An early morning fire swept through a Federal Inland Revenue Service (FIRS) office in Abuja on Saturday, December 20, 2025, triggering a swift emergency response that successfully prevented a wider disaster.
The incident occurred at the FIRS facility located at No. 15 Sokode Crescent, Wuse Zone 5, where flames broke out on the fourth floor of the building.
According to a statement issued by Sikiru Akinola, Technical Assistant (Print Media) to the Executive Chairman of FIRS, the fire was quickly detected and initially tackled by security personnel on duty.
Their prompt action, reinforced by the rapid intervention of the Federal Capital Territory (FCT) Fire Service and other emergency responders, ensured that the blaze was brought under control before it could spread to other parts of the building.
Authorities confirmed that no lives were lost in the incident, though several offices on the affected floor sustained damage. Investigations into the cause of the fire have already begun, with preliminary findings suggesting a possible electrical fault.
Meanwhile, the Service has commenced a comprehensive review of its internal safety measures, with assurances that protocols will be strengthened to prevent similar incidents in the future.
Chief Diana Chen addressing a cross section of Lagride Captain, the UBA Management team, Senior Leadership of Lagride and the press.
By Winifred Bosa
Lagride has secured a 100 million dollar financing facility from United Bank for Africa to expand its Drive To Own programme and enable 3,500 Lagos drivers to transition from daily earners into long-term asset owners, business operators and mobility investors.
The partnership strengthens Lagos State’s transportation ecosystem and accelerates the shift toward a structured, technology-enabled and financially bankable mobility sector.
Over the past 10 months, Lagride has rebuilt its entire onboarding and operational system for drivers, known as Lagride Captains. The platform introduced a performance-led Drive To Earn structure supported by weekly and monthly rental models. This system has generated consistent 90-day usage and repayment data across the fleet, allowing United Bank for Africa and other financial institutions to assess driver performance with accuracy, confidence and transparency.
Chief Diana Chen, Chairman of Lagride and Oliver Alawuba, GMD/CEO of UBA take pictures with the cars and captains at the $100m signing event.
Eligibility for the Drive To Own programme is based on clearly defined performance thresholds, repayment discipline, safety compliance and service consistency. Through this approach, Lagride has emerged as the most structured, data-driven and credit-ready mobility platform in Nigeria, setting a new benchmark for bankable driver financing and asset ownership.
“Transportation is the backbone of Africa’s economic future, and platforms like Lagride are creating the blueprint for how African cities can build modern, technology-driven and people-centred mobility systems.”
EV Infrastructure Expansion
As part of the milestone, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos, reinforcing its long-term commitment to clean, future-ready mobility. The expanded infrastructure is designed to support the growing electric vehicle segment within Lagride’s fleet, reduce operational downtime and enable more efficient, sustainable transportation at scale. By pairing driver financing with practical EV infrastructure, Lagride is positioning itself as a mobility platform built not just for today’s Lagos, but for the next generation of urban transport.
Chairman’s Vision: From Drivers to Investors
Speaking on the landmark partnership, Chief Diana Chen, Chairman, Lagride, stated that the ultimate goal of the Drive To Own programme is not to keep drivers behind the wheel indefinitely, but to move them up the economic value chain.
She explained that Lagride is intentionally designed to help drivers evolve from operators into owners, and ultimately into investors and partners managing multiple vehicles and teams of people.
“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind. The goal is for drivers who we call Captains to become business owners, fleet partners and mobility investors, not just drivers. This 100 million dollar partnership with United Bank for Africa moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures. It is a major step forward in our commitment to driver prosperity and the future of smart mobility in Lagos.”
She noted that the Drive To Own programme is a starting point, not an endpoint, laying the foundation for long-term enterprise building, governance and scalable wealth creation within the mobility sector.
UBA’s Perspective
Delivering remarks at the event, Oliver Alawuba, Group Managing Director and CEO, United Bank for Africa, shared a personal reflection on his father, who had been a professional driver. He spoke about transportation as a source of dignity, livelihood and social mobility, and why UBA considers the sector critical to inclusive economic growth.
