General News
The Missed Opportunities of the Nigerian Election 2023: A Metaphorical Analysis
By Austin Okere
Following the turbulence of #NigeriaDecides2023, and with a calmer state of mind after the emotionally charged aftermath of the election, now may be an appropriate time to reflect and evaluate.
The opinions expressed here are solely my own and do not represent any institution to which I have direct or indirect ties. Given the highly charged and divisive nature of the overall discourse, it is essential to provide an impartial context.
I feel it’s relevant to disclose that I have a mixed heritage, being part Igbo, part Yoruba, and part Ghanaian. My paternal grandfather hails from Owerri in Imo State, while my paternal grandmother is from Offa in Kwara State, and my mother is Ghanaian. With that said, we can now delve into a metaphorical analysis of the missed opportunities presented by this significant election.
I believe that the history of a nation with enormous potential but lacking significant achievement is riddled with missed opportunities. Nigeria, a country that has been blessed by nature with abundant resources, including human, material, and commodities, has had tremendous opportunities to excel on the global stage.
One of the most conspicuous examples of wasted opportunities is in the Oil and Gas industry. Despite being Africa’s largest oil producer for decades, Nigeria’s output has been hindered by theft and sabotage in recent years. As a result, according to OPEC reports, the country has fallen to the fourth-largest oil producer in Africa.
Our persistent mistake is the failure to utilize the opportunities presented by oil windfalls to propel Nigeria forward as a nation, similar to contemporary countries like Saudi Arabia and Qatar. Since joining the Organisation of Petroleum Exporting Countries (OPEC) in 1971, Nigeria has had numerous boom opportunities.
For instance, oil prices increased by 400% in just six months following the Yom Kippur War, triggered by the Arab Oil Embargo. In 1981, the price of crude oil doubled from $14 to $35 per barrel after the Iran/Iraq war. Additionally, the uncertainties associated with the Iraqi invasion of Kuwait and the ensuing Gulf War in 1990 led to a spike in crude oil prices, known as the ‘Gulf War windfall’ during the reign of Head of State Ibrahim Babangida.
The most recent windfall occurred in 2022 due to the Russia-Ukraine war, with the five largest Oil and Gas companies in the West earning over $134b in excess profits, according to Global Witness.
However, this event barely caused a ripple on Nigeria’s economic landscape, as life in the country has become increasingly challenging, leading to an acute brain drain referred to as “JAPA” – the local term for emigration. This stands in stark contrast to Nigeria’s peak economic growth in 2014, when the country had a GDP of $569b, making it the largest economy in Africa. South Africa, with a GDP of $381b, was a distant second.
On a positive note, Nigeria has made major strides in the past two decades, particularly in the technology sector. The most successful GSM auction, led by Dr. Ernest Ndukwe, who was then the Executive Vice Chairman of the Nigerian Communications Commission, set the foundation for the dynamic and innovative growth of the telecoms and Fintech industries.
This has led to the emergence of unicorns and aspiring unicorns like MTN Nigeria, Airtel, Paystack, Interswitch, Flutterwave, and FifthLab by CWG Plc.
Another sector that has been greatly exploited is the creative industry, where Nigerian artists are considered one of the most remarkable inventions since sliced bread. Tems, 2Face, Burna Boy, Wizkid, Kunle Afolayan, and Stan Nze, among others, have not only won international awards but also regularly fill concert halls and stadiums worldwide.
Looking at the other side of the ledger we must examine the rued opportunities and see what we can learn from them. The most recent significant opportunities include, the eNaira (a bold attempt at digitizing the currency), the Naira redesign policy which according to the Central Bank of Nigeria, will enable her to take control of the naira in circulation, manage inflation, combat counterfeiting and ransom payment. Noble as these initiatives were, sloppy implementations have robbed us of the momentum trust into a new and better life.
The mother of all lost opportunities is the Nigerian election 2023. Here was an opportunity to outdo ourselves against the June 12, 1992 election, which has generally been adjudged as the most free, fair and credible election in the land.
A lot of work had gone into bringing this aspiration into reality; a key electoral act had been passed that ensured that election process would eliminate unnecessary manual steps that provide room for manipulation thereby aiding a free, fair and credible election process.
The Independent Electoral Commission had gone to great lengths to revamp the technology base for the election; the INEC Voter Enrollment Device (IVED), the Bimodal Voter Accreditation System (BVAS) to help reduce the cases of manual manipulation of figures, and the INEC Election Result Viewing Portal (IREV) that will enable seamless transmission and display of election results in almost real time, so that results could be verified with what was declared and signed onto by all representatives at the polling units. The system had been successfully tested in the 2022 governorship elections in three states in the South West and South Eastern Regions.
