Business
Post Covid19: Global Leaders at UBA Africa Day Conversations Seek Path To Economic Recovery
…Global co-operation needed to stem global depression
Global leaders at the second edition of United Bank for Africa (UBA) African Day Conversations, have emphasised the need for meaningful collaborations between governments and the private sector as a panacea for the quick recovery of the economy of the African continent post Covid-19.
The leaders which included the President of Liberia, H.E George Weah; United States Senator Chris Coons; the President & Chairman of the Board of Directors of the African Export–Import Bank (AFREXIMBANK), Professor Benedict Okey Oramah; President, International Committee of the Red Cross (ICRC), Peter Maurer; President spoke on Monday at the virtual Leadership Panel which was moderated by the Chairman, UBA Plc, Tony Elumelu.
Other leading voices who made up the panel were the Founder, Africa CEO Forum, Amir Ben Yahmed; the Secretary-General of the African Caribbean and Pacific Group of States (ACP), H.E George Chikoti; Administrator, United Nations Development Program (UNDP), Achim Steiner and Donald Kaberuka.
While moderating, Elumelu, who is also the Founder of the Tony Elumelu Foundation, spoke on the need to mobilise everyone and explained the necessity to discover a more fundamental solution to Africa’s challenges through collaborative efforts.
“This is the time for us to deal with the situation we have and also forge a better situation for everyone, acting again collectively,” he said. “This is not the time for finger pointing but for collaborative effort by governments and organizations to fight the pandemic globally.”
Continuing, Elumelu pointed out that all hands must be on deck if the African continent is to have a quick recovery from the pandemic, adding “There is need to flatten the curve, we need global co-operation to stem global depression. Africa requires a large stimulus package, and we need long-term solutions to prevent a cycle of debt.”
In his submission, the Liberian President, George Weah, established how collaborations worked in his government in an attempt to stem the sufferings brought about the coronavirus pandemic.
“In Liberia we have taken measures to ease the financial burden on vulnerable business in the informal sector by providing small loan assistance to SMEs and traders. In addition, we are working with commercial banks to manage the repayment of loans as well as to create stimulus packages for citizens.”
On his part, US, Senator Chris Coons, said, “It is important to take a moment to look at how African leaders have reacted to the pandemic. In order for us to recover from this pandemic, we must develop a vaccine that is free and affordable and freely distributed so that full economic activities can return. There are ways we can invest in debt relief, invest in infrastructure and human development. This is no time to be looking backwards. We recognise the power of collective collaboration on the continent.
While pointing out that the pandemic poses an opportunity for Africa to be independent and promote its growth and development as a people without external help; Prof. Benedict Okey Oramah, on his part, said COVID 19 has taught Africa that there comes a time when every group of people will fend for themselves.
He called for the swift implementation of the African Continental Free Trade Area (AfCFTA) agreement, adding, “The priority of government should be to make sure that the AfCFTA gets implemented without delay. If there was any doubt about the importance of that agreement, this pandemic has told us that this is the way to go.
Continuing, Oramah said, “The pandemic has shown so many weaknesses we have across our continent. We know that hunger is looming if we do not do anything. If we allow hunger to take over from the COVID 19 pandemic, we will begin to see political problems filling in. For Africa the problems go beyond health challenges to other areas such as food supply. Hunger is looming and if action is not taken, Africa will see political problem. Africa has become the epicenter of the economic devastation that this pandemic has unleashed upon us.”
While disclosing that Afrexim has made available $200million to supply fertilizers and grains amongst others across Africa, the Afrexim boss added that “If Africa allows hunger takeover the people, it will see an increase in insecurity, which will take a long time to overcome.”
George Chikoti of ACP, said that the huge task of economic recovery on the continent, rests on both the government and the private sector. “The responsibility of COVID-19 does not rest on the government alone, the private sector needs to play a big role in lifting the burden of the pandemic. African governments need to accept the support of the Private Sector in alleviating the impact of the COVID-19 pandemic in Africa,” he said.
