Category: Business

  • New ports’ law to save shippers N6b yearly

    New ports’ law to save shippers N6b yearly

    The Nigerian Shippers’ Council (NSC) announced that the anticipated Ports Regulation Act will remove long-standing investment uncertainties and save shippers over N6 billion in annual dispute-related losses.

    This bold assurance formed the central message of the Council’s Executive Secretary/CEO, Dr. Pius Akutah, who said the new law will finally give the country a modern, enforceable regulatory framework capable of stabilising the port business environment and boosting investor confidence.

    Speaking on the sidelines of the 10th Annual Law Week of the Nigerian Bar Association (NBA) Badagry Branch in Lagos, where he was honoured as an Honorary Life Member of the Heritage Bar, Akutah said the legislation, currently moving through its final approval stages, will constitutionally empower the Council as the nation’s ports economic regulator, a role that stakeholders say is critical for Nigeria’s blue economy growth.

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    According to him, the new Ports Regulation Act will replace the “totally spent” 1978 decree governing the Council, and will introduce the predictability needed to unlock new port investments.

    “I guarantee Nigerians and particularly the maritime sector players, that that law, when it comes into force, is going to protect their investment. It is going to set up the standards that everyone will follow, to provide predictability of investment in the sector,” he said.

    He added that the biggest benefit will be investor confidence: “Investors will no longer be afraid of putting their money in that sector because they will be sure that their money will yield investment results and returns. So it’s a law that we are waiting for, and I know that the law is meant for the good of the maritime sector in Nigeria.”

    Akutah explained that the outdated CAP N133 of 1978 currently guiding the NSC “is of no use whatsoever,” insisting that the growth of shipping in Nigeria requires a modern regulatory framework that reflects global operating standards.

    He thanked the Senate President, Speaker of the House of Representatives and the Minister of Justice for resolving earlier bottlenecks in the legislative process.

    “The two challenges we faced after the bill was passed have been cleaned up already, and the bill is back into the National Assembly for a process that will lead to a final assent by Mr. President,” he said.

    Beyond legislation, Akutah highlighted the Council’s growing role in maritime dispute resolution, revealing that the NSC’s internal legal and arbitration unit saved shippers over N6 billion in 2024 alone. These savings came from cases that would have attracted massive legal fees, demurrage liabilities, and prolonged port delays.

    “I will say that last year alone, that unit was able to resolve cases that would have cost over 6 billion in legal fees and damages and delays. We are doing everything possible to ensure that that mechanism is promoted over and against court resolution of matters,” he said.

    Akutah, a seasoned maritime legal expert and former prosecutor at the Federal Ministry of Justice, strongly advocated for alternative dispute resolution (ADR) as the default mechanism for maritime conflicts. He noted that commercial disputes; largely involving cargo, contracts, services, and fees—lose value when trapped in prolonged litigation.

    “If you tie down your investments for 10 years pursuing a legal battle in court, by the time you come back that investment has been dissipated to almost nothing. So we encourage alternative dispute resolution mechanisms to be applied first in handling maritime disputes,” he said.

    The NSC CEO recalled the case of the vessel Heroic Idiom, which he managed as a prosecutor, describing how an out-of-court settlement avoided costly delays. According to him, this case demonstrated why ADR should be strengthened across the industry.

    At the event, concerns over the misuse of social media in discussing court judgments were also raised. Representing the Chief Judge of Lagos State and Chairman of the occasion Kazeem Alogba, Justice Obafemi Adamson warned legal practitioners and the public to desist from the growing practice of analysing court judgments on social media without grasping the underlying facts or legal principles.

    “Without even seeing the full decision of the court, some persons begin to analyse and say all sorts of things,” he said, urging aggrieved parties to approach higher courts rather than social media audiences.

    Earlier, Chairman of the NBA Badagry Branch, Lawal Rashidi, praised Akutah’s proactive leadership, describing him as a public servant whose work aligns with national legal and maritime reform agendas. He said the launch of the second edition of the Heritage Bar Journal reflects the branch’s growing commitment to legal scholarship.

    The Law Week, which had as it theme “Judicial Reputation in the Digital Age: Challenges and Solutions,” drew judges, senior maritime lawyers, traditional rulers, commissioners and public officials from across Lagos State and beyond.

  • FRC, Reps raise alarm over oil sector’s fiscal gaps

    FRC, Reps raise alarm over oil sector’s fiscal gaps

    A new policy paper jointly released yesterday in Abuja by the Fiscal Responsibility Commission (FRC) and the House of Representatives Committee on Petroleum Resources (Upstream) has exposed deep structural and financial weaknesses in Nigeria’s upstream petroleum sector.

