Category: Business Day

The recognition of Felix Ike, co-founder and chief technology officer of Moniepoint, by TIME is putting the engineering behind one of Africa’s largest fintech platforms on the global technology map.

TIME named Ike the only African executive on its inaugural ‘Executives of the Year: Tech and Data’ list, unveiled on September 22. He joins 49 technology and data leaders from companies including Netflix, OpenAI, Anthropic, Shopify, Reddit and CrowdStrike.

The recognition is significant because it shifts attention beyond Moniepoint’s growth to the technology infrastructure that has supported that expansion.

Ike co-founded Moniepoint with Tosin Eniolorunda in 2015 and has overseen the architecture of the systems powering the company’s financial services. Moniepoint has evolved from a back-end payments provider for banks into a business banking platform and attained unicorn status in 2024.

The company says it now serves more than 10 million businesses and individuals across Nigeria and beyond, while its infrastructure powers about eight in 10 in-person digital payment transactions in Nigeria.

For Africa’s technology industry, the recognition comes at a time when locally built platforms are increasingly serving large domestic markets rather than operating primarily as extensions of foreign technology systems.

Ike said the honour demonstrated that Nigerian engineering could compete on the global stage.

‘This shows that Nigerian engineering, built for Nigerian and Africa, can stand on the same stage as Silicon Valley and Wall Street,’ he said.

The recognition follows Moniepoint’s inclusion on TIME’s 2025 list of the 100 Most Influential Companies. While last year’s recognition focused on the company, the latest distinction puts one of the executives responsible for its technology architecture in the spotlight.

That distinction is important for an African technology sector where international attention has often centred on funding, valuations and user growth. The ability to build infrastructure capable of supporting millions of users and high transaction volumes is a different measure of technological maturity.

Fintech makes that test particularly demanding because reliability and security are integral to the movement of money and the operations of businesses.

Moniepoint’s expansion therefore provides a practical measure of the infrastructure challenge. Its systems have had to evolve alongside a platform serving millions of customers and a digital payments market growing rapidly across Nigeria.

Tosin Eniolorunda said Ike had contributed significantly to building infrastructure that carries the weight of millions of livelihoods.

The TIME recognition adds to Moniepoint’s international profile. The company has appeared for three consecutive years on the Financial Times’ list of Africa’s Fastest-Growing Companies and has also featured on CNBC’s World’s Top Fintech Companies list.

For African technology, however, global recognition is only one part of the story. The bigger test is whether locally built systems can remain secure, resilient and scalable as demand grows.

Ike’s inclusion on TIME’s inaugural list provides a prominent acknowledgement of the engineering capability emerging from Nigeria. Its longer-term significance will depend on whether that capability continues to produce technology capable of supporting Africa’s expanding digital economy.

The political campaigns which were declared open a few weeks ago have already started to draw blood. But why?

Economic saboteurs must be named and shamed.

Nigerians woke up last Thursday to the embarrassing and shocking news of the death of about 37 people in the custody of the Nigeria Security and Civil Defence Corps (NSCDC) in Niger State.

The diseased 37 young people were among the 65 persons arrested in connection with illegal mining in Niger.

The manner of their death has since led to the sacking of some officials and empaneling a committee to probe into the circumstances that led to the mysterious deaths.

One thing is sure, and that is where it rankles most: Whatever may be the findings of the panel will not bring back to life the dead. The families of the young victims will live to bear the loss of their loved ones.

Questions have been asked without answer about why such teenagers were in mining sites and not in their classrooms, and who recruited them for the illicit escapade?

The death of these youths may have also exposed what may have been going on without anybody hearing about it. A lot of permutations are going on over the possible reason for the mysterious deaths. The one that has refused to go away is, who are the sponsors?

Like what is going on in the bloody business of abduction, where certain wealthy individuals arm the radicalised youths with AK-47 and other dangerous weapons to go commit the crime for financial gain, illegal mining is being touted to follow the same trajectory.

Nigeria seems to have become used to terrible deaths and large figures that death has lost its bite and Nigerians has equally lost their humanity.

If anyone thinks that what happened in Niger would lead to an end of illegal mining in Nigeria, such thinking is sheer bunkum!

Over the years, mindless stealing of the nation’s patrimony has been flayed by those who have the interest of Nigeria at heart. Yet, the scale of the corruption has not abated. If anything, it is worsening.

Although mineral resources are on the Exclusive List under the Nigerian Constitution, some highly connected and those with tentacles that run deep into the corridors of power in the country believe the minerals are their personal property.

