Why African don’t go far in business – Obi Cubana
Business mogul, Obi Iyiegbu, popularly known as Obi Cubana, has revealed the reason many African entrepreneurs do not thrive in business. Cubana attributed it to a lack of collaboration and an obsession with sole ownership. The billionaire businessman, who stated this in a video that went viral on Saturday, spoke on the difference between African
Why African don’t go far in business – Obi Cubana
Business mogul, Obi Iyiegbu, popularly known as Obi Cubana, has revealed the reason many African entrepreneurs do not thrive in business.
Cubana attributed it to a lack of collaboration and an obsession with sole ownership.
The billionaire businessman, who stated this in a video that went viral on Saturday, spoke on the difference between African and Western business mindsets.
According to him, most Africans prefer to operate alone, while their foreign counterparts understand the power of partnerships and shared ownership.
He further explained “I must own it all” mentality limits growth and makes it difficult to execute large-scale projects, stressing that individuals often prioritise control over collective progress.
“Why we Africans don’t go far in business is because we want to own it ourselves. Nobody wants to share. You see, But oyibo people, I bet you there might be 20 owners who don’t even know themselves and they come together to make complex project look very simple
“But our problem is that I want to have Obi Cubana and Sons Limited. whether your sons are interested in the business you do or not and that’s why the moment they die, the business dies.
“The moment they are incapacitated, the business dies because there’s no second or third generation to carry on,” he said.
Why African don’t go far in business – Obi Cubana
Read moreHassan wins 97.66% in Tanzania election amid opposition boycott, unrest
Tanzanian President Samia Suluhu Hassan has secured a landslide victory in the country’s disputed presidential election, winning 97.66 per cent of the vote amid an opposition boycott, allegations of repression, and violent protests that have drawn international concern. The post Hassan wins 97.66% in Tanzania election amid opposition boycott, unrest appeared first on Nairametrics.
Read moreWorld Leaders, Education Ministers to Converge on Abu Dhabi over Learning Crisis
World Leaders, Education Ministers to Converge on Abu Dhabi over Learning Crisis
Omolabake Fasogbon
Amid deepening learning challenges, education ministers, innovators and leaders across the globe are set to converge in Abu Dhabi, United Arab Emirates to chart reforms at the World Schools Summit.
The summit holding in November at Yasmina British Academy will unite more than 1,000 education leaders, policymakers and technology partners to reshape learning strategies for 21st-century’s relevance and on harnessing education to build leadership for a better world.
Organisers of the summit, T4 Education, Aldar Education and the Emirates Foundation, with support from the Children’s Investment Fund Foundation (CIFF) stated that the initiative comes amid growing concern that millions of children particularly in Africa and low-income regions risk being left behind by outdated curricula and weak digital infrastructure.
In recent World Bank assessments, over 70 per cent of 10-year-olds in developing nations cannot read and comprehend a simple story, a situation said to be worsened by COVID-19 pandemic.
Speaking on the summit, Founder of T4 Education and the World Schools Summit, Vikas Pota, warned that the world stands at a critical crossroads, where failure to act on education could further fuel global instability.
He said, “We must take urgent action to halt runaway climate change, adapt as AI revolutionises our economies, promote peace in the face of destructive conflicts, and tackle the most enduring inequalities.
“A better world is possible, but only if leaders from across the planet, from governments to businesses, NGOs, academia and tech, recognise that at the heart of all these crucial questions lies education. I am proud to be bringing these leaders together at the summit, as I invite participants from Nigeria and around the world to join us.”
Among leaders expected at the summit include Chief Technologist for Learning and Sustainability at Google, Ben Gomes; CEO of CAMFED and one of TIME’s 100 Most Influential People of 2025, Angeline Murimirwa and Director at the Brookings Institution, Rebecca Winthrop amongst others.
Also to dominate discussions at the summit is employing technology and AI in reshaping classrooms, with insights from global giants like Microsoft, Google, and HP.
Director at Microsoft Elevate, Caroline Mutepfa said, “AI-driven tools and personalised learning pathways are key to empowering educators and students, building confidence and career readiness. We’re excited to explore responsible AI integration in classrooms and learn from global education leaders.”
A highlight of the event is the unveiling of The Global EdTech Prize meant to recognise and reward tech solutions in education. Finalists, comprising start-ups and non-profits, will pitch innovations live, with educators determining the winner through voting.