    The report, which was unveiled at the one-day legislative stakeholders workshop, organised by the House of Representatives Committee on Petroleum Resources (Upstream), the Fiscal Responsibility Commission (FRC) and the Order Paper, raised concerns about billions of dollars in unremitted revenues and major legal gaps that hinder transparency.

    The document, described as a roadmap for accountability, paints a troubling picture of persistent non-compliance by state-owned operators and regulatory bodies despite ongoing reform efforts by the National Assembly and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

    According to the Policy Brief, the fiscal deficit within the sector remains severe. Citing audit findings from the Nigeria Extractive Industries Transparency Initiative (NEITI), the report notes that Nigeria recorded an estimated US$8.26 billion in unremitted oil and gas revenues as contained in the 2021 NEITI audit, with the Nigerian National Petroleum Company Limited (NNPCL) responsible for 83.8 per cent of the total.

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    In addition, NNPCL still carries an outstanding Operating Surplus liability of N3.597 trillion from its 2018 audited financial records.

    Other key regulators were also implicated. The Policy Brief shows that the Nigerian Content Development and Monitoring Board (NCDMB) has an unremitted operating surplus liability exceeding N125.7 billion covering 2015 to 2024, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has an outstanding liability of more than N5.65 billion from 2014 to 2021.

    Although the National Assembly’s Public Accounts Committee (PAC) has reportedly recovered over N50 billion through ongoing reconciliation exercises, the report stressed that systemic weaknesses remain because the FRC lacks enforcement authority.

    This limitation, it said, has allowed defaulting ministries, departments and agencies to disregard statutory remittance obligations without consequence.

    The Policy Brief urges the 10th National Assembly to take decisive action in four key areas before the end of its term. It calls for the removal of ouster clauses within the Petroleum Industry Act (PIA), which currently place state-owned operators such as the NNPCL beyond the reach of full fiscal oversight.

    It also proposes a statutory obligation for quarterly remittance reports, certified by the FRC, to be submitted directly to lawmakers.

    In addition, the report recommends integrating fiscal and operational data from all relevant institutions — including NUPRC, the Federal Inland Revenue Service (FIRS) and NEITI — into a single digital platform with a publicly accessible dashboard. It further called for a swift amendment to the Fiscal Responsibility Act (FRA) 2007 that would empower the FRC to enforce compliance.

    Speaking at the event, the Executive Chairman of the Fiscal Responsibility Commission, Victor Muruako, acknowledged the reforms initiated through the PIA but warned that the country still faces long-standing challenges.

    He said the Petroleum Industry Act “has proven to be a game-changer, successfully streamlining governance, substantially improving transparency, and stimulating renewed foreign investment interests.” However, he cautioned that “we are not yet there. We are yet miles apart,” describing the positive change achieved so far as “not yet proven.”

    Mr. Muruako added that maintaining progress requires addressing critical issues such as insecurity in oil-producing areas, crude theft, and pipeline vandalism. He stressed the need for industry stakeholders to deepen environmental, social and governance standards in their operations. According to him, the workshop was convened to outline the next steps in the ongoing reform process through inputs from experts and practitioners.

    Chairman of the House Committee on Petroleum Resources (Upstream), Honourable Alhassan Doguwa, disclosed that the committee is currently working on a bill to establish the National Commission for the Decommissioning of Oil and Gas Installations. The proposed commission, he said, would address concerns surrounding aging oil infrastructure, safety risks and environmental remediation.

    Honourable Doguwa said engagements such as the Abuja workshop are essential because they provide broader context for the petroleum sector reform agenda. He encouraged participants to “share principled and practical perspectives” that will strengthen transparency, fiscal responsibility and sound governance in the upstream industry.

    The Chief Executive of the NUPRC who was represented by Mr. Benjamin Chukwu also outlined ongoing regulatory measures designed to enforce accountability and improve efficiency. He referenced the Upstream Petroleum Operations Costs Efficiency Incentives Order 2025, which encourages companies to reduce operating costs in exchange for tax incentives. The Order requires operators to adhere to project timelines and terrain-specific performance benchmarks.

    He further explained that the Upstream Petroleum Decarbonisation Template (UPDT) 2024 serves as a tool for advancing environmental sustainability and aligning Nigeria’s upstream sector with global energy transition goals. The Upstream Petroleum Measurement Regulations 2023, he added, aim to eliminate losses and improve government revenue through strict standards for metering accuracy, equipment calibration and maintenance.

    According to the NUPRC, the combined effect of these regulatory instruments, together with the National Assembly’s legislative efforts and the FRC’s fiscal monitoring, presents Nigeria with a critical choice: to deepen transparency or risk reversing the gains recorded under the PIA.

    The Policy Brief warned that without urgent legislative amendments and stronger enforcement mechanisms, the country may continue to lose significant revenue and struggle with recurring governance failures in one of its most important economic sectors.

