The Nation Newspaper

Category: Business

  • Jigawa, Argentina strengthen livestock ties as Nigeria advances Alfalfa‑led export strategy

    Jigawa, Argentina strengthen livestock ties as Nigeria advances Alfalfa‑led export strategy

    Governor Umar Namadi-led Jigawa State Government is translating federal livestock reforms into subnational action through strategic partnerships aligned with the Jigawa State Agricultural Transformation Policy.

    A major milestone in this effort was the Memorandum of Understanding (MoU) between the Jigawa State Government and El‑Meena Farms Ltd, which launched the Jigawa Alfalfa Value Chain Development Initiative.

    The project targets a 100,000-hectare mega-estate from a 1,000-hectare pilot, an annual output of 2.0 million metric tonnes of alfalfa, and over 100,000 jobs, positioning Jigawa as the hub of livestock feed production and agro-exports in Nigeria and West Africa.

    To ensure evidence-based execution and learn from proven global models, Governor Namadi recently led a high-level delegation of public and private stakeholders on a technical and investment engagement to Córdoba Province, Argentina.

    Argentina, well advanced in research-driven agriculture, smart irrigation, mechanisation, and agro-industrial development, is currently the world’s second-largest producer of alfalfa, with Córdoba serving as its largest production hub.

    The Nigerian mission included officials of the Jigawa Government, the National Information Technology Development Agency (NITDA), El-Meena Farms Ltd, Jigawa El-Meena Farms (the SPV), Nigeria Export‑Import Bank (NEXIM), Ministry of Finance Incorporated (MOFI), Jaiz Bank, Saudi Arabia’s Alkhorayef Group, and Cape Mano Agriculture.

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    The delegation toured major forage processing and animal nutrition facilities, including Megafardos del Norte, Nafosa, Pellfood, and Biofarma S.A., gaining first-hand exposure to large-scale alfalfa production, feed processing, livestock nutrition systems, and export logistics.

    The mission also visited the Governor of Córdoba Province, culminating in the signing of an additional MoU between Jigawa State and Córdoba Province. It formalises cooperation in livestock development, sustainable alfalfa production, irrigation innovation, applied research, and agro-industrial value chains.

    Facilitated by NITDA, under its Regional Digital Innovation and Investment Programme (RegDIIP), the Argentina engagement demonstrates how technology, applied research, and international partnerships can unlock regional competitive advantage.

    Insights from NITDA and the MIT Regional Entrepreneurship Acceleration Programme (MIT-REAP) further validate alfalfa as an impactful feed input capable of improving livestock productivity, reducing feed shortages, easing farmer–herder tensions, and supporting export-driven systems.

    The Jigawa-El‑Meena MoU signed in December 2025 aims to cultivate 100,000 hectares of premium alfalfa, with projected annual export revenues estimated between $440 million and $540 million. Alkhorayef Group is the technical partner for irrigation infrastructure.

    At the signing ceremony in Dutse, Governor Namadi, who described the project as a cornerstone of his administration’s economic agenda, noted that it represents an economic bridge between Nigeria and the Middle East.

    “By combining Jigawa’s vast land resources with El-Meena’s operational expertise and Saudi Arabia’s superior irrigation technology, we are building a secure, high-value export corridor that aligns with President Tinubu’s Renewed Hope Agenda,” the governor said.

    The scheme is structured around the NEXIM Bank–Saudi EXIM Bank export-financing window, with an initial $5 million capital outlay earmarked for advanced centre-pivot irrigation systems for the 1,000-hectare pilot phase.

  • IMO Council win: Fed Govt lauds NIMASA DG’s strategic leadership

    IMO Council win: Fed Govt lauds NIMASA DG’s strategic leadership

    The federal government has commended the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, for his strategic role in securing Nigeria’s election into Category C of the Council of the International Maritime Organisation (IMO) for the 2026–2027 biennium.

    According to a statement by the Agency’s spokesperson, Osagie Edward, obtained by The Nation at the weekend, the Minister of Marine and Blue Economy, Adegboyega Oyetola, acknowledged Mobereola’s instrumental leadership and effective campaign coordination in a letter dated January 28, 2026.

    The statement indicated that the commendation letter addressed to the Director General highlighted his pivotal role in Nigeria’s victory at the IMO Council elections held in London.

