Category: Business Day

The Independent National Electoral Commission, INEC, has dismissed allegations of ghost and hired voters in the August 15 Osun State governorship election, insisting that the use of the Bimodal Voter Accreditation System, BVAS, made such practices impossible.

Dayo Oketola, Chief Press Secretary to the INEC Chairman, stated this while speaking on ARISE NEWS on Monday, two days after the election.

Oketola cautioned Nigerians against relying on unverified claims, photographs and videos circulating on social media in the aftermath of the poll.

‘We are in an age of AI, misinformation and disinformation. Not everything you see is true,’ he said.

According to him, voters could only participate after being duly registered and accredited at their designated polling units, a process he said BVAS has fully secured.

Adeleke wins with 511,067 votes. The election was won by the incumbent governor and candidate of the Accord Party, Ademola Adeleke, who polled 511,067 votes.

He defeated his closest challenger, Bola Oyebamiji of the All Progressives Congress, APC, who scored 444,815 votes.

Oketola disclosed that the election recorded a 50.116 percent voter turnout, a figure he described as higher than those recorded in several recent off-cycle elections.

He explained that the figure was based on the number of Permanent Voter Cards, PVCs, collected and voters accredited during the exercise.

While acknowledging that voter apathy remains a major challenge in Nigeria, he said the Osun election showed that effective preparation could encourage greater participation.

‘According to our records, we had a 50.116 per cent voter turnout in that election. It is better than other off-cycle elections that have been conducted,’ he said.

The INEC spokesman also described the peaceful conclusion of the election as a sign of growing maturity in Nigeria’s democratic process, despite tensions and fears raised during the campaign period.

He reiterated that INEC’s responsibility is to conduct elections in accordance with the Constitution, the Electoral Act and the commission’s regulations.

He added that candidates dissatisfied with the outcome are free to seek legal redress as provided by law.

Looking ahead to the 2027 general elections, Oketola described recent off-cycle elections as important tests of INEC’s preparedness.

He said the commission is ready to deliver free, fair and credible elections but stressed that it requires the cooperation of all stakeholders.

He called on political parties to desist from vote-buying and other practices capable of undermining the electoral process, and urged security agencies to effectively manage threats and allow INEC to carry out its duties without unnecessary interference.

‘INEC is prepared to deliver free and fair elections, but we require the cooperation of all stakeholders,’ he said.

Chinese Ambassador to Nigeria, Yu Dunhai, says China’s imports from Nigeria rose by about 2.3 billion dollars in the first half of 2026, an increase of 80 per cent.

Yu disclosed this during an international seminar on ‘China’s Zero-Tariff Measures and Africa’s Economic Structural Transformation’, organised by the Centre for China Studies (CCS) on Friday in Abuja.

According to him, the surge follows the implementation of China’s zero-tariff policy for African countries.

The ambassador said Nigeria-China bilateral trade also reached 18 billion dollars within the same period, representing a 35 per cent year-on-year increase.

He said the figures demonstrated the immediate impact of China’s zero-tariff policy, which took effect on May 1 and covers all 53 African countries with diplomatic relations with China.

‘Chinese imports from Nigeria surged 80 per cent to 2.3 billion dollars, with monthly growth exceeding 40 per cent in both May and June,’ Yu said.

According to him, the policy has already contributed to an estimated six per cent increase in overall African exports to China.

He said China-Africa trade reached a historic 207 billion dollars in the first half of 2026.

According to him, Chinese imports from Africa rose to 29 billion dollars in May and June alone, representing a 24 per cent year-on-year increase.

Yu said the policy had reduced trading costs for Nigerian exporters, citing savings recorded on commodities such as sesame, cattle bone granules and liquefied propane.

‘Every 100 tons of sesame exported saves 11,000 dollars in costs, while Nigeria’s annual export of 7,000 tons of cattle bone granules saves nearly 450,000 dollars,’ he said.

He added that a single shipment of 23,000 tons of Nigerian liquefied propane attracted about 300,000 dollars in tax savings under the policy.

The envoy, however, noted that the removal of tariffs alone would not guarantee Nigeria’s economic transformation.

According to him, there is a need for improved product quality, reliable supply chains and local processing.

He urged Nigerian businesses to increase investment in value addition and meet Chinese market standards to sustain access to the country’s 1.4 billion consumers.

Yu also called for stronger trade and investment cooperation, including industrial parks, technology transfer and training, saying China was ready to support Nigeria’s efforts to process raw materials locally.

‘China aims to accelerate negotiations on trade facilitation, investment protection and quarantine standards to offer a stable institutional environment for investors,’ he said.

He urged Nigerian exporters and small businesses to take advantage of platforms such as the China International Import Expo, Canton Fair and China-Africa Economic and Trade Expo to connect directly with Chinese buyers.

The Minister of Foreign Affairs, Amb. Bianca Ojukwu, said the zero-tariff policy was an opportunity to transform Nigeria from an exporter of raw materials into a producer of value-added goods.

‘The objective should be to ensure that a greater proportion of the value generated from Africa’s resources remains within Africa,’ the minister, represented by the ministry’s Permanent Secretary, Dunoma Ahmed, said.

Also speaking, the Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi, said Nigeria must focus on exporting rather than merely exporting.

‘The question before us is not, can Nigeria export more? The question should be, can Nigeria export better?’ Abdullahi said.

He identified processed cassava, premium rice, spices, hibiscus, cashew products, soybean products, fruits and vegetables as areas with significant export potential.

