The Nation Newspaper

Category: Business

  • How negative narratives adversely affect economy – Expert

    How negative narratives adversely affect economy – Expert

    Media expert and publisher of Netherlands-based The Voice News Magazine, Elvis Nduibisi Iruh has cautioned Nigerian newsmakers to shun narratives that project Nigeria and Africa in negative mode but should do everything to attract more investments in the continent.

    Speaking at a press conference to announce the 2025 edition of The Voice Achievers Awards in Lagos, Iruh warned that such portrayals ridicule Nigeria and African continent and distort its global image.

    The publisher noted that though there are legions of challenges in the land but there are hardworking Nigerians worthy to celebrate their legacies and contribution to the economic growth of Nigeria and Africa.

    Citing the Minister of State of Foreign of Affairs, Mrs. Bianca Ojukwu as one of the recipients of The Voice Achievers Award in the past, the media expert expressed displeasure over lackadaisical approach of the Federal Government and Lagos State government towards the letters he sent to intimate them about the programme since June.

    Read Also: Tinubu reaffirms security, unity, community resilience as core priorities

    “An event that would benefit both Nigeria and the Dutch, I only spoke once with the Consular and he put me through to the Ambassador. They delegated one person in the ministry to interact and plan this programme with me, and they gave me financial support, and my own country has not responded till I speak to you now”, he lamented.

    The 2025 edition of The Voice Achievers Award is the 14th and first in Nigeria with the theme: Debunking Notions, Reshaping Mindsets of Doing Business in Africa.

    The publisher revealed that the Business Dialogue/Discussions segment of the award will be centered on the Dutch/Africa Strategy Plan 2023 to 2032 and treat the various misconceptions and misinformed notions about Africa and Europe using Nigeria and Netherlands as case study.

    The event that will take place on Friday 28 November 2025 at Eko Hotel and Suits, has the Consular General of the Dutch Embassy in Nigeria, Mr. Michel Deelen, former Nigerian Ambassador to Netherlands, Dr Eniola Ajayi, the Uganda film maker, Cissy Nulamansia, as well as Dutch journalist Marc Broere as speakers.

    Also, the panel of discussants includes Dr. Kenneth Ghandi, CEO of Africa-German Information Center Germany, Mrs. Thessa Bagu, Managing Director of Commercium Africa in Nigeria, Ehi Braimah, Director/CEO of Neo Media and Marketing Consultant and Mr. Michel Deelen, Consular General of the Kingdom of the Netherlands Embassy in Nigeria.

  • Firms partner to lift green transport

    Firms partner to lift green transport

    Alpha, in partnership with Roadrunner (SBC 24), has unveiled a new fleet of electric passenger and cargo tricycles, cleaner and more affordable transportation.

    The two firms said in a statement that introduction of these electric vehicles is aimed at combating pollution from petrol-powered engines and enhancing the economic viability of last-mile logistics operators.

    They stated that the tricycles are designed to offer a sustainable alternative to the petrol-powered tricycles in the transport sector and that central to their strategy is their commitment to making electric vehicle ownership accessible. They offer asset financing to last-mile operators on a lease-to-own, thereby removing the high barrier of upfront cost, and giving operators a convenient and sustainable path to ownership.

    Country Manager, Alpha, Ibrahim Haruna, said, “Alpha is thrilled to partner Roadrunner, a company that shares our vision for a sustainable Nigeria. Our collaboration is designed to tackle the two biggest obstacles to electric vehicle adoption: affordability and accessibility. We are leveraging Roadrunner’s strong understanding of the last-mile market and their innovative lease-to-own financing model to rapidly scale the deployment of these clean tricycles, ensuring green mobility is not just an aspiration, but a practical reality for Nigerian operators.”

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    Chief Operating Officer, Roadrunner, Clement David, added: “Our vision is clear: to democratise access to clean technology. The volatile cost of petrol has severely eroded the income of our commercial drivers. By drastically reducing their operational cost, our electric tricycles allow operators to earn significantly more, which directly translates into an improved standard of living for them and their families.”

