The Nation Newspaper

Category: Business

  • Schneider Electric commits to SDGs

    Schneider Electric commits to SDGs

    Energy technology company, Schneider Electric has restated its commitment to working with the relevant authorities in Nigeria to advance the United Nations (UN) Sustainable Development Goals (SDGs), particularly in the areas of quality education and decent work and economic growth.

    Country President, Schneider Electric, West Africa, Ajibola Akindele, reaffirmed the company’s dedication to expanding learning opportunities when the company unveiled a multimodal centre at the Federal Polytechnic of Oil and Gas, Bonny Island, Rivers State, designed to ease commuting challenges and provide students with convenient access to examination facilities.

    The centre represents Schneider Electric’s proactive response to a critical educational need in Nigeria and underscores the company’s commitment to SDGs.

    “At Schneider Electric, access to education is one of our top priorities because no child should be left behind. As a global energy technology leader driving efficiency and sustainability across industries, businesses, and homes, we wanted to bring that same spirit to Bonny Island. What began as a JAMB centre has grown into a multi-testing facility, providing students with convenient access to examination facilities and creating meaningful opportunities for the community. At Schneider Electric, we are committed to making a lasting impact,” Akindele said.

    The initiative further strengthens Schneider Electric’s 25-year legacy of partnership, innovation, and sustainable development in the country. By providing access to essential testing and training facilities, the centre empowers young people in Bonny Island and supports pathways to education, skills development, and employment.

    Expressing gratitude on behalf of the community, Se Alabo Abel Adafe Attoni, Community Leader, Bonny Island, highlighted how the centre eliminates costly and time-consuming travel to Port Harcourt, as well as the security risks associated with such journeys. “The benefits cannot be quantified. Presently, travelling from Bonny by sea costs around twenty thousand naira excluding accommodation. For families, this centre has brought peace of mind. We are grateful to Schneider

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    Electric for taking up this initiative and to his majesty the king for ensuring this community responsibility was fulfilled. This centre sets us above most communities in Rivers State,” he said.

    Marketing Manager, Schneider Electric West Africa, Omobolanle Omotayo, spoke on the challenges students face and how the centre helps address them.

    “Students have multiple challenges, and we have solved one of them by creating the multimodal centre. For every level of education, you must be tested, and it is easy for students to hit a roadblock and give up. With this facility, they can write their tests and exams conveniently and progress to other institutions. We aim to inspire, and we hope this centre shows them what is possible,” she explained.

    Acting Rector, Federal Polytechnic of Oil and Gas, Bonny, Dr Akos Noel Ibrahim, described the centre as a catalyst for improving the quality of training in the polytechnic.

     “This centre elevates the standard of teaching by helping our students and staff stay current with industry trends. With the internet facilities, we can install study packages and other resources that give our students the leverage to compete globally. Through this centre, we are already receiving partnership requests from examination bodies to further strengthen the polytechnic,” he said.

    On energy stability at the facility, Ajibola added: “The power infrastructure is being provided largely by NLNG, and for us, it is ensuring uninterrupted energy supply. Schneider Electric has provided a backup system to guarantee consistent electricity.”

    Schneider Electric continues to demonstrate that true innovation goes beyond products and technologies to include co-creating sustainable, community focused solutions that shape brighter futures.

    The company said it is driving efficiency and sustainability by electrifying, automating, and digitalizing industries, businesses, and homes. Its technologies enable buildings, data centers, factories, infrastructure, and grids to operate as open, interconnected ecosystems, enhancing performance, resilience, and sustainability. The portfolio includes intelligent devices, software-defined architectures, AI-powered systems, digital services, and expert advisory. With 160,000 employees and 1 million partners in over 100 countries, Schneider Electric is consistently ranked among the world’s most sustainable companies.

  • Ethics, integrity vital in PPP

    Ethics, integrity vital in PPP

    Public-Private Partnerships (PPPs) has been identified as a vital mechanism for bridging the infrastructure and service delivery gap, yet experts emphasised  that their success relies less on financial modeling and more on a fundamental bedrock of ethics.

