Category: Business Day

Borno State Governor Babagana Zulum acknowledged the challenges the country has faced over the past six and a half decades, but emphasised that Nigeria has consistently emerged stronger. He called for continued unity, mutual understanding, and peaceful coexistence amongst its citizens.

Zulum congratulated President Bola Ahmed Tinubu and other Nigerians on Wednesday on the occasion of Nigeria’s 65th Independence Day Celebration.

The Governor commended President Bola Ahmed Tinubu for his leadership and continued support to the armed forces and other security agencies involved in counter-insurgency operations in the North East, particularly in Borno State. Zulum, in a statement he personally signed, also expressed commitment to providing peace and development to Borno, stating, ‘We will not rest. We will not be complacent. We will continue to work, strive more, and fight for a Borno where everyone can dream of a better life, every farmer can till their land, our industries can thrive, and every family can sleep in peace.’

Governor Zulum’s full statement below:

‘As we join our brothers and sisters across the country to mark the 65th anniversary of our independence. We celebrate the Nigerian nation’s freedom, unity, and resilience. But on this day, our reflections in Borno are particularly profound. Our journey has been uniquely tested, yet our hope remains unbroken.’

‘It is indeed worth celebrating 65 years of nationhood as an indivisible nation. Despite the threats of insecurity, such as Boko Haram, ISWAP, and other criminal elements, our gallant military officers and security forces are winning the battle. We must unite as a people to fight the common enemy.’

‘We remember with solemn gratitude the sacrifices of our gallant men and women in uniform, the military, the police, the Civilian JTF, and all security agencies who have paid the ultimate price to keep us safe. We honour the memory of our sons and daughters, fathers and mothers, who were lost to the insurgency.’

‘ Let me use this opportunity to commend President Bola Ahmed Tinubu for his leadership and continued support to the armed forces and other security agencies involved in counter-insurgency operations in the North East, particularly in Borno State.

‘Our primary and most sacred duty has been the restoration of peace and security. We adopted a multi-faceted approach, understanding that a purely kinetic solution is not enough.’

‘We have consistently and directly supported our security forces. From providing hundreds of operational vehicles, armoured personnel carriers, and sophisticated communication and other operational gadgets to consistently visiting difficult frontline locations, so that we ensure that our troops are motivated and better equipped to face the enemy. We have built and renovated accommodations for our security operatives, among many other supports.’

‘Peace cannot be complete without restoration. Therefore, we have undertaken the most ambitious resettlement programme in Nigeria. We have successfully closed all the official internally displaced persons (IDP) camps within Maiduguri Metropolitan Council, moving our people from a state of dependency to dignity and self-reliance.’

‘We have supported the safe and voluntary return of a significant number of our displaced population to their ancestral homes by providing them with livelihood packages. We have constructed thousands of resettlement houses across local government areas, providing shelter for returnees.’ ‘We have rebuilt critical infrastructure, including hundreds of healthcare centres, primary and secondary schools, ensuring that our children can learn and our sick can be treated in their communities.’

‘Dear Citizens of Borno, our vision extends beyond survival to prosperity. We are laying the foundation for a post-insurgency economy.

‘Our administration’s peacebuilding and recovery efforts are greatly succeeding. The integrated policies, designed to address the root causes of insurgency, build community resilience, and promote reconciliation, have been fruitful.

Trade and Commerce as a cornerstone, we have reestablished and upgraded to an international standard our cattle markets in Gamboru Nagal, Banki and the one in Kasuwan Shanu in Jere Local Government Area.’ ‘We are pursuing the establishment of the African Inter-Continental Free Trade Zone in Banki and a Dry Inland Port in Maiduguri. We have invested a lot of resources to support the federal government’s initiative of international operations at Muhammadu Buhari Airport. These, among other strategic plans we have drawn, will significantly boost the economy of our state and create several employment opportunities.’

‘Through our various empowerment schemes, we have provided startup capital, tools, and training to tens of thousands of our youths and women, turning them from victims into entrepreneurs and employers of labour.’

We have constructed and equipped modern and specialised hospitals, two nursing colleges, and recruited hundreds of healthcare professionals to bring quality medical services to our people. Our world-class Kashim Ibrahim University Teaching Hospital will soon be activated.’

