Asianet Pakistan Private Limited

Peter Obi, the Labour Party presidential candidate in the 2023 elections, has criticised the federal government’s decision to approve $1 billion (N1.5 trillion) for the modernisation of the Apapa and TinCan Island Ports in Lagos, describing it as another example of Nigeria’s over-concentration of infrastructure development in Lagos at the expense of other regions.

In a statement posted on X Friday, Obi said while efforts to improve efficiency and adopt technology in the maritime sector were commendable, such initiatives must be anchored on accountability, transparency, and equitable development across the country.

‘Nigeria’s infrastructure investment remains excessively concentrated in Lagos, often at the expense of other strategic ports such as Warri, Port Harcourt, Calabar, and Onne,’ Obi said.

‘If fully developed, these ports could enhance productivity, drive trade, create jobs, and open new economic corridors that would lift millions out of poverty across the federation.’ The former Anambra State governor argued that decentralising port development would not only decongest Lagos but also improve logistics, reduce costs, and promote balanced economic growth.

He cited examples of countries such as Vietnam, Indonesia, South Africa, Egypt, Morocco, Algeria and Ghana, which operate multiple ports distributed across different regions, ensuring nationwide connectivity and inclusive growth. ‘No country seeking to maximise its blue economy concentrates all maritime activities in a single city,’ Obi stated. ‘Decentralisation reduces congestion, improves logistics, enhances national security, and promotes balanced economic growth.’

He noted that more than 70 per cent of Nigeria’s port activities remain concentrated in Lagos, leading to chronic congestion, high demurrage costs, environmental degradation, and delays that drive up the cost of goods nationwide.

Obi called for urgent investments in other coastal ports such as Warri, Port Harcourt, Calabar, and Onne, describing it as a national imperative. According to him, revitalising these ports would reduce shipping costs, attract investment, create employment, and stimulate regional economies.

He also emphasised the need for broader reforms to tackle corruption, streamline bureaucracy, and adopt digital solutions that enable paperless, efficient port operations.

‘If prudently managed, the Lagos modernisation project could become a model for broader maritime transformation, a reference point from which similar development radiates across the nation,’ he said.

Obi added that Nigeria’s development agenda must be guided by fairness, equity, and integrity, with a clear vision to transform the country ‘from one of consumption to one of production and shared prosperity.’

Lidya, the Nigerian digital lender that once promised to transform SME financing, the final act played out not in boardrooms or investor calls, but in unpaid salaries, silent codebases, and a string of high-profile departures.

BusinessDay learnt that the company’s collapse was preceded by months of internal hemorrhage, culminating in the exit of co-founder Tunde Kehinde in October 2024, the departure of Cristiano Machado, the chief technology officer a month earlier, and the complete disbandment of its Portugal-based tech team between May and September 2024, all as payroll obligations went unmet.

The end came via email. ‘Despite best efforts to restructure and sustain operations, the Company has encountered severe financial distress and is no longer able to continue in business.As a result, the Company has ceased all operations,’ the message to customers read.

For those inside Lidya’s final chapter, the warning signs had been flashing for months. Sources familiar with the company’s operations told BusinessDay that the Portugal engineering hub, critical to maintaining Lidya’s digital lending and loan recovery platform, began fracturing as early as May 2024.

Engineers stopped receiving salaries. Slack channels went dormant. Pull requests piled up unanswered. By September, the team had effectively dissolved, with remaining staff either resigning or being let go without severance.

The tech team’s collapse crippled Lidya Collect, the debt recovery product launched in 2023 as the company’s last-ditch pivot after abandoning its European expansion. Customers had already been reporting frozen funds and failed transactions for months.

Now, with no engineers to fix bugs or process withdrawals, the platform became a digital black hole.

The leadership exodus followed a familiar script. Cristiano Machado, the CTO who had overseen Lidya’s tech stack since its early days, left in September 2024. Tunde Kehinde, the public face of the company, a Jumia co-founder, and the architect of its data-driven lending vision, departed in October. Neither has commented publicly on their exits.

