My Blog

Category: Business

  • Grow Nigeria first: Advocates Trade Minister, Oduwole

    Grow Nigeria first: Advocates Trade Minister, Oduwole

    Grow Nigeria first: so seems to be the advocacy of Industry, Trade, and Investment Minister, Jumoke Oduwole as she advises the government to focus on strengthening local businesses before seeking foreign investment.

     She emphasized that domestic companies are the best representatives of Nigeria’s economy. 

    During an interview on Arise TV, Oduwole discussed how improving Nigeria’s business environment—through regulatory reforms, better bureaucracy, and updates to the legislative and judicial systems—would support the growth and expansion of local businesses.

     A thriving domestic sector, she argued, would naturally attract foreign investors looking for reliable local partners. 

    Oduwole also highlighted her ministry’s commitment to bolstering the agricultural sector, including revitalizing commodity exchanges and ensuring farmers receive fair compensation for their efforts.

     She reaffirmed her dedication to fulfilling promises made during her Senate screening and ensuring that Nigeria’s policies align with its economic goals.

  • Moniepoint Secures $110M to Drive Digital Banking Growth Across Africa

    Moniepoint Secures $110M to Drive Digital Banking Growth Across Africa

    Nigeria’s Moniepoint, a key player in the fintech space, recently raised $110 million to expand its digital banking solutions across Africa. 

    With substantial backing from investors like Google, the funding pushes Moniepoint’s valuation past the $1 billion mark, affirming its position among Africa’s leading tech unicorns.

    Established in 2015, Moniepoint began as a provider of payment infrastructure for financial institutions but has since diversified into personal banking services. 

    This funding will support the development of a more comprehensive platform, offering tools for payments, banking, currency exchange, credit, and business management.

    As Africa’s most rapidly growing fintech market, Nigeria has provided fertile ground for Moniepoint, which processes over 800 million transactions monthly, with values exceeding $17 billion.

    This growth underscores Moniepoint’s role in bridging financial access across the continent, positioning it as a critical solution for Africa’s digital economy expansion.

  • Nigerian Government Withdraws Charges Against Gambaryan, Binance Exec

    Nigerian Government Withdraws Charges Against Gambaryan, Binance Exec

    The Nigerian government has unexpectedly dropped the case against Tigran Gambaryan, a Binance executive facing money laundering allegations.

    Gambaryan, who has been detained since April, appeared at the Federal High Court in Abuja where charges were withdrawn just days ahead of the initially scheduled October 25 hearing.

    Gambaryan, a U.S. citizen, was detained on five counts related to money laundering and currency speculation, involving over $34 million.

    Despite two unsuccessful bail attempts, citing his health and being deemed a flight risk, the charges were suddenly dropped during a low-profile hearing.

    The unexpected move comes after prolonged diplomatic negotiations between Nigerian and U.S. officials.

    His detention at Kuje Correctional Centre and previous bail rejections drew attention from U.S. lawmakers, who advocated for his release.

    Another Binance official, Nadeem Anjarwalla, had earlier escaped from pre-trial custody in March, adding complexity to the case.

    This development concludes the case that has drawn international scrutiny, with Binance still facing separate tax evasion charges in Nigeria.

    Gambaryan’s health conditions had played a central role in his legal journey, but the court consistently maintained its stance against his bail, citing procedural concerns.

  • Demand for Investment Migration in Nigeria Skyrockets by Over 1000%, Reveals Henley and Partners

    Demand for Investment Migration in Nigeria Skyrockets by Over 1000%, Reveals Henley and Partners

    Henley and Partners, a global leader in residence and citizenship by investment, has reported a staggering 1000% increase in demand for their services in Nigeria over the past three years. This was disclosed during the 2024 Investment Migration West Africa Roadshow, held recently in Abuja, where many Nigerians were introduced to programs that promise greater global mobility, enhanced living standards, and improved business prospects abroad.

