The Nation Newspaper

Category: Business

  • Access Holdings drives growth on core banking business

    Access Holdings drives growth on core banking business

    Access Holdings Plc, the parent company of Access Bank, demonstrated resilience and consistency in its third quarter results, with growth in core banking business driving the group to gross earnings of N3.9 trillion within the nine-month period.

    Analysis of the third quarter results of Access Holdings for the period ended September 30, 2025 showed that gross earnings rose by 14.1 per cent to N3.9 trillion in third quarter 2025 as against N3.4 trillion in third quarter 2024. Quarter-on-quarter, earnings rose sharply by 56.2 per cent from N2.5 trillion at half-year 2025, showing Access Holdings’ accelerating growth momentum.

    The top-line performance was underpinned by sustained improvements in interest income and fees and commission income, an indication that the group’s banking operations remained the foundation of its profitability and market leadership.

    Access Holdings’ interest income rose by 21.1 per cent to N2.9 trillion, driven by loan book expansion and disciplined portfolio management. Net interest income jumped 48.9 per cent to N1.3 trillion, reflecting a deliberate focus on higher-yield, quality assets that strengthened portfolio returns.

    The group’s fee and commission income grew by 44.3 per cent to N476 billion, fueled by increased transaction volumes and customer activity across digital and payment channels. On a quarter-on-quarter basis, that figure doubled, underscoring the continued vibrancy of Access Bank’s retail and transaction-led franchise, a hallmark of its success across Africa.

    Although total non-interest income dipped by 8.1 per cent to N872 billion, the group’s core banking strength offset the moderation, nudging operating income up by 18.8 per cent to N2.13 trillion in third quarter 2023 from N1.8 trillion recorded in comparable period of last year.

    The group kept a tight rein on costs, as operating expenses increased only 6.7 per cent to N1.2 trillion. With revenue growth outpacing expenses, the cost-to-income ratio improved to 54.6 per cent from 60.8 per cent in same period last year, highlighting operational efficiency.

    Read Also: Access Holdings’ total assets rise to N42.45tr

    Also, Access Holdings posted a profit before tax of N616 billion, 10.4 per cent on N558 billion recorded in third quarter 2024. After taxes, net profit stood at N447 billion. Compared with the half-year performance, the rebound in profitability was stronger:  pre-tax profit rose by 91.9 per cent while net profit more than doubled by 107.9 per cent.

    With a focus on risk management, impairment on loans rose to N350 billion from N145 billion in third quarter 2024. However, the increase was well-absorbed within earnings strength, reaffirming the resilience of its balance sheet and the quality of its loan portfolio.

    Although the group’s return on average equity moderated to 15.4 per cent and return on assets to 1.3 per cent, the overall profitability demonstrated the continuing depth of Access Holdings’ banking operations as the engine driving group performance.

    Access Holdings’ balance sheet expanded significantly, with total assets up by 25.8 per cent to N52 trillion in third quarter 2025 from N41.5 trillion recorded at the end of 2024. The growth was driven by customer deposits, which grew 47 per cent to N33.1 trillion, underscoring sustained customer trust.

    Loans and advances grew by 19.7 per cent to N15.6 trillion, reflecting prudent credit growth in key sectors. Notably, more than half of consolidated earnings were contributed by non-Nigerian subsidiaries, whose strong performance across multiple African markets offset the macroeconomic and regulatory headwinds experienced in Nigeria.

    Further analysis indicated that the geographic diversification remains one of Access Holdings’ greatest strengths, a stabilising force that complements the core banking engine at home. While banking remains the foundation, Access Holdings’ non-banking subsidiaries are increasingly becoming key pillars of growth.

    Access-ARM Pensions delivered a 29.9 per cent rise in revenue and 65.1 per cent increase in profit before tax, maintaining a strong 48.1 per cent return on equity.

    Hydrogen Payments recorded 40.5 per cent revenue growth and an exceptional 273 per cent surge in profit before tax, processing N41.1 trillion in transactions during the first half of 2025, triple the previous year’s volume.

    Access Insurance Brokers sustained rapid expansion with a 125 per cent increase in gross written premiums and 161 per cent rise in profit before tax, while Oxygen X, the group’s digital lending platform, achieved N5.4 billion in revenue and N2.2 billion in profit before tax within its first full year.

