Dr Steve Olusegun Ogidan is the president of the Turnaround Management Association of Nigeria (TMA-Nigeria). TMA-Nigeria is the Nigerian chapter of TMA, the premier global organisation dedicated to turnaround management, corporate restructuring and distressed investing.
He spoke to THE WHISTLER on the role of TMA in Nigeria.
How relevant is TMA to the economic recovery efforts of the Nigerian government?
TMA-Nigeria is highly relevant because economic recovery does not happen only in the national accounts. It happens enterprise by enterprise, factory by factory and job by job. That is precisely where turnaround management works.
At the macro level, the economy is showing real signs of stabilisation. According to the National Bureau of Statistics, real GDP grew by 4.43 per cent in the second quarter of 2026, the strongest quarterly growth in about five years. Headline inflation eased to 14.63 per cent in September 2026, and the Central Bank of Nigeria reduced the Monetary Policy Rate from 26.5 per cent to 23 per cent in September. The gap between the official and parallel exchange rates, which was very wide in 2023, has narrowed to about 2 per cent.
However, macro stability has not yet translated fully into recovery for households and businesses. The World Bank estimates that poverty rose to 63 per cent in 2025, representing about 140 million Nigerians, and many manufacturers still operate well below installed capacity. Between macroeconomic stabilisation and microeconomic recovery lies a gap, and that gap is the space TMA-Nigeria exists to fill.
Our relevance to the government’s recovery effort lies in five areas:
Rescuing viable but distressed enterprises. Every business saved preserves jobs, tax revenue, supply chains and bank assets. It is far cheaper to rescue a viable firm than to rebuild one from scratch.
Reviving moribund public and private assets. Nigeria has idle factories, abandoned projects and underperforming public enterprises. Turnaround professionals have the tools to diagnose, restructure and bring them back to productive use.
Building national capability. Through internationally recognised certifications such as the Certified Turnaround Professional (CTP) and Certified Turnaround Analyst (CTA), we are building a pool of Nigerian professionals who can lead corporate renewal.
Connecting capital to recovery. We work with development finance institutions and lenders to identify enterprises that can be restructured and scaled, so that intervention funds reach businesses that can use them productively.
Policy advocacy. We push for a stronger rescue culture, including better use of the business rescue provisions introduced under the Companies and Allied Matters Act (CAMA) 2020, so that distressed companies are restructured rather than liquidated.
Our 2026 Annual Meeting and Workshop, which opens today in Abuja, carries the theme “Partnering for Turnaround: Leveraging Public-Private Collaboration for Nigeria’s Economic Transformation.” That theme captures our view: government can stabilise the economy, but the private sector and turnaround professionals must help turn stability into growth, jobs and prosperity.
Would TMA-Nigeria consider President Bola Tinubu for an award for the economic recovery efforts of his administration? If yes, how would you justify the award in view of what many consider economic hardship in the country?
TMA-Nigeria’s Turnaround Awards are conferred through a structured nomination and evaluation process by our Board and Awards Committee, based on demonstrable turnaround outcomes. No recipient is pre-determined, and I will not pre-empt that process. What I can say is that any leader, in the public or private sector, whose decisions measurably turn around a distressed institution or economy is eligible for consideration, including the President.
As turnaround practitioners, we judge every turnaround by three tests:
Were the hard decisions necessary?
Every genuine turnaround involves pain before gain. Removing the petrol subsidy and unifying the exchange rate were difficult decisions that previous administrations deferred for years. In turnaround terms, they were the equivalent of stopping the bleeding: unpopular, but necessary for long-term survival.
Is the patient stabilising?
There is evidence that it is. Growth has picked up to 4.43 per cent, inflation has fallen from above 30 per cent to below 15 per cent, interest rates have started to come down, and the exchange rate has become more stable and transparent.
Is recovery reaching the people?
This is the test that has not yet been passed. The hardship Nigerians feel is real, and we will not dismiss it. When poverty stands at about 63 per cent, and businesses still borrow at well above 25 per cent, the gains are not yet in people’s pockets or on factory floors.
So, our honest position is this: the stabilisation phase of the turnaround is showing results, but the recovery phase, when ordinary households and small businesses feel the difference, is the real test of success. Any recognition from TMA-Nigeria would have to reflect both sides of that ledger. Awarding a turnaround before it is complete would serve neither the President nor the credibility of our awards. Our role is to give honest, professional assessment, and to offer our expertise to help the second phase succeed.
What are the highlights of your leadership of TMA-Nigeria?
Since I assumed office as President in November 2024, our focus has been to move TMA-Nigeria from a professional network to an active partner in national economic recovery. Key highlights include:
A clear strategic agenda. At my inauguration, we set out a roadmap built on technology-driven turnaround, capacity building, professional certification and public-private collaboration. We have pursued that agenda consistently.
A national platform for turnaround dialogue. In partnership with the Konrad-Adenauer-Stiftung (KAS) Nigeria, we hosted our 2025 annual conference in Lagos on “Reviving Moribund Assets: The Role of Turnaround Management in Nigeria’s Economic Recovery Strategy.” Our 2026 Annual Meeting and Workshop opens today at the Abuja Continental Hotel on public-private partnership for economic transformation.
The Turnaround Awards. We introduced recognition for leaders who demonstrate turnaround excellence. This year, the Banking Partner Award goes to Dr Olasupo Olusi, MD/CEO of the Bank of Industry, for BOI’s role in supporting enterprise recovery.
Partnership with development finance. We are developing a strategic partnership with the Bank of Industry under which TMA-Nigeria would serve as a business development service provider and help originate a pipeline of viable enterprises for BOI’s impact funding.
Institutional strengthening. We strengthened the Association’s secretariat, including the appointment of an Executive Director to drive programmes, partnerships and member services.
Professional development. We have promoted the CTP and CTA certifications and turnaround training to build Nigerian capacity to global standards.
Evidence-based advocacy. We have put hard facts on the table: manufacturing capacity utilisation around 55 per cent, non-performing loans above N1.3 trillion and youth unemployment above 33 per cent. We use those facts to argue for a national rescue culture.
How many businesses or organisations has TMA-Nigeria rescued under your leadership?
It is important to explain how turnaround work happens. TMA-Nigeria is a professional association, not a rescue firm. Rescues are carried out by our members, who are turnaround professionals, insolvency practitioners, bankers, lawyers, accountants and management consultants. Much of that work is done under strict confidentiality, because a business in distress is protecting its customers, staff and creditor relationships.
With that in mind, our members have been involved in several restructuring and rescue engagements over the past five years across sectors such as manufacturing, financial services, agribusiness, hospitality and public enterprises, helping protect an estimated thousands of jobs.