Tuggar: Departure of Niger, Burkina Faso, Mali from ECOWAS Has Not Affected Trade, Relations Among W’African Countries

 Michael Olugbodein Abuja

The Minister of Foreign Affairs, Ambassador Yusuf Tuggar has said the exit of Burkina-Faso, Mali and Niger, the three Alliance of Sahel States from the Economic Community of West African States (ECOWAS) has not affected trade and bilateral relations among countries in the sub-region.

Addressing a press conference on the forthcoming West African Economic Forum to be hosted by Nigeria, Tuggar said there has not been any notable distortion in trade and relations between the rest of the countries still in ECOWAS and the departing AES countries.

He said for instance, Nigeria still has running the Nigeria-Niger Joint Commission and trade is as healthy as it used to be before the neighbouring country left ECOWAS.

Tuggar, who also added that there has not been any friction in the relationship between the two countries, said the same thing can be said of other countries in the region with AES countries.

On the summit scheduled for 20th and 21st June 2025 at the Bola Ahmed Tinubu International Conference Centre, Abuja, the Minister expressed Nigeria’s readiness to host the inaugural event aimed at showcasing West Africa to the rest of the world.

Tuggar, while noting that the forum was an initiative of President Bola Tinubu and aimed at strengthening economic ties, unlocking investment opportunities, and promoting sustainable development across West Africa, added that the summit is designed to foster regional integration and economic cooperation among member states.

He said: “We’re not just talking about ECOWAS and ECOWAS states, but indeed to all states, businesses, private sector, development finance institutions that pertain to the West African region.

“What we’re talking about is regional integration. What we’re doing with each other. How do we strengthen that so that we’re trading more?

“The event aims to unlock investment opportunities by identifying and supporting investment-ready projects. Furthermore, the summit seeks to foster sustainable development by encouraging inclusive economic growth and development.

“The event will feature a range of activities, including a deal room, business conferences, and cultural events showcasing the region’s rich heritage.

“Overall, the West Africa Economic Summit promises to be a landmark event, driving regional integration, promoting economic cooperation, and fostering sustainable development in West Africa.

“With its unique approach and focus on private sector participation, the summit has the potential to unlock new opportunities for growth and development in the region.

“The summit will provide a platform for governments and the private sector to engage and address concerns related to security and other issues affecting business in the region.”

He also added that, “The summit’s objectives align with the African Continental Free Trade Area (AfCFTA) ambitions, focusing on promoting intra-African trade by strengthening regional trade and investment.”

Tuggar also pointed out that the initiative will be driven by the private sector.

He noted that it was the private sector that will drive the initiative while the governments provide all the necessary support for them to excel.

The minister also highlighted the importance of peace and security in the region saying, “For business to take place, to thrive, the environment must be secure, emphasising the importance of collective efforts to address security challenges.”

He explained that: “The summit is not modelled after the World Economic Forum in Davos, but rather a novel, homegrown African original idea.

“We’re focusing this administration on preferring homegrown solutions to our problem, instead of copying and pasting what exists in other regions.”

Tuggar revealed that the Alliance of Sahel States, AES, are invited for the summit.

Performance not Optional, Fagbemi Tells Civil Servants

 Alex Enumahin Abuja

The Attorney General of the Federation (AGF) and Minister of Justice, Prince LateefFagbemi, SAN on Monday, charged staff of the ministry and agencies under it to pursue excellent service delivery at all times, in order to meet the expectations of the general public.

According to Fagbemi, “performance is not optional-it is the standard by which we will all be judged”.

He gave the charge at the opening of a one-day retreat on the Performance Management System (PMS) organized by the Federal Ministry of Justice.

While observing that the theme: “Strengthening Institutional Performance for Effective Justice Delivery” is apt, Fagbemi stated that the PMS as embedded in the Federal Civil Service Strategy and Implementation Plan (FCSSIP 25), was not a mere administrative tool, but a backbone for the drive for institutional excellence and sustainable development.

The AGF, who restated his unwavering commitment to providing support and necessary leadership, noted that as stewards of justice, entrusted with the solemn responsibility to strengthen the very foundations of the nation’s legal and governance architecture, added that the retreat remained a defining moment and a call to action.

“We are at a time in history where the expectations of our citizens are rising, and the demands on our justice system are more complex than ever.

“Our response must be clear and resolute,we must build a ministry that is agile, responsive, and uncompromising in its pursuit of service excellence.

“The era of process for its own sake must give way to a new era-one where every action is purposeful, every result is measurable, and every member of staff is accountable”, he said.

Besides, the minister stated that the significant progress the ministry has made thus far, included the establishment of PMS Core Teams, the appointment of Champions, comprehensive sensitization initiatives, and the alignment of departmental work plans with national priorities.

“These are laudable milestones. However, let me be clear-these steps are only the beginning. The true test of our resolve lies in our ability to make PMS an intrinsic part of our organizational culture.

