Category: Business Day

Despite growing doubts over the conduct of elections in Rivers State, the Independent National Electoral Commission (INEC) has assured opposition political parties in the state of free, fair and credible polls in 2027.

Opposition parties in the State, under the aegis of the Inter-Party Advisory Council (IPAC), had expressed fears over possible electoral violence, alleged political intimidation and INEC’s impartial conduct of the 2027 general elections.

INEC held a strategic engagement with IPAC on Monday in a bid to address these issues, and as part of efforts to promote a peaceful, transparent and credible electoral process ahead of the 2027 elections.

The meeting brought together INEC officials and leaders of various political parties in the State and focused on the conduct of the elections and the need for greater collaboration among stakeholders.

Johnson Alalibo Sinikiem, INEC Resident Electoral Commissioner, Rivers State, assured the parties that the Commission would conduct elections that are free and fair.

He was responding to concerns raised by political parties, particularly over the use of Local Government Area headquarters, as colation centres during elections.

He said, ‘In all election circles, we expect a better one. Not only in Nigeria, even in other climes of the world. Even we as election managers, we are expecting better elections.

‘All the times it has been free and fair. But it depends on the operators and the people in the field. I always say it: those people in the field, once they play by the rules, we don’t have anything to worry about. For us, we assure you that the commission, from headquarters to the state and to the local government will be free to all political parties,’ he said.

Sinikiem explained that Council headquarters are secured and established places, adding that ‘during colation, we need appropriate places for both accommodation and the security of men and materials and the officers that are doing colation’.

Meanwhile, the State chapter of the Inter-Party Advisory Council has raised concern over what it described as a series of negative political developments in the State.

Ben Ogbobula, IPAC State Secretary and Chairman of the Zenith Labour Party, advised INEC to carefully consider concerns raised by political parties and maintain neutrality in the discharge of its responsibilities.

He said, ‘IPAC is ready for elections. We also told them to be mindful of the colation centres, that other political parties are not happy with what the ruling party is doing. So we urged INEC, to be observant and not to be partial, but to ensure that what is meant for Mr A is also good for Mr B. So that they play a neutral ground in these forthcoming elections.

‘Especially now that a lot of political parties like the African Democratic Congress (ADC) Some days ago, some of its members were arrested for unlawful gathering, though this is election period. People are supposed to gather,’ he said.

Ogbobula alleged that the ruling party in the State has been sending people to burn the offices of opposition political parties, to disorganise their meetings and warned that no political party should be intimidated.

‘So, they should allow people to campaign and sell their manifestos to the people’ he urged.

Nigerian singer and songwriter Patoranking is set to mark a decade in music with a headline performance at Trace Live on September 25 at Terra Kulture Arena, Victoria Island, Lagos.

The concert, organised by Trace in partnership with Bolanle Austen-Peters Productions, will celebrate 10 years of Patoranking’s career under the theme, ‘God Over Everything.’

The event will open its doors at 7pm, with the performance scheduled to begin at 8pm.

Patoranking, whose real name is Patrick Okorie, began gaining national attention with the release of ‘Alubarika’ in 2013. He followed with songs including ‘Girlie O,’ ‘My Woman, My Everything’ and ‘No Kissing Baby,’ establishing himself in Nigeria’s dancehall and reggae music scene.

In 2016, he released his debut studio album, God Over Everything, which included collaborations with artistes such as Wizkid, Phyno and Sarkodie.

The upcoming Trace Live concert takes its theme from the album and is expected to feature performances from across Patoranking’s catalogue, spanning his 10-year career.

The singer has released several projects since his debut album, including Wilmer in 2019, Three in 2020 and World Best in 2023.

The Trace Live platform has hosted live performances by Nigerian and African artistes as part of Trace’s efforts to promote music and live entertainment across the continent.

The September 25 event will be supported by Lord’s London Dry Gin, Legend Extra Stout and Coca-Cola.

The concert will take place at Terra Kulture Arena, a cultural and entertainment venue in Victoria Island, Lagos, with guests expected to arrive from 7pm ahead of the 8pm performance.

The Federal Ministry of Education (FME) has severed ties with the national parent-teacher associations of Federal Unity Colleges, rejecting their authority to represent parents and guardians in the nation’s unity school system.

