The Nation Newspaper

Category: Business

  • GETI hails NUPRC, Komolafe for setting global benchmark in NUPRC’s $10bn licensing round

    GETI hails NUPRC, Komolafe for setting global benchmark in NUPRC’s $10bn licensing round

    A UK-based energy watchdog, the Global Energy Transparency Initiative (GETI), has applauded the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its Chief Executive, Gbenga Komolafe, for introducing world-class transparency standards and investor-friendly reforms in the launch of the 2025 Licensing Round Portal.

    In a statement issued on Tuesday and signed by its Executive Director, Dr. Jonathan Whitfield, GETI described the unveiling of the licensing round, featuring 50 oil and gas blocks across onshore, swamp/shallow water, frontier basins, and deepwater terrain, as a landmark step that aligns Nigeria’s upstream governance with international best practices.

    The commendation comes after Monday’s announcement that the NUPRC portal, br2025.nuprc.gov.ng, has gone live, with the Commission projecting $10 billion in new investments and an additional two billion barrels to Nigeria’s reserves over the next decade.

    GETI also lauded the full digitisation of the licensing process, noting that the public disclosure of bidding procedures and detailed breakdown of available blocks, 15 onshore, 19 shallow water, 15 frontier, and one deepwater, represents one of the most ambitious transparency measures implemented by any African upstream regulator in recent years.

    “Under Engr. Komolafe’s leadership, Nigeria has demonstrated that regulatory openness, clarity, and accountability are not optional but essential to attracting credible investors,” Dr. Whitfield said. 

    “From prequalification and bid submission to evaluation and award, every stage is now transparent, reducing discretion and the opacity that has historically undermined confidence in the sector.”

    GETI also highlighted the licensing round’s projected production potential of 400,000 barrels per day and the emphasis on gas utilisation and job creation, describing it as a “holistic approach to energy governance that balances revenue, competitiveness, and social impact.”

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    “The 2025 Licensing Round is a template for Africa. It demonstrates that transparency and fairness in upstream licensing are key drivers of investment, trust, and long-term sectoral stability,” he added.

    The UK-based think tank urged NUPRC to maintain consistent implementation of the licensing process, including publication of contracts, fiscal terms, and beneficial ownership information, to ensure that transparency extends beyond the bidding stage.

    “The message is clear: strong governance is a competitive advantage. Nigeria is showing that with the right leadership, regulatory credibility can coexist with rapid investment growth,” the statement added.

    GETI’s endorsement positions NUPRC’s 2025 Licensing Round as a benchmark for the African upstream sector, underscoring the importance of investor confidence, digitalisation, and international alignment in modern oil and gas regulation.

  • Two years on: If all govt agencies were NIMET

    Two years on: If all govt agencies were NIMET

    By Bonaventure Phillips Melah

      According to Dale Carnegie- “Leadership is not about a title or a designation but impact, influence and inspiration.”

      In order to initiate and implement policies and programmes for the wellbeing of citizens, governments across the world, create institutions and agencies, each with defined functions or roles. What is needed therefore, is for each arm of government, every institution, agency and department, every man or woman elected or appointed into leadership position, to make their own positive contribution into the collective social contract basket, so that the people can have meaningful life.

      The problem however, is that over the years, many ministries, departments and agencies, at both the federal, state and local government levels, as well as individual leaders, have failed to measure up to the expectations of the people, due largely, to lack of vision, and at other times, absence of political will, to take necessary decisions and as when due. Thankfully, there are some that are delivering topnotch services to the people; and that is where leadership comes in.

      Professor Charles Anosike was appointed Director General/CEO of the Nigerian Meteorological Agency (NiMet) about two years ago, precisely, in December 2023 by President Bola Ahmed Tinubu, GCFR, with a clear mandate to reposition the organization, in line with the President’s Renewed Hope Agenda.

      When he assumed office, Anosike was confronted with several institutional challenges including lack of leadership drive, slow and ineffective migration to modern technologies and a demoralized workforce that were denied series of entitlements and claims and therefore rightly agitative.

      Undaunted, Prof. Anosike had combined several ‘Cs’ of leadership- including competence, Courage, Consistency, Commitment, Character, Communication and Clarity to chart a new route of goal-setting and achievements for the organization. Leveraging digital innovations and forging strategic partnerships with local and international institutions, he has closed critical gaps and achieved remarkable milestones for the organization, so much so that, NiMet is currently rated among Grade-A performing agencies in the country.

      In addition, Anosike has held firm, a twin-chain that include drawing inspiration from President Bola Tinubu’s Renewed Hope Agenda that hammers on providing best quality service to the people and submission to the strict supervisory approach of the Minister of Aviation and Aerospace Development, Barrister Festus Keyamo, SAN, who does not brood indolence and would not suffer non-compliance to highest operational standards.

      The result is that NiMet has witnessed series of transformations that have ensured Nigeria’s weather services are more accurate, reliable, and impactful than ever before. The agency actively works with the World Meteorological Organization (WMO) and other partners to improve communication of climate information to the public.