Omolabake Fasogbon Amid deepening learning challenges, education ministers, innovators and leaders across the globe are set to converge in Abu Dhabi, United Arab Emirates to chart reforms at the World
Read moreKola Karim Urges Nigeria to Target 5m Barrels Daily
Kola Karim Urges Nigeria to Target 5m Barrels Daily
At the just-concluded ninth edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, Mr. Kola Karim, Chairman of Shoreline Group, delivered a powerful reflection on leadership, energy, and Africa’s development future.
Speaking with Arise Business Correspondent, Karim emphasised that Nigeria’s ambition in the oil and gas sector must be bolder, urging the nation to raise its target production to five million barrels per day by 2030, not three million.
Karim, who leads an industrial conglomerate focused on energy and infrastructure investments across Sub-Saharan Africa, described leadership as “the very core of globalisation,” stressing that both public and private sectors must share responsibility for societal progress.
“We often assume that leadership should concern itself solely with the public sector,” he said. “In reality, the social contract must be upheld by both public and private sectors, because true leadership is defined by the extent to which one is willing to serve—regardless of the arena.”
He explained that the relationship between business and community, what he calls the “social contract”, is essential to peace and progress. Drawing from his company’s experience, he cited the Niger Delta as a model for how engagement and mutual respect can sustain long-term business operations.
“Our social contract with the communities we engaged in is what helps us build and run a successful, safe, secure business,” he noted.
Karim contrasted Saudi Arabia’s remarkable infrastructure transformation with the sluggish pace in Nigeria and much of Africa.
He lauded the Kingdom’s disciplined approach, crediting its progress to long-term planning and consistent execution.
“It’s not that Nigeria and other African nations lack plans,” he said. “The real challenge lies in consistent execution and follow-through. What Saudi Arabia has achieved in recent years is remarkable—you can see visible progress every quarter.”
“It’s not like in Nigeria and African states we don’t have plans,” he said. “The problem is execution and sticking with the plan. What Saudi Arabia has done over the years is phenomenal, you see tangible differences every quarter.”
He underscored that Africa, despite holding over 26 per cent of the world’s natural resources and boasting the youngest population on earth, continues to lag because “we focus more on who, rather than the construct of getting it done.”
Turning to Nigeria’s domestic reforms, Karim commended President Bola Ahmed Tinubu’s administration for introducing an executive order that increased the spending limit for operators in the oil and gas sector from $2 million to $10 million.
“Before now, $2 million wouldn’t even buy a compressor, which is essential to operate in oil and gas,” he explained. “The problem of Nigeria’s oil and gas industry isn’t about reserves—we have 47 billion barrels of oil and 210 trillion cubic feet of gas—it’s about aging infrastructure.”
According to him, the order has already begun to yield results, allowing companies to import and install much-needed equipment, boosting production and drilling activity.
“This production growth is not by accident. The executive order has made it easier for operators to invest and get things done. We’re now at about 1.7 million barrels per day, and with the renewed drilling activity, we’ll surpass the 3 million targets.”
But Karim believes Nigeria must be more ambitious.
“For me, the focus shouldn’t be three million. By 2030, Nigeria should target five million barrels per day,” he insisted, comparing Nigeria’s potential to global leaders. “The U.S. is producing 12.5 million barrels and targeting 15; Saudi Arabia is at 11.5. Ten years ago, the UAE was producing what Nigeria was, 2.5 million barrels, but today, they’re at 4.2.”
Karim called for accelerated investment in Nigeria’s gas value chain, emphasising that the nation’s 210 TCF gas reserves are grossly underutilised.
“We’re only on our seventh LNG train, while countries with smaller reserves are on their fifteenth,” he said. “To grow oil production, we must also grow gas production. They go hand in hand.”
He supported the government’s push for compressed natural gas (CNG) as an alternative fuel but cautioned that logistics and safety infrastructure must be strengthened.
“CNG is gas, you have to transport it safely and dispense it with specialised equipment. Without effective distribution, it won’t yield the intended benefits,” he said.
On the global debate around energy transition and renewables, Karim echoed the sentiments of industrialist Aliko Dangote, asserting that Africa cannot be held to the same standards as advanced economies.
“Africa contributes under 3 per cent of global emissions,” he stated. “It’s unfair to benchmark us at the same level as OECD countries who are already on their fourth industrial revolution. Africa hasn’t had its first.”
He highlighted that Africa’s mix of hydro potential, abundant sunshine, and youthful population positions it well for a balanced, sustainable energy future, if pursued at its own pace.
“It’s not about abandoning oil and gas. It’s about building the infrastructure to transition responsibly. We can’t just stop producing oil and gas—90 per cent of our foreign exchange comes from it,” he argued. “We must develop a strategy at our own pace to support our growth.”