“Every Director, every Unit Head, every officer must internalize the fact that performance is not optional-it is the standard by which we will all be judged.

“Let us remain resolute in ensuring that the Ministry of Justice not only leads in policy design but also in delivering a modern, responsive, and people-centred justice system that fully align with the President’s vision for a renewed and prosperous Nigeria”, he added.

Earlier in her welcome address, the Director, Human Resource Management of the ministry, Mabel Erastus expressed delight over commitment and enthusiasm shown by participants.

She then commended the efforts of HAGF/MJ and SGF/PS in embracing the Performance Management System (PMS) and cascading it in the Ministry as transformative tool championed under the Office of the Head of the Civil Service of the Federation.

A representative of the Head of Service from the Performance Management Department, MrRikkoOwutti lauded the ministry’s PMS performance, advocating for the signing of performance contract that will cascade adding: “Review and appraisal should also take place and the the initiative should be taken round the agencies”.

PENGASSAN Faults Tinubu’s Executive Order on Upstream Oil Sector Operations

 •Says fuel dealers shortchanging Nigerians

OnyebuchiEzigbo in Abuja

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has criticised the recent Executive Order signed by President Bola Tinubu to promote offshore oil and gas production in the country.

It said some aspects of the policy will have a restraining impact on enforcement of Nigerian Content law.

The new Executive Order, titled: “The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025)” introduces performance-based tax incentives for upstream operators who deliver verifiable cost savings that meet defined industry benchmarks.

However, PENGASSAN said its major concern was in the aspect of the Executive Order that sought to reduce cost of production in the upstream by granting 20 per cent tax credit to oil production companies.

In the same vein, the association has accused the producers and dealers of Premium Motor Spirit (PMS) of exploitation by refusing to bring down the pump price of fuel in response to reduction in crude oil prices in the international market.

It blamed the regulatory agencies for abandoning their mandate to protect Nigerians from being shortchanged by profit-seeking oil companies.

Speaking at a Press Conference in Abuja yesterday, PENGASSAN president, Festus Osifo said that tax incentives granted to the oil companies by the President may not guarantee cost reduction unless security challenges are addressed.

He said one of the major cost elements presently driving high production cost in the upstream sector is insecurity and resources committed to protection of production facilities.

According to the PENGASSAN president, one of the major reasons some oil and gas operators, especially the international oil and gas companies are leaving Nigeria is principally because of insecurity.

“This is majorly because the cost of securing facilities, the cost of securing infrastructure in the Nigerian oil and gas industry has become prohibitive,” he said.

“We are saying that this may not be far reaching. This may not really work, because there are some foundational problems, and until these foundational issues are addressed, that cost may not necessarily reduce.

“For us, the policy is quite commendable, that is quite good. But, in reducing the cost of operations, there are some inherent challenges that over the years, PENGASSAN has drawn the attention of the government to issues we want it to address squarely. And chief among these issues is the level of insecurity that we have in the oil and gas industry.

“I mean, the insecurity in Nigeria has also dovetailed into the oil and gas industry. One of the challenges that is affecting us today in Nigeria oil and gas industry is that the cost that the upstream companies spend in protecting their facilities, in protecting their infrastructure, both in land, in sea, shallow waters, deep waters, etc., is quite prohibitive,” he said

He said that companies in the upstream sector have to put up with the challenge of securing their production facilities whereas in other countries, oil companies do not have to bear such a huge financial burden on security bills.

Osifo said that it is the responsibility of government to provide security and to secure oil production infrastructure in the country

For instance, Osifo said that for an average installation that is in offshore location, “you are going to realise that for one installation, you are going to have a minimum of three or four security vessels.

“These security vessels will be manned by Naval personnel. These security vessels, you pay for them on a daily basis. You pay for the crew on a daily basis as well. You have to fuel them on a daily basis. They are standing by and trying as much as possible to ensure that there is no intruder into these facilities. Whereas in other countries, it is not like that”.

He also faulted the aspect of the Executive Order that suggests that the Nigerian Content Development and Monitoring Board (NCDMB) could adopt a flexible approach in the enforcement of the provisions of its Act.

He said that “as long as that NCDMB Act is a law, it should be fully obeyed. An executive order cannot override a subsisting act. It is wrong”.

On the situation in the downstream petroleum sector in the country, Osifo said that PENGASSAN is sad that Nigerians were being exploited and not allowed to enjoy the full benefit of the deregulation of the sector.

He blamed the management of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for failing in its regulatory responsibilities of ensuring compliance to price reduction in line with the dictates of market forces.

He said that whereas crude oil price recently came down to about $65 per barrel, there was no commensurate reduction in the pump price of PMS by marketers as expected under deregulation.

Against the background of fears of possible spike in the crude oil price as a result of the ongoing Israeli -Iranian conflict, Osifo said that it is the responsibility of the government and regulators to ensure that prices are not jerked up beyond market considerations.

