STL innovates continuously to ensure its solutions remain relevant and beneficial to clients- Ekundayo

Nigeria will be 65 years old on October 1st. As a firm in this country, what could you say about the country’s journey from independence to date?

Nigeria’s journey in the past 65 years has been a mix of great promise, evolving challenges and resilience in the face of those challenges. However, despite the challenges and sundry headwinds, the country has recorded remarkable strides in some critical areas such as telecommunications, financial services, education, entrepreneurship and to a large extent, infrastructure. Our people remain our greatest asset; the sheer ingenuity, creativity, and resilience of Nigerians are evident everywhere, both locally and globally.

For us in the private sector, including STL Trustees, the story is one of growth amid constraints. Despite economic fluctuations, regulatory changes, and political transitions, businesses, including ours, continue to innovate and thrive. What this demonstrates is that Nigeria is a land of opportunities waiting to be unlocked. So, while we may not have fully realized the dreams of independence, our capacity for reinvention keeps hope alive. What we need now is to translate this resilience into sustainable growth, driven by good governance and consistency in policy implementation.

At 65, we may not be where we envisioned post-independence, however, our capacity for renewal and reinvention gives us confidence that the best is yet to come. Although the journey is still far, I believe we are on the right part to sustained national prosperity.

What are the wins and challenges and how could the federal, state and local governments consolidate on the wins and address the challenges?

Some of the wins are significant and noteworthy. Nigeria has one of the largest economies in Africa, with a huge market and youthful population. Our financial services sector, particularly, has matured impressively, with banks and other capital market operators, including trusteeship firms, showing resilience and innovation. A significant win in recent times is the local government autonomy which has the capacity to catalyse rural development and launch our economy with speed if well-managed and supervised. This would enable the municipals to access funding from the capital market to finance important projects that would be beneficial to citizens at the grassroot thus making it easier to deliver the dividends of democracy, amongst other advantages.

Additionally, the expansion and stability of our democratic journey, though not yet perfect, is a key achievement in our national trajectory, and it can only continue to get better. The challenges, however, remain daunting. These include infrastructure deficits, inconsistent policies, insecurity, unemployment, and exchange rate volatility. The ease of doing business must also be championed continuously to encourage businesses to stay. To consolidate on the wins and address the challenges, governments at all levels must not relent in the area of creating an enabling environment for businesses, including through ensuring policy consistency, investing in

infrastructure, as well as transparency and accountability in governance.

Equally important is addressing insecurity, which is critical to attracting both local and foreign investments. Effective collaboration between the federal, state, and local governments is vital in this regard. Furthermore, government must be intentional about building and empowering institutions to be strong, independent and virile. Strong institutions, not strong individuals, are what sustain democracies and economies. If we can achieve this, the Nigerian narrative will be one of exponential transformation in the years to come.

What motivated STL to go into its line of business? How long has it been in business?

STL Trustees was incorporated in 1991 and commenced business in 1996 as a wholly owned subsidiary of the old EIB Bank (which subsequently became Skye Bank). The motivation of the parent Bank at that time was borne out of the need for business expansion and diversification as well as the motivation to deepen the Bank ‘s service and product offerings to its customers.

How big is Nigeria ‘s Trustee industry and what portion does your STL control?

The Trustee industry in Nigeria is still evolving with room for growth and additional players as the economy expands. Estate planning, digital assets etc., are some areas that are just budding and need to be maximised towards further development of the industry. While I cannot say with precision the share of the industry that our firm controls, what I can say with certainty is

that STL Trustees plays in the big league in the industry.

How would you describe the business environment in Nigeria post subsidy removal and the floating of the Naira?

The removal of fuel subsidy and floating of the Naira are bold policy steps aimed at correcting longstanding distortions in our economy. However, these reforms have come with noticeable short-term pains for businesses and households, costs of operations have risen sharply, and inflationary pressures are affecting both production and consumption. That said, these reforms also present opportunities. In the long run, subsidy removal will free up fiscal resources for more productive investments in infrastructure, education, and healthcare, amongst others, while exchange rate unification will encourage transparency and boost investor confidence.

Businesses, including ours, are adjusting by tightening operational efficiency, exploring local alternatives, and leveraging technology to remain competitive. It is imperative for governments at all levels to complement these reforms with policies aimed at cushioning the effect, social safety nets for vulnerable citizens, targeted support for businesses, as well as investments in critical infrastructure. The combination of robust social safety nets and targeted interventions to cushion the immediate effects, are some of the factors that would turn today’s pain into tomorrow’s gains.

What new opportunities have the reforms thrown up for players in your sector and how is your firm tapping them?

The local government autonomy and the removal of some items from the Exclusive list are some of the major game changers that can lead to increased big -ticket transactions in the capital market and STL will continue to put our best foot forward as we leverage these emerging opportunities.

Technological innovations such as Artificial Intelligence, Machine Learning, and others, have greatly influenced the global financial industry where you operate. What innovative products or services has your firm launched in recent times and how could your prospective clients benefit from them?

