The Nation Newspaper

Category: Business

  • Tinubu clears N758billion pension liabilities, records 180% recoveries

    Tinubu clears N758billion pension liabilities, records 180% recoveries

    Nigeria’s pension system entered a new phase of stability and accountability in 2025 as President Bola Tinubu approved the disbursement of N758 billion to clear outstanding pension liabilities. Also the National Pension Commission (PenCom) recorded a 180 per cent surge in recoveries from defaulting employers within one year.

    Presenting a 365-day scorecard at the Pension Revolution Journalist Summit in Lagos, PenCom Director-General, Omolola Oloworaran, said the administration’s intervention marked a historic turning point in restoring confidence among pensioners and contributors, many of whom had waited years for entitlements dating back to 2007.

    According to the Commission, long-standing pension increase arrears for Federal Government treasury-funded retirees have now been fully settled, while zero waiting time for payment of accrued pension rights was restored with effect from July 2025, ensuring retirees receive benefits as and when due.

    As part of measures to improve benefit adequacy, PenCom introduced Pension Boost 1.0, which has added about N2.68 billion to monthly pension payments under the Contributory Pension Scheme (CPS), easing pressure on retirees amid rising living costs.

    The Director-General said the reforms were anchored on Pension Revolution 2.0, the most comprehensive overhaul of the pension industry since 2004, combining stronger regulation, tighter supervision, governance reforms and full digital automation of key pension processes, including pension clearance certificates, benefit processing and contribution remittances.

    A major outcome of the reforms was a sharp rise in compliance by employers. PenCom disclosed that between January and November 2025, pension recoveries climbed to N4.04 billion, compared with N1.44 billion recorded in the entire 2024 financial year.

    Read Also: Tinubu to governors: obey verdict on Council autonomy

    The Commission said N2.06 billion of the recoveries was recorded in the third quarter of 2025 alone, following a compliance circular that linked Pension Clearance Certificates to participation across the pension industry value chain.

    Similarly, the value of Pension Clearance Certificates issued jumped significantly. While issuances averaged about ₦150 billion per quarter previously, the third quarter of 2025 recorded issuances of approximately ₦233 billion, signalling a shift in compliance behaviour.

    Beyond compliance, PenCom also launched the PenCare Initiative, an industry-wide healthcare programme aimed at providing free and accessible medical care for low-income retirees, as well as the Pension Industry Leadership Council to deepen collaboration, accountability and innovation across the sector.

    In a bid to expand pension coverage among informal sector workers, the Commission restructured and rebranded the Micro Pension Plan into the Personal Pension Plan, targeting artisans, traders, gig workers and creatives.  The plan introduces simplified onboarding, digital enrolment and the deployment of Accredited Pension Agents, expected to create thousands of new jobs for young Nigerians.

    On governance, PenCom raised capital requirements for pension operators and tightened rules to eliminate shadow directorships, insisting that institutions managing Nigerians’ life savings must be transparent, well-capitalised and professionally run.

    The Director-General said the reforms signalled that the pension revolution was no longer a promise but an irreversible process, stressing that retirement security is a right that must be protected.

    “With these reforms, Nigeria is building a pension system that is inclusive, resilient, transparent and trusted,” she said.

    Analysts say the reforms, backed by strong presidential support, have repositioned the pension industry as a stabilising force in the economy while restoring dignity and certainty to retirement for millions of Nigerians.

  • Dangote Refinery’s PMS supply will reduce petrol price, says IPMAN

    Dangote Refinery’s PMS supply will reduce petrol price, says IPMAN

    • Free delivery begins next month

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on all its members nationwide to patronise the Dangote Refinery in their purchase of premium motor spirit (PMS) or petrol, noting that the refinery already offers the best affordable price for all marketers, even as free delivery commences in January 2026.

    In a statement signed by the IPMAN National President Abubakar Maigandi, the Association also expressed delight over a recent agreement by the Dangote Petroleum Refinery to begin the supply of petrol directly to registered IPMAN members.

