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For millions of young Nigerians, earning a regular salary doesn’t necessarily mean access to capital. While many have the discipline to save and maintain bank accounts, raising a substantial amount of money to pursue personal ambitions remains a persistent financial challenge.

Africa is home to the youngest workforce in the world, yet even its formal wage earners face a steep challenge accessing capital. Traditional banks reject up to 80 percent of consumer credit applications due to strict collateral requirements, such as land titles or assets worth up to 150 percent of the credit value, that young professionals early in their careers often cannot meet, according to a 2025 survey from Solutions Financial Services.

This exposes an important gap in Nigeria’s financial inclusion landscape: access to financial services does not automatically translate into access to affordable capital.

The problem is particularly significant for young working Nigerians between 22 and 40, many of whom are building careers, establishing households and pursuing entrepreneurial opportunities without having accumulated enough assets to qualify for conventional credit. Consequently, people increasingly rely on informal financial arrangements, personal networks, and community savings schemes to meet financial commitments. Among these arrangements, ‘Ajo’ remains one of the most enduring examples of how communities organise access to money outside conventional banking structures.

The economics behind Ajo

Ajo works because it addresses the timing problem associated with personal savings.

Under the traditional arrangement, a group of people agrees to contribute a fixed amount at regular intervals, with each member receiving the accumulated contributions in turns. Rather than waiting several months or years to accumulate a substantial amount independently, participants can access a lump sum earlier while continuing to contribute towards subsequent collections.

The model is built around pooled liquidity, collective discipline, and trust. Members effectively bring together their individual savings to create a larger pool of money that becomes accessible to participants according to an agreed schedule.

For a salary earner who needs to raise money for accommodation, school fees or business equipment, this arrangement can provide access to capital without the interest charges associated with conventional borrowing.

Its appeal also reflects an important economic reality: people do not always need additional income to improve their financial position; sometimes they need better access to the income they are already earning.

Ajo allows participants to reorganise their savings around the timing of their financial needs. It turns individual contributions into a mechanism for accessing larger sums, making it particularly relevant to people who have predictable incomes but limited access to formal credit.

Where the informal model breaks down

Trust, which is ajo’s greatest strength, can also become its biggest vulnerability.

In many traditional arrangements, contributions are managed by an administrator who collects money, maintains records, and distributes the accumulated funds. Where there are no institutional safeguards, participants depend largely on personal relationships and the administrator’s integrity.

…As Veritas University awards him an honorary doctorate

Obiora Okonkwo, Chairman of United Nigeria Airlines, has challenged Nigerian universities to prioritise entrepreneurship and practical skills development, saying graduates must be prepared to create jobs rather than depend solely on paid employment.

Okonkwo, who made the call at the 15th convocation ceremony of Veritas University, Abuja, advocated the integration of entrepreneurship education into all academic departments, including medicine, law, engineering and the sciences.

He said the country’s higher education system must move beyond the award of certificates to equipping students with the knowledge, skills and mindset required to become self-reliant and contribute meaningfully to national development.

The airline chairman maintained that entrepreneurship should not be treated as a peripheral discipline but as a core subject for every university student, irrespective of their course of study.

According to him, medical students should be equipped with the entrepreneurial knowledge to establish private practices, while law graduates should understand the business opportunities within their profession.

He also urged researchers to consider the commercial viability of their innovations, noting that research outcomes capable of attracting investors would help universities transform discoveries into practical solutions.

‘Entrepreneurship I am advocating should not just be a by-pass discipline. It should be a core subject that must be made available to all the students in every department.

‘So that if you are studying medicine, you are thinking of entrepreneurship for medicine. What if tomorrow you want to be a private practitioner? If you are going to law, even if in the science department, these researchers will be able to think of the entrepreneurial aspect of their research outcome,’ he said.

Okonkwo, a professor of entrepreneurship, said universities must prepare graduates to become self-employed and employers of labour rather than depend exclusively on the availability of paid employment.

He argued that the quality of education should not be measured merely by the number of graduates produced but by the knowledge, skills, moral values and sense of responsibility they acquire.

