Author: Gift Ifeanyi

In a targeted move to cushion economic pressures and stimulate local growth, the Lagos State Government, through the Ministry of Wealth Creation and Employment, recently empowered 300 residents of the Alimosho Federal Constituency. The initiative, led by Commissioner Akinyemi Ajigbotafe on Saturday, January 10, 2026, utilized the Alimosho Local Government Secretariat as a hub for distributing cash grants, food items, and educational support. Breakdown of the Empowerment Program The program adopted a multi-sectoral approach, ensuring that support reached the most critical areas of the community: Beneficiary Category Number Assisted Form of Support Small Business Owners 100 Entrepreneurs Direct cash support…

As of January 2026, First City Monument Bank (FCMB) continues to solidify its reputation as a leading champion of youth-led social impact in Nigeria. At the 25th Anniversary Gala and Awards of Enactus Nigeria, held in late 2025 at the Civic Centre in Lagos, the bank was conferred with the prestigious Changemaker Collaboration Award. This recognition highlights a decade-long partnership that has transformed the lives of thousands of students across more than 30 tertiary institutions nationwide. Enactus Nigeria: 25 Years of Excellence Enactus (formerly Students in Free Enterprise – SIFE) is a global non-profit that provides a platform for university…

On January 7, 2026, IMF Managing Director Kristalina Georgieva announced that Abebe Aemro Selassie will retire as Director of the African Department (AFR) on May 1, 2026.1 His departure marks the end of a transformative decade-long leadership of the Fund’s most complex regional portfolio. An Ethiopian national who joined the IMF in 1994, Selassie’s 32-year career has been defined by his role as a bridge between global financial architecture and African economic aspirations. A Decade of Crisis and Reform (2016–2026) Since taking the helm in 2016, Selassie steered the department through a period of unprecedented global shocks.4 His tenure is…

Zenith Bank stands as a pillar of African finance, a transformation driven by Jim Ovia’s philosophy of “patient capital.” Under his guidance, the bank has transitioned from a converted residential house in Victoria Island to a global financial powerhouse with total assets exceeding ₦31 trillion ($21.9 billion) and shareholders’ equity of ₦4.7 trillion ($3.3 billion) as of September 2025. Strategic Growth and Market Dominance Zenith Bank has maintained its position as Nigeria’s most profitable lender, consistently delivering high returns despite currency volatility and inflationary pressures. Financial Resilience: In 2024, the bank posted a record profit of ₦1.03 trillion ($670 million),…

Terra Industries (formerly known as Terrahaptix) has officially emerged from stealth mode, announcing a record-breaking $11.75 million seed funding round. This investment, led by Silicon Valley’s 8VC, marks a pivotal moment for African sovereign security, positioning Terra as the continent’s first “defense prime”—a vertically integrated technology provider similar to the U.S. firm Anduril. The company is led by two young visionaries: Nathan Nwachuku (22), a former Physics Olympiad representative and edtech founder, and Maxwell Maduka (24), a former Nigerian Navy UAV engineer who previously sold his first drone startup to an automotive firm. 1. Strategic Backing from Global Defense Giants…

In a major breakthrough during the 2026 Abu Dhabi Sustainability Week (ADSW), Nigeria and the United Arab Emirates officially signed a Comprehensive Economic Partnership Agreement (CEPA) on Tuesday, January 13, 2026. The agreement, signed during a bilateral meeting between President Bola Tinubu and UAE President Sheikh Mohamed bin Zayed Al Nahyan, marks the formal end to previous diplomatic frictions and sets a new course for massive trade expansion and investment protection. 1. Key Highlights of the CEPA Trade Deal The agreement is designed to dismantle trade barriers and provide legal certainty for investors in both nations. Feature Details of…

Despite the macroeconomic headwinds that characterized much of 2024 and 2025, Nigeria enters 2026 as a formidable pillar of African innovation. While the funding landscape has shifted toward profitability and debt over raw growth, Nigerian startups raised over $410 million in 2025, positioning the country as a leader in the “Big Four” African tech hubs (alongside Kenya, Egypt, and South Africa). Government initiatives, such as the $617 million iDICE programme, are set to launch two additional funds in 2026 specifically targeting technology and creative startups, further fueling this momentum. Five Startups to Watch in 2026 1. Chowdeck: From Food to…

