The Igbo Community Stakeholders, Lagos State Chapter, have raised serious concerns over ongoing commercial disputes involving Igbo-owned businesses in Lagos, including Nestoil, and billionaire businessman Femi Otedola.

In a public statement issued on February 9, 2026, the group alleged that excessive commercial pressure and institutional influence were being applied in the handling of some disputes linked to financial institutions operating in the state, raising questions about fairness and due process in Nigeria’s business environment.

According to the stakeholders, the reported developments have raised serious questions about fairness, due process, and respect for indigenous business ownership in Nigeria’s commercial environment.

The group emphasized that its position is rooted in the principles of equity and the rule of law, stressing that no individual or corporate entity should be regarded as being above the law.

“We believe Nigeria’s business environment must remain fair, transparent, and rules-based,” the statement said, adding that commercial disputes should be resolved strictly through lawful means such as negotiation, arbitration, or the courts.

The Igbo Community Stakeholders further called for restraint in the use of influence or institutional power in resolving business disagreements and urged transparent and fair engagement with Igbo-owned enterprises operating in Lagos.

They also appealed for peaceful, structured, and lawful resolution of all disputes, making it clear that their statement was not intended as a threat but as a call for dialogue, fairness, and adherence to due process.

“This statement is not a threat. It is a call for dialogue, fairness, and due process,” the group noted.

While reiterating their commitment to peace and lawful engagement, the stakeholders stated that they reserve the right to pursue lawful collective actions, including regulatory engagement and public advocacy, should their concerns remain unaddressed.

The statement was signed by Chidi Mbanefo, Secretary of the Igbo Community Stakeholders, Lagos State Chapter.

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Elon Musk has once again emerged as the world’s richest person, topping Forbes’ Real-Time Billionaires rankings with an estimated net worth of $841.1 billion, despite a daily decline of $11.4 billion (-1.34%).

The Tesla and SpaceX chief, 54, continues to dominate global wealth rankings as technology stocks and private company valuations drive massive fluctuations in billionaire fortunes.

According to Forbes, the Real-Time Billionaires list tracks the daily ups and downs of the world’s wealthiest individuals, updating public holdings every five minutes during market hours and adjusting private company valuations daily.

Top 10 Richest People in the World (Forbes Real-Time)

1. Elon Musk — $841.1bn
Industry: Tesla, SpaceX
Country: United States
Daily Change: ▼ $11.4bn (-1.34%)

2. Larry Page — $272.4bn
Industry: Google
Country: United States
Daily Change: ▼ $5.4bn (-1.97%)

3. Sergey Brin — $251.3bn
Industry: Google
Country: United States
Daily Change: ▼ $5bn (-1.97%)

4. Jeff Bezos — $244.3bn
Industry: Amazon
Country: United States
Daily Change: ▼ $4.9bn (-2.00%)

5. Mark Zuckerberg — $229.3bn
Industry: Facebook (Meta)
Country: United States
Daily Change: ▼ $7.7bn (-3.25%)

6. Larry Ellison — $190.6bn
Industry: Oracle
Country: United States
Daily Change: ▼ $9.3bn (-4.66%)

7. Bernard Arnault & family — $164.7bn
Industry: LVMH
Country: France
Daily Change: ▲ $2bn (+1.29%)

8. Jensen Huang — $151.3bn
Industry: Semiconductors (Nvidia)
Country: United States
Daily Change: ▼ $5.2bn (-3.37%)

9. Warren Buffett — $149.5bn
Industry: Berkshire Hathaway
Country: United States
Daily Change: ▲ $3.4bn (+2.38%)

10. Amancio Ortega — $147.4bn
Industry: Zara (Inditex)
Country: Spain
Daily Change: ▲ $4bn (+2.80%)

How Forbes Tracks Billionaire Wealth

Forbes explained that the Real-Time Billionaires platform reflects market volatility, with stock prices delayed by 15 minutes and private company stakes adjusted using industry-specific market indexes supplied by FactSet Research Systems.

Individuals whose wealth is heavily tied to private companies receive updated valuations once daily, while public holdings are updated continuously during trading hours.