He also recounted his reaction when Chief Diana Chen first shared the Lagride vision, describing it as clear, ambitious and strongly aligned with UBA’s commitment to financing real-sector projects that create jobs, build assets and deliver long-term economic impact.
According to him, Lagride represents the kind of transformational, well-governed and data-backed initiative that UBA exists to support across Africa.
Event Speakers and Signatories
The event featured contributions from key stakeholders across Lagride, UBA and CIG Motors Group, including:
Chief Diana Chen, Chairman, Lagride
Ademola Adeyemi, Lagride Academy and Driver Management Team Lead
Dorathy Akpan Etim, Lagride Captain on the Drive To Own Scheme with UBA
Brigadier General Chukwuemeka Udaya, Special Adviser to the Chairman on Government Relations, who signed on behalf of CIG Motors
Ifeanyi Abraham, PR Director, Lagride, who hosted the event
Other Dignitaries in Attendance
Also present were senior executives and leaders from UBA, Lagride and CIG Motors Group, including:
Wei Bin, Chief Operations Officer, Lagride
Babatunde Ajayi, Head of SME Banking
Alero Ladipo, Group Head, Marketing and Corporate Communications
Olufemi Osobajo, Head of Segments and Channels Marketing
Olufemi Bamigbetan, Head, REDTV
Ramon Nasir, Head of Media Relations
Abiodun Coker, Media Relations
Adetola Adeduwon, Head of Events
The partnership underscores a shared commitment by Lagride, United Bank for Africa and CIG Motors Group to build a disciplined, scalable and investor-ready mobility ecosystem where drivers can grow into business leaders, asset owners and long-term partners in Lagos’ transportation future.
The attention of the Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has been drawn to an Instagram video claiming that 12 banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026.
The video, posted by one Olaoluwa Segun under the handle Olaoluwa_olas, was clearly produced with the intent to mislead the public, stoke unnecessary panic and exploit alarmist misinformation for personal gain while advertising some miserable wares. The content creator demonstrated a fundamental lack of understanding of banking recapitalisation, making several erroneous and misleading assertions that are easily disprovable by anyone with basic knowledge of the Nigerian banking sector.
As repeatedly explained by the CBN, the recapitalisation exercise is a forward-looking, proactive policy designed to strengthen the banking system and position it to support the Federal Government’s aspiration of a $1 trillion economy by 2030. It is not a crisis response, nor is it an indication of distress. Rather, it is a patriotic call for banks to scale up their capacity to drive economic growth and development.
Contrary to the false claims circulating online, Nigerian banks are currently safe, sound and adequately capitalised, with strong capital adequacy buffers sufficient to meet both customer obligations and regulatory requirements. The recapitalisation initiative focuses specifically on strengthening core ownership capital—namely share capital and share premium—rather than total shareholders’ funds or other capital instruments such as bonds and preference shares.
The CBN has consistently emphasised that the exercise is aimed at growth and stability, not forced consolidation. All banks have a fair and realistic chance of meeting their recapitalisation targets, with more than one-third already having met theirs and most others at advanced stages of implementation. All banks submitted recapitalisation plans to the CBN in 2024, which were vetted and approved for feasibility before execution commenced. In its most recent assessment, the CBN publicly expressed satisfaction with the progress made and reaffirmed that banks are on track to meet the stipulated deadlines.
The misinformation being peddled is therefore entirely baseless and appears driven by mischief, ignorance and a reckless disregard for the economic consequences of false narratives. ACAMB will draw the attention of relevant law-enforcement agencies to this and similar content, particularly where it borders on false representation, economic sabotage and violations of the Cybercrime Act. While freedom of expression is guaranteed, it carries corresponding responsibilities of truthfulness, accuracy and fairness.
Although the entire content of the video is misleading and click-bait driven, specific claims against certain banks deserve clarification. FirstBank, United Bank for Africa (UBA), Fidelity Bank and FCMB are international banks that have made significant progress in their recapitalisation programmes and are well positioned to complete them ahead of schedule. They have exceeded the capital thresholds for national banks and face no risk of undercapitalisation.
Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their respective global parents, while Sterling Bank has completed key phases of its recapitalisation, including private placement and rights issues. Polaris Bank and other institutions mentioned also have clear recapitalisation pathways and remain operationally sound, with no indication of financial distress.
As the CBN Governor, Mr Olayemi Cardoso, stated at his November 2025 briefing, the recapitalisation exercise “is progressing in an orderly manner and in line with regulatory expectations.” He further noted: “We are monitoring developments, and indications show the process is moving in the right direction.”
Nigeria currently has 44 deposit-taking banks across various licence categories, all operating under strict regulatory oversight. Nigerians remain the ultimate beneficiaries of a resilient and well-regulated banking system, and the public is urged to continue their banking activities with confidence and without fear.
ACAMB also cautions content creators and media organisations against chasing click-bait, trends or sensationalism around reputable financial institutions. Accurate, responsible reporting is welcome and protected; however, deliberate misinformation or panic-inducing narratives around the banking sector will be reported to the appropriate authorities in the interest of financial stability and public trust.
L-R: Gilbert Okpono, Snr. Partnership Account Manager, Water.org; Engr. Mukhtaar Temitope Tijani, Managing Director, Lagos State Water Corporation; Mrs. Olapeju Ibekwe, CEO, Sterling One Foundation; Akporee Idenedo, Divisional Head Commercial Banking, Sterling Bank, at the Sterling Bank Water Credit Proposition held in Lagos recently.
By Winifred Bosa
For millions of Nigerians, access to clean water and safe sanitation is still a daily struggle, with far-reaching consequences for health, livelihoods, and overallnl well-being.
To address this urgent challenge and strengthen the systems delivering WASH solutions, Sterling Bank, in partnership with nonprofit Water.org and Sterling One Foundation, has launched the Sterling WASH Business Loan, a catalytic financing solution that empowers WASH businesses and service providers to scale sustainable access to safe water and sanitation across Nigeria.
The launch, which took place on Monday, 24th November 2025, at The Wheatbaker Hotel, Ikoyi, Lagos, signals a shared commitment to solving one of Nigeria’s most pressing development challenges—access to safe water and basic sanitation.
Abubakar Suleiman, Managing Director, Sterling Bank, highlighted the initiative’s role in fostering inclusive development, saying, “Sustainable development depends on
collaboration and targeted investment in the people and businesses delivering solutions on the ground.
By providing accessible financing to entrepreneurs in such a critical social sector, we ensure that progress reaches communities that need it most.
This product aligns with our HEART strategy and our commitment to improving quality of life through impact-driven initiatives.”
Gilbert Okpono, Nigeria Senior Partnership Account Manager at Water.org, emphasised the transformative potential of financing WASH businesses, adding that, “Financial inclusion is critical to solving the global water and sanitation crisis.
By expanding access to affordable financing, we enable households and WASH entrepreneurs to improve services, reach more communities, and transform lives. Our partnership with Sterling Bank and Sterling One Foundation reflects a shared belief that when communities have the means to secure safewater and sanitation, the benefits ripple across health, education, and economic opportunity. This launch is a major step toward scaling that impact sustainably.
The Sterling WASH Business Loan is designed to support WASH entrepreneurs, small business owners, and community service providers with flexible financing to expand and sustain their impact, enabling improved health, livelihoods, and educational outcomes across communities.
The initiative aligns closely with Sterling One Foundation’s mission to drive social impact and sustainable development across Africa. Olapeju Ibekwe, CEO of Sterling One Foundation, affirmed that, “Our Foundation’s mission is to catalyse initiatives that deliver real, lasting change. Access to safe water and sanitation is one of the most powerful investments in community well-being.
Through this launch, we are opening doors for entrepreneurs, families, and communities to build healthier futures. We are proud to partner with Water.org and Sterling Bank to deliver solutions that are inclusive, scalable, and sustainable.”