As of January 2026, the economic partnership between West and East Africa is seeing a significant boost through the activities of Dr. Odera Ozoka, a Nigerian-American entrepreneur and filmmaker. Recently appointed by President Yoweri Museveni as the Special Mobilizer for Credible Investors for Uganda, Dr. Ozoka is bridging the gap between the Nigerian diaspora and East African markets. His work focuses on the “spirit of Pan-Africanism,” moving beyond national borders to foster shared growth through gender-inclusive development. The Mission: Empowering Northern Uganda’s Women Working alongside Uganda’s Minister of Gender, Labour and Social Development, Betty Amongi, Dr. Ozoka is currently on…

As of mid-January 2026, the Nigerian insurance industry is at a critical crossroads. A proposal to exempt foreign insurance companies from paying tax on premiums sourced from Nigeria has sparked a heated debate between the federal government and local operators. While proponents argue that tax breaks for foreign insurers would deepen market penetration, domestic firms warn that it creates a “harmful and unfair” disadvantage during a sensitive period of industry rehabilitation. 1. The Core of the Controversy The proposal stems from a review of the Nigeria Tax Act 2025 by KPMG Nigeria, which suggested that removing Withholding Tax (WHT) on…

High Chief Royal Ifechukwu Asianya, the Managing Director of Royal C. Investment Company (Nigeria) Limited, has transformed a 1993 apprenticeship at the Nkwo Nnewi spare parts market into a leading automotive empire. His journey is a classic testament to the “Nnewi Model” of business—starting with humility, surviving market collapses, and eventually dominating a niche. Today, Royal C. Investment stands as Nigeria’s foremost importer of fairly used Coaster and Hiace buses, serving as a critical backbone for Nigeria’s interstate and intra-city transportation networks. The Evolution of Royal C. Investment Chief Asianya’s career is marked by strategic pivots in response to shifting…

As of January 2026, the Nigerian Education Loan Fund (NELFUND) has become a massive financial operation, having disbursed over ₦161.9 billion to more than 864,000 students since its inception. While the scheme has successfully democratized access to higher education on paper, experts and policymakers are raising red flags regarding its long-term financial and strategic sustainability. The primary concern is a “structural mismatch”: the scheme currently funds thousands of students in overcrowded academic fields while Nigeria suffers from a chronic shortage of technical and vocational skills. 1. NELFUND 2026: The Data at a Glance The scale of the project is unprecedented…

On Friday, January 9, 2026, Chief Obinna Iyiegbu, popularly known as Obi Cubana, was conferred with the prestigious traditional title of Okpataozueora I of Oba. The ceremony took place in his hometown of Oba, Idemili South Local Government Area, Anambra State, during the maiden Ofala Festival of Oba. The title, bestowed by the Igwe of Oba, His Royal Majesty, Engr. Sir Augustine Chinedu Emelobe (Eze Okpoko II), translates to “one whose wealth extends to the community” or “wealth that reaches all.” A Month of Cultural Recognition The Okpataozueora title is the second major honor for the Cubana Group Chairman in…

In a series of pointed remarks following a meeting with President Bola Tinubu in December 2025, Aliko Dangote, Chairman of the Dangote Group, issued a sharp critique of the Nigerian elite’s preference for “wasteful consumerism” over industrial investment. Dangote argued that the capital currently tied up in luxury assets—specifically private jets and high-end cars—could be the key to solving Nigeria’s chronic unemployment and infrastructure gaps. The Cost of “Idle Consumerism” Dangote expressed personal frustration with the proliferation of private aviation in Nigeria, describing it as a missed opportunity for national growth. The Airport Observation: Dangote noted that parking lots at…