“We have been able to release $25m to all member states. One of the major challenges is to make sure that in all countries, we have agricultural activity and high productivity. What we should learn from the impact of this pandemic is that the international community can look at how well they can fund all these initiatives that come from our countries, Chikoti added.
Achim Steiner of the UNDP noted that Digital connectivity is very essential as it is a crucial opportunity to connect all schools across the continent, adding that emphasis on Healthcare is also very important. “Digital connectivity is very crucial to connect schools to the internet. We need to address inequality; also, the virus has put a spotlight on Africa’s healthcare system. Africa needs to look at intermediate strategies like micro-insurance to ramp up this sector. Healthcare has the ability to make a large percentage of the occupation fall into extreme poverty.
“What we need to look at is to find a way for government as a regulator and also as an investor, to leverage private sector investment into these areas” Steiner said.
Peter Maurer, President, ICRC, said there is the need to look at pandemics as part of a broader health system which needs stabilisation; A lot of vulnerable populations in Africa have been heavily infected by the pandemic. “We must do more than life-saving. This pandemic has illustrated the weakness of health, water, sanitation and social systems, and we have to heavily invest into the stabilization of these systems.
Throwing more light on this, Maurer said, “Two things need to follow after live saving during the pandemic. First, the pandemic has illustrated the weak situation of health, water and food systems and we need to heavily invest both by the public and private sectors to stabilize the health sector. Secondly, investment has always gone into the more developed parts of Africa and not the fragile parts. We need Private Public Partnerships and investments by multi-corporate institutions to develop these areas’ he noted.
Amir Yahmed said the crisis is going to be a super accelerator of already existing trends. “We have to get away from the commodity driven model which has failed in creating prosperity. Secondly, self-reliance should be one of the major objectives. The pandemic is wake up call for Africa – Creating new streams of revenue and self-reliance by the African continent”
“We need to use this crisis to take Africa to the next level. This crisis is going to be a super accelerator of already existing trends. I think it has to be a wake-up call for us to attain goals we haven’t reached. Create new revenues for the economy. We also need to attain self-reliance. Self reliance is an important goal. Africa manufactures [only] 2% of what it produces. We need to use this crisis to take Africa to the next level. Invest in digital infrastructure, digital education, agriculture is another opportunity we need to grab. We need to get the AFCTA working,” Yamed said.
Donald Kaberuka on his part opined that “What we need (for this crisis) is something unusual, it is not business as usual. It is not marginal action, it is radical action.”
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
Business
A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test
*A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test*
By Deji Johnson and Mustapha Bello
t begins with a pipeline that should have been completed by June 2026. It widens into a regulatory dispute. And it now risks becoming a defining test of Nigeria’s gas reforms under President Bola Ahmed Tinubu.
At the center is a stalled 80 kilometre gas pipeline from Sagamu to Ibadan, a project backed by over 100 million dollars in investment and built on a protected Gas Distribution Licence issued under the Petroleum Industry Act 2021. The licence granted NGML–NIPCO exclusive rights to distribute gas within Ibadan for 25years based on Nigeria’s Petroleum Industry Act.
On paper, the law is clear. On the ground, the situation is anything but.
For more than three months, construction has been halted following a stop work order issued by the Oyo State Government led by former Shell Contractor and engineer, Governor Seyi Makinde. No detailed public justification has been provided that aligns with existing federal approvals already secured for the project.
What might have remained a quiet regulatory disagreement has now escalated into something far more politically charged. How?
In recent remarks, Nigeria’s Minister of the Federal Capital Territory, Nyesom Wike, who is of the same political party as Governor Seyi Makinde, made a pointed allegation that has since rippled across political and industry circles. He suggested that the Governor of Oyo State and Shell were in what could be described as an “unholy alliance.”
It is a serious claim. One that, if substantiated, would raise profound questions about the intersection of corporate influence, state level action, and federal law.
Neither Shell nor the Oyo State Government has publicly responded in detail to the allegation.
But the silence is now part of the story.
*THE SHELL QUESTION*
For Shell, this moment carries particular weight.
The company has operated in Nigeria for decades, building one of its most significant global portfolios in the Niger Delta. But that history is not without controversy. From corruption claims to environmental damage claims and community disputes amongst others, Shell has faced years of litigation and, in several high profile cases, adverse rulings tied to its operations in the region.