The entrepreneur, who disclosed that he established his business while still a student, said he had never been an employed person after graduation.

He said his experience had reinforced his conviction that entrepreneurial training should begin early in students’ academic journeys.

‘I am a professor of entrepreneurship, so I am not just in the theory aspect; I am also in the practice. I have seen the ups and downs and different things happen.

‘If you are in school and you are able to have an idea of how things work in the business world, that is why, after my first and second degrees with first-class distinction, I have never been an employed person after my graduation. I had set up my business even while I was in school,’ he said.

Okonkwo, however, acknowledged that entrepreneurship was not necessarily the career path for every graduate, adding that he was willing to guide students interested in establishing businesses.

He also advocated stronger collaboration between universities and industries, particularly through internship programmes that expose students to practical experience before graduation.

Describing internship as critical to bridging the gap between classroom learning and workplace demands, he disclosed that United Nigeria Airlines had signed memoranda of understanding with Nnamdi Azikiwe University and Afe Babalola University to train mechanical engineering students in its aviation maintenance unit.

According to him, students participating in the programme are paid during their internship, receive certificates upon completion and are considered for automatic employment based on their performance.

He said the programme had recorded impressive academic outcomes, with students who participated in the training graduating with at least second-class upper degrees.

Okonkwo said the initiative demonstrated the benefits of industry-based training and urged universities to expand partnerships with private sector organisations to improve graduate employability.

He further disclosed that his convocation lecture on entrepreneurship education at another university had been adopted as a policy document, with a committee established to study its recommendations and determine how they could be implemented across universities.

The United Nigeria Airlines chairman, who received an honorary doctorate degree from Veritas University, expressed appreciation to the Catholic Bishops’ Conference of Nigeria (CBCN), the institution’s proprietors, for the recognition.

He pledged to collaborate with the university to strengthen its academic programmes and support its ambition of becoming one of the leading institutions in Nigeria and Africa.

?Organised labour in Osun State has threatened to deny President Bola Tinubu the support and votes of workers, pensioners and their families in the 2027 general election over the continued withholding of statutory allocations due to local government councils in the state.

?The labour movement stated that it could no longer guarantee the votes of its members and their dependants for the president’s re-election while local government workers continued to suffer the consequences of the prolonged allocation crisis.

?Nigeria Labour Congress (NLC) state chairman Christopher Arapasopo made the position known on Monday in Osogbo after the expiration of a seven-day ultimatum issued to the federal and state governments to resolve the dispute over local government funds, which it said had been withheld since February 2025.

?Labour demands immediate release of allocations

?’The Organised Labour considers it necessary to make its political position clear. For now, the Organised Labour in Osun State cannot guarantee the support and votes of workers, pensioners, and our families for the re-election of President Bola Ahmed Tinubu.’

?’This position arises from the continued withholding of local government allocations and the attendant hardship imposed on workers, pensioners and our dependents. We can no longer pretend that we are happy when we are suffering!’

?’We are aware of Mr Governor’s commitment to supporting the President’s re-election. However, the interests and welfare of workers, pensioners and our dependents must take precedence over individual political preferences.’

?The labour leader maintained that the union’s loyalty was first and foremost to the working class and the people it represented, stressing that political support was neither automatic nor unconditional but must be earned through policies and actions that protected workers’ welfare and dignity.

?Ultimatum and call for dialogue

?He demanded the immediate release of all outstanding statutory allocations due to Osun local government councils, the discontinuation of further payments into what it described as illegal United Bank for Africa (UBA) accounts, the protection of workers’ salaries and other entitlements, and a permanent resolution of the local government financial crisis.

?While acknowledging that industrial action could disrupt public services and inconvenience residents, the unions appealed for public understanding, insisting that their struggle was not against the people of Osun State but for the economic survival of workers and pensioners.

?They, however, expressed readiness for genuine dialogue, maintaining that industrial peace could only be achieved through justice and respect for workers’ rights.

Marufudeen Adeniyi Shittu, Professor and Deputy Vice-Chancellor (Administration) of Lagos State University of Education (LASUED), has urged youths to complement their academic qualifications with entrepreneurial and employability skills to become self-reliant and contribute meaningfully to national development.

