Category: Business Day

For Nigerians seeking a safe haven for their wealth, Dubai is emerging as a prime destination, offering dollar-denominated returns, zero taxes, and long-term residency opportunities through its Golden Visa scheme.

This was the focus at a cocktail reception in Lagos, where LifeCard Group and Azizi Developments are partnering to offer dollar-denominated offshore investments opportunities for Nigerians looking to diversify their investment portfolios by exploring Dubai’s property market.

‘Dubai has shown consistent economic strength, with its currency remaining stable for over 38 years. It’s an environment where investors can enjoy capital appreciation of over 10 percent, without the burden of tax, while securing long-term value for themselves and their families,’ Grace Ofure Ibhakhomu, CEO, LifeCard Group stated.

Ibhakhomu, who is also an African consultant on global real estate and a Harvard-trained investment strategist, urged wealthy Nigerians to diversify their assets and stressed that beyond strong financial returns, Dubai guarantees safety and investor protection.

‘Dubai is a safe haven for investors. The laws are clear, over 516 nationalities coexist peacefully, and the government ensures that investors are protected. Even countries in conflict still have their citizens living together in Dubai. That stability is why global names like Donald Trump are developing luxury towers there,’ Ibhakhomu stated.

She also revealed that with Azizi’s offerings, Nigerians could access properties at lower service charges, enjoy transparency in documentation, and qualify for the 10-year Golden Visa once their investment threshold hits $550,000.

Explaining the partnership choice, Ibhakhomu stated that Azizi Developments was selected for its credibility and investor-focused structure. ‘Azizi is an investor-driven company. They don’t just build and hand over properties; they manage rentals, resales, and ensure investors get their returns. That kind of structure builds trust.’

Audrey Joe-Ezigbo, co-founder and deputy managing director, Falcon Corporation, in a keynote address stated that real estate has the tool for building generational wealth.

‘When we look at our society, we see families destroyed by disputes over inherited properties. Many fall back into poverty. Globalization gives us a safer route, investing not just in naira, but in dollars, as a safeguard for the future,’ she said.

Saad Khaled, regional director, Azizi Developments, stated that the firm has delivered over 40 projects in Dubai since 2008, and it is keen to tap into Nigeria’s huge market.

‘Partnering with LifeCard helps us bring Nigerians into Dubai’s property market with confidence. Investing here secures their future, as they earn in dollars rather than in currencies that fluctuate.’

Paris Saint-Germain (PSG) came from behind to snatch a dramatic 2-1 victory over Barcelona in their UEFA Champions League group stage clash at the Estadio Olímpico Lluís Companys.

Gonçalo Ramos struck in the 90th minute to complete the turnaround for Luis Enrique’s side, handing the Parisians a precious away win.

Barcelona had taken the lead in the 19th minute when Ferran Torres finished calmly after linking up with teenage star Lamine Yamal and Pedri. But PSG, despite being depleted by injuries, levelled before half-time through 18-year-old Senny Mayulu, who converted smartly to silence the home crowd.

The contest remained finely poised, with both sides showing flashes of quality in an entertaining duel between two of the competition’s heavyweights. As Barcelona pressed forward, PSG exploited their high defensive line late on, with Ramos racing clear to slot home the winner and break Catalan hearts.

‘After scoring the first goal, we got a confidence boost and in the second half we were better,’ said PSG coach Luis Enrique, who guided Barcelona to a treble in 2015. ‘I’m happy. because it’s an important victory and playing against Barcelona is always difficult.’

Barcelona midfielder Frenkie de Jong admitted the late defeat was tough to take.

‘If you let in a goal in the last minute and you lose at home, you’re going to be disappointed. There’s a long way to go in the Champions League. It was a good game to test where we are, we have to improve. We know that and we will do it.’

Civil society organisations, opposition party figures, and economic experts have applauded President Bola Ahmed Tinubu’s administration for the Lagos-Calabar Coastal Highway project, describing it as a landmark initiative capable of transforming Nigeria’s infrastructure and boosting economic growth.

The commendations came during a project inspection tour in Lagos, led by the Minister of Works, Senator David Umahi, where stakeholders noted the quality of execution and urged Nigerians to rise above political divides in supporting developmental projects.

Umahi disclosed that the first section of the 750-kilometre coastal highway-stretching from Ahmadu Bello Way, Victoria Island, to Eleko, Lagos-would be completed by May 2026. He said 35 kilometres had already been delivered, leaving 12 kilometres to finish the initial 47-kilometre segment. Work, he added, had also commenced on the second section from Eleko to Ode-Omi, Ogun State.