Item 39 of the Second Schedule gives the federal government sole control over mines, minerals, oil fields, and natural gas. It stipulates that only the federal government can make laws, issue licences, or regulate mining activities, but these have not been the case. In some parts of the country, some political figures and socio-cultural groups have, over the years, arrogated to themselves the rights to the minerals in their domain. They have made statements advocating for regional control, equity or specific rights regarding the mineral resources in their part of the country.

These agitations are rooted in a highly complex and long-standing political economy debate in the country regarding federalism, devaluation and resource control.

Efforts by the National Assembly to tinker with the Constitution on the control of mineral resources have only yielded bills and no laws.

What has been noticed over the years has been sheer impunity by the highly placed and well-connected individuals in society who steal away the common wealth through illegal mining and illicit oil bunkering.

Virtually all the states in the country are plagued by illegal extraction of solid minerals, but the degree at which it is happening in Niger and Zamfara States is mind-boggling.

While Niger experiences massive illegal mining of gold, lead, zinc and tin, Zamfara is burdened by constant illegal gold mining.

The entitlement spirit by eminent personalities in those states may have provided oxygen for the illegal mining to thrive.

In 2020, while he was still the governor of Zamfara State, Bello Matawalle, now minister of Defence (state), was quoted to have said that the gold mined in the state belonged to Zamfara. His assertion sparked controversy over resource control and comparison with the crude oil in the Niger Delta.

It is not yet clear if Matawalle has been de-radicalised from the dangerous mindset. He is a serving minister of the Federal Republic at a time when illegal mining has assumed a monstrous dimension.

Some time ago, the media was awash with news report over some helicopters sighted ferrying away mined solid minerals. Nothing was heard about any punishment meted out to anybody in connection with the economic sabotage.

The same level of mindless siphoning of the nation’s crude oil is going on in the Niger Delta despite billions of naira the government spends on a monthly basis to check the leakages in the region.

Adams Oshiomhole, senator representing Edo North, in January this year, pointedly accused retired Military Generals, permanent secretaries and other prominent figures of being the brains behind the malfeasance.

He claimed that these individuals use private helicopters to illegally transport gold and other precious minerals out of the country.

The seeming invincibility of these alleged big thieves has also strengthened the allegation that those in this illegal business have backers in the corridors of power.

The oft-claimed sterling performance by the Nigerian Navy in its task of policing the Niger Delta region to ensure little or no crude oil thievery, has continued to fly in the face of truth.

Despite the claimed deployment of intelligence and all manners of technology to track down the saboteurs, the Nigerian economy has continued to bleed from that front.

Moreover, despite the efforts of the Joint Task Force (JTF), illegal oil bunkering has persisted in the region. This has fueled speculation that there must be some powerful forces that sustain the illegal activities.

One of the 2027 Presidential candidates has always asserted that crude oil cannot be stolen by hiding it in a pocket. Those who steal the product come into the nation’s territorial waters with a huge barge which is not hidden. He believes that illegal oil bunkering cannot happen unless there are colluders, who like the proverbial dog, are eating the bones hung on their necks.

While the Federal Government has been commended for moving very fast in suspending some of the officials of the NSCDC over the mysterious deaths, and also raising a panel to that effect, Nigerians have called on the powers that be to make a statement with those who may be found to have traded their duty for mammon or those collaborating with nationals of other countries to carry out the economic sabotage. Anything to the contrary will ne do.

Intolerant politics

The clash that took place in Warri and Effurun, Delta State a few days ago was very unfortunate. Political parties and their supporters must concern themselves with selling their manifestoes to the Nigerian electorate and not resort to violence and brigandage to win support.

Reports had it that supporters of one party attacked some youths of another party during recent political gatherings and mobilisations.

There have been several related clashes between supporters of the ruling All Progressives Congress (APC) and Nigeria Democratic Congress (NDC) or the African Democratic Congress (ADC).

The opposition leaders have also raised the alarm over a wave of intimidation, including suspected political thugs targeting opposition offices and figures in Edo State.

Campaigns are just starting. Parties have not really mobilised themselves to hit the streets. Some are yet to constitute their campaign councils.

What is going on at the moment is simply an introductory part of the campaign, yet, hoodlums are already wreaking havoc on their opponents.

If parties are clashing at this stage, what will happen when the full campaign begins toward the tail end of October, when all the candidates will mass out on the streets to canvas for votes?

No state should be made a battle ground for mortal combat because of votes. It must be emphasised that name-calling, abuse of personality and outright falsehood are not ingredients of a good campaign.

Any rhetoric that aims to divert attention from the main focus must be done away with. Peace must be allowed to reign.

