The Nation Newspaper

Category: Business

  • Experts demand bold rethink from entrepreneurs

    Experts demand bold rethink from entrepreneurs

    Business leaders and development advocates have charged Nigerian entrepreneurs to rethink their business models, embrace innovation and adopt strategic systems capable of sustaining long-term growth.

    They noted that the country’s evolving economic landscape demands fresh thinking, disciplined execution and courageous reinvention from entrepreneurs determined to scale.

    The call was made at the 10th Annual Entrepreneurs Conference and Expo organised by the Masterpiece Resource Development Centre (MRDC) in Lagos. The two-day event, was themed “RISE- Reinvent. Innovate. Strategize. Expand”, a message organisers described as critical for entrepreneurs seeking relevance and resilience in 2025 and beyond.

    Convener, Pastor Modupe Oyekunle said the theme reflects a deliberate call for transformation, urging participants to confront limitations and tap into new opportunities for growth.

    She said MRDC, founded to discover, develop and deploy entrepreneurs for national development, has grown into a “vibrant platform for leadership development, business empowerment and community transformation.”

    Oyekunle said: “RISE is more than a theme; it is a mandate. It calls each of us to embrace change, think differently, and pursue expansion with clarity and determination. In an economy where industries are shifting and the rules are changing, your ability to reinvent yourself will determine your relevance.”

    She added that since 2007, MRDC has trained more than 10,000 entrepreneurs through conferences, expos, masterclasses and strategic partnerships.

    “What began as a simple vision has become a movement, no participant should leave this conference the same. The conference avails you the opportunity to encounter ideas, relationships and opportunities that can shift your business forever.”

    Delivering the keynote address, Managing Director/CEO of Mainland Oil & Gas and Chairman of Chrinak Group, Dr. Chris Igwe, inspired participants with a candid account of his journey from post-Civil War hardship to becoming a leading entrepreneur.

    He said: “I did not come from privilege, I came from a background where survival was the goal, not success. But even in those moments, seeds of innovation were being planted. Where you start is never your full story. Reinvention gives you permission to rewrite your story.”

    “I started business in 1992 with just N10,000,” he recalled. “I travelled on night buses as an escort so I wouldn’t pay freight. Every naira mattered. Entrepreneurs today must understand that innovation is not always technology, sometimes, it is simply thinking differently about the same problem.”

    Igwe added that the conference pillars, reinvent, innovate, strategize and expand, are not theory, but a roadmap for entrepreneurs determined to build sustainably.

    Chairman of Japaul Gold & Ventures Plc, Segun Oloketuyi, urged entrepreneurs to remain grounded and uphold integrity in their dealings.

    “Entrepreneurship is not a race to impress, the moment you start running with other people’s pace, you lose direction. Stay focused, stay prudent, and let integrity be your biggest capital. Discipline and fairness are non-negotiable,” he said.

    Chairman of the MRDC Board, Dr. Abiola Popoola, told participants to see the conference as a deliberate investment in their capacity, saying reinvention is essential for business survival.

    “Reinvention does not mean abandoning what you have built,” he said. “It means rethinking it, improving it, aligning it with where the world is going. Innovation requires courage. Expansion requires structure. Growth must be intentional and measurable.”

    Popoola stressed the need for digital capacity, new business models, strong networks and disciplined long-term planning.

  • Pilots training gets major boost as IBUAM partners Auxano Aviation to purchase 30 Jabiru aircraft

    Pilots training gets major boost as IBUAM partners Auxano Aviation to purchase 30 Jabiru aircraft

    The Isaac Balami University of Aeronautics and Management (IBUAM) has taken a bold step to further strengthen pilot training in Nigeria by signing a Memorandum of Understanding (MoU) with Auxano Consulting Nigeria Limited, operating as Auxano Aviation, for the purchase of 30 Jabiru J430 training aircraft. The agreement is designed to expand the university’s aviation training capacity and support the development of skilled aeronautical professionals in the country.  

