Category: Business

  • Idowu emerges first female NICA president

    Idowu emerges first female NICA president

    DR. Mrs Markie Idowu has made history as the first female President and Chairman of the Governing Council of the National Institute of Credit Administration (NICA), chartered, Nigeria’s frontline statutory body of eminent credit management professionals and credit industry stakeholders.

    Dr. (Mrs) Idowu, an eminent Fellow of the Institute, previously served as Vice-President/Vice-Chairman of NICA for two terms.

    Read Also: Nigeria’s shea industry losing billions despite global dominance – Bima

    She is currently leading eight other distinguished members of the Governing Council, namely: Professor Chris Onalo, FICA, Registrar/CEO of the Institute, Engr. Prof. Amieyeofori Valentine Felix, FICA, Vice-President/Vice-Chairman of the institute, Dr. Thomas Imokhai, FICA, Mrs. Eunice Oghomwen Sampson, FICA, Dr. Mrs. Wosilat Adebayo, FICA, Engr. Owoyemi Alaba, FICA, Alhaji Sada Ladan-Baki.

    Dr. (Mrs.) Markie Idowu is a highly respected banking, technology, and credit management professional with over 36 years of experience across banking, fintech, and corporate governance. She has held senior executive roles at CMB, GTBank, Fidelity Bank, and Polaris Bank, where she drove growth in IT, operations, retail, commercial, and corporate banking.

  • CAP conducts NABTEB-certified assessments for Painters Academy trainees

    CAP conducts NABTEB-certified assessments for Painters Academy trainees

    As part of its commitment to elevating technical competencies and creating pathways to economic empowerment, Chemical and Allied Products (CAP) PLC, Nigeria’s leading paints and coatings manufacturer, has successfully conducted its first NABTEB-certified assessments for trainees of the CAP Painters Academy.

    The milestone assessments, delivered in partnership with the National Business and Technical Examinations Board (NABTEB), evaluated 31 trainees across both theory and practical components of the Painting and Decoration module, marking a significant step forward in delivering nationally recognised, industry-aligned training to Nigerian painters.

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    The collaboration between CAP PLC and NABTEB was formalised in September 2025 to professionalise Nigeria’s decorative paints sector by combining CAP’s industry expertise with NABTEB’s nationally recognised certification framework. This partnership will ensure trainees acquire world-class techniques alongside credentials that enhance employability, professional credibility, and entrepreneurial potential.

    Speaking on the significance of the milestone, Bolarin Okunowo, Managing Director at CAP PLC, stated: “This milestone marks an important evolution for the CAP Painters Academy. By integrating nationally recognised testing and certification, we are strengthening the pipeline of qualified painters and supporting young people with skills that open doors to real economic opportunities.

  • Why SEC designated Voya investment fraudulent

    Why SEC designated Voya investment fraudulent

    Fresh facts have emerged as to why the Securities and Exchange Commission (SEC) warned the investing public against Voya Investment Management (VIM).

    Independent checks by our correspondent revealed the latest update on Voya Investment (VIM) in Nigeria is a major warning from the Commission, issued January 7, 2026, stating that Voya Investment Management (VIM) is an illegal, unregistered platform operating a fraudulent scheme, despite claims of being licensed by the SEC.

    The SEC advises the public to avoid transacting with them as they are not authorized in Nigeria, display a fake certificate, and pose a high risk of fraud, warning investors to verify firms through official SEC channels.

    According to the SEC warning, VIM is not registered or licensed to conduct investment activities in Nigeria and the platform’s claims of SEC licensing and supervision, including a fake identity verification certificate, are fraudulent.

    In a notice issued on Wednesday, the commission said the firm, which operates through its website, investments.voya.com’s claims of being licensed or supervised by the SEC are false and misleading.

     “The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments purportedly under the supervision of the Commission,” the commission said.

    “Voya Investment Management is also parading a certificate of identity verification purportedly issued by the Commission.

    “The Commission hereby informs the public that Voya Investment Management (VIM) is NOT REGISTERED or licensed by the Commission to carry out any activity in the Nigerian capital market.

    Read Also: UPDATED: Nigeria advance to AFCON semifinals, beat Algeria 2-0

    “The certificate being paraded by Voya Investment Management was neither issued nor endorsed by the SEC, Nigeria as the Commission does not issue certificates of identity verification.