Karim warned that Africa’s youthful demographic, 65 per cent under age 30, represents both a promise and a risk. Without leadership that delivers prosperity, he cautioned, the continent could face instability and mass migration.
“If you have 65 per cent of a continent under 30 and they’re poor, you have a problem—they will search for prosperity elsewhere,” he said. “When I go to the West seeking funds to build power plants, railroads, and schools, I’m helping to save you. Because if Africa fails, the world will feel it.”
Closing on a visionary note, Karim called for a unified yet diverse global order that values humanity over dominance.
“We cannot live in a unipolar world; we must live in a unified world with different ideals, but we must execute for humanity,” he declared. “It doesn’t matter if I’m successful and surrounded by poverty, your wealth has no value if others have nothing. Shared prosperity is the path to peace and stability.”
From energy reform to social leadership, Karim’s insights at FII 2025 echoed one timeless principle: execution, equity, and vision are the real currencies of leadership.
At the just-concluded ninth edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, Mr. Kola Karim, Chairman of Shoreline Group, delivered a powerful reflection on leadership, energy, and
Read moreNigerian Exchange sees 8% upside in October- here’s what drove gains
The Nigerian Exchange wrapped up October 2025 on a strong note, gaining 8% and extending the bullish run that began in April. The post Nigerian Exchange sees 8% upside in October- here’s what drove gains appeared first on Nairametrics.
Read moreDSS As Financial Watchdog Curtailing Multi-Billion Cyber Fraud In Nigeria
DSS As Financial Watchdog Curtailing Multi-Billion Cyber Fraud In Nigeria
By Felix Ifijeh
In an era where cybercriminals have turned technology into a weapon of deception, Nigeria’s Department of State Services (DSS) has stepped out of the shadows to become one of the most strategic defenders of the nation’s financial integrity. Through intelligence-led operations and deep collaboration with banks, the Service has been quietly curtailing multi-billion-naira financial fraud, particularly in Lagos and Abuja, the beating hearts of Nigeria’s banking system.
Traditionally viewed as a counter-espionage and internal-security agency, the DSS now plays an unexpected, yet crucial role as Nigeria’s financial watchdog, monitoring cryptocurrency channels, dark web chatter, purchase of foreign currency in the parallel market and high-risk digital wallets used by fraud syndicates to launder stolen funds.
Cyber-fraud, once perceived as a purely economic nuisance, has evolved into a national-security threat. The scale of the problem is staggering. Industry Data revealed that Nigerian banks lost about N17.67 billion in 2023, while cumulative losses rose to over N52 billion in 2024 — nearly triple the 2020 figure. Lagos, alone, accounted for roughly half of those losses.
Fraud schemes have become increasingly sophisticated, from phishing attacks and cloned banking apps to insider collusion and cryptocurrency-based laundering. For years, these crimes undermined investor confidence and put pressure on regulatory institutions. But the DSS’s growing intervention has begun to change the narrative.
The DSS: Guarding the Economy in Silence
Unlike the more visible Economic and Financial Crimes Commission (EFCC), the DSS focuses on prevention — relying on early-warning intelligence and cyber-forensics rather than media-driven arrests.
“Our work goes beyond investigations. We track suspicious transactions, follow the digital trails, and identify insider collusion before damage is done. That’s how you protect a nation’s economy from collapse”, a senior official of the service explained the agency’s evolving mission.
This quiet vigilance has enabled the Service to neutralise major cyber-fraud syndicates and foil countless attempts at siphoning billions from the banking network.
In 2024, the DSS secured court orders to freeze 12 bank accounts linked to two Abuja-based businessmen — Abubakar Sheu and Ibrahim Isyaku Mahuta — over allegations of advance-fee fraud and terrorism financing. The accounts, spread across Ecobank, FCMB, GTBank and Sterling Bank, held proceeds from fraudulent transactions worth hundreds of millions of naira.
Acting under the Terrorism Prevention and Prohibition Act 2022, the DSS treated the case not merely as economic sabotage but as a threat to national security.
That same year, DSS operatives in Lagos uncovered a complex scheme that diverted N1.426 billion from Fouani Nigeria Limited’s Access Bank account into multiple accounts across GTBank, Zenith, UBA, FCMB and Providus Bank.
Armed with intelligence and swift legal backing, the DSS obtained a post-no-debit order to freeze the accounts for 90 days, preventing the syndicate from moving the stolen funds offshore.
These two cases, though distinct, symbolise a broader pattern — the DSS is becoming a key barrier between fraud syndicates and Nigeria’s financial lifelines.
