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Opeke, Others at NSE/Bloomberg CEO Roundtable Bemoan Forex Challenge
Top chief executive officers (CEOs), policy makers and key players from all the sectors of the Nigerian economy who converged at the third edition of the Bloomberg CEO Roundtable believe that addressing the macroeconomic problems has become inevitable to move economy forward.
“This situation has prompted a difficulty towards accessing forex in Nigeria, and there is no domestic substitute for Naira, said Funke Okpeke, CEO, MainOne during an interactive session at the event.
The Nigerian technology industry has been under serious threat following the numerous challenges, a situation which has triggered an outcry from various telecom operators.
“We have seen lots of retrenchment; quality of service has been eroded; operational inefficiencies are becoming high due to low investment. And we are not able to invest as a result of forex inaccessibility.
Funke said that some of these issues need to be addressed by focusing on fundamental macroeconomic problems, adding those policy implementations need to be prioritized to get results.
Nigeria Needs More Commitment To Economic Reforms
“Nigeria must quickly show a high level of commitment to some of the economic reforms that are work in progress.” said Dr. Doyin Salami, Senior Lecturer at Lagos Business School, while delivering a lecture titled “Economic Roundup.”
He explained that the reform elements in the economic plan must be quickly addressed for Nigeria to build a sustainable, inclusive and rapid economy.
The renowned economist said hoping to get out of recession is a limited ambition, stating that the priority should be what Nigeria must do after getting out of recession.
“If we don’t get the figures right in the second, definitely it will reflect on the third quarter, the issue remains the reactions to achieve sustainable, rapid and inclusive economy.
He lamented about the low level of investment, cost and the severe constant pressures on consumers, adding that inflation currently seats at 16.3 percent, a situation which has triggered a disadvantaged competitiveness to Nigeria.
“Despite the rising cost, wages and salaries were not increased, and it has been on a constant shrink, thereby mounting pressures on consumers.
“Also, investment is pretty small; we are only investing 13 percent of its GDP, which ought to have been twice.” He added.
Fed Govt Engages Foreign Investigators To Trace Illicit Funds
In a keynote address, Mrs. Kemi Adeosun, minister of Finance, said the Federal Government had engaged a global investigation agency in a bid to trace illicit funds originating from Nigeria to different parts of the world.
Adeosun stated this while in a keynote address at the Nigerian Stock Exchange-Bloomberg CEO roundtable in Lagos.
She said, “We have just 40 million active taxpayers out of an estimated 69.9 million, who are economically active in Nigeria. And of that 40 million, the majority are PAYE (Pay As You Earn), that is, those who have their tax deducted at source.
“Among those who are even paying taxes, there is widespread malpractice that results in only part of the actual income being subjected to tax.”
She noted that the Federal Executive Council on Wednesday granted permission for the Ministry of Finance to sign the global convention on base erosion and profit shifting that allowed companies that generate profits in Nigeria to evade taxes by shifting the profits to countries or jurisdictions where little or no tax was payable.
“These practices harm Nigerians and must stop,” said the minister, who described the nation’s tax to Gross Domestic Product ratio of six per cent as one of the lowest levels in the world.
“We have a lot of work to do if we are going to build a sustainable revenue base that will deliver the growth we desire. Even within our tax-paying community, only 214 people in the entire nation pay taxes of N120m in spite of having some of the richest people in Africa and some of the best capitalised companies in Africa; only 214 in the entire country, all of who are in Lagos State,” the minister stated.
Adeosun said the issue of tax evasion must be addressed aggressively for the country to grow, adding, “And to do so, we will have step on some big toes, and we will need to step on them hard. But we really have no choice.
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“Those who have more must carry their fair share of the tax burden, and so to this end, for the last 15 months, we have engaged in a huge data-gathering exercise. We have engaged one of the world’s leading global investigating agencies and we have traced funds originating from Nigeria to all parts of the world.”
The minister said the illicit flow of funds out of Nigeria was harming the country, adding, “It deprives us of essential funds and those same funds are then used to finance developments in other nations. This must stop.”
Speaking on the nation’s debt profile, she said the government would always have a conservative appetite for borrowing.
