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The rising cost of political advertising is emerging as another financial hurdle for opposition parties in states ahead of the January 16, 2027 presidential and National Assembly elections, as well as the February 6 governorship and state assembly elections.

State governments are imposing billboard fees running into hundreds of millions of naira, threatening to price opposition candidates out of public visibility and raising concerns over a level playing field ahead of the 2027 elections.

With campaigns already underway, the fees have exposed a growing tension between state governments’ authority to regulate outdoor advertising and political parties’ ability to communicate with voters without prohibitive financial barriers.

The controversy has dealt a major legal blow to opposition parties in Enugu. On October 19, the Federal High Court in Enugu, presided over by Justice Mabel Segun-Bello, dismissed a suit by opposition parties challenging the state signage agency’s N150 million political advertising fee, ruling that the state legislature could regulate outdoor advertising.

The decision has heightened concerns over the impact of state regulations on political competition. The African Democratic Congress (ADC) has condemned the fees as discriminatory, while the Nigeria Democratic Congress (NDC) has challenged the rationale behind the charges. Nigerian Banking Launch

In Benue, where billboard rental rates range from N250,000 to N1.2 million monthly, opposition figures allege that prime locations in Makurdi have largely been booked by APC candidates.

A Peoples Democratic Party (PDP) chieftain alleged that billboard operators were denying opposition campaigners access to prime locations, claiming the spaces were already unavailable.

Abia State has set the highest reported presidential billboard fee at N200 million, while Enugu, Kogi and Cross River charge N150 million each. Rivers demands N75 million, while Anambra charges N50 million.

The implications extend beyond advertising budgets. Under the Electoral Act 2026, presidential candidates face a N10 billion campaign spending ceiling, while governorship candidates are limited to N3 billion.

If Abia’s N200 million presidential fee applies across the 36 states and the Federal Capital Territory (FCT), a presidential candidate would spend N7.4 billion on permits alone, consuming 74% of the presidential spending limit before paying for rallies, transportation, publicity, campaign staff and other electoral activities.

The figures raise questions about whether candidates without access to substantial financial resources can compete effectively, particularly as incumbents enjoy established political structures, resources and greater visibility.

In Kwara, allegations of political billboard destruction have heightened tensions, with the PDP accusing APC supporters of vandalising its governorship candidate’s billboards, while separate claims alleged damage to APC campaign advertisements.

However, Bola Olukoju, Commissioner for Communications, said all parties enjoyed equal access to the state advertising agency.

The trend underscores how billboard regulations are becoming a flashpoint in the struggle for political visibility across party lines ahead of the 2027 elections.

Jackson Lekan Ojo, political analyst, warned that exorbitant billboard fees and the destruction of opposition campaign advertisements threaten democratic competition.

In a telephone chat with BusinessDay, Ojo also described claims that ruling-party candidates had secured prime billboard locations across states as an attempt to deny opposition parties visibility, arguing that such practices run contrary to democratic principles.

Skyway Aviation Handling Company Plc (SAHCO) has strengthened its dominance in Nigeria’s aviation ground handling sector with the award of the Air Algeria ground handling contract for Lagos and Nnamdi Azikiwe Airport, reinforcing its position as a trusted partner to leading international airlines.

The contract represents another significant milestone in SAHCO’s growth trajectory, reinforcing the confidence international airlines continue to place in the Company’s operational capabilities, service quality and commitment to global aviation standards.

Under the agreement, SAHCO will provide full ground handling services to Air Algeria at both The Murtala Muhammed International airport in Lagos and the Nnamdi Kanu International Airport in Abuja leveraging its highly trained workforce, modern ground support equipment and operational expertise to deliver safe, seamless and efficient services in line with international best practices.

The partnership further strengthens SAHCO’s growing portfolio of international airline clients and underscores its capacity to deliver consistent, high-quality ground handling services across multiple airport locations in Nigeria.

Commenting on the development, Taiwo Afolabi, the Chairman of SAHCO Plc, expressed delight at the partnership, describing the contract as a testament to the Company’s growing reputation for operational excellence and dependable service delivery.