The launch event brought together development partners, WASH entrepreneurs, media, policymakers, and community organisations to explore how coordinated financing,bsupportive policies, and market-driven solutions can close Nigeria’s WASH access gap. Interested beneficiaries are encouraged to visit www… to learn more about the initiative.
About Water.org
Water.org, is a global nonprofit organization dedicated to bringing safe water and sanitation.to communities in need. Through innovative financing solutions and partnerships, it empowers.households and entrepreneurs to access sustainable WASH services, improving health,.education, and economic opportunities worldwide. For more information visit https://water.org/
About Sterling Bank Limited
Sterling Bank is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.
Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and Transportation. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses, and society at large.
Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria. For.more information visit https://sterling.ng/
About Sterling One Foundation (SOF)
Sterling One Foundation is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across three critical sectors namely: health, education and climate action & food security. Gender
Equality and women empowerment are integrated as a cross-cutting priority across all our programming areas. The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement of the Sustainable Development Goals (SDGs).
The future of women-led enterprises in Nigeria took center stage on
November 21, 2025, as the Development Bank of Nigeria (DBN), with support from Agence Française de Développement (AFD), and Sterling One Foundation convened investors, ecosystem leaders, and high-potential women entrepreneurs for the Women Investment Readiness Accelerator (WIRA) Demo Day in Ilupeju, Lagos.
The event underscored DBN’s central role in strengthening Nigeria’s MSME ecosystem,
particularly for women founders who remain critical drivers of economic growth.
The Demo Day marked the culmination of an intensive accelerator cycle funded and championed by DBN, featuring capacity-building, mentorship, and hands-on business development support for women entrepreneurs across agriculture, food processing, waste management, retail,
technology, fashion, and other impact-driven sectors.
A highlight of the day was the pitch showcase, where entrepreneurs presented their refined, scalable business models to investors, financial institutions, and business support organizations.
For many, this moment represented a direct pathway to funding, partnerships, and expansion, opportunities made possible through DBN’s sustained investment in building a stronger, more equitable entrepreneurial landscape.
The WIRA program was launched to address systemic challenges that continue to limit the growth of women-owned enterprises in Nigeria, including restricted access to finance, limited structured mentorship, and insufficient market entry support.
Through WIRA, DBN and Sterling One Foundation are directly tackling these barriers by ensuring women entrepreneurs gain the resources, capacity, and visibility they need to thrive.
Speaking during the Demo Day, Dr. Tony Okpanachi, Managing Director/CEO of
Development Bank of Nigeria Plc, emphasized the importance of sustained investment in women-led enterprises: “What we witnessed here today confirms that investing in women entrepreneurs yields measurable economic and social impact.
Their businesses are innovative, resilient, and positioned for scale. At DBN, we remain committed to ensuring that women-led MSMEs have access not just to financing, but to the knowledge, networks, and market opportunities that enable sustainability and growth. This Demo Day is a clear step
forward in strengthening Nigeria’s entrepreneurial landscape.”
Also speaking at the event, Olapeju Ibekwe, CEO of Sterling One Foundation, highlighted the significance of creating platforms that elevate women’s business leadership and visibility: “The women we celebrated today are solutions-builders. They are tackling real challenges with creativity and determination. But potential alone is not enough, support, connections,and capital are essential.
Through WIRA, our goal has been to close the financing and opportunity gap by providing more than training — we provided guidance, confidence, andaccess. Today’s pitches are proof of what happens when women are empowered to take up space and lead boldly.”
Investor partners and business support organizations present acknowledged the quality and viability of the enterprises showcased, with several founders advancing to follow-up funding and advisory discussions.
The WIRA program remains aligned with broader national and global goals to accelerate gender-inclusive development. With women owning nearly 60% of Nigeria’s SMEs yet receiving disproportionately lower access to capital, DBN’s sustained investment in programs like WIRA demonstrates its commitment to unlocking the full economic potential of women entrepreneurs and advancing inclusive growth across Nigeria.
About the Sterling One Foundation
Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across three critical sectors namely: health, education and climate action & food security.