INEC had a budget of N40b annually but was able to secure an additional N305b to conduct the 2023 elections. Despite the significant amount of money allocated and spent on the process, Nigerians saw it as a valuable investment in ending electoral manipulation and allowing the electorate to choose their leaders. This led to increased youth engagement, with many advocating for voter registration and participation. However, on election day, there were significant issues with the use of BVAS and the promised IREV portal was not utilized, leading to the announcement of results that many believed did not reflect the votes cast. This broke the trust that is necessary for an electoral process to be successful. Elder statesmen, including former President Chief Olusegun Obasanjo, called for the cancellation of elections in areas where BVAS was not used. This was a missed opportunity to take a significant step forward for Nigeria’s future and will be remembered as the most controversial election in the country’s history. Electoral hopes were supremely raised and woefully dashed. It is important to understand what went wrong and why, in order to prevent future failures.
Failure is not something to be proud of, but in Nigeria, it seems to be the norm. The INEC has stubbornly refused to offer any apologies or explanations to those who are dissatisfied with the election results, instead directing them to seek redress in court. While going to court may expose the flaws in the process and ultimately strengthen it, it is only a part of the healing and improvement process.
This election had the potential to be a turning point for Nigeria, and the country could have been celebrated as a trailblazer for modern elections in Africa, which could have put an end to the endless conflicts and losses that come with electoral disputes. However, it seems that we are choosing to ignore the truth while at the same time hoping for a just and peaceful outcome. It feels like we are in a bus careening towards a ditch.
In my opinion, any action we take now will be too little, too late. Even if INEC ultimately declares either Peter Obi of the Labour Party or Abubakar Atiku of the Peoples Democratic Party the winner following court proceedings, the process has already been tainted, and trust has already been lost. Whoever takes office on May 29th, 2023, will lack popular legitimacy, a burden they will carry throughout their tenure.
But we are Nigerians, a people of unparalleled resilience. We will keep pushing forward and try again in four years. May God save our country.
Austin Okere is a thought leader, and business mentor. Currently an Entrepreneur-in-Residence at Columbia Business School, New York, Austin has also facilitated at the United States International University in Kenya and has been appointed to the Advisory Board of the Global Business School Network in Washington in recognition of his contribution to the development of business education and knowledge transfer in Africa.
General News
Uche Uzoebo, SANEF CEO Makes Case for More Financial Inclusion Strategies Targeting Women
Leveraging digital infrastructure is key to accelerating financial inclusion, especially through a multi-stakeholder approach involving governments, fintechs, telecoms, regulators and even the customers.
According to the World Bank report, a significant portion of the global adult population remains unbanked.
Specifically, 27% of adults globally are considered unbanked, and an additional 50% are underbanked, defined as lacking a credit card, , according to Lucidity Insights.
By investing in awareness, robust digital ID systems, interoperable payment rails, and inclusive policy frameworks, stakeholders can expand access to financial services, particularly in underserved regions, and reduce the global unbanked population significantly.
Stakeholders who gathered at the Regtech Conference 2025 discussed these strategies and more, especially facilitating cross-border payments and investment opportunities across Africa.
The event featured a thought-provoking panel discussion moderated by Uche Uzoebo, the Chief Executive Officer (CEO) of Shared Agent Network Expansion Facilities (SANEF) Limited.
The panel discussion themed, “From Borders to Bridges: Leveraging Digital Infrastructure to Drive Financial Inclusion through a Multi-Stakeholder Approach”, brought together diverse voices across banking, fintech, policy, and government to explore how digital infrastructure can be annexed to drive financial inclusion.
Uzoebo highlighted how women often face unique challenges in accessing financial services coupled with limited digital literacy and cultural barriers.
She engaged the panelists to discuss targeted interventions aimed at promoting gender inclusivity in the financial sector and effective financial education programs that empower individuals to utilize digital financial services.
Jacqueline Mpare, Head of Agency Banking, Ecobank Group, highlighted how her organization had established a women-focused initiative to provide support to businesses targeted at women and those with women as part of the leadership by providing them with access to finance and non-financial support.
Isa Aliyushata, Regional Advisor, Africa, Corum Group Limited, stressed the need to inculcate financial literacy into the education curriculum to ensure everyone is exposed to the knowledge of financial literacy from a young age.
