Business

Transforming Nigerian Football Fan Culture To Economic Growth

Nigerians love their football, it’s that simple, and this Nigerian Football Fan Culture knows no national boundaries. When you look into the typical Nigerian urban space you will find its dotted with what’s popularly referred to as viewing centers, and the number of these football houses keeps increasing.

In the last couple of years, betting companies have come flooding into the country, tapping into the boisterous fan culture in a nation with a predominantly youth population. The betting companies just seem to have woken up to the huge potential market they’d overlooked for years.

The reoccurring question remains, What is it about the foreign leagues and football in general that gets this nation so engaged? The answer is pretty much simple – Value. Beyond it been just a football match, the foreign leagues, most especially the English League has become an enthralling, unending soap-opera. A saga of some sort. The packaging is exquisite, the delivery – classy; and most importantly it’s been built into a mega business that has got investors from all over the world scrambling for a piece of the pie. But as with other good things, it didn’t just happen, it took time, visionary planning, and most importantly money.

Super Eagles and Everton Winger Alex Iwobi image source

Also Read: The Most Secure Places to Live in Lagos Nigeria

The Nigerian Premier League should be doing better, there is no doubt about that, the sheer size of our population and the passion for the game here means the business value is immense. The potential is huge, but as with many other sectors of our national life, we have managed to shoot ourselves in the foot (quite literally).

Any student of the game will allude to the fact that the government is poor at running football, and it is also proven that she is equally as incompetent at running businesses. Football is big business, and if the Nigerian Football League will fulfill its potential then government funding isn’t the way forward.

Over 90% of clubs in the top tier of the Nigerian league is owned and funded by state governments, this model is simply not sustainable. In these times of austerity, dwindling state revenues as a result of falling oil prices, it is imperative that government gets its priorities right, funding state-owned clubs simply isn’t.

The most logical way to go is to commence a process that is geared towards getting these clubs out of government hands. Passionate corporate investors and individuals should be encouraged to buy these clubs, the resultant effect will be 20 businesses competing against each other as opposed to the current model of 20 pet projects of a Governor in power. This might also require privatizing the home stadia alongside these clubs. This might be a tricky subject and politically sensitive nerve to touch, but in all honesty, Nigeria is littered with many stadia erected at huge costs with little or no maintenance and also adding very little to the economy.

It best serves everyone to privatize these stadia and insert a clause/condition that these facilities will be made available in any sporting event of national magnitude, (nations cup, world cup qualifiers)

Every Nigerian government in the last 40 years has made diversifying the economy their favorite campaign punchline, why none has considered prioritizing football in that quest is telling. The number of jobs and opportunities available across the football value chain is staggering. Advertising and media, talent management, football merchandise, tourism, football data mining, and analytics. The list is endless.

image source

It’s no secret that Aliko Dangote nurses ambitions for a takeover of English Premier League club Arsenal, aside from his obvious support for the club it is certain he sees it also as an investment, an opportunity to broaden his investment portfolio. It’s no surprise investors like him gravitate towards the EPL. Liverpool was handed £150 million ($182m) in prize money for winning the Premier League, how many Nigerian companies make that in a year?

That one of our own, Africa’s wealthiest investor seeks to tap into the riches of football on other shores should create a drive for excellence in the NFF, to build a league that’s attractive and lucrative enough to drive economic growth.

Business

NCC, CBN’s move to end failed airtime, data transactions

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have joined forces to introduce a unified framework aimed at curbing failed airtime recharges and data transactions on electronic platforms.

The initiative, announced last week, seeks to enforce accountability among telecom operators, payment processors, and financial institutions, ensuring that millions of subscribers get timely redress for failed or incomplete transactions.

The Centre for Digital Justice and Consumer Rights (CDJCR) has applauded the move, describing it as a landmark in consumer protection. In a statement on Monday, October 20, 2025, the group’s Executive Director, Dr Kenechukwu Opara, said the collaboration between the two regulators was long overdue.

“For far too long, consumers have borne the brunt of system failures that are neither their fault nor within their control,” Opara said.

Opara noted that failed recharges and data purchases are among the most frequent complaints by telecom users, with many left stranded due to delayed or unresolved reversals. The new framework, he said, would protect millions of Nigerians who rely on mobile platforms for daily microtransactions.

Consumers are not just users; they are the backbone of the telecom and financial systems. By ensuring that customers get full value for every recharge and data purchase, the NCC is not only protecting rights but also deepening trust in Nigeria’s cashless and digital inclusion policies,” he added.

The CDJCR praised the NCC’s Executive Vice Chairman, Dr Aminu Maida, for prioritising consumer welfare and for pushing a proactive regulatory agenda.

While commending the regulators, Opara urged them to go a step further by enforcing clear timelines, transparent processes, and strict sanctions against operators who fall short of agreed standards.

“We encourage both regulators to publish the service level expectations for all stakeholders — telecom operators, payment processors, and financial institutions — so that consumers know who to hold accountable when transactions fail,” he said.

The group also applauded the CBN for embedding consumer rights in its financial protection framework, especially for low-income Nigerians who depend heavily on digital services for daily payments.

Beyond telecoms, Opara argued that the NCC–CBN partnership should become a model for other sectors where technology, finance, and service delivery intersect.

“This kind of inter-agency collaboration shows that government institutions can truly work in the interest of citizens. What matters now is strict compliance and constant review of the framework to adapt to new technologies and emerging consumer issues,” he said.

Business

Banks begin charging ₦6 per SMS for transaction alerts

Starting today, May 1, 2025, Nigerian banks will begin charging N6 for every SMS transaction alert, citing the recent hike in telecommunications service rates as the cause of the increase.

The new charge marks a 50% rise from the previous N4 per message, sparking concern among customers already grappling with inflation and rising living costs.

According to a report by Vanguard, the hike in SMS alert fees follows a green light from the Federal Government that allowed telecom providers to raise their tariff. Banks, in turn, are adjusting their service charges to reflect the change, despite the potential burden on users.

In an email sent to its customers, Guaranty Trust Bank (GTBank) wrote:

“Dear Valued Customer, please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from N4 to N6 per message. This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers.”

The bank emphasized the importance of SMS alerts in helping customers monitor account activity and prevent fraud, while also offering an opt-out option for those who prefer not to receive alerts via SMS. Customers are advised to update their preferences on the bank’s website. GTBank also noted that SMS alerts sent to international numbers would attract higher fees.

While some customers may consider switching to email or app notifications, the added cost to essential services has reignited conversations around the affordability and transparency of banking in Nigeria.

Business

Retail Fuel price drops nationwide At MRS Stations

MRS Oil Nigeria Plc has announced a reduction in the retail price of Premium Motor Spirit (PMS), commonly known as petrol, across its stations nationwide.
The oil marketing firm disclosed on Monday, February 10, through its official X (formerly Twitter) account, that its stations in Lagos will now sell petrol at ₦925 per liter.

The move follows a similar price adjustment by its partner, Dangote Refinery, which recently lowered the ex-depot price to ₦890 per liter.

Beyond Lagos, MRS outlined region-specific pricing, with petrol selling at ₦935 per liter in the South West, ₦945 in the North, and ₦955 in the East.

The company assured consumers that the reduction would not compromise fuel quality.

“The prices may vary, but one thing stays the same—we give you high-quality fuel that keeps your engine running at its best,” the statement read.

MRS also urged customers to remain vigilant and report any stations selling above the new price.

“We are just a call or email away. Let us know if you notice any discrepancies,” the company added.

The price cut is expected to relieve motorists and businesses struggling with high fuel costs.

However, industry analysts say sustained reductions will depend on global crude prices and domestic refining capacity.