The platform also highlights a rotating list of the day’s biggest gainers and losers, offering a snapshot of how global markets impact elite fortunes in real time.

READ MORE AT FORBES

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Nigeria’s retail lender, Unity Bank Plc, has launched an upgraded version of its mobile banking platform, Unifi, as part of ongoing efforts to improve customer experience on the Bank’s digital Banking platform and reinforce its proposition in ebusiness.

The latest update, Unifi version 2.3, introduces a suite of improved features designed to enhance usability, security, and convenience for customers. Key upgrades include enhanced security protocols, expanded quick-action functionalities, improved bill payment options, and an updated Nigeria Quick Response (NQR) feature to support faster and more secure QR code transactions.

A key aspect of the rollout builds on the Bank’s continued investment in digital and security infrastructure, aimed at safeguarding customer data, ensuring secure payments and enabling safe, real-time transactions across channels.

Speaking on the upgrade, Adenike Abimbola, Divisional Head, Retail, SME, Digital Banking & Fintech Partnerships at Unity Bank, said the improvements are built on the back of continuous interrogation of the platform to be more responsive to customer feedbacks which are being received overtime in our interactions and engagements.  

“Digital banking has become an integral part of everyday life, particularly for retail customers who expect speed, dependability, convenience, and security as standard. With the latest upgrade to Unifi, we are responding directly to these expectations by enhancing functionality, strengthening security, and simplifying key payment and transaction journeys. Our goal is to ensure that customers can carry out their banking activities seamlessly, confidently, and without friction, anytime and anywhere.”

She added that the Bank remains committed to continuous improvement of its digital channels in line with evolving customer needs and emerging industry trends.

“As mobile banking increasingly defines how people interact with financial services, Unifi is central to our strategy of delivering intuitive, reliable, and inclusive digital solutions. We will continue to invest in technology partnerships and platform enhancements that support financial inclusion, drive adoption, and improve overall customer experience.”

Originally introduced as part of Unity Bank’s strategic push to expand its retail footprint, particularly among young and digitally savvy customers, Unifi has grown into a core engine of the Bank’s retail banking expansion. The platform plays a critical role in driving customer acquisition, deepening engagement, and reinforcing Unity Bank’s broader digital transformation agenda.

The Unifi mobile app is available for download on Android and iOS devices, offering customers access to a wide range of services, including transfers, bill payments, airtime purchases, and QR-enabled transactions.

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Nigeria’s banking sector is set for renewed strength as Sterling Bank, Ecobank, and 22 other financial institutions have successfully met the Central Bank of Nigeria’s (CBN) revised recapitalisation requirements, well ahead of the March 31, 2026 compliance deadline.

The milestone marks a significant step in the CBN’s effort to strengthen the resilience of the financial system, improve banks’ capacity to absorb economic shocks, and position the sector to better support national economic growth and stability.

The recapitalisation programme, which commenced in 2024, requires commercial banks with international authorisation to maintain a minimum capital base of ₦500 billion, national banks to raise ₦200 billion, and regional banks to meet ₦50 billion. Separate thresholds were also introduced for non-interest banks, with national non-interest banks required to raise ₦20 billion and regional non-interest banks ₦10 billion.

The policy has triggered widespread equity raises, rights issues, public offers, mergers, and balance-sheet restructuring across the banking industry, drawing comparisons with the landmark 2004 banking consolidation under former CBN Governor Charles Soludo, which reduced the number of banks from 89 to 25.

As of the time of reporting, about 24 banks have met the new capital requirements.

Access Bank emerged as one of the frontrunners after raising ₦351 billion through a rights issue involving 17.77 billion shares priced at ₦19.75 per share. This lifted the bank’s capital base to ₦602.8 billion, exceeding the CBN’s minimum requirement by over ₦102 billion.

Zenith Bank also crossed the threshold, raising more than ₦350 billion through a combination of rights issues and public offers, bringing its capital base to ₦614 billion.

Meanwhile, First HoldCo confirmed that First Bank met the ₦500 billion requirement following a series of strategic initiatives, including a rights issue, private placement, and the divestment of its merchant banking subsidiary.