At STL Trustees, we are deeply committed to using technology to enhance client experience and deliver bespoke Trust solutions. We see technology not just as a tool, but as an enabler for delivering value. Our mission has always been to simplify Trust solutions and make them accessible to all, and technology is helping us bring that vision to life. We also leverage technology for our innovative products and service offerings. Machine Learning is a subset of AI that we use to collate information on client needs and demography; this enables us to curate appropriate products to meet the needs of our clients.

In recent times, we have introduced digital onboarding platforms that enable our clients to initiate and complete Trust arrangements seamlessly online, thereby eliminating geographical barriers. We have also deployed AI -powered analytics to improve investment monitoring and risk management across the diverse portfolios we manage.

For our clients, this translates to faster service delivery, greater transparency, improved security, and more tailored solutions to their specific needs. Beyond that, we continue to explore innovations in estate planning, corporate trusteeship, and capital market transactions that make our services more accessible, more reliable, and increasingly client focused. The goal is to simplify Trust services while creating lasting value for all our stakeholders.

Cybercrime is one of the downside risks of technological innovations in the global financial industry. What measures have you put in place to address cybercrime?

You are very correct; cybersecurity is one of the most pressing risks in present day’s global financial landscape. At STL Trustees, we approach cybersecurity with the utmost seriousness because we handle sensitive information and assets on behalf of clients. We have invested in robust cybersecurity infrastructure, including advanced firewalls, intrusion detection systems, and encryption protocols to secure our digital platforms. Equally important, we conduct regular cybersecurity audits and penetration testing to identify and close potential vulnerabilities proactively whilst we keep assessing and fortifying our system from time to time. Staff training and awareness are also key, because human error is often the weakest link in cyber defense, hence we keep training and retraining our people on the subject matter periodically.

Additionally, we comply with all relevant regulatory guidelines from our apex regulator, the Securities and Exchange Commission (SEC), and other oversight bodies. We also partner with reputable cybersecurity firms to continually strengthen our cybersecurity framework. For our clients, this means peace of mind knowing that their data and assets are fully protected in line with best global practices. Whether it is estate planning, corporate trusteeship, or capital market transactions, we are constantly innovating to ensure that our solutions remain relevant and beneficial to our clients. At STL Trustees, technology is not replacing human touch, it is enhancing it.

What is the future outlook for players in your sector?

The outlook for players in our sector is bright. I see the industry on an upward trajectory. This is because our sector will continue to thrive with the expected growth in the economy.

Power, sovereignty, and the Sahel (Part 1): The emerging new geometry

Two years ago, when Mali, Niger, and Burkina Faso announced their withdrawal from ECOWAS and the formation of the Alliance of Sahel States (AES), the decision reverberated far beyond the institutional corridors of West African diplomacy. It marked the crystallisation of a new political axis – one forged in defiance of regional orthodoxy and openly sceptical of the post-colonial order that has framed West African cooperation for nearly half a century. What began as a defensive reaction to sanctions against military juntas has since evolved into a declaration of intent: a bid to reconstruct the meaning of sovereignty, legitimacy, and independence on Sahelian terms.

The AES emerged from the crisis, but its endurance is anchored in conviction. Its founding members present themselves not as renegades but as reformers, confronting what they view as a regional order compromised by dependency and Western tutelage. In their rhetoric, ECOWAS is no longer the custodian of integration but the enforcer of an external agenda – an institution whose insistence on procedural democracy has too often ignored the lived insecurities of its citizens. The AES, by contrast, defines legitimacy not through ballots or constitutions but through control – of land, of resources, and of security. This inversion of values, while troubling to some, speaks powerfully to publics fatigued by years of state fragility and unfulfilled democratic promise.

‘The bloc’s messaging fuses populist defiance with post-colonial reclamation, presenting sovereignty as both a shield and a weapon: a shield against interference and a weapon to renegotiate power relations.’

At its heart, the AES is not a mere coalition of juntas, nor a fleeting alliance of expediency. It is an articulation of political frustration across the Sahel – a revolt against a system that has too often preached sovereignty while practising dependence. The bloc’s messaging fuses populist defiance with post-colonial reclamation, presenting sovereignty as both a shield and a weapon: a shield against interference and a weapon to renegotiate power relations. It is a language that travels easily in a region where insecurity has become the backdrop of daily life and where foreign interventions have promised stability but delivered neither peace nor prosperity.

The symbolism of the AES has proved potent. In Bamako, Ouagadougou, and Niamey, the rhetoric of ‘taking back control’ resonates with citizens who perceive external actors as complicit in the failures of their states. France, once a central military ally, has become the primary target of resentment. Its troops have been expelled, its bases dismantled, and its influence publicly repudiated. In their place, Russian operatives have appeared – a visual representation of a shifting global alignment. Mining contracts are being rewritten to favour national control, often with populist overtones that blend economic nationalism with anti-Western sentiment. The language of governance has changed: technocratic optimism has given way to the vocabulary of pride, self-determination, and autonomy.

