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Sean ‘P. Diddy’ Combs, the hip-hop mogul facing decades of abuse allegations, received a 50-month prison sentence Friday for two counts of transportation to engage in prostitution, igniting rage on social media. Users on X blasted the term as equivalent to about four years after crediting pretrial detention, as woefully lenient compared to the graphic evidence of coerced ‘freak-offs,’ assaults, and a criminal enterprise detailed in his federal trial.

On X, reactions erupted with widespread anger over the perceived leniency, especially given the volume. Users highlighted a ‘two-tier justice system’ favouring elites.

One post read: ‘FOUR YEARS. That’s it. . If it were you or me, they’d bury us under the prison.’ @davidson_f14299 Another fumed:

‘Diddy only getting 50 months. is an example of how the justice system is absolutely (rigged). There was PROOF,’ @youcouldbmywife

Critics compared it to harsher penalties for minor drug offences:

‘Diddy getting only 4 years. yet let somebody smoke a.plant and they’re getting life,’ @ponytailyuh. Some expressed rage for victims: ‘I’m so livid and I’m angry for Cassie,’ @xmugenyoruichix. A law student @zalophusw lamented: ‘Diddy getting only 4 years. is disgusting. . The justice system has failed the victims again.’

Combs has already served about 13 months in pretrial detention, leaving roughly 37 months to complete.

The sentencing follows a two-month trial that ended in July with Combs convicted on the lesser prostitution charges but acquitted on more serious racketeering and sex-trafficking counts. Prosecutors had sought at least 11 years, citing evidence of a criminal enterprise involving coerced sexual acts known as ‘freak-offs.’ Defence attorneys recommended 14 months, arguing Combs’ actions stemmed from addiction and lacked intent for trafficking.

Before the ruling, Combs apologised in court, calling his behaviour ‘sickening’ and stating he had lost himself to excess.

The case traces back decades but gained momentum in November 2023 when Combs’ ex-girlfriend, singer Cassie Ventura, filed a civil lawsuit accusing him of years of physical abuse, sexual assault, and forced participation in drug-fueled orgies.

The suit settled within a day, but it prompted federal scrutiny. Combs faced at least 10 civil suits alleging rape, drug-facilitated assault, and abuse, including claims from a minor.

Raids on his Los Angeles and Miami homes in March 2024 uncovered guns, drugs, and over 1,000 bottles of baby oil and lubricant, tied to the alleged events.

Authorities arrested Combs in September 2024 at a New Jersey airport, charging him with leading a racketeering conspiracy that coerced women and others into sex acts, using threats, violence, and drugs. Witnesses, including Ventura, testified about beatings and marathon ‘freak-offs’ lasting days, with Combs allegedly filming and distributing videos. Video evidence from 2016 showed Combs assaulting Ventura in a hotel hallway. Despite this, the jury cleared him of the top charges, sparing a potential life sentence.

Combs’ team plans to appeal, calling the sentence excessive for a first-time offender. He will report to a federal facility, possibly in New York or Florida, pending designation.

Nigeria’s independence story has always been stitched into what we wear. Each October, the celebrations are not only marked by flags and speeches but by the fabrics, colours and styles that speak of identity and pride. Fashion has become a living archive of how Nigerians see themselves – regal, resilient, and endlessly creative.

At 65, the runway of Independence Day tells its own story: leaders draped in stately agbadas, women redefining elegance with Oleku and vintage bags, and today’s generation turning Ankara, gèlè and even portraits of national heroes into bold, contemporary statements. This is Nigeria, dressing herself in history and hope.

The Classic Era: 1960s to 2000s

Independence ushered in a wave of national pride, and fashion mirrored that energy. Leaders such as Shettima Ali Monguno in his dignified Babban Riga, K. O. Mbadiwe in his flamboyant Agbada, and Nnamdi Azikiwe in his immaculate white Etibo became visual symbols of cultural pride. Women equally made their mark, turning heads in Oleku – a Yoruba two-piece style – often paired with vintage handbags that remain timeless classics. This was an era when Independence Day was as much about political power as it was about sartorial presence.

