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With over six hotels, a few more in the pipeline and stylish restaurants, Joel Ogunnaike Street in GRA Ikeja, Lagos, is now a melting pot for hospitality offerings.

Yet, on that stretch of street that plays host to some top global hotel brands, The Safron Hotel still stands tall.

Despite the fast-rising skyline of the exclusive GRA neighbourhood, the 54-room boutique hotel is very conspicuous.

Since its opening on May 21, 2021, Saffron Hotel has pursued and improved on its personalised offerings, leaving the guests with home-away-from-home experiences, boosted by world-class leisure facilities.

Three years down the line, the boutique hotel has carved a niche for itself in its specialty; personal services, which has also sustained its position as a big player on Joel Ogunnaike Street’s hospitality hub.

The unique thing about the hotel is that it was opened on schedule, while the majority of the work was done during the COVID-19 pandemic in 2020.

As Oluwatobiloba Fatusin, business development manager of the hotel, puts it, ‘It was a year that was very slow. It was like a setback for some people. That was when this building was completed.

‘Then, people were scared, people were dying, it was very scary, but the owner of this hotel did not care.

‘There is a saying that you have to be almost insane to achieve great success. You have to have a certain level of madness to succeed,’ she noted.

For her, it was the courage of the chairman of the hotel, despite the huge risk posed by the pandemic then that saw to the success of the hotel today.

Reviewing the hotel facilities, Oluwatobiloba, a graduate of University of Houston, United States of America, said that The Safron Hotel is truly boutique with 54 exclusively furnished rooms and suites, across four categories: classic, deluxe room, superior, executive and a penthouse.

Yet, she insisted that the hotel’s beautiful lobby is an experience on its own, amid adjoining front office and a bar.

She noted that the bar, which offers cocktails, mocktails, live football match screenings, morning coffee among other entertainment, is a boot to the beautiful lobby.

‘Here, you can bond with your family and with your significant other. We have pastries as well. We make some of the best smoothies and chicken pies in GRA Ikeja,’ she noted.

The lobby offerings continue with quick business meetings, as guests can work with their laptops with high-top chairs provided.

Moving further down the hotel hallway, entertainment is heightened with a grand piano.

‘This is one of our best-selling points because people book photo shoots at The Safran Hotel when they are getting married because of that piano and the beautiful ambience.

‘When you open the piano, it gives this classy and very vintage look. Women that are getting married like to wear their wedding dresses and have their husbands behind the piano while they pose’.

Another exciting offering, according to her, is the hotel’s restaurant, which can seat 40 guests at a time. It is open for buffets, in-dining and a la carte menu as well.

She emphasized on the buffet services, saying that it is for guests that are celebrating something special: birthday, valentine, among others, usually for a minimum of 25 people.

For the in-dining and a la carte, guests can walk in with their ticket cards or make reservations.

The Saffron experience continues at the poolside, which is known for its romantic proposals.

‘Yes. In our poolside, we have bonded so many people together. Many women have said, ‘I do,’ she said, while explaining that it was recently renovated with a bit more space.

Also, three years down the line, the hotel has some new additions to its facilities.

One of the facilities is the Rooftop offering, with a new elevator that takes guests directly to the rooftop.

‘Now the in-house elevator will be strictly for only in-house guests, which is going to improve our security.

‘So, if you are going to the rooftop or to the Whisky Hall for an event, there is an external elevator that you can take. The in-house guests going to the restaurant or the bar use the hotel elevator.

‘It gives our guests an increased sense of security, knowing that external people cannot have access to them,’ she explained.

Despite being a boutique hotel, The Safron is also home for business travellers and corporate engagements with its world-class conference facilities.

Its conference room at the bottom floor seats 30 people, there is a 10-seater boardroom for executive meetings, while the Rooftop and Whisky Hall cater to a larger number of people.

The Whisky Hall is a 60-seater and the hotel’s largest hall for events like weddings, while the Rooftop offers options with its lower deck and upper decks.

Though the lower deck seats 50 guests, Oluwatobiloba insisted that the excitement is heightened in the 40-seater upper deck, which offers a 360 view of GRA Ikeja and glam ambience at night.

‘It is like a bird’s eye view of Ikeja. Again, if you want to do a romantic proposal, that upper deck is also the most suitable for that and for baby showers, bridal showers, and birthday parties’.

More also, and following repeated requests by the guests, the hotel plans to launch a spa offering soon.

Health and fitness buffs are taken care of with the just renovated gym offering among other things strength training and aerobics classes, all handled by an instructor, with over two decades experience in personal training, from the nearby Police College Ikeja.

Beyond the services and facilities, Oluwatobiloba offers more reasons to experience the boutique hotel.

‘What we sell here is privacy and security,’ she insisted.

‘It is very hard for people to get in if they are not authorised or don’t have a reason to be here’.

