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Many Headaches of GMB, President-Elect

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Muhammadu Buhari, Nigeria’s president-elect
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For President-elect Muhammadu Buhari, winning Nigeria’s tight election race is the easy part. Keeping Africa’s biggest country afloat will be harder, according to Aryn Baker of Time.

When he defeated President Goodluck Jonathan at the polls on March 28, Buhari made history as the first opposition candidate in Nigeria to unseat a president through the ballot box.

But the president-elect faces far greater challenges when, on May 29, he takes office and must confront Nigeria’s multiple problems, from an economy that has been hit by the falling price of oil, a government paralysed by corruption, and a security sector beset by one insurgency and threatened by another.

Time reported that if Buhari, 72, is to leave a legacy equal to his history-making victory, he will have to take on these challenges:

Cutting out corruption
Buhari’s All Progressives Congress [APC] party emblem is a broom, symbolizing his commitment to sweeping out the corruption that has plagued Nigeria for decades. He has a proven track record, too.
Unlike most of his predecessors and successors, he did not use his time in power, as military president from 1983 to 1985, to enrich himself, and still lives in the modest home of a retired general.
But even if he manages to resist the temptations of office, he will have to work with the political elites in his party who brought him to power, largely through Nigeria’s deeply entrenched system of political patronage and its attendant promises of favors and kickbacks.
“The APC line is that there will be no corrupt individuals in Buhari’s cabinet, but there will have to be some wiggle room,” says Elizabeth Donnelley, assistant head of the Africa program at London’s Chatham House foreign policy institute. “Deals have been made, and things are owed.”
Buhari may not be able to sweep away graft in the short term, but if he immediately strengthens existing anti-corruption institutions that had been intentionally weakened under previous administrations, such as Nigeria’s Economic and Financial Crimes Commission, and oversees the prosecution of standout cases, he will set the right tone.
A good place to start would be an investigation into the country’s petroleum ministry, where an estimated $20 billion in oil revenue is thought to have gone missing, according to a 2014 report by Nigeria’s Central Bank.

Taming Boko Haram
In tackling the Islamist insurgency that has killed more than 13,000 over the past six years, Buhari faces a three-fold problem. With significant help from neighbors Chad and Niger, along with an estimated 100 foreign mercenaries, Nigeria’s army has managed to push Boko Haram out of all but three local districts, liberating territory roughly the size of Belgium.
But in order to keep Boko Haram from re-grouping, Buhari will have to oversee a complete restructuring of an army hollowed out by years of neglect and corruption. He will also need to ramp up security and intelligence services as the insurgents, denied territory, resort increasingly to terror attacks.
Two assaults in the country’s northeast over the weekend took several dozen lives, underscoring the urgency.
Buhari will also need to strengthen the relationship with those countries assisting in the fight, whose leadership feels that they are doing the bulk of the work with little recognition.
The insurgency has devastated parts of Nigeria. The United Nation’s Deputy emergency relief coordinator, Kyung-wha Kang, says that some 1.5 million people have been displaced by the fighting, creating one of the worst humanitarian crises in the world today.
More than 300 schools have been severely damaged or destroyed, and less than 40% of health facilities, in a historically underserved area, remain operational. Farmers have fled fighting in the country’s agricultural heartland, leading to rising food costs and the risk of widespread malnutrition.

It’s the economy, stupid
Nigeria may have surged past South Africa to become the continent’s biggest economy last year, but that growth has slowed.
The International Monetary Fund estimates that economic growth will slow to 4.8% this year, down from 6.1% in 2014, and the Naira is down 17% against the dollar. Inflation is on the rise, and foreign reserves are at a historic low, largely due to the decline in oil and gas prices, which provide nearly 70% of government income.
The oil and gas sector only accounts for about 16% of GDP, which means that if Buhari can help the government diversify its revenue base to better incorporate Nigeria’s booming entertainment and telecoms sector, he could oversee a return to better growth.
The problem is that when it comes to economics, he is largely inexperienced, and will have select cabinet members with strong economic and business backgrounds.
“I believe that Buhari is going to choose a very strong, good team in various departments, but most especially in economy,” Nigeria’s Nobel laureate Wole Soyinka told Bloomberg TV. “I think, like me, he’s an economic illiterate.”

Keeping the oil-rich delta area onside
To secure Nigeria’s economic growth, Buhari will have to prioritize his government’s relationship with the militants that upended the oil industry for much of the early 2000s. In 2009, then Vice President Jonathan negotiated a temporary amnesty deal with the militants that saw an end to the attacks on oil pipelines and kidnappings of foreign oil workers that made the region a no-go area and drove the price of oil to record highs.
In exchange the militants, who claimed that they had long been denied the oil riches from their native lands, received generous payouts. The deal, which includes education stipends for some 30,000 residents, is set to expire at the end of 2015.
If Buhari is not prepared to extend multi-million dollar contracts with local powerbrokers that make up a large portion of the amnesty agreement, the militants could respond with violence, igniting an uprising in the south even as he tackles the Boko Haram insurgency in the north.
Buhari could extend the agreement, but better still would be to address the underlying issues: that the Delta’s oil wealth funds the nation with little in return for locals but environmental degradation and a few low-wage, low-skill jobs.


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MTN Graduates 20 Fellows, Expands Media Innovation Programme

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MTN Nigeria, in partnership with Pan-Atlantic University (PAU), marked a significant milestone in advancing Africa’s media landscape with the graduation of 20 Fellows from the MTN Media Innovation Programme (MIP) Cohort 4 held at the Lagos Business School.