  • NDIC seeks NIESV’s partnership on failed banks’ valuation

    NDIC seeks NIESV’s partnership on failed banks’ valuation

    The MD/CE of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Oludare Sunday, has called on the Nigerian Institution of Estate Surveyors & Valuers (NIESV) to strengthen strategic collaboration with the Corporation.

    In a statement, the NDIC boss said the corporation relies on NIESV members for accurate and credible valuation of assets of failed banks, which is critical for effective liquidation and payment of depositors.

    The MD/CE made the call during a courtesy visit by the President/Chairman of Council of the NIESV, Dr. ESV. Victor Adekunle Alonge, and members of his executive team to the NDIC Head Office, Abuja.

    The NDIC Chief Executive explained that the Corporation relies on precise and credible valuation reports during the liquidation of failed banks to determine the true worth of assets, which enables their sale at the best possible value.

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    Sunday further noted that proceeds from the sale of these assets are applied toward the payment of depositors’ balances above the insured amount, making accuracy and professionalism in valuation essential to protecting depositor funds. He emphasized that NIESV’s professionalism therefore contributes directly to financial stability and depositor protection by ensuring transparency, fairness, and value-for-money in the disposal of assets and the recovery process.

    While calling on the leadership of the Institution to uphold the highest ethical standards and guard against insider abuse, the NDIC Chief Executive added that the Corporation is further strengthening its internal processes, including the development of a comprehensive Asset Management Policy to guide asset identification and documentation, valuation procedures, disposal strategies and transparency and accountability in recoveries.

    The NDIC Chief Executive emphasized the need for stronger collaboration between both institutions, noting that the Corporation welcomes opportunities for joint training and knowledge exchange between NDIC staff and NIESV professionals, particularly in emerging valuation methodologies, asset management, and sustainable valuation practices.

    President/Chairman of Council of the NIESV, Dr. ESV. Victor Adekunle Alonge reaffirmed the Institution’s commitment to professionalism and integrity.

    He explained that NIESV was established by an Act of Parliament and maintains strict disciplinary procedures to sanction any member found to be unethical or unprofessional. He reaffirmed the Institution’s commitment to sustained cooperation and technical support to the NDIC, noting that the partnership remains vital to enhancing service delivery and strengthening public confidence in the banking system.

    The courtesy visit underscored the shared commitment of both institutions to deepen collaboration, enhance professional standards, and strengthen the bank liquidation process in Nigeria for the overall stability of the financial system.

  • Nigeria unveils agroecology strategy

    Nigeria unveils agroecology strategy

    Federal Ministry of Agriculture and Food Security (FMAFS) and ActionAid Nigeria have launched a major national initiative, to accelerate the transition to sustainable farming practices, boost farmer livelihoods, and strengthen national food security.

    It involved working together on green job opportunities, including improving the livelihoods of rural youth, through the implementation of a national agroecology strategy to strengthen the capacity of public and private actors.

    The two-day National Summit on Agroecology, Climate Justice, and Public-Private Partnerships in Lagos began with a consultative process of the validation of a national agroecology strategy, which aims to shift Nigeria towards a regenerative and climate-resilient agricultural model.

    Addressing the gathering, the Permanent Secretary, FMAFS, Dr. Marcus Olaniyi Ogunbiyi, in an address delivered by Director of Planning and Policy Coordination, Ibrahim Tanimu, underscored the significance of the event.

    He noted that the Summit “underscores our collective commitment to shaping a more sustainable, inclusive, and climate-resilient agricultural future for Nigeria.”

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    He further emphasized that agroecology offers a viable pathway to address these challenges sustainably by promoting ecological balance, improving soil fertility, enhancing biodiversity, and strengthening livelihoods.

    In addition to Strategy validation, he said the summit is unveiling findings from the Budget Analysis on Public Financing for Agroecology (2020–2025). The evidence-based analysis, according to the Permanent Secretary, provided a clear picture of current investments, funding gaps, and emerging opportunities, offering actionable insights for scaling agroecological interventions through strategic financing as policymakers prepare for the 2026–2027 budget cycles. “Once validated, the Strategy will move from a technical draft into a government-owned framework, guiding agricultural planning, research, extension systems, and budget allocations across all states of the federation, serving as a vehicle for Nigeria’s just transition in its agrifood systems.”

    ActionAid Nigeria Country Director, Dr. Andrew Mamedu, highlighted the crucial role of partnership and the demonstrated efficacy of agroecological models. He stated, “The evidence is clear: agroecology works. It empowers smallholder women farmers to produce more sustainably, preserve indigenous seeds, and improve household nutrition.” Through the Strategic Partnerships for Agroecology and Climate Justice in West Africa (SPAC-West Africa) programme, ActionAid has already trained 116,008 farmers—including women and youth—on agroecological principles and established more than 200 model farms across five states, demonstrating the practical application of these methods.

