Category: Business Day

Fola Adeola, Co-founder of Guaranty Trust Bank (GTB), has urged African entrepreneurs to build institutions that can outlive their founders, warning that businesses dependent on the personalities of their founders rarely achieve lasting impact.

Adeola said sustainable institutions require deliberate structures, strong governance, consistent standards and the continuous development of leaders capable of running organisations without their founders.

During his keynote speech to more than 1,200 founders, entrepreneurs and executives at the Building Beyond You Conference in Lagos on Friday, Adeola said the future of Africa’s business environment would depend on the ability of its leaders to transition from founder-dependent enterprises to enduring, self-sustaining institutions.

‘When people come to me to say, ‘Help me with this organisation I’m trying to put together,’ the first question I ask them is, ‘How long do you want the organisation to last?” he said.

‘When they say anything from five to 10 years, I tell them you don’t need me. Organisations will last five years and beyond, maybe up to 10.’

Adeola likened businesses without structures for longevity to people trapped under collapsed buildings, saying the human body can survive for days without food, but organisations similarly need structures that allow them to survive beyond the people who founded them.

He said legacy should therefore not be measured by personal fame, wealth or public recognition, but by the ability to create institutions and values that continue after the founder is gone.

According to him, legacy is the total devotion to an interest that is bigger than your own self-interest.

‘Legacy is a deep, unshakable commitment to a cause, to an institution, or a value system that does not depend on public praise, personal enrichment or executive applause,’ Adeola added.

Founders, according to him, should be willing to commit their intellect, energy and resources to building systems that can survive for generations rather than structures designed around their individual personalities.

‘Since’ is a testament to consistency

Adeola also used the word ‘since’ to illustrate the importance of institutional consistency, pointing to organisations that have survived for decades or centuries.

He cited examples including Coca-Cola, Barclays Bank, Oxford University and Cambridge University, arguing that the longevity of such institutions is evidence of their ability to maintain standards across generations.

‘Since is not a statement of age. Since is a testament to consistency,’ he said.

‘It tells the customer we have performed this service, maintained this standard and honoured this promise across decades to centuries, through booms and busts, through world wars, through presidential times, through generations. Guess what? We are still standing.’

Adeola said businesses seeking to build for centuries must therefore avoid short-term decision-making and resist compromising their standards for immediate gains.

He recalled telling colleagues at GTB that he wanted the bank to one day carry a sign stating ‘Since 1990’, with the hope that generations of Nigerians would still see the institution operating centuries later.

‘We are building an institution that must last at least two centuries, and if you are building for 200 years, your decisions today cannot be reckless. Shortcuts cannot be tolerated,’ he said.

He noted that several Nigerian businesses and institutions had also crossed major longevity milestones, citing the Church of Nigeria, House of Tara and the Dangote Group among organisations that had sustained operations over decades.

Succession is central to institutional survival

Adeola said one of the biggest requirements for institutional longevity is the ability of founders to deliberately raise leaders and embed a culture that does not depend on them.

‘Unless you intend to run a tiny one-man show until you die, there is a physical and intellectual limit to what one individual can accomplish,’ he said.

Adding that: ‘As a founder, if you have not raised leaders capable of executing without you, your organisation inevitably enters a phase of diminishing returns.’

He said founders who fail to develop successors risk seeing their businesses lose momentum as their energy declines and the organisations become increasingly dependent on them.

He pointed to the transition at House of Tara, founded by Tara Fela-Durotoye, as an example of deliberate succession planning.

He commended Durotoye for building the beauty business from her living room nearly three decades ago and eventually handing over executive leadership after 25 years to focus on developing the next generation of business leaders.

‘You have demonstrated that African excellence can be codified, can be scaled and can be sustained,’ Adeola said.

According to him, the responsibility of today’s entrepreneurs should extend beyond building successful businesses to creating institutions capable of sustaining their values, standards and impact long after they have left.

The Taraba Integrity Network has challenged the evidentiary basis of a recent SaharaReporters report linking financial transactions involving the Executive Secretary of the Taraba State Emergency Management Agency, Dr Echuseh Audu, to alleged diversion of relief materials.

In a statement signed by its Public Relations Officer, Mohammed Umar, the group said the transactions cited in the report did not establish that Audu diverted relief materials or misappropriated public funds.

The organisation particularly disputed the claim linking N44m paid to Nizamiye Hospital, Abuja, to the treatment of alleged Audu’s daughter, who reportedly later died.

The group said the deceased was not Audu’s daughter and challenged SaharaReporters to publish hospital records, birth records or other documentary evidence establishing the alleged relationship.

It also questioned the connection between the N44m hospital payments and the earlier allegations of diverted TSEMA relief materials, asking for evidence showing that proceeds from any alleged diversion were used to make the hospital payments.

On the N12.19m transaction involving the Taraba LPRES Draw Down Account and Katuka’s Kitchen, the group noted that the exact N12,190,726.80 reportedly transferred to the business was subsequently returned to the LPRES account.

The organisation said the transaction, without further evidence, did not establish wrongdoing and asked whether it was a contract payment, reimbursement, erroneous transfer or temporary transaction that was later reversed.