MTN Graduates 20 Fellows, Expands Media Innovation Programme

MTN

The ceremony celebrated excellence, resilience and forward-thinking storytelling, while also announcing the programme’s expansion into a Pan-African edition beginning next year.

The six-month programme, known for its rigorous coursework, demanding schedule and strong emphasis on critical thinking, included an international study visit to South Africa that broadened participants’ understanding of media innovation across the continent.

The graduation event acknowledged the Fellows’ commitment to completing the intensive journey while strengthening their capacity to influence the future of African media.

Dr. Ikechukwu Obiaya, Dean of the School of Media and Communications, PAU, commended the Fellows for their persistence throughout the programme. “In some moments, it was pretty grueling for some of you, but you made it. You are here, and I congratulate you,” he said.

“He encouraged them to see the graduation as a new beginning, adding, “We have so much to do, and each one of us is best positioned now to make that transformation.”

Tobe Okigbo, Chief Corporate Services and Sustainability Officer, MTN Nigeria, congratulated the cohort on successfully completing the six-month programme and reaffirmed MTN’s long-term vision for the initiative.

He said, “Congratulations on completing this journey. You are joining a network of professionals who are committed to elevating the media landscape in Nigeria and beyond.

“The future of this programme depends on your impact. This cohort represents the outcome we envisioned when the journey began. Today, the programme is not only thriving but also expanding.”

He further announced that the Pan-African edition of the programme will be launched in 2026, providing media professionals across the continent with the same level of immersive training and unique exposure experienced by the Fellows.

A key highlight of the event was MTN Nigeria’s presentation of ₦2.5 million in cash prizes to Fellows whose projects demonstrated exceptional innovation, depth of research and alignment with the programme’s ethos of impactful storytelling. The awards were presented by Chineze Gbenga-Oluwatoye, General Manager, Corporate Affairs, MTN Nigeria, and Odunayo Sanya, Executive Director, MTN Foundation.

Vanessa Ukamaka Richard Bassey, Head of Programmes, Sparkling 92.3 FM, Calabar, emerged as the top winner, receiving ₦1 million for the MTN Foundation Chairman Award for Innovative Reportage and another ₦1 million for the MTN Chairman’s Prize for Innovation. Sharing her experience, she said, “It’s been a training ground. It has opened me up to new things and made me more confident. There’s something about knowledge and information and exposure to your mind and to your esteem. After today, I know there’s nothing to be afraid of.”

Abolaji Adebayo received ₦500,000 for the MIP Cohort 4 Best Report, recognised for its clarity, depth and relevance to national discourse.

Several Fellows shared how the programme has reshaped their careers. Adekeye Ayobami of Abamimigo FM described the programme as arriving at the perfect moment, aligning with his recent career elevation.

Ubani Amarachi of Channels TV highlighted the value of the South Africa trip, noting that it transformed her approach to telling African stories and reinforced her belief that graduation marks the beginning of greater responsibility and impact.

The graduation of the MIP Cohort 4 Fellows, coupled with the announcement of the Pan-African edition, reinforces MTN Nigeria’s long-standing commitment to strengthening the media ecosystem through education, exposure and innovation.

The partnership between MTN Nigeria and Pan-Atlantic University continues to serve as a catalyst for developing media professionals equipped to shape narratives, advance societal progress and drive meaningful change across Africa.


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FirstCap Acts as Joint Issuing House on Veritasi Homes & Properties Plc’s ₦30 Billion Bond Programme

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FirstCap Limited, a premier investment banking business and a wholly owned subsidiary of FirstHoldCo Plc, acted as Joint Issuing House and Placing Agent on the Veritasi Homes & Properties Plc’s Series 1 Bond of ₦10 billion under its ₦30 billion Bond Programme duly registered with the Securities and Exchange Commission (SEC).

The Bond Programme is designed to support the development of Project Oyster Towers, located within Eko Atlantic City. Proceeds from the Series 1 Bond issuance are expected to be applied towards the construction of 30 luxury residential units, forming part of an 82-unit residential development comprising one-bedroom, two-bedroom, and three-bedroom apartments.

Veritasi Homes & Properties Plc is an indigenous real estate development company with operations across Lagos State and the Federal Capital Territory, Abuja, and a growing track record in the delivery of residential real estate projects in Nigeria.

Commenting on the transaction, Ukandu E. Ukandu, Managing Director/Chief Executive Officer of FirstCap Limited, stated:

“We are proud to partner with Veritasi Homes & Properties Plc on this important transaction. The establishment of the ₦30 billion Bond Programme reflects our commitment to mobilising capital for the real estate sector, which remains a key driver of Nigeria’s economic growth. Project Oyster Towers exemplifies the future of luxury and sustainable living in Nigeria, and this transaction reinforces FirstCap’s role as a trusted advisor in major corporate finance initiatives.”

FirstCap’s involvement in the Bond Programme further reinforces our dedication to supporting the growth of the Nigeria’s real estate sector. The successful execution of this transaction highlights the depth of expertise within our capital markets team and our role in supporting issuers in accessing long-term funding solutions aligned with their strategic objectives.

By continuing to connect capital providers with high-impact infrastructure projects such as Project Oyster Towers, we remain committed to driving economic development and delivering long-term value for all stakeholders, Ukandu added.

 


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NITDA DG Calls for Innovation-Led Economic Rebirth @ Kano Startup Weekend

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Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.

He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.

He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.

According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”

He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.

He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.

According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.

He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.

“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.

Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.

He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”

He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.

“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.

Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.


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