The Y2K era: 2000s to 2020

The new millennium brought a bold, futuristic spin to Nigerian fashion. Metallic fabrics, edgy cuts and the infusion of Western influences redefined Independence Day looks. Men embraced palazzo trousers and Afro hair, reviving retro trends with fresh confidence, while women styled their gèlè with intricate English-inspired patterns. Celebrities such as Bisola Ayeola further blurred the lines between tradition and modernity, wearing Ankara in contemporary, Western silhouettes that travelled seamlessly from Lagos to London.

The modern era: 2020 to Date

Today’s Independence Day fashion is unapologetically creative. It is less about strict tradition and more about reimagining heritage for a new generation. Actress Toyin Abraham has redefined vintage looks, celebrating the 1960s aesthetic in modern campaigns. Elsewhere, individuals have transformed fashion into storytelling: one striking example featured a woman wearing fabric printed with the faces of Nigeria’s independence heroes. And in 2025, Amadou Elizabeth Aminata (Jadrolita) gave the 65th anniversary a contemporary edge, showing how Independence Day fashion has become both cultural tribute and artistic statement.

Matthew Alaofin, Senior Advisor at Dell Technologies, USA has disclosed the importance of investment in Autonomous Artificial Intelligence (AI) and Internet of Things (IoT) in shaping the future of healthcare and cybersecurity.

Alaofin who disclosed this at the IOCS 2025 themed: Applications of IoT, Ophthalmologist and Cybersecurity in Digital tech.

According to him ‘There is a lot of investment going on in level three and level four artificial intelligence. This is where the industry is headed. Level four is a more advanced AI agent where a lot of companies particular in the US are already putting investment. This is going to help in efficiency and achieving results faster. Companies are beginning to invest in these technologies and setting the groundwork.’

‘IoT systems have sensors which now pass data to the AI component that analyses the data and then comes up with whatever result. The synergy between both is beautiful and has a lot of benefit for industries specifically for Ophthalmology and cybersecurity. We have seen that in cybersecurity but need to see more in Ophthalmology because the potentials are there and investments are huge.’

He noted that a lot of it is not yet in production but still in pilot stages while companies are already putting billions of dollars to secure the technology.

The expert said AI is moving from passive applications that require human input to autonomous agents which can act independently.

‘Many users leverage the AI only for the chat bot, asking questions and getting answers. It is moving from single to multi agents AI systems which is where the industry is going.

He explained that the level 4 AI will play important role in healthcare delivery, combining human effort to get faster diagnosis,

Alaofin also stated that both Al and IoT are increasingly being implemented together into systems to enhance device functionality and efficiency, with both collaboration constituting the concept of AloT (Artificial Intelligence of Things) where both AI and IoT are used collectively to combine their strengths for more intelligent and autonomous systems.

‘The synergy between Al and loT offers a multitude of benefits by combining real-time sensor data and intelligent data analysis. This collaboration enhances automation, facilitates predictive insights and fosters adaptability resulting in optimized operations, improved resource efficiency, and enhanced user experiences across various industries or domains,’ he added.

The Senior Advisor citing sources disclosed that IOT Edge spending in Healthcare has been forecasted to grow at a CAGR of +10 percent and Al Services at a CAGR of +15 percent.

Meanwhile, he acknowledged that a lot of these investments in AI and IOT are coming mostly in the Cybersecurity sector, calling for more investments in the healthcare system.

‘Agentic Al will deliver transformative value to healthcare systems by introducing autonomous, adaptive, and goal-oriented intelligence across both clinical and operational domains,’ he added.

According to him, industries are getting ready for the application of IOT in Ophthalmology. Citing that, ‘ in 2024, Companies in the US ranked IOT as the fourth highest investment priority among other technologies’

He said that there must be adequate investment in technology infrastructure to make it work, adding that it will not work without good equipment in place.

The European Union (EU) has issued a strong warning to Nigeria, cautioning that the nation’s democracy could slide into crisis ahead of the 2027 general elections unless urgent and comprehensive electoral reforms are implemented without delay.

Speaking at a press conference in Abuja on Friday, Barry Andrews, Chief of Mission, said Nigeria’s progress on electoral reforms has been ‘modest at best and dangerously close to stagnation.’

He noted that the window for meaningful change was closing fast and that political will was essential to prevent the country from repeating the mistakes of 2023.