    Without a strict adherence to transparency and procurement best practices, the experts noted that  such y vehicles designed to deliver innovation and value for money risk  could become liabilities rather than assets.

    It was one of the highlights of the 2025 National Mandatory Continuous Professional Development (MCPD) seminar of the Nigerian Institution of Estate Surveyors and Valuers (NIESV)  held in Lagos.

    At the heart of the discourse is the recognition that corruptly procured PPPs represent a significant failure in governance.

    The MCPD  themed “Infrastructure Concession Regulatory Commission (ICRC) Act: A Strategic Overview of the New Public Private Partnership Framework  (PPP)and Role of Estate Surveyors and Valuers in National Infrastructure Transformation was an avenue for professionals, especially estate Surveyors to showcase  their professional embodiments.

    A Speaker, Dr. Samson Agbator said the country is entering an era where infrastructure will dominate the national development agenda, and professionals must build the capacity needed to participate effectively.

    He noted that PPPs will drive major capital investments, valuation standards will determine financing, and feasibility studies will influence project selection.

    “The ICRC Act 2005 represented a bold step in Nigeria’s infrastructure journey. Opportunities before estate surveyors and valuers are unprecedented. This shift from regulation to realisation is a professional mandate. The estate surveyor and valuer are indispensable; this is our moment to rise, innovate and redefine our relevance,” he said.

    He urged professionals to strengthen technical skills, deepen financial literacy and adopt multi-disciplinary approaches. He highlighted opportunities emerging from the Senate’s recent approval of $22 billion in external loans for key infrastructure, the government’s target of raising infrastructure stock to 70 per cent of GDP by 2043, and the nation’s projected population growth to 400 million by 2050, all of which signal increased activity in the infrastructure sector.        

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    He also stated that the nation is moving into an era where infrastructure will dominate national development as PPPs will shape major capital investments while valuation standards will influence financing; feasibility studies drive projects and secure investors’ confidence.

    He encouraged his colleagues that it’s a moment to rise, to innovate, to expand, and to redefine our relevance. Let us step boldly into this new frontier and contribute meaningfully to Nigeria’s infrastructure transformation.

    With Nigeria’s infrastructure deficit projected to reach $878 billion by 2040, experts urged real estate professionals to take advantage of emerging opportunities within the PPP framework to help reshape the country’s infrastructure landscape.

    Key provisions of the revised ICRC Act allow Federal Government ministries, departments and agencies (MDAs) to partner with the private sector on viable infrastructure projects, subject to competitive bidding. The ICRC retains custody of PPP agreements, issues guidelines and oversees contract implementation.

    Under the 2025 reforms, projects valued above N20 billion require Federal Executive Council (FEC) approval, while those below the threshold may be approved by the supervising ministry or agency. Projects that involve multiple MDAs automatically require FEC approval to accelerate decision-making and delivery.

    NIESV President, Victor Alonge, said estate surveyors and valuers have a pivotal role to play in realising the objectives of the ICRC Act, particularly as the 2025 Nigerian Insurance Industry Reform Act mandates professional valuations for insurance coverage.

    “As determinants of premiums, reinstatement costs, indemnity values and risk exposure, our expertise is required. To remain ahead of the curve, professionals must keep investing in capacity building,” he said. He also urged practitioners to uphold integrity and maintain public trust.

    He stressed the place of ethics and integrity for professionalism to thrive. He urged the new entrants to shun anything that will dent their track record as professionals.

    Ayo Oladapo, stressed that the ICRC Act and its regulations form a comprehensive federal-level framework for implementing PPPs. He described the law as a critical instrument for mobilising private capital to address the nation’s multibillion-dollar infrastructure deficit.

    He recommended stronger collaboration between the Federal Government, ICRC and state governments to harmonise PPP laws and frameworks. He also urged practitioners to embrace technology, international best practices and specialised skills, including green building valuation and mineral resource valuation.

    Oladapo advised estate surveyors and valuers to utilise special purpose vehicles (SPVs) to provide clearer guidance to government and public-sector institutions on PPP execution.