    The launch, held across a two-day roadshow in Abuja, with events in Gwarimpa and Nyanya, attracted key industry figures, including Mr. Dapo Adesina, the President, Electric Promoters Association of Nigeria (EMPAN).

    Adesina, who is also the Vice Chairman National Technical Committee on E-Mobility Standards, said: “This is more than just a new vehicle launch; it is an investment in Nigeria’s future health and wealth. By transitioning to electric, we are working to reduce the negative impact of vehicle emissions that plague our cities, while also providing a tangible economic lifeline to the thousands of operators who rely on this sector.”

  • Lafarge Africa reinforces commitment to community development, lifts schools

    Lafarge Africa reinforces commitment to community development, lifts schools

    As part of its Corporate Social Responsibility (CSR) initiatives, Lafarge Africa Plc, a member of the Huaxin Group, a leading Nigerian building solutions company, has reaffirmed its commitment to quality education and community development through the remodeling and upgrading of Christian Pelamourges Memorial Baptist Day Nursery and Primary School, Agbesi, Ewekoro, Ogun State.

    The comprehensive renovation encompassed the refurbishment of five blocks of classroom, extension of the Head Teacher’s office, and the construction of new dining and toilet facilities. It also included significant structural improvements such as new roofing, electrical and plumbing works, plastering, tiling, and painting across the classroom blocks. In addition, new furnishings, including desks, chairs, and library shelves, as well as dining tables, were provided to enhance comfort and functionality.

    A fully functional playground and football field were also installed for the use of pupils and staff alike.Speaking about the project, the Group Managing Director/Chief Executive Officer of Lafarge Africa Plc, Lolu Alade-Akinyemi, stated that the initiative reflects the company’s commitment to advancing education as a key driver of sustainable development.

    “At Lafarge Africa, we believe that quality education is one of the most powerful tools for building the future of children. Through projects like the Christian Pelamourges Memorial Baptist Day Nursery and Primary School, Agbesi renovation, we are not only improving infrastructure but also empowering young minds and creating an environment where learning can truly thrive. This investment demonstrates our commitment to strengthening the social fabric of our host communities and ensuring that no child is left behind,” Alade-Akinyemi said.

    Read Also: Tinubu reaffirms security, unity, community resilience as core priorities

    Also speaking at the commissioning ceremony, Commissioner for Education, Science and Technology, Ogun State, Professor Abayomi Arigbabu, said the renovation aligned with the state’s school facility rehabilitation programme. 

    “Ogun State government under the leadership of Governor Dapo Abiodun is intentional about education by deliberately and scientifically rehabilitating the state education facilities. We cannot do this alone, and that is where the private sector comes in. We appreciate Lafarge for this global standard facility, which aligns with the state’s rehabilitation pillars. The company has again demonstrated its commitment to giving back to its community. I encourage you to do more so that the impact can be felt more. I also assure you that this facility will be properly maintained,” Arigbabu said.

    The Chairman of the Ogun State Universal Basic Education Board (SUBEB), Evangelist Joshua Ifede, commended Lafarge Africa for its partnership and community development aimed at securing the future of our children.

    Expressing gratitude on behalf of the SUBEB, he said: “SUBEB expresses profound appreciation to Lafarge for this investment. You have shown that corporate social responsibility can indeed be a noble assignment. This is a global standard upgrade that will enhance the teaching process, promote engagement among the pupils, and motivate the teachers.”

    The Head Teacher, Christian Pelamourges Memorial Baptist Day Nursery and Primary School, Agbesi, Mrs Ayoola Oluwaseunayo, expressed appreciation to Lafarge Africa for the transformation, describing it as a life-changing intervention that will impact generations of learners.

    To show appreciation to Lafarge Africa for providing a suitable environment to promote their learning and development, the elated students presented a beautiful song that they had composed for the company.

    During the ceremony, Lafarge Africa Plc also donated 2,000 copies of Mathematics textbooks to the Ogun State government to support the preparation of students for their Senior School Certificate Examination.  

