Asianet Pakistan Private Limited

Shabana Mahmood, the United Kingdom’s (UK) Home Secretary, has confirmed that the path to Indefinite Leave to Remain (ILR) will soon be doubled to a ten-year qualifying period and subject to new ‘contribution-based’ requirements.

In her inaugural conference speech as home secretary, the Labour MP confirmed the significant policy shift, arguing that the public’s loss of faith in the immigration system was creating an environment where Britain could no longer afford to be ‘open, tolerant and generous’. End of automatic settlement

Mahmood further outlined plans to introduce a series of new, stringent ‘good citizen’ tests which migrants must pass to earn permanent residency.

‘We will soon increase the time in which someone must have lived in this country to earn indefinite leave to remain from five years to ten,’ she said.

‘And as part of that consultation, I will be proposing a series of new tests.’

These new conditions will reportedly include:

Being at work and making National Insurance contributions.

Not claiming a penny in benefits.

Attaining a high standard of English.

Having no criminal record. Demonstrating that they have truly given back to their community, such as through volunteering. Mahmood stated that those who fail to meet these new conditions should not be automatically granted ILR. The new system will allow high contributors to qualify for settlement in less than ten years, but others could face a longer wait or be barred from ILR entirely.

‘Time spent in this country alone is not enough,’ she asserted. ‘Just like my parents, you must earn the right to live in this country for good.’

The announcement was immediately followed by confusion over whether the stricter rules would apply to migrants who have recently arrived in the UK.

While sources initially indicate that the policy would not apply retrospectively to those already in the country, reports later suggested the government is wrestling with how to prevent a large cohort of recent arrivals from securing automatic ILR under current rules.

Mahmod is considering an emergency retrospective law, changes that could affect around one million migrants, including Nigerians who entered the UK after 2021 under the post-Brexit immigration system.

Insiders suggested the government was prepared to defend the expected legal challenges

However, it has been confirmed that the new ‘good citizen’ tests themselves would be too complex to impose on those already here.

Instead, ministers will seek a separate, faster mechanism to prevent migrants who arrived after 2021 from securing settlement after five years, though this mechanism is expected to be less demanding than the planned new ILR system.

‘Across this country, people feel like things are spinning out of control,’ she said, pointing to the arrivals of small boats and widespread illegal working as key drivers of this distrust.

The proposed changes are subject to a public consultation, following which the government is expected to make its final legislative decisions.

Men from various sectors have stepped forward to take an active role in the fight against gender-based violence, as the Male Feminist Nigeria (MFN) Project was launched in Pankshin, Plateau State, on Tuesday.

The event, organised by the Kozaki Transformation and Development Foundation, brought together stakeholders including traditional rulers, religious leaders, transport union executives, barbers, and other key actors united in the mission of promoting male engagement in ending gender-based violence.

The stakeholders’ engagement meeting, which marks the advancement of the MFN Project across North Central Nigeria, focused on engaging men as allies in promoting gender justice and challenging harmful societal norms.

In his address, Akighir Caleb Akighir, Communication Officer of the MFN Project, emphasised the need to confront entrenched patriarchal ideologies.

He warned that negative masculinity is damaging not only to women and girls but also to men, who are often confined by unrealistic and harmful gender expectations. Expanding on this, Manfred Akpen, Program Officer of the MFN Project, delivered a keynote presentation titled ‘Becoming a Male Ally: From Conviction to Consistency.’ He called on men to go beyond symbolic gestures and instead demonstrate consistent action in advancing gender equity within their communities.

The participants embraced the message, expressing readiness to become ambassadors of male feminism in their communities. Representatives from transport unions, barbers, local academic institutions, religious and traditional councils, and community-based groups pledged to actively promote positive masculinity and help dismantle violence-supportive norms.

Kashim Basil, a Catholic priest and the Coordinator of JDPC Caritas, welcomed participants on behalf of Isaiah Ter, also a Catholic priest and a lawyer who is the Executive Director of the Kozaki Foundation, while prayers were offered by Fr. Gogwim to open the session.