The minister highlighted the government’s efforts to save properties such as the Landmark Centre, clear refuse to a depth of 10 metres, and deploy concrete technology to ensure road durability. ‘Emerging economies like India have adopted concrete for enduring roads, and Nigeria must follow suit,’ he said.

Otunba Segun Showunmi, a chieftain of the Peoples Democratic Party (PDP) and convener of The Alternative, stressed the need for national consensus on development. ‘Beyond our political ideological differences, we need to, as a nation, breathe in and out to explore how to achieve consensus to develop our nation,’ he said. Drawing on global examples, he added: ‘When you look at countries like Singapore, India, and UAE, their achievements have come through building consensus for national development. A nation at 65 must be in a hurry to link its infrastructure to model after globally competitive economies.’

Olufemi Awoyemi, Chairman of Proshare Group, described the coastal highway as a ‘test case’ for financing large infrastructure projects. ‘This is an alternative, providing a primary route for cross-country connectivity, away from congestion, and a test case for big infrastructure projects and their financing,’ he said. According to him, the project has the potential to open new trade routes, ease transport bottlenecks, and stimulate investment in adjoining communities.

Leaders of more than 20 civil society organisations also joined the tour. Declan Ihekaire, one of the representatives, welcomed the government’s decision to involve stakeholders in monitoring the project. ‘We, as CSOs, must not condemn every time. When we see where they are getting it right, we should talk so that we encourage them. Ultimately, the beneficiaries of good initiatives are the people,’ he said.

Umahi also addressed concerns about properties allegedly affected by the highway. He assured that due process would be followed, promising investigations into issues around WinHomes and claims of $200 million in diaspora real estate investments. ‘We will involve the EFCC and DSS to investigate the matter alongside civil society organisations,’ he said, adding that the ministry would provide regular briefings to ensure transparency.

Beyond the coastal highway, Umahi outlined three other ‘legacy projects’ under Tinubu’s administration: the 477-kilometre Trans-Saharan Highway linking Calabar to the FCT, the 422-kilometre Akwanga-Jos-Bauchi-Gombe Expressway, and the 1,068-kilometre Sokoto-Badagry Superhighway. ‘Roads and bridges are the infrastructure that build the GDP of every nation,’ he said. ‘President Bola Ahmed Tinubu has this knowledge; he demonstrated it as Governor of Lagos State, which today is an economy within an economy.’

Stakeholders at the inspection agreed that Nigeria’s infrastructure challenges required collective action rather than political rivalry. ‘Consensus is the key,’ Showunmi reiterated.

The Lagos-Calabar Coastal Highway, projected at 750 kilometres, is one of the most ambitious road projects in Africa. With sections already underway and the first stretch due in 2026, the project has attracted rare bipartisan praise-suggesting that infrastructure could be the bridge for consensus in Nigeria’s divided political landscape.

Chukwuma (Chuma) Nwokocha has been appointed the substantive Group Chief Executive of Stanbic IBTC Holdings Plc with effect from October 2. The Board of Directors of the holding company said that Nwokocha’s appointment follows the receipt of all required regulatory approvals.

Nwokocha’s appointment follows the completion of Adekunle Adedeji’s tenure as acting Chief Executive, during which time the Board undertook a formal appointment process in accordance with regulatory requirements. Adedeji will continue in his role as Executive Director/Chief Finance and Value Management Officer of the Company.

Nwokocha is a seasoned banking executive and chartered accountant with over three decades of leadership experience across Africa.

He has held several Chief Executive and Board-level roles in leading financial institutions, including Chief Executive, Standard Bank, SA; (the Mozambican subsidiary of the Standard Bank Group), driving strategic growth, governance, and operational excellence. His expertise spans retail and corporate banking, as well as mergers and acquisitions.

Sola David-Borha, chairman, Stanbic IBTC Holdings Plc, while commenting on the developmen,t expressed the Board’s delight at Nwokocha’s appointment, highlighting his strong track record in board governance, financial oversight, strategic transformation, as well as regulatory engagement.

The Board is confident that Nwokocha’s leadership would be instrumental in driving the growth strategy of Stanbic IBTC Group into the future.

David-Borha also extended the Board’s deep appreciation to Adedeji for his exemplary leadership and dedication, and for steering the affairs of the Company and Group during the transition period.

‘It is worthy of mention that under Dr Adedeji’s leadership, the Group recorded its best financial performance since inception. The Group also successfully completed its Rights Issue Programme which ensured that its banking subsidiary met the Central Bank of Nigeria’s recapitalisation requirements ahead of the 31 March 2026 deadline,’ she said.