‘Our evaluation indicates that progress in implementing the recommendations has been modest thus far, and it is in danger of falling to critically low levels.

‘Avoiding this outcome will require political will from legislators and urgent, coordinated actions by relevant institutions’, Andrews stated.

According to the EU Follow-Up Mission, of the 23 priority reforms proposed after Nigeria’s controversial 2023 general elections, only one has been fully implemented.

‘Two others are partially adopted, eight remain ongoing, nine untouched, and three too early to assess’, it added.

Andrews warned that this slow pace of reform could derail preparations for 2027, leading to renewed disputes, mistrust, and chaos.

The EU highlighted six areas that demand immediate action, including open and merit-based appointments within the Independent National Electoral Commission (INEC), simultaneous electronic and manual publication of election results, the adoption of the Reserved Seats Bill to boost women’s representation in politics, and the establishment of an Independent Electoral Offences Commission to tackle vote-buying, violence, and intimidation.

It also stressed the need for legal clarity through the passage of the 2025 Electoral Act Amendment and constitutional reforms, as well as stronger protections for media freedom and journalists’ safety.

‘INEC cannot operate on shifting ground. It needs a clear, stable legal framework well in advance of elections. Timing is everything’, emphasised.

The Follow-Up Mission expressed concern about contradictions between manual and electronic collation of results, particularly in light of a recent Supreme Court ruling that both must be applied.

The fear that this dual system core opens loopholes for manipulation, threatening transparency.

The mission noted that vote-buying, violence, and intimidation continue to thrive with little or no accountability, warning that the few prosecutions recorded so far are insufficient to deter criminal behaviour.

It also called for greater protection of media practitioners, insisting that ‘a free press is non-negotiable in any democracy. Journalists must be shielded, not silenced.’

Responding to questions about foreign interference, Andrews dismissed claims that the EU was imposing its views on Nigeria.

‘This is about democracy for Nigerians, not outsiders. Civil society has made these same demands. Nigeria itself has observed elections in Ireland. This is reciprocity, not intrusion’, he said.

In his closing remarks, Gautier Mignot,

EU Ambassador to Nigeria and ECOWAS reaffirmed the bloc’s support for Nigeria’s democratic journey but stressed that reform implementation lies squarely in the hands of Nigerian leaders.

‘We are fully backing Nigeria through our democratic governance support programme. But these are recommendations that Nigeria must own. The credibility of your democracy depends on it’, Mignot said.

He further clarified that diplomatic visits to off-cycle elections should not be mistaken for full EU election observation missions, which involve larger delegations and more comprehensive assessments.

The EU Follow-Up Mission is expected to remain in Nigeria for a week before submitting its progress report and updated recommendations.

However, its message was unmistakable: without decisive reforms, the 2027 general elections could be marred by the same disputes, mistrust, and legal battles that undermined the credibility of the 2023 polls.

‘Nigeria is too important to the region. If reforms stall, public trust will collapse, and democracy will pay the price’, Andrews noted.

The role of the Chief Information Officer (CIO) has shifted beyond overseeing IT systems to shaping enterprise-wide strategy. CIOs are now tasked with driving transformation, aligning technology with business goals, and creating measurable value across organisations.

This requires not only technical know-how but also sharp business insight and leadership capabilities. ‘CIOs really need to be conversant across just about everything the company does,’ says Mike Loukides, vice president of emerging technology at O’Reilly. ‘That kind of breadth doesn’t come easily and it’s not a specialised, single-skill job.’ According to industry leaders, the most in-demand CIOs combine vision, innovation, and cross-functional collaboration to deliver results.

Here are seven critical skills that every organisation looks for in a CIO, highlighted by Industry leaders.

1. Visionary leadership and innovative results

Visionary leadership is key for CIOs, according to Peter Silas, CEO of Enable Healthcare. He explains that effective CIOs employ technology to deliver results such as improved patient care, reduced delays, and prevention of illness through data-driven insights.

‘At Enable, we facilitate an open teamwork environment in which all individuals across departments are invited to share their ideas with IT,’ Silas says. He adds that leadership involves creating an innovation culture where collaboration drives organisational progress.

2. The business insights of a COO

Technology skills alone are not enough, warns Ha Hoang, CIO at Commvault. CIOs must also act as ‘strategic storytellers’ who can link technological investments with measurable business outcomes.

