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The already stabilising naira is projected to strengthen further, while Nigeria’s external reserves are expected to receive a significant boost following the Federal Government’s planned issuance of $2.3 billion Eurobond towards the end of the year.

The move, according to analysts and government officials, will enhance foreign exchange liquidity, reinforce investor confidence, and provide short-term fiscal relief even as it raises concerns about the country’s growing debt exposure.

Year-to-date, the naira has appreciated by 4.5 percent, rising to N1,475.35 per dollar as of Friday, October 17, 2025, compared to N1,541.36 quoted at the beginning of the year at the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).

Similarly, Nigeria’s external reserves have grown by $1.80 billion within the same period, representing a 4.4 percent increase to $42.68 billion on October 16, 2025, from $40.88 billion recorded at the start of the year.

Mohammed Sani Abdullahi, deputy governor in charge of Economic Policy at the CBN, disclosed at the just-concluded World Bank and IMF Annual Meetings that the Federal Government plans to issue Eurobonds worth about $2.3 billion later this year. He explained that the issuance would partly refinance a $1.18 billion Eurobond maturing in November while also strengthening Nigeria’s external reserves and investor confidence. ‘We plan to issue Eurobonds of up to about $2.3 billion, which will also help refinance the $1.18 billion Eurobond maturing in November,’ he said.

Commenting on the development, Ayokunle Olubunmi, head of Financial Institutions Ratings at Agusto and Co., noted that the planned Eurobond issuance is largely to refinance maturing obligations. According to him, the issue will help moderate the impact of the due Eurobonds on external reserves and ease concerns over exchange rate stability.

Similarly, Adebowale Funmi, head of Research at Parthian Securities, said the Federal Government’s plan to issue a $2.3 billion Eurobond in November will have mixed implications for the Nigerian economy. In the short term, she explained, the inflow of funds is expected to boost Nigeria’s external reserves and support the naira by improving foreign exchange liquidity, which could help the Central Bank manage volatility in the FX market and stabilise the exchange rate. On the fiscal side, the proceeds will help finance part of the 2025 budget deficit and refinance maturing external debt obligations, thereby reducing immediate repayment pressure on government finances. It may also ease the need for heavy domestic borrowing, potentially moderating yields in the local bond market.

However, Funmi cautioned that the issuance would also add to Nigeria’s external debt stock and debt service obligations, increasing exposure to exchange rate risks. While a successful issuance could signal investor confidence and attract additional portfolio inflows, the growing reliance on Eurobonds for fiscal and debt management, she said, highlights Nigeria’s vulnerability to external shocks and its weak revenue base. In summary, she observed that the Eurobond will provide short-term fiscal and external liquidity relief but underscores the urgent need for stronger revenue mobilisation and fiscal reforms to ensure long-term debt sustainability.

Looking ahead, Abdullahi said, ‘We expect to approach the international capital market later this year, subject to market conditions and transaction adviser guidance. We’ll continue engaging investors to ensure the structure works well for both sides in terms of pricing and liability management.’

LOTUS Bank, one of Nigeria’s leading non-interest and ethical financial institution, has been named the ‘Best Ethical and Financial Inclusion Bank of the Year’ at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

The award held in Lagos affirms the bank’s growing impact in promoting ethical finance and deepening financial inclusion through non-interest banking models.

Since commencing operations in 2021, LOTUS bank has positioned itself as a disruptor in Nigeria’s financial services sector, offering shariah-compliant banking products designed to foster shared prosperity, transparency, and economic empowerment.

The bank’s rapid growth and customer-centric approach have earned it recognition as one of the key players driving the adoption of alternative banking models in the country.

With a clear focus on underserved populations and small businesses, LOTUS bank has rolled out a suite of innovative, interest-free financial products tailored to the needs of Nigeria’s diverse communities.

Receiving the award on behalf of the bank, Isiaka Ajani-Lawal, Acting Managing Director expressed appreciation to BusinessDay and reiterated the bank’s commitment to ethical, inclusive finance.

