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Wasteful Projects Draining Nigeria’s Public Finances – CIPMN

The Chartered Institute of Project Managers of Nigeria (CIPMN) has raised alarm over the increasing financial waste associated with poorly executed projects that require corrective work after commissioning.

Delivering the keynote address at the CIPMN 2025 Annual Conference and 6th Induction Ceremony on Tuesday, themed “Regulating Project Management in Nigeria: Policy Dialogue”, the Registrar-General of the institute, Henry Mbadiwe, described the trend as a significant drain on public resources and a threat to national development planning.

Citing a World Bank report, Mbadiwe revealed that an estimated $4 billion is lost globally every year on corrective works for projects that were supposedly completed, commissioned, and paid for. He called the figure “ridiculous and unacceptable,” attributing the waste to weak regulatory oversight and the use of unlicensed personnel in project execution.

“The project management profession in Nigeria is still evolving and has not yet received the recognition it deserves,” Mbadiwe said. “You cannot manage or lead a project in Nigeria without being licensed by this institute. Reports indicate that abandoned projects in the country are valued at N17 trillion, while globally, $4 billion is wasted annually on correcting errors in commissioned projects.”

The PUNCH reports that project failures necessitating post-commissioning reconstruction are not new in Nigeria. Numerous projects have required emergency fixes or complete redesigns shortly after completion due to structural defects, substandard materials, or non-compliance with specifications, leading to inflated costs and operational disruptions.

A notable example is the recent announcement by the Federal Airports Authority of Nigeria (FAAN) to commence reconstruction works at Murtala Muhammed International Airport (MMIA), Lagos, a few years after its earlier rehabilitation. On August 1, the Federal Executive Council approved over N900 billion for aviation projects, including the rehabilitation of MMIA’s Terminal One. The Minister of Aviation and Aerospace Development, Festus Keyamo, defended the project, citing the urgent need to replace aging infrastructure, expand capacity, and meet global standards.

Mbadiwe emphasised that such corrective expenditures reflect the urgent need for uniform project management standards in Nigeria. He warned that under the new law, managing any project—public or private—without a valid CIPMN licence is now a criminal offence.

“Some organisations attempt to bypass the law by claiming they have no designated project manager. This is incorrect,” Mbadiwe said. “The law is clear: you cannot lead, manage, or work on any project without appropriate experience and licensing from CIPMN. Our enforcement team will soon begin site visits to ensure compliance, and this includes foreign-trained professionals who must also be licensed locally.”

Speaking at the event, the Permanent Secretary of the Federal Ministry of Special Duties and Inter-Governmental Affairs, Onwusoro Maduka, described standardised project management as a “national governance necessity.” He highlighted that poor coordination across the three tiers of government has led to delays, cost overruns, duplication, political interference, and project abandonment.

Maduka called for the adoption of a National Project Management Framework enforceable at all government levels. His recommendations include mandatory licensing and induction for all project officers, annual recertification, state and local government training rollouts, standardised monitoring templates with digital reporting tools, and annual compliance audits with sanctions for non-adherence.

He concluded that uniform regulation would reduce financial leakages, eliminate arbitrary cost variations, improve transparency, and foster intergovernmental collaboration, thereby strengthening Nigeria’s development outcomes and alignment with the National Development Plan 2021–2025 and the Sustainable Development Goals.

Aviation Experts Split Over Proposed Arik–Aero Merger As New Tax Policy Raises Fears Among Airlines

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A sharp division has emerged among top aviation professionals following a proposal to merge Arik Air and Aero Contractors, the two indigenous airlines currently under the receivership of the Asset Management Corporation of Nigeria (AMCON). The merger proposal forms part of a revised national aviation framework being considered by the Federal Government.

The debate was triggered by former Commandant of the Murtala Muhammed International Airport (MMIA), Lagos, Group Capt. John Ojikutu (rtd), who urged the Minister of Aviation and Aerospace Development, Festus Keyamo, to abandon the pursuit of a national carrier and instead adopt a dual-flag-carrier model for Nigeria.

Ojikutu recommended that Arik Air and Aero Contractors be consolidated into a single regional and continental airline, while Air Peace should serve as Nigeria’s intercontinental flag carrier. According to him, such a merger would produce a stronger, more viable operator capable of competing effectively across Africa—provided a comprehensive economic audit of both airlines is conducted.

He proposed that ownership of the merged airline should be structured through public listing, with credible local and foreign investors allotted 25% equity, the Nigerian public 30%, and government participation capped at 10%. The remaining 35% would go to the original airline owners.

Ojikutu also advised limiting foreign airlines to landing in either Lagos or Abuja, after which they would interline with Nigerian carriers to distribute transit passengers across local destinations.

However, the proposal has drawn criticism from industry stakeholders. Capt. Mohammed Badamasi, a former pilot with the defunct Nigeria Airways, dismissed the merger idea as “unrealistic and commercially unsound.” He argued that airlines should instead develop strong, attractive business models capable of drawing investment on their own merit. Badamasi also questioned the capacity of Arik and Aero to compete internationally, noting the significant operational challenges already faced by Nigerian carriers such as Air Peace on global routes.

Meanwhile, concerns are rising over new tax policies expected to take effect under the Nigeria Tax Act (2025). The reforms will remove long-standing exemptions on import duties and Value Added Tax (VAT) for commercial aircraft, engines, spare parts, and airline tickets.

The Chairman of the Airline Operators of Nigeria (AON) and CEO of Air Peace, Allen Onyema, warned that the new tax regime could cripple local airlines if implemented in January 2026 as planned. Speaking in Abuja at an event marking 100 years of aviation in Nigeria, Onyema disclosed that operators and the Aviation Minister would soon meet with members of the National Assembly to discuss the implications of the tax reforms.

“If it is allowed to stand, all of us will crumble,” Onyema said. However, he expressed confidence that President Bola Tinubu would intervene, urging the president and the minister to continue to listen to the concerns of industry operators.