Hoang says CIOs need to engage with other functions such as operations and sales to understand the organisation’s full scope. ‘This includes staying up to date on the latest business trends and engaging regularly with fellow CIOs, CISOs, and others in your field,’ he explains.

He compares the role to that of a COO, requiring a full understanding of the value chain in order to lead teams and support business evolution.

3. Strategic thinking and transformative instincts

Justice Erolin, CTO at BairesDev, argues that strategic thinking is what separates a good CIO from a great one. The ability to anticipate business needs, align technology with goals, and focus on long-term outcomes is essential, he says.

‘You shouldn’t try to be the smartest person in the room,’ Erolin advises. ‘Instead, try to build the smartest room.’ He notes that curiosity, openness, and collaboration are crucial for guiding digital transformation and delivering value.

4. Internal fortitude

CIOs face pressures comparable to those of other top executives, says Troy Gibson, fractional CIO at Centric Consulting. They carry responsibility for strategy, operations, and finances, while also being accountable for system failures and project delays.

‘Without fortitude, you’ll crack under that pressure,’ Gibson warns. He stresses that resilience is developed through experience, mentorship, and willingness to take on difficult projects.

According to Gibson, fortitude grows through consistent decision-making, transparency, and accountability. ‘Over time, those around you will come to see your constancy as a stabilising force for the entire organisation,’ he says.

5. The business acumen of a CFO

Business acumen connects IT to the bottom line, explains Nic Adams, CEO of Orcus. It allows CIOs to communicate in business terms rather than technical jargon, and to prioritise IT investments that deliver return on investment.

‘Acumen transforms the CIO office from a cost centre into a strategic value creator,’ Adams states. He adds that CIOs can strengthen this skill by engaging with business leaders, translating risks into business terms, and showing how IT contributes to revenue and efficiency.

6. Outcome orchestration talent

Dalibor Siroky, general manager of Plutora at Planview, defines outcome orchestration as the ability to convert strategy into measurable value. ‘Boards buy results, not roadmaps,’ he says.

Siroky advises starting with two or three business outcomes, appointing accountable leaders, and running a process that removes obstacles quickly. ‘Outcome orchestration combines strategy, funding, delivery, and adoption into a single system,’ he explains.

7. Solid communication skills

CIOs must also be effective communicators, says Rohit Garewal, CEO of Object Edge. The role involves explaining complex technical concepts in plain language, outlining the business value of emerging technologies, and addressing concerns about disruption.

‘An effective CIO must be someone who can bridge these gaps and serve as a liaison between parties,’ Garewal says. He adds that communication should build consensus without being political, with a clear view of how technology can support enterprise goals.

Situated in the bustling heart of Festac Town, Lagos, is a new, expansive music, photography, and content creation studio, ‘Akwaamaka Studio’.

Stanley Obodoagwu, the visionary CEO of Akwaamaka Music, the edifice on Tuesday, September 30. The grand opening drew a distinguished crowd of Nollywood celebrities, industry professionals, and media.

The launch event was a vibrant affair, attended by notable figures, including veteran actors Chinedu Ikedieze, Uche Elendu, and Grace Ama. Guests enjoyed a festive atmosphere complete with exquisite refreshments as they celebrated the landmark occasion.

Speaking on the inspiration behind the new venture, Obodoagwu highlighted a gap in the local industry.

‘I have visited various studios across Lagos and observed a noticeable lack of internationally competitive standards,’ he stated. ‘My decision to launch Akwaamaka Studio stems from a commitment to elevate the industry. We are creating a multipurpose hub designed to meet the holistic needs of the entertainment sector-serving filmmakers, music producers, recording artists, content creators, and individuals seeking world-class facilities. This is the best studio in Nigeria. I can bet that.’

The studio is poised to become a central creative engine for the entertainment community. The event also featured a captivating performance by one of Akwaamaka Music’s rising stars, Spenta (real name Kingsley Ifeanyi Adaoje), who entertained the audience with tracks from his latest EP, Roll My Dice.