Gender Equality and women empowerment are integrated as a cross-cutting priority across all our programming areas. The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement of the Sustainable Development Goals (SDGs).
For more information visit onefoundation.ng
About the Development Bank of Nigeria
Development Bank of Nigeria was set up by the Federal Government of Nigeria (FGN) in
collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
Its objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis. For more information visit:
Anambra State Police Command gathered journalists at its headquarters in Awka, on December 17, 2025, a day when the year was drawing to a close and the festive spirit was beginning to stir.
The Commissioner of Police, CP Ikiyo Orutugu, opened the briefing by thanking the men and women of the force and, more importantly, the residents of Anambra for their cooperation.
“Our performance is ultimately judged by the people we serve,” he said, acknowledging that while the command was not yet where it wanted to be, the partnership with the community had made a noticeable difference.
“The year had been marked by fluctuating crime patterns, driven by socio‑economic pressures and shifting security dynamics across the country. Yet, through proactive policing, intelligence‑led operations, and the unwavering dedication of officers, the command managed to curb violent crime, cult activities, armed robbery and kidnapping in most parts of the state. Faster response times, visible patrols and stronger community ties had helped stabilise the security environment.
Among the command’s notable achievements were the disruption of several kidnapping syndicates that had operated across multiple local government areas, the dismantling of criminal hideouts and black‑spot zones, and the strengthening of community‑policing structures that gave residents an active role in safeguarding their neighborhoods. Joint efforts with sister agencies—including the Department of Security Service, the Nigerian Army, Navy, NSCDC, Immigration Service and others—had yielded tangible results.
Statistics from the year painted a picture of relentless effort: 35 kidnapped victims were rescued; over 300 suspects were arrested for offences ranging from armed robbery to secessionist activities; more than 2000 arms and ammunition, including explosives, were recovered; and 60 stolen vehicles were returned to their owners. High‑profile cases, such as the re‑arrest of the gang behind the murder of former Justice Azuka and the capture of those responsible for killing three Cameroonian nationals, had been successfully prosecuted.
These successes enabled the state to host major events without incident—the presidential visit, smooth gubernatorial and local‑government elections, and a return to normal social life in Ihiala, where weddings, birthdays and other gatherings resumed without intimidation.
The commissioner did not shy away from the challenges that remained. Criminal elements were evolving, employing new tactics, and a minority of citizens still resisted cooperation or spread misinformation. “These obstacles have only hardened our resolve,” he affirmed.
Looking ahead to the festive season, the command issued safety advisories: refrain from using knock‑out substances, stay vigilant and report suspicious activity, obey traffic rules—especially avoiding driving under the influence—and secure homes and valuables before travelling. Motorists were urged to use only designated motor parks and avoid roadside boarding.
In a heartfelt closing, CP Orutugu extended gratitude to the Anambra State Government for its unwavering support, to sister security agencies for their collaboration, and to traditional rulers, religious leaders, town unions, vigilante groups and the media for their roles in shaping a safer environment. Most of all, he thanked the people of Anambra – Ndi Anambra – for their trust, information sharing and even the occasional donation that helped refurbish police stations such as the Rapid Response Squad in Awkuzu, Ogidi Division, Amichi Division and the Main Market in Onitsha.
As the clock ticks toward a new year, Anambra State Police Command reaffirmed its commitment to deeper community partnerships, stronger operational capacity and intensified efforts to ensure every resident feels protected.
“The message is clear: together, the state can look forward to a peaceful Christmas and a prosperous New Year.
Overland Airways, Nigeria’s leading domestic airline is pleased to announce recommencement of flight services from Samuel Ladoke Akintola International Airport, Ibadan to Nnamdi Azikiwe International Airport Abuja.
Effective December 23, 2025 Overland Airways will commence three weekly services from Ibadan to Abuja on Tuesdays, Thursdays and Saturdays. Flights will depart Ibadan to Abuja by 1030am and Abuja to Ibadan by 1200pm.