He stated, ‘We are delighted that Air Algérie has chosen SAHCO as its ground handling partner in Lagos and Abuja. This confidence reflects our unwavering commitment to safety, operational efficiency and service excellence. We remain focused on delivering seamless ground handling solutions that meet the expectations of our airline partners and contribute to a superior passenger experience.’

SAHCO’s extensive operational footprint gives it a distinctive advantage in Nigeria’s aviation ground handling industry. As the only ground handling company with a presence at all commercially operated airports in the country, SAHCO combines nationwide reach with a strong commitment to service consistency, reliability and operational excellence.

The Company’s continued investment in modern ground support equipment, technology and workforce development has further strengthened its capacity to meet the evolving needs of domestic and international airlines. Its equipment strategy also incorporates alternative power sources and environmentally conscious solutions, reinforcing its commitment to more sustainable aviation operations.

The Air Algeria contract adds to SAHCO’s growing portfolio of international airline partnerships and reflects the confidence airlines continue to place in its expertise, dependable workforce and customer-focused approach.

Barely ten days after taking the oath of office for a second term, Ekiti State Governor Biodun Oyebanji has moved to constitute key components of his government with a request to the State House of Assembly to confirm three commissioner-nominees and 10 Special Advisers.

In a letter dated October 27, 2026, and addressed to the Speaker, Rt. Hon. Adeoye Aribasoye, the Governor sought legislative approval for the reappointment of three members of his first-term cabinet.

The nominees are Dayo Apata, SAN, as Attorney General and Commissioner for Justice; Akintunde Oyebode as Commissioner for Finance; and Oyebanji Filani as Commissioner for Health and Human Services.

A statement by Yinka Oyebode, the Chief Press Secretary to the Governor, said the early request underscored the Governor’s resolve to ensure continuity and a quick take-off for his second-term administration.

While the appointment of an Attorney-General is a constitutional requirement, the Governor noted that finance and health are equally strategic to stabilising governance and sustaining service delivery in the face of current national realities.

The statement added that the governor also requested approval for 10 Special Advisers to support the day-to-day running of government.

The move comes days after Governor Oyebanji made key appointments in the power and road infrastructure as well as transportation sectors, signalling his administration’s focus on infrastructure, economic stability and improved welfare. Read Economics

Idikio Abbas, Chief of the Naval Staff, has commended Alex Otti, Governor of Abia State, for supporting infrastructure development at the Nigerian Navy College of Accounts and Finance (NNCAF), Owerrinta, describing the partnership between the Abia State Government and the Nigerian Navy as vital to effective training, personnel welfare and operational efficiency.

Abbas gave the commendation on Monday during the commissioning of the college’s improved internal roads, resurfaced parade ground, reconstructed swimming pool and 10 one-bedroom transit accommodation units for junior officers.

Represented by Ebiobowei Zipep, Flag Officer Naval Training, he also commended security agencies for their collaboration in maintaining peace in Abia State, noting that the proposed Azumini Seaport could create opportunities for trade, investment and employment.

Abbas stressed the importance of adequate security arrangements to protect the proposed project and its supporting infrastructure, while explaining that the establishment of a Naval Base in the area would require careful consideration of operational requirements, logistics and funding.

He urged the college management to maintain the facilities and charged personnel to uphold discipline, accountability and integrity, adding that resources entrusted to the Navy belong to the Nigerian people and must be managed responsibly. Nigerian Banking LaunchGovernor Otti, while commissioning the projects, appreciated the Nigerian Navy for its contributions to education, healthcare and community development in Abia State, and expressed hope that the Navy would expand its educational activities in the state to include secondary and vocational institutions.

Governor Otti noted that education and security are closely linked, adding that, ‘We are as interested in education as we are in security because, in truth, both are intricately connected.’ Otti said.

The governor added that investment in human capital development would equip young people with useful skills and reduce their vulnerability to crime.

He also commended the college for its medical outreach to residents of the host community and neighbouring communities, as well as its partnership with the Abia State Leadership Academy during the 2026 Leadership Training Boot Camp.

Governor Otti urged the Navy to sustain its community service initiatives and strengthen collaboration with other security agencies, assuring that his administration would continue to support security institutions and public establishments serving the people of Abia, irrespective of where their personnel draw their salaries.