Keyamo Says First Nigeria Airshow Will Improve After Mixed Debut

Minister of Aviation and Aerospace Development Festus Keyamo has apologised for the shortcomings recorded at the maiden edition of the Nigeria International Airshow, saying the event will become stronger with each edition.

Speaking at the airshow held at the Nnamdi Azikiwe International Airport in Abuja, the minister said the gathering marked an important first step for the country. He noted that the inaugural outing was not expected to be perfect, but was an attempt to begin building a global aviation showcase.

Keyamo said the airshow was created as a platform for innovation, investment, and collaboration, adding that Nigeria intends to secure a spot among leading international events in cities such as Paris, Dubai, Farnborough, and Singapore. He asked for patience as the ministry works to strengthen future editions.

He explained that the government will continue refining the airshow until it becomes a recognised global brand and a reflection of Nigeria’s ambition in the aviation sector. He described the occasion as the beginning of a long journey toward positioning the country as a competitive player in global aerospace development.

Keyamo also highlighted recent progress in aircraft financing. He said Nigeria’s improved compliance with the Cape Town Convention and its Aircraft Protocol has raised the country’s Cape Town Compliance Index score. He added that the Nigerian Civil Aviation Authority has now fully implemented the Irrevocable Deregistration and Export Request Authorisation, which allows faster and more transparent deregistration and repossession of aircraft during defaults.

The minister said these reforms have boosted investor confidence, reduced perceived risks, and widened access to aircraft leasing and financing for Nigerian operators.

Aviation Ministry Celebrates Stakeholders As Nigeria Marks 100 Years Of Flight

The Ministry of Aviation and Aerospace Development has praised key players in Nigeria’s aviation sector for their roles in improving safety, operations, and passenger confidence over the years.

Permanent Secretary Ibrahim Kana gave the commendation in Abuja during an event marking a century of aviation in the country. He said the ministry remains committed to building a stronger, more efficient aviation system that creates opportunities and enhances Nigeria’s global standing.

Kana expressed appreciation to industry pioneers, current operators, international partners, and the Nigerian public, noting that their collective effort has shaped the sector’s growth.

He also acknowledged President Bola Tinubu’s support for aviation reforms and credited him for appointing Festus Keyamo as minister. According to Kana, the minister has brought commitment and vision to the sector.

Reflecting on the improvements over the decades, he recalled the days when flying in Nigeria was marked by uncertainty and fear, with passengers often anxious throughout a flight. He said current advancements have raised safety standards to the point where travellers now fly with ease and confidence.

Kana urged stakeholders to view the industry’s 100-year milestone not only as a moment of reflection but as a platform for future progress. He said sustained collaboration among government institutions, industry experts, and global partners will be crucial to achieving safer and more reliable air travel across Nigeria.

Nigeria Projects Aviation Revenue Boost To 2.58bn Dollars By 2029

President Bola Ahmed Tinubu says Nigeria’s aviation industry is on course to generate 2.58bn dollars by 2029 as new investments and rising passenger traffic continue to strengthen the sector.

Speaking at the opening of the Nigeria International Airshow in Abuja, the President, represented by the Secretary to the Government of the Federation, Senator George Akume, said the industry processed 15.8 million passengers in 2023. He added that projections by the Nigeria Civil Aviation Authority show that passenger numbers will rise to 25.7 million by 2029 with revenue expected to reach 2.58bn dollars in the same period.

Tinubu said the federal government is upgrading aviation infrastructure across the country and noted that the 712bn naira modernisation of the Lagos airport is part of efforts to reposition Nigeria as a regional hub.

According to him, Nigeria now ranks first in Africa for compliance with international aviation standards after improving its Cape Town Convention score from 49.5 per cent to 75.5 per cent. He said the development has opened access to lower cost aircraft financing for Nigerian operators.

The President listed additional milestones which include new maintenance partnerships with Boeing and Cranfield University aimed at reducing the 200m dollars spent on foreign aircraft repairs each year and the return of Emirates Airlines and Uganda Airlines to Nigerian routes after new bilateral air services agreements.

He said aviation has become a major contributor to economic growth with its impact now accounting for 2.5 per cent of national GDP supported by 20 airports, 23 domestic airlines and thousands of aviation professionals.

Tinubu added that Nigeria is working to establish itself as the aviation hub for West and Central Africa and will continue to pursue investments in training centres and public private partnerships to support that goal.

In his remarks, the Minister of Aviation and Aerospace Development, Festus Keyamo, commended industry stakeholders for their contributions to the growth of the sector and said the Nigeria International Airshow will promote collaboration, innovation and global visibility.

The two day event has attracted aviation players from several countries for exhibitions, seminars and technical sessions.

Nigeria Moves To Cut 200m Dollar Annual Aircraft Repair Costs With New MRO Agreements

Nigeria has taken a major step toward reducing the 200m dollar spent yearly on overseas aircraft repairs following new agreements signed with Boeing and Cranfield University to establish modern maintenance repair overhaul facilities in the country.

The Federal Government said the development will help reverse decades of capital flight that has forced local airlines to conduct major maintenance checks abroad. According to officials, Aero Contractors and XEJet will spearhead the initial rollout of the new maintenance hubs planned for Lagos and Abuja.

President Bola Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, said the decision is part of a broader effort to reposition Nigeria’s aviation industry for long-term growth. Speaking at the Nigeria International Airshow in Abuja, he noted that the country recently marked one hundred years of aviation activity, with the airshow signalling a new phase of expansion.

The President said Nigeria handled 15.89m passengers in 2023 and that projections by the Nigeria Civil Aviation Authority indicate an increase to 25.7m passengers by 2029. Revenue in the sector is also expected to rise to 2.58bn dollars within the same period.