The engagement marks a significant milestone for the MFN Project in Plateau State, North Central Nigeria and sets the tone for further expansion across the region. As the initiative gains ground, Pankshin now serves as a critical hub in a growing movement for male-led advocacy against gender-based violence.

The Lagos State Government has faulted comments made by former Labour Party presidential candidate, Peter Obi, over the demolition of structures at the Trade Fair Complex, insisting that the affected buildings had no valid approvals.

In a statement issued by Gbenga Omotoso, the commissioner for information and strategy, the government dismissed Obi’s remarks as ‘misinformation and disinformation.’

The commissioner accused Obi of attempting to ‘mislead the public by misinformation and disinformation’ after the former governor visited the complex and described the demolitions as ‘a test of impunity, justice and compassion.’ Omotoso insisted that the state’s Ministry of Physical Planning and Urban Development had followed due process.

‘The owners of the building have no approval. They got ample time to regularise their papers when the state government declared last year a general amnesty, which was extended several times. The owners shunned the offer,’ he said.

According to the commissioner, attempts by government officials to enforce planning laws at the complex were met with resistance. ‘When Physical Planning officials visited the complex, the gates were locked against them; they were beaten up. The police rescued them. When the government called the owners for talks, they said they would not come; they did not come,’ Omotoso noted.

He stressed that while the Trade Fair Management Board, a federal body, can administer leases and commercial activities within the complex, it lacks the legal authority to approve building projects.

‘The board. does not have powers to approve or regulate building developments within the complex independent of Lagos State Government,’ he said.

Citing the Nigerian Urban and Regional Planning Act (1992) and a 2003 Supreme Court judgment, the commissioner reaffirmed that states have the authority to regulate development control within their territories, including federal lands, except for core areas such as military formations.

Omotoso concluded by framing the issue as a choice between the rule of law and political grandstanding.

‘We must decide the kind of society we want, one governed by law or one run by emotions, fueled by political interests,’ he stated.

Yemi Kale, former statistician-general, has urged the federal government to remain committed to ongoing structural reforms despite the short-term hardships they impose on households, warning that abandoning the process could trap the country in another cycle of low growth, high inequality, and fiscal stress.

Delivering his speech entitled ‘Reform and Resilience: Strengthening Nigeria’s Economic Foundations’ at The Platform in Lagos on Wednesday, Kale, who currently serves chief economist at Afrenexim bank, said the government’s reforms since 2023 – subsidy removal, exchange rate unification, and tighter monetary policy – have begun stabilising the macroeconomy but stressed that the reforms would be incomplete without strong social protection and structural transformation.

‘Reform is like curing a fever,’ Kale said. ‘You must endure some discomfort as the medicine takes effect. But the alternative of letting the fever run just because the pill is bitter, or the injection is too painful, is far worse.’

Monetary and fiscal reforms restoring stability

Kale argued that Nigeria’s monetary policy had regained credibility after years of inconsistency and quasi-fiscal interventions by the Central Bank. He pointed to the sharp increase in the monetary policy rate to 27.5%, one of the steepest in history which was recently reduced to 27%, as well as efforts to mop up excess liquidity through streamlined open market operations.

‘Importantly, these actions were accompanied by clearer communication, regular policy reports, forward guidance, and transparent explanations of the inflation outlook,’ he said. ‘The results are now visible. Headline inflation, which averaged 25-30% in 2023 and 2024, has begun to ease towards the low 20s. Every percentage point reduction protects the real value of salaries, pensions, and savings, and reduces uncertainty for investors who must plan projects years in advance.’

He projected that inflation could fall to about 14% by the end of 2026 if reforms are sustained. But he cautioned that households would continue to feel the strain.

‘Between now and then, the hardship will continue. The lesson here is clear, reforms must be matched with targeted and effective social cushions to protect the most vulnerable.’

Energy and power: The backbone of growth

The former statistics chief emphasised that no reform agenda could succeed without addressing Nigeria’s chronic energy and electricity challenges.