Africa’s infrastructure ambitions are being constrained not only by a shortage of capital but by how much that capital costs, Nigeria’s finance minister said, as governments across the continent seek funding to expand energy supply and accelerate development.

Taiwo Oyedele, Nigeria’s finance minister and coordinating minister of the economy, told a United Nations dialogue on climate finance in New York on Wednesday, September 23, 2026 that African countries face what he described as a ‘prejudice premium’, ‘narrative cost’ and ‘stereotype tax’ when raising finance for critical infrastructure. His argument shifts the infrastructure debate from how much money Africa can attract to the price and terms at which it can borrow it.

That distinction matters because infrastructure projects are unusually sensitive to financing costs. Power plants, transport networks and other large projects typically require substantial upfront investment while generating revenues over many years. A higher cost of debt can therefore turn a project that is economically viable at one interest rate into one that cannot attract financing at another.

Currency risk makes the equation harder. Many African infrastructure projects generate revenues in local currencies but rely partly on dollar or euro financing. A sharp depreciation can increase the local-currency cost of servicing foreign debt even when the underlying project is performing as expected. For investors, the result is a higher hurdle rate. For governments, it can mean either postponing projects, providing larger subsidies or guarantees, or taking on more debt to make projects financially viable.

This is particularly consequential for Africa’s energy deficit. Governments face the twin pressure of expanding electricity access and financing a transition towards cleaner energy, while many economies still have large unmet demand for reliable and affordable power.

Oyedele argued that investment in gas and other transition energy sources should form part of that response, reflecting Nigeria’s position that African economies need to expand energy supply while progressively moving towards cleaner sources. The financing problem, however, extends beyond the energy sector.

Expensive capital can raise the cost of roads, ports, water systems, telecommunications and industrial infrastructure, increasing the amount governments and private investors need to commit before an asset begins generating returns.

This makes the structure of financing as important as its volume. Long-term and concessional capital can support projects whose economics are weakened by commercial borrowing costs, while shorter and more expensive financing can leave governments with large debt-service obligations without closing the infrastructure gap.

Oyedele’s ‘stereotype tax’ argument also raises a broader question about how risk is priced. African countries do face genuine risks, including currency volatility, regulatory uncertainty, limited fiscal space and shallow domestic capital markets. But applying a broad risk premium across countries or projects can make it harder to distinguish between the risks of a specific investment and perceptions about an entire market.

That distinction matters for Nigeria, which is trying to attract private capital while managing inflation, exchange-rate risks and high domestic borrowing costs. The answer is unlikely to be simply cheaper foreign borrowing. Infrastructure financed in foreign currency but backed by local-currency revenues can transfer exchange-rate risk to governments, companies or consumers.

Deeper domestic capital markets could reduce some of that exposure by allowing projects with local-currency revenues to obtain longer-term funding in naira. Better project preparation, predictable regulation and stronger revenue structures would also reduce risks that are specific to individual investments rather than to Africa as a whole.

The policy challenge is therefore two-sided: Africa needs to make its projects less risky while the international financial system needs to avoid making African capital unnecessarily expensive. For Nigeria, that distinction is becoming increasingly important. Attracting more capital will not automatically close the infrastructure gap if the cost of that capital absorbs too much of the expected economic return.

The real test for Africa’s infrastructure financing is consequently not the headline amount of money committed. It is whether capital can be made sufficiently long-term, affordable and appropriately structured to turn infrastructure projects from financing propositions into investable assets.

FIFA President Gianni Infantino has pledged to ‘do what is right for the game’ as he calls for greater dialogue and an independent review of the governing body’s decision-making processes following the collapse of his FIFA Forward Enterprise (FFE) proposal.

Infantino said he had received positive feedback from football stakeholders on his proposal for an independent assessment of FIFA’s governance framework and urged officials to maintain a culture of dialogue.

‘I have received positive messages about it from different parts of the world, and it is important that we keep listening to each other,’ Infantino said.

‘There must be a culture of dialogue, of listening to each other and respecting one another. This is not about generating positive headlines; it is about doing what is right for the game.’

The proposals are expected to be discussed at the FIFA Council meeting in Zurich on October 15, where the 37-member body will consider consultations with FIFA’s 211 member associations and six continental confederations on strengthening decision-making processes.

Infantino backs independent review

In a letter to FIFA Council members and the 211 member associations, Infantino proposed an independent external review of FIFA’s governance framework for major strategic initiatives.

He also proposed structured consultations with confederations, member associations and other stakeholders on how FIFA’s decision-making could be strengthened, including the roles of the president, bureau, Council and Congress, as well as transparency, participation and accountability.