“It is the function of the regulator to ensure that Nigerians are not exploited. So we have a call called NMDPRA to be neutral in discharging its responsibilities and to ensure that Nigerians are not exploited,” he said.

While responding to a question on the Memorandum of Understanding PENGASSAN reached with the Sterling Oil Company over their dispute, Osifo said the company accepted that it violated the Nigerian Content law and gave an undertaking to make amends.

Emefiele Pleads Not Guilty to Alleged Unlawful Possession of 753 Housing Units, Fraud, Forgery

 •Gets 72 hours to perfect bail

Alex Enumah in Abuja and Wale Igbintade in Lagos

Former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday, pleaded not guilty to alleged charge of unlawful obtainment of an Abuja property containing 753 housing units.

Emefiele pleaded not guilty to the eight-count charge, which included fraud and forgery, filed against him by the Economic and Financial Crimes Commission (EFCC).

Following his not guilty plea, prosecution counsel, Mr. RotimiOyedepo, SAN, urged the court for an accelerated hearing of the matter in pursuit of the EFCC’s establishment Act to avoid unnecessary delays.

While he sought for date for the commencement of the trial he prayed that Emefiele be remanded in the custody of the correctional center.

Responding, Emefiele’s lawyer, Mr. Mathew Burkaa, SAN, informed the court that he had filed for the bail of the defendant on June 13, adding that since the prosecution did not file any counter affidavit, it was presumed that he was not opposed to the grant of the bail application.

He drew the court’s attention to the fact that the defendant was already being tried by the prosecution in three other matters, and this was the fourth, adding that Emefiele was granted bail in the three matters.

Delivering the ruling, trial judge, Justice Yusuf Halilu who held that bail was constitutional and that a defendant was presumed innocent until proven otherwise.

Justice Halilu, who observed that the highest offense in the land was treasonable felony, noted that the court had on several occasions admitted defendants to bail.

“I have seen the charge filed against the defendant. Although the defendant did not file a counter, he however, raised some concerns in some parts of the affidavit in support of the application, and those issues are hereby struck out”, the judge held.

In granting Emefiele bail, the judge also recognised that Emefiele did not jump the bail granted by Justice Maryanne Anenih and Justice HamzaMuazu

As part of the conditions attached to the new bail, Justice Halilu that the defendant travel documents already before Justice mauza is attached, provide two sureties who must own landed property within the jurisdiction of the court worth N2 billion naira.

The sureties, in addition, must sign an undertaking to always ensure Emefiele is in court during the trial and will be jailed if the defendant jumps bail or forfeits the property.

Responding, Burkaa prayed the court to release the defendant to the defense team for at least seven days to enable the defendant perfect his bail.

Oyedepo however, objected, stating that it would amount to variation of the bail. He claimed that the conditions of the bail are not something the defendant would find difficult to meet.

The judge, however, ordered that Emefiele has till Wednesday to perfect the bail or be remanded in the Kuje Correctional Center, Abuja.

The court fixed July 11 for the commencement of trial.

Earlier, Emefiele through his lawyer, is challenging the court’s jurisdiction to entertain the suit on the grounds that he was not in anyway linked with the charge.

The property the former CBN boss is being tried is located at Plot 109, Cadastral Zone C09, Lokogoma District, Federal Capital Territory (FCT), Abuja, measures 150,462.86 SQM and comprises 753 housing units.

A High Court of the FCT had last year ordered the forfeiture of the said property to the federal government over claims that the estate forms proceeds of crime.

However, Emefiele had approached the court to challenge the forfeiture order of the court.

While the matter is currently pending at the Court of Appeal, the anti-graft agency, on May 30, filed a fresh charge against Emefiele and one Eric Ocheme, said to be a large.

The charge number: CR/358/2025, borders on alleged having control of property reasonably suspected to be unlawfully obtained. The offense is punishable under Section 319 of the Penal Code Law.

Besides the housing estate, the two defendants are also charged with unlawfully keeping in their possession billions of naira in proxy accounts in Zenith Bank.

In count one of the charge Emefiele and Ocheme are being accused of knowingly having within their control the housing estate suspected to be unlawfully obtained contrary to the law.

While in count two, they were alleged to knowingly have in their possession the sum of N167 million domiciled in Kelvito Integrated Services’ account No: 1016232915, in count three they were alleged to have held the sum of N1.23 billion in the same account. According to the anti-graft agency, the said sums were said to be reasonably suspected to have been unlawfully obtained.

In another count, they were also alleged to have in their control another sum of N2.9 billion domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc.

In count five, the commission stated that the defendants between January and December 2022, knowingly had under their control the total sum of N1.98 billion domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.

In other counts, they were also linked with the sum of N900 million and N600 million in Ifedigo Integrated Services’ account No: 1210750237 domiciled with Zenith Bank.

In count eight, Emefiele was said to have in January 2021, forged a document titled, “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” with the intention of causing it to be believed that the said titled document was executed by or by the authority of H and Y Business Global Limited.