    The signing ceremony took place on Thursday during the Nigeria International Airshow event at the Nnamdi Azikiwe International Airport Abuja.  

    At the signing ceremony was the Founder and CEO of IBUAM, Isaac Balami and the Vice Chancellor who is a seasoned professor, AVM (Rtd) P.O Jemitola. 

    The MoU signing was also witnessed by the Minister of Aviation and Aerospace Development, Festus Kayamo, who said that with the signing of the MoU and other activities, the airshow is considered to be the best ever held on African soil.  

    Under the terms of the MoU, Auxano Aviation, an authorized distributor of Jabiru Aircraft in Nigeria will deliver the aircraft in structured phases, supplying 10 aircraft every year and completing the full delivery of all 30 units within three years. The partnership is also expected to advance research, flight operations training, and general aviation development nationwide.

    The MoU outlines Auxano Aviation’s responsibilities, which include providing aircraft registration support, airworthiness documentation, initial spares, tools, and handbooks. The company will also offer familiarization training for IBUAM instructors and maintenance personnel, alongside periodic technical oversight and access to Jabiru-approved parts and services.  

    Speaking during the signing, IBUAM VC, Prof. Jemitola, said the acquisition represents a bold and strategic investment in the future of Nigeria’s aviation workforce.

    According to him, “This partnership marks a significant boost to our training capacity. With 30 modern training aircraft coming in phases, IBUAM is positioning itself as a leading centre for world-class pilot training in Africa.”  

    He emphasized that the phased delivery model provides stability and ensures the institution can expand its training operations sustainably.

    Also speaking, the university founder, Isaac Balami said, “Receiving 10 aircraft every year allows us to scale progressively and maintain high safety and operational standards. It ensures that our students have consistent access to functional, and reliable training aircraft.”

    Balami also expressed confidence in Auxano Aviation’s technical depth and long-term support commitments.

    “Auxano Aviation is not only supplying aircraft; they are supplying expertise. Their technical support will help us maintain NCAA-compliant training and aircraft management practices,”he said. 

    In line with the MoU, IBUAM will deploy the aircraft strictly for student pilot training, aeronautical research, and flight operations programs. The university is required to maintain NCAA standards, ensure only qualified instructors and engineers operate the aircraft, and provide adequate hangarage, security, and operational infrastructure.  

    The MoU is effective immediately.

    Meanwhile, in part fulfillment of the agreement, two aircraft would be delivered to IBUAM in December this year while 10 would be received in 2026. Another set would be delivered in 2027 to complete the deal. 

    While some of the aircraft would be delivered in whole, others will be delivered in pieces and assembled by IBUAM and 7star GLobal Airlines, to form an additional training opportunity for students and other trainees. 

    The partnership is considered one of the largest aviation training aircraft acquisitions by a higher institution in Nigeria, an indication of a renewed drive to modernize pilot training and raise the bar in aviation education.

  • $20 investment in African youth yields over $200 return

    $20 investment in African youth yields over $200 return

    Junior Achievement (JA) Africa, one of the continent’s largest youth economic empowerment organizations, has revealed that every dollar invested in its youth yields an economic return of over $20.

    The disclosure was made on the sidelines of the 15th edition of the JA Africa Company of the Year (COY) Competition, which is being held in Abuja from December 3–5, 2025. 

    The competition serves as a premier platform for secondary school-aged youth to showcase their business ventures under the theme: “ACT! Action for Climate Transformation.” 

    Student companies from eight African nations, including Nigeria, Eswatini, Ghana, and South Africa, are competing for a chance to represent the continent globally.

    JA Africa currently reaches over 1.5 million young people annually across 23 countries, “equipping them with the mindset and skills to navigate the global economy.”

    In Nigeria, the organization has already impacted 200,000 secondary school students through its intensive Company Programmes.

    Speaking about the resources required for such a massive undertaking, Mrs. Simi Nwogugu, President and CEO of JA Africa, explained the financing model.