He added that the Federal Government is investing heavily in aerodrome upgrades, including a 712bn naira modernisation of the Lagos airport. Tinubu said Nigeria now ranks first in Africa for compliance with international aviation standards after raising its Cape Town Convention score from 49.5 per cent to 75.5 per cent, a development he said has unlocked access to lower cost aircraft financing.

He explained that aviation contributes 2.5 per cent to national GDP and is supported by twenty airports, twenty three domestic airlines and thousands of professionals. Tinubu said the goal is to build a sustainable aviation ecosystem that strengthens national competitiveness, creates jobs and positions Nigeria as the regional hub for West and Central Africa.

In his remarks, Minister of Aviation and Aerospace Development, Festus Keyamo, said Nigeria has finally joined the global circuit of airshows where innovation, investment and policy discussions shape the evolution of the industry. He described the inaugural event as an ambitious first step that will grow in scale and quality in the coming years.

Keyamo said the transformation in the sector under the Renewed Hope Agenda includes stronger aircraft financing frameworks driven by the implementation of the Cape Town Convention and the activation of the Irrevocable Deregistration and Export Request Authorisation by the Nigerian Civil Aviation Authority. These reforms, he said, have improved investor confidence and expanded leasing opportunities for Nigerian operators.

He noted that the airshow is more than an exhibition, calling it a signal of intent that Nigeria is ready to innovate, collaborate and compete globally. The minister said the platform will expose young Nigerians to opportunities in aerospace engineering, defence systems, drone technology and other emerging segments of the aviation industry.

Altman Urges Rapid Improvements As OpenAI Confronts Rising Competition

OpenAI chief executive Sam Altman has called for urgent upgrades to ChatGPT as the company faces mounting pressure from competing artificial intelligence systems. According to a report by the Information, Altman described the moment as critical and asked employees to intensify efforts to strengthen the chatbot.

The company has been unsettled by the momentum behind Google’s new Gemini 3 model, which has surpassed competitors in several performance benchmarks. In an internal message last month, Altman warned that the launch of Gemini 3 could create temporary economic challenges for OpenAI and advised staff to prepare for a difficult period.

ChatGPT currently records about 800 million weekly users but Google’s strong cash flow from its search business provides it with large financial capacity and access to extensive data resources for its AI products.

The shift in market sentiment has been amplified by public comments from Salesforce chief executive Marc Benioff, who said he had switched to the Gemini 3 model after using ChatGPT consistently for three years. Benioff wrote that the speed and reasoning ability of Gemini 3 represented a significant leap.

OpenAI has also delayed plans to introduce advertising into ChatGPT as it concentrates on product improvements. The chatbot marked its third anniversary recently and the head of ChatGPT, Nick Turley, said the team is focused on making the service more powerful, expanding global reach and improving user experience.

Although OpenAI does not have the wide financial support enjoyed by Google, Meta and Amazon, which funds its rival Anthropic, the company continues to attract major investment. It has secured backing from Microsoft and the SoftBank group and reached a valuation of 500 billion dollars in its most recent assessment. This is a sharp rise from its 157 billion dollar valuation in October last year.

OpenAI remains loss making but expects to record more than 20 billion dollars in revenue this year. Altman has projected that annual revenue could reach hundreds of billions of dollars by 2030. The company has committed to investing 1.4 trillion dollars in data centres over the next eight years in order to support the development and operation of its AI systems. Altman said the company is more concerned about having insufficient computing power than having excess capacity.

Competition across the global technology industry continues to intensify. Apple has appointed Amar Subramanya as its new vice president of AI. Subramanya previously held senior roles at Microsoft and spent sixteen years at Google, where he oversaw engineering for the Gemini assistant. He replaces John Giannandrea. Apple has been slower than some competitors to incorporate advanced AI features into its devices and has pushed back planned improvements to its Siri assistant until 2026.

Yuletide: Local Airfares Surge Above N300,000 As Capacity Shortfalls Bite

Domestic airfares have soared by nearly 150 per cent ahead of the Yuletide, with ticket prices on some routes now exceeding N300,000, driven by surging passenger traffic, limited aircraft availability, and persistent operational challenges.

Checks by The PUNCH showed that the sharpest increases were recorded on South-South and South-East routes, which traditionally witness the highest passenger movement during the festive period.

Before the Christmas rush, one-way domestic fares averaged about N120,000. However, a review of airline booking platforms on Tuesday revealed that prices on several routes have now tripled.

A search on the Air Peace booking portal showed that a one-way Lagos–Asaba ticket has risen from about N120,000 to over N300,000, reaching N337,500 between 24 and 29 December. Abuja–Asaba flights are listed at N335,500 between 23 and 28 December, although fares may drop to around N240,000 towards the end of the month.

Aero Contractors priced its Lagos–Asaba flight at N238,452 for 24 December, while United Nigeria Airlines listed Lagos–Asaba tickets at N399,999, and Abuja–Asaba fares between N335,499 and N360,499 depending on the date.

Air Peace is expected to operate flights on the Lagos–Enugu route between 28 and 29 December at fares ranging from N335,500 to N430,700. Abuja–Enugu tickets from 24 to 28 December hover around N335,500, dropping to N240,200 on 29 December.

In the South-South region, Aero Contractors’ Lagos–Calabar fares range between N187,976 and N151,786 from 22 to 24 December, while United Nigeria priced Lagos–Benin tickets at N335,499 between 22 and 30 December, increasing to N345,499 on 31 December. Air Peace will sell Lagos–Port Harcourt tickets at N335,500 from 23 to 29 December.

Short-haul flights—some lasting as little as 40 minutes, such as Lagos–Asaba or Lagos–Benin—have seen the steepest increases. Many Nigerians still prefer flying due to lengthy road travel times and prevailing security concerns across the country.

United Nigeria Airlines listed Lagos–Anambra tickets at N399,999 on 17 December. Flights scheduled for 18–21 December were already sold out. Lagos–Owerri fares fluctuate between N335,499 and N499,998.