Yet the power of AES is more symbolic than structural. It is, at present, a fragile constellation of poor, conflict-ridden states with limited fiscal space and heavy internal burdens. Collectively, their economies account for less than five per cent of the GDP of ECOWAS. Their militaries are overstretched, their institutions brittle. But in politics, symbolism often outruns capacity. What the AES lacks in resources, it compensates for in narrative clarity. Its message – that weak states can resist, that sovereignty is worth more than stability imposed from abroad – has begun to find sympathetic ears elsewhere on the continent.

The emergence of this new axis presents ECOWAS with an existential dilemma. The organisation, once the uncontested framework of regional cooperation, is now forced to confront its legitimacy deficit. The moral authority it has long derived from championing democracy is being eroded by the perception that its enforcement of constitutional order has produced neither peace nor governance. In the Sahel, the very word ‘democracy’ is increasingly associated with fragility – endless elections, unfulfilled expectations, and corruption without accountability. Against this backdrop, the AES’s claim that sovereignty and security matter more than ballots strikes a chord.

For Nigeria, the implications are profound. As the traditional anchor of ECOWAS and the region’s largest democracy, Nigeria has long viewed itself as both stabiliser and standard-bearer. But its leadership is now being contested not by an external rival but by an ideological alternative emerging within its neighbourhood. The AES represents a challenge not just to Nigeria’s diplomatic reach but to its philosophical foundations. If democracy is seen as incapable of delivering security or prosperity, Abuja’s normative authority in the region will inevitably diminish.

The practical stakes are no less serious. Niger shares a border of over 1,500 kilometres with Nigeria – a frontier of trade, migration, and insecurity. Instability in the Diffa or Tahoua regions spills directly into Borno and Sokoto. The dissolution of regional coordination mechanisms threatens the fragile intelligence-sharing and joint operations upon which Nigeria’s own counterinsurgency efforts depend. A divided West Africa weakens the collective ability to contain extremist networks that already blur the boundaries between the Sahel and the Lake Chad Basin.

The future of AES remains open. It may consolidate into a permanent alternative to ECOWAS, drawing in other states disillusioned by the status quo. It may remain a tactical arrangement designed to extract concessions or legitimacy. It may fragment under the pressure of economic collapse or leadership rivalries. Or it may become a platform for external influence-a proxy through which new global powers compete for African allegiance. Each scenario carries consequences for regional security, economic integration, and diplomatic coherence.

What is certain is that the AES has already altered the mental map of West African politics. Its leaders speak the language of rupture, but they have tapped into an enduring sentiment-that sovereignty, long promised and seldom delivered, must now be defended without apology. Their defiance has forced ECOWAS to confront its own fatigue and Nigeria to reconsider what leadership means in a region where moral persuasion no longer suffices.

For Nigeria, the response cannot rely on nostalgia for an older order. The AES has exposed the fragility of the consensus that once underpinned West African integration. If democracy and regionalism are to remain viable, they must be renewed from within – made relevant to citizens whose patience with rhetoric has run thin. Nigeria’s leadership, therefore, must evolve from declarative to demonstrative: less about preaching norms, more about performance results.

The contest now unfolding in the Sahel is not simply about borders or blocs. It is a contest of narratives – between those who promise control and those who promise inclusion; between sovereignty as insulation and sovereignty as interdependence. The outcome will shape the moral and strategic landscape of West Africa for a generation.

The Alliance of Sahel States has redrawn the geometry of the region. Whether it endures or implodes, it has already changed the conversation about power and legitimacy. The burden now falls on Nigeria and ECOWAS to prove that democracy, properly practised and tangibly delivered, remains the surer path to stability. In this new era, leadership will not belong to the loudest voice but to the most credible example.

More than Solar Power: Powering progress, growth, and a sustainable future for every Nigerian

Arelipower International Limited has positioned itself as a key player in Nigeria’s renewable energy space. What motivated the company’s entry into this sector, and how has the journey unfolded so far?

Arelipower International Limted was founded out of a strong conviction that access to reliable energy is not a privilege but a necessity for economic growth and human development. Nigeria’s heavy dependence on fossil fuels, coupled with its persistent grid failures, presented a clear gap: millions of households and businesses were underserved. Our motivation was to close that gap by introducing clean, affordable, and reliable solar solutions. The journey has been both challenging and rewarding, we started by focusing on small-scale residential systems, and today, we deliver end-to-end energy solutions for homes, SMEs, and larger institutions. Along the way, we’ve learned to adapt our models, integrate financing, and expand our technical expertise to meet the diverse energy needs of Nigerians.

With Nigeria’s persistent energy access challenges, how is Arelipower leveraging renewable technologies to provide sustainable solutions to underserved communities and businesses?

Our approach is community- and customer-centric. We leverage solar PV and hybrid technologies tocreate scalable solutions tailored to rural communities, peri-urban settlements, and SMEs that lack consistent power. For underserved communities, we deploy mini-grids and solar home systems designed to power schools, health centers, and small businesses. For businesses, we design custom solar hybrid systems that reduce dependence on diesel, cut operational costs, and increase uptime. The key has been to combine technology with affordability, ensuring that even the most remote users can access energy that improves livelihoods.