    Speaking at the event, Stuart Wakeling, Managing Partner for the UK at Henley and Partners, emphasized that more Nigerians are seeking “Plan B” alternatives in light of global uncertainties. “Our services aren’t just about helping people move abroad,” Wakeling said. “It’s about providing security, better opportunities for families, and access to top-tier education and healthcare.”

    Wakeling noted that the increase in demand for alternative or additional residence and citizenship reflects Nigerians’ desire to diversify their options and secure a stable future. “We’ve seen a massive surge in interest from Nigerians eager to live, work, and travel freely across the world, unencumbered by visa restrictions and limited opportunities,” he explained.

    He emphasized that the goal is not merely to leave Nigeria but to broaden one’s horizons. “Having an alternative citizenship or residency means increased mobility, business opportunities, and access to world-class healthcare and education systems,” Wakeling added.

    At the roadshow, various popular investment migration programs were highlighted, including the Portugal Golden Residence Permit, Greece Golden Visa Program, and Spain Residence by Investment Program. These initiatives allow individuals to obtain residency or citizenship by making significant investments in real estate or businesses. For many Nigerians, these programs are pathways to a better quality of life and a more secure future for their families.

    Wakeling also stressed the growing need for a “Plan B” as uncertainties continue to affect Nigerians. “We can’t choose where we are born—it’s a passport lottery,” he said, explaining that while some people are blessed by their place of birth, for others, their nationality can limit their opportunities or even put them in danger.

    Henley and Partners offers Nigerians the chance to maintain their Nigerian identity while gaining the advantages of an additional residence or citizenship. “People want options without having to give up being Nigerian,” Wakeling noted. “This is where we come in, helping individuals gain an alternative status in the world’s leading jurisdictions.”

    Henley and Partners has cemented its position as a global leader in the investment migration industry, with over 50 offices worldwide and more than 400 staff. The firm offers access to over 45 residence and citizenship programs, the largest selection available globally. Wakeling remarked, “We are growing because, in today’s fractured world, having a ‘Plan B’ and greater global mobility through an alternative citizenship or residency is increasingly essential.”

    The investment migration industry is also evolving, with rising costs and changing entry requirements in Europe and the Caribbean. Wakeling highlighted some of these shifts: “This year, costs increased significantly in the Caribbean, Portugal eliminated its real estate entry point, and countries like Ireland and Montenegro have closed their programs.”

    Given the shifting landscape, Wakeling urged Nigerians interested in these programs to stay informed and act quickly. “The demand for these programs is only increasing, and Nigerians should seize the opportunities while they’re available,” he advised.

    Another key speaker at the event, Carlo Paguio, Director of Sales and Strategy Partnerships at Hotel 101, underscored the importance of selecting the right investment vehicle when pursuing residency or citizenship through investment. He said that Hotel 101’s real estate projects provide a reliable investment opportunity for Nigerians looking to gain residency.

    For many Nigerians, investment migration might seem like an unattainable dream, but the roadshow demonstrated that it is becoming more accessible than ever before. These programs not only provide paths to residency or citizenship but also offer the chance to invest in burgeoning economies and secure a stable future.

    The advantages of these programs are manifold: access to world-class healthcare and education, improved living standards, and the ability to travel visa-free to numerous countries. Most importantly, these programs provide Nigerians with a way to ensure a safe, stable, and prosperous future for their families.

    Henley and Partners is dedicated to offering flexible solutions tailored to meet the needs of its clients. Whether through the Portuguese Golden Visa or Caribbean citizenship programs, Nigerians now have multiple options to secure their future. As interest in investment migration continues to rise, Henley and Partners is leading the way, helping Nigerians take advantage of these opportunities to enhance their global mobility and financial security.

    For Nigerians eager to explore their options and secure a better future, Wakeling assured, “If you are interested in what we do, rest assured—you are in good company.”

  • Why well Meaning Nigerians Must Support This LGA Election.

    Why well Meaning Nigerians Must Support This LGA Election.