    “Yes, it costs quite a bit. And thanks to our sponsors at FedEx and many other sponsors who enabled us to have our programming, we’re able to reach young people across Africa,” she said.

    Nwogugu clarified that the cost per participant varies depending on the programme’s intensity. 

    “The cost per student varies by program. But overall, if we just do what our budget is divided by what our number of students is, our cost per student is usually within $20 to $25 per student.”

    She added that the long-term nature of certain programmes drives up the expense. 

    “A programme like the Company Program where it’s almost a year-long programme that they’re building a business and we’re providing tools and frameworks for them is one of the more expensive ones than a programme that is a one-day innovation camp, for example.”

    The investment in these young entrepreneurs appears to be yielding dividends for the community and society at large. 

    Asheesh Advani, President & CEO of JA Worldwide, cited a research when speaking about the value of these initiatives.

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    “And based on some of that research, we find the ROI for every dollar invested is over $20 back,” Advani stated. “So it’s a very high return on economic investment for community and for society. So I hope that makes it into your article.”

    JA Africa is also pioneering inclusive policies to ensure young people with disabilities are not left behind.

    “This particular programme, especially in Nigeria, we ask that at least 5 percent, ideally 10 percent of the students be young persons with disabilities,” Mrs. Nwogugu noted. 

    Recognizing the need for specialised assistance, the organization works collaboratively. 

    “And we partner with organizations that serve that population specifically, knowing that we don’t have the expertise.”

    She elaborated on the support provided, confirming a commitment to accessibility for all. 

    “So they are helping us to make sure that we have programmes in braille for visually impaired students, programming for hearing impaired and other disabilities, including the ones you don’t see. So most of the time we talk about disabilities we see, but there are also all kinds of special needs young people as well. So we want to make our program as inclusive as possible.”

    The theme of the current competition, “ACT! Action for Climate Transformation,” is positioning youth entrepreneurship as a critical tool for tackling continental challenges.

    “At JA Africa, we believe Africa’s greatest resource is the brilliance and creativity of its young people. Climate action is not just an environmental issue; it’s a development imperative,” Nwogugu said. 

    She noted that COY serves as a vital spark for this talent, “COY gives young people a platform to transform ideas into action, showing the world that Africa’s youth are not only the leaders of tomorrow but the changemakers of today.”

    Advani praised the passion on display at the African finals, saying, “COY in Africa has a unique energy — year after year, students present extraordinary ideas. To succeed as an entrepreneur, you must first believe in yourself. JA builds that self-efficacy, and awards help strengthen that belief.”

    The students are competing across six cutting-edge tracks: Innovation & Technology, Artificial Intelligence, Financial Technology (FinTech), Digital Media and Creation, Renewable Energy, and Circular Economy and Sustainability. 

    The ultimate winner will proceed to represent Africa at the Ralph de la Vega Global Entrepreneurship Competition.

  • Gusau Airport to deepen investment opportunities — Official 

    Gusau Airport to deepen investment opportunities — Official 

    Zamfara state airport will open more investment opportunities in the state, Zamfara State Commissioner for Works and Infrastructure, Lawal Barau Bungudu, has said.

    The commissioner revealed this on Tuesday while speaking with journalists after inspecting the ongoing construction of the Zamfara International Airport.

    According to him, by the end of January 2026, the terminal buildings and other components of the airport would be completed, God willing.

    “I highly appreciate the quality of the work. Everything is going according to plan and, God willing, from what I have seen, both the terminal buildings and other sites will be completed by the end of January,” he said.

    Mr Bungudu added that the present administration is committed to delivering an international-standard airport that citizens will be proud of.

    “Our government under the leadership of Governor Dauda Lawal is constructing this airport to open more investment opportunities in Zamfara,” he stated.

    Also speaking during the inspection, Engineer Nicholas said the terminal buildings for both domestic and international operations were almost completed.

    He said the construction of the main fire station had reached 50 percent completion, while the control tower had reached 60 percent.

    “We are working to meet the contractual agreement. By February 2026, we are confident of achieving 90 percent completion.