‘This award is a reflection of our core philosophy that banking should be a force for good,’ Ajani-Lawal said. ‘At LOTUS Bank, we are intentional about building a system that not only provides access to finance but does so with integrity, empathy, and innovation. We dedicate this recognition to our customers, partners, and employees who continue to believe in our vision of ethical prosperity.’

The BusinessDay BAFI Awards, now in its 12th edition, is one of Nigeria’s most prestigious platforms for recognising outstanding performance, innovation, and leadership in the banking and broader financial services industry. Each year, the awards spotlight institutions that are reshaping finance, driving inclusion, and contributing to national development.

LOTUS bank’s recognition in the ethical banking and inclusion category comes as no surprise to industry observers. The bank has consistently advanced its mission to deliver value-based banking, prioritising social impact, customer trust, and financial access for the underserved.

‘We see this recognition not as a destination but as motivation to continue deepening financial inclusion and building a more equitable banking future for all,’ Ajani-Lawal added.

As the bank expands its footprint across Nigeria, the Acting MD reiterated that ut would remain guided by its core values of Partnership, Prosperity, and Progress, working to support small businesses, empower communities, and promote sustainable economic growth through non-interest financial solutions.

Parthian Partners has cautioned against implementing the recent decision to impose a 75 percent Cash Reserve Ratio (CRR) on non-TSA public sector deposits, describing it as a well-intentioned but potentially harmful policy that could derail Nigeria’s fragile economic recovery.

The firm, in a research note titled ‘Avoiding a Damaging Cure: Preventing the CBN’s 75 Percent CRR on Non-TSA Public Funds from Hurting the Recovery,’ warned that while the Central Bank’s intent to curb inflation and mop up excess liquidity is understandable, the approach adopted could have unintended and damaging consequences for fiscal operations, governance, and the banking sector.

According to analysts at Parthian Partners, the CBN’s move to sterilise three-quarters of state and parastatal funds held outside the Treasury Single Account represents a blunt policy instrument that risks undermining service delivery and disrupting the gradual recovery the economy has begun to record. The firm noted that policy design should consider timing, sequencing, and stakeholder consultation, stressing that the hasty implementation of such a measure could strain both public finance and the private sector.

It observed that state governments that maintain working balances with commercial banks will suddenly find large portions of their funds inaccessible for payrolls, contractor payments, and social programmes, resulting in stalled projects and delayed salaries. This, Parthian warned, could heighten political tensions, as the move may be viewed as an intrusion into state fiscal autonomy at a time when inter-governmental cooperation is crucial for sustaining economic growth. While acknowledging that channeling more funds through the Treasury Single Account could improve transparency and oversight, Parthian Partners argued that doing so abruptly, without transitional liquidity support, will undermine fiscal planning and the delivery of essential public services.

The firm further cautioned that the policy could weaken bank lending and tighten credit conditions, as commercial banks would be compelled to lock away a significant share of their deposits with the CBN. This would likely limit the availability of funds for private sector borrowing, making loans more expensive and stifling investment and job creation. It added that the combination of lowering the Monetary Policy Rate while sharply restricting bank liquidity sends conflicting signals to the market, potentially confusing investors and complicating monetary policy transmission.

Parthian Partners emphasis

ed that Nigeria’s recent signs of growth and disinflation could be jeopardized if the CRR policy triggers a liquidity shock that stalls public spending and constrains credit to businesses. A slowdown in these areas, it warned, would delay the country’s recovery trajectory and worsen poverty-reduction efforts.

The research firm recommended that the CBN adopt a phased implementation strategy, allowing both states and banks to adjust gradually to the new requirement without triggering a sudden cash crunch. It suggested that temporary liquidity windows be created to support critical public expenditures and that transitional exemptions be granted for capital project accounts to ensure continuity of essential services. In addition, Parthian Partners called for deeper consultation and coordination between the CBN, state treasuries, and finance ministries to achieve a balance between fiscal accountability and operational feasibility.