    At a press conference held in Abuja yesterday on recent happenings in the oil & gas sector, IPMAN also applauded the support of the Chairman of Dangote Petroleum Refinery, Aliko Dangote towards the Federal Government, which it noted has become evident in the regular reduction of the petroleum pump price.

    According to Maigandi, “the association has the highest percentage of the supply chain of the PMS downstream sector, controlling over 80 per cent of the PMS retail market. We therefore declare that there will be no gap or scarcity in PMS supply to Nigerians.

    Read Also: IPMAN Eastern Zone reaffirms unity

    “We are also excited at the recent agreement by the Dangote Refinery to begin the supply of PMS products directly to registered IPMAN members and its free delivery to our filling stations anywhere and everywhere in Nigeria which will commence in January 2026.

    “This will again, certainly lead to further decrease in the pump price of the products at our filing stations. Therefore, I am calling on all IPMAN members nationwide to prioritise patronising the Dangote Refinery in their purchase of PMS products, as they already offer the best affordable price for all marketers today,” the statement added.

    The IPMAN boss noted that “At IPMAN we have no doubt as to the viability of the oil and gas policies being initiated by the Federal Government, and we have ceaselessly called and sought for enhanced cooperation across all levels of governance in the oil and gas sector. Hence our repeated persuasion to always partner the Dangote refinery, to ensure the steady availability of PMS products.

    “The focus of the Dangote & IPMAN partnership has always been geared towards making life better for Nigerians. And of course, this blooming partnership would never have been possible without the pragmatic leadership of President Bola Tinubu, and his sound judgment in readjusting the leadership of the NMDPRA and the NUPRC.

    Our position has always been to deepen domestic refining in order to eradicate imports of petroleum products. Continuous import is not an acceptable parallel business model, because issuing import licenses recklessly distorts market dynamics, drains foreign exchange, enthrones poverty, destroys jobs, and scares potential investors away,” Shettima added.

    The association congratulated the new heads of the oil and gas regulatory bodies, and reminded them of the long outstanding bridging claims owed its members totalling over N190 billion. “We specifically call on the NMPDRA new leadership to immediately make this debt a cause for serious concern as he assumes his new position,” the statement added.

  • Stakeholders seek legal framework for national single window

    Stakeholders seek legal framework for national single window

    Stakeholders in the Marine and Blue Economy sector have called for the enactment of a legal instrument that would support the rollout of the National Single Window (NSW) project, posture of the current administration which is expected to commence by the first quarter of next year.

    Speaking at the 10th Annual Seminar for Maritime Journalists and Launch of the Centre for Maritime Media and Capacity Development in Lagos, the former Acting President of the Association of Nigerian Licensed Customs Agents (ANLCA) Dr Kayode Farinto observed that the  implementation of the  National Single Window would bring various government agencies at the port together to facilitate international trade, reduce time and cost and boost government revenue.

    The event was organised by First Mediacon Network Limited (FMNL) with “A Decade of Collaboration for Impact: Strengthening Maritime Journalism for the Future” as theme.

    Farinto and other stakeholders at the forum stressed the need for a legal framework in the implementation of the project, adding that there must be punishment for Chief Executive Officers of agencies who deliberately circumvent, delay cargoes and make officers extort traders or freight forwarders unnecessarily.

    “Our position is that we need a legal framework to legitimise the various Acts that would be submerged under one project for it to be fully implemented.

    “For example, the various government agencies like Standards Organisation of Nigeria (SON) National Agency for Food and Drug Administration and Control (NAFDAC) and the Nigeria Customs Service now have the 2023 Act which they have just started its implementation.

    “For us to have these government agencies working together, there must be a legal framework so that it would be sacrosanct.

    “In this legal framework, there must be punishment for Chief Executive Officers who deliberately circumvent, delay cargoes and make officers extort traders or freight forwarders unnecessarily,” Farinto said

    He added that the new tax laws recently signed by President Bola Tinubu has a provision for Tax Ombudsman, which according to him will further help the implementation of the NSW.