    According to Edward, the minister noted that Mobereola’s strategic engagement with IMO Member States and effective campaign management were pivotal to Nigeria’s resounding success, reflecting a high level of dedication to advancing the nation’s maritime interests.

    “Your strategic engagement with IMO Member States and effective campaign management were pivotal to Nigeria’s resounding success at the election, showcasing your steadfast dedication and unrelenting commitment to advancing Nigeria’s maritime interests,” the minister stated.

    Oyetola further praised the NIMASA DG’s role in demonstrating the country’s maritime potential and reform initiatives to the international community, thereby enhancing the country’s standing in global maritime governance.

    “The Ministry commends your pivotal role in demonstrating Nigeria’s maritime potential and reforms, thereby bolstering the nation’s standing in the global maritime community. As a key member of the Inter-Ministerial Bid Committee, your contributions reinforced Nigeria’s commitment to the objectives of the IMO and strengthened international maritime cooperation,” Oyetola said.

    The statement quoted the minister as conveying the federal government’s appreciation for the Director General’s outstanding service and expressing confidence in his continued contributions toward advancing Nigeria’s maritime ambitions.

    The NIMASA spokesperson disclosed that Mobereola, in his response, expressed deep appreciation to Oyetola for the leadership and guidance provided throughout the IMO Council election process.

    Osagie quoted the NIMASA DG as attributing the electoral success to collective efforts, emphasising the dedication of the agency’s staff and the strong support from maritime stakeholders.

    “This achievement reflects the dedication of our staff and the strong support of stakeholders, and it further challenges us to remain focused and committed in delivering on NIMASA’s mandate,” Mobereola said.

    The statement further revealed that the DG called for renewed dedication across the agency to justify Nigeria’s election into the IMO Council by strengthening efforts in maritime safety, security, marine environmental protection, and capacity development.

    Mobereola reaffirmed NIMASA’s commitment to sustained collaboration with the Ministry of Marine and Blue Economy to deliver on the expectations that come with Nigeria’s IMO Council membership, according to the statement.

    Edward noted that Nigeria’s election into Category C of the IMO Council is considered a strategic gain for the country and aligns directly with NIMASA’s statutory responsibility as the nation’s maritime administration.

    The IMO Council, he said, serves as the executive organ of the International Maritime Organisation between sessions of the Assembly, overseeing the implementation of maritime conventions and regulations that govern global shipping, maritime safety, and environmental protection.

    Category C membership specifically, he noted, represents countries with special interests in maritime transport and navigation, positioning Nigeria to influence policy decisions affecting African maritime trade, shipping routes, and the broader international shipping industry.

    Maritime industry analysts have noted that the election victory enhances Nigeria’s capacity to participate in shaping global maritime policies, particularly those affecting developing nations and regional trade within the African Continental Free Trade Area (AfCFTA) framework.

    Stakeholders in the sector have expressed optimism that Nigeria’s presence on the IMO Council will provide opportunities to address longstanding challenges in the domestic maritime sector, including effective cabotage implementation, port efficiency improvements, and enhanced maritime security in the Gulf of Guinea.

    Industry experts further argued that the IMO Council seat positions the country to attract increased foreign direct investment in maritime infrastructure, shipbuilding, and allied services, while also strengthening the country’s negotiating power in international maritime trade agreements.

    The election comes at a crucial time as Nigeria pursues ambitious reforms under its blue economy agenda, with the maritime sector projected to contribute significantly to the country’s efforts to diversify its GDP beyond oil and gas revenue.

    With the country’s maritime domain covering approximately 853 kilometres of coastline and an Exclusive Economic Zone of about 200 nautical miles, stakeholders believe the IMO Council membership will enable the country to better its maritime assets for economic development and regional leadership in West Africa.

  • ‎AXA Mansard grows insurance revenue by 22% to ₦160.6bn in FY’25 

    ‎AXA Mansard grows insurance revenue by 22% to ₦160.6bn in FY’25 

    ‎AXA Mansard Insurance Plc has sustained its growth momentum in the 2025 financial year.

    It recorded a 22 per cent increase in gross insurance revenues to ₦160.56 billion, driven by strong renewals and broad-based expansion across its key business segments, particularly health insurance.

