Economy
Elumelu Tasks Policy Makers On Poverty Reduction
Policy makers in the country have been urged to do more in coming up with a veritable solution to achieving poverty reduction in Nigeria.
Chairman of Heirs Holdings and UBA Plc, Mr Tony Elumelu, gave this advice while delivering a paper themed “Entrepreneurship, Corporate Social Responsibility and Africapitalism: The Role of The Private Sector In Fighting Poverty in Nigeria”, at the National Institute of Policy and Strategic Studies in Kuru, Plateau State.
Mr Elumelu, at the occasion, addressed a distinguished guest list of 67 participants from top government constituencies including the police, the military, national planning, works, and the presidency, debating ways to move the country forward in light of the present economic challenges.
According to founder of The Tony Elumelu Foundation, “Governments alone do not have the capacity to provide the basic daily needs or employment for the millions of young Nigerians entering the job market every year.”
He noted that, “The private sector must be an integral part of our national poverty eradication and development strategy.”
In his lecture, the chairman of Heirs Holdings acknowledged the efforts of the Institute in constituting the gathering of think tanks, hailing it as a timely event in paving the way for engineering the country’s socio-economic development. He expressed optimism that with the right policy reforms, Nigeria could be well on its way to rising above its present challenges.
The former UBA GMD reiterated his long-term conviction on entrepreneurship as a solution to arresting the economic challenges facing the country. He stated that past governments had not been successful in eradicating poverty in Nigeria in spite of the various entrepreneurship schemes that have been introduced over the past 30 years.
An advocate of Africapitalism, Mr Elumelu expressed that entrepreneurship and not philanthropy, is key to achieving poverty reduction and empowering Nigerians as we strive to solve our challenges without dependence on aid from outside the country.
“No one but us will save ourselves,” he said. “The development of Africa is up to Africans. Donors and partners can help, but the work of developing our nations is ours. Nigeria’s poverty and development challenges are great. But they do not exceed the capacity of our people to solve them. We welcome every initiative that helps in reducing poverty. More effort is required’ said Mr Elumelu.
Expounding on the benefits of Africapitalism, he cited the achievements of the Tony Elumelu Foundation Entrepreneurship Programme as a case study of how Africans, and by extension Nigerians, can solve their own problems via entrepreneurship.
The goal of the yearly programme is to invest $100 million over the next 10 years to identify, train, mentor and seed 10,000 African businesses with a view of creating 1 million new jobs and $10 billion in additional revenue for the continent by democratizing and institutionalizing the ‘luck.
The second set of 1,000 entrepreneurs was announced a few months ago and boasted of representation from all thirty-six states of Nigeria and other African countries.
“The programme and the forum will serve to empower, inspire and, most importantly, teach these young African Men and Women how to become fishermen. I am proud to tell you that in the Class of 2015, Nigerian entrepreneurs numbered 480, and all 36 states were represented.
“This year, Nigerians make up 601 (or 60%) of the top 1,000, bringing the total number of Nigerian entrepreneurs in our programme to 1,081,” he said as he tasked the participants to act in their various capacities to reduce poverty in Nigeria.
The Acting Director General of the Institute, Ibrahim Lamorde, in full support of this in his vote of thanks, urged the participants in their respective workplaces to commit to creating a conducive environment for entrepreneurs to thrive.
“All 67 participants and those of us who are also in other areas of responsibility will go out and ensure that between now and the end of the year, we promote just one policy that will drive change. I think this will go a long way in addressing the issue of poverty in this country.”
He concluded by urging Mr Elumelu to encourage and advise other wealthy entrepreneurs to emulate and support the good work he is doing in Nigeria and across the African continent.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
“What we are seeing is a gradual re-rating of Nigeria. investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said during a live interview on BBC Newsday in London.
He is in the United Kingdom as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to Buckingham Palace.
Mr Popoola explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”
The NGX group chief concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
By Adedapo Adesanya
Global cryptocurrency platform, Luno, has launched a structured crypto prediction markets product in Nigeria, which will enable customers to apply their market knowledge to short-term crypto price events and earn USDC when their insights are correct.
The prediction market allows customers to express a view on whether the price of selected crypto assets, being BTC, ETH, SOL, DOGE, and XRP, will be above or below the daily price event. The market operates daily with clearly defined rules and settlement periods, offering customers structured, time-bound opportunities to act on their conviction.
Nigeria remains one of the most active crypto markets globally, with increasing demand for tools that combine simplicity and transparency. By introducing Prediction Markets focused solely on price levels, Luno aims to provide a fast, confident, and opportunity-forward format for market engagement.
Unlike traditional gaming or prediction firms like Polymarket and Kalshi, in which the odds are set by the company, Luno’s Prediction Market, powered by Limitless, is focused exclusively on crypto asset price movements within the Luno platform.
This means customers are not purchasing the underlying asset, but participating in a defined, outcome-based market that settles transparently based on real-time price data.
According to a statement, the launch reflects a broader shift in how customer behaviour is evolving in Nigeria’s growing crypto asset ecosystem, particularly as crypto asset adoption matures, many users are seeking more flexible and responsive ways to engage with markets beyond long-term holding or traditional spot trading.
Luno’s Prediction Markets product is designed to meet this demand within a familiar and regulated platform environment. The feature builds on how customers already interact with crypto asset prices – analysing charts, following market news, and forming views- and provides a structured framework for expressing those views.
According to Mr Ayotunde Alabi, chief executive of Luno Nigeria, the company is combining crypto education with a secure platform to help Nigerians confidently apply their market knowledge in a responsible and practical way.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets. Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.
“By tying this to our ongoing educational initiatives, such as our scholarships with AltSchool, we are encouraging users to apply what they have learned about market analysis into a practical, responsible framework. Our priority is ensuring that where confidence meets opportunity, it is supported by the standards of trust our customers expect.”
Luno said it will further support the rollout with Learn & Earn educational content and tutorials explaining market mechanics and price determination. To promote informed decision-making and ensure the product is used responsibly,
Luno has embedded specific controls, including customers reading and acknowledging a risk disclosure before participating, as well as moving funds from their ordinary USDC wallet to a separate prediction wallet, which will be used to participate in prediction markets.
The firm also said that customers cannot hold both sides of the same market, in this case, Above and Below at the same time.
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