‘I have never been more determined and committed to doing that,’ Infantino said. ‘FIFA is always engaged. I am always engaged, and I want to hear how we can continue to grow football for the benefit of everybody, everywhere.’

The move follows the collapse of the FFE proposal, which envisaged creating a FIFA-owned commercial subsidiary and raising up to $4.2 billion from minority investors. FIFA said the initiative was designed to increase funding for football development, but withdrew it after opposition from several confederations and member associations.

FFE dispute fuels governance debate

The abandoned proposal has triggered a wider debate over FIFA’s governance and the process for approving major strategic initiatives.

UEFA President Aleksander Ceferin and CONCACAF President Victor Montagliani have called for an independent review of FIFA’s financial reserves and proposed distributing $2.1 billion among the governing body’s 211 member associations.

The FFE proposal was based on an initial equity valuation of $20 billion, with investors expected to purchase minority, non-controlling interests in the new subsidiary.

FIFA said it would retain control of FFE and exclusive authority over football governance, competitions, the international match calendar and regulatory and sporting decisions.

Infantino said the proposal had been withdrawn and would not proceed, while maintaining that FIFA’s democratic processes and sporting authority were not for sale.

Karl Von Batten, owner of US-based lobbying firm Von Batten-Montague-York, has announced plans to sue President Bola Tinubu and Femi Fani-Kayode, Nigeria’s ambassador to South Africa, for $36 million over alleged threats to kidnap and physically harm him.

The firm, which was hired by Atiku Abubakar, former Vice President and presidential candidate of the African Democratic Congress (ADC) said the lawsuit would be filed next week at a US district court in Columbia.

Von Batten-Montague-York said the suit followed what it described as threats allegedly made by Fani-Kayode ‘as part of an organised criminal conspiracy involving the Nigerian Presidency.’

He said, ‘After filing next week, we will engage with U.S., U.K., and E.U. immigration authorities regarding the alleged extrajudicial threats and whether Ambassador Fani-Kayode’s travel or visa status warrants review.’

The planned litigation comes amid an escalating public dispute between Von Batten and Fani-Kayode over allegations concerning Tinubu’s past dealings with US law-enforcement agencies.

The lobbyist has in recent weeks intensified efforts to obtain and publicise US records relating to Tinubu, including through Freedom of Information Act requests and litigation.

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In July, the firm said it had submitted records relating to allegations against Tinubu to the US Department of Justice, members of the Donald Trump administration and congressional officials.

Fani-Kayode subsequently challenged Von Batten to substantiate his allegations against Tinubu and questioned his professional credentials and motives.

He also denied threatening to kidnap or harm the lobbyist.

‘For the record nobody is interested in ‘killing’ or ‘kidnapping’ you as you and your fake company have alleged on X,’ Fani-Kayode said.

‘I am not in the business of killing people or of kidnapping them but I am in the business of exposing liars and frauds who have dedicated their lives to smearing the President and Government that I serve and the country from which I proudly come,’he added.

Fani-Kayode said he would continue to engage Von Batten within the law. ‘I operate within the law and intend to continue to do so,’ he said.

He added that he would engage the lobbyist ‘as long as I choose to do so.’

The proposed $36 million action now adds a US legal dimension to the increasingly heated political and media confrontation surrounding Tinubu ahead of the 2027 presidential election.

The shift in how consumers discover and interact with businesses is forcing SMEs to rethink how they present themselves online. BusinessDay’s September SME Clinic will examine the strategies, choices and practical considerations that can help small businesses build an online presence and connect more effectively with their target audience.

As more consumers use the internet and social media to discover businesses, products and services, having an online presence has become an important part of how SMEs reach and engage potential customers. Social media platforms, websites and other digital channels can help businesses showcase what they offer and reach customers beyond their immediate locations.

For many small businesses, however, being online is only the first step. Businesses still have to consider how to present their brand, what platforms are right for them, what type of content to share, how to engage their audience and how to remain consistent in an increasingly crowded digital space.

The September SME Clinic will examine these issues while considering the practical steps SMEs can take to establish an online presence that supports their business goals. The discussion will also look at how businesses can identify the right digital platforms, understand their target audience and create content that keeps their businesses visible and relevant.

Linda Ochugbua, Digital Sales Manager at BusinessDay, said the webinar was designed to address some of the practical questions SMEs face when trying to build their businesses online.

‘Having a social media page is not the same as having a strong online presence. For many SMEs, the challenge is knowing what to say, where to say it and how to consistently put their business in front of the right people,’ Ochugbua said.

