The National Council on Agriculture and Food Security (NCAFS), Nigeria’s apex policy-making and coordinating body for the agricultural sector, convened its annual summit with a renewed commitment to achieving national food sovereignty and security in Kaduna this week.
The Council, comprising federal and state ministries of agriculture, development partners, research institutions, and private sector stakeholders, continues to drive strategic initiatives aimed at reducing reliance on food imports and ensuring universal access to safe and nutritious food for all Nigerians.
As part of the summit’s official activities, the Honourable Minister of Agriculture, Senator Abubakar Kyari; the Honourable Minister of State for Agriculture, Senator Dr. Aliyu Sabi Abdullah; the Permanent Secretary of the Federal Ministry of Agriculture, Dr. Marcus Olaniyi Ogunbiyi; and all 36 State Commissioners of Agriculture undertook a courtesy visit to the Olam Integrated Feed and Protein (IFP) facility in Kaduna State on 5th November 2025. The visit served as a recognition of Olam’s exemplary contribution to Nigeria’s agricultural transformation.
As one of the largest integrated agribusinesses in the country, Olam operates across the entire agricultural value chain—from feed milling and poultry production to rice processing, grain trading, and animal protein development.
During the visit, Olam Agri – IFP Business Head, Amit Agarwal, provided the delegation with a comprehensive overview of the facility’s layout, operational capacity, and strategic growth projections.
The Council commended Olam’s commitment to innovation, scale, and sustainability, positioning the company as a model for private sector engagement in strengthening Nigeria’s food systems.
This engagement underscores the Council’s commitment to fostering public-private partnerships that drive agricultural development and enhance food security nationwide.
As conversations around deepening financial inclusion and expanding access to credit gain fresh momentum, Interswitch Group, Africa’s leading integrated payments and digital commerce company, has reaffirmed its commitment to the advancement of Nigeria’s digital finance landscape through its renewed partnership with the Committee of e-Business Industry Heads (CeBIH) as Gold Sponsor of the 2025 CeBIH Annual Conference.
The two-day conference, themed “Reimagining Financial Inclusion through Cultural Shifts in Consumer Credit,” will take place from Tuesday, December 2 to Wednesday, December 3, 2025, at the Eko Convention Centre, Victoria Island, Lagos and will feature keynote addresses, panel discussions, and case studies that collectively aim to reframe Nigeria’s consumer credit culture and foster a more inclusive economy.
Bringing together policymakers, banking executives, technology innovators, and thought leaders, the conference will examine how shifting cultural attitudes toward credit, alongside technology and data-driven solutions, can accelerate access to finance for millions of unbanked and underbanked Nigerians.
As part of the event’s robust agenda, Verve, a subsidiary of Interswitch Group, will feature prominently on Day 1 (December 2) in a high-impact panel session titled “Alternative Credit Scoring for the Underserved.” The session will convene industry experts to interrogate the limitations of traditional credit models and explore innovative approaches that leverage alternative data to unlock new pathways for financial inclusion.
Speaking ahead of the conference, Mitchell Elegbe, Founder and Group Managing Director of Interswitch Group, said:
“We are delighted to once again collaborate with CeBIH in advancing the conversations that are shaping the future of financial access in Nigeria. At Interswitch, we recognize that inclusion goes beyond connectivity, it is about creating credit systems that reflect the realities and aspirations of everyday people. Through technology and data intelligence, we can reimagine lending models that empower individuals and businesses previously excluded from the financial ecosystem, unlocking prosperity at scale.”
Established to promote collaboration and thought leadership within Nigeria’s digital financial services industry, CeBIH continues to play a pivotal role in influencing the direction of e-business and payments innovation. This year’s theme reflects a growing recognition that financial inclusion extends beyond digital access to encompass the development of responsible and culturally attuned credit systems that enable economic participation and growth.
Interswitch’s continued sponsorship of the CeBIH Annual Conference underscores its strategic commitment to driving financial empowerment, fostering innovation, and shaping a sustainable digital economy in Nigeria and across Africa.
For more information about the conference, please visit www.cebih.org
Sundry Markets Limited, owners of the Marketsquare supermarket chain, has been named Most Sustainable Retail Organisation at the Africa Retail Awards 2025.
The award highlights the company’s growing reputation for responsible retailing and its investment in environmental, social, and governance (ESG) standards across its operations.
The organisers of the awards; Africa Retail Academy, Lagos Business School, Nairametrics, and KPMG, said Sundry Markets stood out for its structured approach to sustainability and its impact on employees, communities, and the environment.
Sundry Markets’ sustainability model is built around ethical labour practices, community support programmes, and environmental responsibility. The company has implemented policies on fair worker treatment, responsible sourcing, waste reduction, and energy efficiency.
It also provides regular sustainability reports to improve transparency and stakeholder trust.
Speaking after the announcement, Mrs. Dubem Kekachi, Sustainability Lead at Sundry Markets, said the recognition reinforces the company’s long-term commitments.
“This achievement reflects our belief that retail can be a force for good,” she said. “We are proud to lead the way in creating a greener, more inclusive future for Africa’s retail industry.”
