SIFAX Group Chairman Dr. Taiwo Afolabi has urged African entrepreneurs and investors to focus on building large and sustainable corporations that can compete on the global stage, warning that fragmented small businesses are limiting the continent’s economic growth.

Speaking on the sidelines of the Africa CEO Forum in Kigali, Afolabi said Africa’s long-term economic transformation would rely heavily on strong indigenous companies capable of driving industrialisation, attracting foreign investment, and creating jobs across the continent.

He said discussions at this year’s forum highlighted the urgent need for African businesses to embrace regional integration, collaboration, and long-term expansion strategies.

“Africa cannot achieve its full economic potential with thousands of weak and fragmented businesses operating in silos. What the continent needs are strong institutions and large corporations that can survive beyond their founders, scale across borders, attract global capital, and compete with the best companies around the world.”

Why It Matters

Africa remains home to millions of small and medium-sized businesses, many of which struggle with limited access to finance, unstable infrastructure, regulatory bottlenecks, and restricted cross-border trade opportunities.

Economic analysts say stronger African-owned corporations could help reduce dependence on foreign multinationals while accelerating industrial growth and regional trade.

Afolabi noted that entrepreneurship remains essential to Africa’s economy but said the continent must move beyond “subsistence and lifestyle businesses” towards enterprises with stronger governance structures and innovation capacity.

“The conversations at the Africa CEO Forum clearly showed that Africa’s future lies in integration and scale. The African Continental Free Trade Area (AfCFTA) presents a historic opportunity for businesses to expand beyond national borders and build truly pan-African enterprises.”

The African Continental Free Trade Area agreement, which officially began trading in 2021, aims to create a single African market by reducing trade barriers among member states.

Push for Regional Expansion

Afolabi said governments, banks, and private sector institutions across Africa must create policies that support business scalability through improved infrastructure, easier access to funding, favourable regulations, and stronger intra-African trade systems.

He added that SIFAX Group’s long-term strategy is tied to supporting the implementation of AfCFTA through investments in logistics, ports, transportation, and digital finance services across Africa.

Industry observers say logistics and transport infrastructure remain central to the success of regional trade integration under AfCFTA, particularly in West and East Africa where cross-border trade delays continue to affect businesses.

Industry Perspectives

Business experts attending the forum noted that African firms often struggle to scale due to fragmented markets, currency instability, and inconsistent regulations between countries.

Some economists argue that regional economic integration could help African businesses compete more effectively with global corporations from Europe, Asia, and North America.

The Africa CEO Forum has increasingly focused on strategies for strengthening African private sector competitiveness amid global economic uncertainty and rising trade realignments.

What’s Next?

Analysts say the success of AfCFTA and Africa’s industrial ambitions will depend on whether governments can implement reforms that encourage investment, improve infrastructure, and reduce barriers to regional commerce.

For companies like SIFAX Group, the focus is expected to remain on logistics expansion, trade facilitation, and building cross-border business networks that align with Africa’s broader economic integration goals.

Wema Bank has announced the final call for entries for its 2026 One-Day MD/CEO initiative, a Children’s Day programme that gives Nigerian children and teenagers the opportunity to serve as the bank’s Managing Director and Chief Executive Officer for one day.

The bank said submissions close on Wednesday, May 20, 2026, with interested participants urged to submit their entries before the deadline.

The initiative, first launched in 2025 during Wema Bank’s 80th anniversary celebrations, was designed to inspire leadership, creativity and ambition among young Nigerians.

Why the Initiative Matters

The competition is part of Wema Bank’s broader campaign themed “80 Years of Impact, A Future of Possibilities.”

According to the bank, the project seeks to connect young Nigerians with leadership opportunities and expose them to executive decision-making at an early age.

The winner will spend Monday, May 25, 2026, acting as the bank’s MD/CEO during the Children’s Day celebration.

The selected child will participate in board-level activities, observe strategic meetings and experience the responsibilities involved in managing one of Nigeria’s oldest indigenous financial institutions.

Wema Bank is widely known as the pioneer of Africa’s first fully digital bank, ALAT.

How Children Can Participate

To enter the competition, children and teenagers aged 0 to 16 are expected to create a 60-second video explaining:

Their ideal role in banking

What they hope to achieve in the future

Participants must post the video on social media using the hashtag #EvolutionOfPossibilities while tagging Wema Bank’s official social media account, @wemabank.