However, the agency’s success stems largely from collaboration. It works closely with the Central Bank of Nigeria (CBN), the Nigeria Financial Intelligence Unit (NFIU), and the EFCC, sharing real-time intelligence and coordinating account freezes.
In the second quarter of 2024, when Nigerian banks reportedly lost N42.6 billion to fraud, the DSS was involved in over 30 joint investigations that helped trace and intercept suspicious flows of money through Lagos and Abuja accounts. The high-level investigations, which started late last year (2024) and still ongoing, highlights how financial fraud can intersect with wider destabilisation agendas.
Beyond investigations, the DSS has also deepened its collaboration with the banking community through regular security briefings, capacity-building workshops, and real-time intelligence sharing. The impact of these efforts is becoming evident. Several banks in Lagos and Abuja now report fewer cases of large-scale online breaches.
While the battle against financial fraud is not over, with the DSS maintaining its vigilance as the nation’s watchdog, Nigeria’s banking system is undoubtedly safer and more resilient than it was a decade ago.
From freezing billions in suspicious transactions to unmasking insider collusion and intercepting cross-border laundering attempts, DSS has not only shown that the future of economic security depends on vigilance, innovation, and intelligence, but has proven to be a formidable force in safeguarding Nigeria’s financial stability.
“The DSS doesn’t need headlines. Its strength lies in invisibility. By quietly tracing digital footprints and freezing funds, it’s saving Nigeria billions — often before the public even hears of an attack”, a security analyst affirmed.
The DSS may not seek the spotlight, but its watchful eyes continue to shield Nigeria’s economy from the shadows of cybercrime. It is a silent war being waged daily — unseen, uncelebrated, but indispensable.
Kudos to the DSS Director General, Adeola Oluwatosin Ajayi, for his remarkable work and resilience.
● Felix Ifijeh, a journalist, writes from the Niger Delta.
By Felix Ifijeh In an era where cybercriminals have turned technology into a weapon of deception, Nigeria’s Department of State Services (DSS) has stepped out of the shadows to become
Read moreElegbeleye: How NPFL Clubs Can Compete With Top Clubs In Africa, Stopping Players Exodus; Drive For Investors
Chairman of the Nigeria Premier Football League, NPFL, Gbenga Elegbeleye has reflected on the performance of Nigerian clubs in CAF competitions this season, reports Completesports.com. President Federation Cup champions, Kwara United and Abia Warriors exited the CAF Confederation Cup in the first preliminary round. NPFL champions, Remo Stars were hammered 7-1 on aggregate by South […] The post Elegbeleye: How NPFL Clubs Can Compete With Top Clubs In Africa, Stopping Players Exodus; Drive For Investors appeared…
Read moreJAMB Conducts Promotional Exam for 450 Civil Servants
JAMB Conducts Promotional Exam for 450 Civil Servants
Kuni Tyessi in Abuja
The Joint Admissions and Matriculation Board (JAMB) yesterday conducted promotional examination for junior workers under the Head of the Civil Service of the Federation.
About 450 junior staff participated in the computer-based test examination at Ade-Ola International School, Kubwa – a suburb in the nation’s capital.
Speaking with journalists at the end of the exercise, the Director in charge of Abuja zone for JAMB, Hajia Zainab Hamzat, said the exercise went smoothly.
She noted that 476 staff under the HoS were expected to participate in the promotion exercise but only 450 workers showed up for the exam.
The director said, “Everything went well as usual. We call it third party exam. It is a promotion exam for HoS. All their officers sat for the exam for the purpose of promotion.
“We had two sessions – morning and afternoon. In the morning we expected 250 but 232 were present. In the afternoon we expected 226 and eight were absent.
“The exam was smooth. Everything went well.
The examination was for all the junior staff of HoS. We had immigration officers, fire fighters, civil defence and other paramilitary organisations under HoS for the examination.”
Also speaking, Director of Ade-Ola International School, Kubwa, Mercy Olaosegbe, lauded JAMB for setting high standards in professional examination.
She said, “The examination went well. We have all the facilities to conduct this examination. JAMB will not allow you to participate in these exams if your facilities are not up to standard. Because our centre is doing well, we have been participating in third party examination organised by JAMB.”
Kuni Tyessi in Abuja The Joint Admissions and Matriculation Board (JAMB) yesterday conducted promotional examination for junior workers under the Head of the Civil Service of the Federation. About 450 junior staff
Read moreFiyin Toyo: Partnership with Real Madrid Reflects Excellence, Shared Values
Fiyin Toyo: Partnership with Real Madrid Reflects Excellence, Shared Values
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