Energy storage and grid reliability remain major issues in Nigeria. What innovative approaches or technologies is Arelipower deploying to address these challenges?

We are investing heavily in advanced lithium battery storage solutions that offer longer life cycles, better safety, and more efficiency compared to traditional alternatives. Our systems are designed with smart energy management software that allows for real-time monitoring and predictive maintenance. In grid-connected areas, we provide hybrid systems with automated changeovers that stabilize power and reduce reliance on erratic supply. In addition, for financing companies and organizations that provide solar solutions on flexible payment plans, our systems can be equipped with a secure remote lock feature. This allows the provider to disable or restrict the system directly from their end without the need to visit the customer’s location if payment obligations are not met. This capability safeguards the interests of financing partners while ensuring customers remain committed to their payment agreements

Financing remains a key barrier to solar adoption for many Nigerians. How is Arelipower creating or leveraging financing models that make renewable energy more accessible and affordable for households and SMEs?

We recognize that affordability is just as important as technology. To bridge this gap, Arelipower has partnered with forward-thinking financial institutions such as AltBank and Rivy, who share our vision of democratizing access to clean energy. Through these collaborations, we provide flexible payment models including pay-as-you-go (PAYG) for households and lease-to-own schemes for SMEs, industrial, and commercial clients. These options enable customers to access reliable solar solutions without the burden of prohibitive upfront costs. Together, we are making renewable energy adoption not only technologically advanced but also financially accessible and sustainable for everyday Nigerians.

Collaboration is key to scaling impact. Can you share any recent partnerships, whether with government, international organizations, or private firms that are accelerating your mission?

Arelipower’s impact is fueled by strong collaborations. We partner with AltBank and Rivy to deliver green financing solutions. Through our membership in the Renewable Energy Association of Nigeria (REAN), we contribute to shaping policy, setting industry standards, building capacity, and driving nationwide adoption of clean energy. On the technology side, we work with Livoltek and Onseun. With Women Achievers Africa, we promote women’s inclusion in renewable energy, participating in exhibitions and offering women up to 13% discounts on our products to encourage adoption. Together, these partnerships make solar more accessible, affordable, and transformative across Nigeria.

What role do you believe policy and regulation should play in unlocking the full potential of renewable energy in Nigeria? And how would you assess the current regulatory environment?

Policy and regulation are critical to scaling renewable energy. We believe government must provide clear incentives such as tax relief on renewable equipment, low-interest financing support, and streamlined licensing for renewable projects. A stable regulatory framework would also boost investor confidence, encouraging more capital into the sector. While Nigeria has made progress through initiatives like the Renewable Energy Master Plan and the Mini-Grid Regulation, there is still room for improvement in enforcement, transparency, and policy consistency. Stability and predictability in regulation will be key to accelerating adoption at scale.

Nigeria’s energy transition also requires local capacity building, how is Arelipower contributing to training, job creation, and the development of technical expertise within the renewable energy workforce?

We are committed to building local talent. Arelipower runs installer and technician training programs that equip young Nigerians with hands-on solar installation and maintenance skills. We also provide internships for engineering students to bridge the gap between academic learning and industry practice. Beyond technical training, we organize sales trainings and ensure our staff attend business conferences and seminars, both virtual and physical, to sharpen their skills and stay updated on industry trends. In addition, we offer programs in customer service, project management, and energy sales, creating a holistic workforce that supports the sector. Our goal is not just to create jobs, but to build lasting careers that fuel Nigeria’s energy transition.

Looking ahead to 2030, what is your long-term vision for Arelipower’s role in Nigeria’s energy transition, and what key milestones are you targeting?

By 2030, we envision Arelipower as a leading driver of Africa’s clean energy future-one where solar is not an alternative but a primary source of power for millions. Our targets include electrifying over 1,000 rural communities across the continent through mini-grids, providing one million households with affordable solar home systems, and enabling at least 50,000 SMEs, commercial, and industrial clients to transition away from diesel. We also aim to expand our training programs to certify 10,000 renewable energy professionals, building the human capacity needed to sustain Africa’s energy transformation.

Importantly, our long-term plan includes establishing local manufacturing of solar products in Nigeria, thereby reducing reliance on imports, lowering costs, and strengthening the value chain. This will go hand in hand with increasing local capacity, promoting local production, and creating employment opportunities for our people. Ultimately, our vision is to power sustainable growth, reduce Nigeria’s carbon footprint, and contribute meaningfully to the global fight against climate change.

Shell greenlights $2bn offshore gas project to bolster Nigeria’s LNG ambitions

Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, has approved a final investment decision (FID) on the $2 billion HI gas project offshore Nigeria, marking another major step in the Anglo-Dutch energy group’s efforts to expand its gas portfolio and reinforce its long-standing presence in Africa’s biggest oil producer.

The project, developed in partnership with Nigeria’s Sunlink Energies and Resources Limited, will deliver 350 million standard cubic feet of gas per day, equivalent to around 60,000 barrels of oil equivalent, at peak production.