The Crude Oil Refiners Association of Nigeria (CORAN) has announced that the CORAN Summit 2025 will be held on October 6 and 7 at Eko Hotels and Suites, Victoria Island, Lagos.

With the theme ‘Refining: Key to Energy Security in Africa,’ the two-day event will bring together leaders from government, industry, finance and civil society to shape the future of Africa’s refining sector.

Despite being a leading crude oil producer, Africa remains heavily dependent on imported petroleum products. In Nigeria, more than 90 per cent of refined fuel had previously been imported, leaving the economy vulnerable to global shocks, depleting reserves and pushing up costs. The removal of fuel subsidies in 2023 further underscored the need to boost domestic refining capacity as households and businesses struggled with rising energy prices.

Organisers said with new conventional and modular refineries coming on stream, growing private investment and ongoing policy reforms, the time is ripe to reimagine Africa’s refining future.

The summit will feature keynote sessions, technical panels, advertisements and high-level networking. Deliberations will focus on investor-friendly policies, financing and de-risking strategies, cleaner and more innovative refining technologies, regional integration under the African Continental Free Trade Area (AfCFTA), as well as job creation in the refining and petrochemical sectors.

‘After decades of exporting crude and importing refined products at great cost, the time has come to refine more at home, create jobs, and secure Africa’s energy future,’ said CORAN President Momoh Oyarekhua.

He added: ‘The CORAN Summit 2025 is not just another meeting; it is a rallying point for action, partnerships, and policy direction to transform the refining landscape.’

According to CORAN, the gathering is expected to drive policy reforms, build stronger partnerships between government and private operators, promote global best practices, and position Nigeria as Africa’s refining hub, reducing dependence on imports and enhancing energy security across the continent.

CORAN, the umbrella body for licensed crude oil refining companies in Nigeria, stressed that the summit would mark a significant milestone in advancing sustainable refining, policy reform and private-sector-driven solutions to Africa’s energy challenges

Africa has made a bold declaration on the global stage: the continent will no longer wait for external approval to power its future. That was the resounding message from the inaugural Africa Energy Investment Summit (#AEInvest2025), held this week in New York alongside the United Nations General Assembly (UNGA).

The gathering, convened by the African Petroleum Producers’ Organisation (APPO), drew African energy ministers, global investors, financiers, and industry leaders with a central goal: to position Africa at the heart of the global energy transition.

‘Why New York and not Africa?’ asked Omar Farouk Ibrahim, APPO Secretary General, opening the summit. ‘Because UNGA brings all our leaders and investors together, making it the ideal platform to connect, engage, and unlock funding for Africa’s energy future.’

Ibrahim highlighted Africa’s energy paradox: vast reserves of oil, gas, and renewable resources on one hand, yet more than 600 million people living without access to electricity. He announced that the long-anticipated African Energy Bank – an institution designed to finance African-led energy projects – has officially been established.

‘Three years after we began the African Energy Bank initiative, I am proud to say it is now a legal entity,’ Ibrahim said. ‘Member countries have deposited equity, the charter has been signed and ratified, and we have raised enough capital to begin operations.’

Heineken Lokpobiri, minister of state for petroleum resources (oil), pointed to signs of renewed investor confidence in Africa’s energy sector. ‘Nigeria’s production rose from one million to 1.8 million barrels per day, and our goal is 2.5 million. American companies are already showing strong interest in investing in Nigerian oil blocks,’ he said.

Lokpobiri argued strongly for continued fossil fuel investment, insisting Africa must chart its own course in the energy transition. ‘Africa must not be deceived into abandoning fossil fuels while the West continues to expand production. Our hydrocarbons will finance our transition – not charity, not aid,’ he said.

Equatorial Guinea’s Minister of Hydrocarbon Mining Development, H.E. Antonio Oburu Ondo, speaking on behalf of Vice President Teodoro Nguema Obiang Mangue, underscored the urgency of reclaiming financial sovereignty. ‘Africa holds 40% of the world’s natural resource discoveries yet remains at the mercy of financiers in London, Paris, and New York,’ he said. ‘Energy finance is a question of sovereignty. We must build the African Energy Bank, mobilise our sovereign wealth and pension funds, and secure Africa’s rightful place as a global energy leader.’

James Shindi, CEO of Brevity Anderson, producers of #AEInvest2025, said the New York event marked just the beginning. ‘This is the first in a series and we will be back next year, even bigger and better,’ he said.

