Category: Business Day

George Akume, Secretary to the Government of the Federation SGF, scored the federal government in the areas of human capital development, agriculture and social infrastructure, assuring that the security of lives and properties will continue to occupy a priority position.

He stated that the country has recorded significant progress since independence, including economic diversification, expansion of education and development of human capital; challenges such as poverty, insecurity, infrastructure deficits, and healthcare and education gaps remain areas requiring sustained government attention.

Akume also assured that the government will consolidate the economic reforms of the President Bola Tinubu administration and ensure that their gains translate into greater opportunities and improved living conditions for ordinary Nigerians.

Akume, who is Chairman of the Inter-Ministerial Committee for Nigeria’s Independence Day Anniversary, stated this while delivering his keynote address at the World Press Conference flagging off activities marking Nigeria’s 66th Independence Anniversary with the theme, ‘From Reforms to Stability: Consolidating Nigeria’s Renewed Hope for Shared Prosperity,’ on Thursday, in Abuja.

Akume said the anniversary theme, ‘From Reforms to Stability: Consolidating Nigeria’s Renewed Hope for Shared Prosperity,’ underscores the need to move beyond implementing reforms to ensuring that their benefits are translated into tangible improvements in the lives of Nigerians.

Nigeria, which gained Independence from the British colonial masters on 1st October, 1960, has lined up activities to mark the country’s 66th anniversary, beginning with the world press conference.

The SGF said the administration launched structural reforms under the Renewed Hope Agenda in 2023, including the removal of the decades-long fuel subsidy regime, the unification of foreign exchange windows and measures aimed at strengthening fiscal and monetary management.

He said the reforms were designed to restore fiscal balance, strengthen the economy and lay the foundation for increased investment and sustainable growth.

‘The task before us today, as leaders and citizens, is consolidation. We must ensure that the gains from reform translate into better opportunities for ordinary Nigerians,’ Akume said.

He also revealed that the government was mobilising additional revenue, improving public finances, accelerating non-oil revenue collection and attracting new investment in order to create the fiscal space required to support development.

He identified Nigeria’s infrastructural development as a major priority in the government’s consolidation phase, noting investments in roads, railways, airports, seaports, electricity generation and transmission, as well as digital connectivity. He said the investments were aimed at reducing the cost of doing business, connecting farmers to markets, supporting industrial activities and creating an enabling environment for private-sector investment.

In the area of agricultural development, Akume said the government is also supporting farmers through improved seeds, fertilisers, irrigation, storage and processing facilities, while initiatives such as the National Agricultural Development Fund were designed to strengthen agricultural production and agro-industrial development.

On human capital development, Akume said the government was expanding access to education and improving the quality of schools and teachers.

He also highlighted the Nigerian Education Loan Fund, established through the Nigerian Education Loan Fund Act, as an initiative designed to enable more young Nigerians to access tertiary education.

Akume reaffirmed the Federal Government’s commitment to protecting lives and property, saying the armed forces and security agencies were intensifying efforts against terrorism, banditry, kidnapping, oil theft and other security threats.

He stressed that these priorities are encapsulated in the Renewed Hope National Development Plan 2026-2030, which places productivity, diversification, human capital development and resilience at the centre of the country’s development strategy.

He therefore called on Nigerians to renew their commitment to the Nigerian project by strengthening institutions, developing infrastructure that supports businesses and agriculture, and creating an economy in which citizens have greater opportunities to prosper.

‘From reforms, we have built stability. From stability, let us now deepen growth and opportunity. And from growth, let us extend shared prosperity to every corner of Nigeria,’ he said.

In his welcome address at the event, Mohamed Idris, the Chairman, Media and Publicity Sub-Committee for Nigeria at the 66th Independence Day Anniversary and Minister of Information and National Orientation, said the occasion provides an opportunity for Nigerians to reflect on the sacrifices and resilience that have sustained the country since independence, while renewing their commitment to building a more prosperous, secure and united nation.

He said Nigeria is moving from reform and stabilisation towards growth, production and shared prosperity as GDP growth is strengthening, external position has improved, domestic refining capacity has expanded, and investment and productive activity are gaining momentum. He added that the next phase is to translate these gains into tangible improvements in the lives of Nigerians: more jobs, higher incomes, greater access to education and credit, lower costs and wider economic opportunities.