The emphasis on guests’ privacy and security, according to her, is a reason many are returning their visits to the hotel.

‘It is not easy to tell who is here when they are here. That is why a lot of people come to The Safron Hotel. You can be here and people won’t know. You can be well-known and they still won’t know you are here. It is a home to governors, diplomats, foreign leaders.

‘You can even have a governor here right now and you will have no clue,’ she noted.

In her conclusion, Oluwatobiloba, who left a plum job in the United States of America to take a position at The Safron Hotel, assured that lack of maintenance, which is usually a big challenge in the hospitality sector here, is sorted out in the boutique hotel.

She is bringing to bear her experience as a supervisor at a USA management company, in her work at The Safron Hotel.

Also, her experience in other companies where she worked sometimes 8-10 hours a day with 30 minutes break, and sometimes 88 hours every two weeks, all combined to equip her for her current role in Nigeria.

‘So, all these harsh conditions were training me for Nigeria,’ she said.

With competences across property maintenance, service, and a combination of business skills, marketing and sales, Oluwatobiloba assured that the hotel is in good hands, and poised for more impact years to come in the Nigerian hospitality industry.

Adams Oshiomhole, Former Nigeria Labour Congress (NLC) president and senator, has faulted the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) for escalating its dispute with Dangote Refinery into a nationwide shutdown of oil facilities, describing the action as hasty and unfair to other workers.

Speaking in an interview with Arise Television on Friday, Oshiomhole said unions must defend workers without inflicting broader economic hardship.

‘I think that in seeking to protect a particular set of workers, you do not then risk the jobs of several other workers. When you are pursuing a dispute, the tools you deploy must be such that they do not undermine other people’s jobs,’ he said. He criticised the oil union’s decision to halt operations at facilities of the Nigerian National Petroleum Company Limited (NNPC) and other firms over alleged anti-labour practices at Dangote Refinery.

‘I suddenly witnessed long queues at filling stations and people came to me to ask, ‘why are we not at work today, what has happened to the oil industry?’ And the reason was that PENGASSAN had decided that NNPC be shut down, several other companies shut down, all because of a problem in one refinery,’ Oshiomhole said. Drawing from his time as NLC president, he stressed that disputes should be confined to the employer in question.

‘We had a big battle with Union Bank of Nigeria over their policy on married couples working together. But even when we had the capacity to shut down all the banks, we didn’t,’ he recalled.

Oshiomhole also cautioned against rushing into strikes without weighing their broader impact. ‘In pursuing war, you have to recognise that the tools you deploy must not hurt innocent people, like the tomato sellers who cannot get fuel to move their goods because there is a quarrel between one refinery and one union,’ he said.

While affirming the constitutional right to unionise, he urged balance and responsibility from both employers and workers. He added that private investors like Dangote should be allowed time to stabilise before being subjected to intense labour action. ‘An employer has to exist, mature and be strong enough to guarantee good-paying jobs. If you cripple a business before it even finds its feet, you are also destroying the jobs you claim to protect,’ Oshiomhole said.

The Nigerian Export Promotion Council (NEPC), says Nigeria’s non-oil export has risen to $1.791 billion in the first quarter, 2025.

The Chief Executive Officer of the council, Nonye Ayeni, said this at a one-day sensitisation exercise organised by the Council for Sesame seed farmers, on Thursday in Dutse, Jigawa.

The theme of the workshop is: ‘A Tactical Involvement for Enhancing the Production Capacity of Sesame Seed in Jigawa State.’

Represented by Okany Chika Sylvia, Chief Trade Promotion Officer, NEPC, Ayeni said the export value represents 24.75 per cent increase compared to 19.59 per cent for the first quarter, 2024.

She said non-oil performance 2024, indicated that sesame seed ranked number three out of the top 20 export products, amounting to 337.8258 metric tonnes with 4.63 per cent of the quantity exported.

‘Nigeria can obtain a significant share in the enormous forex from sesame seed export in the global market,’ she said.

Ayeni stressed the need to enhance the nation’s sesame yields and production, to maximise the export potential along the value chain.

In a presentation, Sylvia said export of Nigeria’s sesame seed to Japan between 2019 and 2021, was allegedly threatened due to the discovery of excess pesticide residue and salmonella.

‘The offshoot this discovery was raised by Japan Oil and Fat Importers and Exporters Association (JOFIEA) on 5th August, 2022.

‘Relatively, the Japanese Authorities allegedly confirmed that a high dose of pesticide residue found in Sesame Seed exported to Japan between 2019-2021 was 1.9 times in excess of Maximum Residue Limit (MRL),’ she said.

Sylvia highlighted that some of the challenges related to sesame seed export include poor compliance with sanitary and phytosanitary requirements, cross contamination during handling process, and lack of proper documentation by exporters.