The rising costs have prompted some travellers to consider road transport despite worsening insecurity nationwide. Operators, however, attribute the fare spike to limited aircraft availability, multiple regulatory charges and growing economic pressures.

Operators Blame Aircraft Shortage, High Charges

Industry experts say aircraft availability remains a major challenge. Many domestic carriers have several aircraft undergoing scheduled maintenance overseas.

Aero Contractors’ Chief Financial Officer, Charles Grant, recently disclosed that Nigerian airlines collectively operate only 38 serviceable aircraft, warning that the sector requires urgent government intervention.

According to him, “Most Nigerian airlines operate with just four to six active aircraft despite national demand. That’s not a choice; it’s the result of punitive economics.”

Air Peace, Nigeria’s largest carrier, also reported significant operational disruptions in recent weeks after its lessor, SmartLynx Airlines, withdrew three wet-leased aircraft without prior notice despite receiving advance payment.

The airline’s Chief Commercial Officer, Nowel Ngala, said Air Peace leased the aircraft to bridge gaps while 13 of its planes undergo maintenance abroad. He described the withdrawal as “abrupt and unjustified,” adding that it violated aviation standards and contractual agreements. He, however, assured that some of the aircraft under maintenance have started returning to service.

President of the Aircraft Owners and Pilots Association of Nigeria, Dr Alex Nwuba, said capacity shortfalls typically push fares upward during festive seasons, noting that the situation this year was worsened by unexpected operational disruptions.

“Air Peace lost several aircraft temporarily, reducing daily capacity by roughly 300 seats,” he said. “With some aircraft now returning and two new airlines expected to commence operations, capacity should improve unless external issues like insecurity intervene.”

He added that high fares were consistent with global festive-season patterns.

Former Director-General of the Nigeria Civil Aviation Authority, Harold Demuren, called on the Federal Government to support local operators and renegotiate unfavourable Bilateral Air Service Agreements.

“In BASA, both parties must benefit. The government needs to protect Nigerian carriers. Renegotiation may be tough, but it is necessary,” he stressed.

Aviation analyst, Olumide Ohunayo, urged airlines to improve staff welfare as they brace for increased flight demand.

“The season comes with challenges. Airlines must look after both their staff and passengers to ensure professional service delivery,” he noted.

JUST IN: Tinubu Nominates Former CDS Christopher Musa As Defence Minister

President Bola Ahmed Tinubu has nominated former Chief of Defence Staff, General Christopher Musa (rtd.), as Nigeria’s new Minister of Defence.

The nomination was communicated in a letter to Senate President Godswill Akpabio on Tuesday, following the resignation of the former minister, Alhaji Mohammed Badaru, on Monday due to health-related reasons.

In the letter, President Tinubu expressed strong confidence in General Musa’s experience and capacity to strengthen the nation’s defence architecture.

The development was further confirmed in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the statement, General Musa, who turns 58 on 25 December, had an illustrious career in the Nigerian Armed Forces and served as Chief of Defence Staff from 2023 until October 2025. He is also a recipient of the prestigious Colin Powell Award for Soldiering, which he received in 2012.

Born in Sokoto in 1967, Musa had his primary and secondary education in the state before proceeding to the College of Advanced Studies, Zaria. He graduated in 1986 and immediately enrolled at the Nigerian Defence Academy, where he earned a Bachelor of Science degree in 1991.

Upon commissioning as a Second Lieutenant in 1991, Musa served in various command, operational and staff roles across the Nigerian Army. His appointments include:

General Staff Officer 1, Training/Operations, Headquarters 81 Division

Commanding Officer, 73 Battalion

Assistant Director, Operational Requirements, Department of Army Policy and Plans

Infantry Representative/Member, Training Team, Headquarters Nigerian Army Armour Corps

In 2019, he held key operational roles including Deputy Chief of Staff (Training/Operations), Headquarters Infantry Centre and Corps; Commander, Sector 3 of Operation Lafiya Dole; and Commander, Sector 3 of the Multinational Joint Task Force in the Lake Chad region.

By 2021, Musa had risen to become Theatre Commander, Operation Hadin Kai, before later being appointed Commander, Nigerian Army Infantry Corps.

He was subsequently appointed Chief of Defence Staff by President Tinubu in 2023.

Verve, Providus Bank Unveil Providusverve Travel Card To Power Seamless Payments For Inbound Travellers This December

 Verve, Africa’s leading payment cards and digital tokens brand, has announced a strategic partnership with Providus Bank, one of Nigeria’s most innovative financial institutions, to launch the ProvidusVerve Travel Card — a naira-based travel card designed to give inbound travellers a smooth, secure, and convenient payment experience throughout their stay in Nigeria.

Created to support the surge of tourists, expatriates, business visitors, conference delegates, and returning diaspora expected during the festive “Detty December” season, the ProvidusVerve Travel Card enables seamless payments for transportation, hotels, dining, shopping, entertainment, and everyday essentials nationwide. The card also works on select global merchant platforms that accept Verve, including Netflix, Google Play, and other digital services, ensuring travellers enjoy uninterrupted access to familiar services.

The ProvidusVerve Travel Card eliminates the hassle of sourcing naira or converting foreign currency on arrival. It enables instant, secure transactions, reduces reliance on cash, and supports compliance with the Central Bank of Nigeria’s cashless policy. It also mitigates the risks associated with carrying physical cash such as loss, theft, or fraud, offering a safe, regulation-aligned option for both online and in-person payments.

Paul Ohakim, Vice President, Issuing and Acquiring Management, Africa, Verve International, expressed confidence in the product’s impact: “The ProvidusVerve Travel Card is a timely solution for inbound travellers seeking reliability, security, and simplicity while navigating Nigeria. Together with Providus Bank, we have created a product that eliminates the friction traditionally associated with accessing local payments. Whether for tourism, business, or festive activities, this card ensures a smooth financial experience from the moment visitors land.”