He gave the advice at the third convocation ceremony of Bn Ballo College of Arts and Islamic Sciences, Ojebode, Ibadan, Oyo State, an institution affiliated with the University of Ilorin.

A total of 31 students graduated at the 2025/2026 convocation, with 14 of them earning first-class honours.

Shittu stressed the need for graduates to move beyond the acquisition of academic knowledge by developing practical skills that would enable them to create opportunities for themselves and others rather than depend solely on paid employment.

According to him, graduates must broaden their knowledge, embrace innovation and deploy their expertise to address contemporary societal challenges.

‘What you have learnt should contribute to the contemporary system. With Islamic Studies, you can contribute to governance, policymaking and other career opportunities.

‘Society needs you to contribute to national development and not become a liability. Use your talents to grow, create opportunities and make meaningful contributions to humanity,’ he said.

The convocation lecturer urged the graduates to draw inspiration from accomplished scholars and apply their knowledge to productive ventures, including entrepreneurship, trade and service to humanity.

He also advocated the integration of employability and entrepreneurial skills into the Arabic language curriculum across the various levels of education to prepare students for the demands of the modern economy.

Shittu further charged the graduates to uphold the values they had acquired, remain committed to excellence and justify the sacrifices made by their parents and guardians towards their education.

Similarly, Wahab Olasupo Egbewole, SAN, Professor of International Law and the Vice-Chancellor of the University of Ilorin, who was Chairman of the occasion, congratulated the graduands, urging them to uphold the College’s standards of integrity, discipline and academic excellence in confronting life’s challenges.

Egbewole, spoke through Yahya Oyewole Imam, Professor of Islamic Studies and Director of Affiliated Institutions at the University of Ilorin, commended Bn Ballo College for its commitment to academic standards, describing it as one of the best institutions affiliated with the university.

He urged the graduates to work hard, demonstrate the discipline and moral values acquired during their studies and remain good ambassadors of their institution wherever they found themselves.

With the country approaching another election cycle, he cautioned the graduates against allowing themselves to be used for political thuggery or other unlawful activities.

‘You may engage in politics, but please render your services with diligence and honesty,’ he advised.

The vice-chancellor also encouraged them to pursue continuous learning and regularly update their knowledge and intellectual capacity to remain relevant in an increasingly dynamic world.

Earlier, Ibrahim Alli Adelani, Provost of the college, said the institution, established in 2017, comprised primary, secondary and tertiary education components and remained committed to providing quality education to produce productive individuals and worthy ambassadors of the institution.

He encouraged the graduating students not to end their academic pursuits at the diploma level but to seek higher qualifications, noting that some graduates of the institution had secured admission into various higher institutions within and outside Nigeria.

‘Do not stop here. Take your education to a higher level and continue to make us proud. Highly knowledgeable and intellectually equipped individuals are better positioned to solve societal problems and remain relevant, not only in their country but globally,’ he said.

Adelani appreciated the University of Ilorin management, particularly the Vice-Chancellor and the Director of Affiliated Institutions, for their support, adding that arrangements were underway to commence degree programmes at the college.

At the ceremony, Yahya Oyewole Imam, (Prof), the Director of Affiliated Institutions, University of Ilorin, conferred Diploma in Arabic and Islamic Studies certificates on the graduating students.

Nyesom Wike, the minister of the Federal Capital Territory (FCT), is dangling a ?10 million reward before councillors in the territory, promising to pay each councillor who delivers their ward to President Bola Tinubu in the January 16, 2027 election.

Wike made the pledge on Monday at a stakeholders’ meeting of the Rainbow Coalition in Kwali Area Council, where he charged councillors to activate their grassroots political structures, mobilise residents, youth groups and community associations to secure electoral victory for the APC.

‘Any councillor that delivers his ward will get N10 million reward. Therefore, go and meet your leaders, go and meet your youth groups, go and consult with associations. Let’s deliver our ward to Mr President,’ he declared.