Boriowo Folasade, director of press and public relations at the Federal Ministry of Education, in a statement explained that the ministry has clarified that the association operating under the name National Parent-Teacher Association (PTA) of the Federal Unity Colleges is not recognised or authorised by the ministry and does not represent the individual PTAs in the 118 Federal Unity Colleges nationwide.

The ministry stated that the association has no mandate to speak on behalf of the colleges, their PTAs, parents or guardians. Consequently, any statement, directive, appeal or communication issued by the association has no official standing and should be disregarded by the public.

The ministry advised parents and guardians to rely exclusively on official communications from the Federal Ministry of Education and the management of their respective Federal Unity Colleges on matters concerning schools, students and academic activities.

According to the statement, Tunji Alausa, the Minister of Education, urged parents and guardians to ensure that their children and wards are in their respective Federal Unity Colleges, as the 2026/2027 academic session has commenced nationwide.

The minister reaffirmed the ministry’s commitment to the effective administration of the Federal Unity Colleges and to providing students with a safe, conducive and supportive environment for learning and overall development throughout the academic session.

Recall that the Federal Unity Colleges’ PTAs and education ministry workers have been in a loggerhead over the concession of King’s College, Lagos, and other welfare-related issues.

BusinessDay earlier reported that the controversy surrounding the concession of King’s College, Lagos, took a fresh turn on last week as the Federal Ministry of Education workers blocked Tunji Alausa, the Minister of Education, from entering his office.

The workers were seen carrying placards blocking the entrance to the ministry’s headquarters, and also prevented Folake Olatunji-David, the acting permanent secretary, from entering her office.

A video circulated on X showed workers gathering at the entrance as a motorcade reportedly conveying the minister arrived at the premises.

The protesters were heard chanting, ‘Alausa must go,’ while blocking access to the ministry’s premises.

The unions have previously demanded the removal of the minister and expressed opposition to the reported 35-year concession of the college to its old boys’ association.

The workers have also raised concerns over staff welfare and other administrative issues within the ministry.

Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel, providing investors with an additional, convenient way to participate in public offers.

Investors can begin the subscription process by sending ‘Invest’ to NGX Invest on WhatsApp at +234 812 731 9521. They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application. As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey.

The new channel extends NGX Invest’s growing distribution ecosystem, which connects issuers to investors through more than 100 distribution channels, including stockbrokers, banks, fintechs, mobile operators and other financial institutions via API connectivity.

By integrating WhatsApp into NGX Invest, NGX Group is reducing friction in the investment process and bringing primary-market opportunities closer to investors through a platform they already use every day. For issuers, the integration provides an additional route to reach a broader pool of potential investors and support more efficient capital raising.

The development forms part of NGX Group’s broader strategy to use technology, partnerships and open distribution infrastructure to widen participation in Nigeria’s capital market.

Security remains central to the design of the investor journey. While WhatsApp provides the interface through which investors can access the service, subscriptions are processed through NGX Invest’s secure, regulated infrastructure. Investors are encouraged to interact only with the official NGX Invest WhatsApp number and should never share passwords, PINs, OTPs or other sensitive credentials with third parties.

As digital participation in Nigeria’s capital market grows, NGX Group remains focused on ensuring that increased access is supported by secure, transparent and regulated market infrastructure. The addition of WhatsApp combines the convenience of a familiar consumer channel with the safeguards required for participation in regulated public offers.

With WhatsApp now part of its distribution ecosystem, NGX Invest is further expanding the infrastructure through which investors can discover and participate in primary-market opportunities, while enabling issuers to reach a wider investing public.

NGX Invest is NGX Group’s SEC-approved e-offering platform for accessing Public Offers, Rights Issues and Initial Public Offerings (IPOs).

Since its launch in 2024, the platform has facilitated more than 23 primary-market transactions and supported over N3 trillion in capital raising.

Through API connectivity, NGX Invest is connected to more than 100 distribution channels spanning stockbrokers, banks, fintech platforms, mobile operators and other financial institutions. This open distribution network connects issuers with a broader pool of investors, simplifies participation in public offers and supports more efficient capital formation in Nigeria’s capital market.