    The Christian Pelamourges Memorial Baptist Day Nursery and Primary School, Agbesi renovation project exemplifies Lafarge Africa’s broader sustainability agenda, which focuses on empowering communities. By investing in young learners and providing better educational facilities, Lafarge continues to build lasting value in the communities where it operates.

  • Maritime firm celebrates Nigeria’s Return to IMO Council, urges bold maritime reforms

    Maritime firm celebrates Nigeria’s Return to IMO Council, urges bold maritime reforms

    The Managing Director of SeaExpress Transit Limited, Mr. Thompson Eja,  has applauded Nigeria’s successful return to the International Maritime Organisation (IMO) Category C Council, describing the victory as a “historic restoration of national relevance” in global maritime governance after a 14-year absence.

    Eja, in a statement in Calabar, Cross River State, said the achievement represents a major diplomatic and strategic milestone, reinforcing Nigeria’s position as a key player capable of shaping international maritime policies that affect trade, safety, and global shipping routes.

    The Managing Director praised the leadership of the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, saying he “led Nigeria’s return to the global maritime decision-making table,” and added that the outcome “strengthens the nation’s marine and blue economy goals as detailed in the National Policy on Marine and Blue Economy.”

    The SeaExpress boss further commended President Bola Ahmed Tinubu for supporting the diplomatic efforts that secured the seat, declaring that his decisive backing “reflects his commitment to the Renewed Hope agenda” and his determination to make the blue economy “a key driver toward achieving the $1 trillion economy target for Nigeria by 2030.”

    He emphasised that the victory should serve as a catalyst for transformation within Nigeria’s maritime sector, calling on regulatory agencies to rise to the moment. It highlighted the Nigerian Ports Authority, Nigerian Inland Waterways Authority, Nigerian Shippers’ Council, and NIMASA as institutions that must take advantage of this renewed global relevance.

    According to Eja, these agencies should “improve efficiency in service delivery, modernize our ports, solidify gains in coastal and inland waterways security, and accelerate collaboration with the private sector” to fully harness the opportunities provided by the IMO council seat.

    The statement also stressed the need to “accelerate the growth of maritime economic activities,” noting that Nigeria must increase indigenous participation in the maritime transport sector, particularly in cargo vessel ownership and in expanding coastal and inland passenger ferry operations.

    Reaffirming his company’s commitment to the sector, theManaging Director declared that the management “remains dedicated to making the company a critical stakeholder and partner” in the emerging blue economy landscape through innovation, investment, and collaboration.

    Eja concluded by pledging that SeaExpress will continue to pioneer “safe, reliable, and affordable waterways travel” across Cross River, Akwa Ibom, and neighboring Gulf of Guinea countries as part of its mission to support national maritime growth.

  • Dangote fertiliser bags top input award at 2025 agric show

    Dangote fertiliser bags top input award at 2025 agric show

    Dangote Fertiliser Limited has clinched the top Agricultural Input Award at the 17th National Agricultural Show in Keffi, Nasarawa State.

    In a statement issued by the Head of the Dangote Media Group (North), Dr. Abubakar Jibril, the Chairman of the Board of Trustees of the National Agricultural Foundation of Nigeria (NAFN), Kabiru Ibrahim, hailed the Dangote Group as a major driving force in Nigeria’s agricultural input value chain.

    Ibrahim noted that with the Group’s remarkable milestones in the petroleum sector, it is strategically positioned to deepen investments in agriculture and enhance the nation’s food security.

    He said this year’s theme, “Empowering Smallholder Farmers: Restoring Value, Ensuring Productivity,” reflects Nigeria’s collective determination to place smallholder farmers at the centre of the country’s food sufficiency drive.

    “Dangote Group has been our greatest ally from inception. Without their tremendous and invaluable support, hosting this show effectively would have been difficult,” he added.