Their departures left Lidya without its technical brain and its most recognizable champion at a time when investor confidence was already evaporating. The $8.3 million pre-Series B round raised in 2021, once a badge of promise, had long been spent. The European adventure in Poland and the Czech Republic, launched with fanfare in 2020, ended in a quiet retreat by 2023.

‘Nigeria’s tech-savvy lending ecosystem is the ideal launchpad for our solutions,’ Kehinde had said then, framing the pullback as focus, not failure.

But focus requires fuel and Lidya was running on fumes. By the time the final email went out, the company admitted what employees and customers already knew: Due to the Company’s financial status, it is unable to process funds or settle claims at this time.

In a Channels Television interview, Ademola Oshodi, Senior Special Assistant to the President on Foreign Affairs and Protocol, explained that ambassadorial delays followed a ‘comprehensive review of Nigeria’s diplomatic architecture,’ intended to align future appointments with national priorities rather than patronage.

‘The President has been busy putting things in place for the envoys to be appointed and sent to foreign soils.’ – Ademola Oshodi

Oshodi emphasised that missions abroad remain functional under Chargés d’Affaires while new ambassadors are selected based on merit and strategic fit. The approach aims to modernise Nigeria’s foreign service – making it more efficient, professional, and development-driven.

No diplomatic vacuum – but a visible gap

The Presidency insists there is ‘no diplomatic vacuum under Tinubu despite ambassadors’ absence.’ Ademola Oshodi emphasised that President Tinubu has been ‘the country’s number one ambassador’, personally leading global engagements to attract investment and strengthen partnerships. While this reassurance provides context, it also underscores a broader question: can personal diplomacy by the President fully substitute for the institutional presence and continuity that ambassadors represent?

Reform priorities and the cost of delay

Oshodi explained that ‘the ambassadorial situation is a very strategic position taken by the President. We’re going through a tough reform process in the Nigerian economy, and resources are being prioritised. The administration has focused on more pressing issues such as infrastructure, security, and food supply.’ This explanation highlights the government’s attempt to align diplomatic representation with domestic reform priorities. Yet, diplomacy itself is an extension of economic management – a mechanism through which nations attract capital, influence global policy, and secure cooperation for the very reforms being pursued.

Diplomacy as an economic tool

In practice, the difference between a mission that merely functions and one that advances national interests often rests on the presence of an ambassador-a political, economic, and cultural representative with both the authority and access to shape outcomes. The prolonged absence of ambassadors may not cripple routine operations, but it diminishes Nigeria’s diplomatic leverage, complicates protocol engagements, and reduces visibility at critical international forums. Regional focus vs. global presence

Oshodi himself has argued for a more professional diplomatic corps, noting that ambassadors should have ‘skills for market development and negotiating trade’. This suggests that even within government circles, there is recognition that global representation must become more economically strategic. The delay in appointing such envoys, therefore, risks stalling the very reform momentum that the administration seeks to consolidate.

Responding to criticism that the President did not attend the last two sessions of the United Nations General Assembly (UNGA), Oshodi clarified: ‘I don’t believe the President takes the United Nations lightly. But he juggled his priorities and felt it was more important to focus on regional and continental issues-security in the Sahel, cross-border banditry, arms smuggling, and economic integration through ECOWAS and BRICS-all of which have a more direct impact on Nigerians.’ This regional focus reflects a pragmatic recalibration of Nigeria’s foreign policy. Yet without empowered ambassadors to translate these priorities into sustained diplomacy, Nigeria’s global influence risks becoming episodic rather than institutional. Reform must not mean retreat

Reforming the foreign service is necessary. But reform must not mean retreat. While it is encouraging that the President’s office continues to project leadership, Nigeria’s diplomatic strength depends on institutional presence – ambassadors who can interpret national priorities, build partnerships, and ensure that the President’s global agenda outlives any single administration.