     “Furthermore, claims by VIM that it is supervised, licensed, or approved by the Commission to undertake operations in the capital market are false, misleading and fraudulent.”

    The SEC said complaints received regarding VIM’s activities indicate that the company is operating an illegal investment scheme capable of defrauding unsuspecting members of the public, particularly through misleading claims of regulatory approval.

    “Accordingly, the public is advised to refrain from dealing with Voya Investment Management (VIM), as any person who engages with the entity or its representatives does so at his/her own risk,” the commission reiterated.

    The SEC also urged investors to verify the registration status of companies on its portal via www.sec.gov.ng/cmos before investing, warning that engaging with unregistered entities exposes investors to significant financial risks, including fraud and potential loss of funds.

    Besides, SEC believes VIM exhibits characteristics of illegal schemes designed to defraud investors, with any engagement being at the investor’s own risk.

    However, separately, the publicly traded Voya Financial (VOYA) stock has seen positive movement recently, with analysts noting potential upside and market reallocation towards value stocks, according to Nasdaq and Trading.

  • 2026 outlook: key sectors to drive economy by ex-NBS boss

    2026 outlook: key sectors to drive economy by ex-NBS boss

    ERSTWHILE Statistician-General of the Federation, Yemi Kale, has listed the five sectors that would drive Nigeria’s economic growth in 2026.

    The list includes Information and Communication Technology ICT and digital services, construction and infrastructure, energy and refining, particularly downstream activities; agro-processing, and services.

    The former Director-General of the National Bureau of Statistics (NBS) made the projections on Tuesday at Firstbank’s 2026 Nigeria economic outlook themed: ‘The Great Recalibration: Mastering Resilience in an Era of Asynchronous Growth’.

    Kale, who is the current Group Chief Economist and Managing Director of Research and Trade Intelligence at AfreximBank projected that ICT and digital services would be the fastest-growing, driven by fintech, e-commerce, broadband expansion, and maturing tech ecosystems.

    He said construction and infrastructure will benefit from public investment and rising private participation, while energy and refining — especially in the post-Dangote refinery environment — will reduce fuel imports and create petrochemical linkages.

    Agro-processing, Kale said, would gain from the African Continental Free Trade Area (AfCFTA) integration, improved logistics and emerging processing clusters in rice, cassava, cocoa, and dairy.

    He said moderating inflation would upport recovery in services such as retail, transport, tourism, real estate, and professional services.

    The economist said the sectors would shape a more stable and diversified growth path in 2026, helping Nigeria shift from volatility towards sustained and broad-based growth.

    Kale, however, warned that Nigeria must strengthen its value chains and invest in technology to build resilience.

    Read Also: UPDATED: Nigeria advance to AFCON semifinals, beat Algeria 2-0

    He said although Nigeria records growth across multiple sectors, too few deliver meaningful productivity or global competitiveness.

    He noted that policy discussions around diversification often miss the point by focusing on revenue expansion or tax base widening rather than fixing the structural constraints to productive growth.

    “We are structurally diversified, but not productively diversified. In other words, we produce a lot, but too little of it is complex value-added or tradable, and this is where our policy often misses the point,” Kale said.

    “When policymakers talk of diversification, it is really frequently interpreted by policymakers as expanding revenue sources or widening the tax base, rather than addressing the true constraints to productive growth, such as poor infrastructure, unreliable power, weak logistics, issues with skills gaps, limited credit access for SMEs.

    “To build real resilience, Nigeria must move from extractive dependence to productive competitiveness, which it hasn’t done yet, and to do this by strengthening value chains, supporting industrial clusters, and investing in human capital, technology, and infrastructure.”

  • N100trn market cap at resumed trading excites operators

    N100trn market cap at resumed trading excites operators

    •As stocks extend rally with N36.62trn gain

    Indications are that the nation’s equities market opened the year on a positive note as the market capitalisation hit the N100trillion mark.

    The NGX All-Share Index (ASI) rose by 0.57 percent to 156,492.40 or 879.40 points, the first trading day in January 2026 while market capitalisation rose to N99.9trillion.

    Nigeria stocks began 2026 on a positive note in holiday-thinned trade as investors braced for a year set to test investors’ reactions to Nigeria’s new tax laws which became effective on January 1.

