Author: Gift Ifeanyi

Nigeria’s maritime sector is set for a massive transformation following a $600 million investment pledge from global port operator APM Terminals. The commitment was disclosed on Thursday, May 14, 2026, during a strategic meeting between President Bola Ahmed Tinubu and top APM executives at the Africa CEO Forum in Kigali, Rwanda. The investment is targeted at modernizing the Apapa Port, expanding logistics infrastructure, and deploying advanced technology to solve the “structural bottlenecks” that have long hampered Nigeria’s trade efficiency. The Modernization Blueprint Led by Igor van den Essen, Regional President for Africa-Europe, the APM Terminals delegation outlined a vision to…

The Hydrocarbon Pollution Remediation Project (HYPREP) is set to host a high-stakes strategic engagement conference on Tuesday, May 26, 2026, at the Transcorp Hilton, Abuja. The event serves as a critical bridge between the Nigerian government and the international community, aiming to accelerate the $1 billion environmental clean-up of Ogoniland. The Chairman of the Board of Trustees of the Ogoni Trust Fund, Emmanuel Deeyah, noted that the conference will move beyond talk to “deepen strategic partnerships,” specifically targeting diplomats, multilateral institutions, and private sector investors to support the next phase of the UNEP recommendations. Measuring the Impact: 2016–2026 HYPREP Project…

In a high-profile interview with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, Africa’s richest man, Aliko Dangote, revealed that he has officially rejected a bid by the Nigerian National Petroleum Company (NNPC) Limited to increase its stake in the Dangote Petroleum Refinery. While the NNPC initially held the option to buy up to 20% of the $20 billion facility, it currently holds only 7.25% after failing to meet payment deadlines in 2024. Dangote’s refusal to sell further shares to the state-owned firm marks a strategic shift toward a public listing designed to democratize ownership of Africa’s largest refinery.…

Billionaire investor and Chairman of FirstHoldCo Plc, Femi Otedola, has executed his largest single share purchase since taking the helm in January 2024. According to a regulatory filing on the Nigerian Exchange (NGX), Otedola acquired an additional 549.5 million shares on May 13, 2026, in a transaction valued at approximately ₦43.41 billion ($31.9 million). The move raises Otedola’s total ownership stake to 19.36%, significantly widening the gap between him and other major shareholders in the financial group. The Math Behind the Stake The acquisition was executed at an average price of ₦79 per share. This price point represents a premium…

While software and fintech often dominate Nigeria’s tech headlines, a “quiet giant” in Lagos is focusing on the unglamorous but essential hardware that makes the digital economy possible. Maxitech Global Investment Limited has emerged as a critical node in Nigeria’s ICT supply chain, surpassing a major milestone of 100,000 devices distributed nationwide. As Nigeria enters a decade of accelerated digital transformation, the demand for enterprise-grade servers, networking equipment, and laptops has skyrocketed. Maxitech has positioned itself as the bridge between global manufacturers and local enterprises, ensuring that the “physical layer” of the internet reaches every corner of the country. The…

The Ariaria International Market in Aba—widely known as the “China of Africa”—has been selected as the launchpad for a disruptive new banking model by OneWallet Microfinance Bank. In a move designed to formalize the “Aba business spirit,” the bank is offering a pathway to credit that bypasses traditional collateral, relying instead on 90 days of transaction history. Dr. C Darl Uzu, Chairman of OneWallet, described the market as a “symbol of Nigerian enterprise,” noting that the initiative aims to provide tools that help traders in the leather, fabric, and manufacturing sectors innovate and reach global markets. The “90-Day” Financial Identity…

Chimoney, the cross-border payout startup founded by Nigerian-Canadian entrepreneur Uchi Uchibeke, has officially ceased operations. In an email sent to customers on May 1, 2026, the company announced it has stopped processing all new transactions and begun the process of winding down its infrastructure and refunding user balances. Founded in 2022, Chimoney aimed to solve the “fragmented payment” problem by allowing businesses to send payouts to freelancers and vendors across Africa and the Americas via a single API. Despite building a functional platform supporting 41 currencies, the startup fell victim to the “thin capital” trap that is currently claiming several…