Among national banks, Sterling Bank completed its recapitalisation through multiple capital-raising efforts by its parent company, Sterling HoldCo, including a recent public offer that raised over ₦88 billion. Wema Bank also strengthened its balance sheet by raising ₦150 billion through a rights issue.

Foreign-owned lenders Citibank Nigeria and Standard Chartered Bank Nigeria met their requirements with capital support from their international parent companies.

In the non-interest banking segment, The Alternative Bank (AltBank), Jaiz Bank, TAJBank, and Lotus Bank have all met their respective thresholds. AltBank secured its required capital injection as early as May 2025, pushing its capital base comfortably above regulatory requirements and strengthening its competitive position in the sector.

With more banks achieving compliance, the Nigerian banking industry is increasingly positioned for improved stability, stronger balance sheets, and enhanced capacity to support investment and economic development.

Earlier this year, CBN Governor Olayemi Cardoso confirmed that the recapitalisation exercise remains on track, assuring Nigerians that non-compliant banks may face licence downgrades or mergers, but without immediate risks to depositors.

As the 2026 deadline approaches, further capital-raising activities and strategic investments are expected, a development that is set to reshape the future of banking in Nigeria and reinforce the sector’s competitiveness on the global stage.

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Unity Bank Plc has disbursed over N270 million in grants to young Nigerian entrepreneurs under its Youth Entrepreneurship Development Initiative: Corpreneurship Challenge, bringing the total number of beneficiaries since inception in 2019 to 608 corps members nationwide.

The initiative, implemented in partnership with the National Youth Service Corps (NYSC) through its Skill Acquisition and Entrepreneurship Development (SAED) programme, continues to equip fresh graduates with the funding, confidence, and support required to launch and scale viable businesses.

In the most recent edition of the Corpreneurship Challenge, held between November 18 and December 9, 2025, across 10 NYSC orientation camps nationwide, 30 youth corps members emerged as winners during the Batch C, Stream I, 2025 exercise of the programme.

The latest beneficiaries were selected from orientation camps in Lagos, Delta, Kaduna, Jigawa, Kwara, Enugu, Abia, the Federal Capital Territory (FCT), Akwa Ibom, and Plateau (Jos), after pitching innovative business ideas across diverse sectors of the economy.

Unity Bank’s cumulative investment in the Corpreneurship Challenge underscores the Bank’s long-standing commitment to youth empowerment, MSME development, and job creation in Nigeria.

Speaking on the continued impact of the initiative, Unity Bank’s Divisional Head, Retail & SME, Mrs. Adenike Abimbola, reaffirmed the Bank’s belief in entrepreneurship as a catalyst for economic transformation.

“At Unity Bank, we recognise that entrepreneurship remains one of the most effective tools for tackling youth unemployment and driving inclusive economic growth. Through the Corpreneurship Challenge, we are not only providing financial support, but also instilling confidence in young graduates to transform viable ideas into sustainable businesses. Reaching over 600 beneficiaries since inception reinforces our belief in the immense potential of Nigeria’s youth,” she said.

Mrs. Abimbola further emphasised the programme’s role in strengthening Nigeria’s MSME ecosystem and creating long-term economic value.

“Small and medium-scale enterprises are the backbone of any resilient economy. By supporting corps members at the earliest stage of their entrepreneurial journey, we are helping to build businesses that can create jobs, stimulate local economies, and contribute meaningfully to national development. Our focus is on impact that goes beyond grants, impact that translates into lasting livelihoods,” she added.

The Corpreneurship Challenge provides a competitive platform where corps members pitch business ideas, assessed on originality, feasibility, market demand, scalability, and job-creation potential. Successful participants receive financial grants to kick-start or expand their ventures, alongside exposure to business guidance and mentorship.

Since its launch, the initiative has supported youth-led businesses across value chains, including fashion, agribusiness, food processing, creative services, manufacturing, and retail. Over the years, it has become an integral part of the NYSC experience, attracting thousands of applications annually and earning national recognition for its contribution to youth empowerment.

By sustaining and expanding the Corpreneurship Challenge, Unity Bank continues to reinforce its role as a strategic partner in Nigeria’s entrepreneurial and MSME development landscape.

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