As the summit closed, one theme resonated from the halls of New York to capitals across Africa: the continent intends to take ownership of its energy destiny – on its own terms.

I should not have bothered recounting all his Nigeria-centric engagements because Alhaji Aliko Dangote (AAD) has severally said so himself, but I do not want to be accused of plagiarism. Check out his speeches at the Guardian 2015 Man of the Year award, the Nigerian Economic Summit, the Katsina Economic and Investment Summit, the Nigerian-Kenyan business summit, when the VP visited his refinery and at the Corporate Council for Africa event. In all these, he declared his commitment to turning around and diversifying the economy, working hard to take the economy to the next level, building a refinery that is higher than the combined capacity of all refineries, a fertilizer capacity that is ten times more than what is available in Nigeria today, generate 12000MW, more than thrice what Nigeria currently generates and export refined oil rather than importing and creating Jobs elsewhere, list his refinery et al on the NSE and help NSE to outgrow Johannesburg Stock Exchange and how the rate of youth unemployment in Nigeria gives him sleepless Nights(a statement even our PMB has not made), assuring that Nigeria( and Africa) would soon become the world’s food basket. AAD has said and continues to say the right and heartwarming things. Unfortunately, however, these are the kinds of statements that should emanate from Kemi Adeosun, Godwin Emefiele, Udo Udoma, whoever is the chairman of the EMT, and, in sane climes, from the president himself.

‘Furthermore, given the strategic importance of AAD to the fate and fortunes of Nigeria, shouldn’t the government purchase a key-man insurance cover on the man?’

So, like the only rich man in the village, AAD has taken on all the responsibilities. Already other villagers are grumbling: The Ogun State governor complains that Dangote trucks destroy the roads; Ndigbo say the only Dangote investments in Ala-Igbo are deaths and traffic jams caused by his reckless drivers and his trucks; the FCT in 2016 rejected his Salah gifts; some people complain that he cornered an unfair share of our forex, enjoys great tax waivers, is becoming monopolistic and is muscling out other players, citing his spat with Otedola, Ibeto and BUA. Our only luck so far is that Dangote does not overtly throw his weight about.

If he were to behave as some of his drivers..

The Federal Government, on the other hand, is lying low and idling around as AAD undertakes his numerous responsibilities, being his greatest cheerleader and praying that AAD lives long to solve all our socio-economic problems (as PMB did on his 60th BD). Shamefully, rather than do SOMETHING about our pitiable petroleum situation, Ibe Kachikwu publicly begged AAD to finish his refinery ahead of schedule because the government’s promise to end fuel importation in 2019 was based on the refinery! Just imagine that: the government makes a promise to Nigerians and depends on AAD to fulfil the promise! Even Oxfam recently urged AAD and 4 others to use their wealth to end poverty in Nigeria.

The government, representing the Nigerian village, enjoys the positive externalities from the big man without thinking, ‘What if!’ What if AAD wobbles or goes to bed and does not wake up early enough? What if a strategic shift occurs in the organisation or if future Dangotarians are not as cool-headed and Nigeria-centric as AAD? The other day, AAD closed his $20m tomato factory and his Tanzanian $500m cement factory, which cost $4m to power monthly. The health of the Nigerian stock market depends on whether the prices of AAD stocks are rising or falling. What has the government done to create other AADs? Where are the other big men in Nigeria, including those whose kids party across the globe regularly? Why can’t they stand up and be counted? What is the Economic Management Team doing if AAD addresses the challenges of unemployment, diversification, food security, forex conservation, power generation and road construction? Should we not outsource economic governance to him while the presidency manages politics and revenue sharing and makes excuses for the foreign herdsmen? Or more charitably, why not send Osinbajo and the EMT on sabbatical to AAD?. Furthermore, given the strategic importance of AAD to the fate and fortunes of Nigeria, shouldn’t the government purchase a key-man insurance cover on the man?

Meanwhile, I urgently need a Dangote sticker for my rickety car. Travelling from Lagos to the East has suddenly become herculean, and I strongly believe that a Dangote sticker will clear the way for the son of man. As I was concluding this piece, I received the news that a townsman, Law Onyemelukwe of Lafenax Ltd, was named the overall best customer of Dangote Cement for 2017! So, I am vicariously among those enjoying the AAD Effect; at least I can brag: my townsman is AAD’s best customer! That may even get me through the police, customs, FRSC, civil defence and other unclassified checkpoints when next I travel along the Lagos-Onitsha route. But I will also petition the Federal Character Commission to investigate the 2017 AAD awards: the names of the top prize winners (Onyemelukwe, Okika and Ezenyili) did not reflect federal character!

