African Business Stories celebrates one year of impact

On the sidelines of the 80th United Nations General Assembly, African Business Stories (ABS) marked the one-year anniversary of its flagship Roundtable Series with two milestones: the presentation of its inaugural Africa Champion Award to Benedict Oramah, President and Chairman of the African Export-Import Bank (Afreximbank), and the launch of its first Impact Report, capturing a year of progress in closing Africa’s $42 billion gender financing gap.

The event opened with special remarks from Congresswoman Sheila Cherfilus-McCormick (Florida’s 20th District), who underscored the urgency of shifting from aid to trade in U.S.-Africa relations.

She highlighted new U.S. legislation enabling diaspora remittances to be reinvested as capital and reaffirmed her commitment to the renewal of the African Growth and Opportunity Act (AGOA).

‘When women start businesses, they create jobs, change communities, and shift entire economies,’ said Cherfilus-McCormick.

The award was presented by Florie Liser, President and CEO of the Corporate Council on Africa, who praised Prof. Oramah’s transformative leadership in expanding Afreximbank’s assets and guarantees eight-fold, growing revenues sevenfold, and ensuring women, youth, and SMEs have access to trade and capital opportunities.

‘Prof. Oramah embodies the foresight to envision a stronger Africa through trade, the resolve to mobilise billions in capital for transformative initiatives, and the commitment to ensure that women, youth, and SMEs are not left behind,’ said Liser.

In his acceptance remarks, Oramah underscored the importance of narrative ownership and boldness in Africa’s development journey:

‘The problem of Africa is that others have been telling our stories – and telling them in ways that put us down. We must tell our own stories and define African best practices.’

He also called for ambition in mobilising resources at scale:

‘Small projects rarely succeed. If we want to compete globally, Africa must think big and act boldly.’

The ABS Impact Report, unveiled by Founder Akaego Okoye, documents five high-level convenings held across New York, Washington, D.C., and Luanda, Angola over the past year.

The $42 billion funding gap is not just a challenge, it is an opportunity,’ said Akaego Okoye. ‘This first year has proven that when women are seen, connected, and resourced, they don’t just grow businesses – they transform economies. ABS will continue to create the access and partnerships needed to catalyse their success.’

These gatherings brought women founders face-to-face with policymakers, financiers, and global leaders, and laid the groundwork for new access to markets and capital. The report serves both as a record of impact and a roadmap for future action.

Alongside these milestones, the Roundtable featured: A Founders Panel with Ifedayo Agoro (Dang! Lifestyle) and Lesego Serolong-Holzapfel (Moedi Wines), sharing the realities of accessing capital, navigating trade barriers, and scaling globally.

A Public-Private Dialogue with Hajiya Imaan Sulaiman-Ibrahim (Nigeria’s Minister of Women Affairs) and Cheryl Buss (CEO, Absa International), highlighting how policy frameworks and innovative financial products must align to unlock scale for women entrepreneurs.

The signing of an MOU between Nigeria’s Federal Ministry of Women Affairs and Domena Commodities Limited to expand women’s participation in agribusiness and trade.

Nigeria’s faulty education system, others fuel youth unemployment- NESG

Nigeria’s soaring youth unemployment crisis is being compounded by deep-rooted flaws in the country’s education system, alongside other systemic challenges, according to a report from the ongoing 2025 Nigerian Economic Summit in Abuja.

Speakers at the 31st Nigerian Economic Summit (NES #31), themed ‘The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,’ emphasised that faulty education, graduates’ skills-mismatch and limited depth of the private sector, among others, are functional to the surging unemployment in Nigeria.

‘Those in schools are not learning as they should, fueling the learning crisis in the country. Besides, students there are instances of graduates’ skills-mismatch syndrome.

Moreover, the private sector firms are too small to create the number of jobs needed in the country,’ they stated.

To tackle the soaring unemployment crisis, experts at the NES #31 posited that Nigeria must create at least 4.5 million jobs every year to absorb its teeming unemployed population.

The discussants emphasised that the kind of jobs that will take people out of poverty are not being created in high numbers.

They advocated a reform of the technical and vocational institutions in the country to upskill graduates who will not only be fit for jobs but would also become job creators.

From outdated curricula and limited vocational training to a mismatch between graduates’ skills and labour market demands, experts warn that without urgent reforms, the nation’s young population will continue to face bleak job prospects.

Nigeria’s future hinges on its youth. With innovation and resilience, young Nigerians are not just demanding change but driving it, forging new paths in technology, art, and entrepreneurship.

‘Empowering them with quality education and opportunities isn’t a choice; it’s the only sustainable strategy for a prosperous and stable,’ they say.

The 31st Nigerian Economic Summit, with the theme ‘The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,’ comes at a pivotal moment in Nigeria’s development journey.

