monetary authorities need to evolve creative policies that will incentivise and support the real sector for the economy to achieve inclusive and sustainable growth.

The Alumni of the Government Secondary School (GSS) Wukari, who graduated in 2000, have tackled retired Major General AT Ibrahim over a petition he recently submitted against David Jimkuta, alleging that the senator forged his secondary school result which he submitted to the All Progressives Congress (APC) as his credentials for nomination.

Ibrahim, an aspirant in the just-concluded primary election of the APC for Taraba Southern Senatorial District wrote a petition dated 21/09/2026 which was submitted to the Office of the National Chairman of the party, seeking to disqualify Jimkuta, who defeated him (Ibrahim) during the recent Senatorial primary election.

The petition entitled ‘Petition for the disqualification of Senator David Jimkuta for submitting forged documents to INEC and also for making a falce declaration on oath to the party and INEC’.

‘I sincerely know as true and correct, that Senator David Jimkuta submitted forged documents to INEC and also made false declarations on Oath in his Declaration of Interest and Nomination Forms to the party and INEC respectively. The said forged documents submitted to INEC are National Examinations Certificates while these said documents were also attached to his Declaration of Interest and Nomination Forms and sworn to be real, to enable him qualify and/or be qualified constitutionally, to run and be nominated as the candidate of the party for the Taraba South Senatorial District election slated for 2027’, The petition read.

Speaking with journalists in Jalingo, Taraba State Capital on Wednesday, some class mates of Jimkuta led by Haruna Magaji and Galeya Gembo Suntai accused Ibrahim of creating false allegations in his petition against Jimkuta to distract the senator from focusing on his campaign.

The GSS Wukari 2000 set members, who appeared during the press briefing, included Zakaria Luka, Emmanuel Audu, Manasseh Wunuji, Haruna Magaji and Habibu Isyaka, they both declared that both of them graduated the same year with Jimkuta.

Magaji stated that set 2000 was the pioneer students that wrote National Examination Council (NECO) which Jimkuta, the certificate he used as credentials for INEC and APC nomination forms.

‘We have once again visited the GSS to be sure of what Gen. Ibrahim has petitioned against the senator, we collected the gazette and conducted thorough check, Sen. David Jimkuta’s name is number 98 on our list, we are sure before we decided to appear for this press briefing.

‘We want to sound very clear, not only to Gen. AT Ibrahim but for everybody to know that Sen. Jimkuta graduated together with us during the set 2000 in Wukari at GSS, for the sake of records. Our Head Boy was Mr. Magai Tsokwa, our Head Girl was Lady Dankaro our Principal was

Lat Mr Adda Ali and some of the teachers who are prominent in the society are Daniel Ishaya Gani (Skeco)

and Mr A. Hausa.

‘The set 2000 also accused Gen. Ibrahim of not raising anybody within the society through out his military carrier but rather has chosen to bring down Sen. Jimkuta who in his 3 years at the Senate has empowered hundreds of people from the southern senatorial district of the state.

‘We are not happy with what Gen. Ibrahim has done, he leaves in Wukari, his house to the school where we graduated is just a stone throw, he can simply take a walk to GSS and make findings himself, instead he has made himself a laughing stock at the national Secretariat of the APC.

‘We are calling on the General to verify his information before going out, as an elder in our society, we prefer to continue guiding and protecting him the same way Sen. Jimkuta has recently sponsored his medical trip abroad where he survived, rather than presenting himself for falsehood’, Magai stated.

Atiku Abubakar, former Vice President and Presidential Candidate of the African Democratic Congress (ADC), has called on Nigerians to unite and democratically vote out the administration of Bola Tinubu in the 2027 general elections.

Abubakar, who spoke on Thursday in Akure, Ondo State capital while welcoming the former Governorship Candidate of the People’s Democratic Party (PDP) in the State, Eyitayo Jegede and his supporters into the ADC, however, said the Tinubu’s APC led administration has worsened the hardship faced by Nigerians.