On the proposed Azumini Seaport, Governor Otti welcomed the Nigerian Navy’s willingness to collaborate with the state government, expressing interest in establishing a Naval Base in the area as part of preparations for the project. Nigerian Banking Launch

He disclosed that feasibility studies are ongoing and expressed confidence in its eventual realisation.

‘We want to work with you closely to have a Naval Base in Azumini as a preparatory step for the seaport. I can assure you that the seaport will be a reality’, Otti stated.

businesses keep afloat and transformed with a deeper knowledge of AI and its rapid evolution.

At an executive workshop tagged: Cyber and AI: The New Terrain, designed to equip business leaders with the knowledge and strategies needed to navigate the opportunities and risks associated with emerging technologies, Seyi Owoturo an IT expert, stressed the need for business leadership to keep pace with the rapid evolution of AI. He emphasised the need for responsible adoption, organisational resilience and clearly defined accountability frameworks.

Owoturo highlighted the importance of ensuring that businesses do not pursue technological innovation at the expense of effective oversight, robust security and sound decision-making.

On his part, John Kamara CEO and founder of AICE Africa, warned that increasingly autonomous AI agents could introduce new security vulnerabilities, exploit weaknesses in existing systems and execute sophisticated cyber attacks with fewer resources. Their growing capabilities, he noted, could expand the scale and complexity of cyber threats facing organisations.

Kamara underscored the need for businesses to understand how AI systems operate and make decisions, while strengthening their security architecture, conducting regular vulnerability assessments and implementing safeguards to minimise potential risks. He also highlighted the importance of proactive monitoring and effective incident-response mechanisms as AI-driven threats become more sophisticated.

The panel discussion at the workshop organised by Ethnos Cyber Ltd, examined the rising cost of AI adoption, cautioning organisations against investing in the technology without clearly defined objectives and measurable outcomes. Speakers stressed that businesses must establish practical frameworks for assessing productivity gains, operational efficiency and returns on investment before committing significant resources.

They further urged boards and executive teams to establish clear risk appetites, strengthen corporate oversight and develop the technical understanding required to make informed decisions about AI deployment. Integrating cybersecurity into business strategy, rather than treating it solely as an IT concern, was identified as essential to protecting corporate assets and sustaining stakeholder confidence.

Haldane McCall Plc’s net profit rose 30.2 percent to N540.87 million in the nine months ended September 2026, even as operating activities consumed N5.95 billion in cash, highlighting a widening gap between reported earnings and cash generation.

The real estate company reported revenue of N2.90 billion for the nine months ended September 2026, up 59.4 percent from N1.82 billion in the corresponding period of 2025.

Cost of sales surged to N1.69 billion from N406.97 million, a more than fourfold increase. Gross profit fell 14.6 percent to N1.21 billion from N1.41 billion, indicating that a substantially larger share of revenue was consumed by the cost of delivering its business activities.

Haldane McCall’s operating profit rose 37.1 percent to N850.16 million, supported partly by other operating income of N348.8 million, compared with just N3.29 million a year earlier. After a finance cost of N30.67 million and income tax expense of N278.63 million, profit for the period increased 30.2 percent to N540.87 million from N415.52 million.

Haldane McCall Plc’s balance sheet has expanded to N32.73 billion, but a closer look at its third-quarter financial statements reveals a business navigating a costly property-development cycle, with rising construction inventories, a sharp increase in cost of sales and mounting pressure on operating cash flow.

The balance sheet shows where much of the company’s expansion is concentrated. Total assets increased 55.4 percent year-on-year to N32.73 billion, while property, plant and equipment climbed to N19.36 billion from N4.23 billion.

Inventories and work in progress also nearly doubled to N11.58 billion from N5.88 billion. The notes attributed the increase to N5.71 billion added to properties under construction during the period.

In the cash-flow statement, Net cash flow from operating activities was negative N5.95 billion, a massive decline compared with negative N191.35 million a year earlier, despite the increase in reported profit.

The real estate company recorded positive net cash flow from investing activities of N7.04 billion and negative cash flow from financing activities of N825.12 million. Cash and cash equivalents nevertheless increased to N543.79 million from N34.05 million a year earlier.

Haldane McCall ended the nine months with total liabilities of N7.22 billion and shareholders’ equity of N25.50 billion, and will be looking to convert its growing asset base and construction pipeline into stronger operating cash flows without letting rising project costs further erode profitability.