The Economic Community of West African States (ECOWAS) says 32 million people risk being displaced from their communities due to the ravaging effects of climate change currently confronting the sub-region.

The President of the ECOWAS Commission, Gen. Birame Diop, disclosed this at the Second 2026 Parliamentary Seminar of the ECOWAS Parliament on Tuesday in Accra, Ghana.

The News Agency of Nigeria (NAN) reports that the week-long event has ‘Climate Change as A Driver of Environmental Degradation, Population Displacement and Rising Insecurity’ as its theme.

The seminar is aimed at enabling regional parliamentarians, experts and other stakeholders to interrogate the link between climate change, population displacement and rising insecurity in West Africa.

Diop warned that the combined effects of climate change, environmental degradation and insecurity could push the number of Internally Displaced People (IDPs) in the sub-region to about 32 million by 2050.

Citing World Bank projections, the commission’s president said women and children accounted for about 80 per cent of the figure.

Represented by Prof. Nassirou Bako-Arifari, the ECOWAS Commissioner for Human Development and Social Affairs, Diop identified climate financing as a major challenge confronting the sub-region, adding that ‘West Africa requires about 294 billion dollars to tackle the crisis of climate change.’

The president said since 2024, ECOWAS had been working towards establishing a regional carbon market platform under Article 6 of the Paris Agreement to help mobilise investment for climate action.

He recalled that in 2024 alone, about two million West Africans were displaced by climate-related natural disasters.

He said more than seven million people were affected by flooding alone during the same period, resulting in the destruction of homes, roads, schools, health facilities, farms and other critical infrastructure.

Diop also disclosed that between 2025 and 2026, more than 12 million people were displaced internally across West and Central Africa due to the combined effects of climate change, insecurity and other vulnerabilities.

He, therefore, appealed to member states to adopt a comprehensive regional approach to climate resilience and human security, instead of fragmented responses.

He added that ‘climate change is not simply an environmental issue. It is a development issue, a humanitarian issue, a peace and security issue, and ultimately an issue of human survival and regional stability.

‘We must be proactive and invest in resilience before crises occur. We must protect ecosystems, create livelihoods and address grievances before they escalate into conflict.’

He also appealed to the regional parliamentarians to strengthen climate-responsive legislation and oversight.

Diop urged them to prioritise climate financing, improve early-warning and early-action systems, and promote sustainable management of land, water, forests and fisheries.

He further appealed to the governments of Member States to prioritise women and youths in their climate-resilience efforts, describing them as innovators, entrepreneurs, community leaders and agents of resilience.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has proposed a new regulatory framework targeting anti-competitive behaviours and market abuse, in a decisive move to protect investors and foster fair competition across the country’s petroleum value chain.

Speaking during the stakeholders consultative forum in Abuja on Tuesday, Rabiu Umar, the Authority Chief Executive of NMDPRA said that the regulation titled: ‘Prevention of Anti- Competitive Practices and Behaviour Regulations 2026’, is in pursuant to section 216 of the Petroleum Industry Act 2021.

According to Umar, the proposed regulations are intended to strengthen the midstream and downstream petroleum sector by preventing anti-competitive practices, addressing abuse of dominance, promoting fair and non-discriminatory access to essential infrastructure, and also enhancing transparency and market efficiency.

‘The proposed regulations are intended to strengthen the midstream and downstream petroleum sector by preventing anti-competitive practices, addressing abuse of dominance, promoting fair and non-discriminatory access to essential infrastructure, and also enhancing transparency and market efficiency. I

‘In furtherance to this, the Authority has received several submissions from its stakeholders regarding the proposed regulations which will be reviewed.

‘The Authority recognizes that effective regulation must provide regulatory certainty, support investment and innovation, promote efficient markets, and protect the integrity of the petroleum sector. This is therefore a consultation in the true sense of the word. We are here to listen, to learn, and improve the draft where necessary,’ he said.

Speaking further, Umar explained that the Authority had recently signed a memorandum of understanding with the Federal Competition and Consumer Preotection Commission (FCCPC) to protect the market against price fixing, cartel behaviour, product withholding, under-dispensing and other practices that distort competition.