Ademola Adeniran, Divisional Head, Product Management and Solution Delivery, Interswitch, added: “This partnership reflects Verve’s commitment to designing products that respond to real user needs. The ProvidusVerve Travel Card supports everyday experiences — from booking rides and hotels to shopping, streaming, and dining. It provides inbound travellers with a secure, compliant, digital-first way to experience Nigeria without financial barriers.”

As Nigeria prepares for its busiest holiday travel season, the ProvidusVerve Travel Card marks a significant step in enhancing the visitor experience and supporting the growth of the country’s tourism and creative economy. Powered by Verve’s secure, widely accepted payment technology, the card ensures inbound travellers enjoy seamless digital payments throughout their stay.

NUPRC Launches 2025 Licensing Round Portal, Projects $10bn Investment Boost

NUPRC Establishes Energy Transition Unit

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has formally activated the online portal for the Nigeria 2025 Licensing Round, marking a major milestone in the government’s push to expand upstream investment and enhance transparency in oil and gas exploration.

Commission Chief Executive, Gbenga Komolafe, announced the launch of the portal — br2025.nuprc.gov.ng — during a media briefing at the agency’s Abuja headquarters on Monday.

Komolafe explained that the portal’s rollout underscores the Commission’s renewed commitment to openness, efficiency, and investment growth. He noted that previous licensing exercises — particularly the 2022 Mini-Bid Round and the landmark 2024 Licensing Round — were executed with unprecedented transparency and drew strong investor interest without attracting a single litigation.

50 Oil and Gas Blocks Placed on Offer

With the approval of President Bola Tinubu, the NUPRC has opened bidding for 50 oil and gas blocks, cutting across onshore, swamp, shallow-water, frontier basins, and deepwater environments.

According to Komolafe, the breakdown includes:

  • 15 onshore blocks
  • 19 shallow-water blocks
  • 15 frontier basin assets
  • 1 deepwater block

He added that the objectives of the 2025 Licensing Round include increasing reserves, expanding production capacity, boosting gas utilisation, supporting indigenous players, and promoting job creation across the value chain. The initiative also reinforces Nigeria’s alignment with global transparency standards under the Extractive Industries Transparency Initiative (EITI).

To encourage broader participation, the Commission—following presidential approval—has reduced signature bonuses, making the exercise more accessible to investors.

Improved Geological Data and Digital Bidding

Komolafe noted that the NUPRC has conducted extensive multi-client surveys and reprocessed thousands of kilometres of 2D and 3D seismic data, providing what he described as the highest-quality subsurface imagery currently available in Africa.

This enhancement reduces exploration risk, lowers entry costs, accelerates time to first production, and boosts investor confidence.

He revealed that the 2025 Licensing Round is expected to attract around $10 billion in capital inflows, add up to two billion barrels to national reserves over the next decade, and potentially generate 400,000 barrels per day from fully developed assets.

To uphold transparency, the Commission has introduced a fully digital, two-stage bidding structure — a qualification stage followed by a bid submission stage. The system is designed to ensure fairness, clarity, and efficiency throughout the process.

Komolafe stressed that the age or date of incorporation of participating companies will not limit their eligibility. Instead, the selection criteria will prioritise technical competence, professionalism, and financial capacity.

Shortlisted applicants will be required to execute a confidentiality agreement before advancing to the bid phase, where technical and commercial proposals will be submitted for evaluation.

CBN Unveils Strategic Direction For 2026, Prioritises Stability And Financial Innovation

The Central Bank of Nigeria (CBN) has laid out its core strategic focus for the year 2026, outlining a comprehensive agenda centred on strengthening the financial system, advancing price stability, modernising payment channels, and expanding financial inclusion. Governor Olayemi Cardoso revealed the priorities during the 60th Annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria.

According to the CBN, the institution intends to reinforce banking-sector resilience, enhance regulatory frameworks, foster responsible fintech growth, and deepen institutional capacity in the coming year. The Bank also aims to broaden stakeholder collaboration and consolidate Nigeria’s standing as a credible and globally respected monetary authority.

Commitment to Transparency and Evidence-Based Operations

Cardoso highlighted the Bank’s efforts over the past year, noting that policies have remained aligned with its pledge to restore macroeconomic stability and rebuild public trust.

He emphasized that the CBN has maintained consistency and clarity in its policy direction, stating that transparency has been the foundation of recent decisions. He added that the resilience of Nigerians continues to drive the Bank’s commitment to improving internal governance, strengthening data analysis, and ensuring that each policy action is grounded in credible evidence.

The Governor disclosed that more than 12 million contactless cards are now active nationwide, demonstrating rapid adoption of digitised payment channels. The CBN’s regulatory sandbox has also grown to accommodate over 40 fintech innovators, facilitating controlled experimentation and ethical scaling of digital-finance solutions.

Revised agent-banking guidelines have tightened anti-money-laundering measures, including geo-fencing high-risk zones, while boosting consumer protection across underserved areas.

Maintaining Economic Stability

Cardoso reiterated that although security issues fall outside the Central Bank’s mandate, the Bank remains sensitive to the economic consequences of insecurity and is optimistic that government interventions will yield progress.

He stressed that Nigeria’s ongoing economic diversification has helped shield the country from external shocks, particularly volatility in the global oil market.

The Bank reaffirmed its determination to gradually reduce inflation, insisting that current double-digit levels are unacceptable. Cardoso said the ongoing transition toward a clear inflation-targeting regime is being strengthened by improved data systems, transparent communication, and the complete discontinuation of monetary financing of fiscal deficits.

He affirmed with emphasis that the CBN will not return to financing fiscal deficits under any circumstances.

FGN Savings Bond: DMO Opens December Subscription Window For New Issuance

FGN Bond For Jan. 2021 Oversubscribed

The Debt Management Office (DMO) has formally commenced the subscription period for the December 2025 issuance of the Federal Government of Nigeria Savings Bond (FGNSB), featuring two-year and three-year maturity options.