    These businesses reflect the group’s strategy of building an integrated financial services ecosystem, even though their success continues to be anchored by the scale, trust, and liquidity foundation of Access Bank.

    The strong performance across the group aligns with its five-year strategic plan, which prioritizes prudent growth, operational excellence, and digital innovation. Access Holdings continues to deepen its transaction-led income streams, diversify its revenue base, and reinforce risk governance to ensure sustainable profitability.

    “Our performance reaffirms the strength of our core banking operations and the resilience of our diversified business model. We remain committed to delivering sustainable value to our shareholders, customers, and communities across all our markets,” the group stated in explanatory notes on the results.

    With N52 trillion in assets and N33 trillion in deposits in September 2025, Access Holdings’ outlook is anchored not only on size but also by the strength of its fundamentals. Its steady performance highlights a strategy well-grounded in core banking excellence, supported by expanding non-banking capabilities that provide balance and opportunity.

    The third quarter analysis indicated that Access Holdings’ growth story was built on enduring strength; a reflection of disciplined execution, diversified ambition, and a relentless focus on value creation. In an era where many institutions are recalibrating, Access Bank’s core banking strength continues to anchor the group’s growth trajectory, reinforcing its leadership in Africa’s evolving financial landscape.

  • Local investor to set up sugar project in Taraba

    Local investor to set up sugar project in Taraba

    The Lee Group in partnership with the National Sugar Development Council (NSDC)  have taken a significant step towards establishing a multi-million-dollar sugar production site in Taraba state, with the intent to ensure Nigeria’s quest for self-sufficiency in sugar production.

    Executive Secretary and Chief Executive Officer, National Sugar Development Council (NSDC), Mr, Kamar Bakrin who led officials of the Lee Group to the Governor of Taraba state, Agbu Kefas have appealed for collaboration and successful takeoff of sugar production by the investors, stating that NSDC’s core mandate includes developing capacity across the sectors through training, extension services, and sugarcane research, while also supporting investors in financing, feasibility studies, and land access for sugar projects.

    “Sugar is an incredibly significant socio-economic product globally, employing about 100 million people in over 120 countries, Sugar estates are often located in rural areas, they naturally drive local development without causing environmental degradation.

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    “Taraba State has passed all our technical and environmental suitability criteria with flying colours. We consider the state as one of the most promising locations for sugar investment in Nigeria. The Lee Group, through its subsidiary GNAAL Sugar, has also met our requirements as a credible investor with both financial strength and technical expertise,” Bakrin said.

    Speaking, the Project Director of Lee Group, Mr. Lam Wing Ki Wilkins, informed the governor of the group’s desire to set up a multi-million-dollar sugar project in the state, noting that the state possesses immense potential for agriculture and industrial growth as the proposed sugar project would significantly advance both local and national economic objectives.

    The governor assured that the state has addressed previous security challenges and is now peaceful and safe for local and foreign investments, investors should take advantage of the available opportunities, particularly in sugar production, a key focus of the state’s agricultural agenda.

    Governor Kefas identified Kurmi, Lau, and Ibi Local Government Areas as ideal for large-scale sugar cultivation and processing projects.

  • Nigeria, Germany strengthen ties to drive $1tr economy

    Nigeria, Germany strengthen ties to drive $1tr economy

    The Federal Government has called for a more result-oriented partnership between Nigeria and Germany to support the country’s ambition of becoming a $1 trillion economy by 2030.

    Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made the call in Abuja on when he received a high-level delegation from the Giessen Chamber of Commerce and Industry (IHK Giessen-Friedberg) of Germany, led by its Chief Executive Officer, Mr. Matthias Leder.

    The meeting took place amid a renewed push for economic diplomacy under President Bola Tinubu’s Renewed Hope Agenda and focused on strengthening cooperation in trade, investment, vocational training, and legal labour migration—key elements regarded as essential to Nigeria’s long-term economic transformation.

    Bagudu said the Tinubu administration was determined to move beyond routine diplomatic interactions toward practical and measurable outcomes that improve lives and institutions.

     “We are committed to shifting from process to progress — from meetings to measurable results,” Bagudu stated. “What matters most to this administration is impact. Partnerships must translate into jobs, enterprise growth, and tangible development outcomes for Nigerians.”

    The minister commended the German delegation for pursuing a results-focused partnership with Nigeria, noting that Germany’s global reputation for industrial innovation and vocational education aligns well with Nigeria’s development priorities.