Parthian Partners concluded that while the CBN’s objective of maintaining price stability is legitimate, policy effectiveness must be matched by realism and collaboration. The firm warned that enforcing the 75 percent CRR on non-TSA public funds could yield a short-term liquidity gain but at the cost of long-term economic disruption. It urged the central bank to engage with relevant stakeholders, reconsider the pace of implementation, and introduce measures to cushion the immediate impact on state finances and bank lending. ‘Macroeconomic stability and effective public service delivery are not opposing goals,’ Parthian Partners stated, ‘and pursuing one at the expense of the other will only prolong Nigeria’s recovery and deepen structural weaknesses.’

The financial services sector in Nigeria, long perceived as conservative and slow to innovate, is now turning to artificial intelligence (AI) to reinvent its operating model and cut costs.

According to the Talent Management Report 3.0 by Phillips Consulting, the integration of AI and automation in traditional banks is helping institutions reduce operating expenses by as much as 22 percent.

The report finds that Nigerian banks are increasingly deploying AI in recruitment, fraud detection, compliance automation, and customer service.

‘Banks are piloting AI in recruitment, fraud detection, and compliance automation, but HR applications lag behind customer-facing innovations,’ the report said.

While customer engagement and security have historically been the primary drivers of digital investment, HR functions are catching up-albeit slowly.

‘Today, 34 percent of financial institutions use AI in recruitment, while 19 percent have introduced AI-enabled learning and development programmes to scale employee upskilling,’ it said.

The report stated that institutions such as Zenith Bank and Fidelity Bank are already reaping measurable efficiency gains.

‘Zenith Bank has automated its recruitment process, reducing time-to-hire and administrative overheads, while Fidelity Bank’s HR chatbot now handles routine employee queries, improving engagement and cutting response times significantly.’

The report underscores that AI-driven automation is translating directly into operational savings.

A Marsh and McLennan (2019) benchmark cited in the study suggests that traditional banks could cut up to 22 percent of their total costs through AI adoption, a figure that aligns with the early results emerging from Nigerian institutions integrating digital systems into core HR operations.

From manual processes to predictive models

The transformation is not limited to cost optimisation. Fintechs are leading the charge, using predictive workforce models to anticipate staffing needs, identify skill gaps, and allocate resources efficiently. Traditional banks are beginning to follow suit, deploying AI-based analytics to inform strategic workforce planning and enhance productivity.

By leveraging machine learning to identify hiring bottlenecks and predict attrition, financial institutions can now anticipate talent shortages before they impact performance.

These predictive tools are also helping HR departments optimise recruitment spending and refine retention strategies, effectively reducing turnover costs while improving hiring accuracy.

The report reveals that 37 percent of banks use AI primarily for operational efficiency, 32 percent for data-driven decision-making, and 11 percent for cost optimisation.

This underscores that AI’s current role is largely backend-focused, aimed at streamlining processes rather than driving comprehensive workforce transformation.

AI is restructuring the workforce, not replacing It

While automation is displacing some traditional roles, especially those involving repetitive tasks, the report stresses that AI is reshaping jobs, not erasing them.

The International Labour Organisation (ILO) estimates that up to 40 percent of tasks in Nigeria’s financial services industry could be automated by 2030, particularly those performed by bank tellers, back-office clerks, and call centre agents.

However, this transformation is simultaneously creating new opportunities.

The Nigerian Communications Commission (NCC) reports a 35 percent annual increase in demand for roles such as data scientists, cybersecurity analysts, AI specialists, and customer experience managers, positions that did not exist in traditional banking structures a decade ago.

The Talent Management Report captures this duality clearly: while 24 percent of financial institutions are automating or phasing out roles, 21 percent report an increased demand for new digital skills, and 18 percent are actively redesigning jobs to integrate AI-driven responsibilities.

Only 5 percent cite downsising as a direct consequence of AI, suggesting that automation is being used more for redeployment than retrenchment.