    Acting National Coordinator of NAFN, Aishatu Rufai, also praised Dangote Fertiliser for what she termed a transformative investment in the sector, citing the company’s three-million-metric-tonne-per-annum urea plant as a “major game-changer.”

    Responding on behalf of the Group, Senior Adviser to the President of Dangote Industries Limited, Mrs. Fatima Wali-Abdurrahman, said the award affirms the company’s growing impact on farmers and food production nationwide.

    “We dedicate this award to our team, our partners, and the farmers who believe in our products. It reinforces our commitment to research, innovation, and expanding access to affordable fertiliser,” she said.

    In a statement, the Group’s spokesman, Anthony Chiejina, said the company’s next phase will focus on scaling production and deepening collaboration with farmers and government to build a more sustainable agricultural economy.

    “We appreciate the organisers of the National Agricultural Show and are encouraged to do even more. Nigeria’s agricultural future deserves nothing less,” he stated.

    Dangote Industries Limited served as one of the major sponsors of the 2025 National Agricultural Show, organised by NAFN in collaboration with the Federal Ministry of Agriculture and Food Security and the All Farmers Association of Nigeria.

  • 500 screened for Cross River’s single-digit SME loans

    500 screened for Cross River’s single-digit SME loans

    Cross River State Government, weekend took a giant step toward strengthening its small business ecosystem, as the state Microfinance and Enterprise Development Agency (CRSMEDA) cleared 500 entrepreneurs to access the SMEDAN–Sterling Bank single-digit interest loan facility.

    The step, according to the Director-General of Cross River State Microfinance and Enterprise Development Agency ( CRSMEDA), Mr. Great Ogban, was aimed at strengthening its small business ecosystem.

    Speaking during an engagement session with beneficiaries, at the Prof. Eyo Ita House in Calabar, Ogban, said the initiative reflects Governor Bassey Otu’s unwavering commitment to expanding economic opportunities for small businesses.

    He noted that more than 1,000 applications were received, with 500 selected after enterprise development training, business plan development and verification by an IFC-trained team.

    “This is a 5% interest rate facility graciously approved by the Governor to support SMEs across the state,” he said. “We are dealing with real SMEs, and we are confident that this funding will stimulate the Cross River economy as these businesses scale up.”

    Ogban added that repayment will follow a revolving structure over two to three years, allowing the fund to circulate to other entrepreneurs. To strengthen eligibility, the Governor also sponsored 1,000 free CAC certificates, issued during the engagement, with plans to scale up to 10,000 registrations next year.

    On sustainability, Ogban highlighted CRSMEDA’s strong monitoring and evaluation framework, citing the agency’s recent tour across the state to verify utilisation of previous grants for retirees.

    “Our M&E team will return to the field within six months to monitor compliance and growth,” he said. “Our mandate is to move nano enterprises to micro, micro to small, and small to medium.”

    Looking ahead, Ogban expressed optimism about the long-term impact of the intervention. “In the next three years, we expect a dynamic and competitive economy, where Cross River becomes a major economic nerve centre for Nigeria,” he added.

    The Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA) has praised the Cross River State Government’s efforts at strengthening the small business ecosystem, describing the SMEDAN–Sterling Bank loan engagement as “Christmas for SMEs in Cross River State.”

    Vice President, MSME and Business Development of the CALCCIMA, Mr. Liyel Imoukhuede, stated this during the engagement, adding that the scheme, which includes the loan orientation and presentation of the first batch of CAC certificates, is a landmark move in supporting small businesses.

    “This is a very novel event, and indeed Christmas for SMEs in Cross River State,” he said. “We have a Governor who is very intentional about growing the small business ecosystem. The private sector is very supportive of this initiative and will continue to stand with the government.”

    He emphasized that small businesses form a significant portion of the state’s commercial activity and commended the government’s deliberate effort to bridge financing, infrastructure and structural gaps limiting SME growth in the state.

    “We are here to support the government. We commend the Otu-led administration for putting this intervention and for helping small businesses grow and thrive in Cross River,” he said.