    According to him, the successful validation and subsequent adoption of t the  strategy will mark a profound commitment from Nigeria to aligning its agricultural future with global efforts.

    Mamedu pointed out the stark vulnerability of women, who comprise 70 per cent of the agricultural labour force.

    The General Manager , the Kaduna Agricultural Development Agency (KADA) and Chairman of the ADPs Programme Managers’ Forum, Mal. Muhammad A. Rili, described agroecology as a “transformative pathway” that strengthens ecosystems, empowers rural communities, promotes climate justice, and enhances productivity through nature-based solutions. He reaffirmed the readiness of ADPs, which are at the frontline of grassroots agricultural extension, to support the implementation of the Strategy across all states.

    The Chairperson, Small Scale Women Farmers Organisation in Nigeria, Zainab Isah Arah, spoke passionately about the need to leverage women’s active role in the agroecology dialogue, believing that their s involvement will effectively address food security while enhancing environmental integrity. The National Coordinator for Young Farmers in Nigeria, Solihu Abdulbasit, highlighted the increasing percentage of youth in the farming population, championed youth-led agroecology as a transformative force in reshaping the national agri-food system.

    In 2024, the  a context of growing hunger and accelerating climate and biodiversity crises, the 300-member Agroecology Coalition launched an ambitious strategy to rapidly accelerate the transition to sustainable agroecological food systems by 2030.

    Among the goals set by the Coalition, is a commitment to foster increased investments for agroecology, advocate for and amplify supportive policies, and support markets and inclusive business models.

  • Public debt hits N152.39tr as Lagos tops list

    Public debt hits N152.39tr as Lagos tops list

    Nigeria’s public debt, which consists of external and domestic, hit N152.39 trillion in the second quarter (Q2) of 2025.

    In the period under review, Lagos State topped the chart of debtors.

    The National Bureau of Statistics (NBS), which made this disclosure yesterday said external debt rose to ($99.65billion) in Q2 2025 from N149.38trillion ($97.23billion) in Q1 2025.

    The NBS report said the debt indicated a growth rate of 2.01 per cent on a quarter-on-quarter basis.

    It said the total external debt stood at N71.84 trillion $46.98billion) in Q2 2025, while total domestic debt was N80.55 trillion ($52.67billion).

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    “The share of external debt (in naira value) to total public debt was 47.14per cent in Q2 2025, while the share of domestic debt (in naira value) to total public debt was 52.86per cent. Lagos recorded the highest domestic debt in Q2 2025 with N1.04trillion, followed by Rivers with N364.39billion, while Jigawa recorded the lowest with N852.49million, followed by Ondo with N10.64billion. followed by Yobe with $23.08 million.

    The report said the Federal Government has a total of N141.07trillion debt with N64.48trillion from external borrowers and N76.58trillion from domestic borrowers.

    States on the other hand have a total of N11.32trillion debt with N7.35trillion collected from foreign borrowers and N3.96trillionn from domestic borrowers.

  • ‘Free 18GB data for Omotab 2, X3 tablets’

    ‘Free 18GB data for Omotab 2, X3 tablets’

    Indigenous phone manufacturer, Imose Technologies, has launched a festive campaign bundling its Omotab 2 and X3 tablets with 18GB of Glo data valid for six months for customers who purchase the devices at GloWorld outlets.

    The latest Omotab 2 now comes with expanded memory capacity, that is, a 3GB RAM and 32GB ROM, while the X3 tablet stands out with its detachable keyboard, making it ideal for both study and creative tasks.

    The Omotab 2 and X3 tablets are also preloaded with the Teesas Education app, which can be accessed free of charge for three months, providing children from kindergarten to senior secondary school (SSS 3) with engaging video tutorials aligned to the national curriculum, and delivered by expert tutors.

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    The app also features practice tests for Common Entrance, WAEC, and JAMB; mock exams; local and international language lessons; and progress tracking. With online and offline access, students can learn anytime and anywhere.

    Chairman and Founder of Imose Technologies, Osayi Izedonmwen, described the Omotab 2 and X3 as “the perfect Christmas gift for children.” He says that purchasing either tablet is more than a seasonal gesture but an investment in a child’s future.

    “This is the time of the year when parents are deciding what gifts to buy for their children while also preparing to pay school fees in January. The Omotab 2 and X3 tablets are worthy investments. You essentially kill two birds with one stone: your child receives a Christmas gift, and at the same time, they gain a device that will support their studies when the new school session begins,” he said.

    The Omotab 2 and X3 tablets are also available at Imose dealer outlets nationwide.

