Category: Business Day

The Independent National Electoral Commission (INEC) has uploaded 1,578 polling unit results from the ongoing Osun State governorship election to its election result viewing portal, I-REV.

The update represents 41.93 per cent of the total expected returns from the 3,763 polling units spread across the 30 local government areas of the state.

Checks on the portal at 5:45 pm confirmed the latest batch of uploads, with the most recent entry recorded at 5:39 pm. INEC stated that the I-REV platform will receive continuous, progressive updates as electoral officers verify and transmit additional results directly from polling stations across Osun State

For many young Nigerians, the challenge is not the absence of opportunities. It is finding them, knowing which ones are credible, understanding how to access them and having the guidance to turn them into meaningful outcomes.

It is this gap Alabi Opeyemi, senior special assistant on Youth Mobilisation to the Governor of Lagos State, Babajide Sanwo-Olu, seeks to address with YouthDesk.ai, an artificial intelligence-powered platform designed to connect young people with opportunities, skills, mentorship, guidance, resources and institutional support.

The platform will be formally unveiled on September 3, 2026, at Worksphere by Eridan, Oluwalogbon House, Obafemi Awolowo Way, Alausa, Ikeja, Lagos.

Opeyemi said the initiative was inspired by Governor Sanwo-Olu’s sustained focus on youth development, empowerment and innovation, but is designed to extend the reach of such interventions through technology.

‘YouthDesk.ai goes beyond being just another digital application; it is conceived as an opportunity infrastructure and ecosystem that brings young people, opportunities and institutions together on a single platform,’ he said.

At its core, YouthDesk.ai seeks to solve an information and access problem. Young people often encounter opportunities in fragmented spaces, while many lack the networks or institutional connections required to navigate education, employment, entrepreneurship and skills development. The platform brings these pathways together through a suite of technology-enabled services.

One of its central features is AI Padi, an artificial intelligence-powered assistant designed to provide personalised guidance and help users navigate relevant resources and opportunities. The platform also provides access to learning and skills-development resources aimed at helping young people build competencies relevant to education, employment and entrepreneurship.

Its Opportunity Hub is designed to bring scholarships, jobs, internships, grants, fellowships, training programmes and other youth-focused opportunities into a single digital environment.

The ambition extends beyond individual users. YouthDesk.ai is being positioned as an ecosystem connecting young people with grassroots youth leaders, private-sector organisations, government agencies, NGOs, development partners and other institutions.

This partnership model is central to the initiative’s reach. Grassroots youth leaders are expected to provide community-level insight and access, while businesses, government institutions and development organisations bring opportunities in employment, entrepreneurship, training, mentorship, scholarships and capacity development.

Bode Olabisi, director, media and publicity, YouthDesk.ai, said the September unveiling will provide stakeholders with an opportunity to understand the platform, explore its capabilities and identify areas for collaboration.

The platform’s grassroots focus is particularly significant. Opeyemi’s proposition is that access to opportunity should not depend on geography, background or proximity to influential networks. Technology, in this model, becomes the distribution mechanism for information and access. The next question is whether the platform can turn discovery into outcomes.

For YouthDesk.ai, success will depend not only on the number of young people who use the platform but on how effectively it connects them to credible opportunities, relevant skills, mentors and institutions-and ultimately whether those connections translate into jobs, businesses, education, skills and other measurable forms of advancement.

‘With artificial intelligence increasingly transforming education, employment and entrepreneurship globally, YouthDesk.ai seeks to ensure that young Nigerians are not left behind but are equipped with the information, skills, connections and opportunities needed to participate meaningfully in the emerging digital economy,’ Opeyemi said.

The September 3 unveiling will therefore be more than a product launch. It will be the first public test of an ambition to build digital infrastructure around one of Nigeria’s most important assets: its young population.

The Foundation for Partnership Initiatives in the Niger Delta (PIND) has linked more than 200 young people in the Niger Delta with employers, mentors, training providers and enterprise-support organisations as part of activities marking International Youth Day 2026.

The forum, held in Yenagoa, Bayelsa State, under the theme, ‘Youth Empowerment for a Sustainable Future,’ focused on empowering young people through career pathways for economic development and sustainable peace in the region.

Participants from Bayelsa, Abia, Delta, Edo and Rivers states explored career opportunities spanning information and communication technology, agriculture and agribusiness, renewable energy, construction and technical trades, hospitality and the digital economy.

They were also introduced to jobs, internships, apprenticeships, mentorship, training and enterprise-support opportunities through a Career Opportunities and Support Fair.

Sam Ogbemi Daibo, executive director of PIND, said youth empowerment must go beyond training to creating systems that connect skills with economic opportunities.

