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Lagos 2025 Budget Scales Second Reading

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  • Speaker gives committee 1 month to report back

The Lagos State House of Assembly on Monday debated the 2025 appropriation bill of N3.005 trillion presented to the lawmakers by Governor Babajide Sanwo-Olu last Thursday.

Speaker Mudashiru Obasa, who presided over the plenary, committed the bill to a joint committee on appropriation and finance for review with a mandate to report back in one month.

Earlier, Chairman of the House Committee on Budget and Economic Planning, Hon. Sa’ad Olumoh, provided an overview of the proposed spending with a breakdown of items in the estimate.

While raising concerns over the projection of N408 billion deficit financing in the budget, Olumoh, who noted that loans are good when used for the actual purposes, added: “We have to be cautious about it. We need to have a sustainable and pragmatic way of financing our budget so that we don’t rely solely on loans.

“So I would suggest that we look at a realistic budget and ways to finance it using alternatives like the Public Private Partnership models.

“I also want to implore my colleagues that for the purpose of the 2025 budget, we need to properly scrutinise it to prevent wastage.”

He commended the government for its intentions as stipulated in the budget estimate.

Deputy Majority Leader Adedamola Richard Kasumu called for a careful review of the budget to enable comparative analysis and feasibility.

Hon. Gbolahan Yishawu (Eti-Osa 2) noted the absence of allocations for electricity infrastructure and climate change initiatives while suggesting a five-year retrospective analysis of deficit funding.

His colleague, Hon. Femi Sheed, stressed the importance of linking borrowing to critical infrastructure like electricity while ensuring revenue efficiency and addressing potential financial leakages.

On his part, Hon. Desmond Elliot highlighted the omission of food security measures in the proposal while urging the inclusion of initiatives to meet citizens’ needs.

Recall that Governor Sanwo-Olu told the lawmakers that the budget aims to achieve a 59% capital expenditure and 41% recurrent expenditure ratio with a deficit financing to be sourced through external and internal loans and bonds.

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ONEDOSH Raises $3M Pre-Seed to Build the Global Stablecoin Payment Rails

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Money should move without borders. It doesn’t, yet.OneDosh has closed a $3M pre-seed to build the stablecoin-powered payment infrastructure the global economy has been waiting for.Founded in February 2025 byJackson Ukuevo—Co-Founder & CEO Godwin Okoye — Co-Founder Babatunde Osinowo – Co-FounderOneDosh wasn’t built from theory. It was built from friction, blocked cards, frozen accounts, slow cross-border transfers, and currency constraints experienced firsthand by the founding team while living and traveling globally. The conclusion was clear: the problem isn’t demand. It’s infrastructure.Today, OneDosh is live in the United States and Nigeria, two of the most active remittance and stablecoin corridors in the world.Users can move money from the U.S. to Nigeria, store value in stablecoins, and spend globally using stablecoin-powered cards on Apple Pay and Google Pay, anywhere Visa is accepted.But this is just the beginning.Under the hood, OneDosh is building foundational stablecoin rails, infrastructure that connects wallets, cards, and countries into a single, programmable infrastructure. As stablecoins become the default settlement tool for global payments, these rails become inevitable.The OneDosh team brings experience with executing innovative solutions, with experience at organizations like Zero Hash, Plaid, and Amazon, spanning compliance, payments, andlarge-scaleproductdevelopementThis pre-seed accelerates corridor expansion, deepens liquidity partnerships, and enables senior hires, positioning OneDosh at the intersection of stablecoins, global spending, and real-world payments.The opportunity is not speculative. The behavior already exists.The rails are being laid now.Borderless money isn’t a vision anymore. It’s happening, and OneDosh is building it.

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MultiChoice Names Omotosho CEO as Ugbe Retires

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MultiChoice Nigeria, a Canal + company, has announced a leadership transition, as Chief Executive Officer, John Ugbe, retires after a distinguished tenure. He will be succeeded by Kemi Omotosho, who will be appointed Chief Executive Officer, Nigeria, effective January 2026.Ugbe steps down after nearly fifteen years at the helm, during which he steered the business through significant industry and market shifts, strengthening operational foundations and long-term resilience.Omotosho brings over 20 years of leadership experience across media, telecommunications, and digital businesses in Nigeria and Sub-Saharan Africa. She has held several senior roles within the MultiChoice Group, including Executive Head of Customer Value Management in Nigeria and Group Executive Head of Customer Value Management for Rest of Africa, providing functional leadership across more than 50 markets. Most recently, she served as Regional Director for Southern Africa, with full P&L responsibility for a seven-country portfolio.With a proven record of leading complex organisations, driving disciplined growth and building high-performing teams, Omotosho will lead MultiChoice Nigeria’s strategy, operations and stakeholder engagement, building on the foundations laid by her predecessor.Speaking on her appointment, Omotosho said, “It is a privilege to be entrusted with the leadership of MultiChoice Nigeria at this important moment. Nigeria remains one of the Group’s most strategic and dynamic markets. I look forward to working with our teams and partners to deepen our relationship with consumers, champion local storytelling and the creative economy as well build a future-ready organisation that delivers sustainable value.”The company said Ugbe’s retirement and Omotosho’s appointment follow a structured and orderly transition, ensuring continuity and stability.

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Fidelity Bank Champions Tree Planting Initiative at Elegushi Beach

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In line with its commitment to environmental preservation and sustainable development, leading financial institution, Fidelity Bank Plc, has partnered with Greenfingers Wildlife Initiative, to plant trees at Elegushi Beach, Lekki, Lagos.

The intervention was implemented as part of the bank’s Corporate Social Responsibility (CSR) initiative, Fidelity Helping Hands Programme (FHHP). It was funded and administered by the newly inducted employees, referred to as the Vault Class, who selected this initiative for their community impact project. The bank provided matching financial support to ensure the project’s successful execution.

Speaking during the event, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, highlighted the bank’s resolve to consistently champion initiatives that preserve the environment and reduce the impact of climate change.

“Environmental preservation is a key CSR pillar for us at Fidelity Bank. We believe that protecting the earth is a shared responsibility. That is why this initiative is not a one-time activity, but part of our ongoing efforts to promote sustainable best practices,” Nwagboh said. “We are committed to ensuring that our environment, including marine habitats, remains protected from pollution and degradation.”

In addition to planting trees, the Fidelity Bank team conducted a beach clean-up exercise to remove waste materials from the shoreline and surrounding marine areas. Nwagboh further noted that the bank continues to support environmental conservation through various initiatives nationwide and remains a proud partner of the Nigerian Conservation Foundation (NCF).

“Tree planting is an integral part of our climate action and resilience plan, and our goal is to consistently expand our environment-friendly operations.” Nwagboh added. “We are delighted for this partnership with Greenfingers Wildlife Initiative. It is one we intend to nurture, as we believe there’s more to be done to protect our environment.”

Also speaking at the event, Mr. Chinedu Mogbo, Founder of Greenfingers Wildlife Initiative, commended Fidelity Bank for its proactive commitment to environmental sustainability. He emphasized that the partnership aligns with the NGO’s mission to foster safer, cleaner environments for both humans and wildlife.

“Our partnership with Fidelity Bank is driven by a shared mission to create a safer, greener environment for both humans and wildlife. Beyond enhancing environmental safety, planting trees contributes to beautifying our surroundings and restoring balance to nature.” Mogbo stated.

The exercise marks another significant step in Fidelity Bank’s environmental CSR efforts aimed at promoting sustainable living across communities, combating climate change, protecting biodiversity, and conserving aquatic ecosystems.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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