The offences, according to the EFCC, contravened the provisions of sections 319, 362 and 364 of the Penal Code.

In the meantime, the Court of Appeal, Lagos Division, has overturned the final forfeiture order granted in favour of the federal government over several assets and cash allegedly linked to Emefiele.

In a split decision of two-to-one delivered on April 9, 2025, a three-member panel led by Justice Mohammed Mustapha had set aside the ruling of the Federal High Court and ordered a fresh trial of the case.

The other justices on the panel were Justice AbdulazeezAnka, who delivered the lead judgment, and Justice Danlami Zama Senchi, who dissented.

The Federal High Court in Lagos had, on November 1, 2024, granted the Economic and Financial Crimes Commission’s (EFCC) application for the final forfeiture of various properties and funds allegedly traced to Emefiele.

These included multiple high-value real estate assets in Lagos and Delta State, as well as $2,045,000 in cash and shares in Queensdorf Global Fund Ltd.

Emefiele, through his counsel OlalekanOjo (SAN), had challenged the ruling on several grounds, including the trial judge’s alleged failure to properly evaluate the affidavit evidence and consider his legitimate interest in the properties.

He also argued that the judge wrongly dismissed his application for a stay of proceedings, despite pending criminal cases against him.

The EFCC, represented by RotimiOyedepo (SAN), countered that Emefiele failed to present any concrete evidence showing how he acquired the properties with legitimate income, noting that they were held in company names in which he neither appeared as a shareholder nor director.

In his lead judgment, Justice Anka ruled that there were serious conflicts in the affidavit evidence presented by both parties, warranting a full trial.

He held that the origin and legitimacy of the properties were heavily disputed, and only oral and documentary evidence, tested under cross-examination, could properly resolve the issues.

According to Anka, Emefiele had presented evidence showing significant earnings from his time at Zenith Bank and as CBN Governor, including a severance package of over N1.75 billion and annual emoluments of N350 million, among others.

He stated that these earnings could reasonably account for the acquisition of the properties.

He further ordered the case be remitted to the Federal High Court for retrial before another judge, specifically excluding Justice D. I. Dipeolu who issued the original forfeiture order.

Justice Mustapha concurred with Anka, stating that “there is no legal impediment to someone purchasing property through a third party in trust,” and that Emefiele’s income appeared sufficient to justify the acquisitions.

He also noted that the Code of Conduct forms submitted by Emefiele and his wife only covered up to 2019, while the properties were acquired between 2020 and 2023.

He described it as “absurd” to expect 2019 declarations to reflect acquisitions made years later.

On the pending criminal cases, Justice Mustapha emphasised that such matters ought to be concluded before initiating civil forfeiture proceedings, affirming that the appeal succeeded in part.

However, Justice Senchi dissented, maintaining that there was no conflict in the affidavit evidence to justify a full trial.

He said the companies in whose names the properties were acquired did not challenge the forfeiture, and that Emefiele, having denied ownership of the companies, could not claim the assets.

He described the majority’s decision to order a retrial as unnecessary and a waste of judicial time.

Senchi ruled that the appeal lacked merit and upheld the original forfeiture order.

Edun, Cardoso Meet to Deepen Fiscal, Monetary Policies Alignment

 Ndubuisi Francis in Abuja

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Monday met with the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso and some to officials of the apex bank in continuation of efforts to deepen the alignment of fiscal and monetary policies.

The meeting was held at the CBN headquarters in Abuja, according to a terse statement issued by the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga.

Discussions, the statement said, focused on sustaining and accelerating the momentum against the backdrop of inflation easing to 22.97 per cent in May 2025.

“Discussions focused on sustaining and accelerating this momentum, essential to stabilising prices, boosting investor confidence, and empowering private sector-led growth.

“This meeting underscores the Ministry’s commitment to collaborative economic management, signalling a renewed focus on driving sustainable growth and development in Nigeria

FDI Inflows to Developing Economies Drop to Lowest Level Since 2005

 •About 2.8 billion people unable to afford healthy diet worldwide

Ndubuisi Francis in Abuja

Foreign Direct Investment (FDI) inflows to developing economies, a key trigger of economic growth and higher living standards, have dwindled to the lowest level since 2005 amid rising trade and investment barriers, a new report from the World Bank showed.

These barriers pose a significant threat to global efforts to mobilise financing for development.

According to the World Bank report, in 2023, the latest year for which data are available, developing economies received just $435 billion in FDI—the lowest level since 2005.

That coincides with a global trend in which FDI flows into advanced economies have also slowed to a trickle

High-income economies received just $336 billion in 2023, the lowest level since 1996.

Nigeria’s FDI for the second quarter of 2024 dropped to $29.83 million, marking the lowest level recorded based on available data up to 2013.

In its recent report on Nigeria, the Bretton Woods institution said reforms by the Central Bank of Nigeria (CBN) increased foreign exchange inflows into the country, which was mainly driven by foreign portfolio investment (FPI)—attracted by relatively high yields and potential revaluation gains.