According to details contained in a circular released on Monday, the two-year instrument—scheduled to mature on December 10, 2027—comes with an annual coupon rate of 12.838%, while the three-year bond that matures on December 10, 2028, is being floated at 13.838% per annum.

The subscription window opened on December 1, 2025, and will close on December 5, 2025. The settlement date remains December 10, 2025, with interest payments scheduled to be remitted quarterly on March 10, June 10, September 10, and December 10 throughout the lifespan of the bonds.

Rates Decline Slightly Compared to November Offer

The December coupon rates mark a mild drop from the November offer, where the two-year bond cleared at 13.565%, while the three-year version maturing on November 12, 2028, attracted 14.565%.

At its 303rd Monetary Policy Committee (MPC) meeting in November, the Central Bank of Nigeria (CBN) opted to retain all policy parameters, reaffirming its stance on stabilising prices and sustaining improvements in the foreign exchange market. The Monetary Policy Rate (MPR) was maintained at 27%.

Key Investment Features

The FGN Savings Bond continues to target retail investors, with a minimum entry subscription of ₦5,000 and incremental purchases in units of ₦1,000. The maximum subscription allowed per individual investor is ₦50 million.

Backed by the full faith and credit of the Federal Government, the FGNSB remains one of the safest fixed-income opportunities for small investors seeking predictable returns and principal protection. The instruments offer quarterly coupon payments and full redemption at maturity, shielding retail investors from market volatility common in equities and corporate bonds.

The bonds remain attractive due to their additional benefits, which include:

  • Recognition as trustee investment instruments under the Trustee Investment Act.
  • Tax exemptions for eligible participants under PITA and CITA frameworks, including Pension Funds.
  • Listing on the Nigerian Exchange Limited to enable tradability and enhance liquidity.
  • Qualification as liquid assets for banks in computing liquidity ratios.

Context Behind the Programme

Introduced in 2017, the FGN Savings Bond initiative was designed to broaden financial inclusion, deepen the domestic debt market, and open access to government securities for low-income and first-time investors.

The bond’s comparatively high coupon rates reflect current inflationary conditions and the government’s aim to encourage increased participation from the retail segment.

The DMO’s consistent rollout of the savings bond also signals the Federal Government’s continuing reliance on domestic borrowing channels to fund budgetary requirements while moderating exposure to external debt risks.

KLT Customs Revenue Rises To N13.7bn In 10 Months

The Kirikiri Lighter Terminal (KLT) Command of the Nigeria Customs Service has announced a revenue haul of N13.7 billion between January and October 2025, marking a 47 per cent rise from the N9.4 billion generated during the same period in 2024.

The outgoing Controller of the Command, now promoted to Assistant Comptroller General (ACG), Eghosa Edelduok, disclosed the figures on Monday during a send-off ceremony held in her honour in Lagos.

Edelduok described the revenue growth as the outcome of targeted reforms and strengthened operational efficiency across the command.

“This growth did not happen by chance,” she said. “It is the result of deliberate reforms, increased stakeholder engagement, and improved trade facilitation within the terminal.”

Reflecting on her tenure, ACG Edelduok said the Command faced serious operational challenges when she assumed office.

“Several terminals under KLT were moribund when I took over,” she noted.

Through continuous dialogue with terminal operators, port users and Customs personnel, the Command successfully revived key facilities. She noted that the ESS Libra Terminal now handles 50 to 60 containers monthly, while other terminals recorded similar improvements driven by better access routes, reduced delays and streamlined procedures.

Edelduok highlighted significant improvements in cargo processing timelines, stating that compliant consignments were now cleared within 48 hours.

She added that rising compliance among traders and clearing agents had become “the backbone of the revenue leap,” with more stakeholders choosing KLT due to its enhanced efficiency and friendlier operational atmosphere.

“Stakeholder cooperation helped us change perceptions, attracting more importers who previously avoided the terminal due to fears of delays and bottlenecks,” she said.

The outgoing Controller commended officers of the Command, sister agencies and terminal operators for the teamwork that defined her 18-month stewardship. She also thanked the Comptroller-General of Customs, Bashir Adeniyi, for providing institutional support that helped strengthen operations at KLT.

Edelduok described as “a defining legacy” her successful delivery of a major Corporate Social Responsibility (CSR) project — a newly constructed block of classrooms and a fully equipped library for inmates of the Kirikiri Medium Correctional Centre.

Looking ahead, the newly appointed ACG assured stakeholders that KLT would remain committed to facilitating legitimate trade while intensifying efforts to combat illicit activities.

She emphasised that the Command would not tolerate the movement of contraband goods, including fake pharmaceuticals and cannabis.

“My new office comes with greater responsibility, but I leave KLT prepared, fulfilled, and hopeful for even greater growth at the Command,” she added.

Several stakeholders at the ceremony paid glowing tributes to Edelduok’s leadership. Deputy Comptroller Funmilayo Adedokun, who heads the Vehicle Seat Unit, described her as a “transformational leader”.

The KLT revenue performance aligns with a wider upward trend in Customs collections across Nigeria’s ports. In October 2025, the Apapa Area Command recorded N304 billion — the highest monthly revenue ever generated by any Customs command in the country.

According to the Area Controller, Comptroller Emmanuel Oshoba, the October figure surpassed the N264 billion collected in October 2024. He also disclosed that Apapa Command generated N2.4 trillion between January and October 2025, exceeding its total revenue for the whole of the previous year.

Week 23 Pool Result For Sat 6, Dec 2025, UK 2025/2026

Week 23 pool results 2025: Football pools results, live football pool result today, pool result today saturday matches, pool results for this week, british and aussie pool result, football pools results and fixtures, pools panel results today, pool panel results and live score pool result today. We publish half-time results first of its kind.

Week 23 Pool Results: Football pools results for this week 23 2025 are published on this website immediately after full-time confirmation of live score results. We also publish the outcome of postponed matches by the football pools panel at half-time as decided by the football pools. This week’s Week 23 Pool Results are made available in partnership with Bizwatch Nigeria.