  • ‘Reliance on foreign model stunts growth’

    ‘Reliance on foreign model stunts growth’

    Nigeria Association of Macroeconomic Modellers (NAMM) has said continued reliance on imported framework will hinder effective policymaking and long term growth.

    Speaking at the fourth Annual NAMM International Hybrid Conference in Ibadan, Oyo State capital, former director of Statistics/Monetary Policy at the Central Bank of Nigeria, Dr. Mohammed Tumala, said Nigeria’s recurring macroeconomic instability was a symptom of deep-seated structural imbalances that could not be solved with generic or externally-designed models.

    Said he: “Nigeria’s persistent macroeconomic vulnerabilities are symptoms of an underlying structural imbalance. Our fragile, commodity-driven recoveries falter because we have not engineered the fundamental transformation required for enduring prosperity.”

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    NAMM President, Prof. Phillip Alege, said the body would produce a structural transformation model capable of guiding policy in a rapidly changing world.

    He noted: “Macroeconomic models guide our understanding of growth, stability and policy design. Nigeria and Africa cannot escape modern modelling approaches in the face of evolving development challenges.”

    Alege said global uncertainty had surged to an unprecedented level and was unlikely to ease in the near term, stressing the need for dynamic models that incorporated behavioural, institutional and political economy dimensions, as well as informal sector realities and social variables.

    Leading economists and policy experts said Nigeria’s development challenges could only be addressed through analytical tools rooted in the country’s structural, social and institutional realities.

    The conference was attended by scholars, policymakers and data scientists, who deliberated on modelling innovations capable of driving Nigeria’s structural transformation and supporting evidence-based economic planning.

  • NERC’s leadership void puts power sector on edge

    NERC’s leadership void puts power sector on edge

    A dangerous leadership vacuum has engulfed the Nigerian Electricity Regulatory Commission (NERC), where the tenure of the Vice Chairman and several Commissioners expires today, compounding a crisis that began in June when the Chairmanship fell vacant. With the Electricity Act 2023 offering no provision for an Acting Chairman, the Commission now risks operating without a legally recognised head—an unprecedented situation stakeholders warn could plunge the already fragile power sector into a full regulatory shutdown, reports Assistant Editor MUYIWA LUCAS.

    A leadership vacuum now grips the Nigerian Electricity Regulatory Commission (NERC) as the tenure of the Vice Chairman and several Commissioners expired yesterday, deepening an institutional crisis that began in June when the Chairmanship position fell vacant. The Electricity Act 2023 does not provide for an Acting Chairman once an incumbent’s tenure lapses, meaning the Commission may, in strict legal terms, operate without a head—an outcome stakeholders warn could trigger a “full regulatory shutdown” in a sector already fraught with instability.

    To avert this, President Bola Tinubu had, in August, nominated Abdullahi Garba Ramat—an engineer and former Local Government Chairman—as substantive Chairman, alongside two Commissioner nominees: Abubakar Yusuf for Consumer Affairs and Dr. Fouad Olayinka Animashun for Finance and Management Services. But the confirmation process has stalled in the Senate. Last month, Senate Committee on Media and Public Affairs Chairman, Senator Yemi Adaramodu, disclosed that the upper chamber halted Ramat’s confirmation due to what he described as a “baggage of public and private complaints” surrounding his nomination. According to him, the Senate was “statutorily bound” to step down any nominee under intense public scrutiny, noting that several appointees before now had withdrawn in similar circumstances. He insisted that the National Assembly could not be “dragged into public opprobrium” through allegations—however unproven—such as the widely circulated but unsubstantiated claim of a $10 million bribery scandal linked to the process.

    Despite this, pressure continues to mount. On November 11, protesters comprising civil society groups, human rights activists, and supporters of Ramat marched to the National Assembly, demanding the Senate fast-track his confirmation. They expressed frustration that although Ramat had already undergone screening by the Senate Committee on Power, led by Senator Enyinnaya Abaribe, he has yet to be cleared for the role—leaving NERC’s leadership uncertainty unresolved.

    Appointment on merit

    Checks revealed that 39-year-old Abdullahi Garba Ramat may possess credentials that suggest potential for modernisation. He holds a Doctoral degree (PhD) in Strategic Management and has earned recognition for introducing blockchain-driven revenue systems and energy-efficiency initiatives during his tenure as Chairman of Ungogo Local Government Area, Kano State. Yet, despite these achievements, many stakeholders insist that his lack of direct power-sector experience stands as a significant drawback—one that could undermine his ability to lead Nigeria’s most sensitive regulatory institution.

    The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, expressed deep concern over the growing leadership vacuum in NERC. According to him, the electricity sector is already grappling with liquidity crises, widespread metering deficits and persistent operational inefficiencies. In such a fragile environment, a leadership void at the apex regulatory level could stall critical decisions, delay ongoing reforms and further erode investor confidence in a sector in desperate need of stability.