     “The Nigerian equities market delivered strong performance in 2025, outperforming other local asset classes, driven by improved macroeconomic conditions, stronger earnings, higher dividends, and increased foreign participation.

     “We remain constructive on equities in 2026, supported by ongoing reforms, improved investor confidence, and favourable yield dynamics. In the fixed income market, easing inflation and a more dovish policy stance supported receding treasury yields. Our outlook is anchored on the dynamics of fiscal borrowings and liquidity movement,” Meristem research analysts said.

    The rally capped the year 2025 in which improving macroeconomic conditions and sustained market reforms combined to drive valuations, liquidity and investor participation.

    Trading on Nigerian Exchange Limited (NGX), closed on December 31, 2025 with Nigeria’s capital market ranking among the strongest-performing globally.

     “We remain optimistic about the opportunities ahead and committed to positioning Nigeria’s capital market as a key driver of economic growth and wealth creation,” Temi Popoola, CEO, NGX Group said, adding that the Group aims to strengthen its role as Africa’s preferred exchange hub.”

    Looking ahead, NGX Group says it will prioritise deeper collaboration with regulators, issuers, market operators and policymakers, while continuing to invest in technology to sustain momentum and broaden market access.

    By the end of the year, the NGX All-Share Index had risen 51.19 percent  to 155,613 points, up from 102,926 at the start of 2025. Total equity market capitalisation expanded by more than N36.6trillion,  while market capitalisation rose to N99.38trillion, one of the largest absolute increases recorded across global equity markets during the year.

    Nigeria’s performance compared favourably with major developed and emerging markets, where equity index returns generally remained below 25 percent.

    The MSCI All Country World Index posted gains of about 20 percent, underscoring the scale of Nigeria’s outperformance and the renewed attention it attracted from global investors.

    The 2025 rally reflected a confluence of macroeconomic stabilisation and deliberate capital market reforms. Nigeria’s economy recorded growth of 3.13 percent , 4.23 percent and 3.98 percent in the first three quarters of 2025, while headline inflation slowed sharply to 14.45 percent in November, from 34.60 percent a year earlier. The naira also strengthened modestly, closing the year at N1,448.03 to the dollar, compared with N1,538 at the beginning of the year.

    Market expansion was broad-based. As at December 31, 2025, equity market capitalisation stood at N99.38trillion ($68.74bn), while the fixed income market reached N51.48trillion ($35.61billion). Exchange-traded funds recorded particularly strong growth, with market capitalisation rising to N45.55billion, reflecting increasing product adoption and investor sophistication.

    Trading activity also strengthened. Year-to-date equities turnover rose to N5.96trillion, while average daily value traded increased to N23.76billion, supported by price appreciation, solid corporate earnings, banking sector recapitalisation, new listings and ongoing improvements to market structure.

    Meanwhile, President Bola Tinubu has praised corporate Nigeria, citizens, and other stakeholders in the capital market for surpassing the N100 trillion milestone on the Nigerian Exchange Group (NGX).

    The President urged Nigerians to deepen their investments in the local economy, assuring that 2026 will yield even greater returns as his administration’s economic reforms continue to deliver stronger outcomes.

    “This performance ranks among the highest in the world. Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group.

    “Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered. As the stock market reflects the entire economy, its stellar performance is a significant indicator of the country’s economic health and the confidence investors have in our economy

    “We are not celebrating the superlative stock market performance in isolation. We are also celebrating the microeconomic effects of our reforms. After the initial headwinds that followed our reforms, we are finally seeing a bend in the inflation curve. Crucial monetary tightening and the removal of distortionary ‘Ways and Means’ financing have restored stability to the Naira. Furthermore, investments in the agriculture sector have contributed to a consistent decline in inflation over the past eight months. From a 24-month high of 34.8% in December 2024, inflation decelerated to 14.45% as of November 2025, with projections indicating it will reach 12% in 2026.

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    “Under our administration, Nigeria is exporting more and importing less of what we can produce locally. Non-oil exports surged by 48% by the third quarter of 2025, totalling N9.2 trillion. Exports to Africa alone rose by 97% to N4.9 trillion.