He praised the launch of the Dangote refinery, which exported its first gasoline cargoes in 2025, as a step toward reducing dependence on imported refined products. But he listed unresolved issues, reliable feedstock supply, transparent pricing formulas, labour disputes, and clear currency settlement mechanisms, that could hinder its impact on domestic supply.

‘The broader challenge is to achieve energy security without reverting to hidden subsidies or encouraging monopolistic practices,’ Kale said. ‘This underscores the need for complementary policies such as strong antitrust oversight, transparent pricing, and incentives for new entrants.’

On electricity, he called the 2023 Electricity Act a ‘bold structural shift’ that decentralises regulation to the states. ‘In essence, it breaks the old centralised monopoly and opens the door for states to partner with private investors to generate, transmit, and distribute power locally,’ he said. ‘Decentralise, liberalise, and let there be light.’

Kale, however, warned that not all states have the capacity to regulate electricity effectively, urging federal support and regional cooperation to prevent the rise of ’36 mini-monopolies.’

Infrastructure, trade, and the business environment

Kale identified infrastructure investment as both an economic necessity and a macroeconomic stabiliser. Citing World Bank projections, he said Nigeria requires $3 trillion by 2050 to meet infrastructure needs, including $575 billion for the transport sector between 2020 and 2043.

‘To put this into context, Nigeria’s entire 2025 budget is about $36 billion, and its rebased 2024 GDP was about $275 billion,’ he said. ‘Government alone cannot meet these vast needs. Public-private partnerships are therefore key.’

He urged that part of the savings from subsidy removal should be legislated and earmarked for transport, logistics, and energy infrastructure.

‘Embedding this commitment into the national budgeting process and potentially into legislation would help rebuild trust with citizens who have borne the immediate burden of subsidy removal,’ he said.

Kale highlighted Nigeria’s telecoms liberalisation as a model for reform. ‘In 1960, we had fewer than 20,000 telephone lines for 40 million people. By 2001, after four decades of monopoly under NITEL, there were only 400,000 lines. Liberalisation in 2001 changed everything. Within five years, lines rose to over 10 million. Today, Nigeria has over 220 million active subscriptions, contributing 16% of GDP. That is what well-designed reforms can do,’ he said.

On trade, he warned that restrictive policies such as export bans, high tariffs, and border closures undermine competitiveness and integration into global value chains.

‘While such measures are often justified as protecting local industries, in practice they encourage smuggling, raise consumer prices, and limit efficiency,’ he said.

He urged Nigeria to position itself as a continental hub under the African Continental Free Trade Area (AfCFTA).

Kale acknowledged that while macroeconomic stabilisation was visible in the data, millions of Nigerians still measure progress in ‘the price of food, the reality of electricity, and their children’s job prospects.’

He praised initiatives like the Student Loan Act and state-level fuel relief packages but called for deeper reforms in education, healthcare, and social protection.

‘Without shared opportunities, inequality and unrest will erode stability. Power and fiscal reforms should empower states, while federal economic and agro-processing zones can lift lagging regions,’ he said.

The Federal Capital Territory (FCT) Police Command has confirmed that Somtochukwu Maduagwu, a correspondent with Arise News jumped from the third floor of her Katampe apartment during an armed robbery attack on Monday, September 29.

Ajao Adewale, Police Commissioner, disclosed the details on Wednesday during a live appearance on Arise Television, where he described the incident as ‘tragic and very unfortunate.’

According to eyewitnesses and vigilantes within the compound, Maduagwu jumped from the third storey of the three-floor residential building, identified as Unique Apartments, while trying to escape the attackers.

‘She landed on the concrete pavement and was found unconscious in critical condition before being rushed to Maitama General Hospital.

Confirming the events that led to her tragic death, Adewale said police officers arrived at the scene to find the journalist unconscious.

‘Policemen moved to the scene and found her lying unconscious. She was immediately taken to Maitama General Hospital, where doctors tried to resuscitate her using CPR, but sadly, she could not make it,’ he said.