With bold reforms already underway, NES #31 convenes a diverse gathering of global leaders, senior government officials, CEOs, economists, development partners, scholars, and change-makers to build consensus on the next phase of Nigeria’s transformation and shape actionable policies and practical solutions for Nigeria’s socioeconomic development.

The summit adopts a pragmatic, future-facing lens to shape a cohesive national agenda that balances macroeconomic stability with inclusive growth.

The principal objectives of NES #31 are to forge a consensus on Nigeria’s reform trajectory, balancing stability and inclusion; develop sector-specific reform strategies; galvanise stakeholder input into the National Medium-Term Development Plan; scale proven subnational reform models; and strengthen public-private-development partnerships for reform

Owerri: In the Heartland of the South East, President Tinubu strengthens bonds

It was about development. It was about good governance. It was about progressive politics. But more deeply, it was about recognition, respect, and renewal – a heartfelt connection between President Bola Ahmed Tinubu and a region with a proud history and boundless potential.

In Owerri, the capital of Imo State – right in the cultural and political heart of the South East – President Tinubu did more than commission infrastructure. He touched hearts, affirmed bonds, and renewed trust.

Just like in every other state he has visited in the past few weeks, the atmosphere in Imo was electric. Excitement filled the streets, hope filled the air, and expectations were met with substance.

This was not a visit of empty gestures – it was a visit grounded in action and guided by intent. This was President Tinubu’s second official visit to Imo State since taking office. His first was in January 2024, for the inauguration of Governor Hope Uzodimma’s second term. This return was not just a ceremonial trip – it was a deliberate step in building a deeper partnership with the people of the South East.

‘Today, I can confidently tell you – the worst is over,’ the President declared. These words, from a leader speaking directly to a region that has known both triumph and trials, were not just a statement of policy. They were a promise. A reassurance. A turning point. Projects that Speak Louder than Promises the President, accompanied by 22 APC Governors, and the National Chairman of the APC Professor Nantawe, came bearing visible evidence of federal partnership and regional development.

Gov. Hope Uzodimma, chairman of the Progressive Governor’s Forum literarily brought Nigeria to Owerri, Igbo heartland. A feat that speaks to his political clout and foresightedness. Nigeria converged on Imo State to bear witness to the Progressive development in Imo State.

Key legacy projects commissioned include: The Imo Concorde Hilton Hotel – revived as a symbol of Imo’s re-emergence as a destination for tourism and business. The Emmanuel Iwuanyanwu International Conference Centre – a new home for regional and continental dialogue. The Asumpta Flyover – easing congestion and improving connectivity across the capital. The Imo Digital Learning Centre – investing in the youth through technology and education. The Owerri-Mbaise-Obowo-Umuahia Road – a lifeline for communities, farmers, and businesses across Imo and Abia States.

This road is especially symbolic. It connects people – literally and figuratively. It shortens distances, reduces travel costs, and expands opportunity. For agrarian communities like Mbaise and Obowo, it brings markets closer and futures within reach.

For traders and commuters, it brings safety, efficiency, and dignity back to mobility. A Party, A Book, A Legacy Before the formal unveiling of the book, ‘A Decade of Impactful Progressive Governance in Nigeria’, authored by Governor Uzodinma, President Tinubu rose to address the gathering.

He began with warm greetings to leaders, dignitaries, and the people of Imo and the South East – but his message quickly turned to the heart of Nigeria’s national condition.

‘Thank you for your resilience. Thank you for your endurance,’ the President began, speaking directly to Nigerians across the country. ‘Nigeria is getting on the path of progress. The worst is over.’

It was more than political rhetoric – it was an expression of empathy and a moment of emotional connection, acknowledging the sacrifices made by ordinary citizens through a period of hardship and reform. President Tinubu praised the people for their patience, assuring them that the difficult economic reforms were already beginning to bear fruit.

‘The economy will pay you back,’ he said, drawing a rousing applause from the crowd. He then turned to Governor Hope Uzodinma, applauding him for his leadership, vision, and delivery of real, tangible development in Imo State.

‘You have shown what progressive governance looks like,’ the President noted.

Standing for Unity At the same event, President Tinubu addressed recent claims and allegations of religious persecution – particularly the narrative of genocide against Christians circulated by commentators outside Nigeria. With firmness and gravity, he dismissed these assertions as ‘a lie from the pit of hell.’

‘They lie all over the place that we have religious persecution. Our Muslim brothers and sisters, our Christian brothers and sisters are united. No religious persecution in Nigeria – it is a lie from the pit of hell.’ His message underscored the theme that reverberated throughout the visit: the unity of Nigerians regardless of faith, and the refusal to allow misinformation to divide or weaken the bonds of national family.

Leadership in Full Force The event brought together Nigeria’s most senior political leaders – a strong signal of unity and national direction. Among them were: Senate President Godswill Akpabio, Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, Deputy Senate President, Senator Barau I. Jibrin, the traditional institution was represented by Emirs, Kabiyesis, Obongs, Obis, Oonis in full alongside leaders of other eminent personalities.