    Some of the beneficiaries, including Mr. Alex Ego Oyama, Mrs. Offiong Oku, and Mr. Lekam Abam Lekam, said the loan would significantly boost their businesses. They thanked the state government for investing resources to stimulate economic growth across the state.

  • SpenAgro poised for global Cocoa dominance, says CEO Mbachu

    SpenAgro poised for global Cocoa dominance, says CEO Mbachu

    Chief Executive Officer of SpenAgro, Ebuka Mbachu, has said the company is taking decisive steps to position itself as a leading player in the global cocoa export market, as rising international demand continues to reshape the industry.

    The global cocoa market has remained highly dynamic, driven largely by sustained demand from Europe and North America, even as West Africa accounts for most of the supply.

    Latest figures from the International Cocoa Organization (ICCO) show prices rising by 3–5 per cent due to tightening supply. European grinders have increased processing volumes, while dark chocolate consumption trends in the United States and Asia have kept demand for high-quality beans on the rise.

    Against this backdrop, SpenAgro, founded by agricultural professionals and enthusiasts, says it is stepping up efforts to exceed global industry benchmarks.

    Mbachu said the company’s growth strategy is anchored on quality, sustainability, and farmer empowerment.

    Read Also: Bank78 debuts as solution-driven digital bank to fix trust

    “As global demand for premium, ethically sourced cocoa continues to strengthen, our mission remains clear: to deliver world-class cocoa beans while empowering the farming communities at the heart of the value chain.

    “Over the past month, we have expanded our export capacity, onboarded new partners, and deepened investments in sustainability initiatives that guarantee long-term supply stability,” he said.

    He added that the company’s recent milestones reflect a deliberate push to position SpenAgro as a dependable supplier in a tightening international market.

    Industry watchers say the firm’s swift rise underscores the strong leadership of Mbachu, whose focus on strengthening farmer networks, improving processing standards, and building credible export systems has set SpenAgro apart.

    With global demand climbing and competition tightening, stakeholders agree that SpenAgro, under its confident and strategic CEO, is one company to watch in the months ahead.

  • Bank78 debuts as solution-driven digital bank to fix trust

    Bank78 debuts as solution-driven digital bank to fix trust

    • ….convenience gaps in financial sector

    Bank78 MFB has launched in Lagos with a bold promise to solve Nigeria’s longstanding banking challenges, particularly trust, transparency, convenience, and SME support, by introducing a fully private digital bank designed to close the gap between fast fintechs and traditional lenders.

    Unveiled at The Hall, Victoria Island, the new institution positioned itself as a “solution bank” built to offer speed without anxiety, security without complexity, and personalised service often missing in mainstream banking.

    Bank78’s model, according to its founders, directly targets the daily frustrations of individuals, families, and businesses, ranging from hidden charges and transaction failures to delayed support and fragmented services.

    Chairman of Bank78, Bright Ajaegbu, said the bank was engineered from inception to correct systemic weaknesses stifling customers and SMEs.

    “We are here to launch not an ordinary bank, but a bank capable of changing the narrative,” he said. “This is a disruption designed to give businesses, families, and students a new, stress-free way of banking. In a matter of weeks, the difference will be evident in the financial ecosystem.”

    Ajaegbu added that the bank had been building its systems remotely and was now ready to scale, allowing customers to handle complete banking transactions—from onboarding to transfers, investments, and loans—without stepping into a banking hall.

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    Director at Bank78, EviOghene Osifo-Whiskey, said the institution was created to restore trust and transparency in the sector by giving customers a secure, “see-through” digital environment.

    “Money is a critical matter. People don’t play with it,” she said. “So we built Bank78 to show customers where their money is, what it’s doing, and how it moves. Everything is in one compact, transparent space: speed, savings, scheduled payments, loans, personal and business banking.”

    She emphasised that the bank is licensed by the CBN, insured by the NDIC, and compliant with data-protection and ISO standards.

    On bank charges, she clarified that most deductions seen across the sector are regulatory, stressing that Bank78 avoids unnecessary fees and maintains interest-friendly loans.

