President Bola Tinubu, on Tuesday, led Nigeria’s government, diplomatic, and business delegation to the Africa Forward Summit at the Kenyatta Convention Centre in Nairobi, Kenya, advocating for stronger economic integration that prioritises Africa’s growth and prosperity.
The Africa/France summit, co-hosted by Presidents Emmanuel Macron of France and William Ruto of Kenya, brought together leaders and top officials from more than 30 countries across the continent.
Messrs Ruto and Macron, Antonio Guterres, Secretary-General of the United Nations, and Mahamoud Youssouf, Chairman of the African Union Commission, delivered opening statements.
On the sidelines of the summit, President Tinubu held a bilateral meeting with Madagascar’s President, Michael Randrianirina. He also met with the President of the Confederation of African Football, Patrice Motsepe, and expressed Nigeria’s readiness to host the 2026 CAF awards.
At the summit, the French government advocated restructuring economic and political relations on the basis of equality and fairness. At the same time, African leaders emphasised the need for greater access to credit to fund major investments and stimulate economic growth.
President Tinubu highlighted Nigeria’s potential in the blue economy as one of the cornerstones of Africa’s development. Governments and the business community had long neglected this potential due to insecurity and uncertainty.
“Today, I make an explicit commitment: Nigeria will intensify regional coordination by offering our Deep Blue Project’s maritime intelligence infrastructure as a shared data hub for willing Gulf of Guinea states. Interoperable systems, harmonised laws, and seamless joint enforcement must become the daily reality, not an aspiration on paper.
“Let no one misunderstand: maritime sovereignty does not repel investment — it attracts it. Secure sea lanes, predictable regulation, and functional courts are the preconditions that unlock private capital. Governance has de-risked Nigeria’s maritime proposition. We now invite partners to build on these gains as we advance climate-aligned port modernisation and the digital transformation of our maritime sector.
“As we endorse the Nairobi Declaration, Nigeria affirms that maritime sovereignty and ocean governance are the non-negotiable foundations of Africa’s Blue Economy transformation. We will continue to earn that sovereignty — through institutions, through assets, through law, and through iron-clad regional solidarity that turns our waters from a theatre of risk into a story of shared resilience.
“The oceans have no duplicate as a common heritage of mankind. For Africa, moving from sea blindness to ocean sovereignty is not a choice — it is a generational duty. Nigeria is ready, and we invite all present to join us in that duty,’’ the president stated.
On the reform of the international financial architecture, the president stated Nigeria’s position:
“Last September, from the podium of the United Nations General Assembly, Nigeria warned that the international system must reform or risk irrelevance. We spoke not only of the Security Council but of the financial and trade structures that quietly de-industrialise our nations. The evidence is before us. Despite decades of independence, Africa’s share of global manufacturing value added remains below 2 per cent.
“We export raw minerals, crude oil, and agricultural commodities, and we import processed goods at a premium. This pattern is not an accident. It is the product of a global financial architecture that starves our industries of affordable capital, tolerates massive illicit financial flows, and imposes policy constraints that our competitors themselves never observed when they built their own industrial bases.
10TH FRANCE NIGERIA BUSINESS COUNCIL MEETING
“Nigeria does not come to this discussion as a supplicant. We come as a nation that has taken painful, homegrown decisions to put our house in order — removing fuel subsidies, unifying our exchange rate, recapitalising our banking system with over $3.4 billion, and exiting the FATF grey list. These reforms were sovereign choices, not external conditions. They have delivered a declining debt-to-GDP ratio, now projected at 32.3 per cent in 2026, stronger external reserves of $45.5 billion, and a return of investor confidence. But, Excellencies, even a reforming nation like Nigeria is being forced to de-industrialise by a financial system that is stacked against us,’’ he noted.
The president added that in 2026, Nigeria will spend about $11.6 billion on debt service — nearly half of projected revenue.
