Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented a record N4.237 trillion budget proposal for the 2026 fiscal year to the Lagos State House of Assembly, with lawmakers pledging a thorough and transparent review of the document.
Security was visibly reinforced across the Assembly complex as officers of the Nigeria Police Force, the Nigeria Security and Civil Defence Corps, and the Lagos State Neighbourhood Safety Corps manned key entry points. The budget presentation attracted members of the State Executive Council, local government chairmen, traditional rulers and other dignitaries. The session was presided over by Speaker Mudashiru Obasa.
Presenting the proposal, tagged the “Budget of Shared Prosperity,” Governor Sanwo-Olu said the 2026 fiscal plan was designed to deepen inclusive development and expand opportunities for residents across the state.
Budget Breakdown
The proposed budget size of N4,237,107,009,308 comprises N3,993,774,552,141 in expected revenue and N243,332,457,167 in deficit financing.
Revenue projections include:
N3.12tn in Internally Generated Revenue (IGR)
N874bn in expected federal transfers
Total expenditure is divided into:
Capital expenditure: N2,185,085,419,495
Recurrent expenditure: N2,052,021,589,812
Recurrent spending covers:
Overheads: N1,084,245,843,091
Personnel cost: N440,494,339,384
Recurrent debt charges: N143,876,701,943
Debt repayment: N383,404,705,394
Sectoral Allocations
Key allocations for the 2026 fiscal year include:
General Public Services – N847.47bn
Public Order and Safety – N147.04bn
Economic Affairs – N1.37tn
Environment – N235.96bn
Housing – N123.76bn
Health – N338.45bn
Recreation, Culture and Religion – N54.68bn
Education – N249.13bn
Social Protection – N70.02bn
Sanwo-Olu said the budget is anchored on four strategic pillars—human development, modern infrastructure, economic vibrancy, and effective governance—aligned with the state’s T.H.E.M.E.S+ agenda.
“Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” he said. “Shared prosperity must not only be a vision; it must be a lived and felt reality for every Lagosian.”
Lawmakers Vow Rigorous Review
Speaker Obasa commended the administration’s implementation of the 2025 budget, describing performance in health, education, transportation and security as “promising.”
He emphasised that the Assembly would subject the new proposal to strict scrutiny.
“We have listened with rapt attention to how the wealth of our state will be utilised for our common good in 2026,” Obasa said. “It is now the responsibility of this Honourable House to meticulously discharge our constitutional duty.”
Obasa added that the 2026 proposal must align with the expectations of residents, strengthen economic resilience, enhance public welfare and bolster security.
The Nigerian Exchange (NGX) staged a notable rebound on Tuesday, adding more than N94 billion in market value as investors responded positively to the monetary authority’s decision to maintain benchmark interest rates. The move helped reverse six consecutive sessions of losses that rattled the equities market last week, even as the year-to-date performance remains slightly above 40%.
Market operators noted that the renewed momentum was driven by selective bargain-hunting across key sectors, with traders adopting a cautious but opportunistic approach following the recent selloff.
By the close of trading, the All-Share Index advanced by 148.52 basis points, finishing at 143,763.13 points. Market capitalisation increased accordingly, rising by ₦94.46 billion to settle at ₦91.44 trillion.
Investors channelled significant interest into stocks such as NCR, IKEJAHOTEL, STERLINGNG, PRESTIGE, and ROYALEX, among others. Despite this rebound, total market activity weakened as both total traded volume and transaction value dipped by -18.62% and -34.04%, respectively.
Trading data showed that approximately 556.15 million units, worth ₦18,713.87 million, exchanged hands in 19,500 deals.
In terms of volume, FIRSTHOLDCO dominated the session with 16.95% of total trades, followed by ACCESSCORP (14.79%), FIDELITYBK (7.56%), FCMB (6.88%), and UBA (5.78%).
On the value chart, STANBIC emerged as the session’s top contributor, accounting for 17.20% of the total value traded. Meanwhile, NCR led the gainers’ log with a +9.98% increase, ahead of IKEJAHOTEL (+9.86%), PRESTIGE (+9.56%), EUNISELL (+9.49%), STERLINGNG (+8.96%), DAARCOMM (+8.79%), and several others.
Nineteen equities finished the session in the red. CAVERTON and UNIONDICON recorded the steepest losses with -10.00% each. Other top laggards included SUNUASSUR (-4.78%), LASACO (-4.58%), MANSARD (-4.23%), and NSLTECH (-3.75%).
With 26 gainers against 19 losers, market breadth closed positive. Sectoral performance was largely mixed: the Banking Index posted a +0.38% increase, followed by Consumer Goods with +0.01%, while both the Insurance (-0.84%) and Oil & Gas (-0.17%) indices weakened. Industrial Goods remained unchanged.
Bamidele Olumilua University of Education, Science and Technology (BOUESTI), Ikere-Ekiti, has officially launched its Innovation and Technology Hub, TechHub BOUESTI, aimed at equipping students with cutting-edge skills, fostering creativity, and promoting entrepreneurship.
The initiative was pioneered by a 400-level Computer Science student, Michael Olukayode (Mikaelson), and received full support from the university’s management. Speaking at the launch, Olukayode described the hub as “a springboard for innovation, collaboration, and transformation,” adding that it was created to help students “dream bigger, build solutions, and prepare for the future.”
TechHub BOUESTI will serve as a learning and incubation space where students can explore emerging technologies through workshops, training programmes, developer communities, and innovation-driven projects. It aligns with the United Nations Sustainable Development Goals, particularly advancing quality education, decent work, and industry-focused innovation.
