The Nation Newspaper

Category: Business

  • Zenith Bank’s tech fair awards

    Zenith Bank’s tech fair awards

    A total cash prize of N140 million has been awarded to 10 African innovators to scale their transformative solutions after a keenly contested hackathon and pitch session at the fifth edition of the Zenith Tech Fair.

    The fair, themed “Future Forward 5.0: Tech for Success – Innovate, Adapt, Accelerate” was held the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos.

    The 2025 edition of the Zenith Tech Fair featured an expanded, dual-competition structure that included a high-stakes Hackathon for product development and a Startup Pitch Competition for early-stage ventures, and drew participation from thousands of developers, founders, and entrepreneurs across the continent. The prize money was shared among ten finalists who emerged from the over 2,000 contestants that took part in the Zecathon. In the hotly contested final, two major winners emerged, each receiving the top prize of N30 million.

    The winner of the Hackathon, Trust Loop, clinched first place for its innovative solution that delivers seamless digital KYC and liveness verification. Simultaneously, the winner of the Startup Pitch Competition, Cubbes Technologies Limited, secured the top spot for its revolutionary AI-powered EdTech platform that enhances learning and career readiness.

    The remaining eight finalists across both categories were equally recognised, each receiving N10 million in non-dilutive funding. They include Venille Ltd, Sowota, FLOW, InvoPay, Zenith Intelliscore, The Very Hacked Men, Konfam and Zerax. All ten finalists will also be entitled to a six-week mentorship and incubation programme designed to help them grow and scale effectively, and this will run from December 2025 to February 2026.

    Group Managing Director, Zenith Bank Plc, Dame Dr Adaora Umeoji, thanked the Founder & Chairman, Dr Jim Ovia, for the visionary foresight that led to the creation of the Zenith Tech Fair. Commenting on the Zecathon, she said, “Our theme this year, ‘Tech for Success: Innovate, Adapt, Accelerate’, is very timely. To appreciate its urgency, it helps to reflect on the speed of human progress. According to the Harvard Business Review, it took humanity millions of years to master fire, yet only 66 years to move from the first powered flight to landing on the moon. The lesson is simple – the next technological breakthrough will not take a lifetime. It will emerge sooner than we expect and could come from any one of you in this room today. We are confident that this Tech Fair will produce innovators who will change the world, and we stand ready to support you to turn your ideas into reality.”

    In his Goodwill Message, the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, said, “This fifth edition reflects our unwavering commitment to create value through technology, innovation, and talent development. My vision is to continue to empower the youth through technology, with the hope that one day we will produce the likes of Bill Gates, Steve Jobs and Jeff Bezos.”

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    Whilst delivering his goodwill message, the Governor of Lagos State, His Excellency, Mr Babajide Sanwo-Olu, called for increased technological empowerment initiatives to provide youths with adequate opportunities needed to thrive in the digital future. He said, “What I see happening here every year are things that we in leadership need to connect with. This is an activation that can bring life and real conversation to the young, dynamic, innovative, and creative young people that we have in this country. By 2050, half of the youth population in the world will be in Africa, and even in Africa, they will be in Nigeria, and if they are in Nigeria, they will be somewhere in Lagos, and we need to be able to fish them out. We need to give them an opportunity and a space to fly. We want to make Lagos the human capital centre of the world, where Microsoft and Google will think of raising a million tech experts. That’s the kind of vision and opportunity we want to leave behind.”

    Hailed as a resounding success by participants, the Fair showcased cutting-edge demonstrations on the role of Generative AI, Agentic AI, and Cloud Computing in driving economic growth with Keynote addresses delivered by Sitoyo Lopokoiyit, Managing Director, M-PESA Africa; Jonas Kjellberg, Co-Creator, Skype and Dr. Shivagami Gugan, Chief Technologist for Middle East, Turkey and Africa, AWS.

    The event also featured goodwill messages by the National Commissioner, Nigeria Data Protection Commission, Dr. Vincent Olatunji, and the Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago, ably represented by the Head of Service, Niger State, Mr. Abubakar Sadiq Idris.