WEEK: 23; SEASON: UK 2025/2026; DATE: 06-December-2025
Football Pools ResultsHTFTStatus
1Aston VillaArsenal-:--:-EKO
2BournemouthChelsea-:--:-Saturday
3BrightonWest Ham-:--:-Sunday
4EvertonNott’m For.-:--:-Saturday
5FulhamCrystal P.-:--:-Sunday
6Leeds Utd.Liverpool-:--:-LKO
7Man CitySunderland-:--:-Saturday
8NewcastleBurnley-:--:-Saturday
9TottenhamBrentford-:--:-Saturday
10BlackburnSheff Wed.-:--:-Saturday
11Bristol C.Millwall-:--:-Saturday
12CharltonPortsmouth-:--:-EKO
13DerbyLeicester-:--:-EKO
14IpswichCoventry-:--:-Saturday
15PrestonWrexham-:--:-Saturday
16Q.P.R.West Brom-:--:-Saturday
17Sheff Utd.Stoke-:--:-Saturday
18SouthamptonBirmingham-:--:-Saturday
19SwanseaOxford Utd.-:--:-Saturday
20WatfordNorwich-:--:-EKO
21CardiffHuddersfieldVoidPPPanel
22PlymouthBradford C.-:--:-EKO
23ColchesterGillingham-:--:-EKO
24AccringtonMansfield-:--:-Saturday
25Boreham W.Newport Co.-:--:-Sunday
26ChesterfieldDoncaster-:--:-LKO
27ExeterWycombe-:--:-Saturday
28FleetwoodLuton-:--:-Saturday
29GatesheadWalsall-:--:-Sunday
30Milton K.D.Oldham-:--:-Saturday
31PeterboroBarnsley-:--:-Saturday
32Port ValeBristol R.-:--:-Saturday
33SloughMacclesfield-:--:-Sunday
34StockportCambridge U.-:--:-Saturday
35Sutton Utd.Shrewsbury-:--:-LKO
36SwindonBolton-:--:-Saturday
37Wigan A.Barrow-:--:-Saturday
38CelticHearts-:--:-Sunday
39DundeeAberdeen-:--:-Saturday
40HibernianFalkirk-:--:-Saturday
41KilmarnockRangers-:--:-LKO
42MotherwellLivingston-:--:-Saturday
43St MirrenDundee Utd.-:--:-Saturday
44Ayr UnitedPartick-:--:-Saturday
45DunfermlineArbroath-:--:-Saturday
46Ross CountyAirdrie-:--:-Saturday
47St J’StoneRaith-:--:-Saturday
48AlloaPeterhead-:--:-Saturday
49East FifeInvernessVoidPPPanel

Week 22 Pool Result For Sat 29, Nov 2025, UK 2025/2026

Week 22 pool results 2025: Football pools results, live football pool result today, pool result today saturday matches, pool results for this week, british and aussie pool result, football pools results and fixtures, pools panel results today, pool panel results and live score pool result today. We publish half-time results first of its kind.

Week 22 Pool Results: Football pools results for this week 22 2025 are published on this website immediately after full-time confirmation of live score results. We also publish the outcome of postponed matches by the football pools panel at half-time as decided by the football pools. This week’s Week 22 Pool Results are made available in partnership with Bizwatch Nigeria.

WEEK: 22; SEASON: UK 2025/2026; DATE: 29-November-2025
Football Pools ResultsHTFTStatus
1Aston VillaWolves0-:-01-:-0Home
2BrentfordBurnley0-:-03-:-1Home
3ChelseaArsenal0-:-01-:-1ScoreDraw
4Crystal P.Man United1-:-01-:-2Away
5EvertonNewcastle0-:-31-:-4Away
6Man CityLeeds Utd.2-:-03-:-2Home
7Nott’m For.Brighton0-:-10-:-2Away
8SunderlandBournemouth1-:-23-:-2Home
9TottenhamFulham0-:-21-:-2Away
10West HamLiverpool0-:-00-:-2Away
11CoventryCharlton2-:-13-:-1Home
12LeicesterSheff Utd.0-:-32-:-3Away
13MiddlesbroDerby0-:-12-:-1Home
14MillwallSouthampton0-:-03-:-2Home
15NorwichQ.P.R.3-:-13-:-1Home
16PortsmouthBristol C.0-:-10-:-1Away
17Sheff Wed.Preston2-:-12-:-3Away
18StokeHull1-:-01-:-2Away
19West BromSwansea0-:-23-:-2Home
20WrexhamBlackburn0-:-11-:-1ScoreDraw
21BlackpoolReading0-:-10-:-3Away
22Bradford C.Exeter1-:-01-:-0Home
23Burton A.Leyton O.0-:-20-:-4Away
24CardiffMansfield1-:-03-:-0Home
25DoncasterPeterboro2-:-02-:-1Home
26HuddersfieldA.Wimbledon0-:-13-:-3ScoreDraw
27LincolnPort Vale1-:-01-:-0Home
28LutonBolton0-:-11-:-1ScoreDraw
29PlymouthNorthampton0-:-00-:-3Away
30RotherhamWycombe0-:-11-:-1ScoreDraw
31StockportBarnsley0-:-11-:-1ScoreDraw
32Wigan A.Stevenage0-:-00-:-0noScoreDraw
33AccringtonOldham1-:-01-:-0Home
34BarnetHarrogate1-:-01-:-1ScoreDraw
35Bristol R.Notts Co.0-:-00-:-1Away
36Cambridge U.Crewe0-:-02-:-1Home
37ChesterfieldSwindon1-:-11-:-2Away
38ColchesterCheltenham1-:-02-:-0Home
39Milton K.D.Fleetwood1-:-02-:-1Home
40Newport Co.Barrow1-:-12-:-2ScoreDraw
41Salford C.Crawley1-:-14-:-3Home
42ShrewsburyGillingham3-:-13-:-3ScoreDraw
43WalsallBromley0-:-13-:-1Home
44DundeeSt Mirren2-:-13-:-1Home
45HibernianCeltic0-:-21-:-2Away
46KilmarnockDundee Utd.1-:-01-:-1ScoreDraw
47LivingstonAberdeen0-:-00-:-1Away
48MotherwellHearts0-:-00-:-0noScoreDraw
49RangersFalkirk0-:-00-:-0noScoreDraw

Week 21 Pool Result For Sat 22, Nov 2025, UK 2025/2026

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Week 21 pool results 2025: Football pools results, live football pool result today, pool result today saturday matches, pool results for this week, british and aussie pool result, football pools results and fixtures, pools panel results today, pool panel results and live score pool result today. We publish half-time results first of its kind.