The group also rejected the aggregation of different transactions into N49.44m, arguing that the mere addition of transactions involving personal, business and government-related accounts did not establish that they formed one financial scheme.

‘An inflow is not automatically government money. Government money is not automatically diverted money. And a financial transaction is not automatically evidence of fraud,’ the statement said.

The group further challenged the significance attached to Audu’s alleged BVN connection to Katuka’s Kitchen, saying a BVN association alone did not establish continued control of the account after her reported resignation from the business.

The organisation therefore asked SaharaReporters to produce bank mandates, signatory records and transaction authorisations if it was alleging that Audu continued to control the account.

The organisation also pointed to what it described as the unconfirmed nature of the earlier allegations of TSEMA relief-material diversion, saying such allegations should not be presented as facts while they remained subject to investigation or judicial proceedings.

The Taraba Integrity Group said the people of Taraba deserved accountability but also accuracy, urging SaharaReporters to publish the documentary evidence linking the transactions to diversion, fraud or personal enrichment. It warned against what it described as ‘trial by headline,’ insisting that allegations should remain allegations until supported by evidence.

Africa has never been a footnote at the United Nations. Since Tunisia’s Mongi Slim became the first African to preside over the General Assembly in 1961, Africans have repeatedly occupied some of the UN’s highest offices. They have served as presidents of the General Assembly, Secretary-General, and Deputy Secretary-General, helping shape debates on decolonisation, apartheid, peacekeeping, development, human rights, and international security.

But the record also highlights an unresolved contradiction in Africa’s place in the UN system. No African country holds a permanent seat on the Security Council, the UN body primarily responsibility for maintaining international peace and security. The council’s five permanent members remain China, France, Russia, the United Kingdom and the United States, while African countries have traditionally occupied rotating non-permanent seats.

The African Union’s Common African Position, known as the Ezulwini Consensus, calls for at least two permanent African seats, with the continent itself deciding which countries would occupy them.

Against that backdrop, here are 18 Africans who have held some of the UN’s most senior positions, based on the historical record highlighted by AfricaAware.org, with additional biographical details from UN records.

1. Mongi Slim – Tunisia, 1961

Mongi Slim became the first African to preside over the UN General Assembly, taking the gavel for its 16th session in 1961, five years after Tunisia gained independence from France.

Born in 1908, Slim was about 52 when he became Assembly president. A lawyer and diplomat, he had been involved in Tunisia’s independence struggle and was imprisoned twice by French colonial authorities for his nationalist activities.

After independence, he became one of Tunisia’s leading diplomats and served as the country’s representative to the UN Security Council before reaching the Assembly presidency.

Slim died in 1969, aged 61, leaving behind a diplomatic career that had helped establish a place for newly independent African states within the UN system.

2. Alex Quaison-Sackey – Ghana, 1964

Three years later, Alex Quaison-Sackey became the first Black African to preside over the General Assembly, leading its 19th session in 1964.

Born in 1924, Quaison-Sackey was 40 when he assumed the position. He came from Ghana, which had become the first sub-Saharan African country to gain independence from colonial rule in 1957.

A career diplomat, he served as Ghana’s Permanent Representative to the UN before becoming Assembly president. He was later appointed Ghana’s Foreign Minister under President Kwame Nkrumah.

Quaison-Sackey also wrote Africa Unbound: Reflections of an African Statesman. He died in 1992 at the age of 68.

3. Angie Brooks – Liberia, 1969

Angie Elizabeth Brooks became the first African woman to preside over the UN General Assembly in 1969.

Born in Liberia in 1928, Brooks was 41 when she became president of the 24th session. She was also only the second woman in history to preside over the Assembly.

A lawyer, jurist, and diplomat, Brooks served as Liberia’s Permanent Representative to the UN and became one of the country’s most prominent international figures.

Her career was significant not only because of the office she held but because she reached it at a time when women and Africans remained heavily underrepresented in senior international institutions. Brooks died in 2007 at 79.

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4. Abdelaziz Bouteflika – Algeria, 1974

Long before he became Algeria’s president, Abdelaziz Bouteflika was a leading figure in Algerian diplomacy. Born in 1937, he became President of the 29th General Assembly in 1974 at the age of 37, while serving as Algeria’s Foreign Minister.

His presidency coincided with major debates over Palestine and decolonisation. In November 1974, the General Assembly granted the Palestine Liberation Organization observer status, allowing its chairman, Yasser Arafat, to address the Assembly.

Bouteflika later returned to Algeria’s domestic politics and served as president from 1999 until his resignation in 2019. He died in 2021 at 84.

5. Salim Ahmed Salim – Tanzania, 1979

At 37, Salim Ahmed Salim became one of the youngest Africans to preside over the General Assembly, taking charge of its 34th session in 1979.

Born in 1942, Salim had entered diplomacy early. He served as Tanzania’s ambassador to India, Egypt and China before becoming the country’s Permanent Representative to the UN.