    ‎In its unaudited financial results for the year ended December 31, 2025, the Group reported solid top-line performance across Property and Casualty, Life and Savings, and Health businesses, reflecting the resilience of its operating model amid a challenging macroeconomic environment.

    ‎A breakdown of performance showed that Property and Casualty insurance revenue rose by 11 per cent to ₦68.48 billion from ₦61.88 billion in FY’24, while Life and Savings grew by 14 per cent to ₦25.77 billion from ₦22.56 billion. 

    The Health segment recorded the strongest growth, expanding by 40 per cent to ₦66.32 billion, compared with ₦47.23 billion in the previous year.

    ‎Despite the strong revenue growth, Profit Before Tax (PBT) declined sharply by 81 per cent to ₦6.12 billion from ₦31.69 billion in FY’24.

     However, the company noted that the decline was largely due to foreign exchange effects recorded in the prior year.

    ‎Commenting on the results, the Chief Financial Officer, Mrs. Ngozi Ola-Israel, explained that FY’24 earnings benefited from a one-off foreign exchange gain of ₦27 billion, compared with a ₦0.9 billion foreign exchange loss in FY’25. “Excluding this non-recurring FX impact, underlying profitability improved significantly, with adjusted profit before tax rising by 46 per cent year-on-year to ₦6.98 billion,” she said.

    ‎According to her, the performance reflects disciplined underwriting, sound risk management, and continued improvements in operational efficiency, despite elevated claims severity and frequency in the Property and Casualty and Health portfolios.

    ‎Also commenting, the Chief Executive Officer, AXA Mansard Insurance Plc, Mr. Kunle Ahmed, said the Group maintained a strong financial position during the year, supported by robust premium growth, prudent capital management, and adequate liquidity. 

    He added that while inflationary pressures and higher claims affected margins, the company’s balance sheet and cash generation remained resilient.

    ‎On regulatory compliance, Ahmed noted that the Group’s unaudited FY’25 numbers position it to exceed the new minimum capital requirements under the NIIRA, with over ₦15 billion for non-life business and ₦10 billion for life business.

    ‎Looking ahead to FY’26, management said its focus would be on accelerating profitable growth, strengthening underwriting and claims discipline, deepening cost efficiency, and investing further in digital and data capabilities to enhance customer outcomes and long-term shareholder value.

  • Expert urges strategic plan for Nigeria’s 3m bopd oil production target

    Expert urges strategic plan for Nigeria’s 3m bopd oil production target

    An energy communication researcher, Dr. Adeola Yusuf, has called on President Bola Tinubu to demand strategic communication plans from oil producers and contractors, detailing phase-by-phase progress on the 3 million barrels oil production target set for 2030.

    Yusuf, who doubles as the Team Lead of Platforms Africa, made this call during a plenary session at the just concluded Nigeria International Energy Summit (NIES) 2026, in Abuja.

    Speaking during a plenary with the theme, ‘Impact of Storytelling in Attracting Investment in Nigeria and Africa’s Energy Transformation,’ Dr. Yusuf declared that research has shown that policies and projects, with phase-by-phase strategic communication,  have better success rates compared to those without proper communication.

    He emphasised that Nigeria’s current per capita oil production will still be above the projected output in 2030, even if the target is met, highlighting the need for strategic communication to achieve the goal.

    Yusuf called on oil producers who have been given the task and contracts to raise Nigeria’s oil production to 3mbpd by 2030 to work hard to deliver on the mandate given to them by President Bola Tinubu.

    “The Honourable Minister, I urged you, sir, to adopt and demand contractors and producers to adopt strategic communication on the phase by phase development on the task.

    “Our president and all of us cannot, as a country, fail to meet up with the oil output target set for 2030. The simple reason for this is that the current per capita oil production by Nigeria at the moment will still be above the per capita output by the country in 2030 even if the target is met.”

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    “With the current production of 1.6 million barrels daily when the country’s population stands at around 200 million, the per capita oil production is 0.008 barrel per person compared to 0.007 barrel per person by 2030 when the country’s population is envisaged to hit 401 million people.