The launch ceremony was attended by representatives of the Vice Chancellor, faculty leaders, guest speakers, and students. Cybersecurity consultant Samuel Afolabi delivered a keynote lecture titled “What I Will Tell My Younger Self in Cybersecurity,” encouraging students to prioritize digital security as a critical skill for the evolving workforce.
Nigerian universities have increasingly embraced technology and innovation hubs to bridge the gap between academic learning and industry demands. While many institutions face challenges such as limited access to modern equipment, insufficient funding, and outdated curricula, initiatives like TechHub BOUESTI aim to prepare graduates for a competitive digital economy. The hub also positions BOUESTI as a leader in digital literacy and entrepreneurship within Ekiti State and across Nigeria.
With TechHub BOUESTI, the university joins a growing number of Nigerian institutions investing in innovation hubs to drive academic growth, empower students, and contribute to national development.
The Federal Government has entered a new partnership with the University of Doha for Science and Technology (UDST) to upgrade and modernise Technical and Vocational Education and Training (TVET) in Nigeria.
The agreement was announced on Monday when the Minister of Education, Dr. Tunji Alausa, visited the institution in Qatar as part of ongoing reforms to improve technical skills and strengthen the country’s workforce.
A statement by Folasade Boriowo, Director of Press and Public Relations in the Ministry of Education, said the minister met with UDST President Salem Al-Naemi and senior officials to discuss areas of collaboration.
According to the statement, the partnership will introduce faculty-exchange programmes and train-the-trainer initiatives that will expose Nigerian instructors to advanced training in welding, plumbing, HVAC, electrical installation and solar photovoltaic technology. UDST will also support Nigeria in creating a quality-assurance framework to ensure that certificates and diplomas issued by Nigerian technical colleges meet global standards.
The Federal Government will further work with UDST’s entrepreneurship and innovation centres to provide young Nigerians with incubation support and programmes that promote enterprise development.
Alausa said the partnership is aimed at building a skilled, industry-ready workforce and aligning Nigeria’s technical training with international benchmarks. He added that the ministry remains committed to expanding opportunities for young people and modernising technical institutions across the country.
During the visit, the minister toured UDST’s Certificate School, known for its competency-based programmes and strong industry links.
Nigeria has struggled for years to strengthen its TVET system due to outdated equipment, weak instructional capacity and limited industry involvement. The current administration has identified technical education as a major tool for economic growth, especially in construction, manufacturing, renewable energy and digital technology. The partnership with UDST is one of several steps the government is taking to raise training standards and improve the employability of Nigerian graduates.
The federal government may move to seize the assets of Dana Air to refund trapped funds belonging to passengers and travel agents, according to the Minister of Aviation and Aerospace Development, Festus Keyamo.
Keyamo said he would direct the Nigeria Civil Aviation Authority to investigate why the airline has not refunded affected customers months after its operations were suspended. He spoke in Abuja on Tuesday at the fourth quarter stakeholder engagement themed “Leveraging public feedback to drive excellence in aviation services.”
The minister explained that the suspension of Dana Air was a choice between “safety and disaster,” adding that safety concerns documented in several reports left the government with no option. He said the administration placed the lives of Nigerians above commercial considerations.
Dana Air’s suspension followed a runway excursion involving one of its MD-82 aircraft, 5N-BKI, at the Murtala Muhammed International Airport. The NCAA subsequently halted the airline’s Air Operator Certificate on April 24, 2024, to allow for full safety and economic audits.
Keyamo said the government is now exploring legal and regulatory options to ensure customers get their money back. “I have asked Najomo to dig deep to find out how those passengers and agents will be refunded. One solution will be that if the same individuals or entities try to return to aviation under any guise, they must settle their debts first,” he said.
He added that the government may compel the airline to liquidate available assets. “Let them sell their assets. Let us cannibalise their revenue and pay people. NCAA should do that because they cannot get away with it,” the minister stated.
Providing an update on consumer protection activities, Director General of NCAA, Capt. Chris Najomo, said over 9,000 passengers received refunds or compensation between January and September 2024. He noted that 80 percent of passenger complaints were resolved immediately, while baggage and refund issues were handled within regulatory timelines.
Background
Dana Air has faced recurring safety concerns over the years. The airline previously experienced multiple incidents, including the fatal 2012 Dana crash in Lagos that killed 153 people. Although the airline later resumed operations, public confidence continued to fluctuate due to periodic safety-related suspensions. The latest suspension has reignited concerns over regulatory compliance within the domestic aviation sector and renewed calls for stricter oversight of Nigerian carriers.
Nigeria has restated its commitment to global aviation safety regulations as the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, led the country’s delegation to the 42nd Assembly of the International Civil Aviation Organization in Montreal, Canada.
The reassurance comes at a time when ICAO is pushing member states to strengthen compliance with international safety, navigation, and security standards. Nigeria has a long history with ICAO, having served on its Council since 1962 and participated in major global aviation reforms. The country is also a signatory to several air law treaties, including the Montreal Protocol, which guides international aviation security and air transport liability rules.
According to a statement issued by Tunde Moshood, Special Adviser on Media and Communications to the Minister, Keyamo conveyed President Bola Tinubu’s goodwill and reaffirmed Nigeria’s alignment with ICAO’s global safety objectives. He congratulated the leadership of the Assembly and commended ICAO for guiding international aviation standards, which shape safety and regulatory frameworks across member countries.
Keyamo highlighted Nigeria’s ongoing investments in airport upgrades, air navigation systems, and aviation security. He noted that Nigeria is strengthening its support for ICAO programmes such as the Global Aviation Safety Plan, Global Air Navigation Plan, and Global Aviation Security Plan. He also reiterated the country’s role as a strong contributor to BAGASOO and BAGAIA, two regional bodies responsible for aviation safety oversight in Africa.