The panelists include Ajibade Laolu-Adewale, Chief Partnership & Ecosystems Officer, Wema Bank; Gerald Munyaradzi Nyakwawa, Head of Digital Channels, MoneyMart Finance (Private) Limited, Zimbabwe; Dr. Henry Clarke Kisembo, Group Global Lead and Executive Chairman, Development Associates Link International (DALI); Jacqueline Mpare, Head of Agency Banking, Ecobank Group; Jean Jacques Kajuga, Chief Operations Officer, RSwitch Rwanda; and Isa Aliyushata, Regional Advisor, Africa, Corum Group Limited.
The panelists emphasized collaboration, leading by example, speed and legislative alignment, a unified infrastructure payment system, and collaboration between national and regional switchers to allow a low-cost cross-border payment as key to ensuring financial inclusion.
Meanwhile, her organization, Shared Agency Network Expansion Facilities (SANEF), was honored with the title of 2025 Financial Literacy Champion at the RegTech Awards. This prestigious recognition highlights SANEF’s steadfast commitment to promoting financial literacy and enhancing financial inclusion across Nigeria. Through strategic partnerships, the expansion of agent networks nationwide, and impactful educational programs, SANEF continues to equip millions with the knowledge and tools to make informed financial decisions.
General News
Hydrogen, Lagos State Touch Thousands of Business Owners with “Healthy Heart, Healthy Business” Outreach
As part of its continued effort to support the growth and sustainability of Nigerian enterprises, Hydrogen Payment Services Company Limited joined forces with Ikeja Local Government Area and the Office of the Medical Officer of Health to deliver the impactful “Healthy Heart, Healthy Business” outreach on Wednesday, May 28, 2025, at the Ikeja Local Government Secretariat.
The initiative successfully engaged a wide range of business owners through a combination of in-person participation and extensive digital awareness campaigns.
Participants benefited from a comprehensive range of free medical screenings, including blood pressure checks, ECGs, malaria and typhoid testing, urinalysis, packed cell volume (PCV), blood sugar monitoring, and more, highlighting the critical connection between good health and business longevity.
Kemi Okusanya, CEO of Hydrogen, commented on the initiative, affirming Hydrogen’s passion for the growth of businesses.
“At Hydrogen, we are deeply committed to the success of Nigerian businesses. As a payment solutions provider, we recognise that healthy entrepreneurs build stronger, more resilient enterprises. This outreach exemplifies our belief in supporting entrepreneurs beyond just payments.”
Demonstrating this responsibility, Hydrogen donated Sphygmomanometers and Glucometers to indigent and high-risk attendees unable to afford this essential health monitoring devices, empowering them to manage their health beyond the outreach.
Public-private partnerships (PPPs) have become increasingly important in driving sustainable development across various sectors.
By leveraging the unique strengths of both government institutions and private enterprises, PPPs enable more efficient delivery of services, innovation, and expanded reach. These collaborations foster shared responsibility and resource pooling, making it possible to tackle complex challenges that neither sector could effectively address alone.
Dr. Tawak O.F., Medical Officer of Health for Ikeja, spoke on this, saying, “This partnership with Hydrogen Payment Services Company Limited exemplifies the power of effective public-private collaboration in reaching the heart of our business community.”
“Entrepreneurs often overlook their health while striving for success, but initiatives like this remind us all that good health is an essential part of wealth. We commend Hydrogen for their commitment to not just powering payments, but also powering healthier, more resilient businesses through impactful community engagement,” She added.
Mary, one of the beneficiaries and a merchant in ‘Computer Village’, expressed her gratitude, saying that, “Most of us don’t think about regular hospital checkups. Mainly, because the cost is too high and some things now are not covered by insurance. Today, Hydrogen and Lagos State have brought doctors for free to our doorstep, and we are very grateful.”
Hydrogen’s full team presence at the event reaffirmed the company’s dedication to forging genuine relationships and standing firmly with the business communities it serves.
General News
Tripoint Travels Hosts Pre-GEC Brunch for Nigerian Delegates Ahead of Global Entrepreneurship Congress 2025
In a vibrant celebration of national pride, global relevance, and entrepreneurial drive, Tripoint Travels, the official logistics partner of GEN Nigeria hosted an exclusive pre-congress brunch for Nigerian delegates attending the upcoming Global Entrepreneurship Congress (GEC) 2025.
Held at Tripoint’s Lagos headquarters, the event brought together top entrepreneurs, investors, ecosystem leaders, and government officials, including Dr. Peter Bamkole, Deputy Vice Chancellor, Pan Atlantic University; Dr. Olawale Anifowose, Managing Director of the Global Entrepreneurship Congress Nigeria (GEN Nigeria); Dr. Babangida Ruma from The Katsina State Enterprise Development Agency (KASEDA), Mrs. Uche Uzoebo, CEO of the Shared Agent Network Expansion Facilities (SANEF) Limited; Actor and influencer Mr. Umar Gombe; along with other distinguished guests and representatives from various government bodies, all in anticipation of their journey to Indianapolis, Indiana this June.