She said the session would focus on helping business owners understand that building an online presence goes beyond simply posting on social media.

‘Your online presence is often the first place people encounter your business. It affects how they see your brand, what they know about what you offer and whether they decide to engage with you. We want to have a practical conversation around what SMEs can do differently and how they can make their online presence work for their business,’ she said.

The webinar will feature Tomi Wale, Creative Director, Getup Inc.; Blessing C. Emmanuel-Macaulay, Lead Consultant, PR Fusions Africa; Oluwatosin Femi Obembe, Group Managing Director, Luova Group; and Edward Israel-Ayide, Founder/CEO, Carpe Diem Solutions.

Deborah Ezeh, broadcast journalist at BusinessDay Television, will moderate the session.

The speakers bring perspectives from creative direction, public relations, business management and digital solutions, providing participants with an opportunity to examine online presence from different aspects of building and growing a business.

For SMEs, a strong online presence can also help create opportunities to introduce their businesses to new audiences, communicate directly with customers and build awareness around their products and services. At the same time, businesses have to contend with increasing competition for attention online, making consistency, clear communication and an understanding of their audience important considerations.

The changing digital environment also means that SMEs need to be intentional about the platforms they use and the way they communicate with their audience. Understanding what customers respond to, the type of content that generates engagement and how people interact with a business online can help entrepreneurs make better decisions about their digital activities.

The September edition is expected to be particularly relevant to entrepreneurs looking to establish their businesses online, SMEs seeking to improve their existing digital presence, and business owners who want to better understand how digital platforms can support their growth.

As more customers discover and engage with businesses online, the question for many SMEs is no longer simply whether they should have an online presence, but whether they are building one that clearly represents their business, reaches the right audience and supports their overall business goals.

The discussion will form the focus of the September edition of BusinessDay’s SME Clinic webinar series, themed ‘How to Build a Strong Online Presence for SMEs.’ The webinar is scheduled for Thursday, September 24, 2026, at 12:30 p.m. (WAT) and will be streamed on the BusinessDay Television YouTube Channel.

BusinessDay’s SME Clinic is designed to provide a platform for practical conversations around the issues affecting the day-to-day running and growth of SMEs, bringing business owners and professionals together to discuss relevant business challenges and opportunities. Participation and sponsorship enquiries can be made through BusinessDay’s digital sales team.

The National Pension Commission (PenCom) said the pension industry, through a special-purpose vehicle being developed with FSD Africa, has committed N241 billion to an infrastructure development fund as part of efforts to channel long-term pension capital into Nigeria’s infrastructure sector.

The Pension Industry Infrastructure Consortium, established by the Pension Industry Leadership Council (PILC) in collaboration with FSD Africa, is expected to mobilise more than N300 billion as additional commitments come in, Omolola Oloworaran, chairman of the PILC/director-general of PenCom, disclosed at a press briefing in Lagos.

She said the initiative represents the industry’s first major step towards mobilising pension funds for infrastructure development, adding that the funds are expected to provide long-term investment opportunities for pension funds while supporting infrastructure financing.

‘The industry has committed a total of N241 billion, and we expect that to rise to over N300 billion as we receive all the commitments,’ Oloworaran said.

She, however, clarified that the funds have not yet been invested, describing the N241 billion as a commitment by the industry towards the infrastructure initiative, noting that other arrangements towards the investment would be completed by second quarter of 2027.

The commission said the framework for the initiative is being developed, while an agreement with FSD Africa and the appointment of a fund manager are among the steps required before investment decisions can be made.

Oloworaran said the industry is also working with other development partners that could potentially match the capital committed by pension funds, creating room for the infrastructure fund to grow beyond its current target.

According to her, specific infrastructure assets or projects to receive the funds have not yet been determined, as the industry is still working through the framework and other requirements for deployment.

She said the initiative is intended to deepen the role of pension funds in financing infrastructure, particularly because infrastructure assets can provide long-term investment opportunities and some protection against inflation.

‘This is the first step we are taking as an industry, and this is just the beginning,’ she said.

The move could provide an additional channel for Nigeria’s pension industry to participate in infrastructure financing, while giving pension funds access to long-duration assets that match the long-term nature of retirement savings.

Oloworaran also disclosed that PenCom and the pension industry have approved an independent global benchmark maturity assessment aimed at measuring the industry against international standards and strengthening adherence to global best practices.

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She said the industry is also developing a Pensions 2030 Transformation Agenda designed to define its long-term direction and the impact it seeks to achieve for Nigerians.