    “Nigeria’s foreign reserves have crossed the $45 billion mark, giving the Central Bank the firepower to maintain stability. The Naira has stabilised, moving away from the volatility that once fuelled speculation. The Central Bank of Nigeria, in its latest outlook, projects foreign reserves will cross the $50 billion threshold in the first quarter of 2026.

    “We are also seeing an expansion of the rail networks, the completion of major arterial roads and the revitalisation of our ports. With the transformative Lagos-Calabar and Sokoto-Badagry superhighways, the nation’s infrastructure is growing.

    “Nation-building is a process, not a destination. Hard work, sacrifices, and the focus of its citizens build a nation. The N100 trillion market capitalisation is a signal to the world that the Nigerian economy is robust and productive.

    “As your leader, I pledge to continue working unrelentingly to build an egalitarian, transparent, and high-growth economy that will be further catalysed by the historic tax and fiscal reforms that came into full implementation from January 1,” President Tinubu stated.

  • Rehan Azhar Brings Authentic Pakistani Travel Stories to Digital Audiences

    Rehan Azhar Brings Authentic Pakistani Travel Stories to Digital Audiences

    Lahore-based content creator Rehan Azhar has developed a substantial following through travel vlogs that showcase both Pakistani destinations and international locations. His YouTube channel focuses on documenting restaurants, street food vendors, and tourist attractions across multiple countries including Pakistan, Saudi Arabia, Turkey, Thailand, Singapore, and Malaysia.

    Creating Accessible Travel Content for Pakistani Audiences

    Rehan produces material designed to appeal to young Pakistani adults interested in budget-friendly travel options. His videos typically feature honest restaurant assessments and practical information about costs, making the content useful for viewers planning their own trips. The production style avoids excessive polish, instead prioritizing straightforward documentation of each location.

    Online discussions about his work take place through r/RehanAzhar, where viewers share their own experiences and exchange recommendations. The platform enables more detailed conversations than YouTube’s comment section typically allows, with community members debating everything from the best biryani restaurants to effective strategies for booking affordable flights.

    Street Food Documentation and Regional Cuisine

    Pakistani dishes receive significant attention throughout the channel’s catalog. Videos explore preparation methods for traditional items like nihari, karahi, and haleem while explaining the historical background behind various recipes. Rehan documents both high-end restaurants and roadside vendors, providing viewers with options across different price points.

    International content often highlights how Pakistani expatriates maintain culinary connections abroad. Recent community discussions about travel deals demonstrate the audience’s interest in affordable flight options, with one post detailing tickets to Langkawi priced at 5000 PKR. This focus on accessibility reflects the channel’s broader commitment to showcasing experiences within reach of middle-class Pakistani families.

    Highlighting Lesser-Known Pakistani Destinations

    Domestic travel content balances coverage between popular tourist sites and overlooked locations. Documentation of places like Angori Village introduces viewers to destinations that might not appear in mainstream travel guides. These videos serve Pakistani audiences looking for weekend getaway options that don’t require extensive planning or large budgets.

    The channel’s geographic range extends from Pakistan’s northern mountain regions to coastal areas, with particular emphasis on locations accessible from Lahore. Videos typically include information about transportation logistics, accommodation options, and estimated costs for various activities.

    Language and Cultural Representation

    Content features natural code-switching between English and Urdu, reflecting typical Pakistani communication patterns. This linguistic approach makes videos accessible to both local audiences and international viewers, particularly members of the Pakistani diaspora. References to local customs and cultural practices appear throughout the content without requiring extensive explanation.

    When traveling internationally, Rehan often seeks out Pakistani communities and halal dining establishments. This perspective resonates with viewers who want to see their culture acknowledged on global platforms. The content avoids controversial topics while maintaining honest assessments of both positive and negative aspects of each destination.

    Community Participation and Content Evolution

    Active engagement characterizes the relationship between creator and audience. Viewers regularly contribute suggestions for future destinations, discuss reactions to new uploads, and share their own travel photographs. This feedback loop influences content direction, with popular community requests often appearing in subsequent videos.

    The subreddit functions as an extension of the channel, hosting discussions that continue long after individual videos are published. Members exchange practical advice about visa applications, border crossings, and navigation of unfamiliar cities. Some conversations focus on replicating dishes featured in videos, with community members sharing their attempts and modifications.