      The agency has also been playing crucial role in supporting the Sustainable Development Goals (SDGs) by providing essential data to combat desertification and restore land affected by drought, thereby establishing itself as an authority with clear understanding that its responsibilities go beyond daily weather reports, but include long-term climate and environmental protection.

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      Several partnerships have been entered into with sister government agencies, universities and research institutions within Nigeria and across the world. According to Prof. Anosike, these collaborations are vital in building a climate-resilient society and mitigating the impact of extreme weather.

      One of the most significant milestones of NiMet under Anosike is digitalization of operations. The agency has replaced its traditional manual flight folder system with an electronic flight folder also known as e-flight folder.

      This cutting-edge tool provides virtual access to a comprehensive suite of flight briefing applications, including weather reports, to pilots and airlines, thereby facilitating informed decision-making and enhancing safety protocols.

      For a better application of the envelop, NiMet in January 2025, conducted a two-day training exercise for airline operators on the e-flight folder app, a web-based tool that facilitates seamless interaction between airlines and NiMet, ensuring efficient management and delivery of flight folders electronically.

      With the knowledge acquired therefrom, both scheduled and non-scheduled flights can now be submitted and retrieved with remarkable ease. The system also incorporates user-friendly feedback mechanisms, allowing pilots and operators to share their experiences for continuous improvement.

      NiMet currently has a world-class weather presentation infrastructure which Anosike’s management upgraded to 4K resolution. The transformative initiative was achieved in partnership with global technology leader Chyron. The cutting-edge facility plays pivotal role in NiMet’s current weather presentation capabilities and therefore a critical milestone in the agency’s commitment to delivering world-class meteorological services.

      The agency has also completed full audit of dilapidated infrastructures and ill-conceived projects as well as unveiled the Aeronautical Meteorology Bulletin, a groundbreaking publication designed to promote a deeper understanding of meteorology in the aviation industry. The bulletin aims to empower airlines, pilots, air traffic controllers, and ground services to anticipate and manage weather-related challenges more effectively.

      Another area of pride for NiMet is the agency’s flagship product, the Seasonal Climate Prediction (SCP), a vital early warning tool for farmers, livestock practitioners, and other sectors of the economy as well as the implementation of a co-production process, engaging relevant stakeholders in weather-sensitive sectors to craft informed, user-tailored weather forecasts. These forecasts are translated into Hausa, Yoruba, Igbo, and Pidgin to enhance uptake and facilitate better planning and climate-smart decision-making.

      The agency also successfully launched a centralised Secure Aviation Data Information Service (SADIS) Application Programming Interface (API) platform aimed at boosting Aviation safety efficiency in Nigeria. It was part of the overall modernisation of the country’s aviation weather services with Nigeria becoming a trailblazer in Africa.

      The SADIS API, operated by the United Kingdom Met Office under the supervision of the International Civil Aviation Organization (ICAO), grants programmatic access to the World Area Forecast System (WAFS) datasets alongside other vital meteorological information.

      Not long ago, NiMet took a major step toward sustainable innovation with the deployment of electric vehicles (EVs) for airside operations across Nigeria’s five international airports — Lagos, Abuja, Kano, Port Harcourt, and Enugu. The development marked the first deployment of EVs in the nation’s aviation sector, positioning NiMet at the forefront of environmental transformation and operational efficiency which aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda on clean energy and climate resilience. The vehicles are capable of covering up to 200 kilometers on a single charge and are supported by dedicated charging stations at each airport.

      Furthermore, NiMet and other stakeholders in the aviation industry concluded nationwide Quality Management System (QMS) Engagement across major airports as part of efforts to strengthen service delivery, improve aviation safety, and sustain its ISO 9001:2015 certification for aeronautical meteorological services.

      In its quest to enhance and strengthen operational efficiency, accountability and strategic alignment across the agency, Prof. Anosike-led NiMet commenced internal transformation process with the introduction of the Balanced Scorecard Performance Management System to improve service delivery. At a meeting with management, Prof. Anosike said the Balanced Scorecard Performance Management System, is one of the global management tools organizations use to translate strategy into performance and noted the rising importance of intangible assets such as intellectual property, human resources, data, innovation, and brand reputation in today’s knowledge-driven economy.

      Recognising the strategic importance of synergy with other organisations and stakeholders to achieve set goals, NiMet has entered into series of partnership deals, a few of which include a Memorandum of Understanding (MoU) with the African Agricultural Technology Foundation (AATF), meant to drive climate-resilient agriculture across the continent.

      Also, NiMet, Sahel, IRI and Gates Foundation launched ‘ENACTS Initiative’ to strengthen access to climate data. The event held in Abuja under the Building Agricultural Systems Resilience in Nigeria Project financed by the Bill & Melinda Gates Foundation and featured a Project Review Workshop with stakeholders across agriculture, health, water resources, blue economy and disaster management, among others.