Veteran actor Chinedu Ikedieze praised the initiative, stating, ‘What High Chief Obodoagwu has done with Akwaamaka Studio is commendable. It’s a huge step toward professionalising our industry’s infrastructure and providing a standard that our talent truly deserves. They have virtually everything here, you can shoot an entire movie in one location. The quality, the design, the nature-themed sets. it’s out of this world. Akwaamaka brought nature to life, and for filmmakers, this is going to cut costs significantly.’

Supporting this sentiment, actress Uche Elendu added, ‘This new studio is exactly what Festac and the wider Lagos creative community needed. It is a one-stop-shop for high-quality production, and I believe it will be instrumental in fostering the next wave of creative talent.’

Akwaamaka Studio is now fully operational, offering cutting-edge technology and a professional environment to service the diverse needs of the film, music, and digital content industries.

Akwaamaka Music is a record label and entertainment company founded by High Chief Stanley Obodoagwu, dedicated to discovering, developing, and promoting exceptional talent across Africa.

With the launch of Akwaamaka Studio, the company expands its commitment to providing world-class infrastructure for the entire creative community.

As Nigeria marks its 65th Independence anniversary, the nation’s sporting journey stands as one of resilience, triumph, and moments of global recognition. Sports in Nigeria is deeply interwoven with its nationhood, often serving as a unifying force that lifts spirits and projects the country’s image on the world stage.

Although Nigerians had participated in competitive sports before Independence in 1960, the past six-and-a-half decades have produced defining moments that placed the green-and-white flag at the heart of global sporting celebrations.

In athletics, Nigeria’s men’s 4x400m relay team wrote history at the Sydney 2000 Olympics, initially winning silver before being upgraded to gold after the disqualification of the American team. Four years earlier, Chioma Ajunwa had blazed the trail in Atlanta, becoming the first Nigerian and black African woman to win Olympic gold in a field event.

More recently, hurdler Tobi Amusan etched her name into history at the 2022 World Championships in Eugene, Oregon. She not only clinched gold in the women’s 100m hurdles but also smashed the world record with a time of 12.06 seconds, a feat that reverberated across global athletics.

Nigerian football has also been a rich source of national pride. The Super Eagles’ three Africa Cup of Nations (AFCON) triumphs remain iconic, while the 1996 Olympic football team, dubbed the ‘Dream Team,’ stunned the world by winning gold in Atlanta, becoming the first non-European nation to achieve the feat in 68 years. At the club level, Enyimba International of Aba made history in 2003 and 2004 by winning back-to-back CAF Champions League titles, a first for Nigeria.

Basketball has equally seen remarkable strides, with D’Tigress, Nigeria’s women’s team, establishing dominance in Africa and earning global recognition through their World Cup appearances.

From Olympic tracks to football pitches and basketball courts, Nigerian athletes have consistently showcased resilience and excellence despite structural challenges that often impede sporting development compared to African peers like Egypt, Morocco, and South Africa.

Nigeria made history in 1985 when the Golden Eaglets defeated Germany 2-0 to win the inaugural FIFA Under-17 World Cup in China. That landmark victory was the first time a team outside Europe and South America had lifted a major global football trophy, cementing Nigeria’s place as a rising force in world sport.

Earlier, in 1980, the Green Eagles hosted the Africa Cup of Nations (AFCON) and clinched their first-ever title at the National Stadium in Lagos. Under coach Otto Gloria, with stars like Segun Odegbami and Christian Chukwu, Nigeria swept past Algeria 3-0 in the final, igniting unprecedented national celebration.

Boxing also delivered moments of pride. In 2008, Samuel Peter defeated Russian-American Oleg Maskaev in the sixth round to claim the WBC heavyweight title. Decades earlier, Nigerian-born Richard Ihetu, famously known as Dick Tiger, carved his name in history by winning the WBA middleweight title in 1962 against Gene Fullmer and later the light heavyweight crown in 1966 after dethroning Puerto Rico’s José Torres. Hogan ‘Kid’ Bassey, Nigeria’s first world champion, had paved the way in 1957 when he became the world featherweight king.

These achievements built on earlier pioneering feats such as Emmanuel Ifeajuna’s gold medal in the high jump at the 1954 Commonwealth Games, the first for an African athlete. Together, these trailblazers laid the foundation for Nigeria’s sporting identity.