The Africa Retail Awards celebrate innovation and outstanding performance within the continent’s retail sector. The organisers said Sundry Markets’ model shows how large retail chains can expand while reducing waste, improving labour outcomes, and supporting local communities.
Sundry Markets thanked its employees, partners, and customers, noting that the award reflects joint efforts across the business. The company added that it will continue investing in sustainability projects and aims to set “new benchmarks” for the sector.
The Nigerian National Petroleum Company Limited has introduced a new health insurance scheme for attendants working across its retail fuel stations nationwide.
In a statement issued by the Chief Corporate Communications Officer, Andy Odeh, the company said the initiative is part of a broader effort to improve staff welfare and raise the standard of customer service across its outlets.
According to the statement, the Attendants Health Insurance Scheme, launched by NNPC Retail in partnership with NNPC HMO, will provide healthcare coverage for more than seven thousand attendants who operate at the company’s stations across the country. The programme places all eligible workers on the NNPC HMO platform, giving them access to medical services in approved hospitals.
Speaking at the launch ceremony at the NNPC Mega Station in Abuja, the Executive Director of Retail Operations and Mobility, Baba Shettima Kukawa, who represented the Managing Director of NNPC Retail, Huub Stokman, said the scheme marks an important step in the company’s plan to strengthen customer engagement and service delivery.
Kukawa said attendants are the first point of interaction with customers and that better welfare support will translate to improved performance at the stations.
He said the new package, called the Attendant Framework, is designed to address key welfare needs and includes the rollout of HMO coverage from this month. He added that the goal is to improve the quality of service, build customer loyalty and support sustainable business growth across NNPC’s retail network.
Also speaking at the event, the Deputy Director of Information Technology, Ademola Adebusuyi, who represented the Managing Director of NNPC HMO, said the company has partnered with reliable healthcare providers to ensure that beneficiaries receive quality medical attention.
He explained that the scheme gives attendants access to a wide network of hospitals and urged workers to make full use of the opportunity. He said the initiative is meant to guarantee that workers can seek care whenever required, regardless of their station location.
A customer service attendant at the Abuja Mega Station, Dorcas Luke Onyeche, who spoke on behalf of her colleagues, commended the management for prioritising their welfare. She said the scheme would boost staff morale and improve their ability to serve customers effectively.
The Manufacturers Association of Nigeria says the country’s manufacturing output will grow by 3.1 per cent in 2026. The association links the expected growth to new tax incentives, the harmonisation of levies under the new tax regime taking effect in January, and increased government patronage.
The projection is contained in the Manufacturers’ CEOs Confidence Index released in October. MAN says the forecasted 3.1 per cent growth compares to the 1.6 per cent recorded in the second quarter of 2025. It also expects the sector’s contribution to real Gross Domestic Product to rise to 10.2 per cent next year.
The Director of the Research and Economic Policy Division, Dr. Oluwasegun Osidipe, said the outlook depends on how well the new tax laws are implemented. He highlighted the National Single Window Project and the alignment of the Nigeria Industrial Policy with the Nigeria First framework as key factors.
Osidipe said manufacturers have struggled with multiple taxation. He noted that companies often paid various levies while moving goods across local government areas, adding that most of those charges have now been removed under the new tax laws.
He said the elimination of redundant taxes and the introduction of targeted incentives for small and medium manufacturers would help firms retain more funds and reinvest in production.
He added that most MAN members are small and medium industries. According to him, the tax incentives will boost their liquidity, expand operations, and strengthen output.
The MAN report shows an improvement in capacity utilisation. It rose from 57.6 per cent in the second half of 2024 to 61.3 per cent in the first half of 2025. MAN links the increase to government support programmes, including access to single-digit loans under the N75bn industrial fund.
Osidipe said credit access has widened as loans that previously attracted interest rates of 32 to 35 per cent are now available at much lower rates. He said cheaper credit would help manufacturers produce more, employ more people, and increase sales.
He also said higher government patronage would accelerate sector growth. He cited Cross River State’s commitment to buying locally assembled vehicles and urged other states to adopt similar policies.
Other projections in the MAN outlook include an appreciation of the naira to between N1,300 and N1,400 per dollar in 2026. MAN links this to stronger oil prices, improved reserves, and rising foreign investment.
The association expects headline inflation to drop to about 14 per cent, supported by stable food and energy prices. It also anticipates that the Central Bank of Nigeria will cut the benchmark interest rate to about 23 per cent to stimulate credit and output.
MAN forecasts overall GDP growth of up to four per cent in 2026, driven by higher oil production, better fiscal performance, growth in manufacturing and financial services, and increased consumer spending during the election season in the fourth quarter.
Nigeria’s new tax laws will take effect in January 2026. President Bola Tinubu signed four related bills into law on June 26, 2025. The reforms aim to streamline levies, end multiple taxation, and provide targeted incentives for small and medium businesses.
Mediacraft Associates, a leading PR and integrated marketing agency, has announced that Amina Omoike, Senior Manager and Group Head of Media Services, has been named one of The Industry’s Top 50 Women in 2025. The recognition comes under the Industry Changemakers Awards, with the grand unveiling set for Friday, December 12, in Lagos.