A way forward

1. Publish a clear timeline: Transparency on nominations and confirmations reassures stakeholders.

2. Prioritise key missions: Fill critical posts first – major economic partners and strategic African neighbours.

3. Empower career diplomats: Professionalism must anchor representation, not patronage.

4. Define performance indicators: Track success through trade, investment, diaspora engagement, and influence.

5. Align diplomacy with development: Ambassadors should actively advance Nigeria’s economic and governance agenda stated in President Tinubu’s Renewed Hope Agenda.

Conclusion: Presence equals power

Diplomacy is Nigeria’s bridge to the world – and bridges must be manned. While the administration’s reform approach is understandable, the prolonged absence of ambassadors weakens Nigeria’s voice, given that global partnerships are being redefined.

To maintain its global standing, Nigeria must reoccupy the diplomatic stage-not merely as a participant, but as a confident, prepared, and persuasive voice for Africa and the world.

Oluwatoyin Adegbite-Moore: CEO, Sheafam and Tam Ltd.

Underwriting firm, Lasaco Assurance Plc has grown its insurance revenue to N22.8 billion in 2024 financial year, moving from N18.3 billion in 2023, indicating a 25 percent increase, just as Profit After Tax (PAT) also grew by 18 percent to N1.54 billion, from N1.3 billion the previous year, indicating a 25 percent increase.

Teju Phillips, chairman of the board who disclosed this at the Company’s 45th virtual Annual General Meeting held in Lagos said, Lasaco Assurance demonstrated remarkable resilience and financial robustness amid a challenging macroeconomic climate.

The Company had a good business year in terms of investment income, as its net income grew by 104 percent to N8.73 billion, as against N4.3 billion in 2023.

‘Our operational performance in 2024 underscored our ability to navigate economic headwinds while delivering sustainable values’

Phillips stated that Lasaco Assurance insurance revenue was driven by market penetration and enhanced customer engagement.

In reaffirming its commitment to shareholders, the company incurred claims amounting to N13.19 billion in 2024, a 13 percent increase from claims paid in 2023, while total asset of the company rose to N30.94 billion, from N26.97 billion, indicating a 16 percent year-on-year growth.

‘While rising regulatory compliance costs and inflationary impacts exerted pressure on our PAT, our balance sheet strength and liquidity position remain robust, ensuring our ability to capitalize on emerging opportunities’.

Phillips during the meeting informed shareholders that its effort to raise additional capital yielded positive result.

‘The sum of N11.1 billion was raised through a private placement , adding an additional 8.25 million shares to our existing shares, noting that this will enable the company perform and compete better in the insurance industry.

The board chair said going into the future, Lasaco Assurance is entering a pivotal phase of transformation, driven by innovation, digitisation and sustainability.

To ensure long -term competitiveness, the Company is up skilling its workforce. Risk management and governance framework are being enhanced through robust stress-testing measures to mitigate currency volatility, regulatory shifts, and geopolitical uncertainties’.

She also informed that Lasaco will be exploring strategic alliances to co-create embedded insurance products aligning with Nigeria’s expanding digital economy.

Razzaq Abiodun, managing director, Lasaco Assurance responding to shareholders question on the on-going insurance industry recapitalisation, said the Company will meet the regulatory capital requirement ahead of 31st July 2026 deadline.

Abiodun said the Company is very intentional about financial capabilities to deliver efficient service, stating that it was the reason the company in the past year raised over N11 billion ahead of the new capital requirement.

He expressed commitment of the board to recapitalise the Company, stating that it is a decision of the board to retain its life and general insurance licences.

The legal adviser and member of the Akwa Ibom state PDP caretaker committee, Enoch Enoch, has faulted the recent vote of confidence passed on the immediate past state chairman of the People’s Democratic Party, Aniekan Akpan, by wards and chapter executives of the umbrella party, describing it as amusing.

In an interview with our correspondent in Uyo, Enoch said the action was as laughable as the last kick of a dying horse.

‘It’s laughable that after being sacked for misconduct, Aniekan Akpan resorted to inducing ward and chapter officers to hurriedly sign a prepared document, which they called a vote of confidence.

‘Why didn’t they pass it before he was dissolved? They know the truth, but are induced by disgruntled elements to ridicule and destabilise the state PDP.