    Also, Chairman of the National MCPD Committee, Fatima Olowookure, encouraged practitioners to embrace lifelong learning to remain competitive in a rapidly evolving professional environment.

  • First anti-fraud real estate app unveiled

    First anti-fraud real estate app unveiled

    Nigeria has made progress in cleaning up its real estate sector by launching the country’s first anti-fraud mobile app. This new technology aims to reduce corruption and fraud in property and land deals.

    The app, known as Ist Choice Property, was unveiled yesterday (Tuesday) in Lagos by its designers, Mr Taiwo Joel Oladapo and Mr Gbenga Agbana. The launch attracted participants from across the country, marking the introduction of the first real estate anti-corruption app in Nigeria and West Africa.

    Speaking at the event, Mr Oladapo, Chief Executive Officer of Ist Choice Property, disclosed that Nigerians lose over ₦100 billion annually to fraudulent real estate deals, making the sector one of the highest-risk areas of business in the country.

    “The real estate sector has the capacity to create about five million jobs every year for Nigerians. Unfortunately, it is under serious threat due to the activities of quacks and fraudsters.”

    Oladapo said. “Ist Choice Property is here to help redeem the image of real estate in Nigeria. We have established a legal framework and are working with state and federal government institutions to ensure that, ultimately, the Nigerian real estate sector becomes free from corruption and incompetence.”

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    According to him, the app is designed to protect millions of Nigerians at home and in the diaspora from losing their hard-earned money to fraudulent land and property speculators whose activities have continued to undermine trust and confidence in the sector.

    “The app enables potential investors to know where and how to invest safely. It protects users from investing in disputed properties, assets confiscated by anti-corruption agencies, or properties without adequate legal status,” he explained.

    Oladapo also highlighted Nigeria’s acute housing shortage, noting that fewer than 10 per cent of Nigerians are homeowners, while the country’s housing stock stands at about 10.71 million units for an estimated population of 230 million.

    He said migration trends and diaspora engagement have increased investments in housing and land, with diaspora investments reaching $20.9 billion in 2024. However, he lamented that poorly regulated practices in the sector have led to billions of naira being lost by Nigerians abroad to fraudsters.

    “Corruption and exploitation by land and property speculators discourage genuine efforts by the diaspora, local investors and international partners,” Oladapo said. “Every year, Nigeria loses billions of dollars to corruption in the housing and property sector. This has to stop.”

    He expressed confidence that the Ist Choice Property mobile app would significantly reduce corruption, enhance transparency, and restore confidence in Nigeria’s real estate market.

    “With this app, an end has come to corruption in the real estate sector,” he said. “It will help Nigeria save billions of naira annually that would otherwise be lost to fraudulent practices, while positioning the country as a transparent and trustworthy destination for housing and property investment.”

    The promoters described the app as a milestone innovation that would help Nigeria gain greater respect in the global community by promoting a corruption-free housing and property investment environment.

  • ‘Africa’s regional integration key to economic prosperity’

    ‘Africa’s regional integration key to economic prosperity’

    Chairman of Cavista Holdings and Corporate Council on Africa, Niyi John Olajide, has called on African leaders to close ranks and create enabling business environments that facilitate cross-border investment and economic integration across the continent.

    Olajide emphasized that Africa’s economic future depends on nations moving beyond rhetoric to establish practical frameworks for regional cooperation and private sector growth.

    Olajide argued that Africa’s 1.4 billion people and combined GDP of over $3 trillion remain underutilized due to fragmented markets and restrictive cross-border business policies.

    “Nigeria’s prosperity is inextricably linked to Ghana’s success. Progress in one African nation creates opportunity across the continent. We must eliminate bureaucratic obstacles that discourage regional investment and make it easier for African businesses to operate across our borders,” he said.

    Olajide spoke as Special Guest of Honour at the 10th Anniversary Chieftaincy Installation ceremony at the Ooni of Ife’s Palace.

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    The historic ceremony, hosted by His Imperial Majesty, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, saw Ghana’s President John Dramani Mahama conferred with the chieftaincy title of Aare Atayese of Oodua. The event drew former President of Botswana Mokgweetsi Eric Masisi, Aliko Dangote, the Emir of Kano Alhaji Ado Bayero, and other prominent African leaders and business figures.