The new report by the World Bank noted that as a share of their GDP, FDI inflows to developing economies in 2023 were just 2.3 per cent, about half the number during the peak year of 2008.

FDI tends to be concentrated in the largest economies.

Between 2012 and 2023, about two-thirds of FDI flows to developing economies went to just 10 countries, with China receiving nearly a third of the total and Brazil and India receiving roughly 10 per cent and 6 per cent respectively.

The 26 poorest countries which are mostly in Africa, received barely 2 per cent of the total.

Advanced economies accounted for nearly 90 per cent of the total FDI in developing economies over the past decade.

About half of that came from just two sources: The European Union and the United States.

In 2023, FDI accounted for roughly half of the external financing flows received by developing economies.

Under the right conditions, it is a strong spur to economic growth, as analysis of data from 74 developing economies between 1995 and 2019 suggested that a 10 per cent increase in FDI inflows generates a 0.3 per cent increase in real GDP after three years.

The impact is nearly three times larger—up to 0.8 per cent—in countries with stronger institutions, better human capital, greater openness to trade, and lower informality.

By the same token, the effect of FDI increases is much smaller in countries that lack such features.

Commenting on the declining FDI flows to developing economies, the World Bank Group’s Chief Economist and Senior Vice President, Indermit Gill said: “What we’re seeing is a result of public policy. It’s not a coincidence that FDI is plumbing new lows at the same time that public debt is reaching record highs.

“Private investment will now have to power economic growth, and FDI happens to be one of the most productive forms of private investment. “Yet, in recent years governments have been busy erecting barriers to investment and trade when they should be deliberately taking them down. They will have to ditch that bad habit.”

Representatives of governments, international institutions, civil society organisations, and the private sector are scheduled to meet in Seville, Spain between June 30 andJuly 3,

to discuss how to mobilise the financing that will be needed to achieve key global and national development goals.

The new analysis from the World Bank highlighted the policies that will be needed to achieve those goals at a time when economic growth has slowed to a crawl, public debt has surged to record highs, and foreign-aid budgets have shrunk.

It prescribed the easing of investment restrictions as a key first step, adding that, so far in 2025, half of all FDI-related measures announced by governments in developing economies have been restrictive measures—the highest share since 2010.

“With the global community gearing up for the Conference on Financing for Development, the sharp drop in FDI to developing economies should sound alarm bells.

“Reversing this slowdown is not just an economic imperative—it’s essential for job creation, sustained growth, and achieving broader development goals. It will require bold domestic reforms to improve the business climate and decisive global cooperation to revive cross-border investment,” said the World Bank Group’s Deputy Chief Economist and Director of the Prospects Group, M. AyhanKose

The World Bank’s report revealed that investment treaties which tend to boost FDI flows between signatory states by more than 40 per cent have dwindled Between 2010 and 2024, just 380 new investment treaties came into force, barely a third of the 1990s number. Similarly, the report established that countries that are more open to trade tend to receive more FDI—an extra 0.6 per cent in FDI for each percentage-point increase in the trade-to-GDP ratio. However, the number of new trade agreements signed over the past decade dropped in half—from an average of 11 per year in the 2010s to just six in the 2020s.

The report identified three policy priorities for developing economies to attract FDI.

First iis for them to redouble efforts to by speeding up improvements in the investment climate, which have stalled in many countries over the past decade.

Second is to amplify the economic benefits of FDI through the promotion of trade integration, improving the quality of institutions, fostering human capital development, and encouraging more people to participate in the formal economy.

Finally, the report called for the advancement of global collaboration to accelerate policy initiatives that can help direct FDI flows to developing economies with the largest investment gaps.

Meanwhile, the latest estimates have indicated that nearly 2.8 billion of the world’s population of 8.2 billion people are unable to afford a healthy diet, which costs roughly $3.96 per person per day in 2022, expressed in current purchasing power parity (PPP) dollars.

This is according to the suite of indicators measuring the Cost and Affordability of a Healthy Diet, known as “CoAHD”, an established set of metrics for tracking food and nutrition security worldwide.

The indicators are jointly produced and published semiannually by the Food and Agriculture Organisation (FAO), a United Nations (UN) agency, and the World Bank and featured in The State of Food Security and Nutrition in the World (SOFI).

At the core of the CoAHD is the Healthy Diet Basket, a global standard derived from representative national food-based dietary guidelines that constitute countries’ own official definitions of a nutritionally-adequate and culturally-relevant diet.

The Healthy Diet Basket reflects the commonalities of national guidelines across countries in terms of the proportions needed of six food groups. While the structure is consistent across countries, the specific foods vary by country based on locally available items. At a given time and place of measurement, the least expensive items in each food group are identified from the retail price data.