The minister also endorsed Senator Philip Aduda for the FCT senatorial seat and Danladi Chiya for Abuja South Federal Constituency, expressing confidence that Kwali, Gwagwalada and Abaji would deliver overwhelming votes for the APC.

‘I will go to sleep tonight because I know Kwali, Gwagwalada and Abaji are 100% for APC,’ he said.

Wike also criticised opposition politicians over what he described as double standards in their reactions to judicial decisions, accusing them of praising the judiciary when verdicts favoured them and alleging political interference when they lost cases.

He defended the provision of new SUVs to first-class traditional rulers in the FCT, arguing that they deserved dignity and institutional respect.

Listing the Tinubu administration’s achievements, Wike cited road construction, the FCT Civil Service Commission, financial autonomy for area councils and improved recognition for traditional institutions.

He warned residents against making the wrong political choice in 2027, saying, ‘You cannot afford to make a mistake in 2027.’

Dere Awosika, a former permanent secretary and Nigerian businesswoman, has urged federal governments to adopt a citizen-centred approach to public sector reforms.

She warned that policies imposed without adequate consultation may fail to address the challenges they are designed to solve.

Awosika said public sector reforms must reflect the needs, experiences and realities of citizens and public servants to achieve their intended objectives, stressing that governments should engage affected communities and relevant stakeholders before introducing changes.

She argued that reform initiatives should not be treated as directives handed down by government institutions but as processes that require dialogue, identification of institutional weaknesses and a clear understanding of why existing policies and systems are not delivering expected results.

Awosika spoke on Friday during an episode of the Aig-Imoukhuede Foundation podcast, Reform Is Not a Guessing Game, where she highlighted the importance of stakeholder engagement in designing and implementing sustainable public sector reforms.

According to her, consultations give reformers an opportunity to identify institutional gaps, understand different stakeholders’ interests, and develop implementation strategies responsive to local circumstances.

‘Reforms are not supposed to be a pass down of instructions. It’s supposed to be a discussion on the weaknesses, identify them, and see that the goals that you set to meet are not being met,’ she said.

The Chief Executive Officer of Josephine Consulting Ltd said her experience leading polio eradication efforts in Nigeria demonstrated how community engagement could determine the success or failure of public programmes.

She explained that working closely with traditional and religious leaders helped programme implementers address public concerns, build confidence and secure community acceptance of vaccination campaigns.

According to her, the experience showed that government initiatives would struggle to achieve their objectives without establishing trust between public institutions and the citizens they serve.

Awosika stressed that building trust required government and reform advocates to recognise citizens as important stakeholders whose experiences and perspectives should inform policy decisions.

‘We need to build trust with citizenry. They cannot believe us unless we trust them,’ she said.

Also speaking, Akin Olusoji-Akinyele, an economist and policy strategist, said feedback from beneficiaries should be an integral part of the public sector reform process.

He argued that the effectiveness of reforms should not be determined solely by government officials or the institutions responsible for implementing them, but also by the experiences of the people expected to benefit from the changes.

Olusoji-Akinyele said continuous engagement with beneficiaries would enable governments to assess whether reforms were producing the desired outcomes and identify areas requiring adjustments.

He maintained that the reform process could not be considered complete until beneficiaries had provided feedback on the effectiveness of the policies and interventions.

‘The reform itself is not complete until the beneficiary has given you some form of feedback as to whether this is working,’ he said.

Africa’s stock markets gained 49 percent in 2025, but the rally exposed a deeper weakness in the continent’s capital markets as rising valuations are expanding the value of listed companies without bringing enough new businesses into the market to raise public equity.

According to the Organisation for Economic Co-operation and Development (OECD), African stock market capitalisation reached $836 billion at the end of 2025, outperforming emerging markets, which grew by 20 percent, and global markets, which advanced 21 percent. Nigeria recorded a 77 percent increase in market capitalisation to $59 billion, while Ghana led the continent with 153 percent growth, followed by Zambia at 111 percent.

Yet the surge in valuations was not matched by an expansion in the number of listed companies. Africa recorded only seven new listings in 2025, in Egypt, Ghana, Morocco and South Africa. These accounted for just three percent of the increase in regional market capitalisation, according to the OECD.