    “The 3.4-km runway with shoulders has reached 80 percent. Things are moving well, and we hope to meet the deadlines,” he said.

  • AMCON repays N3.6tr to CBN, says MD

    AMCON repays N3.6tr to CBN, says MD

    Asset Management Corporation of Nigeria (AMCON), the government-owned agency established in 2010 to stabilize and revitalize the Nigerian financial system, has repaid about N3.6 trillion to the Central Bank of Nigeria (CBN) since inception.

    Managing Director and CEO of the corporation, Mr. Gbenga Alade, disclosed this at a media parley in Lagos, remarking that even though it has paid N1.7 trillion to purchase the toxic assets of banks, it has been able to repay about N3.6 trillion and still owing about N3 trillion.

    He said AMCON restructured the banks by offloading toxic assets from their books and injecting fresh funds, aligning with corporate insolvency restructuring principles.

    He added that with this mechanism, bank depositors retain their deposits because they have confidence in the financial system, assuring banks’ ability to honour their obligations.

    The CEO added that AMCON then manages the acquired Eligible Bank Assets (EBAs) preparatory to their disposal.

    He noted that the law establishing AMCON upsets and reverses the contractual rights and securities law hierarchy by conferring priority to AMCON in disputes with bank debtors over collateral and contracts.

    Alade also said, as part of our recovery strategy, we have commissioned some foreign asset tracers who will help us locate where some of these obligors have hidden their assets across the globe.

    Speaking on the financial performance of the corporation since he assumed duties as the helmsman, he said the corporation recorded total revenue of N156.25 billion and total operating expenses of N29.04 billion, remarking that total operating revenue/revenue ratio was 19 per cent.

    Alade said projected total revenue for 2025 will be N215.15 billion while projected total operating expenses will be N29.06 billion, while total operating/revenue ratio will be in the region of 13.5 per cent.

    Alade said: “It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world. “Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.

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    “The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.

    “Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.

    “Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate. Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.

    “So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized.”

    He said the current EXCO of the corporation has engaged seasoned consultants to carry out a comprehensive audit review of all AMCON cases across the Courts – the Federal High Court (FHC), which is the Court of first instance, the Court of Appeal, and the Supreme Court.

    He said the leadership of the judiciary at the three layers of the courts share the pain of AMCON, and deeply understands the challenge that the obligors pose to AMCON.

    Consequently, all the courts have approved the New Practice Direction for AMCON debt recovery. In addition, the FHC has also created the Insolvency Units in the bid to fast-track all AMCON cases that are pending in different courts.

    The CEO also noted that the corporation’s recovery efforts have been strongly supported by President Bola Ahmed Tinubu, the judiciary, the CBN, the Federal Ministry of Finance and the Attorney General of the Federation, and Minister of Justice, the Board of Directors of AMCON, the EFCC, the Police, the ICPC, the National Assembly, the Media and a host of other sister agencies of government.

    He said the corporation “will continue to go about its recovery mandate with the fear of God, love of country, and complete adherence to the rule of law.

    “Let me also alert you that, as we are tightening the noose through the Courts on the obligors and deploying our strategies, most of the debtors would want to leverage the media to misinform the public.

    “Please note that most of them took the loans with no intention whatsoever to repay the debt. So, I beg you, no matter the skewed narration they peddle in the newsrooms, kindly take it with a pinch of salt, and touch base with us because we have the accurate records, which is evident in some of the landmark cases that we have won against many of the obligors.

    “Yes, the wheel of justice grinds slowly sometimes, but with patience and dedication, we have continued to make progress. Our cases have also contributed to the development of jurisprudence in the country with the publication of the first set of the AMCON Legal Compendium – a compilation of AMCON cases at both the Federal High Court and the Court of Appeal.”

  • CBN removes deposit limits, raises withdrawal thresholds

    CBN removes deposit limits, raises withdrawal thresholds

    The Central Bank of Nigeria (CBN) has introduced major changes to Nigeria’s cash management framework, removing all limits on cash deposits and increasing weekly withdrawal thresholds for individuals and corporate bodies.