The awards highlight women making significant impact across business, entrepreneurship, PR, sustainability, finance, tourism, culture, and governance. Amina was recognized for her leadership, dedication, and influence in Nigeria’s PR and media sector.
John Ehiguese, CEO of Mediacraft Associates, said: “We are proud to see Amina receive this recognition. Her strategic insight and dedication have shaped our media services and inspired the wider communications community.”
Amina described the recognition as a “team achievement,” adding: “This milestone reflects the collective effort of our talented team at Mediacraft and our shared commitment to telling meaningful stories.”
Since joining Mediacraft in 2018, Amina has managed media relations for major clients including Stanbic IBTC, Interswitch, Verve, Quickteller, Olam Agri, Crown Flour Mills, ICAEW, Truecaller, Pfizer, and Sanofi. Prior to Mediacraft, she was an award-winning journalist with expertise in brand, marketing, and lifestyle reporting.
The Industry Changemakers Awards, powered by The Industry Women Conference (TinW), celebrates women driving progress in PR and across Nigerian business sectors. According to convener Goddie Ofose, the Top 50 list was curated by the newspaper’s editorial team alongside select brand marketing editors.
Amina now joins 49 other women leaders shaping business, communications, culture, and governance in Nigeria.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the National Pension Commission and major oil companies to resolve long-standing pension disparities that continue to affect retirees in the oil and gas sector.
Speaking at a one-day pension summit in Abuja, PENGASSAN president Festus Osifo said many former workers under the Defined Benefit Scheme have been left behind by an economy marked by rising inflation and a weakening naira.
“We have observed with deep concern that many of our retirees are going through hardship because their pensions have remained static for years,” Osifo said.
He explained that pensioners who left service decades ago now receive benefits that no longer match the current cost of living. “Some retired as far back as 1990 or 2010. What they take home monthly today has lost its value due to inflation and the fall of the naira,” he added.
Osifo also noted that most Closed Pension Fund Administrators have not adjusted benefits in line with economic realities. He said only a small number of schemes conduct periodic reviews, while many retirees rely entirely on management decisions for any increase.
“In about 90 per cent of the closed pension schemes, the benefits do not grow,” he said.
The association urged PenCom and oil companies such as Chevron, TotalEnergies, ExxonMobil and NNPC to reassess the assumptions behind their pension structures and improve the welfare of former employees.
Osifo said PENGASSAN will continue to advocate for equitable treatment of both active workers and retirees. “We will engage the management of these organisations to restore dignity to our retirees. We will not rest until retirees in the oil and gas sector are treated with the dignity they deserve,” he said.
Responding at the event, PenCom Director-General Omolola Oloworara said the commission will intensify oversight of Closed Pension Fund Administrators to ensure compliance and stronger governance of pension assets.
“Our goal is to sustain confidence in the pension system while ensuring that retirees’ funds are safe and managed responsibly,” she said.
Oloworara was represented by Abdulqadir Dalhatu, head of investment supervision at PenCom.
Nigeria’s music industry generated ₦901 billion in revenue in 2024, according to a new market intelligence report released by the National Council for Arts and Culture in partnership with RegalStone Capital. The publication offers the most detailed financial and structural mapping of the sector so far and projects that the industry could reach ₦1.5 trillion by 2033.
The report, titled Basslines to Billions, was unveiled by the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, and the Director General of the NCAC, Obi Asika. It combines financial modelling, platform analytics and interviews with industry executives to assess the true size of Nigeria’s music economy.
According to the findings, live performances and touring remain the backbone of artist income, accounting for more than sixty five percent of total earnings. Streaming and social media monetisation contribute thirty percent, while brand partnerships, publishing and sync deals make up only three percent. Analysts described the latter category as a missed opportunity for revenue growth.
The report draws data from labels, promoters and executives across platforms such as Spotify, YouTube, Boomplay and MTN, as well as music companies including The Plug, Duke Concept and Megaletrics. It establishes a baseline for measuring performance across the value chain, including touring, licensing and digital monetisation.
Despite the strong revenue figures, the publication identifies several weak points that could stall future growth. These include poor copyright enforcement, inefficient publishing systems and ongoing challenges within collection societies. It calls for strategic investment in touring venues, broadband expansion and payment infrastructure to support a more competitive creative economy.
The findings will form part of industry-wide discussions at NECLive 2025 on 28 November, where artists and executives are expected to review the data and explore opportunities for policy reform and private sector funding.
L-R: Dr. Harrison Nnaji (PhD), Chief Information Security Officer, FirstBank; Oremeyi Akah, Chief Customer Officer, Interswitch; Ajibade Laolu-Adewale, Chief Partnering &Ecosystems Officer, Wema Bank/Chairman, Committee of e-Business Industry Heads (CeBIH); Celestina Appeal, GH, Card Business & Solutions, Zenith Bank; Griffith Ehebha, EVP, Group Risk & Information Security, Interswitch during the Interswitch TechConnect 5.0 recently held at the Federal Palace Hotel, Lagos.