    “As huge as the 3mbpd production target looks, it is still going to be below the current production of 1.6 million barrels daily in terms of per capita production and this is a major reason we cannot still lag behind the target set by Mr. President,” he said.

    Discussing the outcome of his research work conducted on the Press Coverage of the Presidential Accent to Petroleum Industry Bill (PIB) – now an act – between 2018 and 2021, Yusuf disclosed that findings showed that progress on the bill was better communicated in the media in 2021 after passage and during the presidential accent to the bill in August 2021.

    President Muhammadu Buhari, on 16 August 2021, signed the PIB 2021 into law, following its passage by the National Assembly in July 2021, ending a long wait since the early 2000s.

    “However, progress on the bill was earlier poorly communicated after passage in 2018 and the subsequent Withholding of presidential accent to it in the same year was also met with official silence.

    “The highlight of poor communication from the then policy makers as shown in the press coverage in 2018 showed that even when the president officially communicated to the National Assembly that he had declined assent to the bill, the whole nation and global investors were kept in the dark that such had happened.

    “On June 8, the Senate sent to the president for final assent into law the harmonised draft Bill earlier approved by the House of Representatives in January of the year.

    “The decision was conveyed in separate presidential communications delivered to the leadership of the two Chambers of the National Assembly on July  29, 2018. The news, first reported by Platforms Africa and The Cable online, was later confirmed one month after by the aide to the president on Legislative Matters, Senator Ita Enang, on August 29, 2018. He unambiguously declared that the letter of accent decline was sent to the National Assembly exactly on July 29, 2018,” Yusuf said.

    “This, compared to what we later experienced in 2021 showed the power of strategic communication in policy formation and actualisation.

    “Therefore, for Nigeria to meet its 3 million barrels daily production target in 2030, there should be a deliberate communication – both internally and externally – by those saddled with the responsibility about progress on the target,” Yusuf concluded.

  • UBA GMD/ CEO advocates security, bankable projects, others to promote Southeast Vision

    UBA GMD/ CEO advocates security, bankable projects, others to promote Southeast Vision

    The Group Managing Director/Chief Executive Officer, United Bank for Africa (UBA) Plc, Oliver Alawuba, has called on leaders and key stakeholders in the Southeast to prioritise security and peace, infrastructure development and the delivery of bankable, investment-ready projects.

    This, according to him, is critical if the Southeastern region of the country is to unlock its long-term development agenda under the South-East Vision 2050 (S8V2050).

    Alawuba made the call while delivering a goodwill remark at the Southeast Vision 2050 Regional Stakeholder Forum which was held at the International Conference Centre, Enugu on Wednesday.

    The multi-day forum was convened by the South-East Development Commission (SEDC) in collaboration with the Office of the Vice President, the Ministry of Regional Development and the South-East State Governments, to build consensus around a shared development pathway for the region and advance implementation-ready interventions aligned with national priorities.

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    Speaking in his capacity as GMD/CEO as well as the Chairman of the Body of Banks’ CEOs and on behalf of Corporate Nigeria, Alawuba identified peace and security as the most urgent requirement for attracting investment into the region, noting that safety remains the first signal investors assess before committing capital.

    “The first thing the Southeast needs is peace. It is an established fact, world over, that investments flow in the direction of safety,” Alawuba stated, urging state governments and regional leaders to sustain coordinated efforts to secure lives, assets and infrastructure.

    He also challenged stakeholders to adopt a results-driven partnership model between government and the private sector; just as he noted that the success of the South-East Vision 2050 will largely depend on the region’s ability to articulate and package clear, measurable and value-adding projects capable of attracting long-term capital.

  • 5alive launches bold new flavours, vibrant experiences for Nigeria’s most expressive generation

    5alive launches bold new flavours, vibrant experiences for Nigeria’s most expressive generation

    5alive has unveiled an exciting portfolio refresh, introducing new flavours to connect with the country’s most expressive generation.

    This expansion brings the launch of Mango and Cocopine flavours to reflect 5alive’s commitment to evolving with consumer tastes and engagement, while staying true to its promise to deliver vibrant, delicious refreshment.

    For over a decade, 5alive has been synonymous with flavourful juice offerings, and with these additions, the brand is inviting Nigerians to explore bold taste adventures that complement every mood and moment.