The NEPC official highlighted some of the solutions to include addressing contaminant issue from the farm gate to the market, comprehensive approach and leveraging training of farmers on Good Agricultural Practices (GAP).

‘The introduction of technology driven traceability system, tackling logistic hurdles, packaging and product differentiation will also curtail the situation.

‘Quality testing, deployment of modern technology, awareness campaign as well as establishment of good storage system is vital,’ she said.

Sylvia advocated establishment of clusters within medium term frame, stressing that the council would engage relevant stakeholders to ensure zero rejection of agricultural exports, especially sesame seed.

‘We believe that through strategic engagement, partnerships Nigeria’s sesame seed export will be boosted and competitively repositioned across major destination markets.’

Mr Abdulkadir Aliyu, NEPC Coordinator in Jigawa, said the forum aimed at increasing Nigeria’s sesame seed output.

He said the overall objectives was to help the country tap into the growing opportunities in the global market, particularly in foreign exchange earnings.

‘This is a valuable opportunity to gain insights and contribute meaningfully to the development of this important sector,’ he said.

One of the participants, Balaraba Ibrahim also called for the establishment of aggregation centres for sesame seed processing in Jigawa.

She expressed concern over the level of exploitation being faced by sesame farmers, who lack the capacity to process the produce, adding the trend forced them to dispose it at cheaper prices.

Another participant, Magaji Rabi’u advised farmers and residents of the state to explore export opportunities through the NEPC.

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has called on the next generation of Nigerian leaders to embrace credibility as their most valuable asset, emphasising that integrity, transparency, and trust are essential not only in central banking but in leadership at all levels.

Speaking at the maiden edition of the CBN Governor’s Lecture Series hosted by the Lagos Business School (LBS) on Friday, Cardoso delivered a thought-provoking address titled ‘Leadership Principles for the Next Generation Leadership in Monetary Policy and Nation Building, where he laid out a vision for a new cadre of leaders rooted in discipline, innovation, and inclusion.

‘In central banking, as in life, credibility is the most valuable currency,’ Cardoso declared. ‘Tomorrow’s leaders must be transparent, data-driven, and grounded in evidence. That’s why the CBN is investing in deep research partnerships and improved policy communication.’

Highlighting the digital transformation sweeping across financial systems globally, the governor stressed the inevitability of a digital future for Nigeria. He pointed to the CBN’s regulatory sandbox and its evolving digital payments framework as tools being deployed to position Nigeria for that future. ‘Payments, credit, savings, and investment are being redefined by fintech and digital platforms,’ he said. ‘The future is digital, and we are preparing for it.’

Cardoso reiterated the central role of leadership in nation-building, asserting that price stability, while essential, must be complemented by broader economic inclusion and diversification. ‘We must build a stable macroeconomic environment that fosters productivity and opportunity,’ he stated.

The launch of the CBN Governor’s Lecture Series itself, he explained, is a step towards deepening thought leadership through open dialogue. ‘We initiated this lecture series to build a community of inquiry, co-create ideas, and pass knowledge across generations,’ Cardoso noted.

He emphasised that monetary policy goes beyond technical metrics like interest rates or inflation targets. Rather, it is a tool to build trust, ensure economic stability, and inspire the collective confidence of citizens and investors alike. ‘Our aim is to build strong institutions, resilient economies, and sustained prosperity, all anchored in credible leadership that can set vision, make hard decisions, and regulate with integrity,’ he said. Addressing the young audience directly, Cardoso acknowledged their creativity, connectivity, and potential to lead transformative change. ‘You are the most mobile, most connected, and most creative generation the world has ever seen,’ he said. ‘Perseverance, though it may sound cliché, is your greatest ally. Stay the course. Lean into the challenges with creativity and courage. Disruption often creates the conditions for the greatest breakthroughs.’

According to him, stability is not an end in itself, but the foundation for inclusive growth and national renewal. He underscored three core values he believes should define the next generation of leadership: credibility, innovation, and inclusion.

‘What Nigeria needs is leadership that is data-driven yet people-centered, courageous yet humble, visionary yet accountable leadership determined to build not just for today, but for generations unborn,’ he urged.

During a fireside chat at the event, Cardoso shared key reforms already carried out by the apex bank, including the adoption of a B-matching electronic system in the foreign exchange market to improve transparency. ‘Everyone sees the same rates now. It’s brought us closer to a perfect market,’ he said. He also revealed the CBN’s push toward becoming a fully paperless institution by digitising approvals and internal processes, part of a broader commitment to modernisation.

He emphasised that macroeconomic stability remains the bedrock of national development. ‘Without stability, everything else including job creation, entrepreneurship, investment, falls apart. We’ve achieved stability, and we will defend it fiercely,’ he said. According to Cardoso, increased investor confidence is already beginning to reflect in key growth indicators, including Nigeria’s recent quarterly GDP numbers.