The police commissioner explained that the armed robbers had gained access to the apartment complex, a twin three-storey building with 18 flats located around the Gishiri axis of Katampe, under the Mabushi Division. Two private security guards were on duty at the time of the attack. One of them reportedly attempted to resist the robbers but sustained a gunshot injury in the process.

‘In the panic that followed, Sommie, who lived on the topmost floor of the building, jumped down from the third storey. The consequences were tragic and very unfortunate,’ Adewale said.

He further revealed that a special investigation team, led by the Deputy Commissioner of Police (Investigation), had been constituted to track down the perpetrators.

‘We have set up a specific investigation team headed by the Deputy Commissioner of Police, Investigation, with all tactical units involved to track down the culprits.

‘The leads we are getting are already being worked on, and no stone will be left unturned until the perpetrators are brought to justice,’ he assured.

The commissioner extended condolences on behalf of the command to Maduagwu’s family, her colleagues at Arise News, and Nigerians who have been deeply shaken by the incident.

‘The FCT Command once again commiserates with the family of Sommie, the Arise News family, and Nigerians deeply touched by this ugly and disturbing incident,’ Adewale said.

The Federal Housing Authority (FHA) Mortgage Bank has announced a growth plan aimed at deepening access to housing finance in Nigeria, with targets to grow its loan portfolio to N100 billion and expand mortgage services to 100,000 families within the next three years.

Hayatudeen Auwal, the bank’s Managing Director, disclosed this on Tuesday at the commissioning of its new head office in Abuja, noting that the expansion drive will include the establishment of 20 new branches nationwide.

He explained that the strategy is aimed at expanding access to mortgage financing while sustaining the bank’s record of financial discipline. ‘We intend to establish at least 20 branches nationwide in the next three years, grow our active customer base to 100,000 families, and scale our loan portfolio to N100bn. With the support of our Chairman, the entire housing development financing window has been opened to support the FHA Mortgage Bank.

‘The dream of bridging Nigeria’s housing finance gap and supporting the Federal Government’s housing delivery agenda is alive. Today, I’m proud to say we have not only sustained that dream but expanded it, turning vision into measurable progress. Our key achievement is being the number one collaborator with the Federal Mortgage Bank of Nigeria,’

According to Auwal, the bank has already achieved significant milestones, including facilitating over N27bn in mortgages for 3,427 Nigerians across the federation and enabling more than 6,000 citizens to access mortgage loans through the PENCOM retirement savings window. He stressed that the bank’s credibility rests on its consistency in meeting obligations, a factor that has earned it trust within the financial sector.

‘From the National Housing Fund, despite accessing a huge loan portfolio, we have never defaulted. We have never defaulted in making repayments, and we have never defaulted in meeting our objectives,’ he said.

The FHA Mortgage Bank boss further emphasised that housing finance remains central to achieving the government’s broader economic vision.

‘Thanks to Mr President, who has challenged Nigerians to envision a $1 trillion economy, we believe the housing sector is well-positioned to contribute to that goal. With the effort and commitment of our Chairman, FHA Mortgage Bank will play its part in achieving it,’

As part of its growth agenda, the bank is also preparing to launch a Diaspora Mortgage Project to help Nigerians abroad own homes back home, while exploring partnerships with pension funds, insurers, and international development agencies. Auwal added that efforts are ongoing to secure a national banking licence.

‘We are aiming to become a national bank. The Central Bank of Nigeria has already been informed and has given us a checklist of outstanding requirements. With our commitment, we are confident that before long, FHA Mortgage Bank will attain national bank status.’

Canada’s has formally ceased its permanent residency (PR) pathway for foreign nationals through its flagship Home Care Worker Immigration Pilots (HCWP).

Immigration, Refugees and Citizenship Canada (IRCC) confirmed the permanent closure of the pathway intended for caregivers applying from outside the country, ending a long period of uncertainty for prospective applicants.