    Each product – from the refreshing notes of Mango to the exotic fusion of Cocopine – is created to inspire authentic expression. These innovations are anchored on 5alive’s rallying call to “Loud It” — encouraging Nigerians to embrace individuality, celebrate life’s highs (and lows) with unfiltered passion, and curate memorable moments fueled by joy.

    By evolving its portfolio, 5alive continues to serve experiences that reflect the country’s bold, creative spirit, and inspire Nigerians with the joy of being filled with life.

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     Yusuf Murtala, Senior Director, Frontline Marketing, Nigeria at Coca-Cola, said:

    “The expansion of 5alive’s brand portfolio with new flavours, Mango and Cocopine,  demonstrates our commitment to constant innovation and consumer relevance. We’re broadening our offerings to meet evolving tastes while reinforcing 5alive’s position as a vibrant, trusted brand that inspires authentic expression and brings refreshment to every moment.”

    Temitayo Ogunleye, Manager, Frontline Marketing, Nigeria at Coca-Cola, added:

    “These are more than just exciting new flavours; they are an extension of our consumers’ lives and moods. We are inspired by our consumers’ energy, and with the introduction of these new products, we aim to provide taste experiences that are just as dynamic, bold, and expressive as them.”

    The new 5alive Mango will be available in Lagos to deliver everyday refreshments with a bold taste, while consumers in Port Harcourt can enjoy the tropical delight of 5alive Cocopine.

  • NUP directs its General Secretary to proceed on retirement leave

    NUP directs its General Secretary to proceed on retirement leave

    The Nigeria Union of Pensioners (NUP) has directed its General Secretary, Actor Zal to proceed on retirement leave after spending over 42 years of service and attainment of the approved retirement age.

    The Union also announced the constitution of an administrative committee to probe issues surrounding its finances and the acquisition of assets allegedly involving the retired General Secretary and the Union’s Treasurer.

    Briefing journalists in Abuja, National President of NUP, Elder Godwin Abumisi, said the decision was taken in line with the Union’s constitution, resolutions of its National Executive Council (NEC), and established retirement regulations applicable to workers in Nigeria.

    He disclosed that the General Secretary had served the Union for over 42 years and had attained the age of 65, placing him clearly beyond the approved retirement threshold.

    Abumisi stressed that NUP is “a creation of law, operating strictly under the Trade Unions Act,” noting that its authority derives from its constitution, which mandates a quadrennial National Delegates Conference (NDC).

    He recalled that delegates converged in Kano on 16 April 2025 for the Union’s conference, where critical gaps were identified in the constitution and subsequently addressed by the NEC.

    “One of the anomalies we discovered was that the General Secretary was answering to the Chief Executive Officer, which meant he was effectively the boss of the President.

    “The NEC corrected that and resolved that the President, as in every trade union, must be the Chief Executive Officer,” the NUP president said.

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    According to him, the NEC also resolved to introduce a clear retirement framework for staff of the Union, insisting that “there is nowhere in the world where staff of an organisation work endlessly without retirement.”

    He explained that previous provisions were vague and created the impression that staff could remain in office indefinitely.

    Abumisi added: “In good faith, we even extended the retirement age beyond the Nigerian public service standard.

    “While the public service retires at 60 years of age or 35 years of service, we agreed that NUP staff should retire at 65 years or 40 years of service.

    “When I asked him to submit his retirement letter, he told me he was not yet tired. Retirement is not about whether you are tired or not; it is a condition of service backed by law.”

    He commended President Bola Tinubu for the recent interventions in the pension sector, citing the release of N58 billion and N758 billion for pension increases and accrued rights.

    “These are significant steps that have brought relief to pensioners across the country,” he added.

  • Tonlagha: The bridge between promise and fulfillment

    Tonlagha: The bridge between promise and fulfillment

    By Tunde Shode

    Nigeria is a land of immense promise perpetually in pursuit of its fulfilment. The chasm between the two has often been widened by distrust, inequality, and missed opportunities. Matthew Tonlagha has dedicated his life to being a bridge—a dynamic, multifaceted connector who spans divides and creates passages where none seemed to exist.