    Family-Appropriate Content with Broad Appeal

    The channel maintains standards that make it suitable for viewers of all ages. Parents can screen content confident that it respects local customs and avoids inappropriate material. This approach has expanded the potential audience beyond typical young adult demographics to include entire households.

    Reviews maintain balance by acknowledging both strengths and weaknesses of featured establishments. Rather than providing only positive coverage, Rehan offers genuine assessments that viewers can trust when making their own travel decisions. This honesty has built credibility with an audience that relies on his recommendations for planning purposes.

    Multi-Country Coverage and Cross-Cultural Connections

    Travel documentation spans numerous countries, each receiving treatment appropriate to its cultural context. Saudi Arabian content often centers on religious tourism, providing practical guidance for Pakistani pilgrims. Turkish videos highlight historical landmarks alongside contemporary dining scenes. Southeast Asian coverage emphasizes street food cultures and draws comparisons to Pakistani equivalents.

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    Each destination video attempts to find common ground between unfamiliar cuisines and dishes Pakistani viewers already know. This comparative approach helps audiences understand new foods through familiar reference points, making international travel feel more approachable.

    Impact on Pakistani Digital Media

    Rehan represents part of a broader trend of Pakistani creators professionalizing travel and food content. His channel demonstrates that authentic documentation of local perspectives can attract substantial viewership without requiring expensive equipment or international production teams. This model provides a template for other aspiring Pakistani content creators.

    The cumulative effect of his videos contributes to shifting perceptions about Pakistan among international audiences. Each piece of content showing beautiful landscapes and hospitable locals provides alternative narratives to the negative stereotypes that dominate much international media coverage. While this may not be the primary motivation, it represents a meaningful secondary impact.

    Sustained Growth and Future Direction

    The Reddit community continues expanding as more viewers discover the channel and seek deeper engagement. Community members have begun organizing potential meetups and discussing collaborative projects inspired by content they’ve watched together. This level of investment suggests audiences view their participation as more than passive consumption.

    The channel serves multiple distinct audience segments simultaneously. Diaspora communities maintain connections to Pakistani culture through regular content about home. Domestic audiences gather inspiration and practical details for their own adventures. International viewers gain insider perspectives on Pakistan that challenge their assumptions and generate curiosity.

    As Pakistani digital content creation continues developing, creators who prioritize genuine community building over vanity metrics demonstrate sustainable approaches to online presence. Rehan’s work shows that consistent documentation of authentic experiences can build meaningful audience relationships that extend far beyond individual video views.

    His channel ultimately functions as both entertainment and practical resource. Viewers return not just for the next destination reveal but for the ongoing relationship with a creator who shares their cultural background and understands their travel aspirations. This combination of utility and connection explains the sustained engagement his content generates across multiple platforms.

  • Nigeria’s shea industry losing billions despite global dominance – Bima

    Nigeria’s shea industry losing billions despite global dominance – Bima

    Senator Muhammad Bima Enagi has said that Nigeria supplies 35-40 per cent of the world’s shea butter but captures less than one per cent of the current $6.5 billion global market.

    Speaking with journalists, Enagi warned that the market which has been forecasted to near $9 billion by 2030 is being dominated by foreign cosmetic, food and pharmaceutical companies that buy raw shea and reap the profits.

    “Most companies profiting from shea as a raw material are foreign, leaving our factories out of the value chain,” he said, adding that local processors earn little from a product their country largely produces.

    To change that, Enagi said he sponsored the National Shea Development Council Bill during the 9th National Assembly to push investment into local value-added processing and create a clear roadmap for the sector.

    According to him, he credited the bill with helping attract investment that led to the establishment of what he called the largest shea-nuts refining plant in Niger South Senatorial District, Niger State.

    The senator said Nigeria’s factories have an installed processing capacity of about 160,000 tonnes but operate at only 35-50 per cent capacity, a shortfall which he described as the sector’s main operational challenge.

    Enagi said the Federal Government aims to generate more than $300 million every quarter from exports of processed shea products adding that President Bola Ahmed Tinubu’s recent ban on raw shea-nut exports is part of efforts to close the gap and boost local processing.

    “If Nigeria positions shea as a commodity with real comparative advantage, it will transform the economy of Niger South, the country’s leading shea-nut producing district,” he said.

    Enagi also announced he will seek re-election to the Senate in 2027 to continue pushing for a developed, locally-driven shea industry.