The gas will supply Nigeria LNG (NLNG), in which Shell holds a 25.6 percent stake, and is expected to underpin exports of liquefied natural gas to global markets from the Bonny Island terminal.

Production from the HI field, located roughly 50 kilometres offshore in about 100 metres of water, is scheduled to begin before the end of this decade. The field, discovered in 1985, holds an estimated 285 million barrels of oil equivalent (mmboe) in recoverable resources.

Peter Costello, Shell’s upstream president, said the decision underscored the company’s continued confidence in Nigeria’s energy future.

‘Following recent investment decisions related to the Bonga deep-water development, today’s announcement demonstrates our continued commitment to Nigeria’s energy sector, with a focus on Deepwater and Integrated Gas,’ Costello said. ‘This Upstream project will help Shell grow our leading Integrated Gas portfolio while supporting Nigeria’s plans to become a more significant player in the global LNG market.’

Since 2024, President Tinubu has issued targeted directives as part of the industry reform coordinated by the Office of the Special Adviser to the President on Energy, introducing unprecedented fiscal incentives, regulatory clarity, operating processes simplification, cutting contracting costs and reducing approvals cycle times. These reforms, now embedded in legislation, have restored investor confidence and repositioned Nigeria as a competitive destination for investments. The three landmark FIDs, the HI and Ubeta gas projects, and Bonga North deepwater, represent blueprint projects selected and unlocked by the Federal Government to drive the implementation of the presidential directives. Specifically, the development of the HI gas field-discovered four decades ago, in 1985-is being enabled by Presidential Directive 40, which introduced a competitive fiscal framework for Non-Associated Gas in onshore and shallow offshore fields. Olu Verheijen, special adviser to President Bola Tinubu on Energy, said: ‘With the Ubeta FID and now the HI FID, we have secured the gas supply needed to make NLNG Train 7 not just possible, but transformative. These projects will significantly strengthen the reliability of Nigeria’s LNG exports to global markets while expanding LPG supply for domestic use – reducing imports, boosting foreign exchange earnings, and advancing clean cooking access for millions of Nigerian households. And this is only the beginning; more FIDs are on the horizon, proving that with the right policies in place, investment and impact follow.’

Strengthening Nigeria’s LNG supply base

The HI project will feed gas into the NLNG Train 7 expansion, which aims to increase the Bonny Island plant’s annual liquefaction capacity from 22 million to about 30 million tonnes. The expansion is a central pillar in Nigeria’s strategy to expand LNG exports, attract foreign investment, and diversify its hydrocarbon revenues amid declining oil output.

Shell’s participation in the HI development aligns with its broader goal to boost its global LNG portfolio by an average of 4-5 per cent annually through 2030. The company views gas, particularly LNG, as a critical bridge fuel in the transition to lower-carbon energy sources. LNG emits about 40 per cent less carbon dioxide than coal when used in power generation and produces fewer emissions than petrol or diesel in transport applications.

The HI project’s infrastructure will include a wellhead platform with four wells, a subsea pipeline to transport multiphase gas to Bonny Island, and a new onshore gas processing facility. Processed gas will be delivered to NLNG, while condensates will be routed to the Bonny Oil and Gas Export Terminal.

Local partnership and economic ripple effects

Under the project’s joint venture structure, Sunlink Energies and Resources Limited holds a 60 per cent operating interest, while SNEPCo owns the remaining 40 per cent. Analysts view the collaboration as part of a broader trend of combining multinational expertise with local ownership in Nigeria’s oil and gas industry, in line with the government’s push for increased domestic participation.

Beyond supporting LNG exports, the HI project is expected to generate economic benefits through job creation in both construction and operations. Nigeria’s government has been eager to leverage such projects to drive local content development and mitigate the economic volatility tied to crude oil exports, which have been challenged by pipeline sabotage, theft, and underinvestment in recent years.

Industry observers say the project could also help stabilise Nigeria’s domestic gas supply at a time when the country faces chronic power shortages. ‘Developments like HI not only reinforce Nigeria’s position as an LNG exporter but also offer potential to alleviate domestic energy constraints, provided there’s a balance between export and local demand,’ said a Lagos-based energy analyst.

Aligning with Shell’s growth strategy

The HI gas development contributes to Shell’s commitment, set out at its Capital Markets Day in 2025, to bring new upstream and integrated gas projects online between 2025 and 2030, with a combined peak production of more than 1 million barrels of oil equivalent per day. The company has pledged to grow production across its upstream and integrated gas businesses by about 1 per cent per year through the end of the decade.

The decision follows Shell’s FID on the Bonga North project in December 2024 and the recent increase in its equity in the main Bonga field-moves that reflect its strategy of disciplined reinvestment in Nigerian deepwater and gas assets despite divestments from onshore operations plagued by security challenges and environmental controversies.

Shell’s renewed focus on offshore and gas projects signals a shift toward lower-risk, lower-emission, and more commercially resilient investments in Nigeria, where the company has operated for over six decades. The emphasis on deepwater and LNG aligns with both Shell’s decarbonisation goals and Nigeria’s ambitions to become a global gas powerhouse.