TechConnect 5.0 series concluded on a high note in Lagos as Interswitch, one of Africa’s leading integrated payments and digital commerce companies, hosted the grand finale of its multi-city innovation and engagement platform. The event convened regulators, financial institutions, fintech innovators, and technology leaders to advance conversations around innovation, collaboration, and compliance across Nigeria’s digital economy.
Hosted at the Federal Palace Hotel, Victoria Island, the Lagos edition, themed “United Frontiers: Growth Powered by Innovation, Collaboration and Compliance”, marked the culmination of a multi-city journey that had previously made stops in Enugu and Abuja. It reinforced Interswitch’s commitment to fostering synergy among ecosystem stakeholders to build a trusted, inclusive, and innovation-driven financial landscape.
Delivering the keynote address, Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay), reflected on the evolution of the TechConnect platform and its growing influence across Nigeria’s fintech and payments landscape.
“At Interswitch, we’ve always believed that innovation thrives best in an environment built on trust, collaboration, and shared purpose. Through TechConnect, we’ve created a space for regulators, banks, fintechs, and innovators to connect, exchange ideas, and explore how compliance can become a true enabler of scalable growth.
When we talk about powering Africa’s digital economy, it’s not just about technology, it’s about people, partnerships, and purpose. This is how we build the frameworks that will define Africa’s digital future and ensure that the progress we make today sets the foundation for inclusive growth tomorrow,” Lawal said.
Welcoming participants to the grand finale, Cherry Eromosele, Executive Vice President, Group Marketing and Corporate Communications, Interswitch Group, highlighted how TechConnect has evolved into a dynamic platform for meaningful dialogue and partnership across Africa’s digital ecosystem.
“Over the past few weeks, TechConnect has journeyed through Enugu and Abuja, sparking ideas, strengthening partnerships, and connecting innovation with policy in powerful ways. And now, as we conclude this incredible series in Lagos, the commercial heartbeat of Africa, we do so with a renewed sense of purpose and momentum.
This year’s theme, ‘United Frontiers’, embodies what TechConnect stands for. It’s not just an event, it’s a catalyst that unites the innovators shaping Africa’s future, the regulators ensuring safe, sustainable growth, and the businesses transforming lives through technology. For over two decades, Interswitch has remained committed to powering Africa’s digital evolution, and through platforms like TechConnect, we continue to drive collaboration, trust, and shared growth across the ecosystem,” Eromosele said.
A key highlight of the Lagos event was a fireside chat featuring Ajakaiye Itanola, Deputy Director, Payments System Policy , Central Bank of Nigeria (CBN) who represented Mr. Jimoh Musa, the Director, Payment Systems Department, CBN. In his remarks, he underscored the importance of continued collaboration between the regulator and industry stakeholders to strengthen Nigeria’s payment systems and accelerate the country’s digital transformation agenda.
“At the CBN, we are committed to developing clearer and more inclusive regulations, a deliberate shift from the old ways of doing things. We are now involving more industry players in the process. For instance, we have revolutionized agent banking; it is no longer what it used to be.
Moving forward, we are not only setting the rules for the present but also revisiting and refining existing ones to provide greater clarity and direction for the industry. The CBN is taking a forward-looking approach, anticipating future needs and framing the regulations required to support innovation. We believe that well-defined regulations serve as a catalyst for innovation, helping to shape the future and ensure that collective efforts remain sustainable and impactful,” Itanola said.
The day’s discussions included two high-impact panel sessions. The first, “De-risking Innovation with Regulatory Compliance and Strategic Partnership for Growth,” explored how institutions can balance agility with accountability to drive sustainable expansion. The second, “Compliance as a Catalyst: Unlocking Scalable Innovation, Growth, and Collaboration in the Financial Ecosystem,” delved into how governance and regulatory foresight can become foundational drivers of innovation and scalability.
Industry leaders across the financial and fintech sectors shared actionable insights on cybersecurity, open banking, artificial intelligence, and collaborative frameworks that enable responsible innovation and inclusive growth.
Beyond the discussions, the Lagos finale also featured interactive product showcases, where Interswitch unveiled its latest digital payment solutions designed to enhance efficiency, scalability, and customer experience across multiple industries. The event concluded with an awards presentation, recognising outstanding partners and key contributors who continue to drive innovation and inclusion within Nigeria’s fintech landscape.
With its Lagos finale, TechConnect 5.0 has cemented its place as a cornerstone of industry collaboration, connecting innovation, policy, and partnership to accelerate Africa’s digital transformation journey.
Amazon announced the launch of its new Amazon Bazaar app in Nigeria, bringing customers a dedicated shopping experience with hundreds of thousands of affordable products across fashion, home, and lifestyle categories.
Building on the success of Amazon Haul in countries such as the U.S., UK, Germany, France, Italy, Spain, Japan, and Australia, and Amazon Bazaar in Mexico, Saudi Arabia, and the UAE, this expansion introduces the low-price shopping experience to more destinations worldwide.
The Amazon Bazaar app is now available in 15 new countries, including Nigeria, Hong Kong, the Philippines, Taiwan, Kuwait, Bahrain, Oman, Qatar, Peru, Ecuador, Argentina, Costa Rica, the Dominican Republic, and Jamaica.