The minister emphasised that Nigeria continues to deepen bilateral and multilateral partnerships. He referenced recent Air Services Agreements with Canada and underscored Nigeria’s support for the Yamoussoukro Decision and the Single African Air Transport Market, both designed to open up African airspace.
Keyamo added that the government is deploying modern security screening systems and expanding the training of aviation security personnel. He also noted Nigeria’s participation in the ICAO Public Key Directory, its implementation of a State Action Plan on emissions reduction, and its involvement in CORSIA. Nigeria is also working with the European Union on Sustainable Aviation Fuel.
Looking ahead, the minister urged ICAO to provide greater support to developing countries in safety oversight, climate-resilient infrastructure, and digital transformation. He asked member states to support Nigeria’s bid for re-election into Part II of the ICAO Council. He also invited the global aviation community to attend the first Nigerian International Airshow scheduled for Abuja from 2 to 4 December 2025.
Nigeria later announced a diplomatic win after Engr Mahmoud Ben-Tukur was re-elected into Part II of the ICAO Council. He secured 163 votes out of 185 and will continue serving as Nigeria’s Representative to ICAO. The government described the victory as an affirmation of Nigeria’s contribution to global aviation and a boost for Africa’s influence within the organisation.
Keyamo, who led Nigeria’s campaign for the seat, described the re-election as a proud moment for the nation and the continent. Nigeria joins Egypt, South Africa, and other countries re-elected into Part II, strengthening Africa’s representation in global aviation governance
The National Social Security Fund (NSSF) Uganda has announced a partnership with Interswitch Group, one of Africa’s leading digital payment and e-commerce companies, to extend social security services to more Ugandans through Quickteller, one of Interswitch’s flagship consumer financial and agency banking service platforms.
The National Social Security Fund (NSSF) Uganda is a multi-trillion Fund mandated by the Government through the NSSF Act, as amended, to provide social security services to all eligible employees in Uganda and regulated by the Uganda Retirement Benefits Regulatory Authority, while the Minister of Gender, Labour & Social Development, and the Minister of Finance, Planning & Economic Development are responsible for policy oversight.
The Fund manages assets worth over UGX 25 trillion, invested in Fixed Income, Equities, and Real Estate assets within the East Africa region. The partnership launched in Kampala aims to onboard over 100,000 new voluntary savers onto the Fund’s SmartLife Flexi product through Interswitch’s countrywide Quickteller Agent Network, which comprises 20,000 teller agents.
The NSSF SmartLife Flexi is a flexible, goal-driven savings plan designed to help Ugandans achieve their financial goals with the freedom to choose savings period and frequency while earning a competitive monthly return, accrued daily.
Speaking at the unveiling ceremony, NSSF Managing Director, Patrick Ayota, said the partnership will accelerate the Fund’s drive to expand social security coverage in both the formal and informal sectors, in line with the Fund’s expanded mandate.
“One of the key pillars of our new 10-year strategic direction, informed by our mandate to provide social security services to all eligible Ugandans, is to increase national social security coverage to 50% of Uganda’s workforce by 2035, representing over 15 million people,” Ayota said.
He added that, “We have in the past partnered with telecoms and commercial banks, which enabled us to avail all our services on USSD, mobile and online, and provided convenience for remittances of contributions. However, there remains a large number of people who prefer a human interface, yet our 21 branches might not be within their proximity. Quickteller agents are the bridge to the informal economy.”
He noted that the partnership responds to the continued need to simplify savings and payments amid the country’s growing cash economy.
According to the Bank of Uganda’s June 2025 report, the value of cash currency in circulation increased from Shs8.21 trillion in FY2023/24 to Shs8.98 trillion by June 2025, a 9% rise, even as digital transactions continued to rise.
“This partnership will ease how our members and new savers onboard onto SmartLife Flexi and make contributions to their accounts using digital payment channels they already trust, such as Quickteller. It’s about meeting Ugandans where they are, digitally and physically,” Ayota explained.
He revealed that customers can now enroll and register for SmartLife Flexi free of charge at any nearby Quickteller agent. The minimum initial deposit is Shs10,000, and members can make subsequent contributions conveniently at affordable Quickteller transaction rates.
In addition, employers can also remit their mandatory contributions through the same network of Quickteller agents, making the process faster and more accessible.
Interswitch Country General Manager, Moris Seguya, said the collaboration reinforces the company’s mission to simplify and deepen financial inclusion.
“This partnership is pivotal to our primary objectives at Interswitch Group. We are driven by the need to see every Ugandan access financial services easily and affordably. With over 20,000 agents spread across the country, Quickteller is strategically placed to serve everyone, especially Ugandans in the informal sector,” Seguya said.
“Today, about 80% of our population is employed in the informal sector, where benefits to do with savings are limited. Partnering with NSSF allows us to ensure that Smartlife customers, especially those in the informal sector, can deposit their savings at the Quickteller agents within their neighbourhood, making saving easy and convenient. In addition, our systems, which are reviewed by the regulator, Bank of Uganda, regularly, are secure and robust to ensure the safety of our customers’ transactions,” he added.
Flavia Namutamba, a Quickteller agent located in Kampala, said that the partnership will provide a solution to some of their customers who do not have easy access to formal banking services, bringing them into the fold of a modern financial services system.
“Some people always inquire whether they can register or send money to their NSSF accounts through Quickteller since we are located nearer to them. This solution helps us bridge this gap in the market,” she said.