Nigeria face ‘Do-or-Die’ clash against Benin as World Cup hopes hang

Decisive Night in Uyo

Nigeria’s Super Eagles are set for a crucial showdown against Group C leaders Benin Republic on Tuesday evening at the Godswill Akpabio Stadium, Uyo, in a match that could determine their 2026 FIFA World Cup fate.

With qualification hopes hanging by a thread, the Super Eagles must deliver a convincing win and hope for a favourable result elsewhere to keep their World Cup dream alive.

Qualification Scenarios

Nigeria currently sit third in Group C with 14 points from nine matches (three wins, five draws, and one defeat), trailing Benin by three points and South Africa by one.

To qualify automatically, Eric Chelle’s men must beat Benin by at least three clear goals and hope South Africa fail to beat Rwanda in Nelspruit.

The stakes could not be higher for the three-time African champions, who are desperate to avoid missing consecutive World Cups for the first time in history. Since their debut at the USA 1994, Nigeria have featured at six World Cup finals – 1994, 1998, 2002, 2010, 2014, and 2018 – reaching the Round of 16 on three occasions.

Pressure After Qatar 2022 World Cup Heartbreak

After the heartbreak of missing the 2022 edition in Qatar, losing the playoff ticket to Ghana, the Super Eagles are under intense pressure to avoid another setback. The players and coaching crew know that anything short of victory in Uyo could end their World Cup ambitions once again.

Benin on the Brink of World Cup History

Benin, meanwhile, are on the verge of making history. Under former Nigeria coach Gernot Rohr, the Cheetahs have emerged as one of the surprise packages of the qualifiers, collecting 17 points from nine games (five wins, two draws, and two losses).

They have scored 12 goals and conceded just seven, with a solid defence proving key to their campaign. Their narrow 1-0 victory over Rwanda in the previous round, courtesy of Tosin Aiyegun’s strike, lifted them to the top of the group and within touching distance of their maiden World Cup appearance.

Chelle Rallies Fans for Support

Super Eagles coach Eric Chelle and captain William Troost-Ekong have called on Nigerians to fill the stadium and rally behind the team ahead of the decisive fixture.

‘We need our fans to be behind us and make it tough for Benin. This is a World Cup qualifier; the game starts the moment they step into our country. We must do the job on the pitch,’ Chelle said.

African Qualification Picture

So far, six African nations- Algeria, Egypt, Morocco, Tunisia, Ghana, and Cape Verde- have already secured their tickets to the 2026 FIFA World Cup. That leaves three automatic spots and one intercontinental playoff slot still available.

For Nigeria, everything comes down to ninety tense minutes in Uyo, a defining night that could either reignite their World Cup journey or plunge the Super Eagles into another era of regret.

We need better answers from politicians

Platitude, a noun, is a remark or statement often with some moral content, used to mask real meaning. Politicians use platitudes to sound interesting or thoughtful. But it is often devoid of the deep explanations or solutions to the issues at hand. Here is one example.

Economic growth in the second quarter of 2025 was 5.0 percent, up from 4.0 percent in the third quarter of 2024. This, combined with low inflation and a stable exchange rate, is good news for businesses. It means better times ahead.

Court allows CMA to probe eight directors of Kakuzi

Eight directors of agricultural firm Kakuzi, including the chief executive Christopher Flowers, have lost a bid to block the Capital Markets Authority (CMA) from investigating them over alleged conflict of interest and financial impropriety.

High Court judge Anthony Mrima dismissed the appeal by the group, saying the probe by the markets regulator cannot be faulted on the grounds of procedural impropriety, under either the Constitution or the law.

Absa sees high lending season on expansion, new loan model

Absa Bank Kenya projects its lending volumes to grow this season on branch network expansion and gains from a new loan pricing formula.

The lender plans to expand its physical footprint across the country by opening branches in Mtwapa and Wajir before the close of 2025, buoyed by the strong performance of its recently opened outlets.

According to the bank’s top management, the repositioning of the brand towards the retail segment of the economy is delivering desired outcomes as the latest branches prove their ability to cover their costs at just about 80 percent of the typical time taken to break even. ‘We’ve opened seven branches in the last twelve months, and those branches have broken even within anything between six and twelve months, which is a record pace. It’s about understanding demographics and checking what’s happening in the cities as people are moving and coalescing towards neighbourhoods as opposed to malls. Last year alone, we brought on book about 130,000 new customers,’ Absa Bank’s Consumer Banking Director, Moses Muthui, said.

‘So, it is about a carefully selected expansion around the country as Kenyans increasingly scout for a physical manifestation of banking, even as they go digital. Wajir, for example, where we are going next, is a county headquarters,’ the official added.

Absa Bank Kenya said that right-sizing traditional branches has been key in this outcome and created avenues through which they can complement the fast-growing appetite for transactions conducted predominantly via digital platforms.