The HCWP, which launched with separate options for Home Support and Child Care, was initially presented as including streams for workers abroad. However, despite early assurances, the international intake component never opened for applications and has now been officially discontinued. Backlog blamed for sudden closure

While IRCC has not provided a formal explanation for the decision, available data strongly suggests the closure is a direct result of the immense backlog in caregiver applications.

As of September 11, 2025, IRCC’s inventory of caregiver applications, which includes both the current and older pilot programs, stood at a staggering 34,400.

The department has stated its intention to process only 14 per cent of this figure, equating to 4,816 applications by the end of the year.

With Canada having already admitted 4,200 new permanent residents under caregiver pilots between January 1 and September 11, 2025, only approximately 600 spaces remain for the rest of the year.

This allocation falls significantly short of the 2,750 new permanent residents originally planned for the in-Canada stream of the HCWP alone. The closure therefore aligns with a broader governmental policy shift to prioritise the transition of temporary residents already within Canada to permanent status.

This strategy is reflected in recent category-based Express Entry draws favouring the Canadian Experience Class (CEC), and federal instructions requiring provinces to dedicate 75 per cent of their nomination allocations to candidates already residing domestically.

Alternative immigration options remain

Despite the end of the international HCWP stream, foreign caregivers still retain several avenues to immigrate. They are:

Express entry: Workers whose roles fall under National Occupational Classification (NOC) 33102 (nurse aides, orderlies, and patient service associates) remain eligible to apply through the federal Express Entry system.

They may benefit from the popular category-based selection draws for healthcare and social services roles, although it is highly competitive.

The most recent healthcare-specific draw required applicants to achieve a Comprehensive Ranking System (CRS) score of 470. Provincial Nominee Programmes (PNPs): Several provincial governments continue to actively invite caregivers through their respective nomination streams. These include:

Manitoba: Skilled worker overseas stream.

Ontario: Employer job offer: Foreign worker stream (through the Ontario Immigrant Nominee Program).

New Brunswick: Priority occupations stream

Newfoundland and Labrador: Skilled Worker category.

Canada has set an overall limit of 10,920 permanent residents for 2025 across all economic federal pilots, a number that encompasses the Caregiver Pilots alongside programmes such as the Agri-Food Pilot and Start-up Visa Program.

Umar Namadi, the Governor of Jigawa State, has congratulated the government and people of Nigeria on the occasion of the nation’s 65th Independence Anniversary, describing the day as a reminder of the unity, resilience, and sacrifices that built the country.

In his goodwill message, Governor Namadi said the anniversary is not only a time to reflect on the struggles of the nation’s founding fathers but also an opportunity to renew collective commitment to peace, progress, and prosperity. ‘Today, we celebrate Nigeria’s 65th Independence Anniversary with pride and gratitude. This day reminds us of the sacrifices of our heroes past, whose vision and courage laid the foundation of our beloved country. As a people, we must continue to uphold the ideals of unity, justice, and service to humanity,’ the governor said.

This is contained in a statement by Hamisu Mohammed Gumel, Chief Press Secretary to the Governor and made available to newsmen on Wednesday in Duste.

He noted that despite challenges, Nigeria continues to make progress under the leadership of President Bola Ahmed Tinubu, whose policies are geared towards strengthening the economy, improving security, and providing better opportunities for citizens. ‘Here in Jigawa, our administration is committed to complementing the efforts of the Federal Government by prioritising the welfare of our people, investing in agriculture, education, healthcare, infrastructure, and creating opportunities for our youth and women. Together, we will build a stronger state and contribute to the greatness of Nigeria,’ he added.

According to the statement, Governor Namadi urged Nigerians to remain united and hopeful, stressing that the diversity of the nation is a source of strength rather than division.

He called on citizens to continue supporting government policies and programmes for sustainable development. ‘As we hoist our green and white flag today, let us be reminded that the responsibility of building a prosperous Nigeria rests on all of us. With unity, faith, and determination, we shall overcome our challenges and fulfill the dream of a greater nation,’ he concluded.