This included former Governors and former and serving Senators and House of Representatives members. Nearly 8 of the current serving Ministers were in Owerri to give full support to Nigeria’s President and the undisputed leader of the APC, Bola Ahmed Tinubu. GCFR.

This display of leadership was more than protocol – it was a gesture of respect to the South East and a collective reaffirmation of the region’s central place in Nigeria’s political and developmental journey. A Renewed Pact with the South East in Imo, President Tinubu extended more than a hand – he touched hearts.

The projects he commissioned were significant, but the messages he delivered were even more profound: that the South East is not on the margins, and that Nigerians of all faiths are united in this journey.

For decades, the South East has longed for inclusion, dignity, infrastructure, and national acknowledgement. This visit-full of depth, symbolism, and substance-marked a turning of the page.

It was a renewal of trust, a reaffirmation of identity, a recommitment to shared prosperity. President Tinubu did not come as a stranger. He came as a leader, a partner, and a believer in the enormous potential of the South East.

The pact is clear: A South East that is heard, seen, included – and empowered. And the promise is firm: no part of Nigeria will ever be forgotten or divided. As the President departed Owerri, he left behind roads, buildings, and digital learning centres.

But more importantly, he left behind a growing sense of belonging – and the hope that the bridge between the South East and the center is being rebuilt, brick by brick, with trust, truth, unity, and tangible action. Reform to Recovery In Owerri at the belly of the Emmanuel Iwuanyanwu International Conference Center, President Tinubu seized the ‘Bully Pulpit’ in Owerri to deliver inspiring, powerful and fiery messages.

‘As I stand before you today, I can tell you with confidence that Nigeria has turned the corner.’ You will see prosperity. You will have it. Those who are speaking ill of this country should stop. Sixty-five years of independence is not a joke’.

‘I stand before you confident, yet humble, to say that Nigeria is no longer where it was ten years ago. We have crossed that line. We promised change, and today I can confidently tell you that promise is alive.

The worst is over,’ he reiterated. President Tinubu was not done yet. He has words for detractors. ‘There’s no religious persecution in Nigeria. It’s a lie from the pit of hell. I have always believed in good governance.’.

The President in Owerri put a bold foot forward: Nigeria is out of Surgery and it is time to rebuild together. That message resonates non-stop.

US, British made parts found in Russian missiles, says Zelensky

British microcomputers and other foreign-made components have been found in Russian missiles and drones used in recent deadly strikes on Ukraine, President Volodymyr Zelensky has claimed, renewing calls for tougher international sanctions on Moscow.

In a post on social media on Monday, Zelensky said investigators identified parts from allied countries – including the United Kingdom, United States, Germany, Japan, and South Korea – in weapons fired during Sunday’s massive assault, which killed several civilians in western Ukraine.

‘Nearly 100,688 foreign-made parts were in the launched attack drones, about 1,500 in Iskanders, 192 in Kinzhal missiles, and 405 in Kalibrs,’ he said. ‘Microcomputers for drone flight control are produced in the United Kingdom.’

The Ukrainian president described the discovery as evidence that Russia continues to access Western technology despite two years of sweeping trade restrictions and export bans. He urged allies to ‘shut down every scheme that circumvents sanctions’, warning that companies and countries that allow loopholes to persist were indirectly enabling Moscow’s war machine.

Ukraine has shared detailed information on each identified company and product with its partners, Zelensky added.

British and American components identified

According to Zelensky, US companies supply converters for Russia’s Kh-101 cruise missiles and Shahed-type drones, sensors for unmanned aerial vehicles, and microelectronics used in missiles. British firms, he said, have been linked to the production of microcomputers used to guide drones.

The revelation is significant given the leading role both Washington and London have played in supporting Ukraine’s defence effort, providing weapons, intelligence, and billions in financial aid since the start of the full-scale invasion in February 2022.

The United Kingdom’s Department for Business and Trade (DBT) said it was taking the allegations ‘incredibly seriously’, stressing that it had already banned the export of thousands of goods to Russia, including all items that Ukraine had flagged as being used on the battlefield.

‘We take reports of goods from UK companies being found in Russian weaponry incredibly seriously,’ a government spokesperson said. ‘Any person or firm that does not comply with sanctions could face large financial penalties or criminal prosecution.’

More than £20bn ($26.9bn) of UK trade with Russia is now under sanction, the department said.

Despite some of the harshest sanctions in modern history, Russia has managed to maintain and even expand parts of its military production, often through complex supply chains and third-party intermediaries in countries not participating in Western sanctions.

Russia has become the most-sanctioned nation in the world, yet it has avoided economic collapse by redirecting trade, boosting defence spending, and finding new buyers for its energy exports – particularly in China and India.

However, signs of strain are emerging. In June, Russia’s Minister for Economic Development, Maxim Reshetnikov, admitted the economy was ‘on the brink of recession’, amid slowing industrial output and a mounting fiscal burden.

