Business
AKWA IBOM: HOW ENTREPRENEURS ARE DRIVING ECONOMIC DISRUPTION VIA FINTECH
MefLyN AnwanA
A large number of people use fintech solutions. If we check our phones and mobile gadgets for example, we will find one or two apps that we use regularly for finance-related transactions and activities.
According to Wikipedia, Financial technology (FinTech) is the technological innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. The use of smartphones for mobile banking, investing, credit service and cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public. Financial technology companies comprise startups, established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing players.
The outbreak of the COVID-19 pandemic has posed great challenges to economic activities and will have far-reaching consequences. On the other hand, crisis is also a strong driver of creativity and innovation. Indeed, if examined closely, one can already observe the results of creativity and innovation emerging at individual levels across the globe.
Public Transportation brings people into close contact in a confined space, increasing their risk of exposure to the virus. Interestingly, the Akwa Ibom State Government has issued public transport guidelines to operators and passengers to curb the spread of the Coronavirus. However, while the directives expect passenger spacing to be fully observed, passengers tend to have an increased risk of acquiring the virus, given their close contact with others. Moreover, cash payment, which is predominant amongst public transport users, tends to place passengers and drivers at high risk of contracting the virus easily – and further spreading it. Sincerely, it is tasking to practice social distancing amongst many transport users.
Framed against this backdrop, it is noteworthy to witness the emergence of companies proffering dynamic solutions via Fintech in the transport sector. One such startup is DRYVA, which is introducing an interesting Fintech model of combating the spread of covid-19 while enabling cheaper, faster and more convenient transportation. The company aims to bridge the urban needs of the transportation sector using smart technology that suits the Retailers market, and also provide cashless and very affordable fares, as well as effective security for customers to curtail social vices which are common in the urban mass transit transportation system. This system is bound to add immensely to the growth in the transportation sector.
Increasingly, entrepreneurs in Nigeria and Akwa Ibom state are deploying fintech solutions as strategies for scaling their businesses, delivering goods and services, and meeting the needs of clients. Some of them have integrated payment gateways and processors on their e-commerce websites and apps. A customer can shop for an item on a vendor’s site, make payment via Paystack or a flutter-wave gateway embedded on the platform, and receive the product via dispatch services. This synergy contributes to efficiency and reduces the hassles associated with handling cash.
Fintech solutions are indeed disrupting the way we do business.
Five months ago, as a result of the covid-19 pandemic, Facebook launched Facebook Shops, a platform on Facebook and Instagram for small business owners, big brands, and customers to make buying and selling easier with payments made using credit cards. Today, with shops currently locked in some states in the US due to the second wave of the pandemic, fintech solutions like Facebook Shops are helping users run their businesses effectively.
In today’s digital landscape, the adoption of FinTech is inevitable for financial institutions to stay competitive in the financial industry. Since their sudden appearance in the aftermath of the 2008 financial crisis, FinTech startups have been disrupting the financial scene by offering digitized financial services that are much more convenient for customers, compared to traditional banking. As a result, established monetary institutions will need to adapt and rebrand by leveraging the benefits that FinTech has provided.
In the course of the lockdown occasioned by the pandemic, there was an upsurge in the use of home delivery/dispatch riding services by businesses. Payments were made online and products were delivered to clients and customers offline. The new model of transportation of products from suppliers to end-users disrupted the conventional model of product pickups at shops and business premises which kept the economy afloat. With new delivery services companies springing up daily, new jobs are being created and services are being rendered.
Contrary to conservative opinions, the shift towards incorporating FinTech into business structures is anything but bad for the established banks, especially during a financial crisis. With the integration of FinTech, the financial services provided by banking enterprises, such as monetary transactions and insurance investments, will be further enhanced in terms of speed and accessibility to cater to the needs of customers. This in turn will allow enterprises gain customers’ trust and revenue growth, even during the economic crisis. As such, the emerging FinTech market has become more relevant during the post-covid-19 economy for its ability to re-engineer the business structure of financial institutions to remain competitive when crisis strikes.
If we are asked to imagine a world without fintech solutions, certainly we will all agree that it will be a difficult world to live in as fintech apps help us send and receive money, save money, borrow money, lend money, and invest money. The economic system of the world is evolving and the possibilities of Fintech solutions in business are endless.
It is left to us to only explore!
Business
FLOUTING CONTRACTUAL OBLIGATIONS, DEFYING COURT ORDERS, AND DISREGARDING ARBITRATION: THE FACTS BEHIND HADIZA BALA USMAN’S ABUSE OF OFFICE AS NPA MD
FLOUTING CONTRACTUAL OBLIGATIONS, DEFYING COURT ORDERS, AND DISREGARDING ARBITRATION: THE FACTS BEHIND HADIZA BALA USMAN’S ABUSE OF OFFICE AS NPA MD
By BUA Group | May 31, 2025
We have noted recent public statements made by Ms. Hadiza Bala Usman, the former Managing Director of the Nigerian Ports Authority (NPA), who was sacked from office. In her comments, she accused BUA Group and our Chairman, Abdul Samad Rabiu, of breaching a concession agreement and distorting facts. These claims were made in response to our Chairman’s interview and article, “Two Years of President Tinubu: A Business Perspective” (watch at https://bit.ly/pbatbua), which celebrated Nigeria’s reform trajectory and referenced prior instances of arbitrary disruptions to business operations, without naming anyone – a situation that has now been curtailed by President Tinubu’s no-nonsense approach to bringing sanity and stability to the business environment in Nigeria.
Ordinarily, we would not engage, but the distortions in her response necessitate this factual clarification, especially as they relate to her actions during her tenure as MD of the NPA.