The rift between Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has pushed up cooking gas prices by 33 percent across Nigeria, leaving many households struggling to afford the essential commodity.

A kilogramme of cooking gas has risen from N1200 to N1600.

Across Lagos, Abuja, Port Harcourt and other major cities on Tuesday, residents were forced to ration consumption or resort to alternative fuels such as kerosene, firewood and charcoal, further straining household budgets.

Liquefied Petroleum Gas (LPG) retailers said they were battling acute shortages, as supply from both local producers and importers tightened significantly.

‘The situation is unbearable,’ said Chinyere Nwankwo, a mother of three who lives in Abuja. ‘I bought gas at N1,200 per kilogramme two weeks ago, but today it is N1,600. We can’t continue like this. Families are being suffocated.’

Industry sources blame the scarcity on disagreement between PENGASSAN and the Dangote Petroleum Refinery over pricing, supply channels and contractual terms.

‘LPG scarcity persists nationwide as PENGASSAN delays LPG discharge in Apapa,’ said LPG in Nigeria, a social enterprise that started in 2011 to grow the Nigerian LPG industry through advocacy.

Although the 650,000-barrel-per-day facility is expected to reduce Nigeria’s dependence on imports, reports suggest that limited volumes are being released into the domestic market. This, combined with rising global gas prices and foreign exchange pressures, has worsened the crisis.

Retailers argue that the federal government has failed to intervene decisively to stabilise the sector. ‘We are left at the mercy of producers and middlemen as the scarcity continues,’ said Adam Sulaimon, a retailer in Lagos.

‘Every day since last weekend, the price has gone up, and we have no choice but to pass it to consumers. If the scarcity continues, it could hit N2,000 per kilogramme before next week.’

The surge in cooking gas prices has far-reaching implications. Beyond household hardship, it undermines Nigeria’s clean energy transition agenda, which aims to discourage the use of firewood and charcoal due to concerns about deforestation and the environment.

The issue may escalate without quick resolution

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) warns that without a swift resolution between PENGASSAN, Dangote, and other key stakeholders, the crisis could escalate into a national emergency.

Olatunbosun Oladapo, NALPGAM’s president, said its members are on standby to get the supply. However, vessel discharge has been stopped on the back of the PENGASSAN strike.

He said: ‘There’s no loading in any depot as we speak now. Our members are there to pick gas, but there’s nowhere to pick. Virtually all the storage facilities are dry, and the vessel was not allowed to discharge.

‘There’s no Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian Maritime Administration and Safety Agency (NIMASA), and other officers to inspect because of this PENGASSAN strike.

‘So it’s a national issue, and we are seeing the effects. The earlier we solve this problem, the better for the country. Because if there is no gas supply for the next three days, then there will be problems.’

The NMDPRA has yet to issue a clear statement, though insiders say the government is weighing options that include emergency imports and stakeholder engagement.

For now, Nigerians remain in the grip of soaring costs. ‘Cooking gas should not be a luxury,’ said Nwankwo. ‘But right now, it feels like only the rich can afford to cook.’

Meeting continues after Monday deadlock

The mediation meeting to resolve the ongoing dispute between Dangote Refinery and PENSASSAN ended in a deadlock on Monday as both parties could not come to terms, after about nine hours of meeting.

The meeting, which was chaired by Muhammad Dingyadi, minister of Labour and Employment, had the leadership of PENGASSAN, Dangote Refinery, minister of finance, and key directors of the Nigerian Upstream Petroleum Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Authority in attendance.

Speaking to journalists after the meeting at the early hours of Tuesday, Festus Osifo, president of PENGASSAN, explained that the meeting could not resolve the issues at hand as the management of Dangote Refinery refused to reinstate the sacked staff.

He insisted that the demand of the association was the reinstatement of the 800 staff who were sacked, adding that the strike action would continue without their reinstatement.