Most items on the app cost under ₦15,000, with some starting as low as ₦3,000. New customers get 50% off their first order, and orders above ₦30,000 qualify for free delivery, while smaller purchases attract a standard fee. Deliveries typically arrive within two weeks, supported by Amazon’s 24/7 multilingual customer service.
Customers can shop confidently using their existing Amazon credentials and enjoy features such as reviews, star ratings, and Amazon’s trusted compliance standards. The app also supports payments in naira (₦) and accepts Visa, Mastercard, and American Express.
Amazon Bazaar blends value-focused shopping with interactive entertainment, including social lucky draws and promotions. The app is available for download now on iOS and Android app stores in Nigeria.
Nigerian Bottling Company (NBC) Ltd., a leading consumer packaged goods company and member of the Coca-Cola HBC group, reinforced its commitment to women’s leadership and inclusion by partnering with Women in Management, Business, and Public Service (WIMBIZ) for the organisation’s 24th Annual Conference. The event, themed “Own. Walk. Nurture.”, was held on 6–7 November 2025 at Eko Hotels and Suites, Victoria Island, Lagos.
At a panel session titled “Leading from the Inside Out: Balancing Ambition, Vulnerability & Purpose,” Oluwasoromidayo George, NBC’s Director of Corporate Affairs and Sustainability, joined other notable women leaders to share insights on navigating leadership from a place of purpose.
Drawing on her background in corporate leadership and sustainability, George stressed the need to be intentional, strategic, and authentic throughout one’s career journey. She noted that today’s workplaces must evolve to support people through both personal and professional challenges, giving them room to grow and deliver meaningful contributions.
She also highlighted that authenticity, emotional intelligence, and vulnerability are not just soft skills but powerful qualities that help women build influence and maintain trust within their organisations.
“When we talk about vulnerability, I would equate it to being open and confident at work; it draws connection and trust, especially when you engage with people of power and influence. Be authentic, stay true to yourself, and align your values wherever you find yourself. Be kind to yourself and to others. As a woman, you have to show up, and you have to show up good,” she said.
Reaffirming its dedication to women-led enterprises, NBC awarded the WIMBIZ Entrepreneurship Masterclass N1 million grant to two entrepreneurs: Toyibah Shehu Mohammed of FarhM’s Food and Sauce Global Limited and Helen Gabriel of Ogy’s Cakes. Both recipients were recognised for their potential to create economic impact through their resilience, creativity, and drive. In their remarks, they expressed gratitude to NBC for its ongoing support and for providing a platform that helps women scale their businesses.
Presenting the grant, Jolomi Fawehinmi, NBC’s People & Culture Director, restated the company’s belief in the transformative power of female entrepreneurship.
“At NBC, we believe that women-led businesses contribute immensely to the economy, and when that happens, communities also thrive. To every woman who participated in the Entrepreneurship Masterclass, you have already demonstrated your commitment to growth, excellence, and impact,” she said.
The Pension Transitional Arrangement Directorate (PTAD) has disbursed ₦3.9bn in outstanding pension arrears to 91,146 retirees under the Federal Government’s Defined Benefit Scheme (DBS). The payment, completed this week, forms part of the ₦32,000 pension increment recently approved by President Bola Tinubu.
In a statement issued on Friday in Abuja, PTAD’s Head of Corporate Communications, Olugbenga Ajayi, explained that the payments covered retirees across multiple pension departments. According to him, ₦1.9bn was paid to 59,865 pensioners under the Parastatals Pension Department; ₦830m to 12,976 retirees under the Civil Service Pension Department; and ₦620m to 9,689 pensioners in the Police Pension Department.
He added that another ₦551m was released to 8,616 retirees from the Nigeria Customs Service, Nigeria Immigration Service and the Prisons Pension Department.
The Executive Secretary of PTAD, Tolulope Odunaiya, reaffirmed the Federal Government’s commitment to clearing all outstanding liabilities and improving the welfare of older citizens under President Tinubu’s Renewed Hope Agenda. PTAD had earlier announced that implementation of the new pension adjustments for DBS pensioners would begin with the September 2025 payroll.
Under the approved package, pensioners will receive a fixed ₦32,000 increase, alongside 10.66% and 12.95% percentage increments for eligible categories, a plan expected to benefit about 832,000 retirees under PTAD’s management.
The Nigeria Civil Aviation Authority has urged the Judiciary to strengthen legal support for aviation contracts in order to attract more international investment into the sector.
The call was made in Abuja during the grand finale of the first international Cape Town Convention moot court held at the Federal High Court. The event was organised under the CTC Academic Project with support from the Federal Ministry of Aviation and Aerospace Development and the Aviation Working Group.
Director-General of the NCAA, Captain Chris Najomo, who was represented by Captain Donald Tonye Spiff, said the Cape Town Convention has boosted Nigeria’s credibility with global aviation players. The convention covers international interests in mobile equipment and includes a protocol specific to aircraft assets.
Najomo said the industry struggled to gain the trust of aircraft lessors before the adoption of the treaty. He credited the progress to the efforts of the Minister of Aviation and Aerospace Development, Festus Keyamo. He added that Nigeria is now firmly recognised by major aircraft manufacturers and leasing companies.