‘We have invested hugely in the education sector, recruited over 4,000 teachers and renovated schools across the state. Our scholarship programmes have sent thousands of Borno indigenes to universities at home and abroad, investing in the human capital that will drive our future.’

‘In the agricultural sector, we have distributed thousands of tonnes of fertiliser, improved seeds, and agricultural machinery to our farmers. We have revived some sections of the South Chad Irrigation Project, enabling the cultivation of thousands of hectares of land and moving us towards food sufficiency.’

‘My dear people, the journey is not over. Challenges remain. We still face the threat of remnant terrorists. But there is a gradual return to peace in Borno. Many of our communities have reestablished themselves, our markets are bustling, and our farms are again yielding bountiful harvests.’

‘On this Independence Day, let us draw strength from our collective resilience. Let us renew our commitment to unity, peace, and the progress of Borno State within a prosperous Nigeria.’

Telecommunications giant Globacom has reaffirmed its commitment to Nigeria’s cultural heritage by renewing its sponsorship of the 2025 Ofala Festival, a vibrant celebration led by Igwe Nnaemeka Achebe, the Obi of Onitsha.

The announcement, made during a press briefing at the Obi’s Palace in Onitsha, underscores the festival’s pivotal role in driving Nigeria’s projected N11.2 trillion tourism sector contribution to GDP in 2025.The Ofala Festival, scheduled for October 17-18, 2025, will feature the Iru Ofala and Azu Ofala, alongside events like the Oreze Art Exhibition, a youth carnival, a medical outreach, and a royal banquet.

Globacom, the festival’s principal sponsor since 2011, emphasized that its support is rooted in the belief that cultural celebrations like Ofala are vital to Nigeria’s economy, identity, and global presence. ‘Nigeria’s tourism sector is expected to contribute N11.2 trillion to GDP in 2025, up from N10.9 trillion in 2024, with domestic tourism expenditure reaching N6.1 trillion and international visitor spending at N803.2 billion. These figures highlight the economic power of culture and tourism. Our investment in Ofala is about building communities, creating jobs, and fostering pride,’ Globacom stated.

The Federal Capital Territory (FCT) Police Command has confirmed that Somtochukwu Maduagwu, a correspondent with Arise News jumped from the third floor of her Katampe apartment during an armed robbery attack on Monday, September 29.

Ajao Adewale, Police Commissioner, disclosed the details on Wednesday during a live appearance on Arise Television, where he described the incident as ‘tragic and very unfortunate.’

According to eyewitnesses and vigilantes within the compound, Maduagwu jumped from the third storey of the three-floor residential building, identified as Unique Apartments, while trying to escape the attackers.

‘She landed on the concrete pavement and was found unconscious in critical condition before being rushed to Maitama General Hospital.

Confirming the events that led to her tragic death, Adewale said police officers arrived at the scene to find the journalist unconscious.

‘Policemen moved to the scene and found her lying unconscious. She was immediately taken to Maitama General Hospital, where doctors tried to resuscitate her using CPR, but sadly, she could not make it,’ he said.

The police commissioner explained that the armed robbers had gained access to the apartment complex, a twin three-storey building with 18 flats located around the Gishiri axis of Katampe, under the Mabushi Division. Two private security guards were on duty at the time of the attack. One of them reportedly attempted to resist the robbers but sustained a gunshot injury in the process.

‘In the panic that followed, Sommie, who lived on the topmost floor of the building, jumped down from the third storey. The consequences were tragic and very unfortunate,’ Adewale said.

He further revealed that a special investigation team, led by the Deputy Commissioner of Police (Investigation), had been constituted to track down the perpetrators.

‘We have set up a specific investigation team headed by the Deputy Commissioner of Police, Investigation, with all tactical units involved to track down the culprits.

‘The leads we are getting are already being worked on, and no stone will be left unturned until the perpetrators are brought to justice,’ he assured.

The commissioner extended condolences on behalf of the command to Maduagwu’s family, her colleagues at Arise News, and Nigerians who have been deeply shaken by the incident.

‘The FCT Command once again commiserates with the family of Sommie, the Arise News family, and Nigerians deeply touched by this ugly and disturbing incident,’ Adewale said.

The naira appreciated significantly in the official foreign exchange (FX) market in September, recording a N50.75 gain against the dollar.