    According to Bagudu, the Federal Government’s approach to international cooperation prioritises mutual benefit, institutional strengthening, and long-term value creation rather than dependency or goodwill.

     “Our partnerships must be mutually beneficial, rooted in shared accountability and strategic results,” he said. “The Federal Ministry of Budget and Economic Planning regards these engagements as means to turn the National Development Plan into tangible, measurable outcomes.”

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    Bagudu also said that structured, legal migration was part of the government’s broader economic strategy aimed at converting Nigeria’s youthful population into a productive resource for global competitiveness.

     “We must transform Nigeria’s youthful population into productive capital,” he said. “Through initiatives like this, we are not just exporting labour — we are exporting skill, knowledge, and global competitiveness.”

    The minister further disclosed that the forthcoming 2026–2030 National Development Plan would institutionalize international partnerships as vehicles for promoting human capital development, trade facilitation, and innovation-led growth.

     “We are deliberate about where we are going as a nation,” Bagudu said. “Our goal is to make Nigeria a hub for talent, productivity, and responsible global collaboration. That is the spirit of President Asiwaju Bola Ahmed Tinubu’s Renewed Hope Agenda.”

    In his remarks, Mr. Matthias Leder, Chief Executive Officer of IHK Giessen-Friedberg, expressed appreciation for Nigeria’s consistent engagement with Germany and pledged to expand cooperation in enterprise development, technical training, and structured migration programmes.

    Leder also extended a formal invitation to the minister to deliver the African Keynote Address at The World Meets in Giessen 2026 conference scheduled for June, describing it as a major global business platform that attracts participants from various countries.

    Acting Permanent Secretary and Director of International Cooperation at the Ministry, Dr. Samson Ebimaro, expressed the ministry’s readiness to pursue results-based international partnerships that align with Nigeria’s development priorities.

     “While processes are important, results matter even more,” Ebimaro said. “Our focus is to strengthen systems, build local capacity, and ensure that every engagement leaves a measurable footprint on national development.”

    The meeting concluded with both parties reaffirming their commitment to deepening economic collaboration through trade, skills development, and innovation, as Nigeria works toward achieving its $1 trillion economy target by 2030.

  • New report highlights Nigeria’s $3b impact investment market

    New report highlights Nigeria’s $3b impact investment market

    Nigeria accounts for an estimated 15 per cent of Africa’s private capital transaction volume. Investment is heavily concentrated in the Lagos and South-West region, which captures an estimated 65–70 percent of total capital flows.

    Nigeria’s prominence as West Africa’s leading impact investment destination was the central finding of the new Nigeria Impact Investing Ecosystem Mapping and Market Sizing Report.

    The findings were presented at the 8th Annual Convening on Impact Investing in Lagos, an event themed “Strengthening and Scaling the Nigerian Impact Economy” and organised by the Impact Investors Foundation (IIF).

    Private Equity and Venture Capital (PE/VC) deals totaling approximately $3 billion across 404 transactions were recorded. These deals predominantly focus on the fintech sector, though the report points to energy, agriculture, and education as emerging frontiers for impact investment.

    Innovision Global Africa Regional Representative, Iffat Mahmud, citing the report noted the scale of the challenge. “Nigeria has an estimated annual SDG financing need of $47.6 billion, with a financial shortfall of approximately US$31.5 billion,” she said.

    Mahmud explained that while Nigeria attracts the most private capital on the continent, the environment for deploying it remains tenuous. “The investment climate is significantly hampered by FX volatility, with approximately 65 percent depreciation since 2023, high inflation averaging about 28 percent in 2025, and a shallow market for long-term investments,” she stated.

    Current investment flows remain heavily skewed toward the Lagos and South-West region, which captures an estimated 65–70 percent of total capital flows. While fintech dominates the $3 billion PE/VC landscape, the report named health, education, and water, sanitation, and hygiene (WASH) as the most underfunded SDGs by impact capital.

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    To close the financing deficit, the report urges the implementation of a National Policy Framework for Impact Investing and sets a clear target for domestic capital mobilisation—securing commitments to channel ₦100–₦200 billion in local currency impact funds through blended finance vehicles, including plans to launch new green and gender bond windows between 2026 and 2027.