    By: Amaopusenibo Bobo Sofiri Brown

    Rivers State is one of over 10 States that had Local Government Caretaker Committees (CTC) in place by July 2024. Many of the States have conducted their LGA elections without undue interference by Abuja High Courts or Police directives.


    Rivers State Independent Electoral Commission (RSIEC) whose members were picked and inaugurated by His Excellency, Chief Nyesom Ezenwo Wike in his last days as the recognized Governor of Rivers State, announced in July that the elections would hold on October 5, 2024.
    RSIEC has since confirmed that every necessary step in the process has been put in place to achieve a free and fair election. Most of the functioning Political parties in Rivers State have come out in support of the LGA elections.

    This development is a salutary departure from our past experience with LGA elections or any other for that matter. And in a most dramatic and strategic initiative, a coalition of Civil Society groups addressed a Press Conference in Abuja to declare support for the LGA elections. They gave coherent and troubling reasons that suggest very strongly their patriotic effort to expose the monkey hands in Abuja that seem to conjure stormy weather for Rivers State since November 1, 2023,
    The things happening should show to all Nigerians that Rivers people are largely united in their common desire to make a firm break with the old political environment that was in place up to October 30 2023.
    It was an environment of “might is right”, oppression and monopoly of our State revenue by a few who surround one Strong Man. It has made our state poorer and kept Rivers people enslaved.


    For instance, by 1883, at least four City States had sprung up in the Eastern Niger Delta known as Oil Rivers Province then. They were proud centres of indigenous enterprise as international trading hubs in a place some Europeans framed as a dreaded “heart of darkness”.
    But by 2023 not one of the old City States in Rivers State had any indigenous engineered local economy to feed our people and give them capacity to grow competitive business enterprises, dignity and a decent future.
    Rivers people who by the 1880s were celebrated in Europe for generating public wealth, who invested in education and enterprise-building through international commercial undertakings in their local economies and widely acclaimed fame for human dignity, have been reduced to beggars who now sleep under flyovers!
    Is that the life we want for ourselves and our children?


    Let nobody be faint-hearted about this LGA election. Let’s go forth with the fear of God and commitment to build good governance, not “turn by turn” looting.
    God said to Moses that He would harden Pharaoh’s heart to fulfill His own purpose.
    Pharaoh’s stone heart, made the world to know that there is God.
    Rivers people and Nigerians are going through the same experience today.
    We will not fear Pharaoh’s well-fed amorphous Army. They threaten and seek to drown us in the Red Sea. The LGA elections is their latest battle field.
    Pharaoh and his Army live in luxury with gold plated chariots for Judges and Security officials who do Pharaoh’s bidding.
    They are allegedly paid in handsome currencies, from the looted wealth of Rivers State that for years have kept our State poorer.
    But God’s words ring true. His judgment will come upon Pharaoh and his Army of oppression and exploitation.
    Then they will know that Jehovah’s might is the ultimate (Exodus 14 v 4 & 14).
    See how confused Pharaoh and his Army have become over Rivers State, which they want to control at all cost? They keep failing with every step they take.


    More Stakeholder groups across Nigeria are joining hands to stand with Rivers people and our Governor, His Excellency Amaopusenibo Sir Sim Fubara!
    Isn’t God wonderful?
    I hear people worry about Pharaoh’s next move.
    We will not fear!
    For the God of Jacob is our refuge and strength. Let us be still and watch what He will do to Pharaoh (Psalm 46 v 10-11).
    He has set us free from bondage and will continue to do wonders before the eyes of all Nigerians, as He leads us along. Yes, His name is Jehovah (Joshua 24 v 17-18).