    The new directives, issued in a circular released by the apex bank, will take effect from January 1, 2026.

    According to the CBN, the decision to overhaul its cash-related policies is driven by the need to reduce the rising cost of managing physical currency, bolster security around cash movements, and curb money laundering by encouraging greater use of electronic payment channels.

    In the circular, the CBN confirmed that “the cumulative limit on cash deposits is entirely removed, and the associated fee for excess deposits will no longer apply.”

    The bank said this change is intended to ease the burden on individuals and businesses who operate cash-heavy activities, while also improving liquidity within the banking system.

    Under the revised framework, weekly withdrawal limits across all channels—Over-the-Counter (OTC), Automated Teller Machines (ATMs), and Point of Sale (PoS) terminals—have been pegged at N500,000 for individuals and N5 million for corporate entities.

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    While banks must adhere to these thresholds, the CBN noted that withdrawals exceeding the limits will attract processing fees of 3 percent for individuals and 5 percent for corporate customers.

    The circular clarified that daily ATM withdrawals remain capped at N100,000 per customer but must still fall within the overall weekly ceiling of N500,000 for individuals. It also announced the end of the special authorization that previously allowed individuals to withdraw N5 million once a month and corporate bodies N10 million once monthly.

    In another adjustment, banks are now permitted to load all denominations of the naira in their ATMs, removing earlier restrictions that limited ATM cassettes to smaller notes.

    The CBN also provided details on the sharing formula for the revenue generated from excess cash withdrawal fees. The circular states that 40 percent of such revenue will accrue to the CBN, while 60 percent will go to the bank or financial institution that processed the transaction.

    Other components of the new cash policy were also clarified. The apex bank maintained the N100,000 over-the-counter limit for third-party cheque encashments, noting that any withdrawal through this channel will count toward the weekly withdrawal limit.

    Deposit Money Banks (DMBs) and other financial institutions are additionally required to submit monthly reports detailing cash withdrawal transactions above the set limits and all cash deposit activities. To ensure transparency, banks must create dedicated internal ledger accounts to warehouse charges collected from excess withdrawals.

    The circular also provided clarity on exemptions. Accounts belonging to the federal, state, and local governments, as well as accounts of microfinance banks and primary mortgage banks maintained with commercial and non-interest banks, will not be bound by the weekly withdrawal limits or the associated excess withdrawal fees.

    However, the CBN confirmed that foreign embassies, diplomatic missions, and donor agencies would no longer enjoy exemptions previously granted under the old cash policy.

    Describing the directive as mandatory, the CBN instructed all deposit-taking financial institutions in Nigeria to immediately begin preparations for full implementation on January 1, 2026.

    The apex bank said the reforms are part of a broader effort to strengthen the efficiency of Nigeria’s financial system and to strike a balance between cash usage and digital payments in the country’s evolving economy.

  • AGF: Public funds must translate to prosperity

    AGF: Public funds must translate to prosperity

    The Accountant-General of the Federation (AGF) and Chairman of the Association of Accountant-Generals of Africa, Dr. Shamsudeen Ogunjimi, has said that every public resource entrusted to financial managers across the continent must translate into real improvements in the lives of citizens.

    He noted that the responsibility carried by accountants is enormous because “every Cedi, Franc, Naira, or Dollar entrusted to public officers must ultimately translate into the prosperity of the people,” adding that the decisions made by accountants “directly affect millions of lives.”

    Speaking at the Africa Accountant-Generals Conference held at the Accra International Conference Centre in Ghana, Ogunjimi said the long-held perception of accountants as simple record keepers no longer reflects the demands of modern public finance.

    His address was contained in a statement issued by the Office of the Accountant-General of the Federation (OAGF) and signed by its Director of Press, Bawa Mokwa.

    According to him, today’s financial landscape—shaped by rapid digital innovation, data-driven policymaking, and sweeping global economic shifts—requires accountants to take on expanded responsibilities. He noted that modern accountants “serve as strategic advisors, champions of transparency, and custodians of integrity.”