    In his address, the National Vice President of ANLCA, Prince Segun Oduntan expressed hope that the planned rollout of the National Single Window would adhere strictly to global best practices, delivering a truly unified platform capable of reducing delays, cutting costs and resolving long-standing inter-agency conflicts at the nation’s ports.

    The National Public Relations Officer of Nigeria Customs Service (NCS), Abdullahi Maiwada said the Service has deployed digital knowledge and relevant technology to increase its revenue by enhancing operational efficiency, improving compliance, and detecting fraud in all its operations.

    Read Also: MARCON backs FG’s National Single Window project, hails move to boost trade efficiency

    He assured that the Service would key into the National Single Window project of the Federal Government when it becomes operational next year

    Digital knowledge, he said, provides secure and transparent records of transactions and cargo movements, ensuring immutability and reducing opportunities for corruption and fraud.

    The Chief Executive Officer, FMNL, Sesan Onileimo, said maritime journalists are confronted with the need to upscale their knowledge, especially in this era of Artificial Intelligence, digitalisation and social media in general.

    Onileimo said all of these have combined to put journalists under intense pressure to push out factual details at all times, and also compete and be relevant, which is why the Maritime Journalists Capacity Development Centre was established.

  • Oyetola presents certificate to Governor Otu on Bakassi Deep Sea Port

    Oyetola presents certificate to Governor Otu on Bakassi Deep Sea Port

    The Bakassi Deep Seaport has crossed a major regulatory milestone as the Minister of Marine and Blue Economy, Adegboyega Oyetola, presented the project’s Certificate of Compliance to Cross River State Governor, Bassey Otu, following recent approval by the Federal Executive Council (FEC).

    The presentation, which took place in Abuja, signals fresh momentum for the deep seaport project and reinforces the Federal Government’s commitment to expanding the country’s maritime infrastructure under President Bola Tinubu’s Renewed Hope Agenda.

    Presenting the certificate, Oyetola described the Bakassi Deep Seaport as a strategic national asset capable of repositioning Nigeria as a competitive maritime and logistics hub. He assured that the federal government would continue to support Cross River State to ensure the successful delivery of the project.

    “This project has the capacity to significantly boost livelihoods, create jobs and expand economic opportunities not only for Cross River State but for Nigeria as a whole,” Oyetola said.

    Read Also: Oyetola, Walson-Jack launch digital platform to drive transparency, reform

    He also commended Otu for what he described as the commitment and pace at which the state government is driving the project, adding that sustained collaboration between the federal government, the state and private sector partners would be critical to bringing the port to fruition.

    The minister linked the project directly to the administration’s broader economic and infrastructure reform agenda, noting that deep seaports remain central to Nigeria’s ambition to become a leading maritime and logistics hub in Africa.

    While receiving the certificate, Otu described the moment as historic, calling it a major milestone in Nigeria’s effort to unlock the full potential of the marine and blue economy.

    “Receiving this certificate is a significant boost that brings balance and momentum to our pursuit. I am confident that with the professionalism, diligence and commitment of the ministry and private sector players, we are firmly on track with the deep seaport project,” he said.

    The governor said Cross River State is strategically positioned to play a leading role in Nigeria’s maritime development, drawing comparisons with Brazil and other coastal nations that have successfully leveraged maritime assets to drive economic growth.

    He also commended the president for establishing the Ministry of Marine and Blue Economy and for appointing Oyetola as minister, describing both decisions as timely and critical to the growth of the sector.

    Also speaking, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, described the Bakassi Deep Seaport as a game-changer for Nigeria’s maritime and logistics ecosystem.

    According to him, the project would open a new maritime gateway for the country’s North-Central and North-East regions, while strengthening Nigeria’s position as a major logistics hub for West and Central Africa.

    The Bakassi Deep Seaport is expected to complement existing port infrastructure, decongest major gateways and support the Federal Government’s drive to expand trade, boost revenue and deepen participation in the blue economy.