    Another key feature from the tech fair this year was the robust exclusive masterclasses delivered by global technology and consulting powerhouses: McKinsey & Company, Huawei, Check Point, and Microsoft. These sessions covered critical topics from cybersecurity to advanced cloud solutions and disruptive technologies, equipping participants with world-class insights.

    Aside from the thrilling musical performance by Nigerian musician Spyro, the fair also featured dual-panel sessions that were very insightful and highly interactive. The panel sessions both had Zain Asher, CNN Anchor, as host, and featured high-level discussants including Adaora Nwodo, Founder & Executive Director, NexaScale; Aisha Tofa, Board Chair, Startup Kano Centre for Innovation Dev.; David Kpakima, Co Founder, Rasab Group, Sierra Leone; Dr Stanley Jacob, President, FINTECHNGR; Iyinoluwa S. Aboyeji, CEO Future Africa; Gary Fowler, CEO & Founder GSD Venture Studios; Bradwin Roper, Chief Payments & Partnerships Officer at JUMO, and Mrs. Omoyemen A. Jide Samuel, Director, Information Technology, CBN.

    Zenith Bank remains committed to fostering an ecosystem where innovation thrives, ensuring that the next generation of African tech leaders have the capital, mentorship, and resources required to achieve global scalability and impact.

    The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.

    Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from 2021 to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for four consecutive years from 2022 to 2025 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

    The Bank’s commitment to excellence led to Zenith being also named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year at the Nairametrics Capital Market Choice Awards 2025.

    Zenith Bank has also bagged several non-financial awards, including Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.

  • FSDH grants $3.9m loans to women businesses

    FSDH grants $3.9m loans to women businesses

    FSDH Merchant Bank says it has disbursed more than $3.9 million to women-led businesses in the last five years.

    This marks a major milestone announced at the fifth edition of its Women in Business Initiative (WIBI) Summit held in Lagos.

    The bank said partnerships with Bank of Industry (BOI), the International Finance Corporation (IFC), the Africa Growing Together Fund (AGF) AFAWA guarantee and WEAV Capital provided blended financial solutions and targeted support for female entrepreneurs.

    Speaking at the 2025 WIBI Summit, themed “Empowered – Celebrating Women in Motion,” Executive Director at FSDH Merchant Bank, Stella-Marie Omogbai, outlined the bank’s multi-pronged approach.

    “Over the past five years, the Bank has disbursed more than $3.9 million in loans to women-led businesses, working closely with partners such as BOI, IFC, AGF and WEAV Capital to deliver blended financial solutions and targeted interventions,” she said. Omogbai added that the bank’s capacity-building programmes have trained and mentored more than 500 women-led SMEs and engaged over 2,000 women through summits, masterclasses, coaching cohorts and accelerator programmes.

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    The event convened more than 1,000 women entrepreneurs, corporate professionals, creatives and policymakers to discuss scaling, capacity building and the role of finance in deepening the female economy.

    FSDH described its interventions as deliberately integrated, alongside concessional and collateral-free lending windows, the bank runs accelerator and coaching programmes in partnership with organisations such as the Enterprise Development Centre (EDC), IFC and WEAV Capital. One such programme — the Female Founders Growth Programme — supported tech startups with investment readiness, culminating in a Demo Day where a $10,000 non-equity grant was awarded to a promising venture.

    Managing Director, FSDH Merchant Bank, Bukola Smith, used the summit platform to reiterate the institution’s commitment to removing structural barriers that limit women’s access to finance and markets. “WIBI was built on the belief that when women are equipped with the right systems, knowledge and support, entire economies shift,” she said, highlighting the bank’s focus on the creative economy as a growth vector for female enterprise.

    The summit featured a mix of keynote addresses and panel discussions. Veteran actress and producer Joke Silva delivered the keynote, urging stronger, skills-focused training for young creative talents to compete globally. Panelists from public and private sector organisations emphasized the need for patient capital, institutional partnerships and sector-specific capacity building — particularly for export-oriented and tech-enabled women entrepreneurs.