In her welcome remarks, Olayinka David-West, Dean of Lagos Business School, described the inaugural lecture as a pivotal moment for collaboration between academia, public institutions, and the private sector. ‘This stage has long served as a platform to inform, educate, and engage,’ she said. ‘Today, we are proud to host Governor Olayemi Cardoso as we inaugurate the CBN Governor’s Lecture Series, a bold step toward fostering accountability, transparency, and deeper public understanding of monetary policy.’

David-West highlighted the alignment between the lecture series and LBS’s mission to develop responsible leaders and contribute to Africa’s economic transformation through thought leadership.

The lecture series forms part of Governor Cardoso’s broader strategy to promote knowledge acceleration and public engagement around Nigeria’s financial systems and economic direction. It also reinforces the CBN’s ongoing commitment to the principles of accountability, compliance, and transparency, values that Cardoso and his team pledged to uphold during their confirmation by the Nigerian Senate two years ago.

In closing, Cardoso reminded the audience that Nigeria’s economic story is still unfolding and that the pen, or rather the digital device, is now in the hands of the next generation.

If you are involved in Nigeria’s Commercial and Industrial (CandI) sectors, you understand the challenges businesses face. In a business environment where resilience is crucial, the unreliable national power grid and the rising cost of diesel are not merely inconveniences; they pose serious threats to the sustainability and growth of businesses. For players in these sectors, from manufacturing to logistics, the reality is apparent. You often pay more for inconsistent power, incurring hidden costs such as downtime, generator maintenance, and fuel logistics. This new reality should force a fundamental rethink of your energy strategy.

The Business Pulse: Key Drivers for Energy Strategy

Our recent public poll among business stakeholders highlighted their top concerns regarding their energy needs, revealing the clear motivations driving a shift towards a steady energy supply that allows for a more sustainable business model. A resounding 39% of respondents cited the ongoing need for a consistent and uninterrupted energy supply, particularly in regions with high grid costs and frequent outages. Meanwhile, 33% emphasized the importance of affordability and long-term savings in their transition to sustainable solutions, and 28% identified the growing pressure to meet global ESG standards as a significant priority.

Beyond the Bill: The True Cost of Unreliable Power

The financial burden of unstable power supply extends far beyond the direct costs of electricity bills and diesel. Nigerian businesses are facing a confluence of economic pressures, including a stubbornly high inflation rate, macroeconomic instability, and increasing compliance costs. While the National Bureau of Statistics (NBS) reports that the annual inflation rate had eased from 33.4% in July 2024 to 21.88% in July this year, this rate remains considerably high and continues to erode the purchasing power of businesses and consumers. For energy-intensive sectors such as agro-processing, manufacturing, and large-scale warehousing, these factors erode profit margins and make long-term financial planning more challenging than ever. As Idris Muhammed, West Africa Commercial Director, Starsight Energy, stated, ‘The cumulative effect of these challenges is that the old way of doing business is simply not sustainable. We are seeing an energy crisis that is not just a problem, but a catalyst for change.’

Data illustrates this pain point with stark clarity. According to the Nigerian Electricity Regulatory Commission (NERC), recent tariff adjustments have resulted in a significant increase for Band A customers. For a typical CandI company, consuming around 950,000 kWh per month, this translates into a staggering monthly increase that can add millions to operational expenses. Furthermore, the average price of diesel has surged by approximately 29.72% in the past year, with prices reaching an average of ?1,789.45 per litre in July 2025, according to the National Bureau of Statistics. The cumulative effect of these costs is an unviable business model.

A Multi-Faceted Approach to Energy Security

The opportunity to escape this vicious cycle is clear, but the solution requires more than just a single alternative. The key is a sophisticated, multi-faceted approach to energy management. As Idris Muhammed noted, ‘We have seen that the best energy plans are now comprehensive. By combining multiple technologies, at Starsight Energy, we provide our clients with an integrated solution that gives them the power, security, and cost predictability they need to thrive in this new reality.’

Power-as-a-Service (PaaS): The Modern Business Model

One of our most transformative solutions is the Power-as-a-Service (PaaS) model. This approach fundamentally shifts the dynamic of energy consumption by removing the burden of ownership from the client. Under the Starsight Energy PaaS model, the service provider assumes responsibility for financing, installation, operation, and maintenance of the energy system. The client simply pays a fixed, monthly fee freeing up capital and internal resources for their core business. This model offers a predictable and cost-effective energy solution, enabling businesses to regain control of their budgets and focus on innovation and growth.