At the close of trading on Tuesday, the naira strengthened to N1,475.34 per dollar, a 3.3 percent gain from N1,526.09/$ at the start of the month, according to data from the Central Bank of Nigeria (CBN).

On a day-to-day basis, the local currency also appreciated slightly by 0.07 percent or N1.00, up from N1,476.34/$ on Monday at the Nigerian Foreign Exchange Market (NFEM), CBN data showed.

In the parallel market, commonly referred to as the black market, the naira gained 3 percent over the month, closing at N1,495 on Tuesday compared to N1,540 at the beginning of September.

Nigeria’s external reserves also rose, reaching $42.32 billion as of September 29, 2025, an increase of 2.17 percent from $41.42 billion at the start of the month.

Bala Moh’d Bello, a member of the Monetary Policy Committee (MPC), stated that the naira’s relative stability reflects the impact of tighter liquidity, growing investor confidence, and recent reforms in FX management. He added that speculative activity in the FX market has declined significantly, enhancing transparency and supporting market-based price discovery. According to him, this stability is expected to continue in the medium term, underpinned by rising reserves, which stood at $40.11 billion as of July 18, 2025, enough to cover about 9.5 months of imports.

Another MPC member, Aloysius Uche Ordu, said the naira’s appreciation and the narrowing gap between official and Bureau de Change (BDC) rates highlight improved FX liquidity. He credited strong remittances and foreign portfolio inflows for the boost in reserves, also noted at $40.11 billion in July.

The CBN’s latest quarterly economic report showed total FX inflows rose by 4 percent quarter-on-quarter (q/q) and 26 percent year-on-year (y/y) to $29 billion in Q1 2025. This continues a trend seen since Q4 2023, mainly driven by the CBN’s tight monetary stance.

However, FX outflows climbed at a faster pace, rising 14 percent q/q and 33 percent y/y to $13.8 billion, marking the highest quarterly outflow since Q2 2020. As a result, net FX flows stood at $15.2 billion in Q1 2025, slightly down from $15.8 billion in Q4 2024.

Analysts at FBNQuest noted that robust FX inflows in Q1 2025 were primarily fueled by autonomous sources, which surged to $20.7 billion from $16.3 billion in Q4 2024, the highest since the COVID-19 pandemic, though still below the $27.5 billion recorded in Q1 2020.

They attributed the increase to higher market interest rates that spurred carry trade flows, along with CBN’s FX reforms that improved transparency and price discovery. Although the CBN does not disclose a detailed breakdown, FMDQ data used as a proxy showed foreign portfolio investment (FPI) inflows rose 40 percent q/q and 101 percent y/y to $4.9 billion.

The federal government has successfully brokered an agreement between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the management of Dangote Petroleum Refinery, leading to a decision to call off the association’s strike action and redeploy disengaged workers of the refinery.

The reconciliatory meetings at the instance of the Minister of Labour and Employment, Muhammad Dingyadi, had become necessary following the PENGASSAN’s directive to members to stop gas supply to Dangote Petroleum Refinery and withdrawal their services over what was described as the unlawful termination of over 800 of its members by the refinery’s management.

As contained in communique signed by all parties at the end of the meeting, Dingyadi informed the meeting that unionisation was a right of workers in accordance with the laws of Nigeria and that this right should be respected.

The communique stated that after examining the procedure used in the disengagement of workers, the meeting agreed that the management of Dangote Group shall immediately start the process of taking the disengaged staff to other companies within the Dangote Group, with no loss of pay.

‘Whereas the leadership of PENGASSAN said that the directives given to stop the supply of gas to Dangote Petroleum and withdrawal of services was in response to the termination of appointment of over Eight Hundred members of PENGASSAN by the management of the Dangote Refinery and Petrochemical Limited, the management of Dangote Refinery and Petrochemical on the other hand, explained the reason for disengagement of the workers was as a result of the ongoing reorganization in the company. ‘No worker will be victimised arising from their role in the impasse between Dangote and PENGASSAN.

‘PENGASSAN agreed to start the process of calling off the strike. Both parties agreed to this understanding in good faith,’ it stated.

The conciliation was attended by high-ranking officials of government, including the National Security Adviser; Minister of Finance and Coordinating Minister of the Economy; Minister of Budget and Economic Planning; Minister of State for Labour and Employment; Director-General of the Department of State Services (DSS); Director-General of the National Intelligence Agency (NIA); Permanent Secretary of the Ministry of Petroleum Resources, representing the Minister of State for Petroleum Resources (Gas); as well as the Permanent Secretary of the Federal Ministry of Labour and Employment.