Can you discuss your experience in the Franco-Nigerian Chamber of Commerce and how it has influenced your professional network?

My involvement with the Franco-Nigerian Chamber of Commerce and Industry has been instrumental in gaining deeper insights into bilateral economic opportunities. It’s allowed to engagine with key stakeholders across industries and foster collaborations that support the development of both Nigerian and French businesses. Heading the most active bilateral chamber of commerce in Nigeria offers the opportunity to support the development of collaboration between our two countries across multiple industries and use the instrument of the chamber to bring solutions and connections where and when needed.

In your experience, what are the biggest challenges in the supply chain for energy services, and how does your organisation address them?

Supply chain disruptions are a significant challenge in the energy sector. From material shortages to logistical issues, the industry must be resilient. At SPIE, we’ve adopted a proactive approach by diversifying our supply chain, maintaining strategic partnerships, and leveraging digital tools to streamline operations. We also invest in local talent and resources, which enhances our operational flexibility.

How do you evaluate and implement emerging technologies in your company’s operational strategies?

We evaluate emerging technologies based on their potential to improve efficiency, safety, cost and sustainability. Our approach is rigorous, after conducting feasibility studies, we run pilot projects to assess real-world applic;ations. If successful, we scale these technologies across our operations. This process has allowed us to integrate innovations like AI-driven solutions and digital maintenance strategies into our workflows.

How does SPIE navigate the complex regulatory landscape of the energy sector across different countries?

The energy sector is highly regulated, and navigating these frameworks requires both global expertise and local knowledge. We work closely with local governments and regulatory bodies to ensure compliance while advocating for policies that support innovation and sustainability across borders. By maintaining transparency and fostering open communication, we’ve been able to operate smoothly across multiple jurisdictions.

How is SPIE adapting to the increasing emphasis on sustainability and environmental responsibility in energy production?

At SPIE Global Services Energy, sustainability is at the forefront of our strategy. We’ve adopted advanced technologies that optimise energy efficiency and reduce carbon emissions across our operations. We actively support clients in their energy transition goals by offering tailored solutions that integrate renewable energy sources and improve environmental performance.

Our commitment is evident in our investments in sustainable practices, which are now central to our operational models as well as our growth strategy, which largely focuses on offshore winds as well as solar energy.

The global shift toward renewable energy is seen as a challenge by many players; how do you envision the future role of traditional energy companies in evolving?

Traditional energy companies will play a crucial role in the global energy transition. While renewables are growing rapidly, fossil fuels will continue to be a major part of the energy mix for the foreseeable future. Companies like SPIE are positioning themselves by embracing new technologies, reducing their carbon footprint, and fully integrating renewable energy into their portfolios. The transition will be led by the industry and we are a key player in enabling and supporting it.

With your experience at TotalEnergies, how do you see the balance between maintaining traditional energy sources and transitioning to renewable energy?

I believe the transition to renewables will be a phased approach. Traditional energy remains vital for meeting current global demand, but the industry is investing heavily in renewable technologies and energy efficiency solutions to drive a sustainable future. The transition will allow the sector to adopt cleaner technologies while gradually shifting toward low-carbon energy sources.

What operational challenges have you encountered in the exploration and production sectors, and how have you addressed them?

The energy sector presents numerous challenges, from fluctuating market prices to geopolitical instabilities. In exploration and production, our main hurdles have been ensuring operational efficiency and performance while managing environmental risks. We address these by leveraging digitalisation and advanced monitoring systems that allow us to be proactive rather than reactive. Safety is also a top priority, and we’ve implemented stringent protocols to minimise disruptions and maximize output while ensuring the safety of our workforce and those operating around us.

How do you foster innovation and growth within your teams?

At SPIE Global Services Energy, we encourage a culture of continuous learning and experimentation. We’ve created a robust internal structure that promotes cross-functional collaboration, and we invest heavily in training programs and partnerships with startups to keep our teams agile and forward-thinking. We also focus on mentorship and leadership development to train talent capable of driving the company’s growth.

What trends do you see shaping the future of the oil and gas industry, and how is SPIE positioned to adapt?

The energy sector is undergoing profound changes. Decarbonization, digital transformation, and the shift toward renewables are major trends that will shape the future. SPIE Global Services Energy is positioned to adapt by offering hybrid solutions that combine traditional and renewable energy services. We’ve also expanded our digital offerings, helping clients improve operational efficiency and reduce emissions through real-time data analytics and automation. In a constantly evolving environment, we are clearly part of the solution, helping our clients be ahead of the curve.