    He specifically commended business leaders such as Dangote who have expanded investments across African borders, demonstrating the viability of pan-African enterprise.

    Olajide challenged African governments to move beyond declarations to concrete action—streamlined regulations, transparent investment frameworks, reduced trade barriers, and protected property rights.

    “Africa’s young population deserves leadership that creates business-friendly environments; the African Continental Free Trade Area represents tremendous potential, but its promise will only be realized through deliberate action, such as ensuring harmonized standards, efficient customs procedures, and predictable business regulations,” he said.

    He highlighted the Nigeria-Ghana relationship as a template for broader African economic cooperation. “The time for Nigeria and Ghana to deepen their economic partnership is now. What we build between Accra and Lagos can become the blueprint for the entire continent.

    “This is not only an economic imperative; it is a moral one. I urge all stakeholders—heads of state, investors, and business communities—to deepen partnerships and work together for an Africa that is prosperous, peaceful, and globally competitive,” Olajide stated.

    The Ooni of Ife corroborated this vision, calling for deepening historical and cultural ties between Nigeria and Ghana while emphasizing economic cooperation for citizens’ benefit.

  • NPA: Export containers jump 1,085% in Q3 2025

    NPA: Export containers jump 1,085% in Q3 2025

    The nation’s seaports recorded a dramatic turnaround in export performance in the third quarter of 2025, with export-laden containers surging by 1,085 percent as total cargo throughput climbed to 33.52 million metric tonnes, the Nigerian Ports Authority (NPA) has said.

    The figures underscore a strengthening non-oil export pipeline and growing capacity to handle larger vessels across the port system.

    Operational data released by the authority yesterday showed that overall cargo handled rose by 16.2 per cent from 28.84 million metric tonnes in Q3 2024, marking what the NPA described as one of its strongest quarterly performances in recent years amid rising trade activity.

    Container operations provided the clearest signal of the shift. According to the authority, “The NPA recorded a dramatic 1,085 per cent surge in export-laden containers as total cargo throughput rose to 33.52 million metric tonnes in the third quarter of 2025. Total container traffic climbed by 18.9 per cent to 546,931 twenty-foot equivalent units in Q3 2025, compared with 460,038 TEUs in Q3 2024.”

    Within the total, import-laden containers increased by 33.1 per cent to 268,713 TEUs from 201,839 TEUs a year earlier, while export-laden containers jumped to 69,039 TEUs, up from just 5,812 TEUs in the same period of 2024.

    The authority said the export rebound helped rebalance flows across terminals, noting that “the sharp rise in export containers also led to a 21.5 per cent reduction in empty container traffic, signalling improved balance between imports and exports and stronger non-oil export activity.”

    Beyond boxes, vessel activity also expanded, reflecting deeper draught utilisation and rising confidence by shipping lines.

    “Ship traffic equally recorded notable growth during the quarter. The number of vessel calls increased by 8.4 per cent to 1,074 ships, from 991 vessels in Q3 2024. At the same time, the total gross registered tonnage jumped by 18 per cent to 42.64 million, compared with 36.13 million recorded a year earlier, indicating that Nigerian ports are increasingly handling larger vessels,” the NPA stated.

    A port-by-port breakdown of vessel calls showed sustained intensity at the western gateways and rapid scaling at newer facilities.

    Tincan Island Port accounted for 22.7 percent of ship calls, closely followed by Apapa Port at 22.2 percent. Onne and Lekki Ports posted 18.9 per cent and 18.4 per cent, respectively, while Calabar Port contributed 2.1 per cent.

    By vessel size, Lekki Port led the league, receiving the largest ships with an average gross registered tonnage (GRT) of 57,244, followed by Onne Port at 51,276 GRT. Apapa and Tincan Island Ports handled ships averaging 35,556 GRT and 34,400 GRT, respectively, while Delta Ports recorded an average of 18,677 tonnes, reinforcing the trend toward larger vessels calling at Nigeria’s deep-water facilities.

    An analysis of cargo volumes by port further highlighted the hubs accounting for the bulk of the growth.