‘It’s not your 4,000 square foot traditional branches, it’s now about 1,800 square foot, and that is then complemented by investing in digital, where it really matters, and that is in payments’, Mr Muthui said.

The bank has shrugged off concerns that its leaning towards the retail segment of the market to drive organic growth and expansion exposes it to the challenge of rising bad debt experienced in the market.

‘Our NPL (non-performing loan) ratio as of the last filing was around 10 percent, unlike what we are seeing in the industry at around 17 percent average. For us, it’s about tightening how we manage the flow to default, and that is the art of walking with clients and ensuring, where need be, you are restructuring early enough because that is where the greatest impact of sustaining a good quality on your portfolio lies’, Muthui says.

On October 7, 2025, the bank notified its customers of the impending transition to a new a risk-based credit pricing model (RBCPM), which takes effect for new loans on December 1, 2025.

The bank’s management says it sees an opportunity for high-volume lending once the new regime takes effect, given the transparency in price build-up for loans across the sector.

‘There’s obviously a lending opportunity presented, and we think we are going into a high-volume season in terms of lending with the new framework in place. We are adjusting our appetite accordingly as we get ready for that cycle, as we engage in stress testing and do the operational readiness work. The greatest thing here is the opportunity for product innovation’, Muthui said.

The Central Bank of Kenya (CBK) introduced the RBCPM, which took effect for new variable-rate loans on September 1, 2025.

The new model will use the interbank rate as the common reference rate for determining lending rates to all customers. Banks will be allowed to load a premium (K) on the reference rate, now referred to as the Kenya Shilling Overnight Interbank Average (Kesonia). The total lending rate is now calculated as Kesonia + Premium (‘K’), where the premium reflects the borrower’s risk profile, bank costs, and shareholder returns.

Commercial banks have been granted a three-month grace period to implement the new formula on loan pricing.

The CBK has given the banks a grace period of up to December 1, 2025, to start using the new pricing model on loans booked, while giving them a six-month window to March 1, 2026, for existing loans.

Africa must seize China’s zero-tariff offer to grow manufacturing sector

The African proverb ‘When elephants fight, it is the grass that suffers’ has long captured the collateral damage of great power rivalries.

Today, as the US and China compete for global influence, Africa often finds itself caught in the middle-absorbing the ripple effects of decisions made far away. But this time, the grass need not suffer.

China’s recent decision to eliminate tariffs for 53 African countries presents a rare opportunity: a chance for Africa not to be trampled, but to rise. If seized wisely, this moment could mark a turning point in Africa’s shift from raw material exporter to value-added producer. At the 2025 China-Africa Economic and Trade Expo, over 30,000 participants gathered to witness the signing of 176 projects worth $11.4 billion, with an additional $43 billion in cooperation opportunities announced. This is more than diplomacy; it’s a signal that Africa is being invited to play a bigger role in global trade.

Of course, this gesture is not without strategic benefit for China. Tariff elimination is a lever to secure long-term political goodwill, commercial influence, and access to Africa’s fast-growing markets and critical minerals.

The challenge for African governments is to ensure this generosity works both ways-not as dependency, but as leverage.

Yet trade data tells a cautionary tale. Between January and August 2025, China-Africa trade reached $222 billion, but Chinese exports to Africa surged 24.7 percent, while African exports grew only 2.3 percent.

The result: a $59.5 billion trade deficit. Africa continues to export raw materials and import high-value goods. This is a pattern that must change.

Kenya’s recent negotiations to convert $5 billion in Chinese loans from US dollars to yuan offer a glimpse of strategic recalibration.

Treasury Cabinet Secretary John Mbadi has said the shift could halve interest costs, with the conversion potentially reducing rates from 6.37 percent (USD terms) to around three percent under yuan terms.

This move is expected to ease fiscal pressure, reduce dollar dependency, and extend repayment terms-offering much-needed breathing room in a tightening global credit environment. It’s a bold step toward greater financial sovereignty and a sign that Africa can shape its own terms, even in the shadow of global power realignment.

But the real transformation lies in industrialisation. Across the continent, entrepreneurs are proving that Africa can export more than commodities. It can export quality, innovation, and resilience, as well.

Africa’s industrial future will not be built by tariffs alone. It will depend on bold policy choices and practical reforms that make local production viable and competitive.

That means investing in infrastructure and logistics to lower the cost of moving goods, reforming capital markets to unlock financing for small and medium enterprises, and structuring trade agreements that reward local value addition over raw exports.

It also requires deepening regional integration through initiatives like the African Continental Free Trade Area, so that African producers can scale beyond their borders.

China’s zero-tariff policy is a door. What lies beyond depends on how Africa walks through it and, whether this time, the grass chooses not just to survive, but to grow tall.

From cassava flour in West Africa to chili sauce in Rwanda, African entrepreneurs are building value chains that deliver nutrition, income, and resilience. In our work at Acumen, we’ve had the privilege of backing several of these pioneering businesses: transforming cassava into flour, starch, and snacks to boost farmer incomes; unlocking new markets for coconut oil and cosmetics in East Africa; improving nutrition through poultry ventures in Ethiopia; and enabling solar-powered cold storage in Kenya to reduce food loss and reach premium buyers.