To achieve proper energy security, the solution lies in a model that guarantees resilience and an uninterrupted supply. This is where the Power-as-a-Service (PaaS) model could be a viable approach. This involves intelligently combining multiple power sources, such as solar, battery storage, and a reliable backup like the national grid or a generator, into a single, integrated system. This ensures that a business is never reliant on a single source of power. For example, the system can draw from solar during the day, switch to battery storage at night or during grid outages and use a generator only as a last resort. ‘The key to true reliability isn’t a bigger generator; it’s a smarter system,’ said Idris Muhammed. ‘Our model provides the peace of mind that comes from knowing your operations are protected against any single point of failure.’ This approach maximises cost savings while eliminating the risk of downtime, providing a powerful hedge against a volatile energy landscape.

Partnering for a Resilient Future

For project sponsors and owners alike, the opportunity to escape the cycle of unreliable and costly power is clear. The key is to move beyond the traditional models and engage with an experienced energy partner to explore a comprehensive solution tailored to their specific operational and strategic needs. This is where Starsight Energy comes in, providing the crucial first step toward building a more resilient, sustainable, and profitable future. By adopting advanced models like the Power-as-a-Service (PaaS) model, businesses can not only stabilise their operations but also unlock new avenues for growth and competitiveness. This is more than a simple transaction; it’s a strategic partnership in building a future where your business is insulated from volatility, powered by innovation, and positioned for enduring success.

In Nigeria’s unraveling business setting, BusinessDay Television (BDTV) has established a reputation beyond just being referred to as a news channel. It has become a forum where professionals, entrepreneurs, and industry stakeholders discuss real issues and propose tangible strategies for confronting the intricacies of business. These entrepreneur-based programs have also helped BDTV enhance financial literacy and bring to light the delicate and subtle balance between ‘pole of career stability’ and ‘pole of entrepreneurial ambition.’

One of their more recent episodes titled, ‘Passion to Profit: Balancing Work and Entrepreneurship,’ was yet another instance of the above. This program convened an assorted panel representing various industries who provided diverse views on how one manages the tension between holding a nine-to-five job and being active in entrepreneurial undertakings. One that certainly stood out among the contributors to the discussion was Peter Michael Ajassi, an inspired travel entrepreneur, global business strategist, and founder of Fly Connect 102.

Peter Michael started by talking about how tricky it is to juggle a regular job with trying to build your own business. He believes that both a full-time job and a side project are serious commitments, not just something you do casually. They’re complicated and need careful planning, dedication, and ongoing upkeep.

He put it this way: ‘A regular job and side hustles are complex ideas, and like anything complex, they need extra attention and focus to keep them going strong.’

For Michael, it all starts with changing how you think. Instead of seeing your job as something that gets in the way of your entrepreneurial dreams, he encourages professionals to think of it as a way to invest in their future. ‘Realize that your current job is paying for your future. The knowledge and experience you get there are exactly what you need to succeed with your side hustle,’ he stressed.

Essentially, Peter sees a full-time career as a way to support yourself financially and learn the skills you need to succeed as an entrepreneur. By using the same organization and focus that helps you succeed at work, you can build a stable and sustainable business of your own.

Michael also cautioned that the typical reaction that people have, which is giving up their nine-to-five job when they start a side business, should be delayed. The point he put across was very clear ‘it is all about timing’. He went on to explain that the income from the business and the profit margins are to be clearly laid out before the decision to be made should be the one of turning full-time in business.

‘It is very necessary not to pull out of your 9-5 right away when the business starts growing,’ he said. ‘First, your cash flow and profit margins have to be well defined. Know the workings of your cash flow and come up with ideas on how your business can be a source of creating good experiences that will be a tool for increasing your profit margin.’

He explained the requirement for reflection a lot and even called upon entrepreneurs to consider their business index-the strategies, practices, and models that influence the profitability of the business repeatedly.

‘Keep thinking, redefining, realigning, and identifying,’ he said, showing that this kind of continual checking is what separates the ventures that survive from those that only last for a while.

Michael’s words were seconded by Ms. Nkechi Alade, another member on the panel, who warned of the dangers of premature departure from mainstream jobs. According to Alade, being a full-time business owner is not suited for everyone, and decisions to quit good jobs must never be made out of emotion.

She explained that entrepreneurship demands some mental preparation-a perspective that tolerates the pros and cons of business realities. Without this self-discipline, she cautioned, professionals risk entering entrepreneurial frontiers with unrealistic expectations, only to be disappointed when problems arise.

Both Michael and Alade, in concert, reiterated the strikingly similar conclusion that entrepreneurs must aim for excellence rather than perfection. Excellence, they argued, is a product of persistent practice and incremental improvement, whereas perfection is too frequently an unreachable ideal that holds one back.

Peter Michael highlighted a contemporary reality that goes beyond cash flow and balance management: the digital marketplace. He maintained that having a strong online presence is now essential for Gen Z and millennial business owners. ‘You need just the right amount of noise to set your brand apart,’ he said. ‘Remember that you are the brand, so always apply your positive traits to the brand.’ Visibility is power to Michael. A strong digital footprint can make the difference between an entrepreneur standing out and remaining unknown in a world of intense competition. He suggested that business owners view themselves as brand ambassadors, bringing their own authenticity and credibility to the way they promote their companies.