The bank said the participant with the highest number of likes will emerge winner.

Recall of 2025 Winner

The initiative generated widespread attention during the 2025 Children’s Day celebration after 12-year-old Chiderije Mbah emerged winner.

The campaign trended across social media platforms, with many parents and education advocates praising the programme for promoting youth empowerment and leadership development.

The bank says this year’s edition will be bigger and more competitive.

“The initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day,” the bank stated.

Industry and Public Perspective

Youth development advocates say initiatives like this can help children build confidence and career awareness at an early stage.

Education stakeholders have increasingly encouraged Nigerian companies to invest in mentorship and experiential learning programmes, especially as digital banking and technology continue reshaping the country’s workforce.

Analysts also note that campaigns focused on children and innovation can strengthen brand loyalty while encouraging financial literacy among younger Nigerians.

What Happens Next?

The winning child will officially assume the symbolic role of Wema Bank’s Managing Director/CEO on May 25, 2026, ahead of Children’s Day celebrations nationwide on May 27.

Parents and guardians have also been encouraged to support children participating before the submission window closes.

Further details are available on the bank’s verified social media pages.

https://www.wemabank.com

Nigeria’s leading marketing executives’ forum, the CMO Circle, has appointed Iquo Ukoh and Lolu Akinwunmi as Co-Chairs for its 2026 convening, as the organisation seeks to expand the role of marketing leaders in shaping business growth and public policy discussions.

The announcement positions two of Nigeria’s most prominent marketing professionals at the forefront of conversations around innovation, talent development, enterprise growth, and executive leadership.

The CMO Circle, an invitation-only forum for Chief Marketing Officers and senior marketing executives, said the appointments reflect its ambition to strengthen marketing leadership influence within corporate boardrooms and policy circles.

Why it matters

Marketing leaders are increasingly playing strategic roles beyond advertising and brand campaigns, particularly as companies navigate economic uncertainty, digital transformation, and shifting consumer behaviour.

Organisers of the CMO Circle say the platform aims to connect marketing expertise with broader national economic conversations through its quarterly publication, the CMO Index, which compiles executive sentiment and market intelligence.

The initiative is convened by MarkHack in partnership with StatiSense and Brand Communicator.

Experienced industry leaders

Iquo Ukoh currently serves as Chief Executive Officer of Entod Marketing and is known for her work in consumer engagement, storytelling, and brand strategy.

Meanwhile, Lolu Akinwunmi leads Prima Garnet, affiliated with Ogilvy Nigeria, and has advised several multinational and local brands over decades in the advertising industry.

Industry observers say the appointments could reinforce the growing recognition of marketing executives as strategic business leaders rather than solely communications specialists.

Organisers outline vision

Commenting on the announcement, Victor ‘Gbenga Afolabi said the platform was designed to influence policy and industry direction.

“The CMO Circle is intentionally designed as a premium, outcomes-driven platform—one that moves marketing leadership beyond the boardroom into the sphere of policy influence,” he said.

“With Iquo Ukoh and Lolu Akinwunmi as Co-Chairs, we are setting a clear tone of authority, depth, and relevance. Through the CMO Index and our quarterly convenings, the Circle will play a defining role in shaping both industry direction and policy dialogue.”

Focus on talent and leadership

The inaugural 2026 session will be themed: “The C-Suite Mandate: Talent Density and Marketing Leadership.”

According to organisers, the event will bring together a select group of CMOs and business leaders to discuss leadership, talent retention, innovation, and the evolving responsibilities of senior marketing executives.

Analysts say the conversation comes at a time when Nigerian businesses are facing increased competition for skilled professionals and mounting pressure to drive growth in a challenging economic climate.

Industry reactions

Marketing professionals have increasingly called for stronger collaboration between business leaders and policymakers, particularly around digital innovation, consumer data, and workforce development.

Experts say initiatives such as the CMO Circle could help create structured dialogue between private-sector executives and government stakeholders on issues affecting Nigeria’s business environment.

What’s next

The 2026 convening is expected to feature quarterly engagements and insights through the CMO Index, which organisers say will continue to provide data-driven perspectives on market trends and executive priorities.

The event is also expected to deepen conversations around how marketing leadership can contribute to national economic development and business competitiveness.