    Amaopusenibo Bobo Sofiri Brown

    Manager Public Affairs- East, Shell Petroleum Development Company of Nigeria (SPDC),

    Pioneer Head of PR, later Manager PR & Communication, NAFCON,

    (a MW Kellogg of Houston JV project)

  • Education Minister Whatsapp Number Hacked

    Education Minister Whatsapp Number Hacked

    The phone line of the Minister of Education, Prof Tahir Mamman, has been hacked, according to a disclaimer issued on his official X account on Thursday.
    In the post, Mamman warned the public to avoid communicating through the affected number.
    “My phone line has been compromised. Please refrain from calling the number and ignore any messages requesting assistance until the issue is resolved.
    “Thank you for your understanding,” he wrote on X.com.
    The Ministry of Education has also confirmed the breach.
    In a statement issued Friday by the Director of Press and Public Relations, Boriowo Folasade, the ministry disclosed that the compromised line is being used by unauthorised individuals.
    The statement read, “The Office of the Honourable Minister of Education, Professor Tahir Mamman, wishes to inform the general public that the Minister’s WhatsApp number has been hacked and is currently being used by unauthorised individuals.
    “We deeply regret any inconvenience this may cause and urge everyone to disregard any message of request received from the said number until further notice.
    “The matter has been reported to the relevant authorities and is under investigation. We advise all members of the public to remain vigilant and report any suspicious activity.”
  • Elon Musk’s brain chip to help blind people see gets approval

    Elon Musk’s brain chip to help blind people see gets approval

    Elon Musk’s brain-chip startup, Neuralink, has received the US Food and Drug Administration’s “breakthrough device” designation for the company’s experimental implant, Blindsight.
    The device, called ‘Blindsight,’ is designed to restore vision in individuals with complete or partial blindness, including those with non-functional optic nerves.
    “We have received Breakthrough Device Designation from the FDA for Blindsight.
    “Join us in our quest to bring back sight to those who have lost it. Apply to our Patient Registry and openings on our career page,” Neuralink wrote on its X page on Tuesday.
    According to Reuters, the FDA awards its breakthrough designation to medical devices that treat or diagnose life-threatening conditions, expediting their development and review.
    Musk also announced the update on his X social media platform, highlighting Blindsight’s potential to restore vision in even the most severe blindness cases.
    “The Blindsight device from Neuralink will enable even those who have lost both eyes and their optic nerve to see.
    “Provided the visual cortex is intact, it will even enable those who have been blind from birth to see for the first time.
    “To set expectations correctly, the vision will be at first be low resolution, like Atari graphics, but eventually it has the potential to be better than natural vision and enable you to see in infrared, ultraviolet or even radar wavelengths, like Geordi La Forge.” Musk wrote on X.com.
    Neuralink, co-founded by Elon Musk in 2016, specialises in developing innovative brain-computer interfaces to transform treatments for neurological disorders.
    Neuralink’s technology includes a brain implant that reads neural signals and wirelessly transmits them to external devices, including computers and mobile devices.
    Business World reports that Neuralink is also developing an implant that enables paralyzed individuals to control digital devices with their thoughts.
    Neuralink is also reported to be conducting a clinical trial with three participants to evaluate the device’s effectiveness in aiding individuals with spinal cord injuries.
    It was widely reported in August 2024 that Neuralink’s brain-computer interface was successfully implanted in a second patient, who is now controlling video games and creating 3D designs using only their thoughts.
  • Aviation unions to protest 50% IGR deduction

    Aviation unions to protest 50% IGR deduction

    Unions in the air transport sector have voiced concerns about the continued deduction of 50 per cent from the internally generated revenue of aviation agencies, saying it has concluded plans to embark on a peaceful protest over the issue.
    The unions include the National Union of Air Transport Employees, NUATE, Association of Nigeria Aviation Professionals, ANAP, National Association of Aircraft Pilots And Engineers, NAAPE, Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees, AUPCTRE, Air Transport Senior Staff Association of Nigeria, ATSSSAN.
  • Money Laundering: EFCC to investigate Bank Executives

