Author: Gift Ifeanyi

To mark his 60th birthday, the founder and Group Managing Director of the Rainoil Group, Dr. Gabriel Ogbechie (OON), has injected ₦50 million in equity-free seed capital into Nigeria’s startup ecosystem. At an entrepreneurship symposium held in Lagos, Ogbechie selected 10 early-stage entrepreneurs to receive ₦5 million each, shifting his anniversary celebration into a practical exercise in venture incubation and corporate philanthropy. The symposium served as a strategic platform for established industrialists to discuss survival tactics for volatile markets. Highlighting Nigeria’s population of over 200 million consumers, Ogbechie argued that current macroeconomic challenges are accompanied by massive consumer demand across…

In a significant return to where his business journey began, the founder and Group Chief Executive Officer of Moniepoint Inc., Tosin Eniolorunda, paid an official courtesy visit to the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi. Accompanied by members of Moniepoint’s executive management team, Eniolorunda was received at the royal palace with traditional cultural performances and royal blessings. The palace audience marks a major milestone for the fintech unicorn, which Eniolorunda originally conceptualized and co-founded as TeamApt in 2015 alongside fellow engineers from the university town. Today, the platform has grown into one of Africa’s fastest-scaling business banking and agency…

Nigeria is undergoing a major structural shift in its fiscal policy as the Federal Government aggressively tries to raise its tax-to-GDP ratio from a low 10 to 11 per cent up to more sustainable African regional benchmarks. While the sweeping reforms introduced under the Nigeria Tax Act (NTA) 2025 are designed to streamline collections, they are creating a complex regulatory environment for young entrepreneurs, who currently own 67 per cent of all enterprises in the country. For millions of youth-led Micro, Small, and Medium Enterprises (MSMEs), entrepreneurship is a necessity driven by a tight formal job market rather than a…

Nigeria’s public-private approach to informal sector formalization is gaining continental recognition. A high-level diplomatic and technical delegation from Angola’s National Institute for the Support of Micro, Small, and Medium Enterprises (INAPEM), led by Chairman Bráulio Augusto, visited the country to study mySMEville, a unified digital platform developed through a partnership between MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). The platform was designed to tackle a massive structural challenge: while MSMEs account for approximately 48 per cent of Nigeria’s GDP, nearly 80 per cent of these small businesses operate completely outside the formal financial system,…

The United Kingdom has implemented a major structural change to its international energy trade regulations by introducing the Russia Sanctions (EU Exit) (Amendment) Regulations. The updated policy closes the “refining loophole” by explicitly banning the import of refined petroleum products—including petrol, naphtha, paraffin, lubricants, and waste oils—processed in third-party countries using Russian crude oil. However, according to new guidelines analyzed by S&P Global, Nigeria has been exempted from the more rigorous proof-of-origin compliance audits. The British government has added Nigeria to a specialized list of 63 countries that are classified as net oil exporters, allowing local shipments to bypass additional…

Nigeria and Türkiye have signed a comprehensive mining cooperation agreement designed to transition their bilateral trade relations into a highly structured, operational framework. The pact was signed by the Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, and Nigeria’s Minister of Solid Minerals Development, Dr. Oladele Henry Alake, during the 2nd Istanbul Natural Resources Summit. The agreement updates an initial memorandum signed in 2021, moving it from a general statement of intent into a results-driven framework. The updated accord targets joint investments in advanced geological exploration, digital mineral management mapping, and specialized mining technology transfers. This comes as Nigeria…

To mark its a decade of business journalism, strategic policy reporting, and sector coverage, online publication City Business News will host its 10th-anniversary lecture on Thursday, June 25, 2026, at the Rockview Hotel in Apapa, Lagos. The landmark event will gather leading maritime operators, manufacturers, transport experts, and regulatory policymakers to discuss the critical infrastructure challenges impacting national distribution channels. The milestone event will be chaired by legendary transport industrialist Mr. Frank Nneji, the founder and former CEO of ABC Transport Plc. Organizers note that the choice of Nneji highlights his deep contributions to modernizing West Africa’s haulage, logistics, and…