    Speaking about the report, the Chief Executive, IIF,Etemore Glover noted:

    “The launch of the 2025 Nigeria Impact Investing Ecosystem Mapping and Market Sizing Report is a critical piece of the work that provides evidence-based data and critical market information for policymakers, DFIs, and investors. This data will assist in guiding capital to where it is needed most, translating availability into impact-aligned growth and a more resilient investment ecosystem.”

    The German Agency for International Cooperation (GIZ)  underscored the critical need to make finance not only available but accessible to support the transformation of Nigeria’s agricultural sector.

    In a goodwill message, the agency highlighted the paramount importance of strong partnerships and supportive policies in achieving this goal.

    The Cluster Coordinator, Transformation of Agrifood Systems Cluster and Head of the EU-VACE TARED Programme, Dr. Andrea Ruediger, represented by the Finance and Investment Business Advisor with the project, Mr. Ojeifo Chukwueku. Mr. Chukwueku reiterated the European Union’s (EU’s) commitment through the EU Support to Agriculture Value Chain Facility (EU-VACE TARED) Programme to transform Nigeria’s agricultural system for rural economic development.

    According to Chukwueku, the EU-VACE TARED Programme supports four key value chains—cocoa, dairy, tomatoes, and ginger—aiming to strengthen sustainable agriculture and foster inclusive growth across these sectors. He highlighted GIZ’s ongoing partnership with the IIF to deepen innovative financing mechanisms such as blended finance and green bonds to attract diverse capital toward sustainable agricultural ventures.

    A major focus of the convening was the official launch of the 2025 Nigeria Impact Investing Ecosystem Mapping and Market Sizing Report. This report, which builds on the 2019 baseline, provides a comprehensive mapping and market sizing of the impact investing ecosystem. It offers an evidence-based picture of the market’s structure, trends, and opportunities.

  • ‘Clearing pension liabilities will deepen trust’

    ‘Clearing pension liabilities will deepen trust’

    The approval of bond issuance of N758 billion to clear pension liabilities by President Bola Tinubu would clear long-standing pension obligations including pension increases owed since 2007.

    The payment of the backlog would deepen confidence in the pension system and bring relief to vulnerable pensioners.

    Director-General, National Pension Commission (PenCom) Ms. Omolola Oloworaran  said this at the workshop on the Working of the Contributory Pension Scheme CPS for employers and Pension desk officers in Abuja.

    She explained that the idea behind the workshop was to deepen trust and ensure that every federal employee and pensioner fully understands the CPS and can access its benefits without delay.

    Oloworaran, who was represented by Mr. Usman Musa, Director, Contribution and Bond Redemption Department noted that more than 10 million Nigerians from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS.

    She said: “Pension assets have grown to over N25 trillion, fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees. In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent.

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    “In line with our mandate to protect contributors and guarantee dignity in retirement, PenCom has rolled out key interventions that are changing lives. They are, Pension Boost 1.0,  enhancing pensions for over 241,000 retirees, representing 80 per cent of those under Programmed Withdrawal. Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.

    “Presently, it is zero Waiting time for Pension Payments Since July 2025, no retiree waits to access their pensions again , payments are now immediate  aligning with monthly salary releases from the federal ministry of Finance, there is the

    proposal reintroduction of gratuity for civil servants working with the Office of the Head of the Civil Service, a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014”.

    Oloworaran added that Stronger Prudential Standards for Operators, Minimum capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians have been revised to ensure greater financial stability, service delivery, and technological resilience, with issuance of Five New Regulations under the Pension Revolution 2.0 initiative, including:

    Whistle Blowing Guidelines for Pension Fund Assets, Revised Regulation on Investment of Pension Fund Assets and a

    Framework for Accredited Pension Agents under the Personal Pension Plan.

    The introduction of Free Health Insurance for Retirees beginning later this year and starting with pensioners in lower-income categories, ensuring dignity and security beyond financial pensions, while the CPS has achieved much, challenges remain. Coverage expansion is still limited, with several States and employers yet to fully comply. Public skepticism, often shaped by painful experiences of the past, continues to undermine trust in the system, she said.

  • Firms partner on renewable energy

    Firms partner on renewable energy

    PowerChina/I²-ESS and Katar Communications have signed a Memorandum of Understanding (MoU) to strengthen collaboration in the deployment of renewable energy solutions across northern Nigeria, with a special focus on Kano State.