Sports’ decline

Former Nigerian international Friday Ekpo has reminisced about the glory days of Nigerian football in the 1980s and 1990s, while sports analyst and SuperSport Nigeria General Manager, Felix Awogu, has pointed to economic and governance issues as key reasons for the country’s sporting decline.

In a chat with BusinessDay, Ekpo reflected on Nigeria’s football journey, noting both progress and setbacks.

‘I mean, it has not been easy when it comes to sport. We started building up gradually before I was even born – when they were playing without boots, barefoot and all the rest. Gradually, we changed from one era to another,’ Ekpo said.

‘In terms of sport and football, there has been gradual progress and development. But in between, we’ve had our ups and downs. We need to go back to see where we went wrong and what we need to do to come back stronger. In every other sport, it has been like that. But in football, which I know a little more about, it has been up and down.’

Despite the challenges, Ekpo is confident that Nigerian football is beginning to show signs of revival.

‘We are picking up now. When it comes to Nigerian football, especially the Nigerian Premier League, I have seen great improvement in the last 10 to 12 years. I know that, in due course, we will get back there again,’ he added with optimism.

For Awogu, however, the struggles in Nigerian sports cannot be divorced from the country’s wider economic and political realities.

‘The truth is that other countries are also progressing, just as we are. It depends on which one is progressing at a faster rate. If you look back in the short term, we have been declining. We won the Olympic gold in Atlanta in 1996. Since then, we’ve not won any,’ Awogu observed.

He stressed the need to address deeper systemic challenges:

‘Well, you cannot take away sports from the larger society. Are we doing the right thing at the national level? That’s the big question we need to ask. What is the quality of leadership we have in government generally? You cannot separate that from what we see in football and other sports.’

Awogu also acknowledged that while some football has struggled, other sports have shown resilience despite limited support.

‘We cannot condemn everything in totality. Some sports have really lifted themselves. Take cricket, for example. They’ve been doing fantastic even without government funding. So, we can’t throw that away.’

From the 1960s through the 1990s, football and athletics were Nigeria’s strongest pillars, with football in particular emerging as a unifying force. But in the last two decades, administrative shortcomings, underfunding, and poor grassroots structures have weakened the country’s dominance on the continental and global stage.

Yet hope remains. Nigerian athletes continue to produce flashes of brilliance, while sports enthusiasts and experts believe that with stronger investment, visionary leadership, and strategic planning, the country can reclaim its status as Africa’s sporting giant.

At 65, Nigerian sports still symbolise the nation’s enduring spirit, one that has celebrated triumphs, endured setbacks, and continues to inspire future generations.

The Taraba State Government has received a total sum of $268.63 million (over ?400 billion) investment from the ECOWAS Bank to boost agriculture, energy and industrial development.

The funding, which is secured through the State’s Ministry of Energy and Economic Development, will be channeled into four major projects, a 10,000-hectare rice farm equipped with an integrated irrigation system, a state-of-the-art 16 tonne capacity rice mill, a new industrial park with agro-processing and logistics clusters, and a 50 megawatt solar power plant to enhance the state’s renewable energy capacity.

Naomi Tanko Agbu, Commissioner for Energy and Economic Development, while speaking on the development, described the investment as the culmination of months of strategic planning and stakeholder engagement.

She noted that the projects are aligned with Agbu Kefas, Taraba State governor’s development agenda, which prioritises security, infrastructure, industrial growth and investment attraction.

‘These projects represent a bold step forward for Taraba,’ Engr. Tanko stated. ‘They reflect the vision of Governor Kefas to reverse years of underdevelopment through high-impact, practical initiatives.

Tanko further praised the collaborative efforts that led to the investment deal, acknowledging the commitment of Governor Agbu Kefas, Ministry officials, consultants and partners who played key roles in the process.

She urged citizens to stay engaged and supportive as implementation began, emphasising a shared responsibility in building the State’s future. ‘Our guiding principle is togetherness. Let’s build Taraba together under the leadership of His Excellency, Dr. Agbu Kefas,’ she said.

The projects are expected to generate significant employment opportunities, stimulate local economies, and position Taraba as a leading hub for agriculture and renewable energy in both Nigeria and the wider West African region.

The naira closed the four-day trading week with N14.98 gain in the official foreign exchange (FX) market following sustained liquidity.