    For Yusuf, the position of NERC Chairman cannot be treated casually or politicised. It requires an individual with deep knowledge of the sector, someone who has acquired technical understanding through years of engagement with electricity market dynamics. This, he stressed, must guide appointments at all levels—government, leadership, management and operations. “The sector has gone through a major transition which needs to be managed strategically and competently by operatives who understand the electricity sector,” he warned. “This is not a sector where the quality of personnel or the quality of governance can be compromised. We need to prioritise prompt appointments to fill vacant positions and build a sustainable succession pipeline within the Commission. These are essential for sound regulatory governance.”

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    Yusuf further emphasised that the electricity industry plays a strategic role in Nigeria’s quest to mobilise private-sector capital, both locally and internationally. Attracting such investments, he noted, demands a regulatory environment that inspires confidence. The calibre of leadership and staff at NERC, therefore, is central to building that trust. He urged the Presidency to critically evaluate all issues surrounding appointments, succession and leadership in the sector. “Nigeria is not short of competent people from every region who can serve effectively. What we must avoid is creating capacity or governance gaps in NERC. This matter requires urgent attention,” he added.

    While political debates continue at the National Assembly over NERC’s nominations, experts argue that the real crisis lies in the failure to appoint a substantive Chairman based strictly on merit. According to a critical stakeholder in the electricity space who requested anonymity, “The uproar in the Senate is a distraction. The real problem is the refusal to elevate people within the system who understand the regulatory environment and have the competence required for the job.”

    Indeed, since NERC’s creation 20 years ago, the Commission has repeatedly appointed individuals with little or no grounding in the electricity sector as chairmen. In most cases, these appointees have had to rely heavily on long-serving technocrats within the Commission to navigate its complex regulatory and market frameworks. This, industry watchers say, undermines regulatory efficiency and slows down reform implementation. This is why many experts insist that promoting seasoned professionals who have grown through the ranks at NERC would provide greater stability, continuity and technical competence. Over the years, however, appointments into NERC’s leadership have tilted more towards political considerations than technical merit—a pattern analysts warn is dangerous for a sector central to Nigeria’s economic survival.

    Even with the comprehensive reforms embedded in the Electricity Act 2023, several economists argue that NERC’s persistent leadership deficiencies remain a key reason for the electricity sector’s recurring failures. Without strong regulatory leadership, they insist, the Act’s intended benefits will remain largely unrealised. The Executive Director of PowerUp Nigeria, a consumer-rights and power-sector advocacy organisation, Adetayo Adegbemle, also expressed worry over the prolonged delay in confirming the Chairman-nominee. According to him, since August—when the President submitted the nominee’s name—the Senate has confirmed several other appointees, yet the NERC nomination remains suspended. “This is a dangerous precedent in a very critical sector,” he warned. “We still do not know whether the nominee will be confirmed or rejected. This uncertainty does not bode well for the health of the power sector.”

    Adegbemle stressed that the indecisive approach of government institutions toward such a sensitive regulatory appointment sends the wrong message to investors. In a sector where confidence and predictability are essential, he said, prolonged political delays can discourage investment and stall development. “This is not the time to play politics,” he cautioned. “We have not made significant progress in the sector, and leadership uncertainty only makes matters worse.”

    Past occupants and status of current Commissioners

    Complicating the ongoing leadership crisis at the Nigerian Electricity Regulatory Commission (NERC) is the sensitive issue of geopolitical balance. A review of historical appointments into the chairmanship shows clear disparities, with several geopolitical zones yet to produce a NERC Chairman in the Commission’s two-decade existence. The North-West has produced Sanusi Garba, who retired in June 2025 after serving as Chairman. The current nominee, Abdullahi Ramat Garba, also hails from the North-West (Kano State), though his confirmation remains stalled in the Senate.

    The South-South has produced two past chairmen — Prof. James Momoh from Edo State and Ransom Owan from Cross River State. The South-East has produced Dr. Sam Amadi from Imo State. However, the South-West, North-Central, and North-East have never produced a chairman. This imbalance has fuelled renewed calls for future leadership selections to reflect federal character and ensure a more equitable distribution of strategic national positions. Beyond the chairmanship vacuum, stakeholders are expressing alarm over emerging patterns of tenure violations among commissioners. Section 36 of the Electricity Act 2023 stipulates that the Chairman shall serve a single five-year term, while Commissioners serve four-year terms, with eligibility for reappointment where applicable. Yet, some commissioners appear to have exceeded these statutory limits — a development that could invalidate regulatory decisions taken during the extended period, should any operator legally challenge them.