    The agreement was formalised between the Global Director of PowerChina/I²-ESS, Sammi Zhou and the Chief Executive Officer and Director of Katar Communications, Ambassador Mohammed Salisu Ibrahim, during the Nigeria Energy Exhibition and Conference in Lagos.

    The partnership aims to accelerate access to clean and reliable electricity in underserved communities, leveraging PowerChina’s engineering expertise and Katar Communications’ strong market presence across Northern Nigeria.

    According to Zhou, the collaboration represents a strategic milestone in PowerChina  I²-ESS’ efforts to deepen its footprint in Nigeria while promoting sustainable development through credible local partnerships.

    Zhou said: “Working with trusted firms like Katar Communications allows us to achieve our mandate, especially in Kano State and other parts of Northern Nigeria.”

    She emphasised that PowerChina  I²-ESS’ approach extends beyond product delivery to include after-sales support, technology transfer, and local engineer training, ensuring long-term sustainability and skill development.

     “We have been present in Nigeria for more than 10 years and have established after-sales centres that double as training hubs for local engineers.  This ensures ongoing technology transfer and guarantees that our partners continue to receive quality assurance at all levels,” Zhou added.

    She emphasised that her firm’s long-term strategy is to empower local industries, train Nigerian engineers and expand renewable infrastructure across Africa, starting with Northern Nigeria as a focal point for scalable deployment.

     “Our goal is not just to build projects but to build people and local capacity. Kano and the wider northern region are key to this vision,” she said.

    On his part, Ambassador Ibrahim, explained that Katar Communications’ decision to partner with PowerChina was influenced by the latter’s global certification standards and long-standing reputation for quality.

     “We are into renewable energy and we chose this pathway because of the quality and certification of PowerChina’s products. As a Rural Electrification Agency (REA)-certified company, any product we deploy must meet globally certified standards and PowerChina fits perfectly into that requirement,” he explained.

    He noted that the collaboration between both firms is not new, as they have jointly implemented various renewable energy projects, including a 250kW installation and ongoing mini-grid developments for rural communities in northern Nigeria.

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    Ambassador Ibrahim further hinted that his firm’s strong customer base in Kano State provides a solid platform for the partnership’s expansion efforts.

     “We have a huge market covering the entire Kano State and its population. Our flexible payment system allows customers to spread payments over time, making renewable energy solutions more affordable,” he said.

    He was emphatic that after-sales service and customer satisfaction are central to the company’s operations, supported by a team of experienced local engineers trained under PowerChina  I²-ESS’ supervision.

     “We’ve built a solid reputation since 2007 in telecommunications and we’re sustaining that integrity in the renewable energy space. With PowerChina  I²-ESS  as our OEM and EPC partner, we are confident of delivering durable, certified and high-performance systems,” Ibrahim affirmed.

    Both companies reiterated their shared commitment to promoting quality, sustainability, and capacity building in Nigeria’s renewable energy sector.

    The PowerChina–Katar Communications partnership is expected to play a vital role in advancing Nigeria’s clean energy transition and bridging the electricity access gap across the northern corridor through reliable, affordable and locally supported solar solutions.

  • Emirates to resume Nigeria flights soon

    Emirates to resume Nigeria flights soon

    Dubai’s Emirates airline will resume flight schedules to Nigeria soon, ending a close to two-year halt to flights.

    The United Arab Emirates (UAE) stopped issuing visas to Nigerians in 2022 after Emirates suspended flights between the nations because of inability to repatriate funds from Nigeria.

    “We are excited to resume our services to Nigeria. We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back on board,” the airline’s deputy president and chief commercial officer, Adnan Kazim, said in a statement.

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    The Lagos-Dubai service has been popular with Nigerian customers in the past and Emirates said it hopes to reconnect travellers to Dubai and onwards to more than 140 destinations with its resumption of services.

    President Bola Tinubu and UAE President Mohamed bin Zayed Al Nahyan met last September in Abu Dhabi and discussed the lifting of the visa ban and new investments into Africa’s most populous country.

    The resumption of schedules also includes cargo flights, the statement said.

  • ‘Future of business lies in people-centric innovation’

    ‘Future of business lies in people-centric innovation’

    Organisational development expert, Chizoba Mojekwu, has underscored the urgent need for organisations to prioritise people over processes and technology to achieve sustainable growth and transformation.

