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Forbes Lists Chronic Debtors as Richest Nigerians

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Again, Forbes, the American business magazine may have stirred another varied assortment of controversies with its recent listing of some of Nigeria’s greatest debtors as the richest in the country.

Though Forbes ranking criteria is unclear, the list is punctuated with errors either out of ignorance or deliberate attempt to stir debate or both.

But at the risk of maligning the list, Aliko Dangote was justifiably ranked as the richest African in the world just as “Forbes “was spot on with Mike Adenuga who has hands in every profitable pie.

Also apart from the likes of Folorunsho Alakija, Nigerian oil tycoon and businesswoman; and Tony Elumelu, the serial entrepreneur and philanthropist, the list is people by reckless loose ranters and chronic debtors.

The Forbes richest list refused to acknowledge some golden fishes that have hid in the background helping to underpin the development of the country.

For the Dangotes, Adenugas and Elumelus;  their enterprises speak volumes.

The shares they hold in quoted companies; the size; and market share of their companies; the number of companies they own; and its assumed value; the market value of their companies’ brands; and the impact of their companies on the Nigerian economy are humongous.
 
But not featuring the likes of Leonard Stanley Nnamdi Ekeh generally known as Leo-Stan on the list is contemptuous.

Leo-Stan, a first rate economist, risk manager and digital entrepreneur has built an enviable business empire with his bare hands and special God’s favour.

It is assumed that “Forbes did not contemptibly rank its list in the order it appeared because Leo-Stan and his companies are arguably the only ones in the country not trading with banks’ or other peoples’ money.

He is a solid digital entrepreneur and an Icon of Hope, who has given Nigeria IT identity in the international community.

Leo-Stan is a motivational leader whose vision to “Computerize Nigeria” has reshaped the history of information Technology in the Nigeria in particular and the Third World in general.

He pioneered Desktop Publishing and Computer Graphics in Nigeria, with his first company, Task Systems Ltd in 1989.

Through Task Systems Ltd, he succeeded in computerizing 95% of the Print Media, Advertising Agencies and Publishing Houses in Nigeria! This was just the first step in a journey that would revolutionize the Nigerian Media and Multi – Media sector.

Following his success with his first company, he pioneered the distribution of ICT products in West Africa with Technology Distributions Ltd.

This company is now the No.1 ICT distribution company in Sub Saharan Africa. Under his leadership, Technology Distributions Ltd. has become one of the most recognized and decorated distribution companies in Nigeria and Africa as a whole.

For years, TD has consistently won awards for outstanding performance in areas such as market penetration, revenue generation and preferred partner status.


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UK Appoints Peter Vowles as British High Commissioner to Nigeria

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The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.

Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.

He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.

Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.

Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”


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Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

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World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.

The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.

According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.

The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.

He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.

“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.

The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.

It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.

The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.

Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.

It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.

The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.


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PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

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As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.

These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”

PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.

Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.

“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”

The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.

For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.


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