Chief Operating Officer of Overland Airways, Mrs. Aderonke Emmanuel-James said: “As the pioneer airline on the Ibadan route Overland Airways is excited to return to Ibadan to continue the excellent flight services we have provided to the people of Ibadan, Oyo State and Osun State over the past 22 years. We equally wish to congratulate the Government of Oyo State for the extensive improvement works at the Samuel Ladoke Akintola International Airport, Ibadan.”
Overland Airways will operate on the Ibadan route using its brand new 88-seater Embraer 175 aircraft, featuring Premium and Economy cabins.
Ibadan International Airport was closed in March 2025 for upgrade of its facilities.
“We assure our esteemed customers of reliable and consistent flight services”, continued Mrs. James.
Arch Bishop of Jesus is Alive Ministry Eziowelle in Anambra State Onyekachukwu Nzekwesi has emphasized the need for people to know Jesus and serve Him in truth and in spirit
Speaking to the congregation during a powerful crusade and empowerment With the “theme Jesus I know “.
He advised people to follow Jesus Christ of Nazareth that died on the cross of Calvary not Jesus made by man.
Expressing his gratitude to God for the victory to step into 2026, declaring it a testament to God’s unwavering love and faithfulness.
The Bishop passionately shared his personal encounter with Jesus, describing Him as the Healer who mends without charge, the Provider who feeds the multitudes, and the Lover of souls who invites all to come as they are. “The Jesus I know,” he said, “is not a Jesus who asks for money or tasks you with obligations.
He is the Jesus who gives freely, who heals, and who promotes.”
He cautioned against false representations, warning, “Not every shout of ‘Jesus’ is the Jesus I know. “There are many ‘Jesuses’ out there – a Jesus of Ikot‑Ekpene, a Jesus of Oyibo… but the Jesus I know is the One who died on the cross, who gives without asking, and who loves without condition.”
Drawing from the scriptures, the Bishop highlighted the Jesus of Peter and Paul, whose very presence brought healing and wholeness. “He is the Jesus who elevates, who promotes, and who gives abundantly,” he declared. “Don’t let anyone deceive you with empty promises or lead you astray with mystery money schemes. The Jesus I know says, ‘Receive freely, give freely.'”
Addressing the youth, he urged, “Avoid mystery money,”Seek the living Jesus who lifts you up, who cares for you, and who gives you wholeness in Christ.”
The Bishop concluded with an invitation: “Today, I introduce you to the Jesus I know – the One who loves you, who cares for you, and who gives you life abundantly. He is the living Jesus, and He is ready to transform your life.”
The programme ended with empowering more than 1000 youths ‘ elderly with cash rewards, shuttle buses, tricycles, bags of rice to the members of the church and indigent people of Eziowelle.
L-r: Garba Kurfi, Managing Director/CEO, APT Securities and Funds Limited; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; Olatunde Amolegbe, Managing Director/CEO, Arthur Stevens Asset Management Limited and keynote speaker; Prof. Anthony Kila, Pro- Chancellor, Michael and Cecilia Ibru University/Chairman of the occasion; Tony Epelle, Managing Consultant/CEO, Samuelson Advisory Partners, and Dotun Oladipo, Managing Editor, The Eagle Online, during the Business Journal annual lecture 2025 on theme, ‘AI & Digital Economy: Projecting the Future of Economic Growth in Nigeria’, in. Lagos, on Tuesday.
Mr. Olatunde Amolegbe, Managing Director/CEO, Arthur Stevens Asset Management Limited has projected that Nigeria’s digital economy revenue will reach $18.30 billion by 2026, as against $5.09 billion in 2019 and $9.97 billion in 2021.
Delivering the keynote paper at the Business Journal Annual Lecture 2025 in Lagos, Amolegbe said:
“Nigeria’s digital economy is undergoing rapid transformation, positioning the country as one of Africa’s leading technology-driven markets. Global trends show the digital economy accounted for $11.5 trillion (15.5% of global GDP) in 2016, with projections to reach 25% by 2026. Aligned with this momentum, the Digital Economy for Africa (DE4A) initiative, anchored on inclusivity, homegrown innovation, collaboration and transformational scale, supports Africa’s vision of achieving full digital enablement by 2030.”