‘Young people do not need training that ends with a certificate. They need pathways that connect learning to jobs, markets, mentorship and enterprise opportunities,’ Daibo said.

‘When young people can build sustainable livelihoods, they contribute to stronger local economies and more peaceful communities.’

The forum featured a ‘Voices of Impact’ session, where beneficiaries of PIND’s Youth Employment Pathways programme shared experiences of moving from skills acquisition into employment and entrepreneurship.

Patrick Ekpe, PIND’s Youth Employment Pathways manager, said the success of the initiative would be measured by the opportunities participants secure after the event rather than attendance.

‘The measure of success is not simply the number of young people who attended. It is the number who leave with useful contacts, apply for opportunities, enter mentorships, secure internships or take concrete steps towards employment and entrepreneurship,’ Ekpe said.

A panel session, ‘From Learning to Earning: Connecting Youth to Real Economic Opportunities,’ examined employer expectations, workplace readiness, alternative career pathways and the role of youth employment in promoting sustainable peace.

The event also highlighted opportunities in the cassava value chain through PIND’s Women and Youth Economic Empowerment for Sustainable Livelihoods project, alongside employment and entrepreneurship opportunities in Nigeria’s renewable-energy sector.

Participants were further introduced to PIND’s NDLink platform, which provides continued access to jobs and career-development opportunities.

Otobotekere Cephas, a participant from Bayelsa State, said the forum provided practical direction and connections that are often lacking in conventional empowerment programmes.

‘I came looking for clearer direction and left with people and organisations I can follow up with immediately. I now understand the skills employers require and the opportunities available in my area of interest,’ Cephas said.

PIND said it would track commitments made by employers, mentors, training institutions and development organisations, with follow-up assessments to determine how the connections made at the forum translate into internships, mentorships, apprenticeships, jobs and enterprise-support opportunities.

Last week in Abuja, NGX Group’s Board and Management sat down with President Tinubu at the Presidential Villa and walked him through an impressive set of numbers: market capitalisation up from roughly ?30 trillion in 2023 to ?160 trillion today, the All-Share Index up from 52,000 points to over 244,000, and a fresh commitment to bring NNPC to market. The President was pleased, and he should be. But I want to sit with a harder question than the one that the scorecard answers.

Nigeria keeps talking about becoming a $1 trillion economy – industrialisation, infrastructure, housing, manufacturing, and companies built to compete globally. What almost never comes up in the same breath is who’s actually going to pay for it. Not the government alone. Not the banks alone. Not foreign capital alone. It has to run, in large part, through a deep, sophisticated, ambitious Nigerian capital market. Which means the Abuja meeting wasn’t just a good-news briefing – it was an opening bid on a much bigger conversation.

Give NGX its due

None of what follows is an argument that NGX is underperforming. The opposite, actually. What was presented to the President was earned: equity turnover more than doubled in 2025, the All-Share Index gained over 50%, and NGX Group posted ?22.98 billion in revenue. Settlement is tighter, and retail participation is turning into a real trend, not a talking point in strategy decks.

That’s momentum, and momentum should force the next question: what is all this progress supposed to make possible? Nigeria’s nominal GDP sat around $291 billion in 2025, per the World Bank, with the IMF projecting roughly $377 billion for 2026. ‘$200 billion economy’ is already a stale frame. If Nigeria is genuinely heading toward $1 trillion, what does its capital market need to look like to carry that weight?

We’re still treating the exchange as a marketplace.

Here’s where the framing needs to shift. An exchange isn’t simply a venue where shares trade hands. It has financial infrastructure, in the same category as the roads that move goods or the grid that powers a factory floor. A capital market moves money from people who have it toward businesses and projects that need it, and the depth of that market sets the ceiling on how fast a country can develop. New factories, housing stock, African tech companies reaching global scale without relocating, infrastructure that doesn’t keep stacking onto government debt – all of it needs financing. Capital formation isn’t a side conversation to industrial policy; it’s the mechanism industrial policy runs through. NGX sits directly inside that mechanism, which is precisely why last week’s meeting deserves more scrutiny than a courtesy call gets. To its credit, NGX framed its presentation less as a victory lap on index points and more as a pitch for a national capital formation programme. Right instinct, worth pushing further.

Increasing listings, turnover, retail participation, and settlement speed – all worthwhile. But the more interesting question isn’t how NGX gets bigger. It’s how much bigger the Nigerian economy gets because NGX exists. That reframes what should be measured: how much capital was raised for productive businesses, not just traded among existing shareholders; how many companies scaled because public capital became available; how much pension capital moved into productive assets instead of sitting idle; how many Nigerian companies reached global scale without ever leaving Nigeria to get there. Harder numbers to produce. Also the ones that actually matter for a $1 trillion ambition.