Tensions have also been rising over reports of closer cooperation between Moscow and Beijing. Ukrainian intelligence official Oleh Alexandrov claimed over the weekend that China has been helping Russia identify targets in Ukraine using satellite reconnaissance.

He said Kyiv had evidence of ‘a high level of cooperation’ in mapping Ukrainian territory for strikes – an allegation the Kremlin has denied. Spokesperson Dmitry Peskov said Russia has its ‘own space capabilities’ and does not rely on Chinese satellites.

Zelensky’s statement came as several European countries reported a surge in suspicious drone activity over military installations and civilian airports. Some governments have accused Russia of testing NATO’s air defences – a charge Moscow has dismissed as ‘baseless’.

Four members of one family, including a 15-year-old girl, were among those killed in Sunday’s strikes, which saw more than 500 missiles and drones launched overnight, mainly targeting the Lviv region in western Ukraine.

Victor Osimhen shares emotional message for daughter’s third birthday

Super Eagles striker Victor Osimhen has celebrated his daughter’s third birthday with an emotional and heartfelt message, describing her as ‘the light that brightens my world’ and a precious blessing from God.

In a touching post shared on Instagram, the Galatasaray forward expressed deep gratitude for the joy his daughter brings to his life, praising her intelligence, kindness, and playful spirit.

‘You are the light that brightens my world and the sweetest blessing God has given me. Every smile you share melts my heart, every laugh you make fills me with joy, and every hug reminds me how lucky I am to be your parent,’ Osimhen wrote.

Reflecting on her growth over the past three years, the Super Eagles star described fatherhood as a magical journey filled with love and inspiration.

‘Watching you grow these past three years has been the most magical journey of my life. You are smart, kind, playful, and full of love, and I can’t wait to see all the amazing things you’ll do as you continue to grow.’

Osimhen also offered a heartfelt prayer for his daughter’s protection and happiness.

‘May your life always be filled with laughter, happiness, and endless love. God will continue to protect you from the eyes of the evil ones. Amen! Daddy/Mummy loves you more than words can ever explain. Happy birthday, my love (BIG 3).’

CBN slams N20m fine on PoS operators for ownership changes without approval

The Central Bank of Nigeria (CBN) has, in new agent banking guidelines, introduced tough sanctions of N20 million against Point-of-Sale (PoS) agent banking operators who alter their ownership structure without first securing formal regulatory approval.

Under the revised guidelines, violators will face a minimum fine of N20 million, with an additional N500,000 penalty accruing for each day the infringement continues.

This development is part of a broader framework aimed at tightening regulatory oversight in Nigeria’s rapidly expanding agent banking sector. According to a circular issued on October 6, 2025 (reference number PSP/DIR/CON/CWO/001/049), the apex bank made it clear that any change in ownership, acquisition, or merger involving Super Agents or other stakeholders must receive prior approval from the CBN. The document, titled Guidelines for the Operations of Agent Banking in Nigeria, was signed by Musa I. Jimoh, Director of the Payments System Policy Department.

While the guidelines take immediate effect, certain provisions, particularly those concerning agent location and exclusivity, will be enforced from April 1, 2026.

The new framework outlines an extensive list of offences and corresponding sanctions that apply to financial institutions and agents operating within the sector.

Entities operating without a valid Super Agent license will be fined not less than N10 million, with an additional N200,000 for each day the violation persists. Those engaged in non-permissible agent banking activities will face fines starting from N5 million, daily penalties of N100,000, and may be required to forfeit any estimated profits gained from such activities.

Branding and advertising practices that contravene the guidelines will attract fines of no less than N2 million and an extra N50,000 for each day the violation continues. Failing to obtain CBN approval or a No Objection Letter when required will result in a N2 million fine imposed on the financial institution, with the same amount levied on each responsible director or senior management staff member.

Institutions that delay the submission of required periodic returns will incur fines starting at N2 million, in addition to N250,000 for each day of delay. Providing false or inaccurate information to the CBN will attract a minimum fine of N5 million, alongside the potential suspension or removal of the involved directors by the CBN Governor.

Failure to maintain proper accounting records will incur a minimum fine of N5 million for the financial institution. Where the breach is deemed wilful, the responsible officer will face an additional fine of N2 million.

Not responding to non-statutory CBN information requests within the prescribed period and format could result in fines of up to N5 million and an additional N100,000 per day until compliance is achieved.

In addition to the headline offence, changing a business name, corporate brand identity, or logo without the CBN’s approval or using names not previously approved will draw a fine of no less than N5 million, along with a mandatory reversion to the approved identity and a daily penalty of N100,000 for continued non-compliance.

Violations of anti-money laundering (AML), combating the financing of terrorism (CFT), and countering proliferation financing (CPF) laws will attract a N10 million fine from the financial institution and N2 million from each board member involved. Additional penalties may follow under the CBN’s 2018 AML/CFT/CPF administrative sanctions regulations.