His career later expanded beyond the UN. He became Tanzania’s Prime Minister in 1984 and subsequently served as Secretary General of the Organisation of African Unity from 1989 to 2001. In 2026, at 84, Salim remains one of Tanzania’s most experienced figures in African and international diplomacy.

6. Paul J. F. Lusaka – Zambia, 1984

Paul John Firmino Lusaka became President of the 39th General Assembly in 1984, at the age of 49.

Born in 1935, Lusaka had already established himself as an important Zambian diplomat. He became Zambia’s Permanent Representative to the UN in 1979 and later served as president of the UN Council for Namibia. The Namibia portfolio was particularly significant. At the time, Namibia remained under South African administration, and its independence was a major issue in African diplomacy. Lusaka also served as President of the Economic and Social Council in 1981 before becoming president of the General Assembly. He died in 1996 at the age of 61.

7. Joseph Nanven Garba – Nigeria, 1989

Joseph Nanven Garba became the first Nigerian to preside over the General Assembly.

Garba took over the 44th session in 1989, aged 46, and also presided over three special sessions between 1989 and 1990.

Born in 1943, Garba was a Nigerian military officer who later built a significant diplomatic career. He served as Nigeria’s Federal Commissioner for External Affairs and later became the country’s Permanent Representative to the UN.

At the UN, he chaired the Special Committee against Apartheid and the Special Committee on Peacekeeping Operations. He had also served as President of the Security Council in 1978.

Garba died in 2002 at the age of 58.

8. Boutros Boutros-Ghali – Egypt, 1992

In 1992, Africa reached the highest administrative office in the UN when Boutros Boutros-Ghali became the organisation’s sixth Secretary-General.

Born in Egypt in 1922, Boutros-Ghali was 69 when he took office, becoming the first African and first Arab to serve as UN Secretary-General.

A scholar of international law and former Egyptian Foreign Minister, he took over the organisation at the end of the Cold War. Conflicts in the Balkan marked his five-year term was marked by conflicts in the Balkans, the Rwandan genocide and debates over the future of international peacekeeping.

Before becoming Secretary-General, he had spent decades as an academic and diplomat.

Boutros-Ghali died in 2016 at the age of 93.

Read also: why-nigeria-wants-a-permanent-un-security-council-seat/

9. Amara Essy – Côte d’Ivoire, 1994

Amara Essy became President of the 49th General Assembly in 1994, at the age of 49.

Born in 1944, Essy was Côte d’Ivoire’s Foreign Minister when he assumed the UN position. He had previously served as his country’s Permanent Representative to the organisation.

His international career later took him to the Organisation of African Unity, where he became Secretary General in 2001. He subsequently served as interim chairperson of the African Union Commission during the transition from the OAU to the AU.

That made Essy one of the African diplomats whose careers bridged the UN and Africa’s own continental institutions. He died in April 2025, aged 80.

10. Kofi Annan – Ghana, 1997

Kofi Annan became the seventh Secretary-General of the United Nations in 1997, aged 58, becoming the first person to rise to the organisation’s highest position from within its own staff.

Born in Ghana in 1938, Annan joined the UN in 1962 as an administrative and budget officer and subsequently worked in several parts of the organisation, including the UN Economic Commission for Africa and the UN peacekeeping system.

He served two terms as Secretary-General, from 1997 to 2006.

In 2001, Annan and the United Nations jointly received the Nobel Peace Prize for their work towards a better organised and more peaceful world.

He died in 2018 at age 80.

11. Theo-Ben Gurirab – Namibia, 1999

Theo-Ben Gurirab became President of the 54th General Assembly in 1999, at the age of 60.

Born in Namibia in 1939, Gurirab had spent years campaigning internationally for his country’s independence. He served as SWAPO’s chief representative to the UN for 14 years and was involved in diplomatic efforts surrounding Namibia’s transition to independence.

After independence in 1990, he became Namibia’s first Foreign Minister and later served as Prime Minister and Speaker of the National Assembly.

His election as Assembly president was therefore closely connected to a diplomatic career built around Namibia’s struggle for sovereignty.

Gurirab died in 2018 at the age of 79.

12. Jean Ping – Gabon, 2004

Jean Ping became President of the 59th General Assembly in 2004, when he was about 62.

Born in 1942, Ping had already spent decades in international diplomacy. He worked at UNESCO in Paris before entering Gabon’s government and eventually becoming Foreign Minister.

He also served as Gabon’s Permanent Representative to the UN and was president of OPEC in 1993.

His career later took him to the African Union, where he served as Chairperson of the African Union Commission.

Ping will be 84 in 2026.

Read also: Universal Music Group sues DistroKid over AI music, copyright claims

13. Asha-Rose Migiro – Tanzania, 2007

Asha-Rose Migiro became the third Deputy Secretary-General of the United Nations in 2007, aged 50.

Born in 1956, Migiro was a lawyer and academic before entering Tanzanian politics. She taught law at the University of Dar es Salaam and later became Tanzania’s Foreign Minister.

She served as Deputy Secretary-General under Ban Ki-moon from 2007 to 2012.

Her responsibilities included supporting the Secretary-General on the UN’s economic and social agenda, while she also became involved in peace and security issues, particularly in Africa’s Great Lakes region.