  • FirstBank: innovations will not lead to job loss

    FirstBank: innovations will not lead to job loss

    Chief Executive Officer of First Bank, Olusegun Alebiosu, has assured that digital innovations by the bank would not lead to loss of jobs.

    Alebiosu said innovation was for flexibility and a step toward redefining how banking connects with education, technology, and the whole community.

    He spoke at the commissioning of the FirstBank Digital Xperience Centre at the University of Benin, Benin City.

    The First Bank CEO said the partnership with UNIBEN led to creation of a hub where students, faculty and community members could access FirstBank’s digital world.

    He said the centre provided an elevated banking experience with speed and ease, designed to put the customer in control.

    He said: “This digital experience centre set up by First bank is to take banking to the next step. It is virtually everything you see in a banking hall and same service. You can do everything from account opening, change of phone number, change of email, make complaints and all others, cash withdrawal, account statement. You can deposit money in your account.

    “It will not lead to any loss of jobs. More and more people are accessing banking services but banking platforms are not expanding as fast.

    Read Also: FirstBank powers Mainland Laffs 3.0 to light up Lagos

    “This digital experience is to compliment a branch. Instead of having crowds in a banking hall and frustration and complains. People can come in here. And it is for flexibility. Banking hall can close at 4pm but this one is 24 hours operation. Students having examination do not have to worry. They can come here at any time. They can be here 12 midnight. It is for convenient and flexibility.

    “Our DXCs operate round-the-clock, including weekends, providing the convenience you need to bank anytime in just a few minutes

    “It embodies our commitment to Environmental Social and Governance (ESG) principles as it promotes financial inclusion, fosters digital literacy, and uses sustainable technology to empower underserved communities.”

    Vice Chancellor of UNIBEN, Prof Edoba Omoregie, said the institution was pleased with the centre.

    “We are excited and grateful to the bank. It is going to expand the scope of our staff and faculty. It will make our operations better. Ours is a big University and the University is pleased with the bank for bringing it here.” The VC said.

  • Tin Can Customs boosts media capacity

    Tin Can Customs boosts media capacity

    The Tin Can Island Port Command of the Nigeria Customs Service (NCS) has trained over 100 maritime journalists in a sustained capacity-building programme aimed at strengthening compliance, trade facilitation and accurate reporting as Customs accelerates its modernisation drive anchored on the Customs Act 2023 and the B’Odogwu Unified Customs Management System.

    The second batch of the Maritime Journalists Training Workshop, held at the Command underscored Customs’ push to align Nigeria’s port operations with global best practices while closing knowledge gaps that often fuel misconceptions about cargo clearance, port delays and compliance enforcement.

    Declaring the workshop open, the Customs Area Controller (CAC), Tin Can Island Port Command, Comptroller Frank Onyeka, said the initiative came at a critical phase of the Service’s reforms, stressing that an informed media was indispensable to transparency, accountability and public enlightenment in the maritime sector.

    He said: “The media, especially maritime journalists, play a strategic role in this journey, as partners in information dissemination, public enlightenment and accountability.

    “As we deliberate on compliance, collaboration and modernisation, our collective goal is to align the Nigeria Customs Service with global best practices while promoting national economic growth and national security.”

    Read Also: Customs intercepts 651,505 euros, $800,575 from Dubai-bound Austrian

    He explained that the training was designed to deepen journalists’ understanding of Customs operations, compliance requirements and trade facilitation tools, while also addressing long-standing misconceptions surrounding port processes.

    Onyeka added that the Comptroller-General of Customs, Dr. Adewale Adeniyi, places high priority on stakeholder collaboration, noting that effective service delivery could only be achieved through collective effort with the media, private sector operators and other government agencies.

    The workshop, which had as its theme “Compliance, Collaboration and Modernisation: Aligning the Nigeria Customs with Global Best Practices,” featured five technical and professional sessions covering the NCS Act 2023, the B’Odogwu platform, the Authorised Economic Operator (AEO) programme, Time Release Study (TRS), global supply chain security under the World Customs Organisation (WCO) SAFE Framework of Standards, and ethics in maritime journalism.