Compared to more complex diet models, the Healthy Diet Basket offers a transparent and simple set of criteria for diets that are nutritionally adequate and balanced. And because it is derived from national guidelines, the Healthy Diet Basket allows for both nutritional relevance and alignment with government policies, while remaining comparable across countries for global monitoring.

The global estimates of cost are based on price data from the International Comparison Program, a statistical program overseen by the United Nations Statistical Commission and managed by the World Bank’s Development Data Group, covering nearly 200 countries across the globe.

TETFund Got N1.024tn from Extractive Sector Education Tax in 5 Years

 Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

Permanent Secretary, Federal Ministry of Education, Mr. Abel Enitan, described the MoU signing as a welcome development and a foundation for sustainable growth in the education sector.

Enitanemphasised the ministry’s support, highlighting the importance of transparency and NEITI’s vital role not just in signing, but also in implementing the agreement.

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that the total revenue accrual to the Tertiary Education Trust Fund (TETFund) from Education Tax reached approximately N1.024 trillion in five years.

The Executive Secretary of NEITI, Dr. Ogbonnaya Orji, stated this in Abuja at the Memorandum of Understanding (MoU) signing ceremony between NEITI and TETFund, quoting NEITI industry reports on the Nigeria extractive sector.

A statement signed by the Deputy Director, Communication and Stakeholders Management, Chris Ochonu, stressed that the MoU signed was on information and data sharing which ensures that NEITI’s verified data will feed into TETFund’s strategic planning, revenue forecasting, and accountability framework.

“Under the MoU, NEITI will work with TETFund to ensure timely and prompt remittances through early deployment of evidence-based data. NEITI will also provide real-time information on revenue accruals due to TETFund to guarantee transparency and support the Fund in tracking remittances and utilisation.

“Our joint effort will uplift educational institutions, enhance access to scholarships, and strengthen the research ecosystem across our public tertiary institutions,” Orji stated.

He emphasised that NEITI’s role will be to continuously support TETFund with timely, credible, and independently validated data on revenue accruals from the extractive sector.

This support, he said, will enhance TETFund’s capacity to track what is due, what has been paid, and what is yet to be remitted, thereby promoting accountability and enabling proactive financial planning in the education sector.

On the accruals to TETFund from education taxes from the extractive sector, a breakdown of the revenues from the NEITI’s industry audit reports showed that: In 2022, the total revenue accruals to TETFund stood at N322.99 billion while in 2023, that figure rose significantly to N571.01 billion, the highest annual inflow to date.

Besides, between 2019 and 2021, NEITI audit data showed that total accruals to TETFund amounted to N644.19 billion, of which N624.32 billion was disbursed. These disbursements, Orji stressed, highlight the centrality of the extractive sector in financing Nigeria’s tertiary education.

“Today’s MoU connects the source and the application of public revenues. NEITI tracks and verifies what is paid. TETFund ensures that what is received is invested for impact. Together, we are creating a value chain of accountability—from extraction to education,” the executive secretary maintained.

Orji stressed that the over N1.024 trillion that has accrued to TETFund in just five years must be fully accounted for, efficiently deployed, and transparently tracked and that it must translate to modern libraries, functional laboratories, revitalised lecture halls, and cutting-edge research that meets the challenges of the 21st century.

“With this MoU, NEITI and TETFund commit to a future of joint accountability, open data exchange, and measurable impact. This is not just a partnership between two institutions—it is a covenant with the Nigerian people and a promise to ensure that Nigeria’s natural resource wealth truly works for every citizen—especially through education,” he restated.

In his remarks, the Executive Secretary of TETFund, Sonny Echono, stated that the MoU signing ceremony was a landmark event from the series of engagements between TETFund and NEITI.

Echono explained that the MoU will enable TETFund and NEITI explore various avenues of ensuring accountability in the areas of tax accruals on education tax are duly remitted. He noted that this is to enable TETFund recover such funds to boost revenue for education development that promotes the agenda of President Bola Tinubu.

He called for an urgent need to recover extractive companies’ unremitted taxes for education development that will impact not only the present generation but also generations unborn.

“The MoU will also define a framework that will enable us to get accurate, credible, and up-to-date data that will culminate into a very firm agreement between the two agencies. Other key components of the MoU include improvement of revenue and efficiency in its collection,” Echono reiterated.

FCCPC Summons Air Peace Over Non-refund of Ticket Fares Flight Cancelation, Others

 James Emejoin Abuja

The Federal Competition and Consumer Protection Commission (FCCPC) yesterday said it has summoned the management of Air Peace Limited over a deluge of consumer complaints from across the country relating to the non-refund of ticket fares, even in instances where the airline had cancelled its flight operations.

The commission said these actions potentially contravened Sections 130(1)(a) and (b), and 130(2)(b) of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which expressly guarantee consumers the right to timely refunds where advance bookings, reservations, or orders are unfulfilled due to service-provider’s failure.

In a statement, FCCPC Director, Corporate Affairs, OndajeIjagwu, noted that the provision enshrines the principle of fair dealing and safeguards consumers against unfair, unjust, or unreasonable practices by service-providers.