Bridging the digital skills gap

Despite the optimism surrounding AI adoption, the report warns that a widening digital skills gap could undermine progress. Fewer than 12 percent of employees in the financial sector possess proficiency in AI, analytics, or cybersecurity.

Meanwhile, the talent report added that only 27 percent have adequate digital skills to function effectively in AI-enhanced workplaces.

This gap is especially pronounced among mid-career professionals those responsible for managing AI systems and ensuring their ethical deployment.

As the report explains, ‘Mid-career professionals, who are essential for managing and optimising AI applications in talent management, often lack specialised training in data analytics, AI ethics, and robotic process automation.’

To address this, banks are prioritising internal retraining over external hiring. About 28 percent of institutions now provide AI-related training for employees’ current roles, while 23 percent are retraining staff for new positions. Another 15 percent are redesigning roles to include AI responsibilities, the report said .

The Bankers’ Committee of Nigeria has called for a national reskilling programme to prepare the workforce for automation’s demands.

Without this, the report warns, ‘AI adoption could unintentionally widen the capability gap it aims to close.’

The path to full AI integration is not without obstacles. Legacy infrastructure continues to impede transformation, with only 39 percent of Nigerian banks having adopted scalable cloud solutions.

The Nigerian Fintech Cloud Adoption White Paper (2023), cited in the report, points to regulatory bottlenecks, data security concerns, and hierarchical management structures as key barriers slowing progress.

Cultural resistance also plays a role. ‘More than 60 percent of financial sector employees express anxiety over job security in the wake of AI deployment.’

This anxiety, the report finds, often stems from low AI literacy and poor internal communication. ‘Leadership familiarity with AI is low, slowing adoption at the top and across teams,’ it warns.

Still, the benefits are becoming increasingly clear. In recruitment, the talent report disclosed that 26 percent of banks report faster candidate screening times and improved job-candidate matching, while 19 percent note better hiring accuracy through AI-driven assessments.

Meanwhile, in performance management, institutions are beginning to use AI to reduce bias, automate appraisals, and deliver real-time feedback

However, developmental applications remain underutilised. Only 3 percent of organisations use AI to recommend training or coaching opportunities, suggesting that while efficiency is improving, talent growth and engagement are lagging.

The report noted that ‘AI is primarily seen as a backend enabler, not a strategic HR asset,’ a sentiment echoed by HR executives who believe AI’s full value will emerge only when integrated into learning, leadership, and performance ecosystems.

Changing perceptions: From fear to opportunity

The report stated that while 33 percent of financial sector workers believe AI will boost productivity and create new opportunities, 56 percent express concern or uncertainty about the future.

‘Nearly 28 percent fear job losses, underscoring the urgent need for transparent change management and clear communication strategies.’

Yet optimism persists. The report shows that 80 percent of employees in the financial sector believe AI can make HR processes fairer and more efficient, particularly in recruitment and learning.

This suggests that with proper leadership engagement and continuous education, banks can shift the narrative from fear to empowerment.

Despite widespread awareness, full-scale AI integration in HR remains limited. ‘Only 9 percent of institutions report organisation-wide adoption, compared to 21 percent at the strategic stage and 24 percent still in exploration.’

Furthermore, 39 percent of banks describe their AI investments as minimal, reflecting a cautious, risk-averse approach to innovation.

‘The financial services sector is caught between ambition and execution,’ the report said. ‘Many banks recognise AI’s transformative potential but lack the infrastructure, skills, and regulatory clarity to scale pilot initiatives into sustainable models.’

From cost-cutting to value creation

Ultimately, the Talent Management Report 3.0 frames AI as both a cost-saving mechanism and a strategic growth enabler.

Beyond operational efficiency, it presents AI as a tool for strategic workforce planning, allowing banks to align talent pipelines with future needs and reduce long-term overhead.

By 2030, the report projects, AI could help financial services globally save over $1 trillion, with Nigeria’s banks poised to contribute significantly to that figure if they continue on their current trajectory.