    Lekki Port emerged as the dominant driver, accounting for 46.8 per cent of total cargo handled in Q3 2025. Onne Port followed with 17 per cent, Apapa Port with 15.1 per cent, and Tincan Island Port with 10 per cent, while Calabar Port recorded the lowest share.

    In terms of cargo mix, liquids remained the backbone of volumes, with liquid bulk contributing 53.8 percent of throughput. Containerised cargo followed at 26.6 per cent, while dry bulk and other general cargo accounted for 11.3 per cent and 8.2 per cent respectively – an indication that container growth is accelerating even as energy-linked cargoes dominate tonnage.

    Commenting on the performance, NPA Managing Director, Abubakar Dantsoho, linked the results to the Federal Government’s export-focused economic reforms and rising investor confidence, saying the numbers reflect improving efficiency across all pilotage districts.

    He added that port modernisation efforts, the deployment of export processing terminals, and the expansion of digital platforms, particularly the electronic truck call-up system, have reduced bottlenecks, improved turnaround time, and positioned Nigeria’s ports for a more strategic role in regional trade.

  • Aso Savings, Union Homes enter liquidation as NDIC moves to pay depositors

    Aso Savings, Union Homes enter liquidation as NDIC moves to pay depositors

    The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc and the payment of insured deposits to their customers following the revocation of the banks’ licences by the Central Bank of Nigeria, it has emerged.

    The development was confirmed on Tuesday in a statement by the corporation’s Management, where it announced that it had begun the formal liquidation process and the verification and payment of depositors in line with its statutory mandate.

    The action followed the revocation of the licences of both institutions by the Central Bank of Nigeria on December 15, 2025, after which the NDIC was appointed as liquidator pursuant to Section 12 subsection 2 of the Banks and Other Financial Institutions Act 2020.

    The NDIC Management said it had activated all necessary procedures to protect depositors and ensure an orderly resolution of the failed institutions.

    “In line with Section 55, subsections 1 and 2 of the NDIC Act 2023, the Corporation has commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc,” it said.

    The corporation disclosed that verification and payment of insured deposits to customers of the closed banks had already begun.

    It stated that depositors would be paid up to the maximum insured amount of ₦2 million per depositor, using the Bank Verification Number (BVN) as a unique identifier to locate depositors’ alternate bank accounts into which payments would be credited automatically.

    The NDIC explained that depositors with balances above the insured limit would first receive the insured portion of their funds, while the remaining balances would be paid later as liquidation dividends.

    These subsequent payments, it said, would depend on the realisation of the banks’ assets and the recovery of outstanding debts.

    “Depositors with balances in excess of ₦2,000,000 will be paid the initial insured amount, while their outstanding balances will be settled as liquidation dividends upon the realisation of the assets and recovery of debts owed to the failed banks,” the Management noted.

    To facilitate the settlement of uninsured deposits, the corporation disclosed that it would immediately commence the sale of the banks’ assets and intensify efforts to recover outstanding loans.

    “To this end, the Corporation will commence the sale of the banks’ assets and continue recovery of outstanding loans to expedite payment of uninsured sums,” the statement added.

    The NDIC advised depositors to submit their claims either online or through physical verification.

    For online submission, depositors were directed to complete the digital claims form on the NDIC claims portal, while those opting for physical verification were asked to visit the nearest branch of the closed banks between Tuesday, December 16, 2025, and Thursday, December 30, 2025, where NDIC officials would be available to attend to them.

    For verification and payment, depositors are required to present proof of account ownership, a verifiable means of identification such as a driver’s licence, permanent voter’s card, or national identity card, as well as details of their alternate bank account and Bank Verification Number.

    The corporation also advised depositors to activate transaction alerts on their alternate accounts to receive payment notifications, noting that those without active alerts could confirm payments using their banks’ USSD codes or by visiting their bank branches.

    Creditors of the defunct banks were equally advised to submit their claims within the same verification window, either online or by visiting the nearest branch of the closed institutions.

    The NDIC stressed that in accordance with the law, liquidation dividends to creditors would only commence after all depositors had been fully paid.