In a formal summons dated June 13, 2025, the commission, invoking Sections 32 and 33 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, required the airline to appear before its Abuja Headquarters on Monday, June 23, 2025.

Specifically, Section 33(3) of the FCCPA mandates compliance and failure attracts severe sanctions including fines or imprisonment.

The airline was further directed to produce documentary evidence including complaint log for refunds over the past 12 months, total records of processed refunds to date, list of cancelled flights on all routes and remedial actions taken to mitigate consumer hardship resulting from cancelled flights.

Earlier in December 2024, the FCCPC had commenced inquiries into separate allegations of exploitative ticket pricing, including substantial price hikes for advance bookings on certain domestic routes by Air Peace.

In response, the airline instituted legal proceedings seeking to restrain the commission from continuing its inquiry.

Ijagwu, however, said, “This is an entirely different matter.”

The FCCPC reaffirmed it commitment to enforcing the provisions of the FCCPA (2018) and holding service providers accountable and ensuring that consumers, including airline passengers, are protected from exploitative or unfair market practices.

FGN Unveils N50bn Green Bond to Deepen Climate Financing, Spur Sustainability Projects

 NumeEkeghe

In a fresh move to consolidate Nigeria’s climate financing architecture and deepen sustainable development, the federal government has announced the issuance of its third Sovereign Green Bond, targeting up to N50 billion in proceeds to fund key environmental and infrastructure projects across the country.

The Director-General of the Debt Management Office (DMO), Patience Oniha, disclosed this to investors and fund managers in Lagos, yesterday, saying the offer, which opened yesterday, would close on Wednesday, June 18, 2025.

The bond is expected to attract domestic and international investors aligned with the green economy agenda following the successful outings of the Series I and II Green Bonds in 2017 and 2019 respectively, both of which were oversubscribed and channelled into renewable energy, afforestation, agriculture, and clean transportation.

Co-arranged by Chapel Hill Denham Advisory Limited and Stanbic IBTC Capital Limited, the Series III issuance is structured as a fixed-rate note with a five-year tenor. It is backed by the full faith and credit of the Federal Government of Nigeria and qualifies as a liquid asset for financial institutions a classification that makes it especially attractive to banks and institutional investors.

According to the investor presentation, proceeds from the Green Bond would be deployed to a range of climate-focused projects, including N15.96 billion for climate change adaptation and mitigation initiatives under the Federal Ministry of Environment. N15 billion for clean energy transition programmes under the Presidential CNG Initiative (Pi-CNG), including electric vehicle infrastructure and local gas conversion projects and N16.4 billion for water infrastructure projects, comprising the construction of new earth dams and the rehabilitation of key water supply systems.

Speaking on the offer, Oniha, described it as a pivotal component of Nigeria’s strategy to mobilise climate finance and demonstrate leadership on environmental stewardship within Africa

She said: “We are supporting the government to support the environment in the interest of all of us. Nigeria is doing something about the environment, about climate change, and this is part of that journey, because you need funding to support that initiative. “It is tied to a global policy of looking after the environment, and also because Nigeria is committed to those initiatives, we would like to do more and do it consistently.”

Upon completion of the offer, allotment results would be announced on June 20, with listing on both the Nigerian Exchange Limited (NGX) Sustainable Instruments Market and the FMDQ Green Exchange slated for July 7.

The dual listing aims to provide transparency, liquidity, and visibility for investors looking to gain exposure to certified green assets.

Also, data presented by the Federal Ministry of Environment at the launch highlights the urgency of Nigeria’s green transition: the country ranks 140th out of 180 on the Environmental Performance Index.

Speaking Director of the Department of Climate Change, Ministry of Environment, Dr. Iniobong Awe, said: “Nigeria has committed to reducing emissions by 47 per cent under the Paris Agreement, with targets of 20 per cent unconditional and 45 per cent conditional reductions.

“Key initiatives include a climate policy from 2021 to 2030, a National Determined Contribution, and the development of green bonds for innovative financing. Sector-specific plans address agriculture, oil and gas, and energy, with notable projects like the energising education project and the BRT mass transit project. The goal is to achieve significant climate change mitigation and adaptation efforts.”

Tinubu: Sovereign Wealth Funds Must Anchor Africa’s Transformation, Development

 •Hails NSIA for championing strategic infrastructure projects, others

•Oramah: SWF should bankroll domestic projects

•Large-scale capital mobilisation key to unlocking transformative growth

James Emejoin Abuja

President Bola Tinubu yesterday tasked the African leadership to deepen regional cooperation and strategically deploy sovereign wealth funds to accelerate development across the continent.

The president insisted that sovereign wealth funds must become the anchors for pan-African investment platforms that de-risk projects, standardise processes, and deliver sustainable outcomes at scale, adding “This is not just a strategy. This is a necessity”.