In June 2025, the company officially launched Interswitch PensionRemit, a fully automated platform designed to help employers comply with the recently introduced Pension Contribution Remittance System in Nigeria. The new system, mandated by the National Pension Commission and the Pension Fund Operators Association of Nigeria, took effect on June 1, 2025.
With this latest milestone in East Africa, Interswitch continues to consolidate its integral role as a driver of social sector value-creation in Africa, and as a trusted transaction solutions partner across multiple countries, combining innovation, scale, continental reach, security, and deep market expertise, to enable governments, communities, businesses and individuals to unlock value across different spheres of endeavour, in line with its mission to facilitate transactions solutions that drive prosperity across the continent.
Interswitch is a leading technology-driven company focused on the digitization of payments and commerce across Africa. Founded in Nigeria in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by supporting the introduction of electronic payments processing and switching services, also launching Verve, Africa’s premier and leading domestic EMV-standard chip and pin payments card scheme.
Today, Interswitch is a leading player with critical mass across Africa’s developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions. Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa. Interswitch’s broad network and robust payments platform have been instrumental to the development of the Nigerian payments ecosystem and provide Interswitch with the infrastructure to expand across Africa.
Stanbic IBTC Bank, a member of Standard Bank Group, has launched its Digital Lending Suite, an integrated platform that consolidates all the Bank’s retail loan offerings into one digital access point. The platform has products such as EZ Cash, Unsecured Personal Loan (UPL) and many more consumer loan options reflecting the bank’s commitment to simplifying borrowing and strengthening financial inclusion through technology.
The Digital Lending Suite was developed in response to customers’ evolving needs for convenient, secure, and reliable credit solutions. By providing seamless access to multiple loan products via digital channels, the bank continues to demonstrate its leadership in driving financial innovation within Nigeria’s banking sector.
EZ Cash is designed to meet immediate, short-term needs, offering customers instant access to loans from ₦50,000 up to ₦10 million with a tenor of up to 24 months. The Unsecured Personal Loan (UPL) caters to medium- to long-term financing requirements, providing larger loan amounts with repayment tenors of up to 48 months. It is structured to accommodate salaried customers seeking to fund personal projects or lifestyle needs, with the added option to revolve the facility once a portion of the loan has been repaid.
Both products are exclusively available to salaried customers whose accounts are domiciled with Stanbic IBTC Bank; subject to credit assessments and approvals.
Commenting on the launch, Olu Delano, Executive Director, Personal & Private Banking, Stanbic IBTC Bank, noted that the Digital Lending Suite reinforces Stanbic IBTC Bank’s commitment to delivering customer-centric, technology-driven financial services. “By integrating our loan offerings into a single digital platform, we are improving access to credit while maintaining the speed, security, and reliability that our customers trust Stanbic IBTC Bank to provide.”
The Digital Lending Suite is available across multiple digital touchpoints, enabling customers to apply and receive funds with ease. Applications are processed digitally via the new Stanbic IBTC Mobile App 3.0. The product is collateral-free, comes with a fixed monthly interest rate, and offers flexible repayment, including early repayment without penalty.
The Association of Advertising Agencies of Nigeria (AAAN) has announced that the 2025 LAIF Creative Conference will take place on Saturday, November 29, 2025, at the Lagos Marriott Hotel, GRA, Ikeja, Lagos running from 9:00 AM to 6:00 PM.
This year’s edition marks a historic milestone, the 20th anniversary of the Lagos Advertising and Ideas Festival (LAIF) celebrated under the bold theme “20 Years of Crazy.” The conference will bring together leading voices from Nigeria, Africa, and the global creative industry for a full day of inspiring conversations on creativity, technology, culture and the future of brand-building.
The LAIF Creative Conference will feature Keynote presentations from visionary leaders, Expert panel sessions on the future of creativity and strategic brand communication, Tech-focused side-stage conversations exploring AI, digital evolution, and emerging creative tools, Discussions connecting advertising with entertainment, storytelling, film and global culture.
Key themes for this year include, The future of African creativity, Authenticity and cultural storytelling, Creativity at the intersection of advertising and film, The impact of AI and technology on creative work, The new African consumer, Unlocking global opportunities for African brands.
The two-day festival will culminate in the LAIF Awards Ceremony on Sunday, November 30, 2025, where outstanding creative work across Nigeria’s advertising and marketing communications industry will be honoured.
Now in its 20th year, the LAIF Awards remain Nigeria’s most respected benchmark for creative excellence, recognising agencies, directors, writers, designers, strategists and brand teams whose work is driving the industry forward.
This special anniversary edition will also include the LAIF Icon Award, celebrating an industry pioneer and honouring their contributions to the growth and evolution of Nigerian advertising.
Speaking ahead of the conference, Mr Jay Chukwuemeka, Chairman of the LAIF Management Board, highlighted the importance of this year’s edition:
“LAIF has evolved into one of the most influential creative festivals in West Africa. As we celebrate 20 years, we are not only honouring our past but embracing a future defined by innovation, collaboration, and global relevance.”
The LAIF Creative Conference will run from 9:00 AM to 6:00 PM on Saturday, November 29, 2025.
Registration Information
Attendance for the LAIF Creative Conference is free, and Participants can register via the registration link: https://bit.ly/LAIF20
Starting a business feels a bit like stepping into bright sunlight after being indoors all day. Everything looks exciting, but you can’t quite see clearly yet. Even seasoned executives who transition from corporate roles into entrepreneurship admit that the learning curve is its own wild adventure. And honestly, it’s normal.