After trading on Friday, the naira appreciated by 1.02 percent week-on-week as the dollar was quoted at N1,465.67 compared to N1,480.65 quoted last week Friday at NFEM according to data from the CBN.

The CBN data showed that the naira witnessed a 0.7 percent or N10.67 for the four-day trading week to N1,465.67 on Friday from N1,476.34 closed on Monday at NFEM.

On a day-on-day trading account, the naira depreciated by 0.7 percent to N1,465.67 on Friday, down by N10.44 compared to N1,455.23 traded on Thursday at the NFEM, CBN data indicated.

The local currency strengthened by N35 or 2.4 percent week-on-week to close at N1,460 per dollar on Friday up from N1,495/$1 on Friday last week in the parallel market also known as the black market.

Daily, the naira weakened by N5 on Friday to N1,460 as against N1,455 closed on Thursday in the black market.

Nigeria’s external reserves rose 2.2 percent month-on-month to $42.35 as of September 30, 2025, up from $41.42 recorded at the beginning of the month, data from the CBN indicated.

Olayemi Cardoso, governor of the CBN has said that recent reforms in the foreign exchange market have helped restore investor confidence and boost the country’s external reserves, which now stand at over $42 billion.

Speaking at the maiden edition of the CBN’s lecture series at the Lagos Business School (LBS), Cardoso said ‘on foreign exchange, we introduced a willing buyer, willing seller framework and unified the multiple exchange rate windows. We also cleared the backlog of verifiable foreign exchange commitments, which has helped restore market confidence.’

He added that the Bank has taken deliberate steps to attract diaspora inflows and investment, ‘we created new channels to facilitate diaspora remittances and encourage investment, most notably through the Non-Resident Nigerian (NRN) platform, which enables Nigerians abroad to open bank accounts seamlessly from anywhere in the world.’

Cardoso emphasised that these reforms are part of a broader strategy to strengthen the economy and ensure long-term stability in the financial markets.

Yemi Kale, Group chief economist and managing director of Afreximbank, said the introduction of a more flexible exchange rate regime acts as a natural shock absorber, allowing the currency to adjust gradually to fluctuations in oil prices or global economic conditions, rather than triggering sudden crises in the balance of payments.

Five women entrepreneurs have been shortlisted for the final stage of the ?20 million Unicorn Project, an initiative by communications agency SoMe Solutions in collaboration with Premier Business Network (PBN).

The competition, launched earlier this year, is aimed at supporting women-led businesses in Nigeria with funding, mentorship, and visibility opportunities. From more than 120 applications received nationwide, the selected finalists represent a range of sectors, including food, fashion, wellness, and agriculture.

The five entrepreneurs are:

Nancy Amaku – Chef Nahnah Foods and Confectionaries Ltd; Aderoju Dasola Elizabeth – Eliz-Bags and Accessories;

Opeyemi Adebisi – Pemnia Wellness;

Kieva Chris-Amusan – Fertitude;

Abejide Oluwatosin Mercy – House of Rheevo Limited

According to the organisers, the finalists were chosen following interviews and assessments of an initial shortlist of 20 entrepreneurs. Those who made the Top 20 have also been admitted into the Unicorn Community, which provides ongoing mentorship, networking, and business support.

Elizabeth Osho, founder of SoMe Solutions, said the project seeks to highlight the resilience and creativity of women in business. ‘It isn’t just about money, it’s about turning potential into lasting impact,’ she noted.

The judging panel includes industry figures such as Peter Gbologe (PBN), Morenike Molehin (Oak and Teak), Ifedayo Durosinmi-Etti (Herconomy), Ayisat Agbaje-Okunade (Lateef Jakande Leadership Academy), Emem Ime Okwoche (EMEM Fashion), and Adebolu Ezipke (SoMe Solutions).

In the coming weeks, the finalists will take part in a public engagement phase, where their stories will be shared online for feedback and voting. The results will contribute to the judges’ final decision.

The winner, to be announced later this year, will receive ?500,000 in cash and a ?20 million brand and PR support package.

The project is supported by several sponsors, including Complete Sports Nigeria, PoshClick, JustBrandIt, GetUp Inc., and Brand Communicator.