The Hult Prize Nigeria Nationals, often described as the “Nobel Prize for Students,” has concluded its 2026 edition in Lagos, crowning Devspace from Covenant University as the national champion. The startup emerged at the top of a highly competitive field that saw 608 startups from 44 universities across Nigeria vie for the chance to solve global challenges through for-profit business models. By winning the national finals, Devspace has secured a spot in the Hult Prize Digital Incubator, an elite international accelerator. This program provides the mentorship, investor access, and strategic funding necessary to compete for the ultimate $1 million global…

On the sidelines of the Africa Forward Summit in Nairobi, Nigerian billionaire and philanthropist Tony Elumelu has called for an end to “victim mentality” regarding Africa’s colonial past. The Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA) argued that the continent’s 21st-century survival depends on welcoming “massive private global capital” from every corner of the globe—including France, China, Russia, and the Middle East. Elumelu’s comments come at a sensitive time. Protests regarding French “neo-colonialism” surfaced during the summit, but Elumelu, who was recently appointed by President Emmanuel Macron to the Africa France Impact Coalition, stood firm in…

The Federal Government, in collaboration with the World Bank, has launched a new $65 million (approx. ₦97.5 billion) funding phase for the Sustainable Procurement, Environmental and Social Standards Enhancement (SPESSE) project. This fresh injection of capital is set to benefit over 24,000 Nigerians through advanced professional training and the strengthening of institutional capacity. Coordinated by the National Universities Commission (NUC), the project aims to close the critical skills gap in procurement, environmental management, and social standards—three pillars essential for transparency and sustainable industrial growth. Building on a $145 Million Legacy This new phase builds upon the initial $80 million investment…

Chief Emeka Obegolu, SAN, President of the Abuja Chamber of Commerce and Industry (ACCI), has described China’s newly implemented zero-tariff policy as a “major economic catalyst” that could finally break Nigeria’s decades-long addiction to crude oil exports. The policy, which officially took effect on May 1, 2026, grants duty-free access to 53 African nations, including Nigeria. For the first time, larger economies that previously faced tariffs ranging from 8% to 30% can now compete on a level playing field in the world’s second-largest consumer market. Repositioning the Nigerian Export Basket According to Chief Obegolu, the window of opportunity is narrow,…

In a move to modernize one of West Africa’s largest commercial hubs, OneWallet Microfinance Bank has entered into a strategic tripartite partnership with Zenith Bank and MTN. The collaboration aims to deploy a robust digital financial services platform tailored specifically for traders and Small and Medium-Scale Enterprises (SMEs) in Ariaria International Market, Aba. The platform was officially unveiled by the Chairman of OneWallet, Dr. C Darl Uzu, who described the initiative as a “business support engine” rather than just another payment app. By integrating telecommunications and Tier-1 banking infrastructure, the project seeks to bridge the financial inclusion gap for the…

President Bola Tinubu has arrived in Kigali, Rwanda, for the Africa CEO Forum 2026, carrying what the Presidency describes as the “most compelling pitch” of his administration. The mission is clear: to convince global investors that Nigeria’s massive scale makes it the world’s premier destination for high-yield returns. According to a statement from Sunday Dare, Special Adviser on Media and Public Communications, the President is marketing Nigeria as a market that “defies global assumptions.” The 600% Return Case While standard business feasibility models typically project returns in the 20–25% range, the Presidency claims that properly scaled businesses in Nigeria can…

Nigeria has taken a giant leap toward becoming Africa’s premier data hub with the signing of a strategic partnership between the National Information Technology Development Agency (NITDA) and the International Data Center Authority (IDCA). The agreement centers on the launch of the Nigeria Digital Triangle (NDT)—a high-tech network of AI-enabled, hyperscale data centers designed to power the nation’s sovereign cloud and secure its digital borders. The Director-General of NITDA, Kashifu Inuwa, hailed the move as a “defining moment” for the country’s economic transformation, emphasizing that the project is not just about cables and servers, but about Data Sovereignty—ensuring Nigeria’s national…