Where fraud or related offences occur, financial institutions are required to assist law enforcement agencies with investigations and prosecutions. If an agent is found to be involved, the principal institution must immediately suspend the agent pending the outcome of investigations and blacklist the agent if convicted.

Failure by principals or Super Agents to implement control measures such as geo-locking equipment used in agent banking will attract a minimum fine of N5 million, plus a daily penalty of N300,000 for the duration of non-compliance.

With these revised sanctions, the CBN aims to enforce stronger accountability and operational discipline among stakeholders in Nigeria’s agent banking system.

Strengthening democracy: A call for electoral reforms

Nigeria’s democracy is showing signs of fatigue where it matters most: at the ballot box. Voter turnout, a vital sign of democratic health, has declined from 57 percent in 2007 to just 26.7 percent in 2023-only 24.9 million of 93.47 million registered voters participated. These are not inert numbers; they are warnings. Many Nigerians now view elections as a theatre with predetermined outcomes, laws that bend, results that are blurred, and offenders who walk away. The economy’s pain intensifies the mood, but the deeper wound is institutional distrust. Where participation nears 80 percent elsewhere, people believe that rules are clear, processes are open, and accountability is swift. Our gap is structural, not just comparative. When large blocs of voters stay home, silence is filled by rumours and grievances, separatist agitation gains momentum, and the legitimacy of public decisions erodes.

Into this landscape came the European Union’s follow-up mission. It did not reveal secrets; it sharpened the mirror. The EU’s 2023 mission made 23 recommendations, while INEC’s own review identified 142 internal fixes. Only eight EU recommendations targeted INEC directly, and only one was marked as a priority. Translation: most change lies with the legislature, executive, and judiciary. First principle-INEC cannot save democracy alone. Second-how we appoint the next INEC Chair is the earliest litmus test of seriousness. A transparent, merit-based appointment can tilt public sentiment back toward trust; a politicised process will drain confidence before campaigns truly begin.

‘No country maps perfectly onto Nigeria, but the pattern is clear: elastic laws, opaque results, impunity, and politicised institutions push politics from ballots to streets and barracks. We know this road; we can choose another.’

History elsewhere teaches the cost of opacity. Disputed polls turned deadly in Côte d’Ivoire (2010-2011). Venezuela illustrates how manipulation can solidify into a permanent crisis, hollowing out the centre and radicalising the margins. Pakistan’s recurring controversies normalised a precarious dance between civilian governments and the military. Zimbabwe’s repeated taint ended in a military-assisted transition. No country maps perfectly onto Nigeria, but the pattern is clear: elastic laws, opaque results, impunity, and politicised institutions push politics from ballots to streets and barracks. We know this road; we can choose another.

Our legitimacy gap has familiar roots. Legal ambiguities invite conflicting court interpretations. Results management still isn’t a public window; when officials see what citizens cannot, suspicion multiplies. Electoral offences too often receive lenient treatment, encouraging repetition. Security agencies, through their actions or perceptions, cast shadows over close contests. Media and civic space feel pressured when their scrutiny is most needed. Women face barriers at every rung from candidacy to leadership. And the citizen experience, late materials, long queues in the sun, inaccessible polling units, sparse information, tells first-timers that their participation is an afterthought. None of this is inevitable; all of it is fixable if 2027 is treated as a deadline, not a slogan.

The reform menu is both straightforward and demanding. Clarify the law: eliminate flexible deadlines and phrases that morph between courtrooms and collation centres. Appoint INEC commissioners, and especially the Chair, through a transparent, merit-based, insulated process. Enforce electoral crimes with clear penalties and firm timelines. Embed inclusion in statute so women participate fully across the cycle. Lock in security neutrality through a public compact, professional training, and independent oversight with published findings. Publish results in real time and ensure data are auditable and publicly accessible. Plan logistics for power outages, weak connectivity, and adverse weather conditions. Make registration and transfers simple for youth, mobile workers, and persons with disabilities. Use technology that is open, independently audited, and publicly tested. This is how ballots become believable again.

Timing is as important as content. Compressing legal fixes into the eve of polling guarantees improvisation, and improvisation is the enemy of credibility. A cleaner four-quarter path is within reach: pass core amendments and publish the appointment framework now; approve budgets early so systems can be built, tested, and audited through 2026; train security agencies to a shared doctrine and run nationwide simulations to expose weak joints; cleanse the voter roll and invite citizens to verify details; accredit observer groups and welcome international missions; brief the media plainly; publish contingency plans the public can scrutinise. None of this is exotic; it is simply what a state does when it intends to be believed.

Ownership must be shared, with roles explicit. The National Assembly crafts and funds amendments and oversees execution without smothering it.