The partnership, formalised through a collaborative agreement between the two agencies, is expected to strengthen market surveillance, information sharing, investigations and enforcement across Nigeria’s deregulated petroleum market.

Joseph Tolunrunse, Authority’s secretary and legal adviser, who gave an overview of the draft, said that the document wnich contains 138 regulations, covers pricing conduct, infrastructural assets, dominance and vertical integration, mergers and changes of control, digital markets and data (including AI-related issues), enforcement, compliance and inter-agency coordination.

‘The central purpose of the regulation is to translate the competition provisions of the Petroleum Industry Act 2021 into detailed, enforceable rules for the midstream and downstream petroleum industry,’ Tolunrunse said.

According to him, the regulation seeks to creat a level playing field in the sector, prevent monopoly and abuse of dominant positions; protect consumers from market manipulation and anti-competitive behaviour and guarantee open, non-discriminatory access to essential infrastructure (pipelines, depots, terminals, storage).

The regulation also seeks to improving transparency of prices, capacity and market information, atract investment by providing regulatory certainty while aligning Nigeria’s petroleum competition regime with international best practice.

He said the rules would apply to licensees, their affiliates and other persons engaged in commercial activities in the sector, including industry associations where their activities could affect competition.

Tolunrunse described the draft as a shift in NMDPRA’s approach, from mainly licensing and technical oversight to actively regulating how market power is exercised in the sector.

‘This regulation, therefore, attempts to address the economic architecture of the market: who gets assets, on what terms, at what price, with what information, and subject to what competitive safeguards,’ he added.

Women and young professionals will converge in Lagos on October 24 for the third annual SpeakHER Conference, with this year’s event focusing on communication, negotiation, advocacy and leadership.

The conference, themed ‘S.A.Y. – Speak. Amplify. You.’, will hold at The Dome, This Present House, Lekki Phase 1, Lagos.

Organised by SpeakHER, the conference is expected to feature practical learning sessions, panel conversations, networking opportunities and the Speakathon, a platform that gives women and girls the opportunity to speak publicly on issues they consider important.

According to the organisers, the 2026 edition is designed to address some of the challenges women face in communicating their ideas and advocating for themselves in professional, business, community and public spaces.

The conference will feature two major practical sessions: ‘Room Ready: The Negotiation Edge’ and ‘The Signature Speaker.’

The negotiation session will examine self-advocacy, persuasion and negotiation, with emphasis on helping participants navigate spaces where important decisions are made.

The Signature Speaker session, meanwhile, will focus on effective communication and public speaking, including how participants can communicate with greater clarity and confidence in meetings, interviews, panels, on stage and in front of cameras.

The Speakathon will be another major feature of the conference. Emerging speakers are expected to address issues across four areas: Leadership and Governance; Women’s Health and Wellness; Advocacy; and AI and Digital Transformation.

Speaking ahead of the conference, SpeakHER Co-founder, Rolake Akinkugbe-Filani, said the initiative was established to help address the gap between having ideas and being able to communicate them effectively.

‘Women have ideas, ambition, and the capacity to lead. What can sometimes be missing is the confidence, skill, or opportunity to communicate those ideas when it matters most,’ Akinkugbe-Filani said.

She said the S.A.Y. theme was intended to encourage women to speak with confidence, amplify issues that matter to them and participate actively in spaces where their voices can influence outcomes.

Also speaking, Co-founder Ayo Mairo-Ese said the conference would go beyond encouraging women to speak by helping them develop the skills to use their voices effectively.

‘Speaking up is only the beginning. We want women to recognise the value of their voices, develop the skills to use them effectively, and understand that their perspectives can shape the spaces they occupy,’ Mairo-Ese said.

She added that the 2026 conference would create opportunities for women to step forward, be heard and translate their voices into meaningful action.

The organisers said the conference is targeted at professional women, entrepreneurs, advocates, emerging leaders and young professionals interested in developing their communication, negotiation and leadership skills.

SpeakHER, whose mission is ‘Shaping Narratives. Inspiring Change,’ runs initiatives aimed at creating opportunities for women and girls to communicate, advocate and participate in conversations affecting their workplaces, communities and futures.