    Money Laundering: EFCC to investigate Bank Executives

    The Economic and Financial Crimes Commission (EFCC) has said bank executives are complicit in aiding money laundering in the country, adding that it would commence prosecution soon.
    Speaking at the 17th annual conference of the Chartered Institute Bankers of Nigeria, the Chairman of the EFCC, Ola Olukoyede said the commission will soon start prosecution of bank executives involved in corruption.
    According to him, findings revealed complicity in money laundering, illegal forex sales and trading among bank officials.
    While calling on the CIBN to step up its regulatory functions to guard against fraud, the EFCC boss said major financial fraud were conducted through the nation’s banking system.
    The commission recently urged the National Assembly (NASS) to enact a law which supports the whistle-blower policy of the government.
    Olukayode who made the call at the Nigerian Bar Association (NBA) conference in Lagos, noted that once the law is enacted, it will make it mandatory for law enforcement agencies to protect the whistle-blowers.
    The EFCC chairman also called on lawyers across the country to always observe due diligence in their practices.
    This, according to him, is necessary for them to know the background of their clients so as not to run foul of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.
    He said, “As lawyers, we are supposed to hold a position of trust in our professional conduct. While we try to comply with international laws and regulations, we should also do what is right for ourselves to protect the sanctity of our profession, which is very key.
    “Don’t try to protect suspected criminals, people who must have committed financial crimes. So, if you know who we are looking for, you must bring that person to the open and we will do our part.
    “Doing the right thing doesn’t necessarily come from the way of international conventions. If you do the right things, they will automatically take you out of the grey list.
    “It is expedient on you to, at least, know who your client is. You are expected to be paid from a legitimate source.
    “If you are a victim of crimes, you will understand what I am saying. As lawyers, you must not, in any way, derogate or demean your professional commitment to your clients.
    “Even a part of the money laundering Act that we have evaluated doesn’t stop me from enforcing the regulations of the EFCC Act and other financial laws in Nigeria.”
  • Court hears suit against seizure of Arik Aircrafts, properties August 5

    Court hears suit against seizure of Arik Aircrafts, properties August 5

    A Federal Capital Territory (FCT) High Court, Wednesday fixed August 5, for hearing in a suit seeking to stop the seizure of the aircraft and other properties belonging to ArikAir Limited over $2.5 million indebtedness.

    The Asset Management Corporation of Nigeria (AMCON) brought the motion on notice to the High Court sequel to Monday’s seizure of Arik aircraft and other assets by the Atlas Petroleum International Ltd and its sponsor.

    AMCON is seeking to stop the continued seizure of the Arik Airlines properties on the grounds that the airline was already under another receivership following its indebtedness to Zenith Bank Plc to the tune of N37.0 billion.

    However, Justice Iheme Nwosu, could not proceed with hearing and determination of the AMCON’s suit against the seizure of the aircraft following the discovery that the Deputy Sheriff was not served with the motion as required by law.

    Deputy Sheriffs are officials of high courts who enforce and execute judgement of courts as stipulated by law.

    Justice Nwosu subsequently fixed August 5 and 12 for hearing of the AMCON’s motion.

    Speaking with journalists shortly after the proceedings, a Senior Advocate of Nigeria and counsel to Atlas Petroleum Limited, Sebastian Hon, confirmed that AMCON filed the motion seeking to stop the enforcement of the order against Arik Airline over its huge debt to Atlas Petroleum.

    The senior lawyer observed that while his clients were in the process of enforcement, “AMCON surprisingly, I will say came to intervene that Arik Air is under receivership when they were aware of the matter right from the Lagos High Court to the Supreme Court and the judgments were given against Arik.

    “We are going on with the enforcement as permitted by the law, we will not flout the law or any order of court but as it is, the Minister of Aviation who was served with the enforcement orders has succeeded in grounding two aircraft which are not related to the application AMCON brought to court to stop the enforcement.

    A former judge of the FCT High Court now in Court of Appeal, Justice Olukayode Adeniyi had on June 26, 2024, issued an order directing the attachment and sale of all movable properties of the Arik Air Limited found within the jurisdiction of the court.

    Consequently, the judgement creditor in enforcing the order of the court had seized aircraft, hangers, especially Boeing 737 with registration numbers: B737.700/5N-MJF, B737.800/5N-MJQ, DASH8.Q400 and 5N-BKK in satisfaction of the $2.5 million debt against the airline