Two models worth studying

The New York Stock Exchange and Nasdaq became powerful by growing into global pools of capital, not just marketplaces – companies listed there for liquidity, institutional coverage, and compounding credibility, not just American investors. Closer to home, the Johannesburg Stock Exchange built a comparable ecosystem – pension funds, asset managers, investment banks, debt markets, research – that gives South Africa’s capital market influence well beyond its domestic economy’s size. Nigeria already has most of the raw material: entrepreneurs, banks, pension assets, private equity, venture capital, an engaged diaspora, and companies with continental ambitions. What’s missing is the financial architecture connecting all of it at scale – exactly why Lagos should be asking, deliberately and now, whether it can become Africa’s financial centre.

The exit problem nobody wants to name

This part is personal, given how much time I spend around private capital and entrepreneurship. Nigeria has gotten considerably better at financing startups – angels, VCs, and private equity all step in as companies mature. Then what? When a company grows into a $500 million or $1 billion business, where does it go to raise public capital? Too often the answer is somewhere outside Nigeria, and when that happens, the country does not just lose a listing. It loses the investors, the research coverage, the liquidity, and the chance for ordinary Nigerians and their pension funds to own a piece of something built at home. The pathway ought to run: Founder ? Angel ? VC ? Growth Capital ? Private Equity ? NGX ? Global Capital. Getting that pipeline to actually work would be transformational, not incremental.

A government problem too, and a continental one

NGX cannot fix this alone. A government cannot announce a $1 trillion ambition and leave capital formation to chance. Governments, regulators, pension managers, banks, private capital, and NGX need to operate as one connected system rather than as institutions, each protecting their own mandate – close to the language NGX itself used inside the Villa last week.

The same problem exists at a continental scale. We talk about AfCFTA and African integration, but rarely ask the obvious follow-up: where is the African capital market? Dozens of exchanges, multiple currencies, multiple regulators, all fragmented, while African companies keep looking outside the continent for the deepest pools of capital. Trade, industrialisation, and entrepreneurship all need financing, and eventually investors need real exits. Nigeria, given its size, has a legitimate shot at leading that build-out.

The actual challenge for NGX leadership

Don’t build the next incremental version of the Nigerian Exchange. Build the institution Nigeria will need at $1 trillion, then build past that. Make Lagos the place African companies raise capital, a credible exit for venture-backed African companies, and a gateway into Africa for global investors rather than a frontier-market curiosity. Make it realistic for a company in Nairobi, Kigali, Accra, or Johannesburg to seriously weigh Lagos for its next major raise or listing – a materially bigger ambition than trading volume, and much closer to the economic role NGX is actually positioned to play.

This is bigger than NGX specifically. It’s about how the country designs institutions around its own ambition. We celebrate entrepreneurs when they build billion-dollar companies, then hand them financial infrastructure that struggles to finance the next ten billion. Nigeria doesn’t need another institution merely adequate for where it stands today. It needs institutions built for where it’s trying to go.

So the question for NGX leadership is simple: if Nigeria is serious about a $1 trillion economy, what does NGX need to become to help finance it? Not next year. Not in the next strategic plan. Now. Because when Nigeria eventually crosses that line, the story shouldn’t be that the economy grew enormous while the capital market wasn’t ready for it. NGX helped build it.

Airtel Africa has commercially launched Starlink’s satellite-to-mobile service in the Democratic Republic of Congo, becoming the first mobile operator in Africa to put the technology into commercial use and opening a new route to connectivity in areas beyond the reach of conventional cell towers.

The launch, announced on August 14, moves Airtel’s partnership with SpaceX from testing to a customer service and gives compatible Airtel subscribers access to basic mobile connectivity directly through Starlink satellites when terrestrial network coverage is unavailable.

The service is initially designed for light-data applications such as WhatsApp messaging and SMS. Customers do not need a satellite dish, router or other specialised equipment. Instead, a compatible LTE Android smartphone can connect to the satellite network where there is a clear view of the sky. Apple devices are expected to be supported later.

The development could change the economics of connecting remote parts of Africa, where building towers, fibre links and supporting power infrastructure can be expensive because of difficult terrain, sparse populations and long distances.

For Airtel, the move is less about replacing its terrestrial network than extending its reach without having to build a tower in every hard-to-cover location.

‘This is a significant milestone,’ said Sunil Taldar, Airtel Africa chief executive officer, describing the service as a combination of Airtel’s terrestrial network and Starlink’s satellite technology.