    In Session one, Deputy Comptroller Chinyere Nwachukwu provided an overview of the NCS Act 2023, explaining that the law repealed the Customs and Excise Management Act (CEMA) of 1958 after 65 years, in response to rapid technological advancement and evolving global trade practices. She said the new Act introduces clearer institutional structures, expands enforcement and investigative powers, modernises procedures and embeds trade facilitation and compliance provisions aligned with international standards.

    According to her, the Act prescribes stiffer sanctions to deter violations, including imprisonment, fines of up to N50 million, monetary penalties, forfeiture of goods and the suspension or revocation of licences.

    “A proper understanding of the NCS Act 2023 will enable maritime journalists to report more accurately on trade, enforcement and port activities, thereby promoting transparency and accountability,” she noted.

    The second session focused on the B’Odogwu Unified Customs Management System, with Assistant Comptroller Mary-Anne Egwunyenga describing the platform as more than an IT solution but a legally grounded trade facilitation and governance tool driving Customs reforms.

    She said B’Odogwu directly impacts cargo clearance timelines, cost of doing business, revenue assurance and trade data integrity by simplifying and automating processes without weakening regulatory control.

    “B’Odogwu makes legitimate trade faster, more predictable and more transparent, while strengthening risk management and inter-agency collaboration,” Egwunyenga said, highlighting features such as paperless PAAR processing, improved cargo tracking, smarter data management and nationwide visibility of cargo movement.

    On customs modernisation, AC Adeiza Ibrahim explained that the AEO programme and Time Release Study are flagship instruments aligning Nigeria with WCO standards, aimed at easing bottlenecks, improving competitiveness and strengthening revenue assurance across ports and border stations.

    Addressing global supply chain security, Deputy Comptroller Azikiwe Ejidoh said modern Customs administration must balance trade facilitation with effective control.

    He described security as a collective responsibility and outlined the WCO SAFE Framework’s three pillars, including Customs-to-Customs, Customs-to-Business and Customs-to-Other Government Agencies cooperation, as critical to building a secure and resilient global supply chain.

    Beyond technical sessions, the workshop also challenged journalists on professionalism and ethics. In a presentation titled “Recalibrating the Compass: Character as the True North of Maritime Journalism,” Publisher of Inside Watch Africa, Oluwaseyi Adeyemo, urged reporters to see themselves as critical stakeholders in the growth of Nigeria’s maritime industry.

    “If the maritime sector must grow, we must grow in character. Character is our true North. Nigeria does not need more maritime stories; Nigeria needs better maritime journalism,” Adeyemo said.

    Earlier, the training coordinator, Innocent Orok, said the programme was conceived in 2024 following a media report alleging that Customs caused delays to extort importers, leading to high demurrage and increased prices of goods. He explained that such issues had been addressed decades ago through trade facilitation tools, highlighting the need to equip journalists with accurate knowledge of Customs processes.

    Orok said the first batch of the training was held on November 1, 2024 under the leadership of the then Comptroller, now Deputy Comptroller-General, Dera Nnadi, while the second batch was organised to accommodate more journalists. He commended Comptroller Onyeka for what he described as an unprecedented commitment to media development and capacity building.

    Participants from across the maritime media spectrum described the programme as highly impactful, noting the training would significantly enhance the quality and depth of their reporting on Customs operations and the broader maritime industry.

    The one-day workshop concluded with the presentation of certificates, plaques and modern electronic work tools to participants and resource persons, underscoring the Service’s commitment to strengthening professionalism in maritime journalism in line with its push to align port operations with global best practices.

  • NADF moves to bridge farm input gaps, targets higher productivity

    NADF moves to bridge farm input gaps, targets higher productivity

    The National Agricultural Development Fund (NADF) has engaged key stakeholders across the agribusiness value chain to review and strengthen modalities for improving agricultural input supply and boosting productivity in Nigeria.

    The engagement took place at the NADF Farm Input Supply Programme roundtable with processors held in Lagos.