The initiative, she said, would involve engagements with industry stakeholders, regulators, partners and other relevant parties before a formal agenda is produced.

Ohanaeze Ndigbo Worldwide, the apex Igbo socio-cultural organisation, has unveiled plans for the 2026 Igbo Day celebration scheduled for September 28 and 29 in Umuahia, the Abia state capital.

Speaking at a press conference held at Government House, Umuahia, on Wednesday, Ezechi Chukwu, Global Policy Secretary of Ohanaeze Ndigbo Worldwide, called for greater unity and strategic engagement among Ndigbo at home and in the diaspora.

He said that the theme of this year’s celebration, ‘Njiko Ka’, which translates ‘togetherness is best,’ was chosen to underscore the importance of unity among the Igbo people.

Chukwu, who spoke on behalf of John Azuta Mbata, President General of Ohanaeze Ndigbo Worldwide, and the Global Executive Council, said the celebration would provide an opportunity for Ndigbo to reflect on their past, present and future while strengthening their sense of collective identity and purpose.

He explained that activities would commence on September 28 with a public lecture titled, Igbo Charter of Strategic Engagement for National Development, to be delivered by Kingsley Moghalu, renowned economist, banker and a former presidential candidate in Nigeria.

According to him, the lecture would focus on the Igbo Charter of Strategic Engagement for National Development, a document developed by an inclusive committee of more than 100 Igbo professionals and stakeholders drawn from various sectors, including the academia, public service, traditional institutions, the clergy, women and youth groups.

Chukwu said the charter was conceived as a strategic document that would articulate the aspirations, worldview and development priorities of Ndigbo and provide a framework for engaging the wider Nigerian society and the global community.

‘It is an opportunity for us to revitalise our sense of oneness as one people and to reflect on where we are coming from, where we are and where we are going to, in a very amiable and fraternal sense of organic solidarity,’ he said.

He disclosed that the lecture, scheduled to hold at the Michael Okpara Auditorium, Government House, Umuahia, which is a prelude to the main day, would feature seven panelists representing the seven core states of Ohanaeze Ndigbo, including the five South-East states as well as Rivers and Delta states, with participants from the diaspora also expected to join virtually.

Chukwu added that John Azuta Mbata, President-General of Ohaneze, would deliver a welcome address and formally declare Igbo Day 2026 open during the event.

According to him, the main Igbo Day celebration would take place on September 29 at the Michael Okpara Square Events Centre, near the Nnenna Oti Bus Terminal, Umuahia, beginning with the laying of wreaths at the cenotaph and an interdenominational church service, and would be rounded off with celebrations at the Michael Okpara Auditorium.

He said the main event would feature the President-General’s state of the union address on the theme ‘Njiko Ka,’ the traditional Igbo Day march-past by the seven core Igbo states, goodwill messages, cultural activities and presentations by youth groups.

He further disclosed that Igbo chapters and affiliate organisations from different parts of Nigeria, as well as diaspora chapters, would participate in the celebration while Igbo leaders from the clergy, the academia, traditional institutions, women and youth groups were expected to attend.

Chukwu said the celebration would also provide an opportunity to draw lessons from previous themes, including ‘Ak? b? Ije’ (Wisdom is the path) and ‘Onyeaghala Nwanneya’ (no one should abandon his kinsman), adopted at the 2024 and 2025 Igbo Day celebrations, and apply them to the current call for greater unity.

He expressed appreciation to the Abia State Government and Governor Alex Otti for hosting the 2026 Igbo Day celebration.

Banks’ deposits with the Central Bank of Nigeria (CBN), known as the Standing Deposit Facility (SDF), rose to a seven-month high of N7.33 trillion a day after the apex bank reset its benchmark interest rate, reflecting elevated liquidity in the financial system.

Data obtained from the CBN showed that SDF holdings jumped by 62.75 percent in a single trading day to N7.33 trillion on Wednesday, from N4.51 trillion on Tuesday.

The last time banks’ deposits with the apex bank reached a comparable level was on March 30, 2026, when SDF holdings stood at N7.09 trillion.

Ayokunle Olubunmi, head of Financial Institutions Ratings at Agusto and Co., said the development reflected the high level of liquidity in the financial market.

The increase came a day after the CBN, following its two-day Monetary Policy Committee (MPC) meeting, cut its benchmark interest rate, the Monetary Policy Rate (MPR), by 350 basis points to 23 percent from 26.5 percent.

The unusually large rate cut followed a period in which prevailing money-market rates had moved below the previous 26.5 percent policy benchmark, weakening the effectiveness of the MPR as a signal for market interest rates.