The experience in DRC, will help guide expansion into other Airtel markets, subject to regulatory approval, he added.

Airtel Africa operates in 14 African countries and said it serves more than 183.5 million customers. Its agreement with SpaceX, announced in December 2025, was designed to bring Starlink Direct-to-Cell connectivity to customers outside terrestrial coverage.

The DRC launch follows successful testing in Kenya in March. During those tests, compatible 4G smartphones connected in areas with no terrestrial signal and supported services including WhatsApp, maps, Facebook Messenger and financial transactions through the MyAirtel app.

The commercial launch therefore represents a shift from proving that the technology works to testing whether satellite connectivity can become part of an operator’s everyday network offering.

DRC as a testing ground

The choice of the DRC is significant. The country’s size and geography make nationwide terrestrial coverage difficult. Large distances, forests, remote communities and areas with limited infrastructure increase the cost of extending traditional mobile networks.

That makes satellite connectivity potentially more valuable than in densely populated markets where towers and fibre can be deployed more easily.

Thierry Diasnoma, Airtel DRC managing director said the service would provide an additional layer of connectivity for people who live, work or travel outside the reach of conventional mobile infrastructure.

The potential users extend beyond ordinary consumers. Airtel expects the service to support transport and logistics companies, humanitarian organisations, health workers, farmers and mining operations, as well as communities in remote areas.

It could also serve as a backup when terrestrial networks are damaged by natural disasters or other disruptions.

That emergency function may become one of the most important applications of direct-to-mobile satellite technology. A conventional mobile network depends on physical infrastructure on the ground. Satellite connectivity offers another route when that infrastructure is unavailable.

The bigger African opportunity

The DRC launch is also an early test of whether satellite-to-phone services can become a practical complement to Africa’s terrestrial telecommunications infrastructure.

Airtel’s December agreement with SpaceX was built around Starlink’s 650-satellite direct-to-cell constellation and covered all 14 of Airtel Africa’s markets, subject to local regulatory approvals. The companies also plan to introduce more advanced capabilities as the technology develops.

For now, however, the service is deliberately limited. Users need compatible devices, an Airtel connection and access to the sky. The initial service focuses on messaging and light data rather than replacing conventional 4G or 5G broadband.

That distinction matters. Satellite-to-mobile technology is not yet a substitute for the capacity and speed of a dense terrestrial network. Instead, it fills the gaps between existing networks.

Airtel’s strategy effectively creates a hybrid network: towers and fibre serve areas where terrestrial infrastructure makes economic sense, while satellites provide a connectivity layer for places where extending the ground network is difficult.

Eligible DRC customers can register through the MyAirtel App for a 30-day introductory trial. After the trial, access will be provided through eligible Airtel data bundles.

The commercial rollout also gives Airtel an early position in a technology that could become increasingly important as African operators look for ways to connect people beyond the limits of traditional infrastructure.

For Starlink, the partnership provides access to an established mobile customer base and local telecommunications infrastructure. For Airtel, it offers a way to expand network availability without bearing the full cost of building physical infrastructure in every remote location.

The next challenge will be regulatory approval and commercial expansion across Airtel’s other markets.

If the DRC deployment proves reliable and commercially viable, Airtel will have a blueprint for extending mobile coverage into some of Africa’s hardest-to-reach areas, turning satellite connectivity from a technology demonstration into another layer of the continent’s mobile network.

Afrobeats star David Adeleke, popularly known as Davido, has alleged that soldiers are attempting to prevent him from entering Osun State as voters head to the polls for the state’s governorship election on Saturday.

Davido raised the alarm in a post on his verified X account early Saturday, saying he had been ‘reliably informed’ that soldiers were trying to stop him from entering the state.

The singer insisted that he would not be deterred, arguing that Nigerian citizens have a constitutional right to freedom of movement.

His claim comes amid heightened security measures across Osun ahead of the election.

The Nigeria Police Force announced a restriction of movement throughout the state from midnight on Friday, August 14, until 6 p.m. on Saturday, August 15, as part of arrangements to secure the poll.

The movement restriction is expected to affect vehicular and other forms of movement across the state during the voting period, with security agencies deployed to maintain order and prevent disruptions.

Davido, who is a nephew of incumbent Governor Ademola Adeleke, has been an active supporter of his uncle’s re-election campaign under the Accord Party. Adeleke is seeking a second term against candidates including the All Progressives Congress flagbearer, Bola Oyebamiji, and other contenders.

The singer’s allegation has generated reactions online, with some commentators linking the reported attempt to stop him to the general movement restrictions announced for election day, while others questioned whether he was being specifically targeted.