      NiMet was also part of an Investor Roundtable hosted by the Nigerian Exchange Group (NGX) to commemorate the International Sustainability Standards Board (ISSB) Preparers Readiness Programme and strengthen partnerships and networking for agencies with similar objectives.

      NiMet also entered into partnership with the Kingdom of Morocco on AI-Based Weather Forecast, Early Warning Systems at an event where Anosike and his Moroccan counterpart, Mohammed Dhkissi, pledged to deepen bilateral cooperation between the two institutions, particularly in the area of Artificial Intelligence (AI)-driven weather forecasting and early warning systems for enhanced climate resilience.

      To further bolster its ICT capacity aimed at greater efficiency, NiMet entered a strategic alliance with the National Information Technology Development Agency (NITDA) with Anosike saying the goal was to foster collaboration and explore strategic areas between the two key government institutions which aims to enhance the credibility of NiMet’s services.

      Simultaneously also, was the signing of MoU between NiMet Landmark University aimed at advancing meteorological research and deepening climate science education in Nigeria which seeks to enhance the collection and analysis of climate data and support initiatives that promote environmental resilience and sustainable national development.

      The above is even as a few days ago, the management of AKADEMIYA2063 paid a courtesy visit to Prof. Charles Anosike, to explore concrete areas of collaboration where the NiMet boss highlighted the agency’s priority to strengthen weather and climate services for national development and underscored the growing role of AI and big data analytics in enhancing NiMet’s operations while noting that NiMet already has staff with expertise in AI and machine learning who have developed models for data collection, analysis, and forecasting.

      While working tirelessly to reposition NiMet which has yielded remarkable results, Prof. Anosike’s management has taken several steps to improve the welfare of workers through prompt payment of the allowances and clams as well as settlement of inherited promotion entitlements, including outstanding minimum wage arrears owed to staff from 2019 to 2022.

      As severally testified by the workers and their Unions, NiMet under Anosike, has paid serious attention to capacity building of both management staff and the entire workforce with over 1,900 of them benefitting from several sponsored training and retraining programmes to keep them updated with modern trends, overall aim being to provide best quality service to the nation and Nigerians.

      The standing ovations being given to NiMet at several national and international gatherings as well as awards and accolades are part of the various testimonies of Anosike’s bold footprints at the agency.

      Within the past twenty-four months, Anosike has received several prestigious awards including “Best Federal MDA in Open Data Excellence” by Nigeria GovTech Public Service Awards 2025 which also decorated him with the ‘Distinguished GovTech Trailblazer’s Award;’ ‘Aviation Sector CEO of the Year 2024;’ the 2025 ‘African Public Sector Leadership Impact Award’ for his transformational leadership, organized by the African Leadership Magazine at an event held in Casablanca, Morocco, where Anosike was honoured alongside other notable dignitaries including serving presidents of two African countries and the MD/CEO of First Bank of Nigeria Plc. The National Association of Nigerian Students (NANS) also honoured Anosike with ‘Outstanding Mentorship Award.’

      Even with such inexhaustible list of achievements, Prof. Anosike, in his quest to further get NiMet to do more exploits for the benefit of Nigerian people as well as security of the nation, led a team of the agency’s management to a public hearing on Tuesday, July 22, 2025 with the aim of advancing reasons why the NiMet Act No. 29, 2022 should be amended.

      He said weather and climate have a direct and far-reaching impact on virtually every sector of the Nigerian economy – aviation, maritime, agriculture, construction, oil and gas, telecommunications, and disaster risk reduction, among others.

      According to him, although the NiMet Act was amended as recently as 2022 to strengthen the Agency’s legal and operational framework, the realities of implementation have revealed some gaps that hinder its full effectiveness. In particular, challenges remain in the areas of cost recovery, rulemaking, and compliance & enforcement.

      *Melah, a journalist, writes from Abuja.

    • NUPRC targets $10 billion from oil licensing bid round

      NUPRC targets $10 billion from oil licensing bid round

      The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday said it is expecting to rake in $10 billion from the 2025 licensing bid round.

      Commission’s Chief Executive Officer, Engr. Gbenga Komolafe broke the news during the 2025 Licensing round portal launch in Abuja.

      The bid exercise is scheduled to last for six months, with effect from yesterday December 1, 2025.

      He said the exercise is billed to increase the country’s crude oil production to 2 billion barrels over the next 10 years when the blocks are fully operational.

      He said: “The Nigeria 2025 licensing round is therefore expected to attract about $10 billion in investment and add up to 2 billion barrels of oil output over the next 10 years, with an estimated 400,000 barrels per day of production volumes when the blocks are fully operational.”

      Komolafe revealed that the President Bola Tinubu approved the listing of 50 oil and gas blocks across offshore swamp and shallow waters and, of course, offshore terrains spanning diverse terrains.

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      He said of the 50 blocks, 15 are onshore assets, shallow water 19, frontier 15 and one deep water asset.