The Igwat Umoren-led EXCO is the legitimate, legal and recognised leadership structure of the PDP in Akwa Ibom state. We do not need any vote of confidence because legitimacy does not need a vote of confidence.

He described recent tantrums on the State Party Caretaker Committee as a lost battle, advising those he described as disgruntled elements to save their faces from further embarrassment.

He said by virtue of the provisions of the constitution of the PDP and the circumstances that necessitated the dissolution of Aniekan Akpan-led executives, the Igwatu-led caretaker committee is the recognised executives of the PDP, warning members to resist attempts by mischief makers to engage further in a lost battle.

He said the PDP is the only political party that has a formidable structure and electoral network across the state and that many of those who, against their will, defected to the APC, are PDP in spirit and will vote for PDP when the chips are down.

He described the dissolution of the Aniekan Akpan-led EXCO as legal, and the caretaker committee as fresh air in the state PDP.

The true power in artificial intelligence (AI) has shifted from model innovation to the control of infrastructure, capital, and platform ecosystems, according to the Artificial Power: 2025 Landscape Report by the AI Now Institute.

The report revealed that the global AI race is no longer driven primarily by breakthroughs in large language models or futuristic visions of general intelligence. Instead, dominance now lies with the organisations that own and control the compute, data, and distribution networks powering AI deployment.

‘This isn’t just about building smarter models; it’s about who owns the mechanisms of production and distribution,’ the report stated.

The findings show that companies investing heavily in AI infrastructure, such as massive data centres, specialised chips, and global cloud networks, are consolidating long-term power.

These investments have become strategic assets that set the ‘rules of the game,’ granting firms enduring advantages beyond short-term technological leaps.

The report described this growing dominance as a ‘Too Big to Fail’ scenario, where a handful of infrastructure-rich AI platform owners are emerging as new global gatekeepers.

For businesses and users, it noted that the value of AI now lies less in owning models and more in controlling the surrounding ecosystem. Companies that embed AI deeply into their data pipelines, operations, and digital platforms will capture more value and more influence than those that merely deploy AI tools.

Speaking about policy, the report warned that society is increasingly being shaped by AI platforms rather than merely using them. This concentration of infrastructure and capital raises urgent concerns about fairness, access, transparency, and control.

For Africa and other emerging regions, the report urged stakeholders to focus on building the foundational layers of AI, which are data infrastructure, access frameworks, and distribution capacity, if they hope to convert AI innovation into widespread impact.

‘It’s not just about having cool models. It’s about having the infrastructure and ecosystem to turn those models into real economic and social power,’ the report stated.

The Nigeria Governors’ Forum (NGF) has commended the Central Bank of Nigeria’s (CBN) ongoing policy measures aimed at restoring price stability, strengthening the naira, and rebuilding public confidence in the economy.

In a communiqué issued at the end of its fifth meeting held on Thursday and signed by AbdulRahman AbdulRazaq, the Forum’s chairman, and Governor of Kwara State, the governors acknowledged the CBN’s efforts to stabilise the economy through tighter monetary policies, exchange rate unification, and recapitalisation of banks.

According to the statement, the CBN Governor, represented at the meeting by Muhammad Sani Abdullahi, Deputy Governor (Economic Policy), briefed the Forum on the Bank’s ongoing stabilisation drive designed to curb inflation, enhance liquidity management, and consolidate macroeconomic gains.

The Forum commended the apex bank for its coordinated approach with fiscal authorities, noting that such synergy is crucial to sustaining economic recovery and ensuring state-level fiscal sustainability.

‘The Governors underscored the importance of continued collaboration between monetary and fiscal authorities to safeguard growth, protect livelihoods, and maintain confidence in Nigeria’s financial system,’ the communiqué stated. Beyond economic issues, the Forum also received a security briefing from Adeola Oluwatosin Ajayi, Director-General of the Department of State Services (DSS), on emerging threats and intelligence-led strategies to strengthen subnational coordination.