    Development finance players in attendance underscored the role of blended finance in crowding in private capital while delegates from BOI spoke on concessionary credit lines tailored for women, while representatives from IFC and AGF highlighted guarantee schemes and risk-sharing instruments that lower the cost of capital for lenders.

    “FSDH’s WIBI Desk reported a portfolio of concessional products that includes long-term loans with moratorium options, short-term collateral-free facilities for working capital relief, and structured partnerships that de-risk lending through guarantees and co-financing. The bank said one BOI credit line — offering up to ₦100 million at a single-digit concessional rate — has been fully deployed, prompting requests for an additional tranche,” the bank said.

  • Summit to award $50,000 credits to SMEs

    Summit to award $50,000 credits to SMEs

    Organisers of the Mentor Matchup Challenge 7.0 (MMC 7.0), an initiative of 234Finance, have unveiled a robust suite of benefits tailored for Small and Medium Enterprises (SMEs) attending the summit this December.

    One of the key highlights of this year’s SME benefits is the provision of up to $50,000 in Amazon Web Services (AWS) cloud credits for eligible businesses.

    This significant contribution is designed to reduce the barrier to entry for digital transformation by helping Nigerian businesses leverage world-class cloud computing power to streamline their operations and expand their digital footprint.

    In addition to technical resources, the MMC 7.0 summit will provide complimentary professional headshots for entrepreneurs, along with tablets to support their operational needs.

    This initiative addresses a vital aspect of corporate branding and visibility, ensuring that African founders are well equipped to engage with international partners and investors.

    These benefits, according to 234Finance.com, a platform that promotes African entrepreneurship through capacity building, mentorship and access to finance, complement the event’s core programming, which focuses on practical business insights rather than theory.

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    Participants will have direct access to over 30 industry leaders and mentors, with opportunities for curated one-on-one sessions to resolve pressing business challenges.

    Furthermore, the event will host over 30 exhibitors showcasing Africa’s most innovative indigenous brands, which will create a viable marketplace for peer-to-peer learning and commercial partnership.

    By integrating high-value technical resources with mentorship and branding support, MMC 7.0 reinforces capacity building, one of 234Finance’s core values including Content, Community, Collaboration, Capacity Building, and Capital.

    The event aims to equip entrepreneurs with the necessary tools to rethink their business strategies and position themselves as competitive players in the African Continental Free Trade Area (AfCFTA).

    MMC 7.0 is scheduled to take place on Thursday, December 4, and Friday, December 5, 2025, at the Oriental Hotel, Victoria Island, Lagos, Nigeria. It is a ticketed event with various categories available for both local and international delegates.

  • USA Realtors honour Nigerian member

    USA Realtors honour Nigerian member

    National Association of Realtors USA (NAR) has named Nigerian real estate professional, Dr Adeniyi Tinubu as its International Realtor Member of the Year.

    This honour, one of the most prestigious within the global real estate community, marks the first time in history that a Nigerian and one of the very few Africans has received the award.

    For decades, the NAR has remained the world’s largest and most influential real estate association, bringing together professionals from more than 100 countries and shaping policy, training, and ethical standards across borders.

     To be singled out by such a global institution is no small feat. Tinubu’s recognition is therefore more than an individual accomplishment — it is a powerful symbol of Africa’s rising footprint in the international property market.

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    Tinubu’s honour comes at a time when Nigeria’s real estate sector is undergoing structural evolution, with increased emphasis on professionalism, regulation, data integrity and global best practices. His recognition serves as an affirmation of Nigeria’s growing talent pool and its ability to compete favourably on the world stage.

    Industry practitioners see this milestone as a validation of years of advocacy for higher ethical standards in property transactions and improved transparency within the sector. Tinubu’s achievement also reflects the expanding participation of Nigerian real estate firms and professionals in global knowledge networks, training programmes, and international collaborations. Many believe it will inspire emerging practitioners and strengthen Nigeria’s visibility in global real estate discussions.