He averred that the Renewed Hope Agenda is pursuing these objectives through investments in infrastructure, agriculture, education, consumer credit, digital skills, energy and enterprise. Student loans are widening access to education; consumer credit is expanding economic opportunity; major highways are connecting communities and markets; and reforms in agriculture, livestock, solid minerals, oil and gas are increasingly focused on production and local value addition.

The activities continue with the Juma’at Service on Friday, September 25; the Church Service on Sunday, September 27, 2026; the Independence Day Public Lecture on Wednesday, September 30, 2026; and the nationwide broadcast by President Bola Ahmed Tinubu will take place on Thursday, October 1, 2026.

A Port-Harcourt-based scholar, Dormene Mbea, has applauded the President of KAGOTE and Chief Executive Officer of Giolee Global Resources Limited, Lesi Maol, for what he described as a visionary intervention in the education sector, saying the deployment of 1,000 intervention teachers to public schools across Ogoniland could help steer thousands of children away from societal menace and position them for a productive future.

Mbea made the commendation while evaluating the impact of the KAGOTE education intervention in Port Harcourt.

He said the decision by KAGOTE, under the leadership of Lesi Maol and with the support of the four Ogoni Local Government Area chairmen, to declare a state of emergency in the education sector and provide intervention teachers was not merely an employment initiative but a strategic investment in the future of Ogoniland.

According to him, keeping children in school and ensuring that they have qualified teachers at their formative stages could significantly reduce their exposure to idleness and social vices while equipping them with the knowledge, discipline and skills required to contribute meaningfully to society.

Mbea said the long-term impact of educating children from a tender age could be enormous, stressing that today’s pupils would become tomorrow’s professionals, entrepreneurs, administrators, academics, community leaders and policymakers.

He commended Maol for recognising that sustainable development in Ogoniland must begin with investment in human capital.

‘The children being taught today are the future of Ogoniland. If we give them quality education, discipline and the right environment to learn, we are preparing a generation that can solve problems rather than create them,’ Mbea said.

He noted that the presence of 1,000 intervention teachers in public schools across Ogoniland could also help address teacher shortages and strengthen learning activities in communities where inadequate manpower has affected effective teaching.

Mbea therefore, called on members of the Rivers State House of Assembly representing Ogoni constituencies, political leaders, council chairmen, councillors, political appointees and other stakeholders to support the initiative and ensure that it produces lasting results.

He also appealed to parents and guardians across Ogoniland to take advantage of the intervention by sending all school-age children to school.

According to him, there should be no excuse for keeping children away from school when additional teachers have been provided to strengthen teaching in public schools.

He urged KAGOTE to engage the four Ogoni local government councils on the possibility of introducing appropriate bye-laws that would encourage compulsory school attendance for children of school age, with lawful penalties for parents or guardians who deliberately refuse to send their children or wards to school.

Mbea said such measures should be designed and implemented within the applicable legal framework and with appropriate safeguards, particularly for vulnerable families.

He further advocated stronger monitoring of attendance by both teachers and pupils, calling on the Rivers State Government to introduce a digital electronic system for signing teachers in and out of schools.

He said a reliable digital attendance system could help improve accountability, establish accurate records of staff presence and assist government in identifying cases of absenteeism and discrepancies in personnel records.

Mbea maintained that filling classrooms with teachers must be matched by ensuring that teachers are present to teach and that pupils are present to learn.

He said the KAGOTE intervention should therefore be viewed as a foundation upon which government and other stakeholders could build a more accountable and effective education system in Ogoniland.

The scholar also commended the four Ogoni local government chairmen for supporting the intervention, saying collaboration between KAGOTE, the local governments, the state government, traditional institutions, parents and communities would be critical to sustaining the programme.

He described Maol’s intervention as a demonstration of what community-focused leadership can achieve when education is treated as a priority.

Mbea urged other individuals, organisations and institutions with the capacity to contribute to the development of Ogoniland to emulate the initiative by investing in education, skills development and other programmes that directly improve the lives of young people.

He stressed that the greatest measure of the intervention would ultimately be seen in the lives of the children who pass through the classrooms, urging all stakeholders to work together to ensure that the opportunity created by the 1,000 teachers translates into improved learning outcomes and better prospects for Ogoni children.