Nigeria’s industrial sweetener demand is projected to scale to approximately 2.15 million metric tonnes, exposing a severe structural imbalance in the country’s manufacturing supply chain. A market insights report titled “NCIA Insights: Unlocking Cassava’s Industrial Value through Sorbitol Production,” published by the Nigeria Cassava Investment Accelerator (NCIA)—an initiative of the Lagos Business School (LBS)—reveals that local production capacity stands at a low 53,000 metric tonnes. Consequently, domestic agro-processors currently meet only 2.5 per cent of national demand, forcing the manufacturing sector to rely heavily on imports. Trade data shows that in 2023 alone, Nigeria imported over 7,700 metric tonnes of…

A regulatory gap in Nigeria’s aviation framework has left the Federal Government facing full financial liability for rebuilding the fire-damaged old international terminal (Terminal 1) at the Murtala Muhammed International Airport (MMIA) in Lagos. Following a major inferno at the facility, investigations by Financial Vanguard revealed that several months after the incident, no underwriting firm has recorded any claims exposure or liability. The National Insurance Commission (NAICOM), led by the Commissioner for Insurance, Mr. Olusegun Omosehin, confirmed that no claims have been filed or processed for the disaster. The development highlights a critical exposure of strategic national infrastructure, revealing that…

The Nigerian Economic Summit Group (NESG) has announced the appointment of Mrs. Surayyah Ahmad as a Director on its Board. The decision, approved during the private sector policy group’s second-quarter board meeting and confirmed via an official statement signed by Chief Executive Officer Dr. Tayo Aduloju, targets the acceleration of private sector-led transformation and inclusive growth across Nigeria. The boardroom appointment directly leverages Mrs. Ahmad’s cross-border expertise in impact investing, gender-lens finance, and early-stage SME venture scaling. This background aligns with the group’s ongoing evidence-based advocacy to bridge sub-regional financing gaps. 1. Operationalizing the $300m Youth Entrepreneurship Investment Bank A…

To strengthen non-operational support frameworks for military families, the Nigerian Air Force Officers’ Wives Association (NAFOWA) has broken ground on a mega-commercial real estate project in Idu, Abuja. The NAFOWA Neighbourhood Market is being developed through a strategic public-private partnership (PPP) with domestic construction firm Jenew Homes to build sustainable retail infrastructure for military families, widows, and local entrepreneurs. The infrastructure project reflects an ongoing policy shift by the Chief of the Air Staff (CAS), Air Marshal Sunday Aneke. The administration is increasingly tying hardware readiness and troop morale to institutional welfare, community stability, and economic self-reliance programs. 1. Structural…

To expand its commercial lending portfolio and capitalize on the steady growth of the domestic logistics market, FairMoney Microfinance Bank has launched its Asset Financing Solution. The new product marks a strategic shift for the digital lender, moving beyond its traditional focus on short-term personal and working capital loans into long-term, asset-backed commercial financing. The financial product is designed specifically for mobility entrepreneurs, intra-state transit operators, and delivery merchants. These operators often struggle to secure traditional commercial bank loans due to a lack of formal collateral, despite driving the majority of road freight and passenger transport across Nigeria’s urban centers.…

In a notable shift within Nigeria’s corporate elite, billionaire investor and Chairman of First HoldCo, Femi Otedola, has strategically reallocated a portion of his wealth to back the continent’s largest industrial asset. Otedola disclosed that he has sold part of his equity stake in Geregu Power PLC to free up liquidity, positioning himself for a $100 million private placement share allocation in the upcoming Dangote Petroleum Refinery Initial Public Offering (IPO). The financial disclosure was made during an official corporate retreat and site visit by the board and management of First HoldCo to the 650,000-barrel-per-day (bpd) integrated petrochemical complex in…

