Author: Gift Ifeanyi

The family of Olorogun Oskar Ibru, Nigerian industrialist and chairman of the Ibru Organisation, has confirmed his passing at the age of 67, following what they described as a brief illness. Born into the illustrious Ibru dynasty, Oskar was one of the most prominent heirs to the business empire established by his father, Olorogun Michael Ibru, whose conglomerate broke new ground in indigenous entrepreneurship with ventures in shipping, oil and gas, aviation, real estate, and commerce. Oskar Ibru’s academic path took him from Igbobi College, Lagos, to Skidmore College, USA, and later to Atlanta University’s Graduate School of Business, where…

Student entrepreneurs at Ahmadu Bello University (ABU), Zaria, have received a combined ₦2.25 million in seed investments at the ICERFE Student Enterprise Pitch 2.0, held on Saturday, September 6, 2025. The initiative, organized by the International Centre of Excellence for Rural Finance and Entrepreneurship (ICERFE), attracted more than 300 entries from student-led ventures. After a rigorous screening process, 20 teams were admitted into the UNDP Cohort 1, with 10 finalists advancing to the live pitch before a panel of judges. Beacon Aromatics clinched the top spot and walked away with the ₦1 million grand prize. Miemie’s Wears earned ₦750,000 as…

As global institutions confront rising pressures of disruption, accountability, and sustainability, the Society for Corporate Governance Nigeria (SCGN) is preparing to host its 20th Anniversary Corporate Governance Conference. The event, scheduled for October 9, 2025, in Lagos, will gather regulators, board leaders, and business executives to shape the future of governance in Nigeria. Themed “Strengthening Ethical Governance in a Disrupted World: Reflections on the Governance Journey for a Sustainable Future,” the conference will reflect on two decades of progress in Nigeria’s governance landscape while addressing the realities of today’s boardrooms. Participants will examine critical questions: How do organisations stay resilient…

Nigeria is recalibrating its global economic posture with a firm emphasis on self-reliance and African integration. Foreign Minister Yusuf Tuggar, speaking in London, said the country will no longer be drawn into the rivalries of major powers but will instead pursue what he called a path of “strategic autonomy.” Rather than choosing sides in the ongoing competition between Washington and Beijing, Nigeria intends to build pragmatic alliances that serve its development goals. A cornerstone of this approach is maximizing the African Continental Free Trade Area (AfCFTA), seen by Abuja as the continent’s most powerful tool for spurring domestic industries and…

Nigeria’s oil regulator has withdrawn its earlier consent for the planned sale of TotalEnergies’ stake in a major oil venture to Chappal Energies, citing unmet financial obligations. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed on Wednesday that Chappal failed to mobilize the required funds for the $860 million acquisition. This shortfall meant TotalEnergies could not settle mandatory fees, including payments meant for environmental cleanup and future liabilities. “The approval granted came with specific financial duties tied to the Nigerian people and clear deadlines. After several extensions, neither side met those obligations, leaving us no choice but to revoke the…

Nigeria’s journey toward reducing dependence on imported dairy has found a steady ally in Arla Nigeria, the makers of Dano Milk. As the company marks 10 years of operations in the country, its impact is being felt not just on supermarket shelves but across farms, households, and rural communities. Since entering the market in 2015, Arla has gone beyond selling trusted brands like Dano and Lurpak by positioning itself as a partner in national development. Through projects such as the Arla-Dano Farm in Damau, Kaduna, the company is laying the foundation for a modern dairy value chain — producing fresh…

A decade after Uber entered Nigeria’s transport market, the ride-hailing giant is touting its contribution to the economy — but the voices of its drivers tell a more complicated story. According to a new study by UK consultancy Public First, Uber’s presence generated an estimated ₦34 billion ($53.6 million) for Nigeria in 2023, equal to about 0.01% of GDP. The company also claims drivers earned an extra ₦6.1 billion ($9.6 million) last year compared to alternative job options, alongside boosts to the tourism and nightlife sectors. Uber reported that riders’ trips added ₦930 million ($1.5 million) to night-time spending at…

Nigerian enterprises seeking international expansion may increasingly find Mauritius a critical bridge to global finance, according to experts at a high-level roundtable in Lagos. The event, Finance Roundtable 1.0, held under the theme “Structuring for Growth: Leveraging Mauritius for Cross-Border Expansion and Financing,” was hosted by law firm Babalakin & Co. in collaboration with Intercontinental Trust Limited (ITL). Delivering remarks, Mabel Okereke, Partner at Babalakin & Co., said the session was designed to demystify international financing pathways for Nigerian entrepreneurs. “The goal is to equip businesses with the right structures to compete globally while sustaining local relevance,” she noted. Azeez…

Nigeria’s major oil unions have strongly opposed a federal proposal to sell off a large portion of the Nigerian National Petroleum Company Limited’s (NNPC Ltd) interests in joint venture (JV) oil assets. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) warned that the policy could destabilize the economy, shrink national revenue, and place workers’ welfare at risk. Union leaders argued that the sale, which would cut government holdings in JVs from the current 55–60% down by as much as 30–35%, amounted to mortgaging the nation’s future…

The Nigerian Exchange has witnessed a reshaping of its leaderboard, as BUA Foods Plc rose to claim the title of the Exchange’s most valuable company within just three years of listing. Its market capitalisation reached ₦11.3 trillion by September 19, 2025, a remarkable leap from its entry valuation and a reflection of sustained investor appetite. The Abioye Effect At the heart of this ascent is Ayodele Abioye, Managing Director of BUA Foods. Abioye stepped into leadership during a period of global uncertainty, when food supply chains were strained and Nigeria’s economy was struggling with post-pandemic shocks. Rather than buckle under…