Migiro is 70 in 2026.

14. Ali Abdussalam Treki – Libya, 2009

Ali Abdussalam Treki became President of the 64th General Assembly in 2009, at about 71.

Born in Libya in 1938, Treki was a veteran diplomat who represented his country at the UN on three occasions.

He had also chaired the Assembly’s Fourth Committee, which deals with decolonisation and related political questions, and served as an Assembly vice president.

Before becoming Assembly president, he served as Libya’s Minister for African Union Affairs.

He actually died in Cairo, Egypt, on October 19, 2015, at the age of 77

15. Sam Kutesa – Uganda, 2014

Sam Kahamba Kutesa became President of the 69th General Assembly in 2014, aged 65.

Born in 1949, Kutesa trained as a lawyer and had worked in business and Ugandan politics before becoming Foreign Minister in 2005.

His presidency coincided with negotiations that culminated in the adoption of the 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals in 2015.

He remained Uganda’s Foreign Minister while serving as Assembly president.

Kutesa is now 77.

16. Tijjani Muhammad-Bande – Nigeria, 2019

Tijjani Muhammad-Bande became President of the 74th General Assembly in 2019, aged 61, making him the second Nigerian to occupy the position after Joseph Garba.

Born in 1957, Muhammad-Bande came to international diplomacy through academia. He earned degrees from Ahmadu Bello University and Boston University before obtaining a PhD in political science from the University of Toronto.

He became a professor and Vice-Chancellor of Usmanu Danfodiyo University and later served as Director General of Nigeria’s National Institute for Policy and Strategic Studies.

He was Nigeria’s Permanent Representative to the UN when he was elected Assembly president.

His tenure coincided with the outbreak of the COVID-19 pandemic, which forced the General Assembly to adapt its traditional diplomatic procedures.

Muhammad-Bande is 68 in 2026.

17. Amina J. Mohammed – Nigeria, 2017 to present

Amina J. Mohammed became Deputy Secretary General of the United Nations in 2017, at the age of 55, and remains in the position in 2026.

Born in 1961, Mohammed had already played a central role in international development policy before becoming Deputy Secretary General. She served as Nigeria’s Minister of Environment and previously worked as a Special Adviser to UN Secretary-General Ban Ki-moon on post-2015 development planning.

She was closely involved in the negotiations that produced the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals.

As Deputy Secretary General, she chairs the UN Sustainable Development Group and supports coordination across the organisation’s development system.

Mohammed is 65 in 2026.

18. Philémon Yang – Cameroon, 2024

Philémon Yang became President of the 79th General Assembly in 2024, at the age of 77, becoming the latest African to hold the position.

Born in Cameroon in 1947, Yang is a former diplomat, magistrate and politician. He served as Cameroon’s ambassador to Canada for more than two decades before becoming Prime Minister in 2009, a position he held until 2019.

He later chaired the African Union’s Panel of Eminent Africans.

Yang’s presidency ran from September 2024 to September 2025. He therefore remains the most recent African to have presided over the General Assembly, although he was not its president throughout 2026. He is now 79.

Universal Music Group, the world’s largest music rights company, has filed a lawsuit against DistroKid, one of the biggest independent music distributors by volume, accusing the platform of deceptive trade practices and widespread copyright infringement.

The suit, lodged in the US District Court for the District of Delaware, centres on DistroKid’s handling of artificial intelligence-generated music and alleged infringing tracks.

Universal Music Group claims DistroKid has created a false impression that the music it distributes consists of releases by real human artists rather than mass-produced AI content. The complaint is careful to note that it is not targeting the legitimate distribution of AI-generated music when it is clearly disclosed as such.

Instead, Universal alleges DistroKid is ‘masquerading as something it is not and benefiting from that false impression.’

According to the filing, DistroKid misleads the market in three key ways. First, it gives the impression that its catalogue comprises artist-backed releases created and owned by human creators. Second, it suggests it supports industry initiatives, including those of the Music Fights Fraud Alliance, aimed at stopping the mass upload of AI ‘slop’ and other tactics designed to generate revenue by crowding out human artists. Third, it presents itself as taking a firm stance against copyright infringement.

Universal Music Group argues that DistroKid is flooding digital platforms with AI-generated tracks that siphon revenue and listeners away from legitimate artists and rightsholders. The company further alleges that DistroKid continues to distribute infringing recordings even after acknowledging it lacks the necessary rights.

‘Time and again, DistroKid concedes that it does not have rights in the sound recording,’ the suit states. ‘Continuing to distribute these infringing tracks allows DistroKid to collect ill-gotten revenues that should have gone to Plaintiffs and other legitimate rightsholders.’

The consequences, Universal says, fall on artists, consumers, digital service providers and rightsholders. Every stream captured by a deceptive AI-generated or infringing track diverts income from working musicians. Consumers are misled into believing they are supporting genuine artists, while platforms believe they are hosting authentic music.

DistroKid, meanwhile, gains an unfair competitive edge because legitimate distributors bear the cost of verifying authenticity and ownership, while DistroKid does not, yet is treated by the market as operating on equal terms.DistroKid has grown rapidly and claims to distribute roughly 40 per cent of all new music in the world for more than four million artists.