    Speaking at the forum, the Executive Secretary of NADF, Mohammed Ibrahim, said the Fund remains committed to evidence-based learning and continuous process improvement as it reviews the first phase of the programme.

    Ibrahim, who was represented by the Head of Corporate Services, NADF, Abiodun Sosanya, explained that the pilot intervention was designed to enhance input supply and agricultural productivity across grower systems nationwide.

    He acknowledged that the pilot phase faced challenges that affected planting cycles and expected yields, noting that such difficulties highlighted the complexity of implementing large-scale agricultural interventions.

    “These challenges are real, and they underscore the complexity of implementing agricultural interventions such as the NADF–Farm Inputs Supply Programme,” he said.

    Read Also: NADF signs MoU with Leadway, Verdure climate to boost climate-resilient agric finance

    Despite the setbacks, Ibrahim reaffirmed the Fund’s commitment to working closely with processors to improve accountability and strengthen operational efficiency.

    He urged processors to actively engage the Fund to achieve practical outcomes that would support improved input systems, increased productivity and broader national agricultural transformation.

    “As we reflect on the implementation of the first phase of this programme, the NADF remains firmly committed to evidence-based learning and continuous process improvement for optimal efficiency in the delivery of our mandate.

    “The NADF remains optimistic that your insights, experiences and recommendations will play an important role in shaping a more efficient, transparent and climate-responsive second phase of the programme, ensuring better impact and sustainability,” he added.

    Industry players at the roundtable commended the initiative while calling for improvements ahead of the next phase.

    The Chief Executive Officer of Vemac Farms Limited, Oyo State, Femi Ojelade, said food security in Nigeria requires stronger collaboration among processors, smallholder farmers and government agencies. He urged the NADF to ensure timely delivery of inputs ahead of planting seasons.

    “We understand it’s the first phase. But in the second phase, they have to work assiduously to make sure that most processors actually get their inputs at least a month before the planting season,” Ojelade said.

    Similarly, the Managing Director of Arog Bio Allied Agro Services Limited, Aroge Temitope, described the scheme as supportive in ensuring a steady flow of raw materials along the agribusiness value chain.

    “For us, it’s a good project and it’s actually very supportive of food security and wealth creation in rural areas,” he said.

    Temitope noted that the programme came at a critical time for his company, enabling it to access inputs and support for its outgrower base. He disclosed that through the NADF Agro 1.0 scheme, his firm was able to cultivate sufficient cassava for the 2025 and 2026 seasons across Ogun, Ondo and Ekiti states.

    On the future direction of the programme, the Head of Strategy and Planning at NADF, Adebanke Fajana, said the Fund aims to reach five million smallholder farmers under its Agro 2.0 scheme.

    According to her, the NADF is leveraging processors within the organised private sector as channels to reach smallholder farmers more effectively.

    Fajana said the Fund is working closely with processors to address challenges and lessons identified during the pilot phase, with a view to improving coordination and implementation in subsequent iterations.

    “We have a very robust system of monitoring and evaluation, with regional and state monitors who have boots on the ground to assess cultivation levels, input usage and adoption of good agronomic practices,” she said.

    She added that the approach ensures not only the provision of inputs, but also their proper utilisation and the adoption of best agronomic practices by end-users, to maximise productivity and impact.

  • Falade to take over as NLNG’s MD

    Falade to take over as NLNG’s MD

    NLNG has held a symbolic sendoff ceremony in Abuja to mark the end of the tenure of its Managing Director and Chief Executive Officer, Philip Mshelbila, who departs the company after more than four years of transformative leadership.

    Following the approval of the NLNG Board of Directors, Engr. Adeleye Falade has been appointed as the new Managing Director/Chief Executive Officer. He will assume duties in April 2026. Engr. Falade will join NLNG from Brunei LNG, where he has been serving as the Managing Director/Chief Executive Officer.

    Mshelbila leaves the Company on 31st December to assume the position of Secretary-General of the Gas Exporting Countries Forum (GECF) in Doha, Qatar.