Amolegbe added that Nigeria leads Africa in start-up investment and hosts five unicorns: Interswitch, Flutterwave, OPay, Andela and Moniepoint, reflecting robust private-sector innovation, while Internet penetration reached 107 million users in early 2025, driven by mobile-first access, which now accounts for over 90% of connectivity nationwide.
He said key sectors such as telecommunications already contribute significantly, with 9.20% added to real Gross Domestic Product (GDP) in Q2 2025 while Fintech and digital payments are expanding rapidly, powered by the NIP network, forward-leaning regulations and increased consumer adoption across banking channels.
Speaking on the theme: AI & Digital Economy: Projecting the Future of Economic Growth in Nigeria, Amolegbe insisted that disruptive technologies, social media, streaming platforms, blockchain and Artificial Intelligence (AI) are reshaping Nigeria’s socio-economic landscape.
“Nigeria has demonstrated early adoption, including the launch of its central bank digital currency, the eNaira in 2021.”
The keynote speaker said major economic opportunities exist in agriculture, health, education, infrastructure and energy; sectors still lagging in technological innovation.
“AI can improve yields, strengthen healthcare delivery, expand digital learning, support smarter infrastructure planning and accelerate Nigeria’s transition to smarter and cleaner energy systems. Nigeria’s path to AI-driven digital growth is supported by strong demographics, emerging policy interventions such as NITDA’s AI Strategy and expanding connectivity through eight submarine cables totaling over 40 Tbps in capacity.”
He warned however, that to fully unlock the economic value in AI and digital economy, Nigeria must strengthen governance, talent pipelines, digital infrastructure and regional collaboration.
Key Gaps:
• Infrastructure Deficit in Rural Regions
As of August 2025, Nigeria’s broadband penetration stands at about 48.81%, well below the 70% target of the National Broadband Plan (2020–2025). Although over 45% of the population lives in rural areas, only around 23% of rural communities have internet access, highlighting a significant digital divide and widespread exclusion from digital opportunities.
• Slow Policy Harmonisation and Regulatory Bottlenecks
Despite a 2020 agreement to cap Right-of-Way (RoW) fees at ₦145 per meter, some states now charge as much as ₦9,477 per meter (e.g., Ogun State), raising operating costs for telecom firms to a record ₦5.85 trillion in 2024 — a key factor slowing infrastructure rollout and AI adoption.
• Low Adoption of Automation in Manufacturing, Agriculture and Public Services
In Nigeria’s manufacturing industry, only about 18% of firms have fully implemented AI or automation tools, while around 43% of surveyed companies report having no automation at all. In agriculture, less than 1% of farming households own tractors, and only 6% of arable land is irrigated, indicating a very low level of mechanisation and automation adoption.
Enablers of AI-driven Digital Growth in Nigeria:
• Demographics
220M+ population (Over 50% smartphone penetration by 2025); diaspora remittances fueling tech.
• Policy
NITDA’s AI Strategy- NITDA has established itself as a link connecting local innovators with global technology influencers. A recent instance is the NITDA–Google AI Fund, which assists ten Nigerian startups with funding and technical support.
• Infrastructure
Nigeria is home to eight active submarine cables, which provide over 40 terabits per second (Tbps) of international connectivity capacity landing at its shores.
• Private Sector
Nigeria is home to eight active submarine cables, which provide over 40 terabits per second (Tbps) of international connectivity capacity landing at its shores.
“Nigeria stands at a pivotal moment where digital transformation, powered by AI and disruptive technologies can accelerate long-term economic growth and global competitiveness. The foundations for this transformation, including youthful demographics, expanding connectivity, vibrant private-sector innovation and emerging regulatory frameworks are already established. Realising this potential requires a co-ordinated, ethical and investment-driven national strategy that aligns public-sector policy with private-sector innovation. Strengthening talent development, building digital infrastructure, promoting responsible AI governance and fostering regional collaboration will be critical. With the right investments and policy direction, Nigeria can scale its digital economy, enhance productivity across key sectors, create millions of jobs and position itself as a continental leader in the AI-powered global digital economy.”