How do you approach risk management when it comes to energy projects?

Energy projects inherently come with uncertainties. At SPIE, we follow a comprehensive risk management strategy in line with the ISO 31000 that involves thorough risk assessments at each project stage, constant monitoring, and the implementation of mitigation plans. We also collaborate closely with our clients to ensure that all stakeholders are aligned on risk-related matters, which allows us to address uncertainties proactively.

What are some key lessons you’ve learnt from your role as chairman of the board at Lycée Français Louis Pasteur?

Serving as chairman of the board at Lycée Français Louis Pasteur has been a great honour. It has taught me the importance of adaptability and the value of building a community-focused vision. Education is a powerful tool in shaping future generations, and I’ve learned that fostering an inclusive environment where both students and educators can thrive is key to long-term success. We can be collectively very proud of our achievements and especially of the recently completed construction project that makes LFLP one of the most functional and beautiful schools on the continent.

From your experience, how can the private sector better support educational initiatives in host communities?

We operate in an environment where it is left to the private sector to play a significant role in education. It is both a big responsibility and a great opportunity. At SPIE, we support educational initiatives through scholarships, vocational training programs, and partnerships with educational institutes at different levels. By investing in education, we’re contributing to the development of the next generation of professionals who will shape the future of the energy industry. It is also a way for us to detect talents and train them to high standards adapted to our operations. As a matter of fact, we inaugurated our very own training center in Port-Harcourt in 2021, offering a wide range of technical training and certification in areas close to our core businesses.

We leverage this training centre to offer vocational training to the communities in our area of operations in order to build local capacity and increase gender inclusion (we have a strict 50/50 gender diversity policy for our community training). This is also a way for us to be more competitive commercially, as we have access to skilled local resources available to join our workforce.

What are your future goals, both for SPIE Global Services Energy and personally as a leader in the industry?

For SPIE Global Services Energy, our goal is to be the go-to leader in energy transition by continuously improving our service offerings and sustainability practices. Personally, I am committed to driving innovations in the industry and mentoring the next generation of leaders. My focus is on fostering a corporate culture that is adaptable and resilient, preparing the company to navigate the changes ahead.

How do fluctuations in global oil prices impact your strategic decisions at SPIE?

Fluctuations in global commodity prices directly impact the business of our clients. It is our responsibility to support them and help them navigate these uncertainties. Accordingly, we’ve developed a flexible business model that allows us to adjust to these fluctuations without compromising on long-term goals. Helping our clients diversify their portfolio with renewables and energy services helps mitigate the risks associated with volatile commodity prices.

Finally, how do you foresee the role of global service providers evolving in the energy landscape over the next decade?

In the next decade, global service providers will need to evolve by offering more integrated and sustainable solutions. At SPIE, we are expanding our capabilities to include services that support both traditional and renewable energy. This involves investing in technology, upskilling our workforce, and strengthening our presence in emerging markets where the energy demand is growing.

Docenti Global Business School has announced the commencement of its Master of Business Administration (MBA) and Doctor of Business Administration (DBA) programmes in partnership with the European Global Institute of Innovation and Technology.

The announcement was made in Lagos at an executive dinner organised to welcome new students. The event also marked the school’s attainment of the ISO 9001:2015 certification, which the institution described as a key step in its development.

The dinner gathered students, faculty, and administrators in a setting that combined reflection on past achievements with a focus on the school’s next phase.

Speaking at the event, Humphrey Akanazu, Executive Principal of Docenti Global Business School, said the certification was a significant recognition of the school’s processes.

‘In pursuing this certification, we have strengthened our standards and assured our students of the value and trust embedded in their programmes,’ Akanazu said. ‘This gathering not only celebrates our collective progress but also reaffirms our promise to continually raise the bar in academic excellence.’

He explained that ISO 9001:2015 is a globally recognised benchmark for quality management systems, noting that Docenti’s accreditation shows its commitment to accountability and continuous improvement.

The school stated that its model of education is based on structured supervision, personalised coaching, and a strong academic management support system. It added that the certification assures new students in the MBA and DBA programmes that their studies will be delivered with systems aligned with international best practice.

During the event, faculty and administrators highlighted the impact of alumni who have advanced into leadership roles across different sectors. Current students were encouraged to see themselves as part of this tradition and to approach their studies with focus and determination.