In July, private equity firm CVC Capital Partners agreed a ten-figure deal to acquire a majority stake in the company. The transaction, brokered by Goldman Sachs and Raine Group on DistroKid’s behalf, is expected to close in the third quarter of 2026.

Universal is seeking maximum statutory damages of $150,000 per infringed work. The complaint names 1,000 specific recordings as examples, creating a theoretical exposure of $150 million. Universal describes these tracks as ‘the tip of the iceberg,’ stating that DistroKid has infringed and continues to infringe thousands of its sound recordings, with discovery likely to uncover many more.

Supporting industry data cited in related reporting shows the scale of AI distribution. Of 1,551 AI music tracks submitted to SIQA’s charts in the first quarter of this year, 90.4 per cent were created using Suno and 75.8 per cent were distributed by DistroKid.

This is not Universal’s first action against a major DIY distributor.

In November 2024, Universal, together with ABKCO Music and Records and Concord Music Group, sued Believe and its TuneCore subsidiary in New York, alleging industrial-scale copyright infringement involving sped-up and remixed versions of protected recordings.

That case sought at least $500 million in damages. The parties settled in April 2026, filing a joint stipulation dismissing all claims with prejudice. Financial terms were not disclosed, though Universal confirmed the matter had been resolved amicably.

The case underscores growing tension in the music industry as AI tools proliferate and independent distribution platforms scale rapidly, raising questions about authenticity, rights management and fair competition in a market increasingly shaped by technology.

Nigeria’s total public debt stood at N166.79 trillion as of June 30, 2026, according to the Debt Management Office, translating to about N702,185 for every Nigerian, based on a population estimate of 237.53 million from the World Bank.

The per-capita calculation shows the country’s debt burden relative to the base income for Nigerian workers, with the average public debt per Nigerian equivalent to about 10 months of earnings at the current N70,000 national minimum wage.

The Debt Management Office (DMO) reported that Nigeria’s total public debt comprised N91.59 trillion in domestic debt and N75.20 trillion in external debt as of June 30. Domestic debt accounted for 54.91 percent of the total portfolio, while external debt made up 45.09 percent.

At N70,000 a month, a worker earning the national minimum wage receives N840,000 in a full year before deductions. The N702,185 per-capita public debt therefore represents roughly 83.6 percent of one year’s minimum-wage income, or approximately 10 months of the statutory monthly wage.

The DMO’s June debt position also shows that the Federal Government accounts for the overwhelming share of the outstanding obligations. Federal Government-only domestic debt stood at N87.00 trillion, while Federal Government external debt was N65.77 trillion. States and the Federal Capital Territory accounted for the remaining N14.01 trillion combined.

The DMO used an official exchange rate of N1,379.1842 per dollar to convert external debt into naira on June 30, 2026.

On a per-person basis, the N702,185 debt figure is higher than the N70,000 monthly minimum wage by roughly 10 times, underscoring the size of the government’s accumulated obligations when measured against the statutory wage floor.

The calculation does not account for differences in income, employment status, or tax contributions among Nigerians, and is an aggregate indicator rather than an individual liability.

Nigeria Infrastructure Debt Fund (NIDF), Nigeria’s oldest and largest local-currency infrastructure debt fund, has opened a Series 12 offer to raise up to N45 billion, offering investors units at a 23.13 percent discount to its prevailing market price on the Nigerian Exchange (NGX).

The offer, which opened on September 23, 2026, comprises 396.33 million units of N100 each issued at N113.54 per unit under the fund’s N200 billion issuance programme.

The offer price compares with NIDF’s NGX closing price of N147.70 on September 22, representing a discount of N34.16 per unit, or 23.13 percent, according to the fund manager, Chapel Hill Denham Management Limited.

The Series 12 raise marks the 12th capital raise by NIDF since its inception in 2017 and the fourth since its listing on the NGX, underscoring the fund’s continued reliance on the capital market to mobilise long-term funding for infrastructure.

NIDF is the first listed infrastructure debt fund on the NGX and has developed a track record of providing long-dated, naira-denominated financing to infrastructure projects across Nigeria.

Since inception, the fund has made 37 distributions totalling more than N100 billion to investors, according to the announcement.

Over the past decade, NIDF has financed infrastructure projects with an aggregate value of approximately $625 million, while building a diversified portfolio across several infrastructure subsectors.

The fund said it continues to assess a pipeline of infrastructure opportunities that meet its investment criteria, with a focus on projects capable of supporting Nigeria’s infrastructure development while generating sustainable long-term returns and regular distributions for investors.

The latest capital raise comes as Nigeria continues to face a significant infrastructure financing gap, increasing the importance of alternative sources of long-term naira funding beyond traditional bank lending.

For investors, the Series 12 offer provides an opportunity to gain exposure to NIDF’s infrastructure debt portfolio while participating in the fund’s planned expansion and distribution programme.

Chapel Hill Denham Management Limited is the fund manager for NIDF.