In addition, the NGF discussed the forthcoming vote on the Reserved Seats for Women Bill (HB 1349), urging state leaders to engage their legislators in support of the constitutional amendment to enhance gender representation in governance.

The meeting reaffirmed the governors’ collective commitment to promoting economic stability, security, and inclusive governance across Nigeria.

The Senate through its committee on Petroleum (Downstream) stated in Abuja, Thursday, its readiness to tackle challenges confronting the downstream petroleum sector.

Chairman of the Committee, Sen. Kawu Sumaila (APC-Kano ) made this known in a statement to newsmen in Abuja.

He said that the trouble shooting efforts being made were pursuant to resolutions from its recent retreat and in line with its Strategic Action Work plan.

Sumaila specifically stated that investigative hearing shall be carried out by the committee to dissect all the problems and proffer solutions to them.

The statement reads: ‘ The Senate Committee on Downstream Petroleum, pursuant to the resolutions of its recent retreat and in line with its Strategic Action Work plan (Q4 2025 – Q4 2026) resolved as follows.

‘To undertake a comprehensive investigative hearing on the current challenges in the downstream petroleum sector.

‘This investigative hearing has become imperative in view of the lingering concerns surrounding the operations of private refineries, government-owned refineries and independent marketers.

‘Ongoing disputes involving the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), the National Union of Petroleum and Natural Gas Workers (NUPENG) and other labour stakeholders.

‘Allegations relating to crude oil supply obligations, regulatory overlaps, labour rights disputes, transparency and competitiveness within the sector’.

He explained that the committee is committed to providing a fair, transparent and inclusive platform for all stakeholders.

‘Stakeholders including private refinery owners, government refineries, labour unions, regulators, civil society groups, and other interested parties will be given the opportunity to present their positions, raise concerns and make submissions.

‘The outcome of this investigative hearing will guide the Senate in reshaping the roles of the regulatory agencies in resolving the industrial disputes, understanding the future of the Nigerian downstream sector under the Petroleum Industry Act (PIA)’.

OnePort 365, Africa’s leading digital trade and logistics platform, joined manufacturers, innovators, and business leaders at the Made-in-Nigeria Exhibition (MiNE 2025) to advocate for greater use of technology in strengthening Nigeria’s manufacturing and export competitiveness.

The exhibition, organised by the Manufacturers Association of Nigeria (MAN), provided a national platform to promote local production and celebrate Nigerian-made goods. It also highlighted innovations driving industrial transformation under the theme ‘Nigeria First: Prioritising Patronage of Made-in-Nigeria.’

Olubunmi Balogun, Head of Marketing and Partnerships at OnePort 365, said the company is building digital infrastructure that helps Nigerian businesses trade more efficiently.

‘Through our integrated trade solutions, we’re helping manufacturers and exporters access logistics, documentation, and visibility tools that simplify global trade,’ Balogun said.

Founded to simplify cross-border logistics for African businesses, OnePort 365 connects freight booking, documentation, and cargo tracking in a single platform. The company’s model empowers manufacturers, exporters, and importers to trade faster.

By participating in MiNE 2025, OnePort 365 reaffirmed its commitment to public-private collaboration and industrial innovation. They note that their vision aligns with MAN’s efforts to improve competitiveness and drive sustainable growth across Nigeria’s manufacturing sector.

Balogun added that technology will be central to unlocking the country’s next phase of export expansion.

‘We believe technology is a key enabler for Nigeria’s next wave of export growth,’ she said. ‘Our goal is to make cross-border trade seamless-from booking shipments to tracking and documentation-all within one digital ecosystem.’

Nigeria’s agricultural landscape is witnessing a revolution, driven in part by women leveraging technology to transform farming, improve yields, and reshape agribusiness across the country.

From precision farming to data-driven supply chains, women in agritech are redefining how Nigeria grows, processes, and markets food.

According to the National Bureau of Statistics (NBS), women make up nearly 45 percent of Nigeria’s agricultural workforce but receive less than 20 percent of available funding and support. Yet, agritech is emerging as an equaliser, offering women digital tools to access credit, climate information, and extension services that were previously out of reach.