Akanazu described the certification as more than external recognition. ‘This certification is not just about recognition-it reflects our promise to every student who walks through our doors. It demonstrates that Docenti Global Business School is committed to nurturing, supporting, and empowering students to achieve their goals. Our mission is to continue creating a global community of leaders distinguished by knowledge, integrity, and innovation.’

Docenti Global Business School said the certification strengthens its position as a centre for higher learning that provides qualifications with long-term relevance. It added that its focus is to bridge theory with practice, prepare graduates for competitive markets, and apply learning methods that respond to the demands of business and technology.

The institution also pledged to continue raising its standards of education while maintaining systems that are reliable, transparent, and future-focused. For stakeholders and students, the ISO certification is expected to stand as a symbol of confidence in the school’s operations and outcomes.

It is two years since you took over as chairman of the Federal Inland Revenue Service (FIRS). How has the journey been and what would you give as your achievements in the agency?

When we set out on this journey, our mind was set on reforming the fiscal landscape of Nigeria and consequently changing the revenue structure of the Federation. To the glory of God, two years on, the figures are justifying that the reforms we embarked upon were the right steps to take. Let me start from the latest evidence, for the first time the three tiers of government shared a record monthly allocation in excess of N2 trillion. States and local government councils are now more empowered to carry out their responsibilities to Nigerians in their domains.

Nearly 70 percent of what the three tiers of government gather every month to share comes from tax revenue collected by FIRS. This is an eloquent testimony to the reforms spearheaded by President Bola Ahmed Tinubu. So, all credits must go to the president for the courage he has demonstrated in leadership by setting the economic fundamentals right in order for the reforms to bring plenty fruits and gains for the federation. By removing subsidy on petrol and collapsing the hitherto dual exchange rate windows, floating the naira consequently, the health of the Federation account has blossomed greatly, as there are no bogus subsidy claims that would naturally have depleted the accruals into the pool.

In addition to these, the president in his inaugural speech, promised to make his industrial and economic policy one that will remove hurdles in the way of businesses. As a follow up to that, he set up a committee which worked so hard with other stakeholders to bring about the new tax laws that will go into effect from January next year. This is the best thing that has happened to Nigeria’s fiscal ecosystem since independence in 1960. The president has fulfilled his promise to make businesses flourish by removing all burdens and hurdles. This has been done with the new tax laws which will eliminate multiple taxes.

The president said we should not have more than single digit tax types and that has been achieved now. The various tax laws which are scattered in several legislations have now been consolidated and streamlined into a single document. Tax is not easy to collect anywhere in the world and it will be made more difficult if taxpayers go through unnecessary hurdles before they can pay taxes. The fact that these laws were scattered in various legislations gives room for different applications and make compliance cumbersome. But all that is history now.

Perhaps the biggest deal for Nigerians is that food, education, shared transportation, agriculture are going to be VAT-free. This will have positive effect on more than 80 percent of Nigerians. This is in addition to the tax adjustment of personal income of those in the low-income brackets. Small businesses with turnover of N50 million will not pay tax. All these go to show that President Tinubu is a compassionate leader who knows there the shoes pinch for businesses. A more business-friendly environment has now been created with these new laws.

As an agency, FIRS has grown in leaps and bounds in the last two years. Carrying out the president’s mandate, we re-structured our internal operations from the functional tax typologies to a customer-centric approach. Now, all tax types are paid at a one-stop shop. How do I mean? We put the taxpayers into the emerging tax, medium and government tax as well as large tax buckets. The categorisation is done according to the turnover thresholds of the companies, with those having turnover of N5 billion and above in the large taxpayers’ bucket.

What this means is that these companies pay all the tax types they need to pay at a single tax office which caters for their categories. We no longer have a situation where several offices or units are writing to the same company and asking for different things about the VAT or CIT and so on. This has engendered a shift in the mental geography of our staff and has seen a transition to a Federal Inland Revenue Service that is customer-focused. We are service providers to the taxpayers rather than coming across to them as a tax law enforcement agency.

Non-oil tax revenue has grown exponentially and for the first time in a long while, we met and surpassed our oil and gas tax revenue target for this year, thanks to the improved security situation in the country which has energised the oil companies to grow and make profits.

Do you think the economy has really turned the corner? Critics say much has really not changed for the country and its citizens since the president took over in 2023.

Even you journalists know that it will be inaccurate for anyone to come with such claims. Yes, the removal of subsidy on petrol created some disruptions in the living conditions of most Nigerians. Transportation costs went up, as did prices of goods and services. The disruptions can be likened to the pain of a woman in labour. After she is delivered of the baby, comfort and bliss will follow.

