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

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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

Unity Bank and Providus Bank are merging Amidst Ongoing Reforms

The Unity Bank and Providus Bank merger has been approved by the Supreme Court, clearing the final legal hurdle. The combined bank will operate as Providus-Unity Bank (PUB).

The long-awaited merger between Unity Bank Plc and Providus Bank Limited has finally cleared its last major hurdle after the Nigerian Supreme Court dismissed the final legal challenges against the deal and approved the transfer of Unity Bank’s assets and liabilities.

The ruling comes after regulatory approval from the Central Bank of Nigeria (CBN) and overwhelming support from shareholders of both banks, effectively paving the way for the consolidation to move into its implementation phase.

The merger is part of efforts to create a stronger financial institution that meets the CBN’s recapitalisation requirements for banks with national licences.

With the legal process now concluded, the combined entity is expected to operate under the name Providus-Unity Bank (PUB). While the banks have not yet released a detailed transition timetable, official documents and statements provide a fairly clear picture of what customers can expect.

Mergers are designed to create stronger, more stable financial institutions, not to liquidate them.

Unity Bank brings a massive retail footprint and deep roots in agricultural financing, while Providus Bank contributes an advanced digital infrastructure and robust corporate banking systems.

Combined, the enlarged bank boasts an asset base projected to exceed ₦2 trillion and a deposit base of over ₦1.2 trillion. Your funds remain fully intact and accessible. Behind the scenes, IT teams from both banks are working to integrate their banking systems.

If any account number changes become necessary in the future, often to resolve rare instances where customers at both banks share identical account numbers, the bank will notify you directly well in advance.

Business

Nigeria remains the World Bank’s third-largest borrower with $18.5bn

Nigeria remains the World Bank’s third-largest borrower, with $18.5bn in debt exposure, as fresh data show the country’s reliance on concessional loans continues to rise amid economic reforms and infrastructure funding needs.

Nigeria has remained the third-largest borrower from the World Bank’s International Development Association (IDA), with the country’s debt exposure now standing at $18.5 billion as of March 31, 2026.

Fresh figures contained in the IDA’s March 2026 financial statements showed that Nigeria’s exposure dropped slightly from the $18.7 billion recorded in December 2025, representing a decline of about $200 million within three months.

Even with the slight quarterly drop, Nigeria’s debt to the World Bank has continued to rise on a yearly basis. The latest figure is about $1.2 billion higher than the $17.3 billion exposure recorded in March 2025, showing a 6.9 per cent increase over one year.

The new ranking places Nigeria behind Bangladesh and Pakistan among countries with the highest borrowing from the World Bank’s concessional lending arm. According to the report, Bangladesh remained the largest borrower with $22.7 billion exposure, while Pakistan followed with $19.2 billion. Nigeria came third with $18.5 billion.

Nigeria alone accounts for around eight per cent of the institution’s total loan portfolio and roughly 13.3 per cent of the combined exposure of the IDA’s ten largest borrowers.

The report further showed that the 10 largest borrowing countries account for about 60 per cent of the World Bank’s concessional lending exposure globally.

Nigeria’s rising exposure highlights the country’s growing dependence on multilateral financing to support infrastructure projects, social programmes, economic reforms and budget support amid ongoing fiscal pressures.

The Federal Government is also in talks with the World Bank for another fresh loan facility valued at $1.25 billion. If approved, total World Bank loan approvals secured by Nigeria since President Bola Ahmed Tinubu assumed office in May 2023 could rise to around $10.6 billion.

Business

NCC orders Telco’s To compensate subscribers for poor network service

The Nigerian Communications Commission (NCC) has instructed Mobile Network Operators (MNOs) to make things right for customers when the network quality in certain areas doesn’t meet the expected standards.

This directive was shared in a statement released on Sunday by Nnenna Ukoha, who leads the Public Affairs Department. The statement emphasized the Commission’s firm view that customers shouldn’t have to bear the entire brunt of service problems if operators aren’t meeting the required service delivery benchmarks.

Part of the statement said “Under this directive, erring operators will compensate affected users directly for breaches of Quality of Service (QoS) Key Performance Indicators (KPIs).
Mobile Network Operators (MNOs) shall be required to pay these compensations for instances of poor quality of service recorded within specified time frames.

The compensation will be provided in the form of airtime credits, calculated based on subscribers’ average spending patterns and their presence within Local Government Areas where service failures occur.”

Ukoha explained that this directive stems from the Commission’s overall approach to regulation, which prioritizes the consumer right at the heart of Nigeria’s telecommunications landscape. They emphasized that today’s telecommunications services are fundamental to economic activity, social connections, and gaining access to digital possibilities.

“When service quality is poor, the consequences affect productivity, commercial activities, and even public confidence in our communications system.

While regulatory fines have traditionally served as a deterrent against poor service delivery, the Commission is adopting a more consumer-focused approach that strengthens accountability within the industry,” the statement said.

The Commission has designed this measure to complement existing and ongoing efforts to strengthen service quality monitoring and enforce performance standards.

“Further to this directive by the Commission to MNOs on compensation to consumers, the Commission is also mandating Tower Companies that own the critical infrastructure for Quality of Service delivery, such as masts, to invest in infrastructure with measurable outcomes using sums that it has fined these companies, in addition to other financial fines the Commission will deem appropriate.