He also praised the performance of the students in the moot competition. He said their work showed Nigeria’s growing expertise in aviation law.
Secretary General of the Aviation Working Group, Jeffrey Wool, described the moot court as a milestone for the country. He said the CTC is a critical treaty for aviation financing. He added that familiarising the courts and young lawyers with its provisions will help Nigeria handle related cases more effectively.
The event replicated real court proceedings. It featured two finalist teams from the University of Benin and the University of Lagos. A panel of three Federal High Court judges, Justices Binta Nyako, Joyce Abdulmalik and James Omotosho, presided over the session.
Eighteen universities from across the six geopolitical zones took part in the preliminary rounds. The University of Benin and the University of Lagos emerged as the top teams.
Nigeria has moved to review its bilateral air service agreements with Sweden, Norway and Denmark. The talks form part of the 2025 International Civil Aviation Negotiation event in Punta Cana, Dominican Republic.
Festus Keyamo, Minister of Aviation and Aerospace Development, led the Nigerian delegation to the annual meeting organised by the International Civil Aviation Organisation.
Tunde Moshood, the minister’s special adviser on media and communications, said Nigeria’s presence at ICAN2025 reinforces its push for aviation growth and deeper economic ties. “The ICAN2025 event provides a unique global platform for countries to conduct bilateral and multilateral negotiations on Air Service Agreements aimed at enhancing air connectivity, fostering trade, tourism, and investment, and promoting the sustainable growth of the global aviation industry,” he said.
Moshood added that the Nigerian delegation has taken part in several BASA review meetings and memorandum of understanding discussions on the sidelines of the event.
Delegates held separate talks with South Africa about fifth-freedom traffic rights and an additional designation for another carrier on the Cape Town–Lagos route. In a joint session with Sweden, Norway and Denmark, the parties agreed to exchange air service agreement documents for further review and deliberation. The discussions will focus on updating existing BASAs to boost connectivity and mutual benefits.
Speaking on the sidelines, Minister Keyamo said Nigeria remains committed to deepening international aviation cooperation. He said active engagement at ICAN2025 demonstrates the government’s focus on expanding Nigeria’s global aviation footprint and improving market access for Nigerian carriers.
Moshood also noted that Equatorial Guinea will host the next ICAN meeting.
The Nigerian delegation includes Chris Najomo, Director-General of the Nigeria Civil Aviation Authority; Ahmed Mohammed, Director of Air Transport Management at the ministry; Sarah Okunade, Director of Legal Services; and Michael Achimugu, Director of Public Affairs and Consumer Protection at the NCAA.
Senior executives from the Airline Operators of Nigeria also joined the team. They include Toyin Olajide, Chief Operating Officer of Air Peace, and Charles Johnson Ararume, Chief Financial Officer of Arik Air.
Nigerian fintech giant, Paystack, has suspended its Co-founder and Chief Technology Officer, Ezra Olubi, following the resurfacing of sexually explicit tweets he allegedly posted more than a decade ago. The posts, which circulated widely on X on Thursday, contained graphic remarks involving minors and references to sexualised anime characters.
In a statement on Friday, the company confirmed it had initiated a formal probe into the allegations.
“Paystack is aware of the allegations involving our Co-founder, Ezra Olubi. We take matters of this nature extremely seriously. Effective immediately, Ezra has been suspended from all duties and responsibilities pending the outcome of a formal investigation,” the statement read. The company added that it would not comment further until the process is concluded.
Olubi, known for a public persona that often sparks social-media debate, has not issued any response. He deactivated his X account on 13 November amid growing public backlash. In 2022, he received a national honour — the Order of the Niger (OON) — from former President Muhammadu Buhari.
A Spotlight on Conduct in Africa’s Tech Ecosystem
Olubi’s suspension comes at a time when concerns around child sexual abuse are prompting stronger institutional and legal responses across Nigeria. The Senate recently passed amendments to the Criminal Code Act that prescribe life imprisonment for anyone convicted of defiling a minor. The reforms, adopted in October, eliminate fines, remove gender bias in the definition of rape, and abolish statutes of limitation for offences involving minors.
The heightened scrutiny underscores an evolving expectation of accountability in Nigeria’s tech sector, which has grown rapidly and now attracts intense global attention.
Paystack’s Influence and Global Standing
Established in 2015 by Shola Akinlade and Ezra Olubi, Paystack has evolved from a Lagos startup into one of Africa’s most influential payment infrastructure companies. The firm enables businesses to receive payments through cards, bank transfers, USSD, QR codes, and mobile money.
Paystack gained early global visibility after entering the Y Combinator accelerator in 2016 and raising $1.3 million in seed funding. Momentum continued with an $8 million Series A round in 2018 led by Stripe, Visa, and Tencent. In 2020, Stripe acquired Paystack in a landmark $200 million deal — one of the largest fintech exits in Africa.
More recently, Paystack led a consortium to acquire Brass, expanding its footprint into SME-focused financial tools. Because of its scale, global partnerships, and integration into Stripe’s payments ecosystem, the company’s handling of the allegations against Olubi is being closely monitored within and beyond Africa’s technology community.