But here’s the thing: most entrepreneurial missteps aren’t mysterious. They repeat themselves across industries, across generations, and across economic cycles. Professionals who’ve run multi-million-naira budgets in corporate offices suddenly struggle with issues like pricing, delegation, or even choosing the right customers.
So, let’s talk about these recurring mistakes — the ones that quietly drain money, time, and confidence. And more importantly, how to sidestep them with a bit more grace.
You know what usually gets new entrepreneurs into trouble? Thinking they must build the full product, the full service, and the full brand all at once. The excitement makes it worse. You map out a breathtaking business plan on Notion or Miro, and suddenly everything feels urgent — website, HR structure, brand identity, pricing model, operations, compliance, growth strategy.
But the truth? Businesses rarely fail because the vision was small. They fail because execution was too wide.
A better approach is to start with the simplest version of your offer that genuinely helps someone. Not a half-baked idea, but a workable, deliverable solution. Think of it like a soft launch, just enough to test your footing. Even huge brands do this. Paystack initially ran with a small set of merchant tools. Flutterwave began with a narrow remittance solution. They scaled after mastering one thing.
If the big players didn’t build Rome in a day, why should you
2. Mispricing — Either Too High, Too Low, or Simply Confusing
Pricing is surprisingly emotional. Set it too high and you fear customers will run. Set it too low and you appear inexperienced. Wondering what’s worse? Pricing that doesn’t reflect your operational reality.
Entrepreneurs often forget that pricing must cover:
cost of production or service delivery
talent or labour
overhead
tax
profit margin
future growth costs
Yet many new founders price based on what competitors charge, not what their business needs to survive. Here’s a practical trick: price as though your business will grow — not as though you’re doing small favours for “early customers.” It creates discipline.
And you know those customers who tell you, “This is expensive”? They often become your most loyal clients once they see your value. Underpricing only attracts the ones who want bargain deals and constant discounts.
3. Hiring Too Fast… Or Not Hiring Soon Enough
This one is tricky because both extremes cause real damage. Some founders hire too early because “it makes the business look serious.” Others refuse to hire at all, thinking they must handle every email, every negotiation, every delivery, every spreadsheet.
Both patterns lead to exhaustion and inconsistent output. There’s a sweet spot where hiring becomes strategic rather than symbolic. A good rule of thumb: Hire when a task consistently eats up your time and someone else can do it at least 70% as well as you.
It’s not about building a big team. It’s about building a useful one. Even a part-time accountant, a freelance designer, or an operations assistant can free you up to think like a real CEO — not a burnt-out multitasker juggling everything
4. Confusing Visibility With Growth
This one affects professionals the most — especially those used to corporate branding budgets.
New entrepreneurs often chase visibility: – the perfect logo – beautifully branded packaging – social media templates – influencer shout-outs – PR features
But visibility alone won’t save a business that hasn’t figured out product-market fit. Before spending money on awareness, ask: “If twice the number of people found us today, are we ready to serve them?”
If the answer is no, fix the foundation first. Because a viral moment without operational readiness is just stress waiting to happen.
5. Ignoring the Numbers Until the Numbers Become a Problem
It’s funny how many entrepreneurs love strategy but dislike basic accounting. Even very smart professionals postpone bookkeeping until tax season — or until a financial emergency shows up. But avoiding numbers creates blind spots. Without weekly or monthly financial tracking, you can’t answer basic but critical questions:
Are we profitable or just busy?
Which product or service eats money instead of making it?
Are receivables growing faster than cash flow?
What expenses can we cut without hurting quality?
A simple dashboard using tools like QuickBooks, Zoho Books, or even Google Sheets brings clarity fast.
And honestly, clarity is its own kind of peace.
6. Building a Business Around the Wrong Customers
New founders often say, “Anyone can buy from us.” It sounds flexible, but it’s actually a red flag. When you try to serve everyone, you end up serving no one deeply. And deep service — the kind customers rave about — requires focus. Think of your favourite brands. They know who they’re meant for. They build solutions, messaging, pricing, even customer experience around a specific group.
A simple exercise that helps: Define your “ideal customer” as if you’re describing a real person. Job role, pain points, spending behaviour, urgency level, quality expectations. Once you know exactly who you’re serving, everything else clicks.
7. Waiting for the Perfect Time Instead of Building Momentum
Perfectionism feels like safety. It gives you the illusion that “once everything is ready,” you’ll win. But seasoned CEOs will tell you something different: momentum beats perfection every single time.
You learn faster when you’re in motion. You adjust quicker. You make smarter decisions because real feedback beats hypothetical assumptions. There’s a quiet discipline in starting—even if your first audience is tiny, your first product is simple, your first monthly revenue barely covers fuel for meetings. It’s not glamorous, but it’s progress.
And progress compounds.
So, How Do Smart Entrepreneurs Actually Avoid These Mistakes?
Not by being flawless — that’s unrealistic. They avoid mistakes by staying self-aware and building systems early. Some of those systems are simple:
And sometimes the system is just one question: “Is this decision driven by fear, pressure, or genuine strategy?”
That question alone saves entrepreneurs months of headache.
Closing Thoughts
Entrepreneurship is demanding, but it’s also deeply rewarding. Especially for professionals entering the space with years of experience, strong networks, and the discipline corporate life instills.
What matters isn’t avoiding every mistake — it’s understanding which mistakes can break your business and which ones simply teach you. Hold that close, and you’ll navigate the journey with far more confidence.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1460.00 per $1 on Tuesday, November 25th , 2025. The naira traded as high as 1451.00 to the dollar at the investors and exporters (I&E) window on Monday.