However, realising this potential will require a mindset shift from viewing AI as a technology initiative to treating it as a people strategy.

As the report said, ‘AI won’t replace talent; it will redefine it. Adaptability will become the new currency of talent.’

For Nigerian banks, the next phase of AI adoption will hinge on balancing efficiency with empathy. Investment in AI literacy, ethical training, and data transparency must accompany automation if institutions are to sustain trust and inclusion in the digital era.

‘Reimagine your workforce strategy. Start small, build readiness, embed agility, and scale what works. Focus on people-first transformation,’ the report said

Owoloja Femi, a suspected logistics supplier to some bandits operating in Yagba West Local Government Area of Kogi State, has been arrested by the Joint Security Task Force (JTF).

The suspect, an indigene of Ejiba, is currently the Chairman of the Okada Riders Association, Ejiba Branch.

Owoloja was arrested during a routine patrol at about 7:30pm on Saturday in Odo-Eri, along Saminaka Road, while allegedly conveying illicit substances to bandits

Owoloja Femi, and his accomplice, who is now at large, had already loaded the two cartons of drugs onto their motorcycle and fled the scene upon sighting the security team.

However , Owoloja was captured as he attempted to escape.

Preliminary investigations revealed that the suspect, had confessed to sourcing the drugs from a chemist shop in Egbe for onward delivery to bandits, hiding in the forest.

Apart from the two cartons of hard drugs and motorcycle, ?600,000 cash suspected to be proceeds or operational funds for the illegal transaction was recovered from the suspect.

Meanwhile, the suspect is currently in Police custody as further investigations continue to uncover links, sponsors and other collaborators in the supply chain, aiding banditry and criminal activities in Yagba West.

Tosin Olokun, Chairman of Yagba West Local Government Area and Chairman of Kogi State ALGON, commended the operatives for their swift response and renewed efforts in dismantling criminal logistics networks across the zone.

According to a press statement signed and issued by Adeyemi Babarinde, Chief Press Secretary to the ALGON Chairman, which was made available to Journalists in Lokoja on Sunday, the Chairman reaffirmed the Local Council’s commitment to safety and peace of all communities.

He, however, warned individuals against aiding, harbouring, or transacting with criminal groups as he assured that all suspects found culpable would be handed over to relevant Security Agencies for prosecution in accordance with the law.

The Global Impact Business Community (GIBC) has announced the Call for Applications for the Impact Conference 2025, scheduled to hold 28 – 30 November 2025 in Lagos, Nigeria.

The initiative aims to provide ?15 billion in growth funding and business-development support to more than 10,000 micro, small, and medium-sized enterprises (MSMEs) nationwide. Beyond access to capital, selected entrepreneurs will receive capacity-building, financial-literacy training, and investor linkages to help them scale sustainably.

Applications close Friday, 7 November 2025.

Driving inclusive growth for SMEs

According to Benjamen Oladokun, Lead at GIBC, ‘The enormity of under-utilised potential in Nigeria is alarming. Our mission is to empower small businesses through an ecosystem where entrepreneurs can learn, connect, and access adequate capital to grow and maximise opportunities.’

Adeshina Adewumi, Chief Executive Officer of Trade Lenda, added that the programme reflects both organisations’ shared goal to unlock Nigeria’s entrepreneurial potential:

‘With ?15 billion in funding, 10,000 businesses will not only receive support but also contribute to building Africa’s next wave of success stories.’

Who should apply

MSMEs in retail, agriculture, manufacturing, and services

Startups offering innovative solutions

Entrepreneurs with viable business ideas ready to pitch

Both registered and unregistered ventures with clear growth potential

Benefits for selected participants

Access to funding across multiple sectors

Tailored capacity-building sessions by industry experts

Exposure to investors, mentors, and potential partners

Opportunity to pitch live during the conference

How to apply

1. Create an account on Trade Lenda App via

Google Play: play.google.com/store/apps/details?id=com.tradelenda.app

iOS App Store: apps.apple.com/us/app/trade-lenda/id6447363171

Web: www.tradelenda.com/sign_up

2. Submit your application through tally.so/r/w22jWD

3. Click Submit to finalise your entry

4. Prepare supporting documents for the due-diligence stage

Interested entrepreneurs can also register to attend the Impact Conference at www.gibc.ng.