This is quite important because rising share prices increase the market value of companies already listed, but do not automatically provide them with new equity financing. Without more businesses entering the market, the stock market’s ability to channel savings into corporate expansion, investment and job creation remains constrained.

The weakness extends beyond the number of listings to the structure of ownership. South Africa accounted for nearly 60 percent of Africa’s $836 billion market capitalisation, while South Africa, Morocco, Egypt and Nigeria together represented 88 percent. This leaves much of the continent’s equity market concentrated in four countries.

Ownership is similarly concentrated. Institutional investors held only 21 percent of listed equity in Africa, compared with 47 percent globally. Corporations accounted for 23 percent, while public-sector ownership represented 19 percent.

The OECD warns that this concentration reduces the shares available for public trading, limiting free float, trading activity and investor diversity. It can also constrain the ability of markets to finance a broader range of companies.

The scale of the financing challenge becomes clearer when market capitalisation is measured against economic output. Africa’s stock market capitalisation was equivalent to 43 percent of GDP at the end of 2025, compared with 68 percent in emerging markets and 128 percent globally.

For Nigeria, the implication is that a rising market index and expanding valuations do not, on their own, demonstrate that the capital market is becoming a deeper source of corporate financing. The more important test is whether more companies can list, attract a wider investor base and use the market to fund long-term growth.

The OECD says reducing the financial and regulatory barriers to listing, strengthening corporate governance and investor protection, and improving trading infrastructure and liquidity will be critical to expanding access to public equity.

Remi Tinubu, the First Lady, has urged Nigerian youths, particularly Christian youths, to shun political thuggery and promote peace, tolerance and responsible political participation ahead of the 2027 general elections.

Tinubu made the call on Saturday during the 20th anniversary celebration of the Adamawa Government House Chapel in Yola, where she was represented by Kaletapwa Farauta, the Deputy Governor.

She cautioned young people against allowing politicians to exploit them for selfish interests, urging them to resist violence and contribute to peaceful electoral processes.

Farauta, who also represented Governor Ahmadu Fintiri, conveyed the governor’s message that the Chapel should serve as a unifying platform for Christians across denominations rather than promote the interest of any particular church.

Fintiri urged the congregation to sustain the Chapel’s spiritual activities, expressing hope that God’s presence would continue to guide the government and inspire efforts towards the development and peaceful coexistence of residents.

‘Adamawa belongs to all of us. We must all join hands to ensure that the state continues to move forward, while living together as one another’s keepers,’ he said.

In his remarks, former Governor Boni Haruna said the Chapel was established in 2005 to fulfil the original architectural design of the Government House complex, which provided for both a mosque and a chapel in recognition of religious equity and inclusion.

He said the facility was conceived to address the historical imbalance and reflect the inclusive vision of the Government House, expressing hope that it would remain a symbol of unity among residents, irrespective of religious differences.

Similarly, Boss Mustapha, chairman of the Chapel’s Board of Trustees, described the anniversary as a celebration of faith, perseverance, unity and God’s faithfulness.

Mustapha said the Chapel’s establishment reflected a vision sustained through prayers and divine providence, adding that its location within the seat of government underscored the importance of spirituality, moral responsibility and humility in public leadership.

He urged the Chapel’s leadership to preserve its ecumenical character while respecting religious diversity and constitutional freedoms.

Also speaking, Joel Manzo, the Adamawa chairman of the Christian Association of Nigeria (CAN), said the Chapel was not established to compete with existing churches or replace denominations but to promote Christian faith and fellowship within the Government House.

Manzo urged Christian leaders to encourage their members to support the Chapel, stressing that denominational differences should strengthen rather than undermine Christian unity.

The celebration featured the presentation of awards to the First Lady, Governor Fintiri, founding fathers and former chaplains, as well as a fundraising exercise to support the Chapel’s activities and development

Whatadeal, a subsidiary of SystemSpecs Group, is set to host the maiden edition of Rave on the Rock, a cultural and entertainment event at Olumo Rock, Abeokuta, on November 20, 2026, as part of efforts to promote tourism, celebrate indigenous heritage and create opportunities for local businesses.