      According to him, the key objectives of the Nigeria 2025 licensing round are first, to grow oil and gas reserves through aggressive exploration and development efforts, like an earlier reiterated.

      He added that it is intended to increase Nigeria’s production capacity and government revenue.

      Komolafe also said it is to create thousands of direct and indirect jobs, from technical oilfields roles to supporting services, logistics supply chain, infrastructure, local content and local content, especially in regions where blocks are located. Expand opportunities for gas utilization and development in Nigeria in the field of energy transition.

      He said the Commission understands that in today’s volatile global energy landscape, certainty and predictability have become the true currencies of investment.

      The NUPRC, according to him, has therefore moved to de-risk exploration.

      He said through extensive multi-client surveys, the Commission has reprocessed thousands of kilometers of 2D and 3D seismic data, producing sharper, high-resolution images of our petroleum systems and reducing the uncertainties that once ended exploration decisions.

      For prospective investors, Komolafe said this means entering a market where uncertainty is shrinking and where opportunity is backed by the richest, high-quality subsurface data available anywhere in Africa.

      He added that this wealth of high-quality geophysical datasets means lower exploration risk, improved probability of discovery, faster appraisal timelines, reduced entry costs and accelerated journey from licensing to first oil and gas.

      Announcing the launch of the portal, he said: “Consolidating on the achievements of the 2024 licensing round, the Nigeria Offshore Petroleum Regulatory Commission is proud to formally announce the commencement of the Nigeria 2025 licensing round and the launch of the licensing round online portal br2025.nuprc.gov.ng.

      “This announcement is in line with the provisions of Section 73 of the Petroleum Industry Act 2021, which prescribes a fair, transparent and competitive bidding process.”

    • Oyetola reaffirms Nigeria’s commitment to IMO

      Oyetola reaffirms Nigeria’s commitment to IMO

      Nigeria has reaffirmed its commitment to constructive global maritime engagement following its election into Category C of the International Maritime Organization (IMO) Council, as the Minister of Marine and Blue Economy, Adegboyega Oyetola hosted an appreciation lunch for IMO delegates in London  yesterday.

      Addressing dignitaries, diplomats and representatives of member states, Oyetola expressed deep gratitude on behalf of the Federal Republic of Nigeria and President Bola Ahmed Tinubu, GCFR, emphasising that the country’s return to the IMO Council reflects a renewed vote of confidence in Nigeria’s role within the international maritime system.

      He noted that the support Nigeria received during the election was a reaffirmation of global belief in the nation’s constructive engagement and its commitment to contributing effectively to the organisation’s mission.

      The Minister described the election as both a privilege and a weighty responsibility, stressing that Nigeria understands the gravity of serving on a Council that shapes critical global maritime policies.

      Oyetola highlighted that the IMO’s mandate extends to improving international maritime safety, driving decarbonisation, protecting the marine environment, enhancing maritime security and building a sustainable blue economy. Nigeria, he said, is fully committed to justifying the trust placed in it through purposeful leadership and meaningful collaboration.

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      He outlined the reforms currently underway in Nigeria’s Marine and Blue Economy sector under President Tinubu’s guidance. These reforms aim to strengthen maritime safety and security, modernise ports, enhance flag and port state administration, advance hydrographic capabilities, improve seafarer development and expand critical maritime infrastructure. He emphasised that safeguarding a safer, greener and more efficient maritime environment is a shared global responsibility, noting that improvements in Nigeria’s maritime domain positively influence international shipping and coastal nations alike.

      Reaffirming Nigeria’s commitment to multilateralism, he added that the country will continue championing the values that underpin the IMO: cooperation, transparency, regulatory stability and equitable global maritime development. As a Council member, Nigeria intends to intensify advocacy for capacity-building for developing nations, expand avenues for technical cooperation and promote a level playing field that enables all states to confront emerging maritime challenges effectively.

      The Minister assured delegates that Nigeria’s contributions within the Council will remain forward-looking, inclusive and solution-driven. He pledged closer cooperation with member states, the IMO Secretariat and industry stakeholders to improve global maritime safety, sustainability and economic growth. According to him, the confidence shown by the international community strengthens Nigeria’s resolve to deliver measurable, beneficial outcomes throughout the 2026–2027 biennium.

      Oyetola also commended the Secretary-General of IMO,  Mr Arsenio Dominguez, and his team for their professionalism and steadfast commitment to maritime development. He also congratulated all elected Council members across the three categories, acknowledging the collective importance of their roles in guiding the work of the organisation.

      The event closed on a note of warmth and optimism as the Minister thanked all delegates for their support, partnership and presence, urging them to enjoy Nigeria’s hospitality. He reaffirmed that Nigeria looks forward to deepened cooperation and shared progress during its term on the IMO Council.