    Among those whose tenure expired on December 1 is Dr. Musiliu Oseni (South-West), the Vice Chairman and Commissioner for Market, Competition & Rates, who bowed out after completing a full 10 years in office across two terms. Also leaving the Commission is Hajiya Aisha Mahmud (North-West), the Commissioner for Consumer Affairs, who has now concluded her first term. But the exits are far from over. A fresh wave of tenure expirations looms between now and early 2026, threatening to further thin out the Commission’s leadership bench. Those nearing the end of their terms include: Nathan Rogers Shatti (North-East), Commissioner for Finance & Management, now in his second and final term; Dafe Akpeneye (South-South), Commissioner for Legal, Licensing & Compliance, also rounding off his second and final term; Dr. Yusuf Ali (North-Central), Commissioner for Planning, Research & Strategy, completing his first term; and Engr. Chidi Ike (South-East), Commissioner for Engineering, Performance & Monitoring, likewise finishing his first term.

    The clustering of these expiration dates has amplified fears that the Commission may soon struggle to form a statutory quorum — a legal minimum required to make decisions, issue regulations, approve tariffs, process licences, and carry out other critical regulatory functions. Without timely replacements, stakeholders warn, NERC could be pushed into a state of operational paralysis at a time when the electricity sector can least afford it.

    System threatened?

    As multiple commissioners depart without new appointees confirmed to replace them, experts warn that Nigeria risks breaching the Electricity Act 2023. Crucially, the Act does not allow for acting appointments for these high-level positions, meaning that once vacated, the seats remain empty until fully appointed and confirmed replacements are in place. “This trend can lead to a regulatory shutdown, endangering electricity market operations, tariff reviews, licensing, consumer protection and market settlement,” a stakeholder cautioned.

    Their concerns are grounded in the law. Section 35(1) of the Electricity Act mandates a full board of seven commissioners, appointed by the President and confirmed by the Senate, to constitute the Commission. Section 226 empowers these commissioners collectively to issue regulations and perform all statutory functions. Without the required number of commissioners, regulatory decisions — including crucial processes such as tariff adjustments, dispute resolution, market monitoring, and licensing — risk stalling. Section 33(3) strengthens the Commission’s mandate: “The Commission shall be the apex regulator of the NESI and shall be an independent body in the performance of its functions and exercise of its powers under this Act.” This independence is pivotal to investor confidence, sector governance, and market stability.

    Established under the Electric Power Sector Reform Act of 2005 — now replaced by the Electricity Act 2023 — NERC has long played a central role in Nigeria’s electricity sector. Its responsibilities span licensing participants across the value chain, developing technical standards and operating codes, defining consumer rights and obligations, and setting cost-reflective tariffs under frameworks such as the Multi-Year Tariff Order (MYTO). Over two decades, the Commission has contributed significantly to sector growth by expanding generation and network capacity through licensing, developing market rules, and driving reforms aimed at efficiency and transparency. These achievements have been anchored on rule-based governance and robust stakeholder engagement.

    However, experts warn that the current leadership gaps threaten to erode these gains. Without prompt, merit-based appointments and adherence to tenure provisions, NERC’s institutional progress — built painstakingly over 20 years — could collapse rapidly. The consensus among stakeholders is clear: restoring stability at NERC is not just an administrative necessity but an urgent national priority.

  • Synergix Africa’s 2025 cohort 1 ends with N10m funding boost for young entrepreneurs

    Synergix Africa’s 2025 cohort 1 ends with N10m funding boost for young entrepreneurs

    A spirit of triumph defined the atmosphere as Synergix Africa concluded the first edition of its 2025 Webinar Series, marking the end of an intensive programme that brought young entrepreneurs together in a journey of learning, resilience, and transformation.

    What began quietly as a digital experiment had grown into a nationwide movement that blended virtual collaboration with real-world impact.

    The initiative, which spanned several weeks, drew participants from across Nigeria, founders testing early ideas, small business owners seeking structure, and young creators eager to scale.

    Over time, the online sessions on WhatsApp, Google Classroom, and Google Meet evolved into a vibrant community bound by ambition and shared struggle.

    The structured curriculum exposed the cohort to key entrepreneurial pillars such as idea validation, branding, customer strategy, financial modelling, compliance, risk management, and pitch readiness.

    Many participants recalled sleepless nights, difficult assignments, and moments when giving up seemed easier than pressing on. However, the collective drive to improve kept them going.

    The grand finale, held in Abuja on November 20, 2025, brought emotional testimonies to the fore.

    Participants spoke of juggling family responsibilities, navigating financial challenges, and finding support in peers they had never met physically. “This programme strengthened parts of me I thought were gone,” one finalist said.

    A moment of reflection emerged during the opening speech by founder and CEO Mr Ken Nwokike, who addressed the cohort with visible emotion.