Limited access to funding, poor infrastructure, unreliable supply chains, and outdated tools have long held back Nigeria’s agriculture sector. For women, these challenges are even steeper, compounded by cultural norms and systemic inequalities that restrict access to land, finance, and decision-making networks.

Government and development initiatives such as the Women in Agribusiness and Innovation Hub and SheGrows Africa are helping bridge this gap, while private players such as ThriveAgric and Releaf are launching mentorship programmes to bring more women into tech-enabled agribusiness.

With over 70 percent of smallholder farmers being women, digital innovation could significantly boost productivity, reduce waste, and create rural jobs.

Here are five women breaking barriers and leading the charge through contact with farmlands.

Angel Adelaja – Fresh Direct Nigeria

She is the founder and CEO of Fresh Direct Produce and Agro-Allied Services, as well as co-founder of WeFarmAfrica.org

A pioneer in urban agritech, Adelaja is using innovation to solve Nigeria’s food shortage problem. Through her ventures Fresh Direct Produce and WeFarmAfrica, she is connecting communities using smart agricultural technologies.

She introduced stackable container farms, which reduce pressure on land use and eliminate the need for imported vegetables. Her urban organic farms use less water and land than traditional methods, while achieving 15 times higher yields.

By bringing high-quality, locally grown produce closer to urban consumers, she’s redefining the future of food production in cities.

Aisha Bashir – Cam Dairy Foods Ltd

She is the founder and CEO of Cam Dairy Foods Ltd. In northern Nigeria, Bashir is transforming the dairy industry through her company, Cam Dairy Foods Ltd.

Her mission is to bridge Nigeria’s massive dairy import gap by building local value chains from the ground up.

Cam Dairy partners with hundreds of pastoralists across the region, training them in modern animal health, feeding, and milk-handling practices. The company also provides veterinary support and financing, ensuring farmers can meet market standards.

The milk collected is then chilled, pasteurised, and packaged into fresh dairy products sold in supermarkets and homes nationwide – a model that empowers local producers and boosts rural incomes.

Aisha Raheem-Bolarinwa – Farmz2U

She is the founder of Farmz2U. With Farmz2U, Raheem-Bolarinwa is helping smallholder farmers work smarter and sell their products more effectively.

Her digital platform integrates data science, AI, and market analytics to minimise inefficiencies in Nigeria’s agricultural value chains.

Through the Farmz2U mobile app, farmers gain access to advisory services, input suppliers, and real-time market forecasts, helping them plan production based on consumer demand.

Her innovation is enabling farmers to make data-driven decisions, reduce post-harvest losses, and increase profitability one smartphone at a time.

Affiong Williams – ReelFruit

She is the founder and CEO of ReelFruit. As the founder of ReelFruit, Williams has built Nigeria’s leading dried fruit processing and packaging company.

Her firm sources mangoes, pineapples, coconuts, and cashews from over 250 smallholder farmers, nearly 40 percent of whom are women.

ReelFruit transforms this produce into premium snacks such as dried fruit packs and fruit-nut mixes, which are available in more than 400 retail outlets across Nigeria and exported via Amazon and other international platforms.

Williams’ model not only adds value to local produce but also creates jobs and empowers women farmers in her supply chain.

Ellah Samuel – Pleroma Farms and Agribusiness Limited

She is the CEO of Pleroma Farms and Agribusiness Limited. With over 15 years of experience in banking and international trade, Samuel is bringing corporate discipline and innovation into agriculture.

Through Pleroma Farms and Agribusiness Limited, she operates across Abuja, Kaduna, Benue, and Nasarawa, cultivating and processing vegetables, spices such as ginger and turmeric, and staple crops such as cassava, yams, and potatoes.

Pleroma Foods also produces dehydrated vegetables, flours, and pulses, helping reduce post-harvest losses and extend the shelf life of local produce. Samuel’s work is helping to modernise Nigeria’s agribusiness sector, while creating opportunities for women and youth in rural communities.