As Nigeria prepares for a high-stakes semi-final clash against host nation Morocco, Abdul Samad Rabiu, Chairman and Founder of BUA Group, has raised the stakes with a staggering financial incentive package. Rabiu, Nigeria’s second-wealthiest man, announced the pledges following the Super Eagles’ clinical 2–0 victory over Algeria in the quarter-finals on January 10, 2026. The Incentive Breakdown The billionaire’s pledge is structured to reward both victory and offensive performance: Semi-Final Victory: $500,000 for winning the match against Morocco. Goal Bonus (Semi-Final): $50,000 for every goal scored during the semi-final. AFCON Final Victory: $1,000,000 if the team lifts the trophy. Goal…

In a nation of over 200 million people, everyday frustrations are often the greatest business opportunities. While tech startups capture the headlines, Nigeria’s “wealthy hustlers” are making millions by addressing basic needs in unconventional ways. Here is a breakdown of the “weird” but highly profitable businesses currently thriving in Nigeria. 1. The “Shit Business”: Mobile & Public Toilets Public sanitation remains a massive gap in Nigerian urban centers. Companies like Dignified Mobile Toilets (DMT) have turned a social necessity into a high-margin enterprise. The Model: Charging roughly ₦50 to ₦100 per use. The Math: In a crowded motor park or…

The Federal Ministry of Industry, Trade, and Investment recently released its report, 2025: A Defining Year for Nigeria’s Industry, Trade and Investment, revealing that Nigeria’s trade balance has flipped into a massive surplus. Driven by aggressive reforms and the revitalization of Special Economic Zones (SEZs), the country is successfully diversifying its foreign exchange sources beyond crude oil. 1. SEZs: The $500 Million Engine Nigeria’s Special Economic Zones have transitioned from “concepts” to “engines of growth.” In 2025 alone, these zones delivered: $500 Million in export revenues. 20,000+ direct jobs, strengthening industrial hubs across the country. Coordinated Oversight: The growth is…

In a move that signals strong institutional confidence in the Nigerian market, Standard Chartered Bank Nigeria Limited has officially met the Central Bank of Nigeria’s (CBN) new ₦200 billion minimum capital requirement for national commercial banks. By fulfilling this mandate in late 2025, the bank has positioned itself well ahead of the March 31, 2026 regulatory deadline. This achievement follows a directive issued by the CBN in March 2024, which sought to fortify the banking sector’s resilience and support Nigeria’s vision of a $1 trillion economy by 2031. Commitment to Growth and Stability The early recapitalization was achieved through a…

As we move through 2026, the global digital landscape has shifted from a phase of “experimentation” to one of “strategic integration.” With over 22 billion connected devices worldwide this year—on the road to a projected 31 billion by 2030—the intersection of Artificial Intelligence (AI) and the Internet of Things (IoT) has become the primary engine of the global digital economy. In Nigeria, this shift is particularly pronounced. The digital economy is projected to contribute roughly $18.3 billion to the national GDP by the end of 2026, driven by a 12.5% compound annual growth rate in the IT sector. The Synergy:…

Raymond Ijeomah, a property lawyer turned real estate developer, is quickly becoming a defining voice in Nigeria’s real estate sector.1 As the founder of Fortreal Rei Limited and the Fortreal Real Estate Academy, Ijeomah has transformed a personal setback—losing his savings to a forex crash just before the COVID-19 pandemic—into a multi-continental movement for ethical real estate practice. In 2025, his leadership was formally recognized when he was named among The Guardian’s 100 Top Strategic CEOs of Nigeria’s most transformative companies. The TESS Initiative: A Holistic Vision At the heart of Ijeomah’s business philosophy is the TESS Initiative, a…

In the first week of January 2026, Mr. Wale Tinubu, Group Chief Executive of Oando Plc, took to social media to celebrate a “roaring start” to the Nigerian business year. Highlighting the activities of billionaires Femi Otedola and Tony O. Elumelu, Tinubu described their recent multi-billion dollar deals as masterclasses in investment discipline, timing, and the deepening of indigenous ownership in Nigeria’s strategic sectors. The Otedola “Exit Strategy”: Geregu to Banking Tinubu specifically lauded Femi Otedola for his spectacular exit from Geregu Power Plc. On December 29, 2025, Otedola completed the sale of his controlling interest in Geregu for ₦1.08…