The Series 12 offer is the latest stage in the fund’s growth strategy and is expected to support further deployment of capital into qualifying infrastructure projects across Nigeria.

Halogen Security, a Nigerian security risk management firm, and the Lagos State Command of the Nigeria Security and Civil Defence Corps (NSCDC) are pushing a joint public-private security model to curb illegal mining and protect mineral assets.

The call was made at the 8th edition of the Lagos PR Clinic, themed ‘Collaborative Security as a Paradigm for Mining Security,’ which convened government, security agencies, private-sector operators, academia and industry.

Discussions centred on criminal activity, illegal mining and vandalism across mining corridors, and the need for stronger coordination among public institutions, licensed security providers, businesses and host communities.

Adedotun Keshinro, Lagos State commandant of the NSCDC, said mining security extends beyond individual mine sites to host communities, economic assets, environmental interests and national revenue, requiring a shift from isolated operations to coordinated responses.

He called for tighter alignment among security agencies, regulators, private operators and communities to tackle illegal mining, which has persisted despite enforcement efforts.

Bosun Sosanya, Halogen’s executive director for operations and services, said private security providers should operate as force multipliers for public institutions rather than parallel actors.

‘At Halogen, we do not see our role as separate from that of the state,’ he said.

‘We see private security providers as force multipliers that can work alongside public security institutions to strengthen capacity through deeper collaboration, including joint training, intelligence sharing and capacity building.’

Delivering the lead presentation, Onoja John Attah, commander of the NSCDC mining marshals, outlined the Corps’ efforts to address illegal mining and strengthen enforcement nationwide, highlighting coordinated interventions and intelligence-led operations as key to improving outcomes.

Panelists including Femi Kayode, ASIS chairman; Charles Keku, Pahek Security Services managing director; Franklin Okpara, Unilever chief security officer; Silas S.G, Federal Mines and Steel Development Lagos officer-in-charge and Adedeji Oyenuga, Lagos State University criminology pointed to gaps in intelligence sharing, community engagement and technology adoption.

They said improving safety and accountability in the mining sector will require formal channels for information sharing, joint capacity-building programmes and greater use of surveillance and reporting technology across corridors.

For Halogen, the engagement fits into a broader push for collaborative security as a framework for protecting critical assets while supporting responsible development of mineral resources.

Participants said such partnerships, if sustained, could strengthen enforcement, reduce losses from illegal mining and contribute to more stable revenues from the sector.

For Halogen, the engagement fits into a broader push for collaborative security as a framework for protecting critical assets while supporting responsible development of mineral resources.

Participants said such partnerships, if sustained, could strengthen enforcement, reduce losses from illegal mining and contribute to more stable revenues from the sector.

The Alumni Association of the University of Medical Sciences (UNIMED), Ondo, on Monday said it has concluded plans to host the maiden Olusegun Mimiko Distinguished Alumni Lecture, in a landmark initiative aimed at celebrating the vision of the university’s founder while stimulating fresh conversations on the future of healthcare, innovation and equity.

BusinessDay reports that the Olusegun Mimiko Distinguished Alumni Lecture, scheduled for October 3rd 2026, has as its theme, ‘Advancing Health Equity and Innovation: The Legacy of a Caring Heart.’ The keynote speaker is the pioneer Vice-Chancellor of the University, Friday Okonofua, who led the institution during its formative years.

Isaac Oluyi, the institution’s Public Relations Officer, in a statement made available to journalists in Akure said the event is expected to bring together members of the university community, alumni, healthcare professionals, policymakers, academics and other stakeholders to reflect on the evolution of UNIMED and the continuing relevance of its founding ideals.

According to the President of the UNIMED Alumni Association, Adedayo Adesida, the lecture is not merely an alumni gathering but an opportunity to preserve the history of the institution and reconnect successive generations with the vision that gave birth to the university.

Adesida said the association considered it important to institutionalise a lecture in honour of Dr Olusegun Mimiko because his vision went beyond establishing another university.

‘Dr. Olusegun Mimiko did not just build a university; he planted a tree so that a whole generation of medical and science professionals could sit in its shade,’ he said.

He explained that the choice of the theme was deliberate, noting that it captures the connection between the founder’s vision of people-centred healthcare and the contemporary need to deploy innovation and technology to address inequalities in access to healthcare.

‘The Alumni President said the association also regarded the lecture as an avenue for alumni to contribute meaningfully to the continued development of their alma mater.

‘For us as alumni, celebrating the founder is also about accepting the responsibility to sustain the values upon which UNIMED was established. The best way to honour that legacy is to ensure that the institution continues to produce professionals, ideas and innovations that improve lives,’ Adesida said.

‘The Vice-Chancellor of UNIMED, Ebunoluwa Adejuyigbe, said the event was significant because it provided an opportunity for the university community to reflect on the institution’s origins while looking towards its future.

She described the theme as a reflection of the ‘caring heart’ behind the establishment of UNIMED, stressing that the university’s mandate extends beyond the classroom to research, community service and the transformation of healthcare delivery.

According to her, the vision behind the university remains relevant to the institution’s current drive to achieve excellence in teaching, research, innovation and community impact.