  • Top six African countries with easy tax systems for business starters

    Top six African countries with easy tax systems for business starters

    Starting a business in Africa is full of opportunities—but it also comes with challenges. Entrepreneurs often face complex regulations, heavy compliance requirements, and high tax burdens that can hinder growth. For business starters, choosing a country with a simple, transparent, and business-friendly tax system can be a game-changer, allowing them to focus on scaling operations rather than navigating bureaucracy.

    From low corporate taxes to clear filing procedures and investment incentives, some African countries stand out for making it easier for startups to thrive.

    Here are the top six African nations with easy tax systems for new business owners:

    1. Mauritius

    Mauritius is widely recognized as one of Africa’s most business-friendly destinations. The country offers a flat 15% corporate tax rate, which can be further reduced through investment incentives. Entrepreneurs benefit from straightforward compliance procedures, robust financial infrastructure, and government support for technology-driven enterprises and foreign investment. These features make Mauritius an ideal choice for startups and small businesses looking to operate efficiently.

    2. Rwanda

    Rwanda has rapidly transformed into a hotspot for entrepreneurship in East Africa. The country boasts simplified tax filing systems, low corporate taxes, and minimal bureaucracy, allowing business registration to be completed in just a few days online. Startups also enjoy targeted tax incentives in sectors like ICT, renewable energy, and manufacturing, creating a fertile environment for innovation and investment.

    3. Botswana

    Botswana is known for its stable economy and predictable tax regime, making it appealing for first-time business owners. Corporate taxes are relatively low, and compliance is straightforward with clear reporting guidelines. The government also provides incentives for small businesses in key sectors such as tourism, agriculture, and technology, helping entrepreneurs establish and grow their ventures with confidence.

    4. South Africa

    South Africa offers a well-structured tax system combined with strong infrastructure, making it a top choice for startups in the region. While corporate taxes are higher than in some African countries, the system is transparent, and the government offers tax relief programs for SMEs. Additional incentives for innovation, research and development, and job creation further support new businesses looking to expand quickly.

    5. Kenya

    Kenya has emerged as a regional hub for business and technology in East Africa. The country provides simplified corporate tax compliance and online e-filing systems, reducing the paperwork burden for startups. Entrepreneurs in tech, manufacturing, and export-oriented industries can benefit from various incentives, helping new businesses establish a strong foundation and scale operations efficiently.

    6. Ghana

    Ghana combines a stable tax framework with startup-friendly incentives, particularly in agriculture, technology, and export-driven sectors. Corporate tax rates are moderate, and the government has streamlined business registration and tax filing processes. Startups may also qualify for tax holidays and sector-specific exemptions, enabling them to reinvest profits and grow sustainably.

  • WealthGate empowers women through “Women Winning With Wealth” initiative

    WealthGate empowers women through “Women Winning With Wealth” initiative

    WealthGate Africa, a real estate and wealth development company, has empowered women with practical financial knowledge through its recently held Women Winning With Wealth initiative, aimed at promoting long-term financial growth, stability and independence.

    The event, which took place in Lagos, attracted women from diverse professional and entrepreneurial backgrounds and featured intensive sessions on wealth creation, smart investment strategies and effective financial structuring.

    Participants were exposed to practical approaches to building sustainable wealth through land banking, agriculture and structured investment planning, while also gaining insights into how to organise their finances for long-term and generational impact.

    Speaking at the event, Founder of WealthGate Africa, Dr Mayowa Owolabi, stressed the importance of financial literacy as a powerful tool for women’s empowerment.

    “Financial education is no longer optional for women who desire independence and long-term security. When women understand how money works, they are better positioned to make informed decisions that shape their future,” she said.

    The sessions highlighted how women can leverage financial planning, explore income-generation opportunities, and adopt real estate as a stable asset class. Participants were also introduced to land banking opportunities as a strategy for long-term returns, as well as agricultural investments as a means of diversifying wealth.

    Attendees were further educated on building effective financial structures, with emphasis on managing income, growing investments and making informed financial decisions in a rapidly changing economic environment.

    According to the organisers, the Women Winning With Wealth initiative aligns with WealthGate Africa’s broader mission of expanding access to credible investment opportunities and financial education, particularly for women seeking clarity and confidence in wealth creation.