    Beyond national pride, the award carries significant continental implications. Africa’s real estate markets have often been overlooked in global conversations despite rapid urbanisation, rising housing demand and increasing investment opportunities across major cities. Tinubu’s recognition amplifies Africa’s voice at a time when representation in global real estate governance and sustainable development advocacy is needed.

    Tinubu’s award is more than an individual accolade; it represents a collective victory for Nigeria and Africa’s growing real estate community. It reinforces the continent’s credibility in global markets, showcases the professional calibre emerging from Africa, and signals a new era of recognition for African practitioners.

    Experts argued that celebrating African professionals on international platforms helps challenge stereotypes, attract investments, and elevate conversations around land reform, housing affordability, market transparency and climate-resilient infrastructure. With Nigeria positioned as one of Africa’s most dynamic property markets, this recognition signals that African expertise is not only expanding but gaining global credibility.

    Responding to the award, Tinubu described the recognition as “a profound moment for Nigeria and the African continent.” He said the honour demonstrates that African professionals can compete at the highest levels of global practice when given equal access and visibility. “This award is bigger than me,” he noted. “It is a tribute to Nigerian realtors working tirelessly to raise standards, deepen professionalism, and bring integrity and innovation into our market.”

    Tinubu added that the recognition should inspire deeper collaboration between African real estate practitioners and global institutions. He emphasised that Africa’s property markets hold enormous potential for transformation, investment and sustainable growth. “My hope is that this moment opens more doors for international partnerships and strengthens Africa’s voice in shaping the future of global real estate,” he said.

  • FBNQUEST: Nestoil denies receivership claim, says report false

    FBNQUEST: Nestoil denies receivership claim, says report false

    Nestoil Limited has denied reports claiming that Nestoil and Neconde are under receivership, calling the publication false, misleading, and an attempt to influence ongoing court proceedings involving FirstBank Trustees and FBNQuest Merchant Bank.

    In a statement, Abimbola Attitebi, Head of Legal at Nestoil, clarified that the plaintiffs’ ex-parte application seeking judicial recognition of their “purported receiver-manager” was refused by the court. 

    He added that all applications seeking judicial confirmation of the alleged receivership, filed by the plaintiffs on behalf of secondary lender banks led by FirstBank are still pending before the Federal High Court in Ikoyi, Lagos.

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    Attitebi stressed that any publication suggesting that Nestoil or Neconde is under receivership is not only false but also prejudicial and amounts to contempt of court. 

    According to him, an inchoate receiver-manager appointment without court recognition has no legal authority to take control of the defendants’ assets, including freezing the company or directors’ accounts.

    He further noted that the plaintiffs and their purported receiver-manager “cannot blow hot and cold at the same time,” emphasising that Nigerian law prohibits self-help.

    “Having submitted themselves to the jurisdiction of the court, the plaintiffs must await the court’s final determination of their suit seeking judicial recognition of the alleged receivership and other related reliefs,” the statement added.

  • NAICOM adopts OKR framework to strengthen performance culture

    NAICOM adopts OKR framework to strengthen performance culture

    The National Insurance Commission (NAICOM) has announced the adoption of the globally recognised Objectives and Key Results (OKR) framework as part of its drive to strengthen performance management, enhance regulatory efficiency, and deepen accountability within the organisation.

    The Deputy Commissioner (Technical), Dr. Usman Jankara, made the disclosure at a performance management workshop, where he explained that OKR is a results-oriented system that links qualitative objectives with measurable outcomes.

    He described it as a model that simplifies goal-setting by defining what an organisation intends to achieve and determining success through quantifiable indicators.

    “For NAICOM, adoption of OKR will promote alignment and transparency across teams, enable us to focus on outcomes, not activities, and most importantly, it is ideal for mission-driven, non-profit organizations like NAICOM because it emphasizes impact over profit,” he said.

    Dr. Jankara noted that the Commission’s shift toward the OKR model is expected to ensure that every staff member has clearly defined performance indicators that align with the broader objectives of their directorates and the Commission.

    According to him, staff may apply the SMART principles—Specific, Measurable, Achievable, Relevant, and Time-bound—to guide measurable results and maintain global standards in scoring and evaluation.