    • CBN redesigns credit-risk policy to protect N4.14tr new capital

      CBN redesigns credit-risk policy to protect N4.14tr new capital

      The Central Bank of Nigeria (CBN) is redesigning banking sector’s credit‑risk framework to protect approximately N4.14 trillion new capital being raised in the ongoing bank recapitalisation programme. Speaking at the weekend in Lagos, CBN Governor, Olayemi Cardoso, said the apex bank will be enforcing stronger governance, greater transparency, and firmer accountability to protect raised funds. He said several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to comfortably meet the March 31, 2026 deadline.

      “To date, 27 banks have raised capital through public offers and rights issues, and 16 have already met or exceeded the new requirements — a clear testament to the depth, resilience, and capacity of Nigeria’s banking sector,” Cardoso stated.

      The CBN, he said, has equally established a dedicated Compliance Department, now fully operational, with mandates covering financial crime supervision, market conduct, enterprise security, corporate governance, and Environmental, social, and governance (ESG).

      According to the CBN boss, the process enforcing stronger controls on raised funds is ongoing with the redesigning of the credit‑risk framework expected to ensure that raised funds are well managed by financial institutions.

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      Previously, banks were awash with post recapitalisation funds, with analysts predicting that without proper risk management policies and regulatory controls, chances of misapplying such raised funds through risky loans remain high.

      To guard against such occurrence, Cardoso stated: “As recapitalisation progresses, we are redesigning the credit‑risk framework to enforce stronger governance, greater transparency, and firmer accountability across the sector. We are determined to break the boom‑and‑bust cycle that has accompanied past recapitalisation efforts.”

      Already, the CBN Credit Risk Management System (CRMS) is web-enabled, allowing banks and other stakeholders to dial directly into the CRMS database to render statutory returns or conduct status enquiry on borrowers. Also, the CBN is in the process of integrating the CRMS with other systems operating in the banks to make it more efficient.

      In a report titled: “Nigeria’s macro headwinds trigger bank recapitalisation”, Deloitte, a global accounting and audit firm, put the total funds to be raised in the recapitalisation exercise which ends on March 31, 2026 at N4.14 trillion.

      It said the upward review of banks’ capital base from N50 billion to N500 billion depending on the type of licence held by the bank, remains an essential action required to boost capital adequacy needs of the Nigerian financial industry.

      Nigeria banks’ capital adequacy, the report says, has been significantly impacted by macroeconomic challenges such as high inflation and interest rates, currency volatility and forex illiquidity.

       “The upward revision will ensure that Nigerian banks have the capacity to take on bigger risks and stay afloat amid both domestic and external shocks. It also means increased liquidity position of banks, which will help broaden their loss-bearing capabilities,” the report said.

      Continuing, Cardoso said Nigeria’s banking system remains fundamentally sound and resilient, a cornerstone of our financial stability.

      “At the same time, we remain vigilant to emerging risks, including cyber threats, credit-concentration pressures, and operational vulnerabilities. These are being addressed through strengthened risk-based supervision and our ongoing transition to Basel III, which will further bolster resilience, improve capital quality, and strengthen liquidity monitoring,” he said.

      The CBN boss disclosed that with just four months to the conclusion of the recapitalisation exercise, the process remains firmly on track.

       “As we strengthen the capacity of our banks, stress-testing this year confirms that Nigeria’s banking sector remains fundamentally robust. Key financial soundness indicators overwhelmingly satisfied prudential benchmarks during the year,” Cardoso added.

      He said the apex bank is reinforcing operational discipline to ensure the financial system serves all Nigerians reliably.

      “Our starting point was a comprehensive, end‑to‑end review of the entire cash lifecycle: from production, to transportation, to distribution, and eventual access by consumers. This holistic assessment enabled us to address root causes rather than symptoms”.

      “As a result, we recalibrated our cash‑printing models, issued guidelines on the optimal ATM‑to‑card ratio, strengthened requirements for CBN approval before ATM or branch closures, enforced sanctions on banks whose ATMs fail to dispense cash, and intensified supervision of payment agents and PoS operators nationwide,” he said.

    • Nigeria’s GDP rose by 3.98% in Q3 2025

      Nigeria’s GDP rose by 3.98% in Q3 2025

      The National Bureau of Statistics (NBS) has said Nigeria’s Gross Domestic Product (GDP) grew by 3.98 per cent (year-on-year) in real terms in the third quarter of 2025.

      The report also said the growth rate is higher than the 3.86 per cent recorded in the third quarter of 2024.

      NBS said in nominal terms, the economy is N113.587 trillion and the performance is higher when compared to the third quarter of 2024, which recorded an aggregate GDP of N96.160 trillion, indicating a year-on-year nominal growth of 18.12 per cent.

      The report noted that during the quarter under review, agriculture grew by 3.79 per cent, an improvement from the 2.55 per cent recorded in the corresponding quarter of 2024 while the growth of the Industry sector stood at 3.77 per cent from 2.78 per cent recorded in the third quarter of 2024 and the Services sector recorded a growth of 4.15 per cent frWom 4.97 per cent in the same quarter of 2024.