Analysts at Coronation Merchant Bank said much of the rate adjustment has already been priced into the front end of the fixed-income market. The 364-day Nigerian Treasury Bill (NTB) stop rate fell by 97 basis points across the three auctions preceding the decision, from 17.59 percent on August 26 to 16.62 percent on September 9.

‘We expect a further 100-150 basis points of compression over the next one or two auctions, taking the rate toward 15.00-15.50 percent, after which we expect the decline to stall. At 16.62 percent, one-year bills already clear roughly 540 basis points below the prevailing overnight rate, meaning the position offers structurally negative carry for banks. The demand has instead been driven by pension fund administrators (PFAs) and asset managers with captive naira liquidity.’

They said the reset of the Standing Deposit Facility (SDF) rate to 20.00 percent narrows that negative carry to around 340 basis points, which mechanically supports demand for NTBs, but does not eliminate the underlying constraint.

According to them, the key instrument to watch is Open Market Operations (OMO). The CBN allotted approximately N4.40 trillion in a single week in September, with 154-day OMO paper issued at an effective yield of 19.96 percent. The spread between OMO and NTB yields is therefore a more meaningful measure of the CBN’s monetary-policy stance.

‘If OMO stop rates begin to follow the Monetary Policy Rate lower, it would indicate that the easing cycle has genuinely begun. However, if OMO yields remain close to 20 percent while NTB yields continue to fall, the segmentation between the two instruments will deepen, reinforcing the message that the CBN is not yet easing through its market operations,’ Coronation analysts said.

The CBN also narrowed the asymmetric corridor around the MPR to +50 basis points/-300 basis points, from +50 basis points/-450 basis points previously.

Razia Khan, managing director and chief economist, Africa and Middle East Global Research at Standard Chartered Bank, explained that the new Standing Lending Facility rate is 23.5 percent, down from 27 percent previously.

The theoretical floor for interest rates in the economy, represented by the Standing Deposit Facility rate, is now 20 percent, compared with 22 percent previously.

Adewale-Smatt Oyerinde, director-general of the Nigeria Employers’ Consultative Association (NECA), said the revised corridor places the Standing Lending Facility at 23.5 percent and the Standing Deposit Facility at 20 percent.

He said the adjustment could support improved liquidity management and strengthen monetary policy transmission.

The sharp reduction in the MPR is also expected to influence the relative attractiveness of fixed-income and equity investments as yields adjust across financial markets.

Olubunmi said the reduction in the benchmark rate was expected to push fixed-income yields lower, creating conditions that could support a rally in the equity market.

‘We expect a decline in fixed income yields but this will support the rally in the equity market,’ he said.

The rate cut represents a major recalibration of monetary policy after a prolonged period of tight monetary conditions. The Centre for the Promotion of Private Enterprise (CPPE) described the 350-basis-point reduction as a significant shift away from the restrictive monetary policy regime towards growth, investment and economic recovery.

The CPPE said the adjustment could change the relative attractiveness of financial assets as investors respond to movements in fixed-income and equity-market yields.

The decision also comes against a backdrop of easing inflation. Headline inflation stood at 15.39 percent in August 2026, while prevailing money-market rates had been around 20 percent, creating a significant gap with the previous 26.5 percent MPR.

: Naira records gains in black market despite rate cut

According to the CPPE, the disparity had weakened the signalling function of the policy rate and raised concerns about the effectiveness of monetary policy transmission.

It therefore viewed the reduction to 23 percent as a realignment of the policy rate with prevailing macroeconomic and financial-market conditions.

The potential reallocation of funds could be reinforced by lower returns on government securities as the impact of the rate cut filters through the fixed-income market.

The CPPE said sustained moderation in interest rates could also reduce the marginal cost of government borrowing and, over time, help moderate the Federal Government’s domestic debt-service burden.

However, it noted that the fiscal benefit would depend on the extent to which the MPR adjustment translates into lower yields across the government securities market.

For businesses, the rate cut could reduce financing costs and improve access to credit, although the CPPE and NECA cautioned that a lower policy rate would not automatically result in cheaper loans.

NECA said the retention of the Cash Reserve Requirement (CRR) at 45 percent for Deposit Money Banks indicates that monetary conditions remain relatively tight despite the reduction in the benchmark rate.

Oyerinde said the rate cut could support lower lending rates and improve access to working capital and investment financing, particularly for manufacturers and small and medium-sized enterprises.

However, he said the speed and extent of the transmission would depend on how banks respond by adjusting their lending rates.

The CPPE similarly said the economic impact of the decision would depend largely on effective transmission, with banks expected to progressively adjust lending rates on new and existing facilities.