    His personal narrative is itself a bridge from limitation to liberation. The frail child who could not walk built, within his soul, a mighty causeway of willpower that carried him from dependency to leadership. He is a living testament that our greatest disabilities can become the foundations for our most profound abilities, connecting a challenging past to a triumphant future.

    His early years were a personal dusk, a struggle against the shadow of physical limitation. But within him burned a spark—kindled by a mother’s love and his own fierce spirit—that refused to be extinguished. This spark, fanned by determination, has grown into a lantern he now carries high for all to see. It is the light of possibility, proving that origins and obstacles do not define destiny.

    In the Niger Delta, he built a crucial economic bridge. MATON Engineering serves as a vital link between the region’s vast human capital and the formal, empowering economy. It connects raw talent to skilled profession, idle hands to productive work, and local communities to the mainstream of national development. He bridged the gap between grievance and gainful engagement, demonstrating that corporate success and community development are not opposite banks of a river, but can be seamlessly joined.

    His role in corporate-community relations, beginning with his selection to engage with Chevron, cast him early as a bridge of trust. In an environment often characterized by mutual suspicion between oil companies and host communities, Tonlagha earned the credibility to stand in the middle. He could translate concerns, align interests, and foster understanding—a rare and precious skill that turns potential conflict into potential collaboration.

    His patriotic intervention in oil security was an act of building a bridge of sovereignty. When critical national assets were being plundered, the connection between the nation’s resources and its treasury was severed. The work of Tantita, with Tonlagha’s involvement, repaired that bridge, reconnecting Nigeria’s wealth to its people’s welfare. It was a daring feat of engineering on a national scale.

    His philanthropy is a network of bridges of hope. Each scholarship is a bridge from a village to a university. Each vocational programme is a bridge from hopelessness to self-reliance. Each act of kindness to the vulnerable is a bridge from despair to dignity. He builds these crossings not as grand, distant monuments, but as personal, accessible paths for individuals to traverse.

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    Even his international advocacy is bridge-building on a geopolitical scale. By initiating dialogue with a Washington firm, he seeks to strengthen the transatlantic bridge between Nigeria and the United States, fostering stronger ties, better policy understanding, and mutual respect. He uses his influence to ensure the traffic on this bridge flows both ways, carrying opportunities back to Nigeria.

    Matthew Tonlagha is more than a successful man; he is an illuminator. He carries the light of resilience, enterprise, security, compassion, and global relevance. In a time when many curse the darkness, he chooses to light a candle—indeed, many candles—and in doing so, he challenges every one of us to find our own fuel, our own wick, and contribute our own glow to the magnificent, collective radiance of a Nigeria fulfilled.

    Thus, Matthew Tonlagha is the quintessential connector. He spans the gap between poverty and prosperity, between community and corporation, between vulnerability and security, and between Nigeria and the world. He teaches us that the most critical infrastructure for any nation is not made of steel and concrete alone, but of goodwill, courage, and a steadfast commitment to bringing people and possibilities together. In celebrating him, we celebrate the power of connection itself.

  • Retailers, shoppers bemoan continued closure of Balogun market

    Retailers, shoppers bemoan continued closure of Balogun market

    Last Wednesday, Ifeoma Okoye, with her two daughters, eagerly set off for Balogun Market to buy lace materials for ‘asobi,’ as one of the daughters was preparing for her wedding.

    According to her, they left their house very early to finish shopping before the very busy market filled up with other shops. “Though with the festive season over, I was not expecting a very crowded market. I planned to conclude my shopping early and leave the market at about 2 pm.”

    She said that nobody prepared her for the rude shock she encountered in the market. “On getting to the entrance of the Balogun road that forms the big part of the market, I was surprised to see a large crowd of people all squeezing to find space along the road”.

    “What is happening here?” I asked my daughters in astonishment. Why is the market road jam- packed, besides the festive season is over?

    “As we tried to push through the crowd like every other person, one of my daughters nudged me by the sides, as I looked at her, she pointed to one of the plazas that had all the shops locked up.

     “Alarmed, I looked around and saw that many of the plazas, even where we were going to shop, were locked up. Calling one of the traders, I asked if they lost a colleague and decided to lock up for a day to show respect for the dead, but he said the shops were locked by the government due to the fire incident in December”.