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      “In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2025 at 53.02 per cent compared to the corresponding quarter of 2024 at 52.93 per cent .

      It added that the oil sector recorded an average daily oil production of 1.64 million barrels per day (mbpd), higher than the daily average production of 1.47 mbpd recorded in the same quarter of 2024 by 0.17 mbpd and lower than the second quarter of 2025 production volume of 1.68 mbpd by 0.04mbpd.

      “The non-oil sector grew by 3.91per cent in real terms during the reference quarter (Q3 2025). This rate was higher by 0.11per cent points compared to the rate recorded in the same quarter of 2024, which was 3.79per cent and higher than the 3.64per cent recorded in the second quarter of 2025.”

      “This sector was driven in the third quarter of 2025 mainly by Agriculture (Crop production); Information and Communication (Telecommunications); Real Estate; Financial and Insurance (Financial Institutions); Trade; Construction; and Manufacturing, accounting for positive GDP growth. In real terms, the non-oil sector contributed 96.56per cent to the nation’s GDP in the third quarter of 2025, lower than the share recorded in the third quarter of 2024, which was 96.62per cent and higher than the second quarter of 2025 recorded as 95.95per cent.”

    • Optiva Capital unveils 2026 strategy for African investors

      Optiva Capital unveils 2026 strategy for African investors

      Optiva Capital Partners has unveiled its 2026 Investment Outlook, positioning mobility and global access as the defining wealth essentials for the next decade. The firm — widely recognised as Africa’s foremost investment immigration and wealth preservation advisor — is urging African investors, professionals, and entrepreneurs to embrace global positioning through strategic mobility and diversified investment assets.

      Speaking at an exclusive business editorial roundtable, Chairman, Franklin Nechi declared 2026 a pivotal year for Africans to strengthen their economic resilience by investing beyond borders.

      “The world no longer rewards isolation — it rewards access. Mobility is the new wealth,  those who can move freely, invest wisely, and connect globally will shape the future of prosperity”, Nechi asserted.

      Once perceived as a luxury reserved for elite circles, investment immigration, Nechi noted, has evolved into a strategic necessity for Africa’s emerging class of wealth creators.

      A second citizenship or residency, he emphasised, is now a shield of protection and a bridge to opportunity — providing stability in uncertain markets and opening pathways to premium education, healthcare, and global networks.

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      Optiva’s model is anchored on four strategic pillars: protection — shielding assets from currency and market volatility, growth — ensuring continuous capital appreciation, optimisation — driving wealth efficiency and value generation and enhancement — diversifying across asset classes and jurisdictions

      Leveraging partnerships across North America, Europe, the Caribbean, and the Middle East, Optiva has successfully guided thousands of African clients in securing second citizenship, accessing new markets, and building intergenerational wealth.

      Looking ahead, Nechi affirmed that 2026 will mark the year of global access, as Optiva expands into international real estate, advisory services, and advanced wealth-retention strategies.

      “At Optiva, we don’t just sell programs — we deliver possibilities. Our message for 2026 is simple: plan globally, act wisely, and partner with experts you can trust”, he said.

      “The future belongs to the borderless African — mobile and globally connected. This is the future Optiva is empowering”, Nechi stated.

    • Domestic airlines will crumble if new tax law is implemented, says Onyema

      Domestic airlines will crumble if new tax law is implemented, says Onyema

      The Chief Executive Officer of Air Peace, Allen Onyema has said domestic airlines operating in Nigeria will crumble if the proposed tax law scheduled to take effect from January 1, 2026, is implemented.

      Onyema said the Airline Operators of Nigeria (AON) will engage with President Bola Tinubu and the National Assembly to explore ways of managing tax laws.

      Speaking in Abuja on yesterday on behalf of the Airline Operators of Nigeria at the 100-year celebration of Aviation in Nigeria, Onyema said: “We are going to meet members of the National Assembly very soon, together with our minister to discuss the issues of taxation that are supposed to come into effect on January 1, 2026, as it affects the airlines. Because if it is allowed to stand, all of us will crumble.

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      But I know Mr. President will listen to our cries and do the needful.”

      On how the aviation industry has fared, Onyema said “I want to pay my respect to the zonal and national leaders. Nigeria has never, ever enjoyed the kind of support we are having today in the aviation industry. Please think back to the years before now and compare what we are getting today as airlines.

      “We are the ones who truly bear the burden as airlines. We are the ones to tell the story, whether it is good or bad, and no other person can tell it better than the airlines. And here, I represent not just a piece of us; I represent the entire AON as one of their leaders. And when we speak, we speak without fear. We are not afraid to criticise when necessary. We are not afraid to stand up against anything when necessary. And when we must applaud and commend, we do so with equal vigour.

      “And today, I want to celebrate our President, and I really do not care whose ox is gored, because this President has helped the aviation industry with the kind of appointment he made. I remember when I met him in the Villa, I told him several times, clearly enough for him to hear and understand that someday, Mr. President, you will thank God Almighty for allowing you to appoint Mr. Keyamo to this position.