‘It is important for every generation to understand where an institution comes from and the vision that brought it into existence. Celebrating our founder is therefore not simply about looking back; it is about drawing inspiration from that vision as we build the UNIMED of the future,’ the Vice-Chancellor said.

Adejuyigbe added that the university would continue to leverage technology and innovation in advancing its global visibility and impact. ‘The founding vision was ambitious. Our responsibility today is to build on that foundation, strengthen excellence in teaching and research, expand our impact on communities and position UNIMED as an institution whose contributions to health and medical education resonate nationally and internationally.

‘The Olusegun Mimiko Distinguished Alumni Lecture therefore comes against the background of a university seeking to preserve its founding ideals while responding to emerging challenges in healthcare and medical education.

‘For the Alumni Association, the choice of Professor Okonofua as keynote speaker also carries symbolic significance, as he was not only the university’s pioneer Vice-Chancellor but one of the principal figures involved in translating the founding vision into an operational academic institution.

‘We want this lecture to become part of the identity of UNIMED. It should be a platform where great minds interrogate the challenges facing healthcare, propose innovative solutions and inspire the next generation of medical and health professionals,’ she said.

The Vice-Chancellor similarly expressed the hope that the event would strengthen the bond between the university and its alumni while encouraging a culture of service and innovation.

She said the university would continue to draw strength from its history while remaining focused on building an institution capable of making meaningful contributions to healthcare in Nigeria and beyond.

Africa’s telecom boom did more than connect hundreds of millions of people. It created one of the continent’s most powerful wealth-building machines, rewarding entrepreneurs who were willing to spend heavily on licences, networks and distribution before the returns became visible.

From Nigeria’s Mike Adenuga and Egypt’s Naguib Sawiris to Zimbabwe’s Strive Masiyiwa and Sudanese-born Mo Ibrahim, some of Africa’s biggest technology fortunes were built by controlling infrastructure that millions of people had little choice but to use.

The lesson is becoming relevant again as the continent enters another infrastructure cycle, this time around fibre, data centres, cloud computing, artificial intelligence and digital payments.

The common thread is not simply technology. It is ownership of the underlying systems.

A recent analysis of African telecom fortunes found that Adenuga, Sawiris, Masiyiwa and Ibrahim built substantial wealth through telecom businesses that expanded across markets and, in some cases, were later sold or folded into larger international groups.

The model was relatively simple, although execution was anything but. Get a licence. Raise capital. Build the network. Acquire customers. Expand into other markets. Then use the scale of the network to create additional businesses.

That model worked because telecom had unusually high barriers to entry. A new operator needed regulatory approval, spectrum, towers, fibre, switching equipment, international capacity, retail distribution and enough capital to survive years of investment before the business reached scale.

Once those pieces were in place, however, the same infrastructure became a formidable competitive advantage.

Read also: Nigeria’s data boom drives fresh wave of telecom infrastructure investment

The licence was only the beginning

Mo Ibrahim saw the opportunity before many international investors did. In 1998, he founded Celtel after identifying African markets where telecommunications licences could be obtained at relatively low cost. Celtel subsequently expanded across several African countries and was sold to Kuwait’s Mobile Telecommunications Company in 2005 for more than $3 billion.

Ibrahim later recalled that when he proposed investing in African telecoms, some executives struggled to see the opportunity. ‘I thought you were smarter than that!’ was how he recalled one executive responding to his proposal to pursue an African licence.

Mike Adenuga took a similar infrastructure-heavy approach with Globacom.

Glo launched in 2003 and challenged the existing operators with aggressive pricing. But its longer-term strategy went beyond selling mobile calls and data. The company later built Glo-1, a submarine cable linking Nigeria with international capacity, giving the operator greater control over a critical part of its connectivity chain.

That distinction matters. The largest fortunes were not necessarily created by having the cleverest telecom application. They were created by owning pieces of infrastructure through which millions of transactions, calls, messages and data sessions had to pass.

Africa is now rebuilding the rails

The opportunity is changing, but the infrastructure logic remains. Africa is moving from a mobile-phone revolution into a broader digital infrastructure cycle involving fibre networks, cloud computing, data centres, AI computing, digital identity and payment systems.

In Nigeria, the government’s $2 billion Project BRIDGE is designed to deploy 90,000 kilometres of fibre and expand the national backbone. The government says the programme is intended to address structural connectivity gaps and support wider digital economic activity.

Bosun Tijani, Nigeria’s minister of Communications, Innovation and Digital Economy, has argued that infrastructure is the foundation on which the wider digital economy must be built.

‘Infrastructure is the bedrock for most of the things we want to achieve,’ Tijani said in an interview, adding that there is no strong economy without connectivity.

At a recent Semafor event, he made the argument more directly: ‘What we do not have is meaningful connectivity,’ referring to the ability of people to actually use digital services rather than simply live within network coverage.

That distinction could determine who captures the next wave of value.

Fintech is already sitting on the telecom rails

Africa’s fintech boom illustrates the point. Mobile money, digital banking, payment applications and other financial technology companies have been able to scale because telecom networks created a distribution layer reaching deep into markets that traditional financial institutions struggled to serve.