    The sendoff ceremony in Abuja was graced by NLNG Directors, executives from shareholder companies, dignitaries from the public sector and energy industry in Nigeria, members of NLNG management, and representatives of various staff groups.

    Olakunle Osobu, NLNG’s Deputy Managing Director, in his remarks described Mshelbila as a man of distinction, an accomplished professional whose expertise spans medicine, environmental health, strategic business leadership, and global gas diplomacy.

    Osobu noted that Mshelbila’s focus was clear: driving business sustainability, diversifying operations, and advancing emissions control with safety at the core. He revealed that the outgoing MD stepped in during a period of unprecedented challenges, from the aftermath of COVID-19 and severe flooding that disrupted gas pipelines to vandalism and force majeure declarations by suppliers. He stated that the global energy turbulence following the Russia–Ukraine war added further strain. Despite these hurdles, Osobu emphasised that under Mshelbila’s leadership, NLNG pursued its sustainability goals with courage and innovation.

    Read Also: UTMFLNG, NLNG, others top major project in Nigeria

    “Understanding that NLNG needed multiple supply sources, especially with current challenges, Mshelbila championed a bold and strategic pivot to expand NLNG’s feed-gas base beyond the shareholder joint-venture supply chain. Under his leadership, NLNG negotiated and signed long-term Gas Supply Agreements (GSAs) with six third-party gas suppliers in August this year. These GSAs commit to delivering an estimated 1,290 million standard cubic feet per day (mmscf/d) of feed-gas to NLNG, a historic step for the Company, marking a seismic shift.

    Osobu stated that Mshelbila had championed innovation with a forward-looking approach, inspiring NLNG’s workforce to strengthen their commitment to emissions control and environmental stewardship. He added that Mshelbila redefined NLNG’s business model through its transformation programme, building foundations for future sustainability and value creation.

    In her remarks, Sophia Horsfall, NLNG’s General Manager, External Relations and Sustainable Development, paid glowing tribute to Mshelbila, saying, “Thank you for your selflessness, for the steadiness of your leadership, for the clarity of your vision, and for the values that guided your every step. You led with humility, yet you inspire greatness. You carried the weight of challenges with calm resolve. You charted a path toward sustainability long before it became fashionable.”

    Responding to the tributes, Mshelbila expressed profound gratitude to NLNG’s shareholders, Board of Directors, staff, and industry partners for their support throughout his tenure. He praised the Company’s enduring culture of innovation and excellence and affirmed that he would carry these values into his new role at GECF, where he will promote natural gas as a sustainable and reliable energy source.

    As Secretary-General of GECF, Mshelbila said he will strengthen dialogue between gas-producing and gas-consuming nations, advancing stability in the international gas market.

  • Tinubu reconstitutes NERC board, urges members on sector reforms

    Tinubu reconstitutes NERC board, urges members on sector reforms

    President Bola Tinubu has approved the reconstitution of the Board of the Nigerian Electricity Regulatory Commission (NERC), following the confirmation of its members by the Senate on December 16.

    The reconstituted board is headed by Dr Mulisiu Olalekan Oseni as Chairman, with Dr Yusuf Ali appointed as Vice Chairman.

    Other members are Mr Nathan Rogers Shatti, Mr Dafe Akpeneye, Aisha Mahmud Kanti Bello, Dr Chidi Ike and Dr Fouad Animashaun.

    According to a statement issued by Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Thursday, Dr Oseni, who joined the commission as a commissioner in January 2017 and later served as Vice Chairman, assumed office as Chairman with effect from December 1, 2025.

    His tenure will run until the completion of his 10-year term at the commission, in line with the provisions of the Electricity Act, 2023.

    Dr Ali, who was first appointed as a commissioner in February 2022, takes over as Vice Chairman from December 1, 2025, and will serve in that capacity until the completion of his first term.

    Mr Shatti and Mr Akpeneye are both serving second terms on the commission, having been first appointed as commissioners in January 2017, while Aisha Bello is also serving a second term following her initial appointment in December 2020.