      “Our industry was almost dead. Nigerian airlines were suffering under a demonised status. We were all demonised as not being effective. We were all demonised as lacking capacity. We were all demonised as if nothing good could come out of us. Nobody had faith in us. The country was made to see us as a very hopeless sector

      “Now we have a change the minister has decided that every day of his life, he is out there trying to improve the airlines.”

      The Minister of Aviation and Aerospace Development, Festus Keyamo, said the award was in recognition of the contributions of so many people in the past in shaping the aviation industry.

      He said: “We thought it fit to honour all the veterans who had held this industry, who had suffered for this industry, who had worked hard to build this industry before we got here. The aeronautic engineers, captains, sky caterers; those who have catered for those flying for us for many years, we honour all of them today.

       “We also want to apologise to those we may have omitted; we are not perfect. There are other heroes beyond this list. We’re trying to manage this to 40, but at the end of the day, we still feel we have to have 47 or so, because by the time we published the first list, we realised that so many others were also omitted. So this is a general shout-out to all those who were not mentioned at some other time; we are going to mention them again.

      Some of the awardees are: Chief Gabriel Igbinedion, founder of Okada Air; Late Alhaji Ahmadu Dan Kabo, founder of Kabo Air; Capt Robert Hayes, Nigeria’s first certified pilot; Chief Mbazulike Amechi, former Minister of Aviation and instrumental in establishing Nigerian Airways; Chief Allen Ifechukwu Onyema, Air Peace founder, promoted local content and invested in Nigerian youths’ training; Dr Emmanuel Enekwechi, contributed to the aviation industry’s growth; Capt. August Okpe, founder and CEO of Okpe Aviation Services, Nigeria’s first indigenous aviation engineering company.

      Others include: Capt Ado Sanusi, Chief Wale Babalakin, Sir Joseph Arumemi, Olumuyiwa Bernard Aliu, Capt. Dele Ore, Capt Wale Makinde, Capt. Ibrahim Mshella, Capt Dapo Olumide, Ms Bimbo Sosina, Capt.Benoni Briggs, Mrs Deola Olukunle, Dr Thomas Ogunbangbe, Capt. Edward Boyo, Dr Gbenga Olowo, Elder Dr Soji Amusan, Engr Awogbemi Clement, Sen Musa Adede, Georg Eder Mba, Capt. Prex Porbeni, Capt. Chinyere Kali, Harold Demure, Akin Olateru, Capt. Felix Iheanacho, and Capt.Peter Adenihun, among others.

    • Reps commit to energy transition

      Reps commit to energy transition

      The House of Representatives yesterday said it was committed to a just and inclusive energy transition plan for Nigeria, pledging to work with the executive arm of government, NGOs and other stakeholders to emplace needed reforms.

      Its Speaker, Tajudeen Abbas made the commitment at a dialogue with parliamentarians on fossil phase out organised in Lagos by the Civil Society Legislative Advocacy Centre (CISLAC) and Tax Justice Network Africa.

      Represented by the Chairman, House Committee on Media and Public Affairs, Akin Rotimi, the Speaker commended the civil society organization for the sensitization workshop to build capacity on the issue.

      He stressed that the House of Representatives was committed ensuring strengthened fiscal foundation for energy transition, deepening environmental accountability and safeguarding the country’s long-term prosperity.

      “To underscore the seriousness with which the House approaches this subject, we have ensured strong institutional representation at today’s dialogue. Committees responsible for fiscal policy, the environment, economic planning and national development are also represented.

      “Our presence reflects a united, whole-of-parliament commitment to a just, inclusive and future-focused transition,” he said.

      In his opening remarks, CISLAC’s Executive Director, Auwal Musa Rafsanjani advocated for a competitive green economy that would create jobs, unlock innovation and strengthen energy security for Nigerians.

      Rafsanjani said the legislature must have the evidence, technical capacity and the institutional tools required to scrutinise existing fiscal incentives, evaluate their environmental and economic impact and introduce reforms, where necessary.

      He said that the dialogue aimed to effectively situating Nigeria in the global drive towards transitioning to greener and sustainable energy sources.

      “It is no longer news that Nigeria operates an oil and gas-dependent economy. Hence, Nigeria relies heavily on oil revenue to finance annual budgetary implementation and thereby financing its development.

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      “While we recognise the critical need to diversify and break the dependence on oil revenue, the challenges of global warming and climate change and the accompanied global efforts to combat the menace have made the need to break away from fossil fuel a major necessity.

      “This is why today’s conversation could not be timelier, as Nigeria stands at a crossroads.

      “On one side is our long-standing dependence on fossil fuels and on the other is the imperative to pursue a cleaner, more resilient and economically-inclusive energy future,” he said.