The Nigerian Railway Corporation (NRC), established for sole control of railways, is offering private operators access to its approximately 4,000 km rail network for a fee, provided they supply their own locomotives and rolling stock. Nigerian Banking Launch

Kayode Opeifa, managing director of the NRC, said the corporation grants what it calls track access, permitting private and private companies to operate on railway infrastructure built with public funds.

‘You can bring your train, bring your locomotive, bring your wagons, bring your everything. We will run it on it. You just pay us your money. We don’t want to run the trains alone,’ Opeifa told stakeholders Tuesday at BusinessDay’s Mobility and Logistics conference in Lagos.

He compared the arrangement to road users paying tolls, arguing that operators, not just the corporation, should have access to railway infrastructure.

The director noted the Lagos State Government as a pilot beneficiary, licensed to use the Lagos rail corridor via the Lagos Metropolitan Area Transport Authority. The China Civil Engineering Construction Corporation (CCECC) also received a three-year license from the NRC to operate a self-operated railway freight service. That made it the first private and foreign contractor authorised to run standard-gauge rail freight services in Nigeria.Nigerian Banking Launch

The programme could allow private operators to expand freight services and passenger mobility without requiring the NRC to provide every train and wagon.

‘By encouraging qualified operators to utilise available railway infrastructure under an appropriate regulatory and operational framework, we can expand freight capacity, improve efficiency, attract investment and strengthen the role of rail in Nigeria’s logistics value chain,’ Opeifa said.

Rehabilitation plans

The NRC plans to rehabilitate the legacy Lagos-Kano narrow-gauge railway and restore viable operations towards Kano, with proposed extensions towards Nguru and Kaura Namoda as part of efforts to woo private investors.

Opeifa identified reconstruction of the Baro-Minna narrow-gauge railway as a priority for the corporation. The proposed link would connect Baro Port with the Lagos-Kano narrow-gauge line at Minna, potentially improving the movement of agricultural produce and industrial goods through combined inland-waterway and rail transport.

Opeifa’s broader railway development framework, Vision 2:5:10:20, aims to expand the network from approximately 4,000 kilometres towards 10,000 kilometres by 2028 and ultimately towards 20,000 kilometres over the longer term.

He said the immediate priority was to make better use of existing infrastructure while pursuing expansion and attracting private investment.

The corporation has big plans to build new standard-gauge connections to connect its production zones to its seaports. Opeifa mentioned plans for a standard gauge from the Lagos-Ibadan railway corridor to Apapa Port and onward to Tin Can Island Port.

A corridor linking Lekki Deep Sea Port to the wider national network through Ijebu-Ode and Sagamu to Kajola, where it would connect with the Lagos-Kano Standard Gauge Railway is also on the ballot.

The Central Bank of Nigeria’s (CBN) decision to cut the Monetary Policy Rate (MPR) from 26.5 percent to 23 percent will matter to businesses only if it translates into cheaper credit and lower production costs. The 350-basis-point reduction offers relief after a prolonged period of expensive borrowing, but it does not guarantee that banks will lend more affordably or that businesses will invest. With the Cash Reserve Requirement (CRR) for deposit money banks retain at 45 per cent, Nigeria’s challenge is to turn monetary easing into higher production, investment and employment without jeopardising progress in containing inflation. Nigerian Banking Launch

For the country’s micro, small and medium-sized enterprises (MSMEs), the distinction between a lower policy rate and an affordable business loan is decisive. Manufacturers, farmers, retailers and service providers need financing they can repay from operating income, not merely a more favourable announcement from Abuja. They remain burdened by unreliable electricity, fuel, transport, rent, taxes, exchange-rate pressures and weak consumer purchasing power. Unless borrowing costs fall and operating conditions improve, the rate cut may do little to expand production or create jobs.

The CBN has more room to ease monetary conditions as inflationary pressures moderate, but the effect of its decision depends on how banks respond. The 45 percent CRR requires banks to hold a substantial proportion of eligible deposits as reserves rather than deploy them as loans. It is not the only determinant of credit supply: lenders also consider their funding costs, borrowers’ creditworthiness, collateral, expected inflation and the risk of default. Nevertheless, retaining such a high reserve requirement while lowering the MPR makes it particularly important to assess whether the change is reaching businesses beyond the financial system.