‘Yes, as you could see, we’ve been here for about nine hours trying to find solutions. And we’ve had numerous deliberations from the larger team. We broke into a smaller team, trying to find solutions. But unfortunately, there is no solution tonight.

‘All we want is that we have 800 people plus that are at home. These people are fathers; they are mothers, and their careers are at stake. When you terminate people the way you’ve terminated them, it will be extremely difficult for them to find jobs anywhere.

‘ Some of these people are trainees and you said they have committed sabotage. So, if they go home like that, there is no other company they will get jobs to do again in Nigeria because they have seen them as saboteurs. So, these are careers that will be damaged if proper remedy is not put in place.

‘So, that is why for us, our position has been very clear, you have to reinstate these people. If you reinstate them tonight, we will call off our action tonight, but unfortunately, that reinstatement did not happen. And we were not able to reach conclusions on the subject.

‘So they have asked us to come back again by 2 o’clock. So, we will reconvene and we pray that God should touch the heart of the capitalists. God should touch the heart of the oppressors for them to call our people back to work,’ Osifo said.

Bolaji Balogun, CEO of Chapel Hill Denham, has shared strategic guidance for entrepreneurs aiming to build sustainable businesses in Nigeria and Africa.

He presented the growth strategies at a recent Worldwide Alumni Celebration of the London Business School (LBS), Nigeria chapter in Lagos, themed ‘Africa’s Builders: What it takes to start, grow and scale.’

He noted that Africa’s demographic advantage lies in its rapidly growing young population, which he says can boost economic growth by creating wealth through entrepreneurship.

Balogun shared the insights based on his 35 years of inspiring entrepreneurial journey and working with other successful entrepreneurs who built from scratch to big conglomerates on the continent.

In starting a business, he advised start-ups to have a big vision, clarity about the unique problems they intend to solve, discipline, financial prudence, and lots of experience.’

‘You must have a big vision and be clear about the problems you are solving when starting a business,’ he said.

‘The other thing that you’ll find common is that you need tremendous discipline around consistency in execution. It’s about financial prudence, operational rigour, and you will also need a lot of courage when you start,’ he explained.

He emphasized that starting a business requires experience, urging start-ups to have working experience before launching into entrepreneurship.

‘Experience is important as it helps you learn the business and the fundamentals properly. It helps you understand the structure, margins, customers and markets and how brands are built,’ he said.

In growing a business, Balogun says that growing a business in Africa requires the ability to identify, hire, and retain high-quality people over a long period. He noted that aggression is needed to grow any business, saying, ‘When you look at the entrepreneurs that have succeeded around here, they all have a mean streak around them, whether it’s Aliko, or Aigboje and the late Herbert of Access Bank, or Tony of UBA. Every single person who has built something here invariably has a bit of aggression.’

‘If you don’t have a bit of aggression, go home. Aggression is necessary for three simple reasons. It’s about the ability to make decisions quickly.’

‘It’s about the ability to process a lot of information and be clear-minded through that process and to be able to make the right decisions quickly.’

He stressed that having aggression ensures not making a mistake because it provides the ability to pivot when necessary and the swiftness to react to opportunities that are available all the time.

He urged startups to establish structures that promote accountability, transparency, ethics, and governance discipline.

In scaling a business, Balogun says the business must have had a significant community impact and now be focused on a broader stakeholder community.

He urged entrepreneurs who want to scale their businesses to ensure that their corporate governance is stronger, they understand the power of the capital market, they understand sustainability, increase employee training, reinvest in the business, think long-term, and continue the quest for excellence.

The event also included a panel discussion on what it takes to build a regional and continental business in Africa and practical advice on how to grow and scale businesses successfully was offered.

The panelists include: Adedotun Sulaiman, chairman, Parthian Partners Ltd; Roosevelt Ogbonna, group managing director, Access Bank; Kathleen O’Connor, clinical professor, LBS and Olumide Soyombo, co-founder, Bluechip Technologies and Voltron Capital. It was moderated by Rolake Akinkugbe-Filani, CEO, EnergyInc Advisors.