    He clarified that the new system is designed to support growth rather than penalise anyone. “This is not about punishment; it is about clarity, accountability, and continuous improvement,” he stated.

    Speaking on the expected outcomes of the new framework, Dr. Jankara said the Commission anticipates full alignment between departmental goals and NAICOM’s strategic priorities, improved regulatory efficiency through risk-based supervision and digital transformation, stronger consumer confidence driven by prompt claims settlement, and increased insurance penetration to support Nigeria’s economic aspirations.

    He also outlined NAICOM’s five strategic goals, which include protecting policyholders and rebuilding confidence in the insurance sector; strengthening supervisory capacity; safeguarding financial stability; promoting innovation and sustainability in insurance operations; and expanding insurance penetration nationwide. He noted that these goals are supported by broader objectives such as digital transformation, governance excellence, and effective claims management.

    Describing the central role of personnel in the Commission’s success, Dr. Jankara urged leaders within the organisation to cultivate integrity, dedication, and discipline across their teams. “NAICOM is a service organization. People can make or mar it. Our success depends on the honesty, dedication, and commitment of every leader here, and of the teams you lead. There is therefore a need to instill these virtues among your subordinates. Without them, no strategy will succeed,” he said.

    Turning to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, he described it as a major step forward for the insurance sector. “The Nigerian Insurance Industry Reform Act (NIIRA) 2025 is a landmark achievement. Management will not rest until these reforms reposition the industry as a pillar of Nigeria’s financial system,” he said.

    Dr. Jankara concluded with a call to action, stressing the need for internal culture change to drive the objectives of the new system and broader sector reforms.

    “Reforms alone cannot deliver results. Culture eats strategy for breakfast. We must enthrone a culture of excellence and accountability,” he told NAICOM staff.

  • STL named lead trustee as Lagos issues record N230bn bond Issuance

    STL named lead trustee as Lagos issues record N230bn bond Issuance

    STL Trustees Limited has been announced as the Lead Trustee on the Lagos State landmark N230 Billion Bond Issuance, the largest Sub-National Bond ever issued in Nigeria, marking a major milestone for the domestic Capital Market.

    The Issuance, undertaken under the State’s N1 Trillion Bond programme, reinforces the position of Lagos State as a dominant force in long-term infrastructure financing and also reflects sustained investor confidence in the State’s fiscal credibility.

    In yet another historic feat, Lagos State successfully floated a N14.8 Billion Green Bond, becoming the country’s first Sub-National to issue a sustainability-focused financial debt instrument. This pioneering Offer signals the State’s growing commitment to climate-resilient development and innovative funding models.

    STL Trustees stated that, serving as the Lead Trustee on both transactions underscores the Company’s reputation for excellence in trusteeship and leadership within Nigeria’s financial ecosystem. The company noted that the milestone Issuances not only strengthen Lagos State’s balance sheet thereby enabling it to undertake critical infrastructure development, but also set an important precedent for sustainable financing across the federation.

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    Speaking on the sideline at the signing ceremony, the Head of Trust Services at STL, Mrs. Adesola Aje said: “We are proud to celebrate the successful Signing Ceremony of the N230 Billion Lagos State Bond Issuance under the N1Trillion Bond Programme, the largest Sub-National Bond Issuance in Nigeria’s history and also the N14.8 Billion Green Bond.

    “At STL Trustees, we are honored to serve as the Lead Trustee on both Issuances, reinforcing our commitment to excellence, trust, and innovation in nation’s financial ecosystem.

    “These Issuances not only strengthen Lagos State’s financial position but also set a precedent for sustainable finance across Nigeria. We look forward to continuing our collaboration with visionary institutions driving growth and impact.”

  • VFS Global expands smart visa services for Nigerian group travellers

    VFS Global expands smart visa services for Nigerian group travellers

    Visa service provider VFS Global has introduced a wider range of technology-driven solutions designed to ease application processes for group and individual travellers across the country.