The Central Bank of The Gambia has ordered commercial banks to phase out non-Gambian employees who are not covered by approved expatriate quotas by the end of 2026, according to multiple media reports.

The directive, contained in a letter dated September 19 and signed by Ousman Mendy, the bank’s second deputy governor, was addressed to managing directors of commercial banks operating in the country, including Nigerian-owned lenders such as First Bank, Zenith Bank, Access Bank, Ecobank and Guaranty Trust Bank.

The central bank directed the affected banks to replace the workers with qualified Gambians, while putting succession plans in place and transferring skills to local employees. Banks were also told to ensure that the transition does not disrupt their operations.

The directive follows an August meeting between the Central Bank of The Gambia and managing directors of commercial banks, where the employment of non-Gambian workers in the banking sector was discussed.

According to the letter, a recent industry study conducted by the central bank found that banks employ a ‘relatively high number’ of non-Gambians in addition to workers recognised as 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 stated.

The regulator said the relevant provisions set out the circumstances under which expatriates may be employed and the quotas allowed for foreign workers.

The Central Bank therefore instructed banks to comply fully with the country’s labour laws and its guidelines on expatriate employment.

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

The order places particular attention on the banking sector, where several foreign-owned and regional banks operate across The Gambia. Nigerian lenders have expanded their presence in the country as part of a wider regional banking footprint, making the directive relevant to banks headquartered outside The Gambia as well as local institutions.

The central bank did not announce an immediate blanket ban on foreign employees. Rather, the directive targets non-citizens who are not covered by approved expatriate quotas and requires banks to localise the affected positions.

The banks have until the end of the year to implement the directive while maintaining normal operations and ensuring that local employees receive the skills and responsibilities needed to take over the affected roles.

The 58th International Conference and Exhibition of the Chartered Institute of Personnel Management of Nigeria (CIPM) has opened in Abuja, bringing together over 4,000 physical delegates and more than 1,000 virtual delegates for Africa’s largest Human Resource and people management event.

Held under the theme, ‘Repositioning for Value and Impact,’ the conference has convened business leaders, policymakers, HR practitioners, academics and development experts from across Nigeria and beyond to examine how organisations can strengthen performance, improve productivity and create measurable value in a rapidly evolving world of work.

Thousands of delegates in attendance at the Opening Ceremony of the 58th International Conference and Exhibition (CIPM ICE) of CIPM, Africa’s largest HR event, held in Abuja.

Delivering the keynote address, Muhammadu Maigari Dingyadi, the Minister of Labour and Employment, described the gathering as an important platform for addressing contemporary workplace challenges and advancing workforce development.

He commended CIPM for creating a forum that brings together practitioners, policymakers, employers, academics and other stakeholders to exchange ideas, share experiences and develop practical responses to issues shaping the world of work.

The Minister further acknowledged the Institute’s longstanding contribution to promoting ethical leadership, professional excellence and effective people management, while applauding its leadership for sustaining the conference and championing high standards of professionalism in HR practice in Nigeria.

Bode Agoro, the Head of Service of Lagos State, also commended CIPM for its role in professionalising Human Resource Management in Lagos State and across Nigeria.

Similarly, Tunji Olaopa, the Chairman of the Federal Civil Service Commission, NPoM, described CIPM as a professional body that has consistently worked to raise the standards of people management while building the capacity of people managers nationwide.

He also reaffirmed the Commission’s commitment to strengthening its partnership with the Institute as a reform partner in the Nigerian Civil Service.

Representing the Chief of Army Staff, Suleiman noted that the conference theme was highly relevant to the nation’s development aspirations, emphasising that people remain the most valuable asset of any institution. He expressed confidence that the conference would generate strategic solutions to workforce challenges and support continuous learning and career development across sectors.

In his welcome address, Mallam Ahmed Ladan Gobir, the President and Chairman of the Governing Council of CIPM, challenged HR professionals to move beyond measuring activity and focus instead on creating value and delivering impact.

He argued that organisations must increasingly assess success not by the volume of work performed, but by the difference that work makes to business performance, productivity and growth.