To cushion the effect, President Tinubu came up with the compressed natural gas initiative which has seen millions of vehicles converted from petrol to CNG. CNG buses were also procured and distributed to states. From the height that it went earlier in the year, petrol price is coming down. Don’t forget that we also came up with the crude-for-naira initiative which is helping local refiners get access to crude oil in naira. The exchange rate that went up is also coming down.

The FX market has navigated away from arbitrage which used to be the order of the day.

Foreign airlines and others were owed $7 billion by Nigeria. President Tinubu came and cleared the debt. About 90% of revenue was devoted to servicing debt, but the rate has gone down to about 50% in two years. The tax-to-GDP ratio was 10% when we took over, now it is 13.5%. But that is not where we are going. We are aiming to beat Africa’s average of 15% and achieve 18% by 2027. External reserves have climbed up to $41 billion. The Nigeria Education Loan Fund (NELFUND) created by President Tinubu has seen almost N90 billion disbursed to over 450, 000 students across the country.

There are many road projects going on and some completed across the country, covering all the six geo-political zones. These roads are opening up economic corridors across the country.

Federal allocations to state have grown by almost 70%, enabling them to enjoy a great level of fiscal stability and debt management. According to the figures from DMO, about 30 states repaid N1.85trillion in debt over 18 months. We should keep these figures in perspective when x-raying this administration.

What is the truth about this 5% surcharge on petrol?

The problem with the people bandying this about is either that they don’t read or they read but do not understand. In my earlier comments, I said there were many laws about taxes which were scattered in various legislations, making compliance difficult for taxpayers. To remove the burden, we harmonised these laws into a single document and one of such laws is the petrol tax. The law had existed under the FERMA Act 2007 and the purpose was to use the money therefrom for road maintenance. The new law lays down the procedure for this provision to come into effect. There must be a commencement order from the minister of finance which will be publicly announced and also gazetted. So, it does not automatically mean that this provision will go into effect from January next year.

Remember, one of the first set of reliefs President Tinubu brought to Nigerians was to remove 7.5% VAT on diesel. Is it that same president that will now impose additional cost on petrol for the citizens at this time?

Why was FIRS changed to Nigeria Revenue Service and what should taxpayers expect from the agency when it goes full throttle next year?

Let me start from what the taxpayers should expect from us. They should expect a fair tax administration that will also come without hassles. Our core mandate is simple: assess, collect and account for revenue accruing to the Federation. In doing this, we will be fairer as a tax authority and continue to provide quality service to our only customers, that is, the taxpayers. The president has done a lot in bringing reliefs to Nigerians and businesses with the new tax laws. Compliance should be easier now and of course our advocacy has been on voluntary compliance. Do the right thing at all times and don’t wait till our tax people visit your premises. If they have any issue, they should get in touch with us. With the new tax laws, evasion will be pretty difficult. Companies should be diligent in their tax planning. Those who still think they can find a way to game the system will find out that evasion or trying to cut corners will be costlier than being compliant and honest.

There is one proverb in my language, ‘If the main course is not satisfying, there is nothing anybody can give you as a gift that will be enough.’ So, if within, we cannot develop Nigeria, nobody will come and develop it for us.

President Tinubu’s mantra has always been: ‘I’m not here to tax poverty; I’m here to tax prosperity. My government will tax the fruits of your investments and not the seeds.’ When companies are doing well and are making profits and are expanding their operations, we will benefit from their doing well.

The tax rate is simple. If the base is 10, we will have three. If the base increases to 20, we will have six. If the base increases to 30, we will have nine. So, if I want to have more, it’s not by going on an aggressive revenue drive. It is to help the companies to do well and that is when I will do well too. So, that is why, for us at Nigeria Revenue Service, we are here to remove all the hurdles in the way of our taxpayers. This is what President Tinubu has done with the new tax laws. He has fulfilled his electoral promise and we should all commend him for being a promise keeper.

On why we are changing from Federal Inland Revenue Service to the Nigeria Revenue Service, the word federal in the name of the agency gives the erroneous impression that we are only collecting tax revenue for the federal government. When you say ‘Inland’, it wrongly means we are only collecting money from Nigeria, which is not what we are doing. I will give you examples. We collect VAT, 90% of which is for states. When you therefore say ‘federal’, it means we are not representing what we do. The new name, NRS, shows we are the sole tax authority for all revenue collection for the Nigerian federation according to our laws.