Former presidential media aide Bashir Ahmad dismissed Davido’s complaint as ‘dramatic,’ arguing that the restrictions had been publicly announced by security authorities and were part of standard election security measures.

Ahmad maintained that the right to freedom of movement does not exempt individuals from complying with lawful security measures introduced to protect the electoral process.

As of the latest reports, there has been no independent confirmation that soldiers were specifically ordered to prevent Davido from entering Osun State.

The allegation comes against the backdrop of a tense political atmosphere surrounding the election, with security, voter safety and the conduct of political actors remaining major concerns ahead of the outcome.

Thirteen candidates are contesting the governorship election, although the race has largely centred on incumbent Governor Adeleke, APC candidate Oyebamiji and African Democratic Congress candidate Najeem Salaam.

Davido had earlier called on Nigerian authorities and the international community to pay close attention to the Osun election, citing concerns over possible violence and intimidation.

With voting underway, attention is now focused on whether the election will proceed peacefully and whether the singer’s reported movement difficulties will develop into a wider political or security controversy.

Afrobeats star Davido has accused House of Representatives member, Hon. James Faleke, of mounting pressure on the Independent National Electoral Commission over the Osun State governorship election.

In a post on X on Saturday as collation was still ongoing, Davido, who is nephew to incumbent Governor Ademola Adeleke, alleged interference in the process.

‘James Faleke, stop putting pressure on INEC to change Osun election result. Respect the wishes of Osun people. We don’t want Oyetola and AMBO,’ Davido wrote.

The singer urged Faleke to respect the choice of Osun voters and rejected any move to favour former Governor Gboyega Oyetola and APC candidate Bola Oyebamiji, popularly known as AMBO.

The outburst comes amid heightened tension in Osun as results from Saturday’s governorship election trickled in. INEC is yet to make a final declaration.

As of press time, neither Hon. Faleke nor INEC had responded to the allegation.

Voter inducement emerged as the most widespread integrity concern during Saturday’s Osun State governorship election, with reports or allegations recorded in 14 of the 25 local government areas monitored by the Centre for Journalism Innovation and Development (CJID).

The organisation said the reports, which represented 56 percent of the 25 LGAs covered in its late-afternoon assessment, varied in form and level of verification and should not be treated as confirmed cases of vote-buying across all the affected areas.

CJID, through its Election Analysis Centre, monitored the election using a network of reporters, observers, analysts, researchers, fact-checkers and media practitioners.

The election was conducted across 30 LGAs, 332 wards and 3,763 polling units, with 2,339,233 registered voters. Of this number, 1,906,390, representing 81.5 percent, collected their Permanent Voter Cards.

According to the organisation, allegations of voter inducement were followed by technological challenges, intimidation and security incidents as major concerns during voting.

It said 11 of the 25 LGAs monitored reported difficulties involving the Bimodal Voter Accreditation System (BVAS), connectivity or delays, while six LGAs recorded intimidation or interference involving observers, voters or party agents. Five LGAs reported security-related incidents or tensions.

BVAS delays, but no systemic failure

CJID said BVAS generally functioned during the election, although technical problems were recorded in several locations.

The challenges included facial authentication difficulties, connectivity problems, processing delays and devices requiring restarts.

However, the organisation said the problems largely resulted in delays rather than complete breakdowns.

‘CJID had not recorded evidence of a systemic BVAS failure capable of disrupting voting across the state,’ it said.

It added that the significance of the technical challenges would become clearer during the reconciliation of results, particularly when accreditation figures are compared with the number of ballots cast.

Voting continued beyond the scheduled closing time in some polling units where voters were already on the queue, while other locations had commenced ballot reconciliation, sorting and counting.

CJID said the transition from voting to counting was largely orderly across the locations it monitored.

Election-day violence relatively limited

The security situation was considerably calmer than the violence recorded during the campaign period, according to the organisation.

Despite pre-election concerns over possible flashpoints, CJID said it had not recorded widespread election-day violence by the close of voting.

It, however, reported localised incidents involving threats, assault and interference with journalists, observers and polling agents in Irewole, Atakunmosa West, Ife Central and Ilesa East.

The organisation said such incidents remained significant because they could affect the ability of independent observers and journalists to document the electoral process, particularly during counting and collation.

Alleged payments of up to N50,000

The most widespread concern was possible voter inducement.

CJID said reports from Iwo and Ilesa East included allegations of payments ranging from N20,000 to N50,000 per voter, while its reporters in Boluwaduro and Ola-Oluwa observed voters discussing alleged payments.

In Irewole, a reporter reportedly overheard an individual asking voters whether they had collected their money.