THE CONTRACT AND WHAT SHE OMITTED
In 2006,
BUA entered into a valid long lease agreement with the NPA to rehabilitate and operate Terminal B at Rivers Port in Port Harcourt, Rivers State. Long before Ms. Usman’s appointment, BUA had begun formal engagement with the NPA to address outstanding remedial works and infrastructural deficiencies. These discussions were nearing their conclusion when she assumed office.
Rather than build on that process, Ms. Usman ignored BUA’s requests and obligations under the agreement. In 2016, BUA wrote to the NPA under Article 8.4 of the lease, mandating concessionaires to report environmental and safety concerns and to seek approval for remedial works. Rather than act constructively, Ms. Usman used that letter as a pretext to issue a termination notice and summarily shut down the terminal, without providing any prior warning, consultation, or invoking the dispute resolution clause.
She forgot or failed to disclose in her response that the NPA, under her leadership, was itself in material breach of core obligations including, failing to hand over critical portions of the port, leaving derelict iron ore on the berths, failing to dredge or repair quay walls, and neglecting to provide mandatory security. These lapses were significant impediments to BUA’s operations and, as a result, led to disputes between the parties.
ILLEGALITY, CONTEMPT, AND DISREGARD FOR CONTRACTUAL MECHANISMS
After the unlawful termination, BUA approached the Federal High Court, which promptly granted an injunction restraining the NPA from proceeding with termination. The NPA itself then referred the dispute to arbitration, as stipulated in Section 17.3 of the agreement, which clearly states:
“Any dispute, controversy or claim… shall be exclusively and finally settled under the dispute resolution process prescribed in this Article.”
Despite this, Ms. Usman, against the advice of her agency, unilaterally decommissioned the berths, thereby violating both the agreement and a court injunction. To be clear, the concession agreement granted her no such power to decommission. If she believes otherwise, we invite her to publicly cite the specific clause that authorizes this action.
To further compound the illegality, BUA, after providing the guarantees and indemnities requested by the NPA, was permitted to resume operations briefly. Merely three weeks later, the terminal was again shut down, this time by Ms. Usman’s instruction. This left no doubt that her actions were motivated not by due process, but by personal animosity and abuse of office.
BUA subsequently filed contempt proceedings and was looking at estimated losses of over $10 million. These proceedings were only withdrawn out of respect for national interest and following the intervention of well-meaning Nigerians within and outside the government.
PRESIDENT BUHARI WAS NOT MISINFORMED—HE ACTED ON FACTS AND LAW
Ms. Usman’s claim that former President Muhammadu Buhari was “misinformed” when he reversed her actions is false, disrespectful, and disingenuous.
Following a meeting that our Chairman had the privilege of holding with President Buhari in 2018, he presented the matter to the President, who then directed the Office of the Attorney General of the Federation to conduct a thorough legal review and investigate the situation. The AGF invited all parties, including Ms. Usman, to several meetings. We never saw her at any of them.
Nevertheless, the AGF proceeded to undertake a comprehensive review of the contract, the litigation, the arbitration clause, and all correspondence and actions by BUA and NPA. The legal advice (attached herewith) found that the termination was unlawful, the decommissioning was without any legal basis, and that BUA’s rights should be reinstated.
It was on this basis that President Buhari ordered the reversal of her unlawful actions. His intervention preserved the sanctity of the contract, saved over 4,000 jobs, and BUA’s $500 million integrated investment cluster involving flour, pasta, and sugar processing facilities, which were all dependent on terminal access. For this, we remain deeply grateful to former President Buhari.
As our Chairman said in his interview, imagine if he weren’t privileged to have access. Nonetheless, this culture of impunity has been significantly curtailed under President Tinubu’s leadership, as many are aware that they could be dismissed or imprisoned if they abuse their positions.
POST-HADIZA: DUE PROCESS RESTORED, INVESTMENT RESUMED
Following Ms. Usman’s removal from office, the NPA, under new leadership, implemented the AGF’s position. In 2022, BUA was granted formal approval to resume reconstruction works. The contract was awarded to TREVI, and BUA has since invested over $65 million—entirely self-funded and with no recourse to public funds or subsidies. Work is ongoing, and completion is expected in the first quarter of 2026.
THE REAL DANGER: INVESTOR CONFIDENCE AND THE RULE OF LAW
We must state clearly that this matter goes beyond BUA. Had Ms. Usman’s actions been allowed to stand, it would have sent a disastrous signal that contracts in Nigeria are worthless, court orders are optional, and public institutions or individuals can act unilaterally without consequence. We must never return to that era.
Nigeria’s reform success today is rooted in respecting contracts, due process, and investor confidence—principles being restored under President Tinubu’s administration, under which BUA has committed over $1 billion in new investments across energy, food processing, manufacturing, infrastructure, and social interventions.
We wish to emphasise that Ms. Usman is entitled to her opinions, irrespective of how distorted they may be. However, she is not entitled to distort the facts or rewrite history. We do not seek a public spat and would like her to concentrate on fulfilling her duties in her new role under the strong leadership of President Tinubu.
We therefore simply restate the facts that Ms Hadiza Bala-Usman had no authority to decommission Terminal B unilaterally. She also acted in defiance of a court injunction and contractual procedure, and her actions caused significant economic loss of over USD10 million, reputational risk to BUA, and investor concern for Nigeria.
Our core message remains the same: public office should be viewed as a position of trust rather than a platform for personal biases. Those granted public power need to resist the temptation to let prejudice, ego, and vendetta influence their actions.
If Ms Hadiza Bala-Usman believes she acted lawfully, we challenge her to cite the specific clause or clauses that guided her unlawful actions. If not, let the facts remain where they belong — in the public record.
Signed,
BUA Group
May 31, 2025
Business
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