These are not isolated success stories, they are signals of what’s possible when patient capital meets local ingenuity. While traditional aid is fading, catalytic concessional capital still has a critical role to play.

Smartly deployed, it can complement zero-tariff trade by helping entrepreneurs scale, invest in processing capacity, and compete globally. It’s not the aid itself that matters, but how it’s structured – and whom it empowers.

Africa’s industrial future will not be built by tariffs alone. It will depend on bold policy choices and practical reforms that make local production viable and competitive.

That means investing in infrastructure and logistics to lower the cost of moving goods, reforming capital markets to unlock financing for small and medium enterprises, and structuring trade agreements that reward local value addition over raw exports.

It also requires deepening regional integration through initiatives like the African Continental Free Trade Area, so that African producers can scale beyond their borders.

Governments must act with urgency to ensure that zero tariffs don’t simply open the floodgates to more imports, but instead catalyze the rise of African-made products and brands on the global stage. The shift from aid to trade is already underway. The question now is whether Africa will shape that future – or be shaped by it.

Why Tanzania’s new excise duty puts the EAC at a crossroads

In July this year, Tanzania quietly tucked into its Finance Act a new excise duty on goods supplied from fellow East African Community (EAC) member states. On paper, it looked like just another tax tweak. In practice, it struck at the very heart of the EAC integration dream.

The EAC Treaty and the Common Market Protocol are not just decorative documents gathering dust in Arusha. They are the glue binding together six economies promising citizens, and businesses alike, that goods, services, and investments will move freely without the old barriers that made cross-border trade a nightmare.

The principle is simple: if you can sell it in Nairobi or Kigali, you should be able to sell it in Dar es Salaam under the same rules. But these new discriminatory excise duties rewrite those rules. They send a blunt message: ‘Your goods are less welcome here.’ That message is not only illegal under the Treaty, but also politically toxic.

For Kenyan, Ugandan, or Rwandan businesses exporting into Tanzania, the effects are already being felt. Manufacturers are suffering immediate higher costs, delayed shipments, and having to scramble for exemptions.

For ordinary consumers, it will translate into pricier products and fewer choices. And for governments, it creates an awkward diplomatic moment: how do you talk about a ‘single market’ when one partner has just built a new wall?

Within days of the measure, trade diplomats were firing off protest notes, companies were calling their lawyers, and regional business councils were warning of a chilling effect on investment.

Trust, which is a currency of integration took a hit. The EAC is no stranger to trade spats. But here’s the danger: when one state breaks the rules and faces no real consequences, others are tempted to do the same.

Before long, a single breach snowballs into tit-for-tat protectionism. That’s how integration projects die. Not with one big blow, but with small, accumulating betrayals.

Investors are watching too.

If the perception grows that Treaty commitments can be shelved at will, boardrooms will quietly move capital to markets where the rules are clearer.

Tanzania, ironically, may be the biggest loser in that scenario, as it competes fiercely with its neighbours for manufacturing investment and logistics hubs.

Here’s the hopeful part: integration blocs often grow stronger after a near-crisis. The European Union only deepened its rulebook after members repeatedly tested the boundaries.

The EAC can seize this moment to do the same by forging ahead at breakneck pace with long-stalled plans to harmonise taxation and by giving its institutions sharper teeth to ensure compliance.

Read: Kenya, EAC States dominate global trade obstacle warnings

Ultimately it is the East African citizens who will suffer the most and therefore Tanzania should clarify whether this excise duty is a temporary protective measure or a permanent shift. The worst thing for the market is uncertainty.

Partner states should also think about a two-pronged approach: push diplomatically for Tanzania to repeal the discriminatory elements of the excise duty while also pursuing legal remedies at the East African Court of Justice.

Indeed, there has been some recent reporting that an urgent injunction request was filed at the EACJ by a Kenyan manufacturer of matches as their products in Tanzania increased in price seemingly overnight, having read the arguments, it seems impossible that this injunction would not be granted.

Finally, the EAC Secretariat must show it is more than a spectator by convening urgent talks and insisting on a corrective roadmap.

This is not just about a new finance act in a sovereign nation; it is about political will. Do EAC leaders mean it when they speak of integration as Africa’s future, or is the Treaty just a convenient slogan? Besides the action comes on the heal of the expiry of the AGOA deal with the US which should have signaled the need for increased intra-African trade.

The region’s citizens deserve an answer. And businesses, which have invested billions on the promise of one market, cannot wait forever nor should they.

If Tanzania’s July decision becomes the new normal, then the dream of a borderless East African economy will become a nightmare fraught with unilateral protectionist policies. Actions such as these not only undermine collective external bargaining power but saw mistrust into future common markets.

But if leaders grasp the moment, enforce the rules, and recommit to the hard work of integration, this crisis could yet be remembered not as an unraveling, but as a true test of the EAC’s systems, which will hopefully prove to stand the test of time and regimes.