Nigeria has hit a milestone in sustainable finance with the formal listing of the ₦47.335 billion Series III Sovereign Green Bond on both the Nigerian Exchange (NGX) and FMDQ Securities Exchange. Issued by the Debt Management Office (DMO) on behalf of the Federal Government, the bond offers a competitive 18.95% interest rate and is set to mature in June 2030. This listing marks the third time Nigeria has tapped into the green bond market to fund its transition toward a climate-resilient economy. Financing the “Green” Transition The DMO stated that the proceeds from this issuance are strictly earmarked for projects…

The maiden edition of the Professor Jeremiah Ojediran Pitchathon has spotlighted a new wave of entrepreneurial talent at Bells University of Technology. The competition, a collaboration between The BOT Company and the NACOS Bells Chapter, saw 72 student-led teams compete for funding and mentorship to scale their innovative business ideas. The Winners: Science Meets Skincare Taking home the top prize of ₦1 million was Confidence Amamba, a 300-level Industrial Chemistry student and founder of Rooted by Confia. Her brand addresses the haircare gap by utilizing 100% plant-based solutions to treat conditions like early-stage alopecia. Amamba plans to use the grant…

In a major move to strengthen cross-border trade and industrial ties, the business consultancy firm Jovico has officially kicked off a high-level business tour to China. Leading a delegation of ambitious Nigerian entrepreneurs, the tour aims to provide local business owners with direct access to global manufacturing hubs and technological innovations. The initiative is designed to move beyond simple importation, focusing instead on: Direct Sourcing: Connecting Nigerian retailers and manufacturers with top-tier Chinese suppliers to reduce middleman costs. Technological Exchange: Exposing Nigerian SMEs to advanced production techniques that can be localized to boost domestic manufacturing. Investment Partnerships: Facilitating one-on-one meetings…

The Nigerian Armed Forces Resettlement Centre (NAFRC) has officially inaugurated the Senior and Middle-Level Entrepreneurship and Management Course 18/2026 at its base in Oshodi, Lagos. The initiative highlights a strategic shift for the military, moving from traditional resettlement to becoming a premier hub for human capital development and industrial leadership. Air Vice Marshal Abubakar Suleh, the Air Officer Commanding Logistics Command, performed the inauguration ceremony, describing entrepreneurship in 2026 not just as a career choice, but as a “macroeconomic necessity.” He emphasized that the program is designed to transform high-ranking officers into job creators who can navigate the complexities of…

On Saturday, May 2, the Nigerian startup ecosystem witnessed a significant boost as Navidyn emerged as the grand prize winner of the Innovate Pitch and Grant competition. Outperforming a competitive field of finalists, Navidyn secured a $4,000 growth grant, while Tuntunre claimed the runner-up spot with a $1,000 prize. The event, organized by Crosspoint Church, was designed to be a strategic bridge between early-stage entrepreneurs and seasoned industry titans. Lead Pastor Ladi Soyombo emphasized that the platform is not a charitable endeavor but a calculated “investment in the economic future” of the community, aimed at turning raw entrepreneurial potential into…

In a major win for African luxury craftsmanship, Michael Olorunsogo Oni, the founder of Quila Jewelers, has announced a high-profile collaboration with Nigerian-American football star Davison Igbinosun. Oni, a U.S.-based jeweler, was tasked with creating a bespoke “masterpiece” for the athlete, who was recently selected as a standout cornerback for the Buffalo Bills in the 2026 NFL Draft. For Oni, this partnership is a professional milestone that goes beyond a simple transaction. He noted that the project provided fresh perspectives on managing high-profile clients while proving that African designers can hold their own on the world’s most elite sports stages.…