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Academia, business leaders gather for Otonti Nduka at 100 

Launch N5bn fund for education reform 

by Onome Amuge
April 14, 2026
in News
Academia, business leaders gather for Otonti Nduka at 100 

A cross-section of academia, government and industry will converge in Port Harcourt on May 8 for the centenary of Otonti Nduka, in what stakeholders describe as a defining moment to re-anchor Nigeria’s development agenda on ethics, governance and human capital formation.

The two-day event, scheduled to be held at Rivers State University, is expected to attract more than 1,500 participants, including vice-chancellors, policymakers, corporate executives and civil society leaders.

Organisers say the gathering is designed not only to honour Nduka’s legacy, but also to enhance actionable commitments around values-based education, at a time when concerns over institutional integrity and leadership accountability are intensifying.

“This centenary is not just a birthday; it is a national reckoning with the values that define our progress,” said Prof. Hilary Wordu, spokesperson for the centenary committee.

High-level government participation is expected, with Tunji Alausa, the minister of education,billed as special guest of honour, while Siminalayi Fubara, Rivers State governor, will serve as chief host.

A major highlight of the event will be the launch of the Otonti Nduka Foundation for Values Education Endowment Fund, targeting N5 billion to support scholarships, teacher training and research centres across universities. 

Grant Offor, chairman of Ramec Group of Companies and Chief Launcher of the fund, said the initiative would focus on sustainable impact. “True wealth builds character first,” he noted, pledging both financial backing and technical expertise.

The intellectual centrepiece will be a keynote address by Kingsley Moghalu, former Central Bank of Nigeria deputy governor, who is expected to examine the erosion of ethical frameworks amid globalisation and technological disruption, while advocating curriculum reforms anchored on integrity and critical thinking.

Legal perspectives will also feature prominently, with former Attorney General Kanu Agabi scheduled to share insights on governance and public leadership.

Nduka, a former president of the Nigeria Academy of Education and recipient of the National Universities Commission’s Distinguished Professor of the Century award, is widely credited with pioneering values education in post-colonial Africa. His work has influenced the integration of ethics into both science and humanities curricula.

Proceedings will begin with a national conference focusing on “Reviving Values in a Digital Age” and “Ethical Leadership for National Development,” before transitioning into cultural showcases and a gala dinner.

 

Onome Amuge

Onome Amuge serves as online editor of Business A.M, bringing over a decade of journalism experience as a content writer and business news reporter specialising in analytical and engaging reporting. You can reach him via Facebook ,X and  LinkedIn

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October 17, 2026
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

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Methane rules spread across 67% of global production as Nigeria faces compliance test 

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October 17, 2026
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

Onafriq winds down Baxi as Nigeria’s agent banking economics worsen

October 17, 2026

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