    Director of Sales, Eberechukwu Dike, said the bank is designed to restore empathy and relationship-driven service, especially for SMEs who often struggle for attention in traditional banks.

    “We believe there’s a gap where banks no longer offer empathy,” he said. “At Bank78, we follow SMEs from start to scale, supporting business registration, offering advisory, training, and growth programmes. The goal is to help them survive, stabilise and grow.”

    He explained that although the bank maintains a physical office, its operations are fully digital, backed by a 24-hour contact centre and an in-app assistant, Ruby, built to resolve issues within minutes.

    Earlier, guests experienced live demonstrations of the platform’s features, including seamless onboarding, dependable transfers, a clean interface, and real-time support, reflecting the bank’s “quiet prestige” identity.

    Bank78 targets Nigeria’s mass-affluent and new generation of achievers seeking reliability, clarity, and a refined digital banking experience. The bank is now live and open to customers nationwide.

  • Sahara Group Foundation awards $130,000 to 20 African EXTRApreneurs

    Sahara Group Foundation awards $130,000 to 20 African EXTRApreneurs

    The Sahara Group Foundation (SGF), the social impact arm of Sahara Group, an energy and infrastructure conglomerate, has awarded over $130,000 to 20 outstanding African EXTRApreneurs under its flagship Sahara Impact Fund (SIF) Cohort 4 and Making A Difference Around Africa (MADAA) initiatives.

    The 2025 editions of the SIF and MADAA programmes were re-engineered in response to insights from previous cycles, which revealed a widening gap between early-stage innovation and market entry in Africa.

    By deliberately aligning MADAA and SIF, the Foundation has built a streamlined innovation pipeline designed to eliminate barriers, strengthen capacity, and ensure sustainability well beyond the life of the grants.

    “Our focus goes beyond disbursing grants. We have built a capacity development and business advisory framework that equips our EXTRApreneurs with business intelligence, financial strategy, governance discipline, and commercial readiness to scale their solutions sustainably across African markets.

    “By reinventing the Sahara Impact Fund and elevating the MADAA programme, we are closing the loop between discovery, support, and scale,” said Chidilim Menakaya, Director, Sahara Group Foundation. “These enhancements reflect our commitment to identifying high-potential change makers and innovators, equipping them with the right skills, and creating real pathways for them to grow sustainable solutions. Ultimately, this integrated approach ensures that promising EXTRApreneurs have a clear, structured, and fully supported route to delivering measurable impact across their communities,” the Programme Supervisor, Sahara Group Foundation, David Ayinde said during the Awards and Gala Night.

    Charging the awardees to embrace resilience, discipline, and innovation in their businesses, the Executive Director, Sahara Group, Dr Kola Adesina, said these attributes will help African EXTRApreneurs achieve “transformative impact across the continent with the added incentive of scaling their businesses for global competitiveness.”

    Also speaking, Executive Director, Sahara Group, Ade Odunsi, said, “Sahara started out with the mindset of EXTRApreneurship. Your businesses must have unique value propositions that can continually be reengineered for more impact through innovation.”

    The 2025 programme cycle attracted over 2,000 applications from across Africa, demonstrating the depth of innovation on the continent. A rigorous selection process shortlisted about 300 innovators for an intensive Capacity Building Workshop delivered by Sahara Group experts.

    The sessions covered business strategy and sustainability, governance and regulatory compliance, brand positioning and communications, commercial and stakeholder management, and legal, financial, and tax advisory processes.

    20 high-potential EXTRApreneurs were eventually selected for the Business Advisory Bootcamp and Sahara M.A.D Den in Lagos, Nigeria, ultimately receiving grants for their businesses.