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for 24th November, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1474 and buy at ₦1460 on Monday 24th November, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1474
Buying Rate
₦1460
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1462
Lowest Rate
₦1451
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
As Nigeria enters the festive Ember-month season, marked by heightened celebrations from November through December, the Federal Capital Territory Police Command has warned residents against selling, purchasing, or using firecrackers, knockout explosives, and other unauthorised pyrotechnics.
These months are traditionally associated with increased public gatherings, celebrations, and commercial activities, which heighten the risk of accidents and disturbances.
SP Josephine Adeh, the command’s spokesperson, issued the advisory on Monday, expressing concern over the growing circulation of such items and the associated public safety risks.
“Firecrackers pose serious safety hazards, including injuries, fire outbreaks, and widespread panic,” the statement said. “They also create opportunities for criminal elements to mask unlawful activities. Beyond these risks, their indiscriminate use disrupts public peace and endangers vulnerable members of the community, particularly children, the elderly, and persons with underlying health conditions. Residents are therefore strongly urged to comply with this advisory.”
FCT Police officers have been directed to enforce the ban and ensure that violators are arrested and prosecuted. The public is also encouraged to report anyone involved in the sale or use of firecrackers.
Similar measures have been announced by the Imo and Plateau State Police Commands, which prohibited the sale, distribution, and use of fireworks and knockout explosives ahead of Christmas and New Year celebrations. These actions aim to prevent injuries, fires, and disturbances during the festive period.
Paystack has terminated the employment of its co-founder, Ezra Olubi, citing “significant negative reputational damage” linked to resurfaced tweets as the reason for the dismissal. The fintech company emphasized that the action was independent of the ongoing investigation into allegations of workplace misconduct.
In a statement, Paystack said it acted within its contractual rights and followed due process, ensuring that all financial entitlements owed to Olubi were settled. “As a regulated company operating in multiple markets, we have a responsibility to act quickly when conduct has the potential to undermine trust,” the statement read. “After reviewing the situation, we exercised our right under his contract and followed due process to end his employment. This has no bearing and is separate from the independent investigation into the allegations of workplace misconduct, which remains ongoing.”
The company also explained that the ongoing investigation is being led by the external law firm Aluko and Oyebode and will continue independently, with updates to be shared once it is concluded.
This move follows resurfaced tweets from Olubi dating back to 2009–2013, containing sexually explicit remarks referencing coworkers, minors, and controversial content. The posts trended widely on X, prompting Olubi to deactivate his account. Following the trend, Paystack suspended him on November 14 and initiated a formal investigation into alleged sexual misconduct.
Olubi, however, argued in a blog post that his dismissal came “before the supposed investigation was concluded, and without any meeting, hearing, or opportunity for me to respond to the issues raised,” calling the termination inconsistent with Paystack’s internal policies. He also indicated plans to challenge the process legally.
Paystack maintained that the termination decision was driven by the need to safeguard the company’s reputation and uphold trust with clients, partners, and stakeholders, highlighting the importance of swift action when a senior executive’s conduct threatens public confidence.
States across Nigeria owe contractors and retirees a combined ₦1.06tn despite receiving record revenues in 2024, according to BudgIT’s 2025 State of States report.
The report shows that contractor arrears totalled ₦434.87bn, while unpaid pensions and gratuities amounted to ₦626.81bn. This indicates that many states are still struggling with old obligations even though federal allocations more than doubled and several states recorded higher internally generated revenue.
Thirty states reported owing either contractors or retirees in the 2024 fiscal year. Twenty-six states carried contractor debts, while 27 states reported pension and gratuity backlogs.
Only Borno, Kano and Nasarawa had no arrears in either category.
Kaduna recorded the highest debt, with a combined ₦139.36bn. The state owed ₦56.07bn to contractors and ₦83.29bn in pension and gratuity arrears, which was the largest pension backlog in the country.
Ogun followed with ₦107.18bn in total arrears, including ₦81.54bn in pensions and ₦25.64bn owed to contractors. Benue ranked third with ₦99.68bn, while Edo had ₦95.46bn and Enugu had ₦90.18bn.
Other states with high arrears included Imo with ₦57.25bn, Akwa Ibom with ₦43.71bn, Delta with ₦42.35bn, Oyo with ₦41.97bn and Plateau with ₦40.98bn. These ten states account for nearly half of the nationwide ₦1.06tn backlog.
At the lower end of the list, Kano and Nasarawa had no arrears, while Lagos owed only ₦48.74m in contractor debts and had no pension backlog. Ebonyi followed with ₦88.89m, Borno with ₦1.10bn, Jigawa with ₦1.79bn and Katsina with ₦2.22bn.
BudgIT also reported that total liabilities across 35 states amounted to ₦1.24tn. Rivers State was excluded due to the nullification of its 2024 budget by a court ruling.
Beyond contractor and pension arrears, states owed ₦33.74bn in salary claims, ₦62.33bn in judgment debts and ₦73.25bn in other obligations.
BudgIT noted that despite unprecedented inflows, including ₦11.38tn in FAAC allocations, many states still prioritised recurrent spending over settling legacy debts. This caused arrears to persist.
Budget pressures were most severe in Kaduna, Benue, Adamawa and Taraba. In these states, total liabilities exceeded internally generated revenue. Kaduna owed nearly double its IGR, while Benue’s arrears were almost five times its domestic revenue. Adamawa and Taraba also recorded pension debts larger than their 2024 IGR.
The report linked the rising burden to structural weaknesses, growing personnel costs and long-standing pension issues.
The National Insurance Commission (NAICOM) has announced its adoption of the Objectives and Key Results (OKR) framework, a globally recognized performance management system, to enhance alignment and transparency across its teams.