    Ogunjimi stressed that the profession is now central to shaping economic outcomes for both institutions and nations. “Accountants are leaders. Our work is not simply to balance books; it is to balance the needs of today with the dreams of tomorrow,” he said.

    He urged accountant-generals and senior financial managers across Africa to remain active participants in strategic decision-making by deploying data to navigate economic shocks, identify growth opportunities, and strengthen accountability systems. He said accountants must see themselves as catalysts for economic growth and national transformation, not administrative figures confined to back-office functions.

    The conference brought together senior government officials and leading accounting professionals from across the continent to discuss the evolving role of accountants in a rapidly changing economic environment. Ogunjimi noted that practitioners now play critical roles in risk management, financial forecasting, strategic planning, and managing complex regulatory obligations that guide public finance.

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    Earlier, economist and entrepreneur, Mr. Tony Elumelu, said he attended not only as a business leader but as someone who strongly believes in Africa’s potential for economic renewal.

    He told participants that the continent’s biggest challenge is not a shortage of resources but shortcomings in trust and credibility. “Africa’s greatest obstacle is not the lack of resources but a deficit of trust, integrity, and credibility,” he said.

    Elumelu added that the foundation for attracting sustainable capital lies in consistent, transparent, and trustworthy public finance management. “Trust is built through predictability, transparency, and partnership. Trust is the currency of capital. Excellence in public finance is not a luxury—it is a necessity,” he stated.

    He called on accountants across Africa to remain vanguards of transformation by advancing digitalization, deepening accountability frameworks, and ensuring that public financial systems support economic progress.

  • Shettima rallies states, MDAs to deepen reforms

    Shettima rallies states, MDAs to deepen reforms

    Vice President Kashim Shettima has called on state governments, federal ministries, departments and agencies (MDAs), the organised private sector, and development partners to intensify efforts toward strengthening Nigeria’s business environment, insisting that national prosperity depends on sustained collaboration across all sectors.

    Speaking in Abuja at the PEBEC Gala and Awards Night, organised by the Presidential Enabling Business Environment Council (PEBEC), the Vice President said the reforms recorded this year reflect “the triumph of collaboration over silos,” and urged stakeholders to build on the gains of 2025.

    In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, the VP said “the end of this night does not signal the end of your pursuit of excellence because excellence is a culture, not an event. It lives only where it is nurtured.

    “In the new year, let us do even more to advance the reform agenda for Nigeria’s business environment.

     Let us build a nation where efficiency is normal, where transparency is routine, and where excellence is the governing creed of public service”.

    He noted that the success of the administration’s reforms, anchored on President Bola Tinubu’s Renewed Hope Agenda, relies heavily on the dedication of public servants, whom he praised for refusing to accept mediocrity in the drive to improve ease of doing business.

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    According to Shettima, excellence is cultivated through discipline and the refusal to settle for the minimum.

    “Public service can and must be synonymous with excellence,” he added, describing the awards night as a celebration of individuals and institutions that have embraced the administration’s reform ethos.

    The Vice President also highlighted interagency coordination as a key driver of progress, citing the Ports and Customs Efficiency Committee (PCEC) as an example of reforms “already bearing significant fruit” through the introduction of joint port inspection procedures designed to reduce delays and improve efficiency.

    Earlier, Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hadejia, declared that PEBEC under Shettima’s leadership has continued to deliver reforms that are “incrementally impacting businesses across different sectors.”

    He, however, cautioned that the work ahead remains substantial, adding that every milestone achieved forms the basis for even deeper reforms.

    Director-General of PEBEC, Princess Zahrah Audu, outlined the agency’s achievements over the past year, attributing the successes to strengthened partnerships with MDAs and state governments.

    She said PEBEC’s reform drive has been deliberately structured into its service delivery framework, ensuring that collaboration remains central to progress.