Nigeria’s telecom landscape is being reshaped by a familiar giant. MTN Nigeria, already the nation’s largest operator, has set new records in the first half of 2025, earning ₦2.38 trillion in revenue. If the momentum holds, the company is on pace to surpass ₦5 trillion in annual turnover—its highest milestone yet. Data Consumption Becomes the Growth Engine The clearest shift in MTN’s trajectory is the surge in data usage. Six years ago, internet services contributed less than one-fifth of its revenue. Today, they account for more than half—₦1.22 trillion, or 52 percent of total earnings. This reflects how social media,…

For the first time since 2020, the Central Bank of Nigeria (CBN) has lowered its benchmark interest rate, signaling a strategic pivot toward boosting growth while keeping inflation risks in check. At the conclusion of its Monetary Policy Committee (MPC) meeting in Abuja, the apex bank announced a 50 basis-point cut in the Monetary Policy Rate (MPR), bringing it down to 27 percent. Governor Olayemi Cardoso described the move as “a response to improving fundamentals and an opportunity to create room for recovery.” A Balancing Act Between Growth and Inflation The MPC paired the rate cut with other liquidity adjustments.…

Abimbola Janet never saw fashion as just a way to make money—it has always been her vision of turning creativity into impact. From a makeshift corner in her father’s Lagos home, she began piecing fabrics into wearable art, often carrying materials in nylon bags across the city just to meet customers. Her persistence didn’t go unnoticed. Abimbola’s inspiring journey recently earned her recognition as one of the inaugural recipients of the PalmPay Hustle Grant—a ₦500,000 support fund designed to empower entrepreneurs who are pushing through challenges to build something greater. For Abimbola, PalmPay isn’t just a financial app—it has been…

MTN Foundation is expanding its flagship ICT and Business Skills Training initiative, announcing plans to equip 6,000 young entrepreneurs and aspiring business owners across seven states and the Federal Capital Territory (FCT) with vital digital and entrepreneurial skills. The programme, now in its seventh edition, is open to Nigerians aged 18–35 who run micro businesses under two years old or have a keen interest in entrepreneurship and digital transformation. Selected participants from Abuja, Bauchi, Bayelsa, Enugu, Ondo, Plateau, Sokoto, and Taraba will undergo intensive training designed to strengthen their business capacity and prepare them for growth. Odunayo Sanya, Executive Director…

Businessman and nightlife promoter Pascal Chibuike Okechukwu, better known as Cubana Chief Priest, has voiced concerns over Nigeria’s healthcare system after what he described as a frustrating hospital visit. Sharing his ordeal on Instagram, the celebrity socialite revealed he had been unwell and decided to undergo medical checks. However, the process, according to him, left much to be desired. Chief Priest said he was disappointed by the indifference of hospital staff and the long wait times, which discouraged him from completing the tests. Instead, he opted to pick up prescribed drugs and leave. Recounting the experience, he noted that one…

After 13 years of Dutch support, the Netherlands has officially transferred ownership and management of the 2Scale agribusiness initiative to Nigerian farmers, entrepreneurs, and academics under the Institute of Agribusiness Management Nigeria (IAMN). The handover ceremony, held at the FCW Milk Bulking Centre in Iseyin, Oyo State, marked the end of direct Dutch funding but the beginning of a fully Nigerian-led chapter for the program. 2Scale, designed as an incubator and accelerator for inclusive agribusiness, has built partnerships that empower smallholder farmers, boost food processing, and expand consumer access to locally produced food. Over its lifespan, the initiative mobilized €30…

Benin City’s Victor Uwaifo Creative Hub came alive with energy as the Edo Fest transformed into more than just a fair — it became a rallying point for entrepreneurship, creativity, and community spirit. The festival brought together an impressive mix of vendors and shoppers, with stalls featuring locally made clothing, food, beauty essentials, and handcrafted art. For many traders, the event was a commercial breakthrough, as strong patronage led to sold-out stands and expanded customer bases. Beyond sales, Edo Fest provided a vital networking and visibility platform for small businesses, offering them opportunities to build long-term partnerships and grow their…

Nigeria’s solid minerals sector has entered another phase of reform as the Federal Government moves to cancel more than 1,200 dormant and defaulting mining licences, in a decisive attempt to sanitise the industry and attract credible investors. The Ministry of Solid Minerals Development, through the Mining Cadastral Office (MCO), confirmed that affected titles include 584 exploration licences, 65 mining leases, 144 quarry licences, and 470 small-scale mining permits. Minister Dele Alake, who authorised the action, stressed that the move is aimed at ending speculative hoarding of mineral titles and opening access to genuine operators. “Nigeria cannot afford a system where…

Sometimes, one small idea can change the course of a lifetime. For software engineer Gbenga Akingbulere, that spark came more than a decade ago in Nigeria. Back in 2010, he experimented with ways to make the internet more affordable for everyday users. Leveraging mobile phone network tweaks and a no-code platform called Ning, he created EduSocial, a hub that connected to Facebook, MySpace, and blogs. The platform drew hundreds of members eager to browse at a lower cost—an achievement that not only solved a problem but also ignited his interest in technology and community-building. Though EduSocial ended when the platform…

Nigeria is entering a decisive era of digital transformation, with analysts projecting the country’s e-commerce sector to top $16 billion by 2030. The forecast was shared during the 35th Annual Conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos, where stakeholders examined the rapid rise of the digital economy. The conference, themed “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance,” featured insights from representatives of the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), major banks, and academics from the Lagos Business School (LBS). A Growing Digital Market Citing the Nigerian Communications…