Those cases, many adjudicated in foreign courts, have shaped a negative reputation that continues to follow the company.
Now, a new question emerges.
Is Shell once again operating at the edge of Nigeria’s regulatory framework seeking to exert undue influence in circumventing Nigeria’s petroleum laws, or firmly within it?
Industry sources including a widely reported meeting between their representatives, Oyo State Government representatives and the newly appointed midstream and downstream chief executive, indicate that engagements involving Shell and the Nigerian Midstream and Downstream Petroleum Regulatory Authority could enable the company to enter a gas distribution zone already licensed to another operator in breach of the PIA.
If true, the implications are immediate and far reaching.
A licence meant to protect investors and investments in Nigeria’s gas space ceases to be exclusive against the dictates of the guiding laws. A framework begins to look flexible, and a reform risks appearing reversible.
To many, it seems more than just a commercial dispute and is not just about one company versus another.
Nigeria is in the middle of an energy transition where gas is expected to play a central role in powering industries, stabilising electricity supply, and reducing reliance on expensive diesel. President Bola Tinubu has emerged as a global champion of using gas as a transition fuel in Nigeria and Africa whilst rolling out elaborate but clearly defined plans to achieve it. Yet gas availability remains inconsistent, constraining power generation and limiting industrial output.
Projects like the Sagamu to Ibadan pipeline are designed to close that gap. To halt such a project is to delay not just infrastructure, but impact. To undermine its legal basis is to question the system that enabled it and to introduce competing claims within the same licensed zone is to risk regulatory confusion at a time when clarity is most needed.
This is where the issue moves from commercial to national because at stake is not only an investment, but the credibility of the reform architecture itself.
*OYO STATE AND THE FEDERAL QUESTION*
The role of the Oyo State Government adds another layer of complexity.
Energy regulation in Nigeria, particularly in the gas sector, is governed by federal law. Yet implementation often intersects with state authority, creating spaces where jurisdiction can blur.
The stop work order issued on the pipeline has become the clearest manifestation of that tension. Was it a regulatory necessity?
A precautionary measure? Or, as alleged by Minister Wike, part of a broader alignment with external interests? Without transparency, speculation fills the vacuum and the regulator must avoid finding itself mired in such allegations.
*QUESTIONS THAT WILL NOT GO AWAY*
For Shell, the questions are now direct and unavoidable:
Is Shell, a global energy giant, seeking to operate within the Ibadan gas distribution zone already licensed to NGML–NIPCO?
What assurances, if any, has it received from regulators or state actors?
How does it reconcile such actions with the exclusivity provisions of the PIA?
For the regulator, NMDPRA:
Can a Gas Distribution Licence be effectively shared, diluted, or overridden after issuance? According to Nigerian laws, the answer is No.
What precedent does this set for Nigeria’s gas infrastructure market?
For the Oyo State Government:
On what legal grounds does the stop work order stand, given federal approvals already in place?
And how does this action align with national energy priorities or the state’s gas needs?
Nigeria has spent the last two years telling a new story to the world. A story of reform, of discipline, of a country ready to compete for global capital. And it has worked so far with stability returning to Nigeria’s economy and over $20bn of energy investments looking to enter the country in the short to midterm.
But reforms are not tested in policy papers. They are tested in moments like this.
Moments where law meets influence, investment meets interference and promise meets pressure.
For Shell, long mired in issues surrounding ethical operations in Nigeria, this is more than a business decision. It is a reputational crossroads.
For Nigeria, it is something even larger. Whether the country’s laws will hold when they are most challenged or Whether its reforms will stand when they are most inconvenient or even whether Nigeria’s energy investments future will be shaped by the rules of law, adherence to regulatory protections and provisions or by unethical and corrupt relationships.
Until those questions are answered clearly, publicly, and decisively, the pipeline in Ibadan will remain more than steel in the ground.
It will remain a symbol of a country still deciding which path it truly intends to follow. Nigeria must act quickly and decisively because the world is watching.
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