The National Pension Commission (PENCOM) has extended the deadline for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to comply with its revised minimum capital requirements, granting operators six additional months to meet the new standards.
In an addendum to its earlier circular of 26 September 2025 (Ref: PenCom/INSP/Surv/2025/1255), released this week, the Commission confirmed that the compliance deadline has now been shifted from 31 December 2026 to 30 June 2027. The document, signed by A.M. Saleem, Director of the Surveillance Department, also offered fresh clarifications to guide operators ahead of the new deadline.
The addendum introduces significant updates aimed at easing compliance pressure and improving transparency in capital computation. These include:
• Inclusion of Statutory Reserve Fund (SRF):
The SRF will now count as part of Shareholders’ Funds across all PFA categories (A, B and C). The move is expected to strengthen operators’ capital positions and reduce the immediate burden of raising fresh capital.
• Refinement of AUM-Based Surcharge for Category A PFAs:
Certain funds will now be excluded from the calculation of the 1% capital surcharge tied to Assets Under Management (AUM). These include:
– Fund V (Personal Pension Plan)
– Fund VII (Foreign Currency Fund)
– Approved Existing Schemes
– Additional Benefit Schemes
The exclusions aim to ensure a more accurate representation of risk exposure in the capital framework.
PENCOM reaffirmed that compliance will continue to be monitored biannually through audited financial statements. Any identified shortfalls must be addressed within 90 days of notification.
The Commission stressed that while existing operators have been granted an extension, the revised capital requirements remain effective immediately for new licences, reinforcing its commitment to safeguarding financial stability within the pension sector.
The extension provides much-needed relief to PFAs and PFCs navigating the sector’s most significant regulatory overhaul in more than 20 years. By allowing the SRF as part of capital and adjusting AUM calculations, PENCOM appears to be striking a balance between regulatory discipline and operational flexibility.
Operators seeking clarification have been advised to contact the Commission’s Surveillance Department.
In September, PENCOM introduced a sweeping review of capital requirements for PFAs and PFCs, raising the minimum capital for PFAs to ₦20 billion. PFAs with AUM of ₦500 billion and above must now maintain ₦20 billion plus 1% of excess AUM, while those below the threshold must meet a flat ₦20 billion minimum.
Special-purpose PFAs, including NPF Pensions Limited, are required to maintain ₦30 billion, while the Nigerian University Pension Management Company Limited must hold ₦20 billion.
The reforms are designed to bolster resilience in the pension industry, which now manages assets exceeding ₦18 trillion, and to ensure operators remain financially sound amid a rapidly expanding retirement savings market.
• OGUNCCIMA faults suspension of 15% fuel import tariff
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that more than 12.6 million barrels of crude oil have been supplied to domestic refineries in 2025, with the Dangote Refinery receiving the largest share. The disclosure was made yesterday in Abuja by the Authority’s Chief Executive, Farouk Ahmed, at the annual conference of the Energy Correspondents Association of Nigeria (ECAN).
Ahmed revealed that crude supply to local refineries has more than doubled in two years—from about 20,000 barrels per day (bpd) in 2023 to over 40,000bpd in 2025. He attributed the increase to coordinated efforts between NMDPRA and the Nigerian National Petroleum Company Limited (NNPCL) to strengthen feedstock availability for both modular and large-scale refineries operating in the country.
The NMDPRA boss also addressed the Authority’s recent suspension of the proposed 15 per cent ad valorem tariff on imported petroleum products. He said the reversal was necessary to stabilise the market, ensure price predictability and prevent supply disruptions. “We have worked to improve domestic crude supply obligations and streamline logistics to guarantee refinery operations, particularly at the Dangote Refinery,” he said.
In a separate statement issued by NMDPRA’s Director of Public Affairs, George Ene-Ita, the Authority assured the public of steady fuel availability and urged Nigerians to avoid panic buying, noting that the country currently enjoys robust product supply from both domestic production and imports.
However, the policy reversal has drawn criticism from the Ogun State Chamber of Commerce, Industry, Mines and Agriculture (OGUNCCIMA), which warned that suspending the tariff could undermine Nigeria’s efforts to boost local refining capacity. OGUNCCIMA President, Niyi Oshiyemi, described the suspension as a setback to ongoing economic reforms and a missed chance to strengthen investor confidence in the energy sector.
According to Oshiyemi, the tariff would have provided essential protection for domestic refiners, including the Dangote Refinery and multiple modular plants. “The suspension of the 15 per cent fuel import tariff is disappointing. The policy was a step in the right direction to promote local refining, reduce dependence on imports, conserve foreign exchange and create a fair competitive environment for domestic producers. Its reversal sends a wrong signal to investors,” he said.
He further argued that the tariff would have helped ease pressure on the naira by reducing forex demand for imported fuel, noting that long-term energy security hinges on Nigeria strengthening its refining capacity rather than rolling back policies that support domestic production.
Ahmed also disclosed that the Authority had gazetted 18 new regulatory instruments and developed additional guidelines and standard operating procedures to improve efficiency and compliance across the midstream and downstream value chain.