Lagos is set to reinforce its position as a major hub for commercial dispute resolution as it hosts the 10th International Chamber of Commerce (ICC) Africa Conference on International Arbitration and Alternative Dispute Resolution (ADR). Scheduled to run from June 3 to 5, 2026, at the Lagos Continental Hotel, the milestone pan-African summit will bring together global arbitrators, corporate counsels, business leaders, and regulatory policymakers. Organized by the ICC International Court of Arbitration in collaboration with ICC Nigeria, the conference is themed “A Decade of Excellence: Shaping the Future of International Arbitration & ADR in Africa.” The gathering comes at…

To address high maintenance costs and make roads more resilient to changing weather patterns, the Federal Ministry of Works has shifted its road construction strategy toward high-durability technology. Speaking at the 2026 International Civil Service Conference in Abuja, the Permanent Secretary of the Ministry, Mr. Adeladan, announced the mandatory adoption of Continuously Reinforced Concrete Pavement (CRCP) for major high-traffic federal trade corridors. The change in engineering policy comes at a time when the federal government is moving away from shouldering the full cost of infrastructure development. Facing a large infrastructure deficit, the state is increasingly using Public-Private Partnerships (PPPs) and…

A new independent research report titled “Nigeria’s Digital Economy,” compiled by global consulting firm Public First, has revealed that tech giant Meta contributes an estimated $820 million (approx. ₦1.2 trillion) in annual economic value to the Nigerian economy. The report outlines how ecosystem integrations, open-source architectures, and social commerce tools are fundamentally reshaping the country’s retail, service, and informal business environments. The study indicates that under ideal policy and operational conditions, this direct economic contribution could more than double to $2 billion as digital adoption deepens. Furthermore, the report predicts that the broad adoption of artificial intelligence (AI) tools across…

Nigerian fashion entrepreneur Ola-Soetan has initiated the international expansion of his luxury lifestyle brand, MOTIVA, with its official launch in the United Kingdom. Established in 2018 as a boutique concept, the brand’s cross-border pivot comes at a time when premium African fashion labels are increasingly scaling into mature Western retail markets. The entry into the highly competitive UK fashion sector marks the first phase of a long-term commercial strategy. The founder aims to build the brand into a million-pound global luxury business, with retail pipelines expanding across the UK, Nigeria, and the United States. 1. Narrative-Driven Commerce and Luxury Positioning…

Executive growth constraints within modern enterprises are increasingly traced back to internal leadership capacity rather than macro market forces. According to corporate governance researchers at Harde Business School, corporate expansion typically stalls not because of a sudden loss of consumer demand or revenue, but because foundational management systems fail to keep pace with the operational complexities of scaling up. To address this structural management gap, the institution has launched its Business Leadership Executive Programme (BLEP) in Lagos. The specialized curriculum is engineered to help business owners, C-suite executives, and senior managers transition away from survival-driven, informal operations toward disciplined, institutional…

Efforts to scale Nigeria’s micro-enterprise ecosystem received a boost as 153 vocational trainees graduated from the Kola Daisi Entrepreneurship Centre in Ibadan, Oyo State. The graduation marks the completion of a multi-month vocational acquisition and business incubation cycle designed to convert unemployed youth into self-reliant operators within the real economy. The center was established by the Central Council of Ibadan Indigenes (CCII) under the leadership of its President-General, Chief Ajeniyi Ajewole. The joint initiative blends private philanthropic endowment, community-led aggregation, and formal academic grading to create a sustainable pipeline for skilled, bankable labor. 1. Tranching Vocational Skills for Real-Sector Value…

The Rural Electrification Agency (REA), led by its Managing Director Dr. Abba Aliyu, has signed two separate Memoranda of Understanding (MoUs) designed to accelerate Nigeria’s clean energy transition and support the Federal Government’s Food Security Agenda under President Bola Ahmed Tinubu. The partnerships expand the REA’s role beyond basic electricity access, turning the agency into an institutional partner for productive-use energy infrastructure, regional trade development, and tech-driven economic growth. 1. The REA-NCX National Collaborative Framework The first partnership was signed with the Nigerian Commodity Exchange (NCX) under its Managing Director/CEO, Mr. Anthony Atuche. The initiative establishes the National Collaborative Framework…