The CBN should publish regular data showing how commercial lending rates respond to changes in its policy rate, alongside trends in credit to MSMEs and productive sectors. Banks should explain persistent gaps between monetary easing and the rates charged to borrowers. This would help policymakers identify whether high lending costs reflect funding constraints, credit risks, operating expenses or limited competition. Any further rate decisions must remain consistent with price stability and confidence in the naira, but the transmission of existing policy changes deserves closer scrutiny.

Even when credit becomes cheaper, however, businesses cannot grow sustainably if the cost of operating remains prohibitive. A manufacturer may secure a lower-interest loan and still struggle because unreliable electricity forces it to pay for grid supply and diesel generation. Food processors, cold-chain operators, small retailers and service businesses face similar pressures. If additional borrowing merely finances higher energy bills, it may keep a business running without improving productivity or competitiveness. The real test is whether credit enables firms to produce more efficiently, not simply to absorb escalating costs.

Electricity reform must therefore complement monetary easing. Federal and state authorities should prioritise reliable supply to industrial clusters and commercial areas, publish measurable service-delivery targets and hold distribution companies accountable for performance. Where tariffs reflect different service levels, customers should receive the quality of supply promised. Authorities should also simplify the arrangements through which eligible businesses access embedded generation, mini-grids and renewable energy. The objective is not merely to reduce tariffs on paper but to lower the total cost of obtaining dependable power.

Transport and logistics are equally important. Poor roads, insecurity along commercial routes, port delays and multiple charges raise the cost of moving goods and make delivery schedules unpredictable. Federal and state governments should identify high-volume trade corridors, publish road-maintenance schedules and report progress against deadlines. Security agencies should monitor vulnerable routes, while port authorities should establish and publish clearance-time targets. Reducing delays, losses and uncertainty would help businesses manage inventory, control costs and compete more effectively.

A few years ago, when we were mapping out the leadership structure for what would become EHA Group, I already knew I wanted to start a family. That fact quietly decided a lot of what came next. The role that needed to be most public-facing, most airport-based, went to my co-founder. I built EHA Impact Ventures instead, a smaller, run-from-Cape Town company built around a life I hadn’t fully lived yet.

Here’s the part I keep coming back to: I had more power than almost anyone to make that choice because I was a founder. I could write my own job description. And I still had to trade things away: conferences I’ve skipped this year, a slower travel schedule, and evenings kept for bedtime instead of dinners with partners. If someone with the authority to build her own role from scratch still has to ‘shrink’ her ambitions to fit a family, what does that mean for the woman ten years into her career at a company where the job was designed before she ever walked in the door, by people who never had to think about who’s home for bedtime?

That’s what this piece is about. Most of the roles women are trying to climb into weren’t built to exclude women; they were built by people who didn’t need to build in flexibility, because someone else was managing the rest of their life for them. Travel expectations, always-on availability, the assumption that ambition and physical presence are the same thing – none of it was designed with malice. It was designed by whoever happened to be writing job descriptions and promotion criteria, and for the most part, that’s still disproportionately men, for whom none of this was ever a design constraint. The roles were never actually tested against what a full life outside them requires, so there’s nothing pulling leadership to notice or fix it, unless someone insists.

You can see it inside our own organisation, and I’d rather say so than pretend otherwise. EIV comfortably clears our group’s target for women in leadership. eHealth Africa, our largest entity, doesn’t. EHA Clinics comes closer but also falls short. That’s not a scorecard of who cares more about equity; it’s a map of which jobs were designed around one kind of life. EIV is small enough that I built it deliberately, from the ground up, around flexibility. Clinics draw from a healthcare workforce that’s already majority women, so the pipeline does some of the work for us. eHealth Africa runs on field implementation, disease surveillance, and immunisation planning, work that by design lives in the field and built the way field roles are built almost everywhere: around someone who doesn’t need to be anywhere else.