The global cryptocurrency market kicked off the week on a bullish note as Bitcoin and Ethereum led gains that pushed total market capitalisation above $3.6 trillion on Monday. Investors flooded back into digital assets amid growing optimism that the U.S. government’s shutdown crisis will soon be resolved.
Market sentiment brightened across risk assets, with major stock indices and U.S. futures posting gains while the dollar regained modest strength. Data from CoinMarketCap showed that the total crypto market cap climbed more than 5% within 24 hours, fueled by a wave of buying in large-cap tokens.
Bitcoin gained 4.3% in the past 24 hours, trading around $106,100, with daily trading volumes surpassing $70.25 billion. The world’s largest cryptocurrency rebounded strongly after briefly dipping below the $2 trillion market cap mark last week. Early Monday data placed Bitcoin’s market value at $2.115 trillion.
Ethereum also rallied 6.43% within the same period, trading at $3,609. The rebound trimmed Ethereum’s weekly losses to below 2%, suggesting renewed investor confidence following weeks of volatility driven by concerns over the U.S. Federal Reserve’s policy direction.
Altcoins joined the uptrend, reversing the sell pressure that dominated the previous week. Traders attributed the rebound to easing macroeconomic fears after the U.S. Senate took significant steps toward ending the government shutdown, which had stalled economic data releases for weeks.
Late Sunday night, eight Democrats joined Senate Republicans to advance a House-passed short-term funding bill, sparking optimism across global financial markets and digital assets.
Nigeria’s earnings from crude oil and gas dropped sharply by 43% in 2024, settling at ₦1.08 trillion compared to ₦1.90 trillion in 2023, according to data from the Budget Office of the Federation’s latest Budget Implementation Report for Q4 2024.
Despite an uptick in oil production, total oil and gas revenue accounted for only 8% of overall income. The report revealed that total oil and gas proceeds before deductions reached ₦15.07 trillion, falling short of the ₦19.99 trillion budget projection by 24.65%.
The decline in crude-based income was offset by higher tax and royalty inflows. Petroleum Profit Tax (PPT) and Company Income Tax (CIT) generated ₦6 trillion, while royalties soared to ₦6.99 trillion — almost triple the previous year’s figures. This boost came largely from improved compliance and reforms introduced under the Petroleum Industry Act (PIA).
Gas-flaring penalties rose significantly by 178% to ₦391.26 billion, while royalty recovery and marginal field settlements more than doubled. Additionally, pipeline-fee revenue increased to ₦35.2 billion.
A key driver of overall revenue growth was exchange-rate gains, which skyrocketed from ₦791.88 billion in 2023 to ₦4.24 trillion in 2024 following the naira’s liberalisation. After all deductions, Nigeria’s net oil revenue stood at ₦12.95 trillion — below the ₦16.98 trillion target but far above 2023’s ₦4.82 trillion.
Crude oil production climbed by 12.6% to 442.21 million barrels, averaging 1.43 million barrels per day (bpd). December saw the highest monthly output at 1.49 million bpd, the highest since the start of the year. Total liquid output, including condensates, reached 492.34 million barrels, up from 451.09 million barrels in 2023.
However, output remained 20% below government projections due to crude theft, aging infrastructure, and low investment. Still, analysts noted that total oil and gas inflows nearly doubled year-on-year, driven primarily by stronger royalties, exchange-rate gains, and fiscal adjustments.
Yields on Nigerian Open Market Operation (OMO) bills climbed by 15 basis points to an average of 22.2% in the secondary market, as traders adjusted portfolios ahead of two major CBN auctions last week.
The Central Bank of Nigeria offered a combined ₦1.2 trillion in OMO bills in its continued bid to absorb excess liquidity from the financial system. The move triggered mild selloffs across the short-term OMO curve, as both domestic banks and foreign portfolio investors rebalanced holdings in anticipation of possible rate realignments.
The uptick in yields came amid cautious investor sentiment and global uncertainties, with analysts citing geopolitical comments by U.S. officials about Nigeria’s security situation as a contributing factor to the brief volatility.
During the week, the CBN floated two separate OMO auctions, each worth ₦600 billion. The first attracted subscriptions of ₦1.18 trillion, indicating a bid-to-offer ratio of 2.0x. Eventually, the CBN allotted ₦273.60 billion at stop rates of 21.69% and 21.84% for the 56-day and 84-day maturities, respectively.
In parallel, the Nigerian Treasury bills (NTB) market traded on mixed sentiments, though demand remained strong as investors sought to reinvest funds from unmet bids. The 3 September 2026 bill led the charge, reversing prior profit-taking as buyers positioned ahead of the midweek NTB auction.
At the auction, the apex bank offered ₦650 billion split into ₦100 billion (91-day), ₦100 billion (182-day), and ₦450 billion (364-day) tenors. Subscription levels rose sharply to ₦1.18 trillion, compared to ₦750.91 billion in the previous auction. Eventually, ₦546.34 billion was allotted, with stop rates unchanged for short-term bills at 15.30% and 15.50%, while the 364-day bill dipped by 10bps to 16.04%.
Overall, average NTB yields closed the week at 17.6%, reflecting sustained investor interest despite the tightening bias in the money market.