    On the status of bank staff and shareholders, the corporation stated that payment of staff deposits would be made after depositors had been fully settled, using proceeds from the sale of the banks’ assets.

    Shareholders, it added, would only be paid after depositors and creditors had been fully settled, and subject to further realisation of assets and recovery of outstanding debts.

    The NDIC also issued a warning to debtors of the defunct banks, urging them to regularise their obligations.

    Debtors were advised to visit the corporation’s Asset Management Department to ensure full settlement of their outstanding loans.

    Reassuring the wider banking public, the NDIC said the action should not be interpreted as a sign of distress in the financial system.

    The corporation reaffirmed its commitment to the protection of depositors’ funds in all licensed banks and urged customers to continue their banking activities without fear, while stressing that banks whose licences have not been revoked remain safe and sound.

    For further enquiries, depositors and other stakeholders were advised to contact the Director of the Claims Resolution Department at the NDIC Lagos Office through the corporation’s official channels.

  • CBN revokes licences of Aso, Union Homes Mortgage Banks

    CBN revokes licences of Aso, Union Homes Mortgage Banks

    The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc 

    According to the apex bank, this is part of renewed efforts to sanitise the mortgage sub-sector and enforce strict compliance with banking laws and regulatory standards.

    The CBN said the action was taken in exercise of the powers conferred on it under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.

    In a statement issued on Tuesday, the Acting Director of the Corporate Communications Department of the CBN, Hakama Sidi Ali (Mrs.), said the decision followed persistent regulatory breaches by the affected institutions, which undermined their safety, soundness and ability to meet obligations to depositors and other stakeholders.

    According to the CBN, the two mortgage banks failed to meet the minimum paid-up share capital requirement applicable to the category of licence granted to them. The regulator also found that both institutions had insufficient assets to cover their liabilities, raising serious concerns about their solvency position.

    The statement further disclosed that the banks were critically undercapitalised, with capital adequacy ratios falling below the prudential minimum prescribed by the CBN. In addition, they failed to comply with several regulatory directives and obligations issued by the apex bank over time.

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    “The affected institutions violated various provisions of BOFIA 2020 and the Revised Guidelines for Mortgage Banks in Nigeria,” Sidi Ali said. “These include failure to meet the minimum paid-up share capital requirement, having insufficient assets to meet liabilities, being critically undercapitalised with capital adequacy ratios below the prescribed prudential minimum, and non-compliance with several regulatory directives.”

    The CBN noted that the revocation of the licences was part of a broader effort to reposition the mortgage banking segment of the financial system, strengthen confidence in the sector and ensure that only institutions with the capacity to operate in a safe and sound manner are allowed to do so.

    Sidi Ali said the apex bank remains resolute in enforcing regulatory standards across all segments of the financial system in line with its statutory mandate. “The Central Bank of Nigeria remains committed to its core mandate of ensuring financial system stability,” she stated.

    The CBN has, in recent years, repeatedly warned operators in the mortgage sub-sector to strengthen their capital positions, improve governance and comply fully with regulatory requirements, stressing that failure to do so would attract decisive supervisory action.

  • Transcorp Hotels Plc appoints Elumelu as board chair

    Transcorp Hotels Plc appoints Elumelu as board chair

    Transcorp Hotels Plc (“Transcorp Hotels” or “the Company”) (NGX: TRANSCOHOT), the hospitality subsidiary of Transnational Corporation Plc (“Transcorp Group”), has announced the appointment of Dr. (Mrs.) Awele Vivien Elumelu, OFR, as Chair of the Company, effective January 01, 2026.

    Elumelu’s appointment follows the retirement of the current Chair, Mr. Emmanuel N. Nnorom, with effect from January 01, 2026.

    Elumelu brings exceptional leadership experience across healthcare, insurance, corporate governance, and philanthropy.

    She is the Chair of Avon Healthcare Limited (Avon HMO), Nigeria’s leading health insurance provider, and Avon Medical Practice, a fast-growing network of hospitals and clinics.

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    She also chairs Heirs Insurance Brokers and is a founding Director of Heirs Holdings Limited.