    The company, which manages visa and consular operations for several governments, says the rising number of sports teams, corporate groups, families and leisure travellers seeking more flexible and convenient services has prompted the expansion.

    “Our mission is to ensure that every traveller’s journey begins smoothly, supported by technology, security and trust,” said Siddharth Mehra, Chief Operating Officer for Sub-Saharan Africa. He noted that the firm had strengthened its offerings in Nigeria to provide what he described as flexible and reliable visa submission experiences.

    One of the increasingly popular options is the Visa At Your Doorstep service — referred to as On-Demand Mobile Visa for UK applications — which allows applicants to complete their documentation and biometrics from any preferred location. The service has been used by corporate teams, students and families seeking coordinated submissions.

    A spokesperson for Remo Stars FC, who recently used the service for a group booking, commended the process, describing it as “seamless and efficiently managed,” with staff providing adequate support for players during the submission.

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    VFS Global has also expanded its Premium Application Centres in Enugu, Kano, Ibadan and Port Harcourt, complementing its main centres in Lagos and Abuja. 

    The centres provide a quieter, more private environment for applicants and offer optional services such as document-scanning support, real-time notifications and courier return of passports.

    For travellers who require more flexibility, the firm offers Prime Time Appointments, enabling submissions outside regular working hours, including evenings and weekends. Its Premium Lounge service also provides a dedicated, personalised submission experience.

    According to the company, the solutions are supported by its Live Identity Processing technology, designed to ensure biometric accuracy and secure handling of applicants’ data.

  • IBEDC secures arrest of one over assault of official, energy theft in Ibadan

    IBEDC secures arrest of one over assault of official, energy theft in Ibadan

    The Ibadan Electricity Distribution Company (IBEDC) has secured arrest of one Mrs. Adebola Arowona in Ibadan, over alleged assault of its staff and vandalisation of the company’s operational vehicle.

    IBEDC said the arrest followed its intensified crackdown on offenders of energy theft, vandalism, attacks on its personnel, and initiating prosecution against offenders across its franchise.

    A statement by the company confirmed that legal action has commenced against Mrs. Arowona for the act.

    According to the statement: “IBEDC officials were carrying out a routine inspection at Mrs. Arowona’s premises on Saturday, November 15, 2025, when clear evidence of meter tampering and energy theft was discovered.

    “Mrs. Arowona, assisted by a middle-aged man believed to be her husband, allegedly resisted disconnection and turned violent, shoving an IBEDC staff off a ladder and delivering a slap to another official.

    “A viral video of the incident showed part of the confrontation, including the moment Mrs. Arowona picked up a stone and smashed the windscreen of the company’s Hilux vehicle.

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    “She has since been arrested and is being charged to court, while the man suspected to be her husband is currently wanted by the Police.

    “Efforts are ongoing to ensure the culprit is prosecuted. We intend to pursue this case to its logical conclusion to serve as a deterrent to others.”

    In a related development, IBEDC, in collaboration with the Special Investigation and Prosecution Taskforce on Electricity Offences (SIPTEO), has also concluded arrangements to prosecute several cases of energy theft across its network.

    “These cases have been scheduled for hearing in various courts within the IBEDC franchise area.”

    The company expressed deep concerns over the escalating incidents of energy theft, vandalism, and assaults on its workforce, reaffirming its zero-tolerance stance on all illegal activities targeting its network and personnel.

    IBEDC however emphasised the need for stronger community cooperation in combating the menace.

    The company reiterated its commitment towards working with security agencies and community stakeholders to identify, apprehend, and prosecute offenders, while continuing to invest in initiatives that strengthen its infrastructure and improve service delivery across its coverage area.

  • Pension funds in subtle shift to corporate bonds, private equity

    Pension funds in subtle shift to corporate bonds, private equity

    For the first time in years, pension funds administrators (PFAs) are making noticeable moves away from their traditionally heavy concentration in Federal Government securities, signaling a subtle but significant shift in portfolio strategy.