    According to Mrs Okoye, adjoining roads to Balogun Road were also cordoned, resulting in most people coming from the UBA headquarters side on Broad Street using the Balogun Road to access Idumota, Tom Jones markets, etcetera.

    Traders, however, were loitering around asking shoppers what they wanted, then discreetly taking them into their shops to attend to them. They will discreetly open the doors to their shops and lock them once they go in with the shoppers, so from the outside no one will know someone is inside for fear of being arrested by Government officials.

    Customers are complaining that shopping in the market is currently hard. “With the huge crowd, people are pushing each other and not seeing open shops or things displayed is a big nightmare.”

    At Balogun Market, traders gathered in groups, discussing next steps and expressing concerns about the prolonged closure of their businesses.

    One trader, Martin Amalos, lamented the economic toll of the shutdown, saying, “My shop has been closed since December 25. I can barely provide for my children. Many traders are stranded and unsure of how to cope.”

    Amalos, who deals in children’s clothing, added, “The fire struck during the peak of my business, and I have spent all I had to survive.”

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    Another trader, Oduloye Bimpe, criticised the government for failing to offer any support. “Our shops were sealed without consideration for our livelihoods. There should have been assistance before the closures. Where do we go from here?” she asked.

    She also noted that the affected building should have been demolished by now. “The government needs to take action while also considering our situation,” Bimpe added.

    Fabrics trader, Maduabuchukwu Ifeakomili, echoed similar sentiments, highlighting the financial hardship caused by the closures. “We rely on daily income to feed our families. We appeal to the government to reopen the sealed sections of Balogun and the surrounding areas before Saturday,” he said.

    Ifeakomili further called on Governor Babajide Sanwo-Olu to expedite the demolition of the fire-damaged building. “There are also residents left homeless because their homes were sealed. Some of us are borrowing money just to eat,” he added.

    Responding to the concerns, the Commissioner for Information and Strategy, Gbenga Omotosho, emphasised then that the closures were driven by safety considerations. “We hope people will prioritise life over livelihood. The 25-storey building is at risk of collapse, which could endanger everyone within a 100-metre radius,” he said.

    Omotosho added that the government’s actions were not punitive. “The area has only been closed for two weeks, and complaints have already surfaced. There are reports of people who entered the building to retrieve goods during the fire and never returned. Over 10 buildings were affected by the incident, and public safety remains our priority,” he explained.

    The Lagos State Government sealed up many shops and barricaded many roads in the market weeks after the devastating fire at the Great Nigeria Insurance (GNI), building on December 24, 2025.

     That inferno claimed eight lives, including three members of the same family: Stephen Onyeka Omatu, Casmir Nnabuike Omatu, and Collins Kenechukwu Omatu.

  • ‘Technology should serve everyone not just elites’

    ‘Technology should serve everyone not just elites’

    For Victor Daniyan, a techpreneur runs Nearpays and Yourrider, two business entities that provide solutions to teething problems confronting businesses and also at the forefront of technology and innovation. He spoke with Ibrahim Apekhade Yusuf

    What inspired your interest in building solutions that address everyday economic activity in Africa?

    Growing up in Nigeria, I saw firsthand how everyday people struggled with basic financial transactions – from sending money to family to paying for goods at markets. A pivotal experience was working with a local fintech startup early in my career, where I saw the power of tech in solving these everyday economic challenges. Witnessing how simple innovations could make transactions faster, cheaper, and more secure sparked my passion for building solutions that address real economic pain points in Africa. It’s about making economic activity easier for everyone.

    Your company operates without extra hardware. How does this lower barriers for Nigeria’s informal sector and small businesses?

    Our hardware-free approach is a game-changer for Nigeria’s informal sector and small businesses. By letting merchants turn their smartphones into POS terminals, we’re slashing upfront costs and tech hurdles – no expensive hardware needed. This means market vendors, street traders, and small shops can accept digital payments instantly, boosting sales and efficiency. It’s about meeting them where they are: on their phones, in their businesses. This drives financial inclusion and unlocks growth for the informal sector, which is the backbone of Nigeria’s economy.