The Presidency assents promptly, guarantees resources, and enforces neutrality across security architecture. INEC makes the process legible and dignified, publishes performance data, and acts on audit findings. Security agencies are trained to standards and publish compliance reports, including disciplinary actions. The judiciary sustains expedited timelines and avoids jurisprudential whiplash that turns law into a lottery. Parties practise internal democracy and centre issues, not incantations. Media and civil society expand voter education, fact-check in real time, and monitor without inflaming.

Objections will come. Reforms are complex; time is short. That argues for a minimum viable reform to be set now, with a pledge to refine it after 2027 rather than freezing progress while chasing perfection. Some say technology failed us; in truth, governance lagged behind the tools. With open audits, redundancy, and law-mandated transparency, tech becomes a public window, not a private worry.

Our route from peril to possibility runs through the National Assembly and courts, command rooms and classrooms, newsrooms and town squares-and finally to the quiet resolve of queuing because one still believes it matters. Leadership’s task is to make that belief rational again. Do that, and 2027 becomes the turn of the tide, not another low-water mark.

These reflections flow from years of studying how institutions behave under strain and how leadership averts escalation. Electoral transparency is not merely bureaucratic housekeeping; it is a test of national stability. That is the heartbeat behind ‘Leading in a Storm’, a book on crisis leadership when uncertainty is high and trust is thin, and ‘Beneath the Surface’, essays on how policy choices ripple across society. Their public presentations, in Abuja on October 14 and Lagos on October 16, serve as invitations to a broader civic conversation: how we can convert apathy into agency and fear into resolve.

10 things PoS agents need to know under CBN’s new guideline

The Central Bank of Nigeria (CBN) has released a comprehensive new framework for agent banking operations, reshaping how Point-of-Sale (PoS) agents and super agents operate across the country.

The Guidelines for the Operations of Agent Banking in Nigeria, issued on October 6, 2025, take effect from the date of the release, consolidate, and replace all previous rules on agent banking and super-agent licensing.

The new framework underscores the CBN’s push to enhance financial inclusion while tackling fraud and service inconsistency in Nigeria’s booming PoS industry, which has over 8.36 million registered PoS terminals, with 5.90 million actively deployed, as of March 2025, according to the Nigeria Interbank Settlement Scheme (NIBSS).

However, the latest guidelines have extended the deadline to April 1, 2026. The extension gives breathing space but does not soften the threat.

Here are 10 key things every PoS agent should know:

Exclusive partnership rule

Agents can now operate for only one principal financial institution at a time. This means a PoS agent cannot serve multiple banks or fintechs simultaneously.

Mandatory dedicated accounts

All transactions must pass through a dedicated agent account or wallet with the principal bank. Any operation outside this account is considered a violation and could lead to blacklisting or termination.

Transaction limits enforced

The CBN has capped PoS cash-out transactions at N100,000 per customer daily, N500,000 weekly, and N1.2 million cumulative per agent daily. Deposits and bill payments are also limited to N100,000 per transaction daily and N500,000 weekly.

Stricter due diligence and eligibility

Individuals below 18 years old, those with non-performing loans, criminal records, or blacklisted bank verification numbers (BVNs) are barred from becoming agents. Businesses must show proof of incorporation, tax compliance, and adequate capital.

Real-time transactions and geo-fencing

Every PoS terminal must process real-time transactions and be geo-fenced to the registered agent’s location. Devices cannot be moved or shared without formal approval from the principal.

Mandatory training for agents

Agents must undergo biannual training covering know your customer (KYC) rules, fraud prevention, customer service, and financial literacy before and during operations. This is compulsory for both individuals and non-individual agents.

Consumer protection and transparency

Agents must issue receipts for every transaction, clearly display their principal’s name, approved charges, and contact numbers. They must also inform customers that services are ‘subject to fund availability.’

Report to the regulatory body

Ensure that all daily transactions per agent, including withdrawals, limits of transactions, and balances in dedicated agent accounts, are sent electronically to NIBSS, as a report to be forwarded to the CBN.

Relocation of agents

No Agent shall relocate from, transfer, or close its Agent banking premises without prior notice and approval of the Principal. An Agent who wishes to relocate from its premises shall notify in writing the Principal and Super Agent (as applicable) of its intention to relocate, transfer, or close the Agent banking premises at least thirty (30) days or such other period as may be agreed upon in the Agent Banking Agreement.

Heavy sanctions for violations

Fines range from N2 million to N20 million for infractions such as non-compliance, false reporting, branding violations, or operating without a valid licence. Persistent offenders risk suspension or licence revocation.

FG, experts, CSOs urge Nigerians to demand accountability, rebuild trust in governance

Government officials, civil society leaders, and private sector experts have called on Nigerians to take active ownership of governance by holding public officials accountable and demanding transparency at all levels.

Speaking during a spirited panel session at the 31st Nigerian Economic Summit (NESG) in Abuja, the speakers emphasised that rebuilding citizens’ trust in government is central to Nigeria’s economic and democratic renewal.