CJID said the geographic spread of the reports made voter inducement a significant issue in assessing the integrity of the election, while stressing that the individual reports remained at different stages of verification.

Attention shifts to collation

With voting largely completed, CJID said its monitoring had shifted to the reconciliation, counting and collation of results.

It said observers would be assessing whether accreditation figures correspond with ballots cast, whether used, rejected and unused ballots are properly reconciled and whether party agents can observe the counting process.

It also said polling-unit results must be accurately documented before transmission to collation centres.

Early disagreements over ballot validity were reported in Ejigbo, although CJID said such disputes did not in themselves constitute evidence of irregularity.

The organisation said how such disputes are resolved and documented would become increasingly important as the results move through the collation process.

Fake results, AI content pose new risk

CJID also identified misinformation as a growing concern as the election moves into the results phase.

Of seven election-related claims it had verified by the time of its assessment, three were found to be true, three false and one unproven.

The claims covered alleged candidate withdrawals, imported voters, arrests of suspected political thugs, rigging, voter inducement, violence and the alleged snatching of electoral materials.

The organisation also detected manipulated content, including AI-generated images presented as evidence of events purportedly occurring during the election.

It warned that genuine developments, unverified allegations and fabricated content could circulate simultaneously during collation.

CJID said it would continue monitoring fabricated results, altered result sheets, premature victory claims and misleading representations of events.

It said while the basic mechanics of voting functioned across most monitored locations and the election avoided widespread violence or systemic BVAS failure, concerns over voter inducement, localised intimidation and procedural consistency remained.

‘The credibility of the eventual result will depend on whether accreditation and ballot figures reconcile, polling-unit results are accurately documented, party agents and observers can scrutinise the process, disputes are transparently resolved, and results remain consistent as they move through successive levels of collation,’ it said.

Nigeria’s listed technology companies are entering a new investment phase as stronger cash positions and improving economic conditions give them greater capacity to fund expansion, although high financing costs and expensive technology equipment are forcing companies to deploy capital selectively.

A BusinessDay analysis of six listed technology companies – Chams Holding Company, CWG, E-Tranzact International, Legend Internet, NCR Nigeria and Omatek Ventures – shows that combined capital expenditure (CAPEX) rose to N3.23 billion in the first half of 2026, from about N1.85 billion in H1 2025, representing an increase of roughly 75 percent.

At the same time, combined cash and cash equivalents nearly doubled to N37.8 billion, from about N19 billion a year earlier, pointing to a significant strengthening of the sector’s financial capacity to invest.

Despite the higher investment in fixed assets, the aggregate CAPEX-to-cash ratio fell to 8.56 percent in H1 2026 from 9.75 percent in H1 2025.

This suggests that the companies entered the period with substantially greater liquidity than the amount they committed to capital expenditure. In other words, cash accumulation grew much faster than investment in physical assets.

The figures also reveal sharply different strategies among the companies, with some prioritising aggressive investment while others maintained a more conservative approach to capital deployment.

Cash build-up strengthens investment capacity

The sharp increase in liquidity is significant because Nigerian technology companies continue to operate against a backdrop of high financing costs and elevated technology and imported equipment costs.

Nigeria’s real GDP expanded 3.89 percent year-on-year in Q1 2026, up from 3.13 percent in Q1 2025, while headline inflation moderated to 15.91 percent in June.

However, the improvement in macroeconomic conditions has not eliminated the cost pressures facing businesses. Technology companies remain exposed to expensive equipment, imported inputs and financing, making internally generated cash an increasingly valuable source of expansion funding.

This is particularly important given the relatively modest level of foreign capital entering the sector. National Bureau of Statistics data showed $11.33 million in capital importation into IT Services in Q1 2026, suggesting that domestic cash generation remains an important funding source for listed technology companies.

The implication is that companies with stronger cash-generation capabilities have a growing advantage. They can finance infrastructure and equipment purchases without depending entirely on costly external funding.

Chams emerges as clearest cash-to-CAPEX story

Chams Holding Company Plc recorded the most dramatic change in capital allocation among the companies reviewed.

Its cash and cash equivalents jumped from just N252 million in H1 2025 to N4.52 billion in H1 2026, representing an increase of more than 1,600 percent.

At the same time, the company moved from virtually no capital expenditure in H1 2025 to N1.82 billion in H1 2026.

That pushed Chams’ CAPEX-to-cash ratio to 40.2 percent, the highest among the companies reviewed.

The ratio means that Chams’ H1 2026 capital expenditure was equivalent to about two-fifths of its cash balance at the period under review.