    While Federal Government’s instruments still dominate, soaking up N15.75 trillion or roughly 60 per cent of all pension funds in the period under review, PenCom data for the period ended September 30, 2025 showed accelerated diversification by Pension Fund Adminstrators (PFAs) into corporate bonds, real estate, private equity and infrastructure funds.

    The shift from heavy concentration in Federal Government securities was against the average 70 per cent concentration and investment before now by the PFAs.

    This was shown in the National Pension Commission (PenCom) report titled: “Unaudited Report on Pension Funds Industry Portfolio for the Period Ended 30 September 2025.

    Meanwhile, Nigeria’s pension industry has crossed a major financial milestone, rising through the N26 trillion mark for the first time in history, according to the National Pension Commission’s (PenCom) unaudited portfolio report for the period ended 30 September 2025.

    With total assets rising to N26.09 trillion, the pension sector added N194.17 billion in just three months, a surge that reflects both investor confidence and a silent, strategic realignment by Pension Fund Administrators (PFAs) seeking better returns for millions of Nigerian workers.

    Going by the shift from heavy concentration in Federal Government Securities, the report showed that Domestic Equities surged to N3.66 trillion, boosted by renewed investor sentiment in the capital market, while foreign equity holdings hit N277.49 billion despite continued foreign exchange tightness.

    Findings, however, show that PFAs are cautiously returning to the stock market after months of volatility, a move that could inject fresh liquidity into Nigerian equities in the months ahead.

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    Beside, Corporate Debt holdings in the report climbed to N2.24 trillion, their highest level yet, signaling renewed confidence in private sector creditworthiness and the growing appeal of infrastructure-linked instruments.

    Real Estate, Private Equity and Infrastructure Funds gain traction standing at N243.35 billion, N260.53 billion and N240.39 billion consecutively.

    REITs and Mutual Funds on the other hand combined for N317.09 billion.

    This deepening presence in alternative assets marks the clearest sign that PFAs are preparing for a long-term battle against inflation by tapping asset classes with stronger real-return potential.

    Few months ago, the PenCom’s Director-General, Omolara Oloworaran expressed displeasure on overconcentration in FGN securities by PFAs, noting that plans are on diversifying pension fund investments into private equities and among other investment that would withstand inflation on pension funds.

    Speaking at a PFAs’ Board Strategy & Risk Committees workshop, Oloworaran revealed that 62 percent of pension assets then estimated at N24.11trillion were invested in FGN instruments even as less than three percent had been deployed into alternative assets like infrastructure and private equity.

    She stated that too much investment in Government Bonds is not enough in growth and sounded alarm on pension fund risks.

    She said Nigeria’s pension funds remain dangerously overexposed to Federal Government securities, and unless action is taken now, contributor savings may not be positioned to deliver strong real-returns in a volatile economy.

    The misperception of safety with liquidity has limited the ability of PFAs to optimally deploy pension funds under their management,” she said, calling on PFAs to rethink what “safety” really means.

    According to Oloworaran, the longstanding reliance on government bonds while historically justified is no longer sufficient in Nigeria’s current macroeconomic climate.

    She argued that the rising cost of living, sharp currency movements, and weakening purchasing power of Retirement Savings Account (RSA) holders demand a more “dynamic and resilient” investment strategy.

    She emphasized that too much concentration in sovereign debt is a “single basket” risk, and diversification is essential to stabilize returns over time.

    To address this imbalance, Oloworaran said she is advocating for a realignment of pension funds toward alternative, higher-yielding asset classes:

    She supports increasing the regulatory cap on how much PFAs can invest in infrastructure and private equity, arguing that more headroom is needed for long-term savings to benefit both contributors and the economy.

    Rather than backing only subsidised government projects, PenCom under her watch wants pension assets to finance commercially viable infrastructure. These could include roads, power, and energy projects not just social housing.

    She urged PFAs’ Risk and Strategy committees to deepen their vigilance: “Scenario analyses must be robust,” she said, and decision-making must be informed by sound risk assessments and proper governance.

    With her bold call to loosen the grip on government bonds, Oloworaran is signaling a paradigm shift that seems to have started with the September 2025 report.