The panel, which was moderated by Frank Aigbogun, Publisher and Chief Executive Officer of BusinessDay, brought together voices from government, business, and activism, including Hadiza Bala-Usman, special adviser to the President on Policy and Coordination; Tola Adeyemi, CEO of KPMG West Africa; Aisha Yesufu, activist and co-convener of the Bring Back Our Girls Movement; Yemi Adamolekun, executive director of Enough Is Enough Nigeria (EiE); and Jude Abaga (MI Abaga), rapper and creative entrepreneur.

Bala-Usman opened the conversation with a defence of President Bola Tinubu’s governance strategy, insisting that the current administration is deliberately institutionalising accountability through measurable performance indicators and citizen feedback mechanisms.

‘The core purpose of government is to serve the citizens,’ she declared. ‘Every political appointee must remember that citizens voted them in, and to the extent that they are not performing, citizens will vote them out. That is the essence of democracy.’

She explained that under the President’s directive, all ministries, departments, and agencies are required to conduct quarterly citizens’ engagement sessions and report their progress publicly.

‘These sessions are not ceremonial,’ she noted.

‘They are part of each minister’s Key Performance Indicators (KPIs). Our role is to ensure these engagements happen and that citizens’ feedback directly influences government priorities.’

Bala-Usman, who also leads the Central Results Delivery Unit (CRDU) in the Presidency, announced that the government’s Citizen Delivery Tracker, a digital platform that monitors the performance of ministries has gone live.

‘Our citizen delivery tracker is public,’ she said.

‘You can go online and see what each ministry is doing. We encourage Nigerians to provide feedback, and when they do, we act on it.

‘Recently, we summoned the NCC Executive Vice Chairman over repeated public complaints about poor network service. That is what accountability means.’

She added that the administration’s emphasis is on outcomes, not optics. ‘Governance is no longer about promises; it’s about measurable performance,’ she said. ‘The president’s instruction is clear, every appointee must show results.’

But activist Aisha Yesufu pushed back sharply, saying that while government reforms sound impressive on paper, they rarely reflect the reality Nigerians face daily.

‘When Hadiza was speaking, I asked myself: Which Nigeria is she talking about?’ Yesufu said to loud applause. ‘Because the Nigeria most citizens live in is one where leaders act like emperors, speak down to the people, and behave as if they’re doing us a favour by serving.’

She said that true accountability cannot exist without humility.

‘The arrogance in governance is sickening,’ she said.

‘We have ministers who boast, ‘Even my enemies use the roads I built.’ That is not leadership; that’s self-worship.’

Yesufu criticised the state’s intolerance of dissent, adding that a government that stifles citizens’ voices cannot expect their trust.

‘You cannot build trust in a climate of fear,’ she said.

‘When citizens speak truth to power, they’re arrested, abducted, or silenced. How then do you rebuild trust?’

She challenged Nigerians to reject complacency.

‘Trust is not built by sitting and waiting for miracles from Aso Rock. Citizens must demand accountability and stop normalising bad governance. Democracy is not a spectator sport,’ she said.

Yemi Adamolekun, Executive Director of EiE Nigeria, deepened the conversation by underscoring how Nigeria’s leadership culture often alienates citizens from governance.

‘There is a huge disconnect between government and the governed,’ she said. ‘Government speaks at citizens, not with them. Until citizens are part of the decision-making process, not just consulted as an afterthought trust will remain elusive.’

Adamolekun stressed that trust is reciprocal.

‘Citizens must do their part too,’ she said. ‘If we say government is corrupt but we’re willing to pay bribes or cheat the system, we’re part of the problem.

‘Accountability must be demanded from the top and practiced from below.’

She added that civic participation must go beyond social media activism. ‘It’s not enough to tweet outrage; we must translate our anger into action, by voting, tracking budgets, attending town halls, and insisting on transparency,’ Adamolekun said.

From a corporate perspective, Adeyemi, said that Nigeria’s trust deficit can only be fixed through consistent delivery and open communication.

‘Trust is built over time,’ he said. ‘It’s not earned by slogans or press releases but by consistent demonstration of results and communication of those results with humility.’

He drew parallels between corporate governance and public administration.

‘In the private sector, when a CEO fails, there are consequences, and everyone sees them. That’s how you set the tone at the top,’ Adeyemi said.

He warned that a culture without accountability breeds cynicism.

‘When citizens see that failure has no cost, cynicism sets in, and cynicism is the death of trust,’ he said.

Adeyemi urged public officials to prioritise transparency over propaganda.

‘Citizens don’t want rehearsed talking points. They want sincerity, they want clarity, and they want to see evidence of delivery,’ he said.

Adding a creative voice, Jude Abaga (MI Abaga) offered a searing cultural critique of Nigeria’s moral fabric, saying the nation’s trust crisis is both systemic and spiritual.

‘When Hadiza spoke, I felt her sincerity,’ he began.