The revised interest-rate corridor could also influence liquidity conditions across the financial system. By setting the Standing Deposit Facility at 20 percent and the Standing Lending Facility at 23.5 percent, the CBN has reduced the range within which short-term market rates can move around the policy rate.

NECA said the new corridor could support improved liquidity management and monetary policy transmission.

Despite the potential benefits for equities and the broader economy, the sharp reduction in interest rates also presents risks for portfolio flows and the foreign-exchange market.

The CPPE said the divergence between Nigeria’s monetary policy direction and tightening by some major central banks could affect interest-rate differentials and the relative attractiveness of naira-denominated financial assets.

This could increase the risk of portfolio-flow reversals and renewed pressure on the foreign-exchange market.

However, the CPPE said Nigeria was entering the policy transition with stronger external buffers than in previous episodes of monetary easing, citing improved foreign reserves and greater stability in the foreign-exchange market.

It urged the CBN to remain vigilant and deploy instruments such as open-market operations where necessary to manage excessive liquidity and volatility while preserving exchange-rate stability.

The CPPE also cautioned that lower interest rates alone would not guarantee a sustained economic recovery, noting that structural constraints including high energy costs, logistics bottlenecks, insecurity, food-production challenges, infrastructure deficits and regulatory costs continue to weigh on businesses.

For investors, the key issue following the 350-basis-point reset will be how quickly lower policy and fixed-income yields influence asset allocation. For businesses and households, attention will centre on whether the reduction in monetary-policy rates eventually translates into meaningful declines in borrowing costs.

Nigeria and Italy have partnered on a $5 billion education financing drive that targets 500,000 teachers in Nigeria and 29 million children in a bid to reframe basic education funding as a core macroeconomic priority.

Presented at the ‘Multiply Possibility: A New Era for Education Financing’ event during the 81st Session of the United Nations General Assembly in New York, the joint collaboration with the Global Partnership for Education (GPE) positions human capital intervention as a fundamental requirement for fiscal productivity and long-term economic stability.

The campaign connects international concessional capital with domestic budget execution. Addressing delegates via video, President Bola Tinubu said the GPE vision aligned with Nigeria’s agenda aimed at improving educational outcomes by investing in access and capacity building for teachers.

Detailing the policy mechanics, Kashim Shettima, vice president highlighted that education funding forms a core element of national development planning rather than a discretionary expenditure line.

‘For Nigeria, education is not an expenditure at the margins of our development agenda,’ Shettima said. ‘It is an investment in our economic future, national productivity, and the prosperity and stability of our people.

On structural reforms, Shettima noted that through the Nigerian Education Loan Fund, government had widened access to higher education, and strengthened the link between education, skills, employment and enterprise.

To fund these programs, Nigeria is redirecting off-budget recovery capital and dormant financial assets to widen domestic liquidity.

He also explained that Tinubu had directed that liquid funds recovered by the Economic and Financial Crimes Commission, once legally cleared and free from litigation, be channelled to the Nigerian Education Loan Fund.

He said that the Federal Executive Council (FEC) recently approved consideration of unclaimed dividends and dormant funds for the same purpose, subject to the relevant legal requirements. This, he explained, demonstrated the nation’s conviction that financing education needed mobilisation of every responsible and lawful domestic source available.

Evaluating the institutional framework of HOPE-EDU, a joint project between Nigeria, the World Bank, and the GPE, Shettima outlined the operational relationship between domestic allocations and multilateral grants.

‘This is precisely why GPE matters. GPE does not replace national investment; it multiplies it,’ he said. ‘The ambition before us is to mobilise five billion dollars for GPE and, through that investment, unlock additional financing for education in partner countries. Domestic resources must remain the anchor, complemented by development assistance, concessional finance, philanthropy and innovative financing.’

He urged participants at the high-level event to ensure that it was not merely a fundraising exercise, ‘but a renewed compact for human capital.’

International stakeholders at the event outlined their respective operational and financial commitments. In a video presentation, Giorgia Meloni, prime minister of Italy, praised Tinubu’s leadership and Nigeria’s determination to improve educational outcomes across all levels. He urged all partners in the global alliance to show greater commitment to reversing the trend in developing countries.

Concurrently, the Italian government pledged pound 50 million to GPE operations.

Contextualizing global funding deficits, Jakaya Kikwete, chair of the Board of Directors of GPE, noted that the event was a reminder to the fact that education remained central to the attainment of human rights, security, and peace, among other benefits.

He stated that GPE was driven by the realities of the drop in development assistance in education amidst the widening financing gap.