Tinubu spoke at the opening of the 4th Annual Meeting of the Africa Sovereign Investors Forum (ASIF) with the theme, “Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa”, which was hosted by the Nigeria Sovereign Investment Authority (NSIA) in Abuja.

He stressed that the coordinated use of these national reserves remained essential for closing infrastructure gaps, enhancing climate resilience, and creating employment for the rapidly expanding youth population.

Represented by Vice President KashimShettima, he said the continent must align its resources and ambitions in response to a fast-changing global landscape.

The president said the forum came at a critical moment when the world is undergoing rapid transformation and under pressure to think outside the box.

He said, “For Africa, this is the moment to position itself to seize opportunities arising from these changes.”

The president stressed that African countries must emulate the example of evolving sovereign wealth funds globally, which now played central roles in national transformation rather than being used solely as fiscal stabilisation tools.

He said, “Our future lies not in working in silos but in pursuing regional cooperation and collective ambition.

“Our sovereign wealth funds must become the anchors for pan-African investment platforms that de-risk projects, standardise processes, and deliver sustainable outcomes at scale. This is not just a strategy. This is a necessity.”

The president also acknowledged the fiscal pressures African governments face amid heightened expectations for inclusive and sustainable growth, but said innovation and creativity in resource utilisation will provide a way forward.

Tinubu said, “There can be no greater inspiration to reimagine how we invest, whether in setting up critical infrastructure, strengthening our climate resilience, promoting food security through agricultural innovation, supporting micro, small and medium enterprises, or embracing the digital economy to create jobs and expand opportunity.”

He commended the NSIA for its role in championing strategic infrastructure projects, describing it as a catalyst in the country’s development agenda, particularly in renewable energy, healthcare, and agriculture.

Specifically, he praised the NSIA’s leadership for working with like-minded funds and international partners to craft long-term investment strategies tailored to Africa’s unique challenges.

The president said the forum represented a vital step toward fostering integration among Africa’s sovereign wealth institutions – and possesses the potential to pool expertise, capital and networks across borders and drive investment into high-impact projects.

He said, “This is precisely why platforms like the Africa Sovereign Investors Forum are not just relevant but essential. ASIF offers a pan-African mechanism to harness the collective strength of our sovereign investment institutions.

“It gives us the power to share knowledge, co-invest across borders, and speak with a unified voice in the global financial ecosystem.”

The president further described the launch of the ASIF Investment Platform as a bold initiative that could galvanise financing for cross-border infrastructure and drive the continent’s sustainable development.

In his remarks, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun urged stakeholders to focus on large-scale capital mobilisation, human capital development, policy alignment, and intercontinental collaboration. He said these elements are critical to unlocking transformative growth across Africa.

He said, “We are optimistic that this meeting will produce significant transactions that can attract the needed capital, build impactful partnerships and catalyse economic transformation across the continent.”

On his part, President of the African Export-Import Bank (AfreximBank), Prof. Benedict Oramah, called for a change in investment philosophy, urging that African sovereign wealth funds be retained within the continent to finance domestic projects.

He said, “There is a misconception that Africa lacks bankable projects. The potential across the continent is massive. The issue lies in how we approach investment strategy. Sovereign fund managers need to prioritise domestic investments that have long-term impact.”

ASIF Chairman, Mr, ObaidAmrane, said the forum had made notable progress since its inception three years ago, positioning Africa more competitively on the global stage and bridging infrastructure financing deficits.

He reaffirmed the forum’s commitment to ensuring that sovereign investment remained at the heart of Africa’s transformation.

He said, “While Africa remains open for business, we are focused on enabling sovereign investors to play an active role in projects that change lives across the continent.”

On his part, Managing Director/Chief Executive, NSIA, Mr. Aminu Umar-Sadiq, said the focus of the gathering was to explore how Africa’s sovereign wealth funds can leverage partnerships at domestic, continental, and global levels to deliver economic transformation.

He said the funds must strike a balance between taking bold investment risks to drive impact and maintaining the discipline needed to preserve wealth for future generations.

Sadiq noted that the continent must work together to develop a sustainable investment platform capable of attracting large-scale global capital. Such a platform, he said, should support initiatives that deliver strong commercial returns while also generating meaningful social impact, allowing Africa to address its developmental needs through financially sound and socially responsive investments.

He said African sovereign wealth funds must position themselves as the strategic partners of choice for international investors, combining their domestic knowledge and financial capacity to create an attractive market proposition. He said several investment and strategic agreements would be signed during the meeting to reinforce a collective commitment to economic transformation through collaboration and long-term capital deployment.

Also speaking at the forum, renowned Pan-African scholar, Prof. PLO Lumumba, urged African leaders to take greater responsibility for future generations by investing within the continent rather than exporting capital abroad.

He said, “It is our intergenerational duty to deploy the continent’s vast resources for the benefit of those yet unborn. Africa is not poor; our wealth is simply misallocated. Sovereign funds should remain in Africa to secure its future.”