Cracks within Nigeria’s opposition parties have cleared the path for President Bola Tinubu’s dominance across national matters as the 2027 elections approach.

Political analysts argue that there is virtually no real opposition to the president at the moment, except for an army of young people on X and Facebook, who have taken up the unofficial role of holding the government to account.

The People’s Democratic Party (PDP), which once prided itself as the most powerful party in Africa, is now as weak as a worm, as it begins its journey into political oblivion, experts say.

In 2007, PDP had 32 governors. After the 2015 defeat of President Goodluck Jonathan, the number of the party’s governors whittled down to 12.

However, the cracks in the 2023 election between Atiku Abubakar, its presidential candidate, and Nyesom Wike, ex-Rivers State governor and Federal Capital Territory (FCT), have had an untold impact on the PDP, with the party’s leadership unable to put the brakes on.

Though the number of PDP governors rose to 13 after the rancorous 2023 elections, the party now has eight governors, with governors switching to the All Progressives Congress (APC) like bees to the honey.

BusinessDay gathered that two more PDP governors are at the exit door, waiting for the opportune time to announce their departure.

However, Ayo Fayose, ex-Ekiti State governor, claims that three more PDP governors will leave the party within the shortest possible time.

‘Let me tell you, there are three more governors that will leave soon,’ Fayose said.

‘There will be five remaining. The five remaining, one of them will struggle to catch the ticket, and they all know that the ticket is an ordinary tissue paper,’ he noted.

To think that these comments came from a one-time biggest voice in the PDP after the 2015 election is unimaginable. Fayose, once the ‘Lion of PDP,’ criticised former President Muhammadu Buhari so badly that APC members wanted him jailed. Due to his loyalty to former President Jonathan, Fayose stood Buhari in the face and sometimes told him the uncomfortable truth.

‘For a President that was elected because he promised to fight corruption and clear the North-East of the Boko Haram insurgents within three months, the signs that he must take a bow and return home are clear,’ Fayose said in 2018, while calling for President Buhari’s resignation.

The statement was then signed by Lere Olayinka, the then special assistant to Fayose on Public Communications and New Media.

Olayinka is currently a media aide to Wike and he fights with PDP members on social media, some of whom he once defended.

As a party, the PDP died after the 2023 election, experts note. It violated the rotational arrangement put in place by its founding fathers by refusing to zone the presidential ticket to the South. Atiku, from the North-East region, eventually won the ticket at a point Muhammadu Buhari from the North-West concluded an eight-year term.

Also, the former vice president did not agree to cede the vice presidential ticket to Wike, which inflamed the crisis before and after the 2023 election. Atiku eventually lost the election, worsening the party’s fortunes.

‘That turned out to be the biggest mistake of the century,’ Adaku Amadioza, an Abuja-based lecturer of politics.

‘Even if there was no rotation by the PDP, the fact that the APC had a southerner as a candidate should have informed them about the national sentiment at that time. And, if Atiku had ceded the VP ticket to Wike, the story, perhaps, would have been different. Wike will not only win Rivers, but can also influence some of the states in the South eventually won by Peter Obi, the Labour Party presidential candidate,’ Amadioza said.

Analysts argue that the money politics in the PDP and the preference for certain candidates by the PDP forced out a potentially better candidate like Obi, who could have given a bigger fight on the PDP ticket in the 2023 election.

Shockingly, the two principal actors in the 2023 presidential elections are no longer active in the PDP.

Wike is a federal minister under an APC-led government and members of his group in the 2023 election have nearly exited. In fact, Wike has publicly admitted that he would support President Tinubu in 2027 – something that would have been taken more seriously in the PDP heyday.

