Business
U.S Gifts Nigeria $2 Million Broadband Study Grant
During the Technology Dialogue, the U.S. Department of State hosted a senior delegation from the Nigerian government led by the Honorable Minister of Communications, Innovation and Digital Economy Bosun Tijani.

The United States and Nigeria have signed a new $2,095,000 grant to assess the viability of the deployment of at least 90,000 km of new fiber optic backbone infrastructure across Nigeria.
The grant was signed during the U.S- Nigeria Technology Dialogue hosted by the Department of State in Washington, D.C.on January 10.
In a statement, the Office of the Spokesperson said that the project, funded by the U.S. Trade and Development Agency, supports Nigeria’s National Broadband Plan 2020-2025 to increase the country’s broadband penetration rate from 42.27 percent to 70 percent and ensure that at least 90 percent of Nigeria’s population has access to affordable and reliable broadband coverage.
During the Technology Dialogue, the U.S. Department of State hosted a senior delegation from the Nigerian government led by the Honorable Minister of Communications, Innovation and Digital Economy Bosun Tijani.
The parties discussed enhancing the resilience and security of essential services and facilities; promoting digital trade, e-commerce, and innovation-driven economic growth; developing a skilled workforce to meet the demands of the digital age; expanding our artificial intelligence partnership related to capacity building, infrastructure, and rights-respecting approaches to governance; and promoting information integrity.
Following the formal Technology Dialogue, the delegations joined a roundtable discussion with industry representatives hosted by the U.S. Chamber of Commerce.
Industry participants included representatives from over 25 U.S. and Nigerian companies active in technology sectors, including artificial intelligence, telecommunications, digital infrastructure, satellites, aerospace, fintech, and cybersecurity.
The program featured a panel discussion on Advancing Public-Private Sector Investment in Innovation and Digital Talent Development.
This panel highlighted opportunities for public-private partnership and investment solutions to spur innovation and promote digital talent development through the U.S.-Nigeria commercial partnership.
A second panel discussion on the role of critical infrastructure in advancing the use of AI examined the interplay between the infrastructure that is essential to the development of AI and the governance frameworks that can help spur deployment of emerging technologies to support inclusive growth.
In line with the Technology Dialogue, the United States and Nigeria agreed to hold a virtual expert exchange on AI-enabled biotechnology.
This discussion will explore how the convergence of AI and biotechnology can spur progress in addressing global health, food security, and science – with a focus on sub-Saharan Africa.
Business
Elumelu Abruptly Ends UNGA Visit Following Afriland Tower Fire

The Chairman of Afriland Properties Plc, Mr. Tony Elumelu, has abruptly ended his trip to New York for the ongoing United Nations General Assembly (UNGA) following a devastating fire at Afriland Towers in Lagos that claimed the lives of several staff members.
In a statement released on Wednesday, Elumelu expressed profound sorrow over the incident, describing the loss as heartbreaking for the Afriland family.
He wrote, “I am shattered by yesterday’s devastating incident at Afriland Towers, that took the lives of our dear colleagues. No words can capture the magnitude of this loss – not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.”
Elumelu revealed that he was en route to New York when he received news of the tragedy, prompting his immediate return to Lagos as a mark of respect to the departed staff.
“As we navigate this grief, I urge you all to reach out to those who are receiving care. In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families,” he added.
He also thanked emergency responders, first aid workers, and members of the public for their swift and compassionate response to the disaster.
To honour the victims, a minute of silence will be observed at 12:00 noon on Wednesday across all companies within the Tony Elumelu Group.
Business
CBN Mandates Banks to Announce Successor MD Three Months Ahead
The CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.
In a circular signed by Dr Rita Sike, Director of Financial Policy and Regulation, and published on the CBN’s website, the bank stated that the new rules apply to Domestic Systemically Important Banks (DSIBs) – the largest lenders that are considered “too big to fail” because of their size and importance to Nigeria’s financial system.“
Consequently, and in line with good corporate governance practice, each DSIB is hereby required to: ensure it obtains regulatory approval for the appointment of a successor Managing Director not later than six months to the expiration of the tenor of the incumbent MD/CEO,” the circular stated.
Banks must also “publicly announce the appointment of the successor MD/CEO not later than three months to the planned exit of the incumbent MD/CEO.”
Whilst stating that the move is part of broader efforts to strengthen corporate governance and maintain confidence in the financial system, the CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.
Business
Nigeria is gradually regaining macroeconomic stability – CPPE
Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.

Dr Muda Yusuf, the Chief Executive Officer (CEO) ,Centre for the Promotion of Private Enterprise (CPPE), declared that Nigeria is gradually regaining macroeconomic stability.
He referenced the downward trend of headline inflation rate for the fifth consecutive month, reaching 20.12 percent in August 2025 from July’s 21.88 percent.
Dr Yusuf made the above comments in response to the data from the National Bureau of Statistics (NBS) for the period under review .
Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.
According to Yusuf the 20.12 percent recorded in August represents a notable 1.76 percentage point decline from July’s 21.88 per cent.
Month-on-month inflation also slowed sharply, with prices rising by just 0.74 percent in August compared to 1.99 per cent in July.
“However, consumer confidence remains fragile due to persistently high food prices and weak purchasing power. Despite this, consumer pessimism is gradually easing, suggesting that households are beginning to adjust their expectations as inflation slows.
“Several factors have contributed to the continued deceleration in inflation, including base effects from the unusually high inflation rates recorded in 2024, FX stabilisation and improved agricultural production from sub-national government interventions, which have helped boost food supply and contain price spikes,” he said.
-
Business3 days ago
Victor Osimhen is Moniepoint’s brand ambassador ‘Made for Your Progress’ campaign
-
Business3 days ago
FIRS says TIN not needed to operate bank accounts
-
News3 days ago
Niger State Makes Preaching An Offense Without Licences
-
News11 hours ago
Large asteroid to pass safely near Earth on Thursday
-
News2 days ago
Abimbola Adebisi is new PPRO Lagos Command
-
Health2 days ago
JUST IN: Doctors in FCT Commence Indefinite Strike Over Outstanding Issues
-
Business2 days ago
Dangote Refinery Begins Nationwide Fuel Distribution Amid Mixed Reactions
-
Sports2 days ago
U20 World Cup: Flying Eagles Final Squad Unveiled Amid Notable Absentees