    She is a medical doctor, with an MBBS from the University of Benin and clinical experience in Nigeria and the United Kingdom.

    Elumelu’s medical training has been complemented with world-class executive education from institutions including Harvard Business School, IMD Switzerland, and the London School of Economics.

    Her commitment to social impact is demonstrated through her role as Trustee and Co-Founder of the Tony Elumelu Foundation, Africa’s leading philanthropy empowering young entrepreneurs. Through the Foundation, she has been instrumental in driving gender inclusion and supporting over 24,000 young African men and women with seed capital, training, and mentorship.

    Commenting, Group Chair of Transcorp Group, Mr. Tony O. Elumelu, CFR stated: “We are delighted to welcome Dr. Awele Elumelu as the Board Chair of Transcorp Hotels. Her distinguished track record perfectly aligns with our ambition to redefine hospitality through innovation, wellness integration, and responsible business practices. Her strategic insight will be invaluable, as we continue to elevate guest experiences and deliver sustainable value to all stakeholders.”

  • 13 CEOs emerge winners in ‘Super Federal Agency Head of the Year’ online poll

    13 CEOs emerge winners in ‘Super Federal Agency Head of the Year’ online poll

    No fewer than 13 chief executives of federal government agencies have emerged winners in the maiden ‘Super Federal Agency Head of the Year’ online poll organised by Ireland-based newspaper, The Street Journal.

    Among the winners are the Managing Director/Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC), Aisha Rimi; the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe; and the Managing Director/Chief Executive Officer of the Oil and Gas Free Zones Authority (OGFZA), Usman Bamanga Jada.

    Others who made the list include Akintunde Sawyer, MD/CEO of the Nigeria Education Loan Fund (NELFUND); Engineer Abisoye Coker, Director-General of the National Identity Management Commission (NIMC); Olanipekun Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC); Patience Oniha, Director-General of the Debt Management Office (DMO); and Adebowale Adedokun, Director-General of the Bureau of Public Procurement (BPP).

    Also recognised in the poll are Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA); Gbenga Alade, MD/CEO of the Asset Management Corporation of Nigeria (AMCON); Ishaq Hussaini Magaji, Registrar-General/CEO of the Corporate Affairs Commission (CAC); Brigadier General Mohammed Buba Marwa (Rtd), Chairman of the National Drug Law Enforcement Agency (NDLEA); and Dr Olufemi Ogunyemi, Managing Director of the Nigeria Export Processing Zones Authority (NEPZA).

    Publisher of The Street Journal and National Chairman of the Association of Online Media Practitioners in Nigeria (AMPCON), Mogaji Wole Arisekola, said the 13 winners emerged with the highest number of votes from over 50 heads of federal government agencies who were featured in the online poll.

    Arisekola explained that the initiative was designed to recognise outstanding leadership, innovation and performance in Nigeria’s federal agencies, adding that the poll was the newspaper’s contribution to national development and the promotion of excellence in public service.

    According to him, Rimi won The Most Outstanding CEO of a Federal Government Agency award for spearheading a comprehensive institutional repositioning of the NIPC, while Komolafe clinched The Best Performing and Results-Driven CEO of a Federal Government Agency award for implementing reforms that enhanced transparency, accountability and efficiency in the oil and gas sector.

    Jada was named The Best Results-Driven Managing Director/Chief Executive Officer of a Federal Government Agency for his leadership at OGFZA, while Sawyer emerged The Best Performing CEO of a Federal Government Agency for strengthening the Nigeria Education Loan Fund and driving widespread acceptance of the scheme.

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    Coker received The Most Data-Driven and Operationally Effective CEO/Director-General of a Federal Government Agency award for advancing Nigeria’s digital identity ecosystem, while Olukoyede won The Most Consistent and Accountability-Focused Executive Chairman of a Federal Government Agency award for reforms and record achievements at the EFCC.

    Oniha was honoured as The Most Strategic Director-General of a Federal Government Agency for reforms at the DMO, while Adedokun emerged The Most Proactive Director-General of a Federal Government Agency for repositioning the BPP. Ahmed was named The Most Operationally Effective Chief Executive Officer of a Federal Government Agency, and Alade won The Most Result-Oriented Chief Executive Officer of a Federal Government Agency for stabilising AMCON amid economic challenges.