The new businesses therefore do not need to recreate the entire telecommunications system.

They can build on top of it. That has created a different type of technology entrepreneur: one that owns the application, payment platform or customer relationship, but not necessarily the underlying infrastructure.

The next stage could shift the balance again. African fintech investors are increasingly focusing on infrastructure such as payment settlement, identity, risk and treasury systems, rather than only consumer-facing applications.

In other words, the lesson from telecom is beginning to repeat itself inside fintech.

The valuable company may not always be the app that consumers see. It may be the infrastructure underneath the app that other companies cannot easily operate without.

The telecom billionaires are moving further down the stack

Strive Masiyiwa is already an example of that transition. The entrepreneur who built his fortune through mobile telecom has expanded into fibre, cloud and data centres. His businesses are now also investing in AI infrastructure.

In September, Cassava Technologies, founded by Masiyiwa, joined Vodafone and Elsewedy Electric to develop an AI data centre in Egypt, a project expected by the Egyptian government to attract $1 billion in foreign investment.

Masiyiwa has described the move as a continuation of his infrastructure strategy. In discussing his AI expansion, he said his company is moving from mobile and broadband infrastructure into computing infrastructure because African businesses need access to those capabilities locally.

Hassanein Hiridjee, founder of Axian Group, has made a similar argument. He describes telecom networks as part of the infrastructure required for Africa’s AI ambitions because data has to move from users to data centres and then to the applications that process it.

‘There is room for everyone,’ Hiridjee said, arguing that Africa’s infrastructure gap is large enough to require both local and international capital.

The next wealth cycle may be less visible

This is where the billionaire story becomes more interesting. The next African technology fortune may not come from another consumer app with millions of downloads.

It could come from fibre routes, data centres, cloud platforms, payment infrastructure, energy systems or other networks that businesses increasingly cannot operate without.

Tony Elumelu, chairman of United Bank for Africa, has made a similar case for infrastructure as a foundation of Africa’s digital economy.

‘You can’t talk about a digital economy in Africa without fixing critical infrastructure,’ Elumelu said, pointing specifically to digital connectivity and reliable electricity.

The argument is also consistent with his broader position that infrastructure investment is essential for economic development, particularly in digital connectivity, power and logistics.

That changes the question entrepreneurs should ask. Instead of asking only what digital product Africa needs, the bigger question is what infrastructure millions of businesses will eventually depend on.

Telecom entrepreneurs answered that question two decades ago. They did not merely build businesses around the mobile revolution. They built the network through which the revolution had to pass. That created scale, recurring revenue and strategic control.

Africa’s current technology boom is creating another opportunity to build such infrastructure. The difference is that the next rails may not be visible to consumers.

They could sit underground as fibre, inside data centres as computing capacity, behind payment transactions or inside the cloud.

But if the telecom era taught Africa anything about technology wealth, it is that owning the rails can sometimes be more valuable than building the vehicle that runs on them.

Global electricity systems will need to undergo a major transformation over the next decade, with renewable energy accounting for about 78 percent of global power generation by 2035 to support a broader shift towards electrification, according to the International Renewable Energy Agency (IRENA).

Electricity currently accounts for 23 percent of global final energy consumption. Under IRENA’s revised 1.5°C Scenario, that share is projected to rise to 35 percent by 2035 and above 50 percent by 2050.

Greater electrification across buildings, transport, and industry will drive the increase as countries seek to reduce fossil fuel use while meeting rising energy demand.

‘With the rising energy demand, electrification with renewables will be central for end-use sectors such as buildings, transport, and industry. Today, electricity accounts for 23% of global final energy use… It will rise to 35 percent by 2035 and above 50% by 2050,’ IRENA stated.

Renewables accounted for 31.7 percent of global electricity generation in 2024, producing 9,836 terawatt-hours (TWh). IRENA said this share would need to rise to around 78 percent by 2035, about 2.5 times its current level, for renewables to meet most of the additional electricity demand.

IRENA estimated that electrification, combined with energy efficiency, could deliver about one-third of cumulative CO2 emission reductions between 2026 and 2050.

The pace of electrification will vary across sectors. Buildings are expected to reach 55 percent electrification by 2035, driven by heat pumps, electric cooking and cooling. Industry is projected to reach about 35 percent, while transport is expected to rise from about 1 percent to 15 percent.

However, grid infrastructure remains a major constraint. About 2,500 GW of projects worldwide are awaiting grid connections, highlighting the need for greater investment in transmission, distribution, storage and system flexibility.

Annual investment in grids and flexibility will need to more than double from $500 billion in 2025 to about $1 trillion through 2035, before rising to $1.2 trilliion thereafter.

The incoming COP31 Presidency of Trkiye has announced a global target of 35 percent electrification of final energy demand by 2035, drawing on IRENA’s roadmap.

‘Countries start from different points based on their energy demand, electricity access, infrastructure and investment capacity, and will need to determine nationally appropriate pathways to meet the electrification target. Realising this shift depends on a wide range of forward-looking and co-ordinated policies,’ the Agency stated.