The spending is particularly notable because Chams has been shifting toward infrastructure-heavy businesses. Its H1 2026 revenue reached N17.48 billion, with data card products supply and biometrics-related businesses among its major revenue drivers.

The combination of rapidly rising cash and increased investment suggests that Chams has moved from a period of tight capital deployment into a more expansionary phase.

However, the company’s 40.2 percent ratio also means its capital intensity is considerably higher than that of its peers. If the investment translates into higher capacity, revenue and cash generation, it could strengthen future earnings. If not, the large jump in CAPEX could weigh on returns.

CWG shows why higher cash does not always mean higher CAPEX

The company increased cash and cash equivalents from N5.63 billion in H1 2025 to N7.40 billion in H1 2026, a 31.6 percent increase.

But its CAPEX fell from N526 million to N132 million, representing a decline of roughly 74.9 percent.

Consequently, its CAPEX-to-cash ratio plunged from 9.35 percent to 1.78 percent.

This means CWG spent less than N2 in capital expenditure for every N100 held in cash during H1 2026.

The low ratio could point to a more asset-light growth strategy, particularly given the company’s increasing emphasis on software and technology services rather than traditional hardware-led operations.

In H1 2025, the company was in an aggressive phase of its multi-year repositioning, investing in technology infrastructure, platforms and hardware. That investment coincided with a 53 percent increase in revenue to N37 billion and a 113 percent increase in profit before tax to N4.68 billion.

The shift is strategically important. CWG’s customers include financial institutions, large enterprises and public-sector organisations whose technology requirements are increasingly driven by digitalisation, automation and efficiency.

E-Tranzact highlights the advantage of capital-light growth

eTranzact International Plc remained the largest cash holder among the companies analysed.

Its cash balance climbed from N12.50 billion in H1 2025 to N23.69 billion in H1 2026, an increase of 89.5 percent.

At the same time, CAPEX declined modestly from N1.33 billion to N1.23 billion.

As a result, its CAPEX-to-cash ratio fell from 10.62 percent to 5.19 percent.

This is significant because eTranzact was responsible for more than 62 percent of the combined N37.77 billion cash balance held by the six companies in H1 2026.

The company therefore has substantial liquidity relative to its current capital expenditure requirements.

Its strategy has increasingly centred on payments infrastructure, switching, merchant acquiring and digital transaction services. eTranzact has also been moving away from its historical dependence on lower-margin airtime sales toward payment and infrastructure businesses.

The fall in its CAPEX-to-cash ratio therefore does not necessarily indicate weaker investment. Rather, it could reflect a business model in which growth increasingly depends on technology platforms and payment infrastructure rather than heavy physical assets.

With more than N23 billion in cash, eTranzact has one of the strongest liquidity cushions among the listed technology companies.

Legend faces a different investment equation

Legend Internet: new entrant with high investment intensity

Legend Internet Plc recorded its first meaningful cash and CAPEX position in the dataset, with N165 million in cash and N50 million spent on PPE in H1 2026.

This translated into a 30.3 percent CAPEX-to-cash ratio, the second-highest among the companies.

Although its absolute numbers are small compared with Chams, CWG and eTranzact, the ratio indicates that Legend Internet committed a significant portion of its available cash to fixed assets.

That could be consistent with a company at an earlier stage of building or expanding its physical and network infrastructure.

NCR Nigeria Plc increased its cash holdings substantially but did not record CAPEX in the periods under review.

Cash and cash equivalents rose from N643 million in H1 2025 to N1.99 billion in H1 2026, representing an increase of more than 200 percent.

Yet the company reported zero CAPEX in both periods, leaving its CAPEX-to-cash ratio at 0 percent.

While Omatek Ventures Plc recorded the weakest cash position among the companies, with just N3 million in cash and cash equivalents in H1 2026.

Its cash balance rose from N1 million in H1 2025, but remained extremely small relative to its peers.

The company recorded zero CAPEX in H1 2025 and H1 2026, leaving its CAPEX-to-cash ratio at zero.

The picture is particularly noteworthy because Omatek’s cash position has been volatile over the five-year period, including a negative cash-and-cash-equivalent figure in 2023.

What investors should watch next

The emerging investment pattern among Nigeria’s listed technology companies suggests that cash conversion, rather than CAPEX alone, will become a more important measure of investment quality.

A rise in capital expenditure is not inherently positive if it fails to generate stronger revenue, margins or cash flows.

Similarly, a decline in CAPEX does not necessarily mean a company is retreating from growth. CWG’s experience demonstrates that businesses can move from a physical investment phase into a period of monetising infrastructure already deployed.