    Speaking on the theme: “Building a People-Centric Organisation and a Culture of Knowledge Assurance” on the sidelines of the Nigeria–South Africa Chamber of Commerce (NSACC) Breakfast Meeting in Lagos, Mojekwu described a people-centric organisation as one that “puts people at the heart of its business — employees, customers, and stakeholders alike.”

    According to her, in an increasingly technology-driven world, leaders often forget that people remain the true drivers of innovation and success. “Technology doesn’t do anything until people do something. Employees make things happen for customers, and customers, in turn, make things happen for the business,” she said.

    She noted that today’s business environment is more interconnected than ever, meaning even non-customers can influence a brand’s reputation. “Because of our global connectivity, one wrong action can spark outrage from people who aren’t even your customers. A single incident can be amplified on social media by people halfway across the world,” she added.

    Mojekwu stressed that organisations must therefore recognise employees not as mere resources or expenses, but as the key drivers of innovation, human connection, and emotion — all crucial ingredients for long-term success.

     “Every employee comes with unique gifts and talents. We recruit for competence, but sometimes commitment achieves much more. A truly people-centric leader must have the humility to learn from everyone, regardless of age or experience,” she explained.

    Sharing her experience at the Central Bank of Nigeria (CBN), Mojekwu recalled how the introduction of a digital learning initiative transformed the bank’s learning culture and opened new frontiers for digital transformation.

     “When we introduced the Central Bank Learning Portal in 2017, it was like dragging a very traditional institution into the 21st century. There was resistance at every stage. Many staff members preferred physical training abroad and were sceptical about e-learning,” she said.

    To overcome this, she explained that leadership embarked on extensive change management, communication, and engagement efforts to show that digital learning could enhance — not replace — personal development. “We had to show them that digital learning wasn’t a punishment. It was inclusion. It gave everyone access — especially younger staff and women — to thousands of courses, videos, and books from anywhere,” she said.

    Through strategic partnerships with Skillsoft and Philips Consulting, CBN mapped courses to competencies and introduced gamified learning, leaderboards, and departmental learning champions to drive participation.

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    She cited an inspiring example: “One of our security staff completed over 450 courses in three months. He later pursued a cybersecurity certification, and the bank sponsored it. That showed us the power of curiosity and access.”

    Mojekwu also revealed how data-driven insights exposed gender gaps in learning and career development within the bank. “We discovered that women were attending fewer trainings because many of those opportunities were tied to travel or assignments they were excluded from. By introducing digital learning, we democratised access. Women began learning twice as much as their male colleagues,” she said.

    She explained that the initiative not only expanded access but also improved retention and engagement. Regular tests, gamified quizzes, and incentives ensured that learning translated into measurable results. “Digital learning helps democratise knowledge, promote inclusion, and nurture a culture of reflection. It allows people to learn at their pace and contribute meaningfully to organisational transformation,” she added.

    According to Mojekwu, leaders must cultivate values that promote trust, collaboration, openness, integrity, and inclusivity. She likened leadership to parenting — requiring patience, fairness, and belief in the unique potential of every individual.

    She urged leaders, especially from older generations, to learn from younger employees. “The world we’re heading into belongs to Generation Z. If we don’t respect their perspective, we lose the ability to unleash their potential,” she warned.

    Mojekwu therefore called on organisations to continuously communicate their purpose and vision in ways that emotionally connect with their people. “People will not connect until they understand the ‘why’. A strong emotional appeal to purpose inspires commitment, creativity, and innovation,” she stated.

  • Pension funds to begin investments in gold-backed securities

    Pension funds to begin investments in gold-backed securities

    Pension Fund Administrators (PFAs) at the weekend got closer to investing in gold-backed securities as regulators and operators in the pension and commodities ecosystem deepened conversation on activation of the new asset segment.

    At a strategic engagement session hosted by Lagos Commodities and Futures Exchange (LCFE), in collaboration with the National Pension Commission (PenCom) at the weekend in Lagos, experts explored strategies for expanding investment opportunities in gold-backed securities through Nigeria’s commodities exchanges.

    The event followed revision of Regulation on Investment of Pension Fund Assets, issued by PENCOM in September 2025, which now formally includes gold-backed instruments among approved pension fund investment options.

    Experts said the revised regulatory milestone marked significant step in deepening capital market participation and fostering sustainable economic growth in Nigeria.

    Experts, who discussed implications of the revised regulations and practical strategies for leveraging them, highlighted gold-backed Exchange-Traded Funds (ETFs) and other regulated commodities instruments as key tools to boost pension fund participation, strengthen market liquidity, and promote transparency and good governance across the commodities ecosystem.