      Acknowledging that the Nigeria Energy Transition Plan (ETP) provides a compass towards net-zero emissions by 2060, Rafsanjani stressed that its success was dependent on the country’s capacity to enact and enforce strategic tax reforms and targeted incentives that redirect investments towards transition fuels and green energy.

      “Even as the largest economy in Sub-Saharan Africa, Nigeria continues to face significant energy challenges, including a growing demand for energy, heavy reliance on fossil fuels and limited penetration of renewable energy sources.

      “With the share of renewable energy in Nigeria’s energy mix remaining critically low and accounting for less than 10 per cent of total energy consumption, Nigeria continues to be vulnerable to energy insecurity and environmental degradation,” said Rafsanjani.

      The executive director acknowledged the fact that the legislature had contributed its own quota by passing into law some critical frameworks and establishing key government agencies in implementing climate actions.

      However, he stated that effective implementation of key provisions of the frameworks remained a challenge, posing barriers to building the needed climate resilient infrastructure and low carbon development.

      Rafsanjani expressed the belief that the legislature had bigger roles beyond the establishment of frameworks to over-sighting implementations, entrenching transparency and accountability as well as mobilising for efficient climate financing in the country.

      “We know that fiscal policy, especially tax incentives, is one of the most powerful levers governments can use to shape economic behaviour.

      “Around the world, countries have deployed incentives to accelerate renewable energy, stimulate green industries and encourage divestment from fossil fuels. Nigeria must not be left behind,” he added.

      Rafsanjani announced that CISLAC had conducted a study on assessing tax practices, such as incentives and holidays for fossil fuel industries in the country, noting that incentives could only be effective if they were well-designed, transparently administered and closely overseen.

      This, he said, was where the National Assembly had a pivotal role to play through lawmaking, budget appropriation and oversight.

      Also speaking, the Chairman, Reps Committee on Foreign Affairs, Oluwole Oke, said: “In Nigeria, we see increased mining of coal in places like Okaba in Ankpa Local Government of Kogi State, which has come with significant environmental and infrastructural breakdown.

      “Generally, there seems to be a resurgence in the world’s recourse to fossil fuel. We, therefore, must deliberate on these issues and come up with a strategy on where we want to stand as a country, as a people and as a parliament.

      “We must not lose sight of the fact that we need to preserve the planet because it is the only habitation we have and the only place for generations unborn to live and thrive.”

    • FCMB named Nigeria’s Best SME-Focused Bank

      FCMB named Nigeria’s Best SME-Focused Bank

      First City Monument Bank (FCMB) has been named Nigeria’s Best SME Focused Bank for 2025 by the Chartered Institute of Bankers of Nigeria (CIBN). This recognition comes as FCMB holds a leading 24per cent share of the banking industry’s N1.8 trillion total SME disbursement for 2024.

      The award was presented at the 60th Annual Bankers Dinner in Lagos on November 28, 2025, highlighting First City Monument Bank’s strong role in supporting small and medium-sized businesses.

      FCMB’s financing targets the true engines of the Nigerian economy.

      According to the November 2024 Nigerian Gross Domestic Product Report Q3 2024, these investments align with the nation’s highest-performing sectors, including Crop Production (26.51per cent), Trade (14.78per cent), and Telecommunications (13.94per cent), alongside Real Estate (5.43per cent) and Food, Beverage and Tobacco (4.06per cent). The award selection was based on industry-wide lending data provided by the Central Bank of Nigeria (CBN), which monitors financial sector contributions to the enterprise ecosystem.

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      FCMB also supports entrepreneurs through training programs, advisory services, and partnerships that help them navigate business challenges and grow sustainably.

      Yemisi Edun, First City Monument Bank’s Managing Director and CEO, was represented by Obaro Odeghe, Executive Director of Wholesale Banking at the Annual Banker’s Dinner.

      She said: “We are truly honoured to be recognised by the CIBN, based on data from the Central Bank of Nigeria. This recognition affirms our purpose as an institution committed to making a meaningful difference in the lives of Nigerian entrepreneurs, who are the backbone of our economy. We will continue to support SMEs with the accessible finance, technology, and expert advice they need to grow. By strengthening these businesses, we drive productivity and contribute directly to national development.”

      Chartered Institute of Bankers of Nigeria, the main professional body for bankers in Nigeria, organised the awards to showcase progress and resilience in the country’s financial sector. FCMB’s achievement was also highlighted by Tooritsemoshe Ojei, a staff member, receiving the Next Generation Class of 2025 Award for outstanding performance and leadership potential in the banking industry.

      FCMB, part of FCMB Group Plc, is committed to supporting inclusive growth by connecting people, capital, and markets in Nigeria and among Nigerians abroad. This new award adds to previous honours, such as the Excellence Award for Promoting Financial Inclusion for Grassroots Entrepreneurs in Nigeria (The Mastercard Foundation), SME Financier of the Year (Africa) from the Global SME Finance Forum/IFC, and Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria from the Development Bank of Nigeria.