According to him, ‘We are committed to restoring subsidy; we are committed to restoring security all over this country. If we are elected, no part of this country would feel insecure anymore.’

He said the ADC is committed to providing an alternative government that would address insecurity, economic hardship and other challenges confronting the country, promising that his administration would restore the petrol subsidy if elected.

Atiku, who served as Vice President between 1999 and 2007, also recalled the economic performance of the country during the period, arguing that Nigeria had moved from being Africa’s largest economy to a lower position under successive administrations.

Atiku also cited the August 2026 Osun State Governorship election as an example of the importance of voter mobilisation and protection of ballots, urging ADC supporters across the country to replicate what he described as the high voter turnout and efforts to protect votes during the poll.

He said the ADC would build its strength from the grassroots and expressed confidence that Jegede’s defection, alongside the movement of his supporters, would strengthen the party in Ondo State ahead of the 2027 elections.

‘We warmly receive Jegede and his team from the PDP to ADC. We enjoy the support we have received from the people of Ondo State, and I want to see that support reflected in the next election,’ Atiku said.

He added that the party was determined to protect its votes and mobilise Nigerians across the country, saying the outcome of the 2027 election would depend significantly on voters turning out and ensuring that their ballots counted.

Earlier, Rauf Aregbesola, ADC National Secretary and former Governor of Osun State, who represented David Mark, the National Chairman, urged party members and supporters to intensify grassroots mobilisation ahead of the elections.

Aregbesola charged them to ‘go from house to house’ to campaign for ADC candidates, promising that the party would address the rising cost of living if elected.

‘You can see things are costly; we are going to bring it down,’ he said, urging Nigerians to support the ADC at the polls.

He added, ‘It is our vote that would determine the strength of our political party. As we came out today, let’s vote ADC massively.’

Also speaking, Jegede said he defected from the PDP to the ADC to contribute to the party’s efforts to provide what he described as a democratic alternative ahead of the 2027 elections.

Jegede said unemployment, economic hardship and rising living costs had made the situation difficult for many Nigerians, insisting that the time had come for citizens to mobilise for political change.

‘There is unemployment in Nigeria; you can all see it. There is hardship; you can all see that. The suffering is too much. The journey has begun. We want a democratic government,’ he said.

The former PDP governorship candidate expressed confidence in the ADC’s prospects in the 2027 elections, saying the party would mobilise and unite its supporters to contest the presidential, senatorial and House of Representatives elections.

‘We are sure of winning the Senate, House of Representatives and presidency. We are going to mobilise and unite to win come 2027,’ Jegede added.

Nigeria’s renewed campaign for a permanent seat on the United Nations Security Council faces a more immediate hurdle than persuading the world’s major powers. It requires building enough support within Africa for Abuja to occupy one of the permanent seats the continent is demanding. Vice President Kashim Shettima is scheduled to present Nigeria’s national statement at the 81st United Nations General Assembly in New York on Thursday, September 24, with reform of international institutions, peace and security and a more equitable global economic order expected to feature prominently. The campaign comes as pressure mounts for an overhaul of the Security Council, which still reflects the power structure created after World War II. But Africa’s demand is not for a Nigerian

Three professionals have joined the PEARL Awards Board to further strengthen the organization’s governance and professional depth. The body is a platform reckoned for rewarding corporate performance in the capital market.

Fortunately, this is coming at a time much attention is focused on the capital market partly triggered by Dangote sale of shares.

The new board members are Bunmi Lawson, Managing Director/CEO, Edfin Microfinance Bank; Ibrahim Boyi, former Executive Commissioner, Corporate Services, Securities and Exchange Commission (SEC); and Johnson Chukwu, Managing Director, Cowry Asset Management Limited, according to Olisemeka Obi,Project Manager PEARL Awards Nigeria

Tayo Orekoya, President/CEO of PEARL Awards Nigeria explained in a statement that the appointment of the new Board members reflects the organization’s commitment to bringing wider expertise and experience to the leadership of the Awards.

He added: ‘We are delighted to welcome these accomplished professionals to the PEARL Awards Board. Their experience and knowledge will add significant value as we continue to strengthen the Awards and position them for an even greater impact on the capital market.’