    Managing Director, Lagos Commodities and Futures Exchange (LCFE), Akin Akeredolu-Ale, said the revision of Section 5.9 of the PENCOM Investment Regulation has opened transformative pathways for PFAs to invest in gold-backed ETFs and other regulated commodities instruments listed on recognized exchanges such as LCFE.

    “This progressive development aligns perfectly with our mission to unlock new investment opportunities that connect long-term funds to Nigeria’s real sector — while promoting transparency, value creation, and financial innovation,” Akeredolu-Ale said.

    Head, Investment Supervision Department, National Pension Commission (PenCom), Abdulqadir Dahiru, said the strategic collaboration between LCFE and PENCOM underscored PENCOM’s commitment to driving innovation and plays a critical role in deepening Nigeria’s investment markets while creating new opportunities for pension fund growth.

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    “Pension funds represent the largest single pool of patient capital in Nigeria, and our revised regulation, which now recognizes gold-backed instruments as eligible for pension fund investment, underscores the Commission’s confidence in the emerging commodities market framework,” Dahiru, who represented PENCOM’s Director General, said.

    Head, Legal, Securities and Exchange Commission (SEC), John Abutu, who represented SEC’s Director-General, Dr. Emomotimi Agama, highlighted SEC’s role as a proactive and innovative regulator.

    He noted that the Commission has established a dedicated committee to oversee derivative trading in the Nigerian capital market, develop regulatory frameworks, ensure market integrity, monitor risk management practices, and foster investor confidence to support the growth of Nigeria’s derivatives and commodities markets.

    Panelists including Gbenga Awe, Acting Chairman of Commodities Tradenet Limited, and Akinbola Akintola, Head of Investment and Research, Pension Operators of Nigeria, spoke extensively on the potential and strategies for gold-backed securities as a vehicle for portfolio diversification and long-term wealth creation.

    The forum underscored the growing synergy between Nigeria’s pension industry and commodities market, reinforcing the role of gold-backed investments as a stable and profitable asset class for institutional investors.

  • Ventures Platform secures $64m cash to deepen tech space

    Ventures Platform secures $64m cash to deepen tech space

    Africa’s leading seed-stage fund, Ventures Platform, yesterday announced $64 million first close of its second fund, VP Pan-African fund II, aimed at deepening seed investments, catalysing Series A rounds, and driving its pan-African expansion to power the continent’s next tech wave. The fund is targeting a final close of $75 million.

    The close saw 70per cent of Limited Partner (LP) interest from the VC’s first institutional fund – a strong testament to the firm’s track record and strategy. New and returning investors include the first-of-its-kind participation from the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, a bold initiative aimed at positioning Nigeria as a global hub for digital innovation and creative excellence, alongside, International Finance Corporation (IFC), a member of the World Bank Group, Standard Bank (South Africa), British International Investment(BII) – the UK’s development finance institution and impact investor, Proparco through its EU-backed Choose Africa VC program, Micro, Small & Medium Enterprises Development Agency (MSMEDA) and AfricaGrow.

    The fund also attracted strong participation from leading European family offices, including Alder Tree Investment, as well as a consortium of prominent global investors including Michael Seibel.

    Ventures Platform’s PAF II will strategically deepen its investment scope across Africa. In addition to its foundational pre-seed and seed rounds, the fund will now lead and catalyse Series A investments, effectively de-risking high-potential ventures and enhancing value creation. Simultaneously, it will consolidate the firm’s activities in Francophone Africa and accelerate pan-African expansion into North Africa, while doubling down on its core operations in Nigeria and broader Africa. The fund will prioritise ventures building essential “painkiller” solutions that solve for non-consumption and plug infrastructural gaps in Fintech, Healthtech, Agritech, Edtech, AI, amongst other sectors.

    Speaking on the close, Founding Partner at Ventures Platform, Kola Aina, said: “The backing we’ve received from a diverse group of blue-chip partners is a powerful endorsement of Africa’s place as the purest, most asymmetric source for non-consensus alpha and transformative impact. The continent’s innovation opportunity is boundless, the needs are immense, but realising its full impact demands smart contextual capital, post-investment value creation, and a commitment to de-risking groundbreaking market-creating innovations. With VP PAF II, we are broadening our reach and deepening our focus on discovering and empowering innovators that will solve chronic non-consumption across the continent.