The programme successfully shed light on the complex nature of striking a balance between work and entrepreneurship by bringing together a diverse panel. Alade’s cautions against making snap decisions were reinforced by Michael’s observations on timing and cash flow. Other panellists also emphasised resilience, value creation, and self-awareness. Their combined voices provided a thorough overview of what it takes to succeed as a professional entrepreneur in modern-day Nigeria.

At the same time, entrepreneurship is fun, but it is not an easy way; it is a discipline that requires patience, structure, and a strategy. Peter Michael beautifully captured the wisdom professionals must carry with them: ‘your job today is funding your future’.

A career should not hamper entrepreneurship; rather, it can become an enabling factor for entrepreneurship to flourish. With patience, financial clarity, and the willingness to keep realigning, professionals can turn their passion into profit without compromising their stability.

Utica Capital Limited has launched a N20 billion closed-ended venture capital fund to accelerate investment and deepen the growth of Nigeria film industry.

According to the company, the venture capital registered and approved by the Securities and Exchange Commission (SEC) of Nigeria aims to reduce the N200billion funding gap in Nigeria’s film industry.

Adesegun Akin-Olugbade, chairman, Board of Directors, Utica Capital while speaking at the launch of the initial N5 billion tranche of Series 1 of the Utica Film Fund said the fund was released to boost the competitiveness of the country’s film industry at the global level.

‘Nollywood is more than entertainment. It is a cultural powerhouse, a billion-dollar industry, and one of Nigeria’s greatest exports to the world. Every day, over 35 million people consume Nollywood content. Our films travel across borders, shape perceptions of Africa, and provide livelihoods for millions. Yet, for too long, this industry has been underfunded, relying on personal savings, informal loans, and small-scale investors,’ Akin-Olugbade said.

According to him, despite global ranking and audience, the country’s film industry has suffered underfunding, insisting that the newly launched fund will open doors for investors to invest in the film industry.

‘We are not just launching another investment product; we are making history. For the very first time in Nigeria, and indeed in Africa, the Securities and Exchange Commission has approved a specialised Venture Capital Fund dedicated to the film industry. The Utica Film Fund is, therefore, a pioneer, blazing the trail where finance and creativity intersect.

‘With a structured, SEC-approved, professionally managed vehicle, we are creating a channel for institutional and high-net-worth investors to participate in the growth of Nollywood and to earn competitive, risk-adjusted returns while doing so. This is not charity; this is smart investing, backed by rigorous due diligence, strong governance, and a diversified portfolio strategy,’ he said.

The chairman urged investors to leverage the funding not just for profit but also for cultural preservation and growth of the Nigeria film industry.

‘We invite pension funds, insurance companies, asset managers, and private investors to seize this unique opportunity. By investing in the Utica Film Fund, you are not only securing attractive financial returns, you are also investing in Nigeria’s cultural legacy, job creation, and global reputation. This is the beginning of a new chapter. A chapter where Nollywood is no longer underfunded, but rather, globally empowered,’ he added.

Ola Belgore, Managing Director of Utica Capital lament the absence of institutional capital in the industry despite proof of strong return, insisting that the firm through the U-film investment is here to bridge the gap.

He said, ‘Nollywood is not just an industry. It is a vital force, the second-largest film industry in the world, producing more than 2,500 films each year, reaching over 35 million viewers daily, and generating over N14.5 billion in export earnings in the first half of 2024 alone.

‘Yet, for all its scale and influence, Nollywood remains deeply underfunded. More than 95 percent of its financing still comes from personal savings and informal loans. Institutional capital is almost absent, despite clear and consistent proof of strong returns. That is the gap we are here to close.’

He said the 10-year investment is structured to invest in high-growth opportunities across the entire film value chain including production, distribution, streaming, infrastructure, and licensing.

According to Belgore, possible return on investment through the fund stands at a net internal rate of return of 58.2 percent over the life of the fund, with an average gross IRR of 89.4 percent.

He said, ‘U-Film offers attractive returns. The projected multiple returns on invested capital stand at approximately 4.5 times over the life of the fund. Importantly, Utica Capital will invest alongside our partners, ensuring our interests remain fully aligned with yours.’

The MD added that the fund goes beyond financial performance, expanding to other areas like job creation with thousands benefitting directly and indirectly, across the creative and production value chains while increasing foreign exchange inflows through strategic partnerships with global streaming platforms.