Atiku Abubakar, former Vice President, has dragged President Bola Tinubu before the Federal High Court in Abuja, seeking his disqualification from the 2027 presidential election over an alleged forged National Youth Service Corps (NYSC) certificate.

Atiku, the presidential candidate of the African Democratic Congress (ADC), personally appeared at the court registry on Friday to depose to an affidavit supporting the suit filed against Tinubu, the All Progressives Congress (APC) and the Independent National Electoral Commission (INEC).

The suit invokes, among other provisions, Sections 137(1)(j), 139(1)(a)(i) and 285(14)(c) of the 1999 Constitution, as amended, as well as relevant provisions of the Electoral Act 2026.

At the centre of the suit is Section 137(1)(j) of the Constitution, which provides that a person is not qualified for election as president if he has presented a forged certificate to INEC.

Atiku and the ADC are asking the court to determine whether Tinubu and the APC should be disqualified from the 2027 presidential election over allegations that Tinubu presented a forged NYSC certificate in connection with the 2023 and 2027 elections.

Explaining his decision to personally depose to the affidavit, Atiku said the matter was too fundamental to be treated casually.

‘I came here personally because the issues before the court go to the heart of our Constitution and the integrity of the office of President,’ he said.

‘I cannot ask Nigerians to respect the Constitution while treating a matter of this magnitude casually. I have therefore put my name, my signature and my oath behind the facts we are presenting to the court.

‘Now it is President Tinubu’s turn to answer them,’ he added.

In the affidavit, Atiku alleged that Tinubu submitted to INEC an NYSC discharge certificate bearing the name ‘Tinubu Bola Adekunle’, which the plaintiffs contend differs from the President’s name, Bola Ahmed Tinubu.

The affidavit further alleges that the certificate was submitted in connection with the 2027 presidential election and maintains that the document was not obtained by Tinubu.

Atiku also wants INEC compelled to produce Tinubu’s Form CF001 submitted for the 2023 and 2027 presidential elections.

According to the affidavit, Atiku had applied for certified true copies of the relevant documents before instituting the suit but had not received a response when the processes were prepared.

‘This is precisely why we have gone to court,’ Atiku said.

‘We are not asking Nigerians to decide this matter on social media, and we are not asking INEC to become a court. We are asking the institution holding the records to produce them and the judiciary to examine the evidence and pronounce on it.

‘If the certificate belongs to Bola Ahmed Tinubu, let that be established before the court. If ‘Tinubu Bola Adekunle’ and ‘Bola Ahmed Tinubu’ are one and the same person for the purpose of that certificate, let the evidence establish it,’ he said.

Beyond the certificate allegation, Atiku and the ADC are challenging provisions of the Electoral Act 2026 which they argue restrict the ability to challenge a candidate’s qualification at the pre-election stage.

They contend that ordinary legislation cannot override or undermine an express constitutional provision, arguing that where an Act of the National Assembly conflicts with the Constitution, the Constitution must prevail.

‘This case therefore raises a fundamental question for our democracy,’ Atiku said.

‘Can an Act of the National Assembly be used as a shield against an express provision of the Constitution? Can we write into ordinary legislation an escape route from a constitutional standard applicable to everyone seeking the Presidency? Our position is that the Constitution remains supreme,’ he added.

The plaintiffs are consequently asking the Federal High Court to determine whether the statutory restrictions contained in the Electoral Act can prevent them from invoking Section 137(1)(j) of the Constitution.

They are also seeking an order disqualifying Tinubu and the APC from participating in the 2027 presidential election if the allegations against them are established.

‘Nobody should misunderstand what is at stake. Nigerian graduates cannot complete NYSC documentation with one identity and simply ask employers to ignore discrepancies,’ he said.

‘Young Nigerians seeking ordinary jobs are subjected to rigorous scrutiny of their certificates. The standard cannot suddenly disappear because the applicant is seeking the highest office in the land. The Presidency is not an immunity certificate against constitutional scrutiny,’ he added.

He further urged INEC to demonstrate its neutrality by making the relevant documents available to the court.

Counsel to the plaintiffs, Edwin Inegedu, (SAN), and Joseph Onu Silas, expressed confidence in their case.

Speaking for the legal team, Silas said they had carefully reviewed the relevant laws and presented their arguments before the court, adding that they were prepared to respond to the defendants’ case once served.

‘We are confident that justice will prevail. This case presents an important opportunity to further develop Nigeria’s electoral jurisprudence,’ he said.

‘This is not about privilege, personalities or presidential power. It is about one Constitution and one standard for every Nigerian.

‘Nobody is above the Constitution – not Atiku Abubakar, not Bola Tinubu, and certainly not the President of the Federal Republic of Nigeria,’ he said.