     “We believe Africa’s challenges are its greatest opportunities. By supporting resilient founders, we’re catalysing sustainable, market-creating innovations that will shape the future of the continent and plug gaps for the next billion. As we expand our footprint, our focus remains clear: to identify and back ventures thatare building market-creating innovations that solve for non-consumption and drive economic evolution.”

    Since its inception in 2016, Ventures Platform has established a robust track record, discovering and funding over 90 startups, including some of the most successful on the continent, across multiple tech verticals. This success is underscored by the strong performance of its first institutional fund, which closed in December 2022, and the firm’s impressive return of 4 out of 6 vintages to date.

    Further demonstrating its value-creation proposition, Ventures Platform has achieved a high graduation rate from Seed to Series A and beyond, with notable examples of investees including Raenest, Remedial, and SeamlessHR, as well as LemFi and Moniepoint, which have successfully raised Series B and C funding, respectively.

    Over the years, the firm’s success has remained rooted in its deep local expertise, robust platform (portfolio success) practice, and data-driven approach to investment decisions and supporting founders. As a team of expert ex-operators and founders, the Ventures Platform team understands the nuances of the African market and is committed to building long-term partnerships that drive transformative impact. Its ability to efficiently evaluate deals, deploy resources, and scale its portfolio companies has solidified its reputation as the investor of choice in the ecosystem.

    The confidence shown by its diverse LP base and a unique investment from institutions like iDice highlights the Venture platform’s commitment to empowering entrepreneurs who are driving Africa’s economic future and establishing the continent as a global innovation leader.

    Speaking, the MD/CEO of Bank of Industry (BoI) Dr Olasupo Olusi said: “As the implementing agency of the iDICE (Investment In Digital and Creative Enterprises) Programme, BoI is proud to be associated with Ventures Platform – the programme’s Technology Fund Manager on this milestone achievement. By investing in Ventures Platform’s Fund II, which serves as iDICE’s Technology Equity Fund for Nigerian startups, we are deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors by catalyzing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem. Thereby contributing meaningfully to the nation’s broader economic transformation agenda, with a goal to create jobs at scale, but also empower high-growth entrepreneurs across the country.”

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    Also speaking, Executive Vice President, Investment Banking/Equity Investments at Standard Bank South Africa, Nimalan Reddy, said: “Standard Bank is proud to continue our partnership with the Ventures Platform into Fund II. This is a testament to the quality and strength of the Ventures Platform team and our commitment to supporting high impact entrepreneurs across Africa.

    Chief Executive Officer, Proparco, Françoise Lombard, said the company is delighted to support Ventures Platform.

     “We are proud to renew our support to Ventures Platform with their new fund. As our first fund investment under the EU-backed Choose Africa VC program, it underscores our confidence in the team and our continued commitment to backing the tech ecosystem in Nigeria and across Africa,” Lombard said.

    Speaking on behalf of the International Finance Corporation (IFC), its Global Director for Disruptive Technologies, Services and Funds, Farid Fezoua, said: “Emerging markets are home to a new generation of founders building practical, scalable solutions to pressing development challenges. IFC’s investment in Ventures Platform Fund II will help early-stage startups move from proof-of-concept to growth, accelerating innovation in sectors like fintech, healthtech, edtech, and agtech, while also strengthening local value chains and creating quality jobs. By channeling venture capital into Africa’s tech ecosystem, we’re unlocking the potential of entrepreneurs to drive resilient growth and expand opportunities for small businesses and young people across the continent.”

    Ventures Platform has consistently backed category-leading companies, with OmniRetail, Thrive Agric, and Moniepoint (Africa’s newest unicorn) all recognised among the Financial Times’ 2024 list of Africa’s 25 fastest-growing companies, with OmniRetail securing the top position. Similarly, Piggyvest and Moniepoint have earned international acclaim, ranking among CNBC’s top 250 fintech companies and top 20 financial planning firms, while Remedial Health was named to Time’s 2025 list of the World’s Top Health Companies, highlighting Ventures Platform’s track record in nurturing high-impact innovators.

    With VP PAF II, the firm is positioned to further empower Africa’s most promising innovators, driving sustainable economic evolution and solidifying the continent’s position as a global leader in innovation while delivering on its mission of democratising prosperity.