Widen the lens, and the same pattern holds at a much bigger scale. Across Africa, women make up 58% of the self-employed population (World Bank, 2019) and receive roughly 2% of startup capital (Africa: The Big Deal, annual funding tracking). It’s not just that the market doubts women’s performance; female-founded teams in Africa post revenue growth around 25% higher than male-founded teams, and gender-diverse leadership consistently produces stronger returns. The capital isn’t withheld because women underperform. It’s withheld because the default founder profile, the default definition of ‘investable’, was built around one kind of life and one kind of career path, the same way the job descriptions were.

This is why I don’t think the fix is simply getting more women into the seats that already exist. Representation gets you into the room the way it’s currently built. It doesn’t get you the authority to rebuild the room. That authority is what capital actually buys. When a woman founder gets funded, she doesn’t just get resources; she gets to decide what her own company requires of its managers, how flexible its roles are, and what a ‘high performer’ looks like for someone raising kids. Every woman we back at EIV who becomes a CEO is also, whether she frames it this way or not, someone who now gets to design jobs instead of just surviving inside ones she didn’t design. That’s the actual flywheel: put money and power into more women’s hands, and you get more women rebuilding the structures underneath them, not just occupying a seat inside the old ones. Fixate on 50% representation as the finish line, and you can hit the number without changing a single structure it took to get there.

I don’t have a clean resolution for where I sit in all this. I’ve had a seat at this table since we built it, so representation was never really my problem. What I’ve needed, and what most women climbing into leadership still don’t have, is the power to redesign the job around real life instead of shrinking real life to fit the job. If we’re serious about closing this gap, the goal can’t just be more women in the room. It has to be more women with the power to decide what the room requires, because that’s the only lever strong enough to rebuild systems that were never designed for us in the first place.

So here’s where we’re starting: not with more women in the room, but with more women who have the authority to decide what the room requires. For our portfolio companies, that means giving founders and their teams the power to actually redesign how their organisations work, what flexibility looks like, what support for caregiving looks like, and what a ‘high performer’ looks like for someone managing a life outside the job, not just inside it. To help them do that with evidence instead of guesswork, we built a diagnostic tool that surfaces where a company’s practices and policies are falling short for its female staff and where to start fixing them.

We think every organisation serious about this needs the same starting point, which is why we’re hosting a webinar, ‘Building Workplaces Built for Women,’ to talk through practical approaches to building workplaces where women choose to stay and grow.

If you have a story or case study to bring to that conversation, we’d love to hear from you.

Evelyn Castle, CEO and co-founder of EHA Impact Ventures, writes from Abuja.

Organised by dmg events in partnership with the Defence Industries Corporation of Nigeria (DICON), and backed by the federal government of Nigeria and the Ministry of Defence, the event runs until 29 October. Nigerian Banking Launch

Covering land, maritime, air, space and cyber capabilities, AFRIDEX connects African governments and armed forces with defence manufacturers, technology providers and specialist suppliers. Its exhibition and conference programme focuses on operational readiness, procurement and the development of local defence industries.

Organised by dmg events in partnership with the Defence Industries Corporation of Nigeria (DICON), and backed by the federal government of Nigeria and the Ministry of Defence, the event runs until 29 October. Nigerian Banking Launch

Covering land, maritime, air, space and cyber capabilities, AFRIDEX connects African governments and armed forces with defence manufacturers, technology providers and specialist suppliers. Its exhibition and conference programme focuses on operational readiness, procurement and the development of local defence industries.

He encouraged participants ‘to use these four days to turn dialogue into partnership and leave African forces better equipped and our economy stronger.’

Similarly, Babatunde Ibrahim Alaya, director general of the Defence Industries Corporation of Nigeria, described the conference as ‘more than an exhibition.’ For him, it is a strategic platform for translating ambition into action.

The conference, taking place on 27 and 28 October, will examine sovereign security capability, innovation and industrial growth. The wider programme covers security in the Gulf of Guinea, local production, counter-uncrewed aircraft systems, maritime operations and space applications.

The opening day programme is scheduled to conclude with an invitation gala dinner for participating delegations.

Guests at the ceremony included Godswill Akpabio, president of the Senate, representing President Bola Tinubu; Birame Diop, president of the Economic Community of West African States; Bello Muhammed Matawalle, minister of State for Defence; Ibrahim Alaya, director-general of the Defence Industries Corporation of Nigeria; and other dignitaries.

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