He further said that the awards which entered a new chapter following the celebration of the 30th anniversary of the PEARL Awards last year will hold its 2026 edition late November this year in Lagos.

Orekoya said the platform has, ‘ for three decades, provided a credible platform for recognizing excellence, promoting best practices and celebrating institutions and individuals who contribute significantly to the growth of Nigeria’s capital market. This year, we are not only celebrating excellence; we are challenging the market to inspire the future,’ he said

The Central Bank of The Gambia (CBG) ordered top banks in Nigeria, including First Bank and Access Bank to dismiss non-Gambian employees, tightening rules on foreign workers as the regulator pushes lenders to prioritise local staff.

The decision, according to reports, was contained in a letter dated 19th September where the CBG ordered commercial banks to phase out non-citizens who are not on approved expatriate quotas by the end of the year.

The letter, signed by Ousman Mendy, the bank’s second deputy governor, was addressed to managing directors of all banks operating in the country, including Nigerian subsidiaries such as First Bank, Zenith, Access, Eco, and the Guaranty Trust Bank.

According to the letter, the decision followed a meeting between the central bank and bank managing directors in August, during which they discussed concerns about the employment of non-Gambian workers in the banking sector.

The CBG said a recent industry study it conducted found that banks employ a large number of foreigners.

It added that, in addition to recruiting expatriate workers, some banks allegedly violated provisions of The Gambia’s Labour Act 2023 and Guideline 9 on expatriate staff.

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These provisions identify the circumstances under which expatriate workers can be employed and the quotas permissible.

‘A recent industry study conducted by the Bank revealed that a relatively high number of non-Gambians are employed by banks, in addition to recognised expatriate staff.

‘This is in violation of the provisions of the Labour Act 2023 and also not in line with guideline 9 on expatriate staff,’ the letter read.

The regulator further urged banks to adhere to the country’s laws and strictly follow the central bank’s guidelines.

‘You are hereby directed to ensure full compliance with the law and strict compliance with CBG’s guidelines,’ it stated.

The regulator also directed that the non-citizens dismissed should be replaced with qualified Gambians.

It directed banks to put clear succession plans in place quickly and transfer skills. It also asked banks to keep operations running smoothly during the transition.

The National Examination Council (NECO) has released the results of the 2026 Senior School Certificate Examination (SSCE), with 1,496 candidates flagged for alleged examination malpractice.

This is 2,382 low compared to 3,878 candidates involved in examination malpractice in 2025, the decrease is 64.74 percent.

Dantani Wushishi, the registrar of NECO, made this known on Thursday during a press briefing, where he said 1,378,048 candidates registered for the examination, but 1,371,992 sat for it.

‘Number of candidates with five credits and above, including English language and mathematics 804,948, representing 58. 67 percent

‘Number of candidates with five credits and above irrespective of English Language and Mathematics was 1,126,118, representing 84.70 percent,’ Wushishi said.

The registrar explained during the question-and-answer session that the adoption of the computer-based examination had reduced the incidence of malpractice in NECO examinations.

He further said that NECO was not aware of miracle centres, saying NECO owns only one school and is not involved in miracle centres.

‘We register centres and have criteria for which we register these centres. We don’t know miracle centres because we have only one school and we cannot be associated with miracle centres.

‘If there are miracle centres, it is the state governments that established these miracle centres, or they are privately owned, but NECO does not believe in miracle centres,’ he said.

Flutterwave has appointed Morounke Olufemi as its new global chief financial officer, making her the company’s third CFO in four years as the fintech places greater emphasis on capital discipline, margins and sustainable profitability.

Olufemi, who joined Flutterwave as EMEA CFO in June 2025, succeeds Mitesh Popat, who is leaving the company to co-found a new venture. Popat became CFO in September 2024, succeeding Oneal Bhambani, who served from mid-2022 until late 2023.

The latest appointment extends a period of change in Flutterwave’s finance leadership, while the company describes the transition as a planned succession.