“Every single dollar that leaves our treasury to pay punitive interest rates is a dollar that did not go into our steel sector, our textile mills, our agro-processing plants, or our digital industries. It is a dollar that did not train a young Nigerian engineer or provide affordable power for our factories. Our industrial base is being starved of the blood it needs — long-term, affordable finance — while creditors and rating agencies treat African sovereigns as permanent high-risk borrowers, regardless of our fiscal performance.
“So, I ask this gathering: how can an African manufacturer compete with a competitor in Europe, Asia, or North America when the cost of borrowing in our nations is five to ten times higher? How can we build cross-border industrial value chains under the African Continental Free Trade Area when our infrastructure projects face a financing gap deepened by the very institutions meant to bridge it? The answer is plain: we cannot. The international financial architecture, as currently constituted, is an instrument of industrial disarmament for Africa.
“Nigeria is not asking for charity. We are demanding a financial system that intentionally enables Africa to industrialise — to process its own minerals, refine its own crude oil, manufacture its own pharmaceuticals, and compete fairly in global markets. We will continue to borrow responsibly, but we insist that our creditworthiness be measured by our economic fundamentals and our industrial potential, not by outdated stereotypes,’’ he noted.
The president stated that immigration issues must be addressed by expanding safe, orderly, and legal pathways to improve security.
“First, cooperation must address root causes in countries of origin. People who have jobs, security, and hope at home do not typically risk their lives in the back of a smuggler’s truck. That is why Nigeria has embedded migration management within our broader economic transformation agenda—removing fuel subsidies to invest in infrastructure, recapitalising banks to fund enterprise, and modernising agriculture to create rural livelihoods, among other initiatives.
“But we cannot do it alone. International partners must move beyond rhetoric and match words with investments that make staying at home a genuine choice—investments in climate adaptation, energy access, digital skills, and the productive sectors that employ young people. As we intensify the implementation of these domestic measures, I therefore call on our development partners to ring-fence a portion of Official Development Assistance (ODA) for programmes that demonstrably reduce the desperation that fuels irregular migration,’’ he stated.
On Nigeria’s position on peace and security, President Tinubu urged African countries to work together in building a global migration governance architecture that is fit for purpose.
“The Global Compact for Safe, Orderly and Regular Migration was a start, but it remains non-binding and underfunded. Nigeria supports the African Union’s Migration Policy Framework and the Khartoum Process, but we need a more coherent link between these regional efforts and global institutions”.
President Tinubu was accompanied by the Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, Minister of Agriculture and Food Security, Abubakar Kyari, Minister of Marine and Blue Economy, Adegboyega Oyetola, Minister of Environment, Balarabe Lawal, Minister of Industry, Trade and Investment, Jumoke Oduwole and Minister of Communications, Innovation and Digital Economy, Bosun Tijani.
The Chairman of the Dangote Group, Aliko Dangote; Chairman of BUA, Abdulsamad Rabiu; Chairman of the UBA Group, Tony Elumelu; and Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, attended the summit.
Others were the Chief Executive Officer of the Nigerian Investment Promotion Council (NIPCO), Aisha Rimi; the Minister of State designate for Foreign Affairs, Sola Enikanolaiye; the Director General of the National Council on Climate Change (NCCC), Omotenioye Majekodunmi; the Nigerian Ambassador to France, Ayodele Oke and Director General of the National Intelligence Agency (NIA), Mohammed Mohammed.
The ministers had bilateral meetings with their counterparts from Kenya, France and other African countries. Also, they participated in plenaries at the Nairobi University and the KICC, with a focus on engagement, entrepreneurship and Africa’s demographic dividend.
The ministers also brainstormed on dynamic CEO and business leadership, AI and digitalisation as drivers of business, investment opportunities, innovation, agro-industry, cultural and creative industries, trade and innovation, and the creation of frameworks for moving from political rhetoric to concrete industrialisation, competitive, supporting agro-industries, AFCTA, healthcare and climate change as a collective effort.
BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc has recorded 296 per cent growth in profit after income tax for nine months ended September 30, 2026,
A notice filed by the company on the Nigerian exchange limited shows that profit after income tax rose by from ₦64.7 million in September 2025 to ₦256.4 million in September 2026.
Profit before income taxfor the company stood at₦301.7 million, as against₦75.9 million reported in 2025, reflecting a 296 per cent increase.
However, Insurance revenue declined by 19 per centto stand at ₦32.31 billion, when compared with ₦40.13 billion achieved by the company in September 2025.
Insurance service expenses also came down to ₦14.35 billion from ₦18.31 billion, while net expenses from reinsurance contracts held declined to ₦16.11 billion from ₦20.12 billion.
Insurance service result appreciatedto ₦1.85 billion from ₦1.71 billion in the corresponding period of the previous year.
Investment return increased to ₦1.73 billion from ₦1.38 billion, representing a 26 per cent growth.
Total assets went up from 24.47 billion in September 2025 to ₦41.27 billion as at September 30, 2026, representing a 69 per cent increase.
Total liabilities rose to ₦19.75 billion, compared with ₦10.10 billion in same period of 2025 while total equity increased to ₦21.53 billion from ₦14.32 billion, representing growth of 50 per cent.
The company’s basic earnings per share remained unchanged at seven kobo in both reporting periods.
The financial highlights show improved profitability, investment returns and balance-sheet growth, although insurance revenue declined during the period under review.
OPay, a Nigeria-focused digital financial services company, has listed on the New York Stock Exchange(NYSE), raising $304 million in its initial public offering (IPO) and securing a market capitalisation of more than $4 billion.
The company began trading on Friday, pricing its offering at $19 per American Depositary Share (ADS). It sold 16 million ADSs, with each representing 10 ordinary shares.
According to the company, the United States Securities and Exchange Commission declared its registration statement effective on 29 October, and the offering was expected to close on 2 November.
Lars Boilesen, OPay’s co-chief executive officer, said the listing marked a significant milestone for the company and Nigeria’s financial technology sector.
“Today, OPay serves over 50 million monthly active users across Nigeria, Egypt, Pakistan, and Indonesia. Since launching in Nigeria eight years ago, we have pioneered seamless digital payments to become the country’s leading digital financial platform,” he said.
Mr Boilesen said the company had recorded a 9.9 per cent market share across Africa and the Middle East based on monthly average users in the first half of 2026.
He said OPay saw further growth opportunities in Nigeria, where an estimated 40 million adults remained outside the formal financial system.
“Our journey is just beginning. In Nigeria, an estimated 40 million adults remain outside the formal financial system,” he said.
He added that the company intended to apply its experience in Nigeria to other emerging markets, where young populations and increasing mobile internet access were expanding demand for digital financial services.
Stephen Wen, another co-chief executive officer of OPay, said the company was positioned to expand across emerging markets, citing growing smartphone penetration and demand for accessible financial services.
“In Nigeria, more than 60 per cent of the population are underserved by traditional banks and rely on cash. As we grow, we will stay focused on solving our customers’ pain points to make financial services accessible and convenient,” he said.
James Perry, OPay’s chief financial officer, said the company had reached a $1 billion revenue run rate in the second quarter of 2026.
He said OPay recorded 137 per cent year-on-year growth and a 19 per cent net margin in the first six months of the year.
“OPay enters the public markets from a position of financial strength, reaching a $1 billion revenue run rate in Q2 2026. For the first six months of 2026, we grew 137% year-on-year and reached 19% net margin,” Mr Perry said.
He said the company planned to use the IPO proceeds to invest in technology and support growth in Nigeria and other African markets.
OPay has expanded beyond payments into savings, credit and merchant services, with plans to develop a broader financial and lifestyle platform.
Launched in Nigeria in 2018, OPay operates an integrated digital financial platform serving users in Nigeria, Egypt, Pakistan and Indonesia.
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