    The event also featured the unveiling of the 2025 Business Facilitation Act (BFA) Compliance Report and the Subnational Ease of Doing Business Report.

    Awards were presented in several categories, including Access to Justice, Legislative Trailblazer, Leadership of Action, and Business Advocacy and Partnership.

    The ceremony drew top government officials and industry leaders, including the Deputy Governors of Benue and Enugu States, Dr Sam Ode and Mr Ifeanyi Ossai; Chairman of NDLEA, Brig.-Gen. Mohammed Buba Marwa (rtd.); Executive Vice Chairman of the NCC, Dr Aminu Maida; Executive Secretary of the Nigerian Shippers’ Council, Mr Pius Akutah; and Managing Director of the Nigerian Ports Authority, Dr Abubakar Dantsoho.

  • Fed Govt rolls out MOFI awards for public enterprises

    Fed Govt rolls out MOFI awards for public enterprises

    The Federal Government has introduced a new national initiative aimed at promoting accountability, high performance, and strong corporate governance across its portfolio of state-owned enterprises.

    The initiative, known as the MOFI Excellence Awards, is the first event dedicated to recognising outstanding governance practices and institutional performance within Federal Government-owned and linked enterprises.

    Speaking at the launch and the inauguration of the MOFI Excellence Awards Panel, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the new programme represents a major step toward strengthening governance and operational standards in the public sector.

    According to him, the establishment of the awards “signals government’s unwavering commitment to raising the bar of performance and governance in Nigeria’s public sector.”

    Edun said the awards were conceived to serve a critical purpose, noting that “The MOFI Excellence Awards are not about applause for its own sake; they were conceived to promote corporate governance excellence, high institutional performance, and strategic alignment across MOFI’s portfolio of public enterprises.”

    He explained that the programme is designed to “shine a spotlight on those boards and management teams that exemplify transparency, accountability, and strong performance.”

    The minister added that the government intends to commend agencies and leaders who consistently demonstrate sound stewardship in the management of public assets. “We intend to recognise agencies and their leaders who demonstrate high standards of transparency, accountability, and performance in managing public assets,” he said.

    According to him, “by doing so, we send a clear message that good governance and results will be rewarded, and that every entity under MOFI should strive towards the highest ideals of service and stewardship.”

    Edun stated that the credibility of the awards rests heavily on the independence and expertise of the judging panel. He described the panel as central to ensuring a fair and transparent process, noting that “At the heart of this initiative is the independent judging panel supported by an expert advisory consultant. Your role is pivotal – you are entrusted with overseeing a fair, transparent, and rigorous evaluation process for all participating entities.”

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    The panel is composed of experts and institutional leaders from organisations known for advancing good governance, including the Financial Reporting Council, the Society for Corporate Governance Nigeria, the Chartered Institute of Directors, the Nigeria Exchange Group and the Chartered Risk Management Institute.

    Edun said this selection “underlines the independence and professionalism with which the assessments will be conducted,” adding that the panel’s mandate is “to uphold integrity, impartiality and diligence at every step, so that the eventual outcomes command public trust and respect.”

    Addressing the panel members, the Minister of Finance stressed the importance of their work, describing them as pioneers of a process that will shape expectations in the public enterprise sector for many years.

    He said, “I cannot overstate the weight of responsibility that rests on your shoulders. You are pioneers in this endeavour, custodians of a process that will set the benchmark for years to come. The decisions you make, the standards you uphold, will have profound implications for our nation’s public sector. We must get it right. This is an open, independent process, and it must be seen by all to be merit-based and free of favouritism.”

    Earlier, the Managing Director/CEO of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, described the awards as a groundbreaking development in Nigeria’s approach to public asset management. He said, “It is a first-of-its-kind initiative in Nigeria dedicated to recognising excellence in corporate governance and performance across Federal Government-owned and Linked Enterprises.”