    The recipients of $10,000 include: Chinwendu Augustina Nweke of Bridge Merchant Enterprise (Nigeria); Elvis Kadhama of Essymart Africa Business Link Limited (Uganda); Violet Awo Amoabeng of Skin Gourmet (Ghana); Tracey Shiundu of FunKe Science (Kenya); Salma Medhat of Hiryo (Egypt); Anita Nsiah Donkor of Timoya Farms (Ghana); Dr. Sisay Abebe of KMS ETH Health Trading S.C (Ethiopia); Kedumetse Liphi of Ked-LiphiBw (Botswana); Ernest Mongezi Majenge of The Wheelchair Doctor (South Africa); and Joan Rukundo Nalubega of Uganics Repellents Ltd (Uganda).

    $5,000 grants were awarded to Eunice Adewale of Smokeless Briqs Energy Solutions (Nigeria); Henry Danwawo Lamba of Schrödinger Technologie Ltd (Nigeria); Johnson Obute of Maximus Recycling Solutions (Nigeria); Abraham Ugbenja Iborchan of PureLube Limited (Ghana); and Brian Okeyo of Nawiri Organics (Kenya).

    The $1,000 grant recipients include Jide Ayegbusi of EdGo Technology Ltd (Nigeria); David Ssembajjwe of Camelot Agroecology Farm Ltd (Uganda); Mojola Ola of Gridcrux Energy Solutions (Nigeria); Abiodun Quadri of Zerosmoke Ventures (Nigeria); and Fasanya Samuel Akinpelumi of Poshfil Polish Products Ltd (Nigeria).

  • New NEITI boss vows to amend act

    New NEITI boss vows to amend act

    The Nigerian Extractive Industries Transparency Initiative (NEITI) Executive Secretary, Hon Musa Sarkin Adar on Thursday vowed to amend the 2007 Act establishing the watchdog organisation to address its lacuna.

    He said the inability of NEITI to get the required legislative powers to effectively police and monitor the oil, gas and mining industry is hindering the transparency needed in the sector.

    He made this known at the NEITI House, Abuja, as the ex-Executive Secretary, Dr. Orji Ogbonnaya Orji officially handed over to him.

    He recalled that the former Executive Secretaries, Dr. Waziri Adio and Ogbonnaya had once complained to him in the House of Representatives that there were some gaps in the Act that established NEITI.

    He said since the watchdog is to oversight powerful energy firms, it needs adequate legislative power to act.

    Adar said, “I looked at the act before it is handed over to me officially. I know it before I came here. I shared my opinion with Wazir Adio, equally with Orji Ogbonnaya Orji at one time in my office in the National Assembly, that there is lacuna in the act that established this institution.

    READ ALSO: I’ll serve Oyo state people till my last day in office – Makinde

    “And it needs to be strengthened by an act of parliament. And that is going to be one of our major tasks.

    “I wonder how an institution like this, who’s going to oversight very powerful mafias in the economy of this world, and you don’t have any teeth that you can bite. Lack of those teeth to bite is hindering our performance, our career performance.”

    Meanwhile, Orji stated that the Federal Government was able to recover $3 billion and more than $6 billion in outstanding revenues and liabilities was identified through evidence-based reporting.

    He said his achievements strengthened domestic resource mobilisation and fiscal transparency in the extractive sector.

    “When I assumed office on 19 February 2021, NEITI faced a convergence of operational, governance, and institutional challenges—threatened eviction from rented offices, a vacant NSWG, strained stakeholder relations, inadequate tools and infrastructure, low staff morale, and a rapidly evolving extractive governance landscape demanding climate reporting, systematic disclosure, beneficial ownership transparency, and data-driven accountability.”

    He stated that the institution was able to rebuild trust across government agencies, extractive companies, civil society, and the media and was able to maintain full global compliance with the consistent publication of Oil & Gas, Solid Minerals, and FASD Reports, advancing key reforms including PIA implementation, beneficial ownership transparency, contract disclosure, licensing accountability, environmental reporting, and subnational governance.

    “Despite the complexities surrounding the 2023 Validation cycle, Nigeria achieved 92/100 in Outcomes and Impact and 90/100 in Transparency, reaffirming NEITI’s standing as a leading global reform institution.”

    He urged the staff to be loyal to the new Executive Secretary.