    Magaji clinched The Most Service-Centred Registrar-General/Chief Executive Officer of a Federal Government Agency award for reforming the CAC, while Marwa emerged The Best Performing Chairman of a Federal Government Agency for his multidimensional approach to combating drug abuse and trafficking. 

    Ogunyemi received The Most Impact-Oriented Managing Director of a Federal Government Agency award for driving reforms that boosted industrialisation, job creation and economic growth.

    The organisers disclosed that all award recipients will be honoured at a televised ceremony scheduled for January 31, 2026, by 7:00 pm at the Transcorp Hilton Hotel, Abuja.

    Also to be honoured at the event are five cabinet ministers earlier declared winners in a separate online poll by The Street Journal. They include the Minister of Interior, Olubunmi Tunji-Ojo, for Transformational Leadership in National Development; Minister of Education, Morufu Olatunji Alausa, for Distinguished Public Service; Minister of Foreign Affairs, Ambassador Yusuff Tuggar, for Visionary Policymaking and Meaningful Reform; Minister of Agriculture and Food Security, Abubakar Kyari, for Most Effective Leadership in Public Service; and Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, for Excellence in Public Administration.

  • REA, NBS sign MoU to strengthen national energy data 

    REA, NBS sign MoU to strengthen national energy data 

    The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to collaborate on the conduct of a comprehensive National Energy Survey using the Multi-Tier Tracking Framework (MTF) in Nigeria.

    The MoU formalises a strategic partnership between the two Federal Government agencies to provide mutual collaboration and technical support for the survey, which is being implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. 

    The initiative is designed to generate high-quality, analytical data to support evidence-based planning and policy formulation in Nigeria’s power and energy sector.

    The agreement was signed by the Managing Director/Chief Executive Officer of REA, Dr. Abba Abubakar Aliyu, and the Statistician-General of the Federation/Chief Executive Officer of NBS, Prince Adeyemi Adeniran, in Abuja.

    Speaking on the collaboration, Dr. Abba Aliyu noted that the partnership underscores REA’s commitment to data-driven rural electrification planning.

    “This collaboration will provide granular, credible data on electricity access, affordability, and off-grid energy solutions across Nigeria. The findings will directly inform national electrification initiatives such as the National Electrification Strategy and Implementation Plan (NESIP), while also strengthening investor confidence in the sector,” he said.

    Prince Adeyemi Adeniran, Statistician-General of the Federation, emphasized the importance of sound statistical standards in national surveys.

    “NBS is pleased to provide technical oversight, sampling expertise, and quality assurance to ensure that the survey adheres to global best practices. Reliable data is fundamental to effective policy and sustainable development,” he stated.

    Scope of the Collaboration 

    Under the MoU, the Parties will work together to:

    Assess energy access at household, community, enterprise, and public institution levels using the Multi-Tier Framework;

    Examine household energy affordability, expenditure patterns, and willingness to pay for grid and off-grid solutions;

    Analyze access to and usage of off-grid technologies, including solar home systems, mini-grids, and clean cooking solutions.

    REA will serve as a key implementation and policy partner, providing sectoral expertise, stakeholder engagement, public awareness, and alignment with Nigeria’s rural electrification priorities. NBS will provide regulatory approval, sampling frames, methodological validation, technical supervision, and capacity building for enumerators, ensuring data quality and credibility.

    The World Bank, through ESMAP, will fund and technically oversee the survey and engage a qualified survey firm responsible for field data collection, analysis, and reporting.

    The MoU will remain in force for 18 months from the date of signing. Data generated from the survey will support national energy planning, improve programme targeting, guide private sector investments, and strengthen Nigeria’s transition toward universal access to electricity and clean cooking solutions.

    The partnership reaffirms the Federal Government’s commitment to strengthening inter-agency collaboration, improving the availability of reliable energy data, and advancing sustainable electrification across rural and underserved communities in Nigeria.