The event will combine live music, indigenous performances, art, fashion and Nigerian cuisine, using the historic landmark as a setting to connect contemporary entertainment with cultural expression. Its programme will feature live music performances, DJ sets, guided heritage experiences, Egba storytelling, traditional drumming, dance, craft displays and fashion showcases. Visitors will also have access to a curated food court highlighting local culinary offerings.

The initiative reflects growing opportunities to connect Nigeria’s creative economy with its cultural and tourism assets, encouraging domestic travel while drawing attention to destinations beyond the country’s established tourism circuits.

Olumo Rock, a 137-metre landmark closely associated with the history of the Egba people, provides the natural setting for the event. Historically recognised as a place of refuge during periods of conflict, the rock remains an important symbol of Abeokuta’s heritage and one of Ogun State’s prominent tourist attractions.

Through Rave on the Rock, Whatadeal aims to introduce contemporary audiences to the historical site, using entertainment to encourage cultural discovery and engagement with the destination. A guided exploration of the rock will form part of the daytime activities, alongside art installations, a Nigerian fashion showcase and performances celebrating Egba traditions.

Speaking on the initiative, Adekunbi Ademiluyi, managing director of Whatadeal, said the event was conceived to connect entertainment with a broader appreciation of Nigeria’s cultural identity and tourism potential.

‘Nigeria has an abundance of cultural assets, historical landmarks and creative talent that can be brought into the mainstream of our entertainment and tourism conversations. We see Rave on the Rock as an opportunity to do this in a way that is engaging, commercially relevant and accessible to different audiences.

‘Our ambition goes beyond organising a music event. We want to create a platform that attracts people to Abeokuta, encourages them to experience its heritage and provides opportunities for local businesses, artisans, creatives and tourism operators to participate in an event with wider reach. We also see the potential to develop Rave on the Rock into a recurring annual property,’ she said.

Beyond entertainment, the event is expected to provide a platform for local businesses and creative operators to showcase their products and services to visitors. Food vendors, artisans, tour guides and hospitality businesses are among the enterprises expected to benefit from increased visitor activity.

The event will also create opportunities for collaboration among local businesses, creative professionals and tourism stakeholders, strengthening the connection between cultural experiences and economic participation.

Rave on the Rock reflects the potential to link Nigeria’s creative economy with its cultural and tourism resources. By combining music and entertainment with heritage, local cuisine and tourism experiences, the initiative seeks to create new reasons for people to travel, explore and discover more of Nigeria.

Eleven innovator startups have received N300 million reward at the seventh edition of Wema Bank’s Hackaholics programme. Hackaholics is designed to fund technology-driven solutions and support entrepreneurship in Nigeria.

The awards were presented at the grand finale of Hackaholics 7.0, themed Festival of the Future, held in Lagos on November 6, 2026. The competition attracted 5,329 participants, generating 1,632 ideas across seven centres nationwide, with 21 finalists competing in four categories: Startup/Ideathon, Social Impact, Women-Led and Hackathon.

Tony Niteon Nwose, founder of Niteon, emerged overall winner, receiving the N60 million grand prize for an agricultural technology platform connecting farmers to processors, financial services and markets.

Other major beneficiaries included Emmanuel Adeboje of Acceede, who received N40 million for an education-focused solution, and Kabir Olaosebikan of Craft Planet, awarded N40 million for converting plastic waste into sustainable building materials.

In the women-led category, Zainab Boluwatife Adeagbo of MamaAlert won N20 million for her digital healthcare solution, while Kelvin Nnadi of Neural Forge received N30 million for an AI-powered medical diagnostic innovation in the Hackathon category.

Moruf Oseni, managing director/CEO, Wema Bank, said the N300 million investment demonstrated the financial institution’s confidence in young Nigerian innovators and their capacity to drive economic growth.

He said the hackaholics would continue to provide entrepreneurs with funding, mentorship, industry exposure and networks to transform promising ideas into scalable businesses.

Launched in 2019, Wema Bank’s hackaholics has recorded over 21,000 applicants across seven editions and supported more than 10,000 startups across three countries.