Mallam Gobir noted that this year’s conference builds on conversations from previous editions focused on resilience and the future of work, adding that the 2026 conference represents a call to translate ideas into outcomes and ensure that people management contributes meaningfully to organisational and national development.

Speaking on behalf of the President of the National Industrial Court of Nigeria,

Justice Rakiya Bosede Haastrup, also highlighted the importance of developing people and promoting sound workplace practices, noting that such efforts are essential to national development.

She commended CIPM for convening a conference focused on strengthening the Nigerian workforce.

Representing Prince Dapo Abiodun, the Ogun State Governor, Olanrewaju Iskeel Saka, the Head of Service of Ogun State, praised CIPM’s sustained commitment to workforce development and human capital advancement, describing the conference as another important contribution to building stronger institutions and a more productive nation.

The Head of the Civil Service of the Federation, represented by Ishiyaku Mohammed, the Permanent Secretary, Service Policies and Strategies Office, also underscored the importance of aligning people strategies with clearly defined outcomes and measurable value, while commending CIPM’s collaboration with the Federal Government in promoting professionalism within the public service.

A recurring theme across the various addresses was the recognition that human capital remains the most critical resource for achieving organisational success and national transformation.

Speakers emphasized the need for institutions to align people strategies with clearly defined outcomes and to create environments where employees can grow, innovate and contribute meaningfully to economic growth.

As delegates commence discussions and knowledge-sharing sessions, the conference reinforces CIPM’s position as a leading voice in the advancement of people management practice in Africa.

With its strong focus on outcomes, innovation and strategic leadership, the 58th International Conference and Exhibition sets the stage for transformative conversations that will shape the future of work, strengthen organisational performance and contribute to Nigeria’s broader development aspirations.

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.

: Aggrieved APC governors open talks with Atiku as 2027 battle lines shift

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 Nigeria Export Processing Zones Authority (NEPZA) has ordered stricter compliance with regulations governing transactions in Free Trade Zones, warning operators against illegal importation of containers and other breaches of established procedures.

The Authority said it was strengthening its enforcement measures to protect the integrity of the Free Trade Zone system and ensure a fair and transparent trading environment.

Olufemi Ogunyemi, Managing Director and Chief Executive Officer of NEPZA, stated this in Abuja, according to a statement issued by Martins Odeh, Authority’s Head of Corporate Communications on Tuesday.

Ogunyemi said the operating licence granted to Free Trade Zone operators was a legal instrument carrying obligations that must be respected by all businesses operating within the zones.

He said the Authority would, with immediate effect, intensify its enforcement against alleged illegal importation of containers into controlled areas.

According to him, the measures will include intensified inspections, closer scrutiny of documentation, coordinated action with relevant enforcement agencies and full application of penalties prescribed by law.

‘Operators who circumvent lawful import and export procedures, mis-declare goods, or attempt to move containers through unauthorised channels should be in no doubt that such conduct will be identified and met with decisive regulatory action,’ he said.

The NEPZA boss explained that the measures were aimed at protecting the integrity of the Authority’s systems, safeguarding public interest, ensuring a level playing field and maintaining the standards required by legitimate businesses.

He warned that illegal importation undermines lawful commerce, exposes communities to unregulated goods and erodes public confidence in the Free Trade Zone system.

Ogunyemi, however, assured operators that NEPZA would continue to handle regulatory matters with fairness, justice and transparency.

He said operators found culpable would face the consequences provided under Nigerian law, while businesses not involved in any violation would be allowed to continue their operations without unnecessary disruption.

The NEPZA chief executive also acknowledged the contribution of compliant operators to the economy, noting that the majority of businesses in the sector conduct their activities honestly, meet their obligations and contribute to a well-regulated trade environment.

‘The diligence and integrity of the majority of our operators deserve recognition, not suspicion,’ he said.

Ogunyemi stressed that the activities of a minority should not overshadow or discredit the achievements of compliant operators, adding that the strengthened enforcement measures were specifically targeted at those who violate established rules.

He further disclosed that he had encouraged operators and the various zones, both directly and through their association, to strengthen self-policing mechanisms.

According to him, the Free Trade Zone scheme continues to generate significant revenue for the government, making it necessary for the Federal Government, its agencies and operators to work together to prevent activities that could undermine the sector’s achievements.