Dr Usman Jankara, Deputy Commissioner (Technical) at NAICOM, disclosed this on Monday during the Performance Management Workshop held in Ikot-Ekpene, Akwa Ibom State. The workshop aimed to foster a culture of accountability, excellence, and measurable impact within the Commission.
According to Dr Jankara, the OKR model links qualitative objectives with measurable key results, helping teams focus on outcomes rather than mere activities. He emphasized that the approach is ideal for mission-driven, non-profit organizations like NAICOM because it prioritizes impact over profit.
“Every staff member will have clear, measurable key results aligned with Directorate and Commission-wide objectives. You might use SMART principles—Specific, Measurable, Achievable, Relevant, Time-bound—to ensure scoring follows global best practice,” he said.
The Commission expects that implementing OKRs will fully align departmental goals with NAICOM’s strategic priorities, improve regulatory efficiency through risk-based supervision and digital transformation, boost consumer confidence via prompt claims settlement and transparency, and expand insurance penetration across Nigeria.
NAICOM’s strategic plan focuses on five key goals: protecting policyholders and restoring confidence in the insurance industry; strengthening supervisory capacity and organizational effectiveness; ensuring financial soundness and stability of the insurance sector; promoting innovation and sustainability in products and processes; and expanding insurance accessibility nationwide. Supporting these goals are objectives including risk-based supervision, digital transformation, governance excellence, and effective claims management.
Dr Jankara stressed that reforms introduced by the Nigerian Insurance Industry Reform Act 2025 aim to reposition the insurance sector as a pillar of Nigeria’s financial system. He urged staff to embrace a culture of excellence and accountability, support management, and drive change to make NAICOM a benchmark for regulatory excellence in Africa.
Bitcoin surged past the $88,000 mark on Monday as renewed investor positioning and improved sentiment lifted the world’s most valuable cryptocurrency. The digital asset traded firmly above $88k, propelled by leveraged position liquidations and persistent outflows from major exchange-traded funds (ETFs).
As of press time, Bitcoin hovered around $88,677 — a 1.6% daily gain — approaching the $90k resistance level. Market analysts say the token remains caught between bullish momentum and a looming death cross, as technical indicators suggest that BTC may be oversold.
Some analysts argue that Bitcoin is following a familiar pattern from previous “final flush” corrections, where a dip around the $80k region historically precedes an aggressive rally toward $90k–$95k. This view has reinforced expectations of a near-term rebound.
The latest upswing was also driven by a resurgence in global mining activity, with China returning to the top three mining destinations after reclaiming a 14% share of global hash rate — despite its earlier ban on mining operations.
CoinMarketCap data indicates that Bitcoin’s market value stands at approximately $1.77 trillion, around 3.8% below last week’s high. Trading volume climbed to $74.95 billion as investors reacted to macro signals and the possibility of a shift in US Federal Reserve policy.
The broader crypto market gained momentum as well, with the total global market cap rising by 2.5% to $3.04 trillion. Traders opened new positions across major cryptocurrencies in anticipation that the US Federal Reserve may begin cutting interest rates in December — a move that could trigger a re-rating cycle across digital asset markets.
However, the ETF market remains under strain. November is shaping up to be the weakest month for Bitcoin ETFs, with outflows exceeding $3.5 billion. BlackRock’s IBIT fund alone recorded withdrawals of $2.2 billion. Analysts link the trend to macroeconomic stress, including recession risks, sticky inflation, and liquidity tightening due to the Fed’s balance sheet reduction.
With sentiment improving but uncertainty still present, market watchers expect institutional investors to play a decisive role in determining Bitcoin’s next major move.
The Nigerian naira recorded a mild appreciation of 0.2% against the US dollar on Monday, supported by fresh rounds of foreign exchange injections aimed at stabilising the market and boosting liquidity.
The currency, which had weakened at the official window throughout the previous week despite several interventions, regained some ground as the Central Bank of Nigeria (CBN) released $250 million to authorised dealers and commercial banks. The move sought to ease rising demand pressures stemming from increased foreign payment obligations by corporates.
According to updated CBN data, the domestic currency improved by 0.20% to close at N1,453.84/$, reversing part of its earlier weakness. Market analysts at Cowry Asset Management noted that the marginal recovery underscores persistent structural pressures within Nigeria’s FX ecosystem.
During the session, the spot FX rate touched an intraday high of N1,462.50 — slightly lower than the previous trading day’s peak of N1,462. Data also showed that the naira reached an intraday low of N1,451 before averaging N1,453 by market close.
Analysts say market dynamics remain driven more by limited FX supply than by changes in sentiment, suggesting that while interventions may temporarily ease volatility, sustained improvement depends on stronger and more consistent inflows.
Meanwhile, the parallel market also saw mild appreciation, with the naira firming to N1,455/$ from N1,460/$ amid year-end inflows ahead of the festive season. Experts anticipate relative stability at the official window, although intermittent fluctuations are likely as FX demand remains elevated.
Nigeria’s external reserves climbed to $44.261 billion, equivalent to more than 10 months of import cover. Analysts believe that the gradual build-up in reserves and sustained intervention efforts could help moderate volatility, even as demand-supply gaps continue to pressure the market.
The House of Representatives Committee on Electoral Matters has directed the Independent National Electoral Commission to pay all outstanding insurance benefits owed to NYSC members injured or killed while serving as ad hoc staff during elections.
The order followed a briefing by Omotade Folorunsho, representing the NYSC Director General, who said corps members harmed during the 2023 general elections have not yet received their insurance claims. Two corps members were shot in Ukwani, Delta State, and another in Akwa Ibom, leaving all three permanently disabled, with no compensation paid to date.