    Read Also: Nwifuru approves N150,000 Christmas bonus for Ebonyi workers

    Dr Ike, first appointed as a commissioner in February 2022, is serving his first term, while Dr Animashaun joins the commission for the first time, with his appointment taking effect from December 2025.

    Dr Animashaun is an energy economist with extensive experience in the Nigerian power sector and most recently served as Executive Commissioner and Chief Executive Officer of the Lagos State Electricity Regulatory Commission.

    President Tinubu charged the reconstituted NERC board to deepen and consolidate the ongoing transformation of Nigeria’s power sector, urging members to discharge their responsibilities in strict adherence to the letter and spirit of the Electricity Act, 2023.

    The President reaffirmed his administration’s commitment to strengthening regulatory institutions as part of broader efforts to improve electricity supply, enhance investor confidence and drive sustainable growth in the power sector.

  • How excessive cash use drives money laundering, by GIABA

    How excessive cash use drives money laundering, by GIABA

    The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), says one of the major contributors to money laundering and other financial crimes in Nigeria and other West Africa countries is the excessive use of cash in payment and settlement of obligations.

    GIABA is a specialised agency of the Economic Community of West African States (ECOWAS).

    Speaking during the Joint GIABA–ECOWAS Gender Development Centre (EGDC) Regional Forum on Women and Transnational Organised Crimes, held in Lagos, the Acting Director of Policy and Research at GIABA, Dr. Jeffery Isima, said the practice of transacting with cash makes financial crimes difficult to combat.

    On what GIABA is doing to tackle the scourge, he said: “What we are doing to deal with it is to first of all, help the Nigerian government, to enhance financial inclusion and cashless financing. We are helping to ensure that people will be able to do huge or massive transactions through electronic payments”.

    Isima, who represented the GIABA Director-General, Edwin Harris, said many people involved in financial crimes wouldn’t want to be paid through the banks because it’s traceable.

     “That practice is difficult to measure the amount of money involved in this transaction,” he said.

    He said human trafficking in West Africa is pervasive, evolving, and devastating. It is a crime that undermines development, erodes human rights, fuels illicit economies, and threatens regional stability.

    Read Also: Nwifuru approves N150,000 Christmas bonus for Ebonyi workers

    For instance, according to the United Nations Office on Drugs and Crime (UNODC), in West Africa, children make up more than 75 per cent of trafficking victims in the sub-region.

     “A detailed study of West Africa describes the region where for trafficking of persons, child labour, and modern slavery is “most prevalent” on the continent,” he said.

    Also speaking, Director/CEO, Nigerian Financial Intelligence Unit (NFIU), Ms. Hafsat Abubakar Bakari, said human trafficking remains one of the most lucrative forms of transnational organised crime globally.

     “According to ILO and UNODC estimates, forced labour and trafficking generate over 150 billion US dollars annually, placing it among the top revenue-generating criminal activities worldwide. Women and girls account for over 60 per cent of identified victims globally, with sexual exploitation and domestic servitude particularly prevalent in our region,” she said.

    She explained that behind every trafficking victim lies a financial trail, payments for recruitment, transportation, forged documentation, accommodation and exploitation. These proceeds are laundered through bank accounts, mobile money platforms, informal value transfer systems, shell businesses and increasingly, digital and crypto-enabled channels.

     “For this reason, trafficking cannot be effectively tackled without integrating anti–money laundering and counter-financing tools into national and regional responses,” she said.

    Bakari said West Africa faces unique and intersecting vulnerabilities. Poverty, unemployment, displacement due to conflict and climate pressures, porous borders and entrenched gender inequalities continue to create fertile ground for traffickers.

     “Criminal networks exploit these conditions with sophistication, often recruiting victims through trusted community links, social media platforms and false promises of education or employment.

     “GIABA and Financial Action Task Force (FATF) typology reports have consistently shown that trafficking networks in the region rely heavily on low-value, high-volume transactions, the use of third-party accounts, frequently held by women and young people and weak customer due diligence in certain sectors. These patterns underline the importance of risk-based supervision and intelligence-led interventions,” she said.