The Global Entrepreneurship Congress (GEC), Organized annually by the Global Entrepreneurship Network (GEN), the GEC brings together more than 5,000 participants from over 200 countries, including Entrepreneurs, Investors, Policymakers, Researchers, & Support organizations to build stronger entrepreneurial ecosystems worldwide. Since its inception in 2009, the GEC has become a cornerstone of international collaboration and entrepreneurial innovation.
This year’s GEC, hosted in partnership with the Indiana Economic Development Corporation (IEDC), marks the Congress’ return to the United States after 16 years. Held in Indianapolis from June 2–5, 2025, the event aims to spotlight Indiana’s pro-growth business climate while strengthening global ties that promote sustainable economic development and innovation.
The brunch allowed the delegation to connect in an intimate and engaging setting, sharing expectations, ideas, and goals ahead of one of the most impactful convening in the global entrepreneurship calendar. Designed to build camaraderie, align visions, and foster a sense of shared identity, the event emphasized the importance of collaboration as Nigerian representatives prepare to take the global stage.
“The Global Entrepreneurship Congress is not just a conference, it’s a platform that is deliberate about global innovation meeting local action, said Mrs. Shuhda Muhammed, Founder of Tripoint Travels. We wanted to set the tone for our delegates, to ensure that they feel connected to this year’s theme – The Bold Change the World, as well as foster the necessary collaborations to make that happen at the local and global stage.. As a company rooted in both logistics and empowerment, we are proud to play a role in making their journey seamless and meaningful.”
Speaking at the event, Dr. Olawale Anifowose, Managing Director of the Global Entrepreneurship Network Nigeria (GEN Nigeria), emphasized the significance of the Global Entrepreneurship Congress (GEC) as both a meeting point and a growth platform, where Nigerian entrepreneurs engage with global ecosystems to connect, learn, and thrive. He noted that Nigeria’s presence at the GEC is not just symbolic but essential, reflecting the country’s growing influence in the global entrepreneurial landscape. Dr. Anifowose also commended Tripoint Travels for their pivotal role as a trusted partner in mobilizing Nigeria’s brightest talent and making the journey to GEC 2025 a reality.
GEN Nigeria has emerged as a critical force in supporting entrepreneurship at the grassroots and policy level, and with a Partner as Tripoint Travels, its expansive network and initiatives, continues to actively shape the country’s innovation landscape, championing inclusive growth, and equipping thousands of Entrepreneurs with the tools, exposure, and networks needed to succeed in both local and international markets.
With delegates selected for their contributions to Ecosystem building and Entrepreneurship, Nigeria’s representation at The GEC 2025 would reflect the country’s diversity, resilience, entrepreneurship spirit and creative potential. The presence of Founders and Innovators like Mr Rotimi Awofisibe – MD, VFD bank, one of the officially invited participants, is testament to Nigeria’s growing influence in the Global Entrepreneurship arena.
“We’re proud to be a longstanding partner of GEN Nigeria, supporting the Entrepreneurs shaping Nigeria’s future. Attending the Global Entrepreneurship Congress (GEC) is about learning, contributing, and returning with a renewed, broader vision. It’s through committed partnerships like ours that such visions become reality,” said Mrs. Muhammed.
More than just a travel management company, Tripoint Travels is a trusted enabler of dreams, mobility, and opportunity. As GEN Nigeria’s official travel partner for GEC 2025, Tripoint is overseeing every aspect of the delegation’s journey, from visa coordination and flight logistics to accommodation and ground transportation, ensuring a seamless and empowering experience.
Tripoint Travels also extends its commitment to ecosystem development through Tripoint Academy, its nonprofit arm that supports early-stage entrepreneurs with training, mentoring, and access to local and global opportunities. Tripoint’s partnership with GEN Nigeria reflects its broader mission: to use travel as a tool for empowerment, education, and national development.
“Every single ticket we issue is a bridge, a bridge between where someone is now, and where they’re meant to be,” added Mrs. Muhammed. “We don’t just book travel. We open up the world for Nigerian entrepreneurs.”
The highlight of the Pre-Congress brunch was the piece of art done by all the delegates present at the event. The interactive art was introduced as an inclusive way to showcase the multiculturalism and pivotal position of the Nigerian business mind, and so the essence of the Nigerian delegation materialised through the painting. The art work will be exhibited and gifted at a special event during the Congress.
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