The Central Securities Clearing System Plc (CSCS or the Company) today announces the appointment of Mr. Shehu Yahaya Shantali as its new Chief Executive Officer, effective 1 January 2026, following the receipt of regulatory no-objection.
Mr. Shantali succeeds Mr. Haruna Jalo-Waziri, who will be stepping down after a successful eight-year tenure marked by strong leadership, strategic growth, and significant contributions to the development of Nigeria’s capital market infrastructure.
During his tenure, Mr. Jalo-Waziri provided visionary and results-driven leadership that delivered sustained growth and far-reaching transformation across the organization. He led the successful execution of critical strategic initiatives, strengthened governance and operational effectiveness, and modernized the company’s systems and processes, positioning the organization for long-term resilience and competitiveness. His leadership significantly enhanced stakeholder confidence deepened the organization’s market relevance both domestically and internationally, and established a strong, future-ready foundation for continued success.
Commenting on the appointment, the Chairman of the Board, Mr. Temi Popoola, said:
“On behalf of the Board, I would like to express our profound appreciation to Haruna Jalo-Waziri for his outstanding service to CSCS. Under his leadership, the Company recorded notable milestones and built an impressive legacy of operational excellence, innovation, and stakeholder confidence. We thank him sincerely for his dedication and impact.
We are equally delighted to welcome Shehu Shantali as the new Chief Executive Officer of CSCS. He brings a wealth of experience, deep industry knowledge, and a strong strategic vision. The Board is confident that he will build on the solid foundation laid by his predecessor and lead the Company into its next phase of growth.”
Mr. Shehu Yahaya Shantali holds a Bachelor of Science degree in Accounting from Ahmadu Bello University, Zaria, and an Executive MBA from Kingster Business School. He has over two decades of experience in accounting, finance, and financial services across Nigeria and the United Kingdom, with expertise spanning investment and asset management, financial advisory, and International Financial Reporting Standards (IFRS). His career cuts across capital markets, investment banking, real estate, and financial services, and is underpinned by a decade at the Securities and Exchange Commission (SEC) Nigeria, where he championed the migration of publicly listed and significant public interest entities from Nigerian GAAP to IFRS and led the Commission’s transition to the contributory pension scheme in 2012.
Mr. Shantali has built deep experience in financial inclusion, digital financial infrastructure, and the development of scalable, market-wide platforms that expand access to regulated financial services. As Managing Director and Chief Executive Officer of Apricot Investments Limited, he led the development of the MicroWorld platform, enabling the distribution of structured financial products including micro-health, micro-pension, micro-housing, micro-insurance, and micro-investment solutions. Earlier in his career, his team developed Nigeria’s first contactless payment solution, and he played a pioneering role in POS-based agency banking and early mobile-money interoperability on the NIBSS NIP platform, supporting efficient payments, settlement, and system-wide connectivity.
Reflecting on his tenure, the outgoing CEO, Mr. Haruna Jalo-Waziri, stated:
“It has been an honour to serve as the Chief Executive Officer of CSCS. I am proud of what we have achieved together as a team and grateful for the support of the Board, management, regulators, and all our stakeholders. I am confident that CSCS is well positioned for the future, and I wish my successor every success as he takes the Company forward.”
In his remarks, the incoming CEO, Mr. Shehu Shantali, said:
“I am deeply honoured by the confidence the Board has placed in me with this appointment. CSCS plays a critical role in Nigeria’s capital market ecosystem, and I look forward to working with the Board, management, staff, regulators, and market participants to further strengthen the Company’s leadership position, deliver value to stakeholders, and support the continued growth and stability of the capital market.”
CSCS Plc remains committed to the highest standards of corporate governance, operational excellence, and stakeholder engagement as it continues to support the Nigerian capital market.
An early morning fire swept through a Federal Inland Revenue Service (FIRS) office in Abuja on Saturday, December 20, 2025, triggering a swift emergency response that successfully prevented a wider disaster.
