Analysis
NOVA Bank Begins Commercial Banking Operations

NOVA Bank, formerly known as NOVA Merchant Bank, has officially commenced operations as a national commercial bank. The bank’s first commercial banking branch has opened in Victoria Island, Lagos, following the approval of its final license by the Central Bank of Nigeria (CBN). With this milestone, NOVA Bank is set to expand its branch network across Nigeria, with additional locations planned in Lagos, Abuja, Port Harcourt, and Kano.
The bank is introducing its trademarked PHYGITAL model, which combines physical branches with digital banking capabilities to provide a seamless customer experience. NOVA Bank emphasizes its commitment to customer focus and delivering exceptional service. The bank offers a comprehensive suite of banking services, including card solutions, mobile banking, and POS solutions, catering to diverse customer needs.
Its aim is to deepen financial inclusion, provide secure banking solutions, and elevate the SME market as a key economic driver. Phillips Oduoza, Chairman and Founder, and Wale Oyedeji, Managing Director/ CEO, expressed their dedication to delivering innovative services and building on the bank’s legacy. NOVA Bank’s transition to a national commercial bank marks a significant milestone, poised to enhance its services and expand its reach in the banking industry
Analysis
As US Shifts Focus to Trade in Africa

The United States has embarked on a significant shift in its policy towards Africa, moving from a traditional aid-based approach to a trade-focused strategy.
This change in approach was underscored by President Donald Trump’s recent meeting with leaders from five West African nations, including Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal.
Interestingly, the US has long been engaged in Africa through various forms of aid and assistance, but the new approach prioritizes trade and investment as a means of promoting economic growth and development on the continent.
According to Trump, “We’re shifting from aid to trade. In the long run, this will be far more effective and sustainable and beneficial than anything else that we could be doing together.”
The meeting between Trump and the West African leaders highlighted the potential for increased economic engagement between the US and Africa. The leaders showcased their countries’ natural resources, with Mauritanian President Mohamed Ould Ghazouani listing rare earths, manganese, uranium, and possibly lithium as resources available for investment.
The US is already a significant trading partner with Africa, with total goods trade between the US and Africa estimated at $71.6 billion in 2024.
US goods exports to Africa increased by 11.9% to $32.1 billion, while US goods imports from Africa rose by 1.9% to $39.5 billion ¹.
No doubt, Africa presents significant economic opportunities for the US, with many of the fastest-growing economies in the world located on the continent. The International Monetary Fund has highlighted sub-Saharan Africa’s rapid growth, making it an attractive region for investment.
The US policy shift towards trade and investment in Africa is driven by a desire to promote economic growth and development on the continent.
According to a senior State Department official, “Trade, not aid, a slogan we’ve seen thrown around for years, is now truly our policy for Africa.” This approach is expected to create new opportunities for US businesses and investors in Africa.
While the new policy presents opportunities for economic engagement, it also poses challenges. African countries face mounting economic challenges due to US tariffs introduced as part of trade measures.
The Common Market for Eastern and Southern Africa (COMESA) is considering a coordinated response to rising trade tensions with the US.
COMESA, Africa’s largest trade alliance, represents 19 member states and a population of about 390 million.
The bloc is preparing to push back against US tariff measures that have impacted several African countries. The goal is to unlock new markets and offset the impact of recently imposed US tariffs.
The US tariffs have drawn criticism from COMESA and other African trade blocs, which argue that they undermine the benefits African countries enjoyed under the African Growth and Opportunity Act (AGOA). AGOA has granted eligible African nations duty-free access to the US market for thousands of products.
African leaders have urged the US to review its tariffs on African exports, calling for a shift towards transformative partnerships and investment in Africa’s economic potential. According to African Development Bank Group President Dr. Akinwumi Adesina, “What is needed is more trade between Africa and the US, not less.”
The US-Africa trade relationship has been strengthening, with trade between the two regions steadily rising. The US Trade Representative and the African Continental Free Trade Area (AfCFTA) Secretariat signed a Memorandum of Understanding in December 2022 to promote equitable, sustainable, and inclusive trade.
The US is expected to invest $55 billion in Africa over the next three years, with a focus on sustainable energy, health systems, agribusiness, digital connectivity, infrastructure, and finance.
This investment is expected to create new opportunities for economic growth and development in Africa.
The US shift in focus to trade in Africa marks a new era of economic engagement between the two regions.
While challenges exist, the potential for increased economic cooperation and investment is significant. As African leaders and the US continue to navigate this new landscape, it is clear that trade and investment will play a critical role in shaping the future of US-Africa relations.
Analysis
Nigeria Academic Union, ASUU Elects New President

Nigeria Academic Union, ASUU Elects New President
The Academic Staff Union of Universities (ASUU) has elected Professor Chris Piwuna, a consultant psychiatrist at the University of Jos Teaching Hospital, as its new president.
Prof. Piwuna, who also serves as the Dean of Student Affairs at the University of Jos, succeeds Prof. Victor Osodeke, a professor of soil science at Michael Okpara University of Agriculture, Umudike, Abia State.
His election took place during the 23rd National Delegates Congress of the Union, held on Sunday in Benin City, Edo State.
Prof. Piwuna emerged victorious over Prof. Adamu Babayo of Abubakar Tafawa Balewa University, Bauchi, in a closely contested vote.
His emergence comes at a critical time for the union, with growing speculation about a potential industrial action. This follows disputes over the allocation of recently released earned academic allowances, ongoing concerns about brain drain, and other unresolved issues in the university system.
It will be recalled that on April 23, 2025, the Minister of Education, Dr. Maruf Alausa, announced that President Bola Ahmed Tinubu had approved the release of N50 billion to settle outstanding allowances owed to university staff.
Analysis
Nigeria Ranked 5th Globally, 3rd In Africa As Most Generous Country In World Giving Index 2024

In a remarkable display of generosity, Nigeria has been ranked the third most generous country in Africa and fifth globally, according to the Charities Aid Foundation World Giving Index 2024. Despite facing economic and humanitarian challenges, Nigeria’s ranking is a testament to the country’s spirit of giving and willingness to help those in need.
The World Giving Index, which surveyed over 145,000 people across 140 countries, found that 72% of the world’s adult population gave money, time, or helped a stranger in 2022. Indonesia topped the global rankings, followed by Kenya, which emerged as the most generous country in Africa.
Nigeria’s ranking is impressive, considering the country’s economic challenges. The report highlights the importance of generosity and volunteering, citing Kenya’s high ranking as an example of the “utu” spirit, which signifies humanity.
The World Giving Index also noted that government initiatives can play a significant role in encouraging charitable activity, citing Singapore’s rise in the rankings as an example. The country’s government has implemented schemes to encourage partnerships between charities and businesses, as well as tax relief and government matching on charitable donations.
The report’s findings demonstrate that people across continents and cultures remain willing to help those in need, even in the face of economic and humanitarian challenges. Nigeria’s ranking as the fifth most generous country globally is a testament to the country’s resilience and generosity.
Read Also
From Front-Runner To Follower: Nigeria’s Economic Decline
-
Extra5 days ago
Igbo United Sisters of America Holds 3rd Annual Convention, Installs New President
-
News5 days ago
Kenya in Turmoil as Opposition Demands President’s Resignation
-
Sports4 days ago
Barcelona to Pay Messi €5.95 Million in Deferred Salary
-
Milestone5 days ago
CARICOM Celebrates 52 Years of Regional Integration and Cooperation
-
News5 days ago
Cultural Misstep? Trump Praises Liberian President’s English Ability
-
News5 days ago
Former Nigerian President Muhammadu Buhari Passes Away in London