    “You pushed through power cuts, personal doubt, and financial strain,” he said. “You proved that growth happens when discipline meets opportunity, and today you stand as the future leaders of African enterprise.”

    The celebration reached its peak as the winners were unveiled. Ijeoma Chinechelum Onwuadi emerged overall winner, receiving a six-million-naira grant.

    The first runner-up, Luqman Sulaiman Naibi, earned two million naira, while the second runner-up, Eloghosa Lester Oviahon, was also awarded two million naira. Cheers filled the hall as giant cheques went up and cameras lit the venue.

    Participants reacted joyfully, with many expressing gratitude for the transformation they experienced.

    “Synergix Africa gave me the clarity I didn’t know I was missing,” a participant said. “I joined hoping to survive the assignments, but I’m leaving with a sharper vision, new partners, and a confidence I thought I had lost.”

    Synergix Africa’s founder and CEO, Mr Ken Nwokike, whose vision drives the programme, delivered an emotional opening address.

    He paid tribute to participants who endured power cuts, personal setbacks, and financial strain to complete the cohort. He described the initiative as “a commitment to raising entrepreneurs who can think boldly and act with discipline.”

    Nwokike’s philosophy emphasises accessible learning and community-driven mentorship. His experience as a seasoned entrepreneur shaped the curriculum, which deliberately prioritised real-world challenges over theory.

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    Many participants credited his leadership for the programme’s success. “Mr Nwokike believed in us at times we didn’t believe in ourselves,” another participant said.

    Facilitators and programme managers received special recognition for their hands-on guidance, patience, and support.

    According to the organisers, the team remained consistent even on days when nationwide challenges made participation difficult.

    The post-event reception turned into what many described as a family reunion. Participants who had only interacted digitally embraced for the first time, shared food, took pictures, exchanged contacts, and strengthened newly formed partnerships.

    Also, the official group photograph captured the significance of the moment: strangers turned collaborators, dreamers turned builders.

    Every participant is expected to receive a digital certificate and automatic admission into the wider Synergix Africa Community, an ecosystem designed to offer continuous mentorship, networking, resources, and opportunities beyond the programme.

    As testimonials continue to pour in, from refined business models to fresh partnerships and clearer entrepreneurial direction, the success of Cohort 1 is already shaping expectations for subsequent editions.

    With Cohort 2 in motion and more programmes planned, Synergix Africa signals that its mission to empower emerging African founders is only gathering momentum.

  • Transafam power launches elderly CSR, commits to annual wellness day for host communities

    Transafam power launches elderly CSR, commits to annual wellness day for host communities

    Transafam Power Limited, one of the two power generation businesses of Nigeria’s largest, listed conglomerate Transnational Corporation Plc, has launched the maiden edition of its Corporate Social Responsibility (CSR) for the senior citizens of its host community, Okoloma-Afam, Oyigbo Local Government Area, Rivers State.

    The landmark outreach provided comprehensive medical screenings, wellness education, food, and essential items for the elderly, as well as long-term health monitoring tools to over thirty elderly residents comprising twenty-four women and six men, reinforcing Transafam’s position as a socially responsible corporate citizen deeply invested in the well-being of the communities that host its operations.

    The Managing Director/CEO of Transafam Power Limited, Engr. Vincent Ozoude, while speaking at the event, said:“Today marks the beginning of what will become an annual tradition. As a company that powers nearly one-fifth of Nigeria’s electricity needs alongside our sister company Transcorp Power Plc, we recognise that true progress is measured not only in megawatts but in the lives we touch.

    “Caring for the elders who have built the foundation of this community is both a privilege and a responsibility we take seriously. This initiative is one of many sustained CSR programmes through which Transafam Power continues to give back to its host communities,” he asserted.

    The programme commenced with an interactive health talk by specialist doctors from Avon Medical Practice, focusing on healthy ageing, hypertension management, diabetes prevention and general preventive care. This was followed by free vital signs checks, physician consultations, laboratory investigations where required, and on-the-spot medication dispensing.

    In a move that received widespread applause, every participating senior citizen received a digital blood pressure monitor each, a three-month supply of multivitamins, and a carefully curated package containing food items, toiletries, bedding and other essential household provisions.

    The Elderly Wellness Day forms part of Transafam Power’s broader healthcare-focused CSR pillar and portfolio of other ongoing community development initiatives, such as Waste Management Initiatives, Medical Consultation and job opportunities for the youth.

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    Guests at the event, including community leaders and beneficiaries, praised the initiative for its depth, compassion and meticulous organisation, describing it as “very impactful to the elderly people in Okoloma-Afam.”

    At the event, Transafam Power Limited announced its commitment to making the Elderly Wellness Day an annual flagship event while continuing to expand its portfolio of sustainable impact programmes that improve health outcomes, education, economic empowerment and quality of life for its host communities.