Week 21 Pool Results: Football pools results for this week 21 2025 are published on this website immediately after full-time confirmation of live score results. We also publish the outcome of postponed matches by the football pools panel at half-time as decided by the football pools. This week’s Week 21 Pool Results are made available in partnership with Bizwatch Nigeria.

WEEK: 21; SEASON: UK 2025/2026; DATE: 22-November-2025
Football Pools ResultsHTFTStatus
1ArsenalTottenham2-:-04-:-1Home
2BournemouthWest Ham0-:-22-:-2ScoreDraw
3BrightonBrentford0-:-12-:-1Home
4BurnleyChelsea0-:-10-:-2Away
5FulhamSunderland0-:-01-:-0Home
6Leeds Utd.Aston Villa1-:-01-:-2Away
7LiverpoolNott’m For.0-:-10-:-3Away
8NewcastleMan City0-:-02-:-1Home
9WolvesCrystal P.0-:-00-:-2Away
10BirminghamNorwich3-:-14-:-1Home
11Bristol C.Swansea2-:-03-:-0Home
12CharltonSouthampton1-:-51-:-5Away
13CoventryWest Brom1-:-23-:-2Home
14DerbyWatford1-:-02-:-3Away
15IpswichWrexham0-:-00-:-0noScoreDraw
16LeicesterStoke2-:-02-:-1Home
17Oxford Utd.Middlesbro1-:-01-:-1ScoreDraw
18PortsmouthMillwall1-:-03-:-1Home
19Q.P.R.Hull1-:-13-:-2Home
20Sheff Wed.Sheff Utd.0-:-10-:-3Away
21A.WimbledonWigan A.0-:-01-:-2Away
22BarnsleyLuton3-:-05-:-0Home
23BoltonBradford C.0-:-00-:-0noScoreDraw
24ExeterBurton A.VoidPPAway
25Leyton O.Blackpool1-:-01-:-1ScoreDraw
26MansfieldHuddersfield0-:-31-:-3Away
27NorthamptonCardiff0-:-11-:-3Away
28Port ValePlymouth0-:-00-:-1Away
29ReadingRotherham0-:-11-:-1ScoreDraw
30StevenageDoncaster0-:-00-:-0noScoreDraw
31WycombeLincoln2-:-03-:-2Home
32BarrowCambridge U.0-:-00-:-2Away
33BromleySalford C.2-:-02-:-0Home
34CheltenhamBristol R.0-:-01-:-0Home
35CrawleyAccrington0-:-11-:-1ScoreDraw
36CreweChesterfield1-:-23-:-3ScoreDraw
37FleetwoodShrewsbury1-:-03-:-1Home
38GillinghamBarnet1-:-11-:-1ScoreDraw
39HarrogateWalsall0-:-10-:-2Away
40Notts Co.Colchester1-:-11-:-3Away
41OldhamNewport Co.0-:-03-:-0Home
42SwindonGrimsby2-:-22-:-2ScoreDraw
43TranmereMilton K.D.2-:-02-:-2ScoreDraw
44AberdeenHearts1-:-01-:-0Home
45Dundee Utd.Falkirk0-:-20-:-3Away
46HibernianDundee1-:-02-:-0Home
47KilmarnockMotherwell0-:-21-:-3Away
48RangersLivingston1-:-12-:-1Home
49St MirrenCeltic0-:-00-:-1Away

Week 26 Pool Fixtures For Sat 27, Dec 2025, UK 2025/2026

Now you can find the Week 26 pool fixtures 2025: pool fixtures for this week, this week pool fixtures, football pools results and fixtures, pool fixtures this week, classic pool fixtures, Aussie pool fixtures, UK pool fixtures, advance pool fixtures, Australia pool fixtures, pool panel results, pool result today Saturday, pool results and fixtures this week, fortune soccer pool fixtures.

Find all the Week 26 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).

Pool Fixtures For This Week: 26; SEASON: UK 2025/2026
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Week 25 Pool Fixtures For Sat 20, Dec 2025, UK 2025/2026

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Now you can find the Week 25 pool fixtures 2025: pool fixtures for this week, this week pool fixtures, football pools results and fixtures, pool fixtures this week, classic pool fixtures, Aussie pool fixtures, UK pool fixtures, advance pool fixtures, Australia pool fixtures, pool panel results, pool result today Saturday, pool results and fixtures this week, fortune soccer pool fixtures.

Find all the Week 25 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).

Pool Fixtures For This Week: 25; SEASON: UK 2025/2026
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Week 24 Pool Fixtures For Sat 13, Dec 2025, UK 2025/2026

Now you can find the Week 24 pool fixtures 2025: pool fixtures for this week, this week pool fixtures, football pools results and fixtures, pool fixtures this week, classic pool fixtures, Aussie pool fixtures, UK pool fixtures, advance pool fixtures, Australia pool fixtures, pool panel results, pool result today Saturday, pool results and fixtures this week, fortune soccer pool fixtures.

Find all the Week 24 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).

Pool Fixtures For This Week: 24; SEASON: UK 2025/2026
Advance Pool FixturesStatus
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