‘Most of all, it is about national pride; telling Nigerian stories with Nigerian voices, and sharing our culture with the world,’ he added

Belgore call on investors to queue on not only for investment return but also the growth of Nigeria’s film industry

‘The Utica Film Fund is now officially open for subscription, but only to qualified investors under Nigerian SEC regulations. The minimum investment is set at ?10 million for high-net-worth individuals and ?100 million for institutional investors. Investors can choose to subscribe in either Naira or U.S. Dollars.’

The initiative, according to the firm also aligns with the Federal Government’s agenda to diversify the economy, strengthen the non-oil sector, and establish Nigeria as a cultural and creative hub on the global stage.

Umar Namadi the governor of Jigawa State has commissioned a solar electrification project at the Dutse Ultra-Modern Market, fulfilling his administration’s pledge to provide clean and reliable energy to traders.

The project, executed by the Jigawa State Economic Empowerment and Youth Employment Agency, connects 300 shops to power from solar panels installed within the market, with each shop also fitted with a solar-powered ceiling fan at no cost.

Speaking at the official unveiling ceremony at the market on Thursday, the governor said the initiative would ease business operations, reduce expenses, and boost the profitability of traders. ‘Today, by the power and mercy of Allah, we have been able to fulfill the promise we made a year ago that we would provide the shops in Dutse Market with electricity powered by solar energy,’ he said.

‘Three hundred shops have each been connected and provided with solar-powered fans. This will ease business activities, and by the grace of Allah, increase the profits of traders as they will no longer pay electricity bills and will enjoy uninterrupted supply.’ Part of the project, the installation of the solar grid, was inaugurated last year by Vice President Kashim Shettima during an official visit to the state, and the state government had at the time promised to extend connections to individual stalls.

The governor further pledged to install solar streetlights in the market to enhance security, and highlighted other measures to support businesses in Jigawa, which include facilitating the establishment of a Bank of Industry (BOI) branch in the state and signing an MoU with the bank, through which the state government injected N4 billion to support small-scale enterprises.

Governor Namadi further urged entrepreneurs and traders in the state to take advantage of this facility and access the funds available through the BOI to expand their businesses. In his remarks, Yahaya Ibrahim, Chairman of Jigawa State Traders’ Association, expressed appreciation to the governor for providing the market with solar power and for the various empowerment programmes extended to traders, adding that the market electrification project was only the beginning of Governor Namadi’s planned interventions for traders in the state.

A fresh crisis is brewing in the main opposition Peoples Democratic Party (PDP) following a power tussle between Iliyah Damagum, the party’s national chairman, and Samuel Anyanwu, the national secretary.

Both leaders are locked in a supremacy battle over who has the authority to summon meetings of the party’s National Working Committee (NWC).

Anyanwu had unilaterally voided an earlier NWC decision dissolving the Akwa Ibom State Working Committee, whose tenure had expired.

BusinessDay gathered that at the 607th NWC meeting, summoned by the national chairman, the party constituted an 18-member caretaker committee to oversee the state chapter’s affairs pending a new congress.

But Anyanwu later issued a counter-directive to the Akwa Ibom PDP, urging it to ignore the national leadership’s directive. He described the NWC meeting as ‘illegal.’

Ologuagba dismisses Anyanwu’s claims

Reacting on Thursday, Debo Ologuagba, the party’s national publicity secretary, dismissed Anyanwu’s action, insisting that a single individual cannot override a binding NWC decision.

‘Sixteen out of the 18 members of the NWC participated in the meeting where the decision was taken,’ Ologuagba said, stressing that the chairman acted in line with Section 35 of the PDP Constitution.

‘This party is strong and has the capacity to put itself together at the appropriate time. Every action we have taken so far is towards a successful convention,’ he added.

Ologuagba insisted that preparations for the elective convention, scheduled for Ibadan on November 15 and 16, were on course.

‘No one can stop the convention. We have consulted widely with every stakeholder, every chapter, every organ of the party. Everything that needs to be done is being done, and seamlessly,’ he assured.

Anyanwu doubles down

In a counter-statement, Anyanwu urged the Akwa Ibom PDP to disregard the dissolution, claiming no formal NWC was sitting to approve it.

He also accused Ologuagba of exceeding his mandate, declaring the earlier announcement ‘null and void and of no effect.’

Reaffirming the authority of the Akwa Ibom leadership, he directed state chairman Aniekan Akpan and his team to continue in office under the PDP Constitution.

Analysts warn of possible disruption

The contradictory directives have heightened tension within the party, fuelling fears that the tussle could undermine preparations for the Ibadan convention.

A party official, who spoke anonymously, suggested that ‘external forces’ may be instigating the crisis to derail the convention.

‘We have done very well so far in our preparations, but some people are not happy that the PDP is still vibrant and will do everything to destroy the party,’ the source said.

‘The PDP is bigger than individuals’

Ologuagba, however, stressed that the party remains united.