Olufemi brings more than 24 years of financial and corporate leadership experience. Before joining Flutterwave, she served as group CFO of Access Holdings, where she was involved in major capital raises and mergers and acquisitions.

Her move to the global CFO role also represents an internal promotion, giving the company a finance chief who has already spent more than a year overseeing its EMEA financial operations.

Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave, said Olufemi had demonstrated the financial leadership needed for the company’s next phase of growth.

‘We are grateful to Mitesh for his leadership over the last two years and fully support his next chapter,’ Agboola said.

The appointment comes as Flutterwave places more emphasis on the financial efficiency of its expansion. In her new role, Olufemi said the company would continue to focus on capital discipline, margin growth and sustainable profitability. ‘Our financial trajectory remains firmly on course,’ she said.

The succession from Bhambani to Popat and now Olufemi means Flutterwave has had three CFOs since 2022. The company has attributed the individual departures to different circumstances, including Bhambani’s personal reasons and Popat’s decision to pursue a new venture.

Olufemi’s appointment provides continuity because of her existing role within the business, while bringing extensive experience from Nigeria’s banking sector into Flutterwave’s global finance function.

Her immediate mandate will include supporting the company’s financial strategy as it continues to operate across multiple markets.

The change also comes as African fintech companies increasingly move beyond expansion into questions around sustainable business models and financial discipline.

For Flutterwave, the appointment puts an experienced banking executive at the centre of its next stage, with the company explicitly prioritising capital discipline, margin growth and sustainable profitability alongside continued expansion.

The Borno State Government has presented a total of N83 million to parents and guardians of orphans (local volunteers ) of fallen heroes of the Civilian JTF, vigilantes and Hunters, supporting children whose parents lost their lives fighting against the Boko Haram insurgency in the prolonged conflicts.

Bala Isa, the Executive Secretary of the Borno State Government, announced a press briefing to be held in Maiduguri on Wednesday.

According to him, Today’s event marks the closure of a five-year scholarship programme for the 300 children of fallen heroes who died while defending their communities, helping to sustain the children’s educational needs.

He said, ‘Today, we gather not merely to mark the conclusion of a program, but to celebrate a promise kept, a promise made to the families of our fallen heroes.

‘Five years ago, the Borno State Government, under the able and compassionate leadership of Babagana Zulum, took a bold and historic decision. It resolved that the children of those fallen heroes in the fight against insurgency, the gallant men and women of the Civilian Joint Task Force, the Hunters, and the Vigilantes would not be abandoned. Their fathers laid down their lives for our peace; the Government resolved that their children would not be denied a future.

‘Over a period of five years, the Borno State Government has expended the sum of N300,000,000 on this scholarship program for 300 Orphans of late CJTF, hunters and vigilantes. Apart from the N60 million annually approved for the settlement of school fees and other learning materials.

‘This investment was comprehensive. It covered school fees, books, learning materials, uniforms, shoes, school bags, and other logistics required to keep these children in school and to give them a sense of belonging and dignity.

‘This program was not just about paying fees. It was about restoring normalcy to the lives of children who had known tragedy far too early. It was about ensuring that a child who lost his father defending the good people of Borno State could still wear a clean uniform, carry a school bag, and sit in a classroom beside his peers. As we mark the end of this five-year cycle, we must acknowledge those whose efforts have made this program a success.’

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He added: ‘As this five-year program formally comes to an end Today, let me state clearly: the end of this cycle does not mean the end of the Government’s commitment to the children of our fallen heroes. The Borno State Scholarships Board will continue to explore avenues in collaboration with the Ministry of Education, Science, Technology and Innovation to ensure that support for the children of our fallen heroes is sustained in one form or another.

Baba Shehu Abdulganiyu and a representative of the CJTF echoed these sentiments. They expressed profound gratitude to the government for remembering the children of their fallen colleagues.

Families have commended the initiative, describing it as a lifeline that eased the burden of educating their children through difficult times.

They are, however, calling for continued support as the beneficiaries pursue higher education and new opportunities.