    Takang explained that MOFI’s broader reform agenda over the past year is aimed at transforming how Nigeria manages its public investments. “From launching the MOFI Corporate Governance Scorecard to now instituting an awards programme that recognises outstanding performance, we are translating reform ideas into tangible outcomes,” he said. According to him, MOFI’s strategy is anchored on “honest investments and transparent strategies,” which are essential for sustaining growth.

    Reflecting on the launch of the Corporate Governance Scorecard earlier this year, Takang said the tool has initiated a shift in mindset across public enterprises. “When we launched the Scorecard earlier this year and conducted a pilot implementation round with participation from more than half of MOFI portfolio companies, it was more than just unveiling a new tool – it was the start of a culture shift,” he said. He added that the scorecard “fundamentally redefines governance as a strategic asset, driving transparency, accountability, and long-term value creation.”

    Takang also noted that MOFI is applying the same standards internally. He said the organisation has strengthened board effectiveness, ethics policies, and risk management systems within its operations.

    “This approach ties our reputation to the performance of the enterprises we oversee and sends a clear message: MOFI is not just an asset manager; we are a partner and a participant in this collective effort” he said.

    In his remarks, the Chairman of the MOFI Board, Dr Shamsudeen Usman, represented by Hajia Fatima Nana Mede, said the awards are intended to motivate public sector agencies to raise their performance standards. “We want to send a clear message across the public sector that transparency, accountability and performance will be noticed and rewarded,” he said.

    Usman added that MOFI also hopes to foster positive competition among its portfolio companies. “We also want to foster a healthy sense of competition and peer learning among our portfolio companies. When an agency sees a peer celebrated for excellence, I expect it to spark inspiration: ‘If they can do it, so can we.”

    The Chairman of the Awards Panel, Chief JK Randle, said the initiative represents a timely opportunity to elevate governance standards and inspire stronger performance across public enterprises.

    The inaugural MOFI Excellence Awards will be conducted through a fully independent process, with the judging panel expected to begin evaluating qualifying agencies in the coming months.

    The Federal Government says the programme will become an annual benchmark for excellence in Nigeria’s public enterprise ecosystem.

  • NUPRC chief exec emerges African petroleum regulators chair

    NUPRC chief exec emerges African petroleum regulators chair

    The African Petroleum Regulators Forum (AFRIPERF) has unanimously adopted Nigeria as its official headquarters. The body also elected the Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Gbenga Komolafe, an engineer, as chairman of the Forum.

    Prior to the endorsement, Komolafe was interim chairman of AFRIPERF.

     Eyoanwan Ndiyo-Aiyetan also emerged as secretary of AFRIPERF.

    The decision was announced at the inaugural executive committee meeting of the Forum which was held virtually yesterday.

    The development affirms Nigeria’s central role in the African petroleum regulatory space and as Africa’s largest producer of crude oil.

    The meeting which was attended by 16 African countries was convened to pick its leadership, headquarters and logo.

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    In his opening remarks Komolafe said: “We are laying the foundation for a more harmonized and collaborative regulatory environment across Africa. A strong Executive Committee will help drive initiatives that promote investment, streamline regulations and support Africa’s strategic positioning in an evolving global energy space”

    Out of the 16 countries that attended, eight have so far ratified the treaty to become full-fledged members of the Forum who have voting rights.

    In his acceptance speech, Komolafe thanked his African counterparts for the trust and honour, promising to ensure that no member country is left behind.

    AFRIPERF aims to strengthen regional petroleum governance by fostering collaboration, cooperation and coordination among member regulators.

    Its objectives include: Harmonising petroleum regulations and standards, enhancing regulatory capacity through training, promoting dialogue with industry stakeholders and international organisations and addressing regional challenges.

    Additionally, the Forum seeks to facilitate knowledge sharing, promote cross-border energy infrastructure development and present a virile strong unified voice for Africa in global hydrocarbon discourse, encourage technology transfer, and promote best practices.

    It advocates for member interests on international platforms and leverages the collective strengths of regulators to secure sustainable energy resources for development, promote investment in African petroleum exploration, ensure transparency and sound regulation, and advance ethical practices in petroleum exploitation.