    The programme also addressed common financial challenges faced by women, offering practical solutions and real-life investment insights to help participants overcome barriers to financial growth.

    Many attendees described the event as timely and enlightening, noting that it provided clarity, direction and actionable steps towards achieving financial independence. Several participants also praised the opportunity to learn directly from experienced professionals and gain exposure to structured investment options.

    WealthGate Africa reaffirmed its commitment to hosting similar empowerment programmes in the future, aimed at strengthening financial inclusion and equipping women with the knowledge and tools required to build, protect and grow wealth sustainably.

  • NNPCL debt forgiveness: Group tackles ADC over comments on President’s Constitutional powers

    NNPCL debt forgiveness: Group tackles ADC over comments on President’s Constitutional powers

    The Centre for Energy Governance and Public Finance Accountability has strongly rebutted claims by the African Democratic Congress (ADC) regarding President Bola Ahmed Tinubu’s approval for reconciling and removing legacy balances owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) from the Federation Account. 

    During a press conference at Transcorp Hilton in Abuja on Friday, the group described the ADC’s allegations as unfounded and misleading, emphasizing that the action was not an arbitrary debt forgiveness but a necessary fiscal reconciliation.

    The controversy stems from the President’s directive to remove approximately $1.42 billion and N5.57 trillion in legacy entries from the Federation Account books. 

    These balances, accumulated over decades, include unresolved disputes from production sharing contracts, fuel subsidy obligations, and royalty assessments predating the Petroleum Industry Act (PIA). 

    The Centre argued that maintaining these disputed figures distorted public finances and created unrealistic expectations for revenue distribution among federal, state, and local governments.

    Official records indicate that the reconciliation involved key institutions, including the Federation Account Allocation Committee (FAAC), and focused solely on balances up to December 31, 2024. 

    Executive Director Dr Opialu Fabian stressed that no actual cash was withdrawn from allocations, as these were not collectible revenues but accounting distortions that had persisted despite multiple audits.

    “The Centre for Energy Governance and Public Finance Accountability has convened this important press conference to respond to unfounded claims by the African Democratic Congress (ADC) concerning President Bola Ahmed Tinubu’s approval of the reconciliation and removal of certain legacy balances attributed to the Nigerian National Petroleum Company Limited (NNPC Ltd) from the Federation Account,” the statement said. 

    “The debate has been framed as a constitutional crisis and a deliberate deprivation of revenue due to states and local governments. Given the gravity of such allegations, it is important to ground this conversation in facts, law, and the historical context of Nigeria’s petroleum revenue administration.

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    “It is crucial to note that the balances in question are not recent revenues generated under the current administration. They are long-standing legacy entries accumulated over decades, many of them arising before the enactment of the Petroleum Industry Act (PIA). 

    “These entries stem from unresolved production sharing contract disputes, domestic crude supply obligations under the fuel subsidy regime, royalty assessment disagreements, and persistent reconciliation gaps between NNPC, regulators, and revenue agencies.”

    Critics, including the ADC, have invoked Section 162 of the Nigerian Constitution, claiming the President overstepped his authority by approving the removal without broader legislative input. 

    However, the Centre countered that the section pertains only to valid, payable revenues, not disputed or unverifiable claims that could turn the Federation Account into a “repository for accounting fiction.”

    This move aligns with PIA reforms aimed at transforming NNPC Ltd into a commercially viable entity under international accounting standards. By addressing these legacy issues, the administration seeks to enhance fiscal transparency and predictability, benefiting all government tiers through more accurate revenue projections.

    “For years, these balances remained on the Federation Account books despite repeated audits and reviews that questioned their accuracy, legal enforceability, and collectability. Treating such disputed figures as assured income created a distorted picture of public finances and fostered unrealistic revenue expectations across all tiers of government,” Fabian added. 

    “Contrary to claims of an arbitrary executive write-off, the President’s approval followed a formal reconciliation process involving relevant fiscal and regulatory institutions, including presentations made to the Federation Account Allocation Committee (FAAC).

    “Official records show that approximately $1.42 billion and N5.57 trillion were removed from the Federation Account books after reconciliation established that these figures were either duplicated, overstated, unsupported by verifiable documentation, or no longer legally recoverable. The directive applied strictly to legacy balances accumulated up to December 31, 2024.”