    Nearpays softPOS offering lower fees than traditional POS terminals is a huge relief for businesses grappling with rising costs in Nigeria. With inflation biting and operational expenses soaring, every naira counts – and by reducing transaction fees, we’re helping businesses keep more of their hard-earned money. This is particularly crucial for small and medium enterprises with thin margins; lower fees mean they can invest more in growth, stock, or even just staying afloat. It’s about easing the burden and letting them focus on what matters: serving customers and growing their business.

    You’ve mentioned Kaizen as a guiding principle. How does continuous improvement manifest in the day-to-day operations of Nearpays and Yourrider?

    Kaizen is more than a buzzword for us; it’s how we breathe. At Nearpays and Yourrider, continuous improvement is woven into our DNA. Every team member is empowered to suggest tweaks, big or small, to our products, processes, or customer interactions. We have “Kaizen Fridays” where teams focus on refining something specific – whether it’s streamlining our onboarding flow or enhancing a feature. It’s about making small, consistent improvements that add up to a big impact.

    This mindset trickles into everything we do. For example, our dev team constantly iterates on our softPOS platform based on user feedback, pushing updates that make transactions smoother or adding features like offline payments. Customer support teams feed insights back into product design. It’s a loop of listening, iterating, and improving. By fostering this culture, we stay agile, responsive, and always pushing to make payments and energy access better for our users.

    What drives your ongoing commitment to financial inclusion and access through technology?

    I’m driven by the belief that technology should serve everyone, not just the privileged few. Seeing how financial exclusion holds back individuals, businesses, and entire communities in Africa – it stays with you. Our mission is to break those barriers, making financial services accessible and affordable for all.

    With tech as our tool, we’re pushing boundaries to include the underserved, empower entrepreneurs, and fuel economic growth from the ground up. It’s about building a future where everyone participates, transacts, and prospers.

    With over 60,000 SMEs using your platform, why is now the right time to scale AI-driven payments across Africa?

    With over 60,000 SMEs on our platform, I believe now is the right time to scale AI-driven payments across Africa because we’ve cracked the code on trust, scale, and tech readiness. Our SMEs have shown us that simplicity, security, and speed drive adoption – and AI takes these to the next level. By leveraging AI for smarter fraud detection, personalized services, and seamless transactions, we can supercharge financial inclusion and meet the continent’s growing demand for digital payments. Africa’s young, tech-savvy population is ready; our job is to deliver solutions that make sense.

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    Awards like GITEX highlight global recognition. How do such accolades reflect your journey and ambitions for Nearpays?

    Awards like GITEX are a huge validation of our team’s hard work and vision. It’s not just about the recognition; it’s about knowing we’re on the right track in solving real problems for Africa and beyond. These accolades reflect our journey of pushing boundaries in fintech and energy access, and they fuel our ambitions to do more – to scale impact, innovate relentlessly, and put Africa on the global tech map. It’s a nod to our users, partners, and team; we’re just getting started.

    Payments and EV charging are seemingly different sectors. What synergies do you see between the two in Africa’s emerging markets?

    I see massive synergies between payments and EV charging in Africa’s emerging markets. Both are about enabling transactions for critical services – payments are the lifeblood of commerce, and EV charging is the fuel for the future of mobility. In Africa, where cash is still king but digital adoption is rising fast, integrating payments into EV charging ecosystems is a natural fit. Imagine drivers paying for charging via mobile money or merchants offering charging services and accepting digital payments – we’re building the rails for this future.

    The bigger synergy is in solving infrastructure gaps. Africa’s EV adoption is nascent, but with leapfrog tech, we can shape the narrative. By marrying payments with EV charging, we enable pay-as-you-go models, reduce upfront costs, and drive adoption. Our softPOS tech, for instance, can turn any merchant into a potential EV charging point. It’s about creating an ecosystem where energy access, mobility, and payments converge to unlock new opportunities.

    What is your vision for the intersection of fintech and clean energy in Africa?

    My vision for the intersection of fintech and clean energy in Africa is one of explosive growth and impact. I see fintech as the enabler of Africa’s clean energy revolution – powering solar home systems, EV charging networks, and pay-as-you-go energy solutions through accessible, affordable digital payments. By bridging energy access gaps with smart financial services, we can drive mass adoption of clean tech, empower households and businesses, and leapfrog traditional infrastructure hurdles. It’s about creating a future where energy access fuels economic growth and inclusion.