Cabo Verde has long stood out among African states for its political stability, but recent developments raise a different question for investors: how predictable is the state as a contractual counterparty? Cabo Verde, an archipelago of about half a million people off the coast of Senegal, has changed government peacefully since multiparty rule began in 1991. It has done so again this year. In parliamentary elections on May 17th the African Party for the Independence of Cabo Verde (PAICV) defeated the Movement for Democracy (MpD), which had governed for a decade. Francisco Carvalho, the PAICV’s leader and until then mayor of Praia, the capital, was sworn in as prime minister on June 19th. The final count gave his party

The Central Bank of Nigeria’s (CBN) decision to cut the Monetary Policy Rate (MPR) by a massive 350 basis points to 23 percent from 26.5 percent is expected to shift investor interest from fixed-income securities to equities as yields decline.

Ayokunle Olubunmi, head of Financial Institutions Ratings at Agusto and Co., said the sharp reduction in the benchmark rate is expected to drive down fixed-income yields, 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,’ Olubunmi 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 and a rebalancing towards growth, investment and economic recovery.

The CPPE said the adjustment could alter the relative attractiveness of financial assets as investors respond to changes in yields across the fixed-income and equity markets.

The reduction 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.

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 shift in investor allocation 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 a sustained moderation in interest rates could also reduce the marginal cost of government borrowing and, over time, moderate the Federal Government’s domestic debt-service burden.

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

Rate cut not automatically translate into cheaper loans

For businesses, the rate cut could also reduce financing costs and improve access to credit, although both the CPPE and Nigeria Employers’ Consultative Association (NECA) cautioned that the reduction in the policy rate would not automatically translate into 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.

Adewale-Smatt Oyerinde, director-general of NECA, said the rate reduction 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 adjust their lending rates.

The CPPE similarly said the ultimate economic value of the rate decision would depend 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. The CBN adjusted the corridor around the MPR to +50/-300 basis points from +50/-450 basis points, placing the Standing Lending Facility at 23.5 percent and the Standing Deposit Facility at 20 percent.

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

Despite the potential benefits to equities and the wider economy, the sharp rate reduction also creates 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 use instruments such as open-market operations where necessary to manage excessive volatility and preserve exchange-rate stability.

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

For investors, the key question following the 350-basis-point reset will therefore be how quickly the decline in policy and fixed-income yields feeds into asset allocation, while for businesses and households, attention will centre on whether lower monetary-policy rates translate into meaningful reductions in borrowing costs.

The Nigeria Export Processing Zones Authority (NEPZA) has announced a tougher enforcement regime against the illegal importation of containers into the nation’s Free Trade Zones (FTZs), reaffirming its commitment to maintaining transparency, compliance, and the integrity of operations within the zones.

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

According to Ogunyemi, operators in the Free Trade Zones must strictly adhere to the regulations governing transactions within the secured marketplace, stressing that compliance with the terms of their operating licences is a legal obligation and a critical requirement for sustaining investor confidence.

He stated that the Authority would immediately intensify inspections, subject import documentation to closer scrutiny, strengthen collaboration with partner enforcement agencies, and fully apply penalties prescribed by law against violators.

The NEPZA boss warned that operators who bypass lawful import and export procedures, misdeclare goods, or move containers through unauthorised channels would face decisive regulatory action, noting that such practices undermine the credibility of the Free Trade Zone scheme.

He explained that the strengthened measures are aimed at protecting the integrity of NEPZA’s regulatory systems, safeguarding public interest, ensuring fair competition, and preserving the standards required for legitimate business operations.

Ogunyemi, however, assured investors and compliant operators that the Authority would continue to apply its regulatory mandate with fairness, transparency, and justice, adding that only those found culpable would face sanctions under Nigerian law.

He noted that the vast majority of Free Trade Zone operators conduct their businesses responsibly, meet regulatory requirements, and contribute significantly to economic growth, employment generation, and a well-regulated trade environment.

‘The diligence and integrity of the majority of our operators deserve recognition, not suspicion. The unlawful actions of a small minority must not be allowed to overshadow or discredit the achievements of compliant businesses,’ he said.

The NEPZA chief further urged operators and their associations to strengthen self-regulation within the zones, while reaffirming the Authority’s commitment to supporting lawful enterprises.