Also present were the chief executives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), alongside representatives of the Nigerian National Petroleum Company Limited (NNPCL), the leadership of the Trade Union Congress (TUC), and the President and Secretary-General of PENGASSAN.

The city is buzzing with anticipation as Lagos Talks 91.3 FM announces ‘Conversations on Boards,’ a groundbreaking event set to bring some of Nigeria’s most influential personalities together for a series of high-stakes board game duels. The event, slated for October 2nd at the Muson Centre, is an effort aimed at showcasing a different side of prominent public figures as they engage in fierce but friendly competition.

The star-studded lineup promises an electrifying atmosphere, with each game offering a unique clash of strategy and wit.

One of the most anticipated matchups is the checkers contest between two prominent political figures, Gbadebo Rhodes-Vivour, a visionary known for his architectural and political ambitions and Mobolaji Ogunlende, the determined Commissioner for Youth and Social Development. This duel goes beyond simple moves on a board; it’s a symbolic clash of political vision versus grassroots energy, a strategic contest for every square.

In a match that merges the worlds of football and media, former Super Eagles midfielder and sports icon Mutiu Adepoju, ‘the Headmaster,’ will go head-to-head with legendary sports broadcaster Charles Anazodo in a game of Whot cards. This is a battle where on-field genius meets on-air expertise, promising a test of nerve and quick thinking as these two legends vie for victory.

Laughter will be the main event in the Ludo showdown featuring two comedic giants, Acapella and Seyi Law. This match is set to be a spectacle of witty banter, hilarious jabs, and pure entertainment, proving that even in competition, the best of Nigerian comedy shines through.

‘Conversations on Boards’ is an innovative platform designed to provide a fresh perspective on these celebrated Nigerians. It’s a chance for the public to witness these leaders and icons in a relaxed, competitive environment, sparking meaningful dialogue and celebrating the art of conversation.

The General Manager, Deji Awokoya posits that ‘Lagos Talks 91.3fm has been at the forefront of innovation in talk station. In spite of the reality that many Nigerians are suffering from news fatigue, it is important that we present the news to the Nigerian people in a manner that is attractive to them.’

Chris Ubosi, Group Managing Director of Megalectrics Limited is excited that Lagos Talks is once again charting the course in innovative citizens engagement. He says, ‘we understand that Nigerians need to be informed about events happening in the country though often times, you hear a lot of complaints on our airwaves.

At Lagos Talks, we are committed to rebuilding the interest of the average Nigerian in governance by creating platforms such as this that allow for interaction between the people and the leaders.

It is also important to us that we remind the people that in spite of our political differences, we need to be friends to move the nation forward and our politicians do understand this. That is why we have Gbadebo Rhodes-Vivour and Mobolaji Ogunlende, Commissioner for Youth and Social Development, two people with different ideologies play a game together.

The event is free but to secure a spot at this exclusive event, interested attendees are required to register by sending their name, age, location, profession, and phone number to [email protected].

The event, which begins at 2 pm, is a must-attend for anyone eager to see their favorite public figures in a thrilling and unexpected light.

This event is put together in celebration of Lagos Talks 91.3fm’s 9th anniversary and commemoration of Nigeria’s independence.

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.

Jose Mourinho was beaten on his return to Stamford Bridge as his Benfica side lost 1-0 to Chelsea in the Champions League on Tuesday night.

Richard Rios’ first-half own goal ruined Mourinho’s hopes of a dream comeback against the club where he enjoyed his greatest success.

The 62-year-old, who won three Premier League titles and seven major trophies across two spells at Chelsea, was warmly welcomed back by fans who repeatedly chanted his name.

However, his poor record at the Bridge since leaving in 2015 continued, with no wins in seven visits as manager of Manchester United, Tottenham, and now Benfica.

Despite the defeat, Mourinho praised his players’ effort.

‘A defeat is always a defeat, but this one can be a start for us. It was a stable performance,’ he said.

Chelsea goalkeeper Robert Sanchez denied Vangelis Pavlidis and Dodi Lukebakio in a strong Benfica spell, but the own goal proved decisive.