‘The PDP is above any individual. This is the only truly democratic party where ideas are contested, where we agree and disagree in orderliness. The Constitution prescribes order, and it is binding on all members,’ he said.

Citing Section 35 of the PDP Constitution, he reaffirmed that the chairman is the chief executive of the party, with the mandatory function of summoning and presiding over meetings of the NEC, national caucus, and NWC.

‘The chairman acted in full compliance with the Constitution when he convened the 607th NWC meeting,’ Ologuagba noted, assuring members that the party has internal mechanisms to ensure discipline and order.

Stanbic IBTC Holdings has named Chuma Nwokocha as its new Group Managing Director. His appointment brings an end to Adekunle Adedeji’s interim stewardship at the helm of the financial services giant.

Adedeji had held the acting role since October 2024. He stepped in following the retirement of Demola Sogunle, a stalwart of the Stanbic IBTC group. Sogunle bowed out after an illustrious 34-year career with the institution.

The appointment places Nwokocha at the head of one of Nigeria’s largest and most diversified financial services groups. The group’s operations span banking, pensions, asset management, insurance, and investment banking.

His elevation is seen as a strategic move to steady the organisation at a delicate time. It also draws on his vast experience across African markets, where regulatory oversight and competitive pressures have repeatedly tested financial leaders.

A banking career forged through turbulence

Nwokocha’s appointment is not without intrigue. Before taking the Stanbic role, he served as Regional Managing Director for Southern Africa at Access Bank Plc. In that position, he oversaw the bank’s subsidiaries in Mozambique, South Africa, Zambia, Botswana, and Angola.

It was, however, his years in Mozambique that defined his reputation. He emerged as both a resilient executive and a survivor of regulatory storms. In July 2021, while leading Standard Bank Mozambique, the country’s central bank accused him of misconduct. Alongside the director of the Corporate and Investment division, Carlos Madeira, he was alleged to have fraudulently manipulated the exchange rate. The Bank of Mozambique imposed a fine, casting a long shadow over the institution’s standing.

For many executives, such a confrontation could have ended a career. Yet just six months later, in January 2022, a Mozambican court acquitted him of any wrongdoing. The ruling cleared his name and allowed him to resume his career trajectory.

The episode, far from derailing him, seemed to harden his ability to manage crises. Soon after, he transitioned to Access Bank Plc. There, he was tasked with leading its Southern African division.

By the end of FY 2024, the five subsidiaries under his supervision had swung back to profitability. They posted a combined net income of $23.4 million, compared to a net loss of $1.2 million in the previous year. Their total assets also surged, rising from $1.96 billion in 2023 to $2.53 billion in 2024. The turnaround underscored his ability to stabilise and grow regional operations.

From finance director to bank chief

It is unknown when Nwokocha’s career with Standard Bank Mozambique started. However, in May 2014, he joined the bank’s board as Executive Director in charge of finance. He had previously served as the bank’s director for individuals, small businesses, and SME banking. By January 2015, he was elevated to Chief Executive Officer of Standard Bank Mozambique, a position in which he delivered measurable results.

Under his leadership, the bank’s total assets expanded from $1.47 billion at the end of FY 2014 to $2.24 billion by FY 2021. Its loan book grew by 56 percent over the period, rising to $1.54 billion from $985 million. Customer deposits also jumped by 49 percent, reaching $1.70 billion compared to $1.14 billion at the start of his tenure. These figures cemented his reputation as a leader capable of driving growth even in a challenging and highly competitive banking environment. The first test in Lagos

Yet Nwokocha assumes the leadership of Stanbic IBTC Holdings at a time when the group is locked in a major regulatory crosswind. In September, the Securities and Exchange Commission (SEC) imposed a fine of N50.15 billion on Stanbic IBTC Capital Limited, the group’s investment banking arm.

The sanction arose from Stanbic IBTC Capital’s role as lead issuing house in the Guaranty Trust Holding Company (GTCO) public offer. The firm was found to have used internet banking platforms and mobile applications to collect share applications without first obtaining the SEC’s mandatory ‘No Objection’ approval.

The penalty, one of the largest ever imposed by Nigeria’s capital market regulator, has sparked concerns about the group’s compliance culture and governance standards. For Nwokocha, the timing of this crisis could hardly be more consequential. His first challenge as Group Managing Director will be steering Stanbic IBTC through the regulatory quagmire. He must also restore confidence among shareholders, regulators, and the investing public.

His past brushes with regulators, especially his acquittal in Mozambique, may prove invaluable in guiding the group through this storm.

Observers argue that his mix of African banking experience, resilience under regulatory pressure, and a proven track record of growth in difficult markets makes him a unique fit for the role. The financial community will be watching closely to see how his leadership translates from the Maputo courts to the Lagos boardrooms. Stanbic IBTC now faces a defining moment in its bid to reinforce its reputation as one of Nigeria’s premier financial services groups.