Also, Atiku Abubakar has moved to the African Democratic Congress (ADC).

Right now, the number of PDP governors could fall to five or four before the 2027 election, and the party does not seem to enjoy the confidence of Nigerians.

The nation has now lost opposition in the mould of Lai Mohammed, Adams Oshiomole, and Chibuike Amaechi, who forced the Jonathan presidency into issuing multiple press releases in one day.

Labour Party

The Labour Party, which was once thought of as a viable opposition, is not spared.

Obi and his group are backing the Nenadi Usman-led National Executive Committee (NEC), as Julius Abure and his team lay claim to party leadership.

It has been one litigation to another, with party leaders unable to compromise.

The party has interpreted a Supreme Court judgment on its leadership crisis differently, worsening its self-inflicted crisis.

Though Obi’s voice is loud, his words are not often taken seriously. One APC member described him as ‘desperate.’

‘Right now, the Labour Party cannot win an election without someone like Peter Obi. On the other hand, PDP can’t win an election even with Goodluck Jonathan. I am sure Jonathan won’t even consider joining the PDP because a house divided against itself cannot stand,’ Hamzat Umaru, president of Nigerian Voters’ Forum, noted.

Tinubu having his way

Right now, with the opposition also speaking differently and fighting itself, rather than the government in power, analysts say President Tinubu can afford to change his skin colour without batting an eyelid.

Except the usual opposition from the ‘noisy neighbours’ on social media, Nigerians no longer have confidence in the opposition, with many speculating that the 2027 presidential election is already won and lost.

‘We have never been closer to a one-party state than now. Tinubu does not need to worry about PDP, the Labour Party or the Social Democratic Party (SDP). He is only contesting against the Nigerian people in 2027,’ Umaru noted.

Nigeria is once again re-entering the world’s second-largest producer of cocoa market, Ghana, after Sunbeth Global Concepts Limited gets a historic license as an international buyer of premium cocoa beans from the Ghana Cocoa Marketing Company (CMC Ghana).

That milestone makes Sunbeth Global the first Nigerian company in decades to earn that distinction.

The approval, formalised after successful negotiations with CMC Ghana, underscores renewed momentum in intra-African trade and marks a major step toward strengthening commercial ties between West Africa’s two largest cocoa producers.

‘We are proud to strengthen Ghana-Nigeria trade ties and promote intra-African commerce,’ said Olasunkanmi Owoyemi, managing director of one of Nigeria’s leading cocoa traders and exporters, Sunbeth Global Concepts, in a statement seen by BusinessDay.

‘This milestone reinforces our belief that collaboration within Africa is key to building a stronger, more resilient global cocoa-chocolate value chain. This partnership represents a bold milestone in the vision of Africa trading with Africa.’

Fuad Mohammed Abubakar, managing director of CMC Ghana, said the move ‘reflects a shared vision of Africa trading with Africa,’ adding that Sunbeth, supported by UK-based SFI Agri Commodities, is well-positioned to expand Ghana’s premium cocoa into new markets.

‘This achievement marks the first time in decades that a Nigerian company is sourcing directly from CMC Ghana.’

With the support of its UK-based partner, SFI Agri Commodities, Sunbeth is expanding its West African footprint to supply Ghana’s premium cocoa to leading international chocolate manufacturers.

Since its founding in 2017, Sunbeth has exported more than 200,000 metric tons of agricultural commodities and now commands a 15 percent share of Nigeria’s cocoa export market.

The company’s operations are built on a foundation of ethical sourcing, farmer empowerment, and sustainability.

The African Democratic Congress (ADC) has again reaffirmed that despite the growing numbers of people defecting to the All Progressives Congress (APC), the party will be voted out of office in 2027.

Bolaji Abdullahi, the ADC National Publicity Secretary, stated this in his reaction to comments made by Nentawe Yilwatda, the APC National Chairman, that ‘key ADC figures’ would join the APC next week, saying that defections will not save the ruling party in 2027.