Folorunsho also recalled the deaths of 10 corps members during the 2011 elections, highlighting the ongoing lack of welfare and security for members who often work under poor pay and inadequate support. Many receive only ₦4,000 for training and ₦13,500 for election duty while dealing with shortages of accommodation, water, and other basic amenities.
The NYSC, established in 1973 to promote national unity and provide skilled manpower, has over the years relied on corps members to serve as ad hoc staff during elections, often placing them in potentially dangerous situations. The recurring incidents of injury and death have raised questions about the adequacy of the welfare, insurance, and protection mechanisms in place for these young Nigerians.
Committee Chairman Adebayo Balogun commended corps members for safeguarding electoral integrity and pledged reforms to improve their safety, compensation, insurance, and overall welfare.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a Profit After Tax (PAT) of N5.4 trillion for the 2024 financial year, reflecting substantial growth in its operational and commercial performance. The state-owned energy giant achieved this result on the back of total revenue amounting to N45.1 trillion.
GCEO of the company, Mr. Bashir Ojulari, revealed the figures during a media briefing in Abuja on Monday while presenting the firm’s audited 2024 financial highlights. He noted that the earnings call held with analysts showed an 88% year-on-year surge in revenue, marking one of the company’s strongest performances since its transition into a commercial entity.
According to Ojulari, the company posted a 64% increase in PAT, with earnings per share rising to N27.07 — a sign of enhanced efficiency, strengthened operational discipline, and improved financial resilience across its assets.
He credited the outcome to key performance drivers, including heightened operational efficiency across the value chain, benefits from ongoing downstream reforms, and firm cost-management approaches.
“These earnings reflect the strong momentum of our transformation agenda and the dedication of our workforce,” he stated. “They set a solid foundation for future expansion, aligned with President Bola Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
Building on its 2024 achievements, NNPC Ltd. has unveiled a multi-phase strategic roadmap designed to drive growth, enhance energy security, and advance Nigeria’s energy transition objectives through 2030. The plan incorporates a proposed $60 billion investment pipeline across the energy ecosystem.
Ojulari also highlighted priority targets such as raising crude oil output to two million barrels per day (bpd) by 2027 and achieving three million bpd by 2030. The company is reviewing the commercial and technical viability of its refineries to boost domestic supply security.
Additionally, the firm plans to scale natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030. Key infrastructure projects — including the Ajaokuta-Kaduna-Kano (AKK) gas line, Escravos-Lagos Pipeline System (ELPS), and the OB3 pipeline — are expected to play a pivotal role in strengthening national and regional energy stability.
“Our transformation is guided by transparency, innovation, and disciplined execution,” Ojulari said. “We are positioning NNPC Ltd. as a global-standard energy company committed to delivering sustainable returns while powering the future of Nigeria and Africa.”
Founded in 1977, NNPC underwent a historic transformation in July 2022 under the Petroleum Industry Act (PIA), transitioning into a fully commercial, profit-oriented entity. Prior to the latest financial year, the company reported a profit after tax of N3.3 trillion in its 2023 Audited Financial Statement.
The Nigerian equities market began the week on a negative trajectory as profit-taking across major sector indexes dragged overall performance downward, leading to a collective loss of N69 billion for investors on Monday. The session extended the previous week’s bearish close, during which the Nigerian Exchange (NGX) shed N2.09 trillion in market value.
At the close of trading, the All-Share Index slipped by 108.01 points or 0.08%, settling at 143,614.61 points. Market capitalisation followed the same pattern, retreating by N68.68 billion to finish at N91.34 trillion.
Market participants adopted a cautious stance amid expectations that the Monetary Policy Committee (MPC) may opt for a reduction in Nigeria’s benchmark interest rate after concluding its bimonthly deliberations. This sentiment weighed heavily on trading positions.
Bearish pressure dominated the sellers’ corridor, pushing down prices in counters such as STERLINGNG, WAPIC, DEAPCAP, and TANTALIZER ahead of Tuesday’s interest rate decision by the Central Bank of Nigeria (CBN).
Despite the downtrend in prices, trading momentum strengthened across the bourse. Fresh NGX data showed that overall market volume rose by 4.03%, while the total value of transactions advanced by 10.75%. In total, 683.40 million units worth N28.37 billion exchanged hands in 23,864 executed deals.
GTCO continued to dominate market activity, accounting for 29.44% of total traded volume. It was trailed by FIDELITYBK (18.99%), JAPAULGOLD (9.94%), FCMB (5.49%), and ACCESSCORP (3.16%). GTCO also led the value chart with a commanding 60.18% contribution to the day’s total market turnover.
On the gainers list, ETRANZACT topped the chart after appreciating by 9.06%. INTENEGINS followed with an 8.49% rise, while MCNICHOLS gained 7.00%. Other notable advancers included CILEASING (+5.47%), UPDC (+5.26%), RTBRISCOE (+4.76%), and several others.
However, the market recorded 26 laggards. NPFMCRFBK led the losers’ group with a 7.85% drop, followed by PRESTIGE (-7.48%), STERLINGNG (-6.94%), WAPIC (-6.18%), and DEAPCAP (-5.59%). OMATEK also dipped by 4.50%.
The market breadth remained negative, reflecting the dominance of declining stocks over advancers at a ratio of 26 to 17. Sectoral performance was largely downbeat as the Insurance index fell by 0.79%, Oil & Gas dipped 0.59%, Banking slipped 0.27%, and Consumer Goods edged lower by 0.02%. Industrial Goods, however, closed flat with no change.