“However, in the short term, we will all have to bear the discomfort of an imbalance between our debt service and our revenue as we exit the recession and return to growth,” Adeosun added.
While describing more efficient revenue mobilisation as an important financing strategy, the minister said, “I am sure you are aware of the controversies about the amount of money that we are using to service our debts at the moment. The solution is revenue; if we have more revenue, we will borrow less.
“If we have more revenue, our debt service to revenue ratio will improve. So, the solution to the problem is not to reduce our debts. At this point in time, we have no choice; we must borrow to fund our infrastructure. The solution to the problem is to increase our revenue and that we are doing.”
According to her, the nation’s infrastructure deficit is so deep and so critical, and government cannot do it alone, even if the entire budget is dedicated to capital projects.
“So it is critical that we will engage with the private sector and to this end, we intend to revive public-private partnership in Nigeria,” Adeosun stated.
She said the government was reviewing the PPP framework as well as trying to resolve outstanding issues with existing and even failed projects.
As the world marks International Youth Day, attention once again turns to the opportunities and challenges facing young people as they prepare for work, financial independence, and adulthood.
In Nigeria, the urgency is clear. According to UNICEF, about 7% of young people aged 15–24 possess basic ICT skills, highlighting a wider gap in the skills required to participate effectively in an increasingly digital economy.
At the same time, the Federal Government, through the Federal Ministry of Youth Development, continues to prioritize skills development, job creation, entrepreneurship and social inclusion.
For PalmPay, youth empowerment goes beyond corporate social responsibility. It is an investment in the people who will shape Nigeria’s workforce, businesses and economy.
This belief is reflected in initiatives focused on financial literacy, employability, digital skills and access to opportunities.
Through its Graduate Trainee Programme, PalmPay provides young graduates with opportunities to gain workplace experience, develop professional skills and build careers in a fast-evolving industry.
The investment also extends to financial education. Through its NYSC Financial Literacy Programme, PalmPay brings practical financial education to young Nigerians at an important transition point, helping Corps members develop better habits around saving, spending, budgeting and protecting their money.
For young women, Purple Woman provides another pathway to economic empowerment, creating opportunities for internships, learning and professional development while supporting greater female participation in the technology sector.
Speaking on the importance of youth empowerment, Chika Nwosu, Managing Director of PalmPay Nigeria, said: “Nigeria’s young population is one of its greatest assets, but unlocking its potential requires access to the right skills, knowledge and opportunities. At PalmPay, we are committed to equipping young Nigerians to learn, earn and thrive in an increasingly digital economy. We believe that investing in young people today is an investment in a stronger, more inclusive Nigeria.”
These initiatives reflect a broader belief that youth empowerment is most meaningful when young people are given the knowledge, exposure and opportunities to apply what they learn.
A graduate given workplace exposure today can become tomorrow’s business leader. A Corps member who develops sound financial habits can carry those lessons into their career and personal life. A young woman given access to professional opportunities can gain the confidence, experience, and networks to create opportunities for others.
Investing in young people is a great strategy for building a stronger, more productive, and more inclusive economy.
This International Youth Day, PalmPay reaffirms its commitment to investing in young Nigerians and contributing to a broader national ambition where the young population is not just counted, but equipped, employed, empowered, and positioned to lead.
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
L – R: Tony Elumelu, Chairman, Heirs Life Assurance; Pastor Jerry Eze, incoming director, Heirs Life Assurance
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent – among the lowest globally – highlighting the need to expand financial protection and build greater public trust in insurance.
As Heirs Life continues to pursue its mission of making insurance accessible to every Nigerian, Eze’s appointment brings a unique perspective on community engagement, value-based leadership, and broad societal impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he has become one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, Eze is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Life Assurance, said: “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.
“As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians.
“We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said: “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Life Assurance has become one of Nigeria’s leading specialist life insurance companies, ranking 7th on the Financial Times list of Africa’s fastest-growing companies.
It is one of the three insurance businesses of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
Combining an omni-channel digital presence with physical branches spread across the country, Heirs Life continues to redefine life insurance through innovation, customer-centric solutions, and a commitment to making financial protection accessible to every Nigerian.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, collectively serves over 3 million people directly and indirectly.
The Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
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