‘But we must admit that we are a country where everyone is pretending. It’s like The Emperor’s New Clothes, everyone claps even when they know the truth.’

He said that dishonesty has become a national habit.

‘When policies fail, we adjust. When leaders lie, we shrug. We’ve learned to survive dysfunction instead of demanding better,’ MI Abaga said.

According to him, real trust will only emerge when governance starts to impact ordinary people meaningfully.

‘Go to a university hostel or a public hospital, that’s where you’ll find the truth about government performance,’ he said. ‘If the system starts working for ordinary Nigerians, trust will naturally follow.’

He also called for personal responsibility. ‘We can’t condemn corruption at the top while celebrating shortcuts at the bottom,’ he said.

‘If we cheat, lie, or cut corners, we’re feeding the same monster we claim to fight. Integrity starts with us.’

Despite their sharp disagreements, all panelists agreed that rebuilding trust in governance requires collaboration between leaders and citizens.

Hadiza Bala Usman maintained that the administration’s reform agenda would yield tangible outcomes through measurable performance tracking.

‘Government must open its books to the people,’ she said.

Aisha Yesufu countered that genuine trust would only come when leaders treat citizens with respect.

‘Government must first learn to listen without arrogance,’ she said.

Yemi Adamolekun stressed the need for civic vigilance: ‘Citizens must stop outsourcing democracy. Accountability is a shared responsibility.’

Adeyemi added that trust grows from visible delivery, ‘If results are communicated truthfully and consistently, trust will rebuild itself.’

And MI Abaga closed on a poignant note, ‘Until Nigeria stops pretending, from the corridors of power to the streets, we’ll keep telling stories of change instead of living it.’

NESG outlines 6 approaches to improve Nigeria’s labour market situation

The Nigerian Economic Summit Group (NESG) has outlined six approaches under the Nigeria Works Framework, to improve Nigeria’s labour market cituation, even as it races to generate 4.55 million formal jobs yearly.

According to the NESG, the approach outlines the building blocks for Nigeria’s changing labour market. Hence, achieving this target requires significant economic reform and investment in labour-intensive sectors capable of absorbing the growing workforce.

Data from the National Bureau of Statistics (NBS) and the the World Bank, had pointed out, that in order to maintain the current unemployment rate of 4.3 percent, Nigeria therefore needs to create at least 4.55 million net formal jobs each year.

The NBS and World bank data had further revealed that 93 per cent of Nigerian workers are engaged in informal employment, while 86 per cent are self-employed.This labour structure leaves millions without job security, social protection, or stable income, underscoring the urgent need for structural reforms and inclusive job creation strategies.

With the country’s population projected to reach 275 million within the next five years, the workforce continues to expand rapidly. An estimated 3.5 million Nigerians enter the labour market each year, which intensifies the pressure on an already fragile job market.

Experts warn that unless urgent steps are taken to create formal employment opportunities, the country’s unemployment and underemployment rate could climb to 30 per cent by 2030, worsening income inequality and pushing more citizens into poverty.

At present, only 7 per cent of Nigeria’s workers are employed in the formal sector. To meet the 2030 target, this share must rise to 33 per cent, representing a major structural shift in the economy.

Analysts say achieving this goal will depend on policies that stimulate private-sector growth, support small and medium-sized enterprises (SMEs), and attract investment into manufacturing, agriculture, and technology.

The 6 approaches to drive job creation

The Nigeria Works Framework framework approach outlines the comprehensive plan to drive job creation, enhance productivity, and expand formal employment through six interconnected pillars which are:

Skills for productivity

This framework emphasises reforming education and training systems to prepare the workforce for both current and future jobs. It calls for investments in basic and secondary education, technical and vocational training (TVET), and digital skill bootcamps. The expected outcomes includes improved employability, higher wages, and increased labour productivity.

Sectoral engines of job growth

Job creation efforts will focus on sectors with high labour absorption potential, such as agro-processing, light manufacturing, construction, professional services, and the digital economy. This pillar seeks to promote industrial strategies, infrastructure development, and funding to enhance firm survival and worker productivity.

Enterprise-led growth

The framework aims to strengthen micro, small, and medium-sized enterprises (MSMEs) and the formal private sector through improved access to finance, markets, and digital tools. The goal is to stimulate firm-level job creation, business formalisation, and productivity growth.

Informal economy upgrading and inclusion

Recognising that most Nigerians work in the informal economy, this pillar seeks to improve informal market infrastructure, workplace conditions, and social protection. It aims to boost incomes and ensure decent work for informal workers rather than excluding them from development plans.

Data, institutions and accountability

This component focuses on building reliable data systems, institutional reforms, and strong governance mechanisms to guide evidence-based policy decisions. The goal is to ensure accountability, promote sustainable job creation, and enhance overall productivity.

Productivity for prosperity

The framework proposes a national productivity strategy and firm-level technical support to drive competitiveness and economic prosperity.