The APC had boasted of its ability to attract huge population from the opposition parties to sustain the plans for easy victory in the 2027 election.

But the ADC however, insisted that the scramble for membership from across the political spectrum underscores the APC’s growing realisation that it has become hugely unpopular with ordinary Nigerians who now dislike the ruling party for the hardship it has brought upon them.

The party said its attention was drawn to the declaration by the National Chairman of the ruling APC, at a stakeholders’ meeting in Jos that ‘key ADC figures’ will be received into the APC next week.

‘This statement underscores a deep realisation by the ruling party that it cannot be saved even if all the governors in Nigeria defected to the ruling party.

‘This is why even with all the governors and senators they have been bragging about, the APC is still desperate for ADC members.

‘The truth remains that the APC realises that it has become the most hated party in Nigeria, and no amount of defections can save the party from Nigerians whose lives and livelihoods the ruling party has destroyed since it came to power.

‘Like we have noted earlier, the recent gale of high-profile defections to the ruling party is properly understood by ordinary Nigerians as a gang-up against the people.

‘The ruling elite who have left the people behind in abject poverty and are only interested in self-preservation even as their people wallow in misery.’

The Chinwe Bode-Akinwande (CBA) Foundation, a leading non-governmental organisation commemorated its 10th anniversary with a high-impact conference to address the systemic challenges faced by widows and explore sustainable pathways to empowerment. The conference themed ‘Empowering Widows in Nigeria: Breaking the Cycle of Poverty and Vulnerability’ was held at Eko Hotel and Suites, Lagos.

Delivering the keynote address, Mrs. Amina Oyagbola, Founder and Chairperson of Women in Successful Careers (WISCAR), described widow empowerment as both a moral obligation and a national priority. She commended the Founder of the CBA Foundation, Mrs. Chinwe Bode-Akinwande, for turning compassion into a movement that restores dignity and hope forwidows and their children. ‘Through the CBA Foundation, you have given courage, confidence, and dignity to countless widows and children. Your work proves that one person’s vision can transform generations,’ Oyagbola stated.

Acharu Osime, Head of Internal Communications at FirstBank, delivered a goodwill message on behalf of the Bank. She said ‘At FirstBank, we are passionate about supporting platforms that empower individuals and nurture talent. The objectives of the conference align with our sustainability pillars focused on welfare, diversity and financial inclusion, so we are excited to be a part of this initiative, supporting one of our own, to create a more inclusive and supportive environment for widows.’

DigitXplus commended the Foundation’s decade-long impact, describing the conference as a celebration of resilience and dignity. Representing the company, Damilola Popoola, Head of Strategy stated, ‘This event is not just a gathering, it is a testament to the strength and unyielding spirit of womanhood. Empowerment begins with dignity, and dignity grows when women are given a voice, a skill, and a chance to dream again. We at digitXplus remain dedicated to walking the walk with the CBA Foundation.’

Bode-Akinwande expressed gratitude to all partners and attendees, reaffirming the Foundation’s commitment to continue lighting the path for widows across Nigeria. ‘We envision a Nigeria where widowhood is not a sentence to poverty but a pathway to resilience,’ she said. ‘When we lift a widow, we lift her children, her community, and our nation.’

The conference featured a dynamic plenary session moderated by seasoned radio host and communications strategist, Jide Benson. The panel which comprised Etemore Glover, CEO of Impact Investors Foundation; Abiola Odanye, Head of Operations at Market Ranch; and Mrs Damilola Hassan, Managing Director of Meristem Trustees Limited, explored critical issues such as policy advocacy for widows’ rights, empowerment initiatives, and the support structures needed to overcome the challenges that widows face.

The event was supported by FirstBank, Vyrus, Eko Hotel, Truecaller, Power Oil, Munch It, Minimie Noodles, Minimie Chinchin, Kellogg’s, and Colgate, whose contributions underscored the private sector’s vital role in driving inclusive social change.