Abdullahi also said that Nigeria must complement tariff-free access with modern processing industries, efficient logistics, quality assurance, traceability, storage infrastructure and export certification.

The Director of the Centre, Charles Onunaiju, said the seminar was designed to move discussions on China’s zero-tariff policy from policy announcements to practical implementation.

He said the policy represented an opportunity for Africa to address structural economic challenges, but warned that African countries must develop strategies to fully exploit market access.

Onunaiju said the African Continental Free Trade Area (AfCFTA) could play a critical role by harmonising standards, strengthening regional value chains and creating economies of scale for African exporters.

He said the seminar’s objective was to bring together critical stakeholders to identify practical solutions to challenges that could prevent African businesses from benefiting fully from the Chinese market.

Onunaiju urged African countries to treat the zero-tariff policy as ‘a starting point’ for deeper industrialisation rather than an end in itself.

NAN reports that the seminar brought together government officials, farmers, manufacturers, exporters, traders and other stakeholders to examine how African economies could maximise the new market access.

Sam Ohuabunwa, Chairman of the Board of Enyimba Economic City Development Company (EECDC), has described the proposed Enyimba Economic City, as a project of strategic importance to Abia, the South-East geopolitical zone and Nigeria, and expressed the board’s readiness to work with the State Government to achieve its objectives.

He urged that nothing should be allowed to interrupt the development process already initiated, saying that the board was committed to finding a way forward in the interest of the project and the region.

Ohuabunwa, who led members of the reconstituted Board of the Enyimba Economic City Development Company, on a courtesy visit to Governor Alex Otti at his Nvosi country home, in Isiala Ngwa South Local Government Area of the State, said that the visit was primarily to introduce the newly constituted board to Governor Alex Otti.

He described Governor Otti-led administration, as a demonstration of the dividends of democracy, saying that residents could now see tangible improvements in infrastructure and other sectors of the state.

He said that the board had examined the disagreement between the company and the Abia Government and described the dispute as puzzling, given the State Government’s position, as a partner in the Enyimba Economic City project.

According to him, the board was not interested in reopening old wounds, but was seeking forgiveness and an opportunity to rebuild its relationship with the State Government.

‘Our critical request is to ask for your forgiveness and forbearance in all the ways that things did not happen the way they ought to have happened.

‘We should begin to see how we can walk back, repair the relationship, rebuild it and move forward together’, Ohuabunwa said.

Governor Alex Otti in his response, noted that his administration is not opposed to the Enyimba Economic City project, but insisted that all processes concerning the development must be transparent and properly executed.

He said that his administration remains pro-business and will continue to support genuine investments that would comply with due process and protect the interests of the State, communities and other stakeholders.

‘I’m not against any Enyimba Economic City, but I believe that there are things that were not properly done and they should be done properly.

‘But having said that, since the matter is subjudice, I’ll leave it at that’, Governor Otti said.

The governor explained that the land originally associated with the project covered about 9,803 hectares across parts of Ugwunagbo, Ukwa East and Ukwa West Local Government Areas.

According to him, the State Government had initially sought to retain about 1,000 hectares of the land for the development of the Abia Industrial and Innovation Park.

‘About how we got here, when we had our meeting, it was about the company ceding just about a thousand hectares out of the close to ten thousand hectares.

‘I think it’s about 9,803 hectares of land spanning through Ugwunagbo, Ukwa East and Ukwa West and we were setting up the Abia Industrial and Innovation Park.

‘So after the meeting, the company agreed only to renege later and asked us to go to the Federal Government.

‘So, what we did was to; since the land belongs to us as a government, and since we couldn’t take only one thousand, we revoked the entire CofO and took the one thousand that we required,’ he said.

Governor Otti said that the State Government’s action was also informed by concerns over the processes through which the land had been acquired and the absence of relevant documentation.

He noted that the dispute subsequently went to arbitration, where, according to him, some monetary awards were made in favour of the State Government.

The governor, however, cautioned that the matter was now before the courts and said he would not make extensive comments that could prejudice the judicial process.

‘I’m just going into this out of respect and this matter is now before the court, so ordinarily I would say it’s sub-judice until the court finishes with this matter.

‘But because of the caliber of people, who have joined the board, that’s why I’m discussing it’ .

Governor Otti also questioned the equity arrangement reflected in documents available to his administration, saying the state was entitled to only 6% equity in the company despite the substantial size of the land associated with the project.

‘Even the documents I have shown you say that the government has 6% of the equity.

‘I was just asking myself, so you give 10,000 hectares of land in Abia and you have 6% equity? I would not do that kind of deal’, he said.

The governor further expressed concern over claims that some original landowners had not received compensation, noting that the issue had contributed to multiple legal disputes.

He said that the State Government had no objection to investors acquiring land for the economic city, if the affected communities were properly compensated and appropriate agreements reached.

‘If Enyimba Economic City goes and acquires those lands, pays the people, and they have an agreement, you should come and I will give them Certificate of Occupancy or title documents. I don’t have a problem.

‘I support businesses. People are acquiring land, once you do the right thing, I have no problem’, Governor Otti added.

He said that his administration would continue to encourage genuine investment, insisting on transparency, fairness and accountability in transactions involving public assets.

Governor Otti also congratulated members of the reconstituted board and expressed confidence that their experience would help address outstanding issues surrounding the project.

He said that leadership must prioritise the welfare and security of the people, adding that any departure from those responsibilities amounted to selfish leadership.

The governor thanked the board members for the visit and expressed confidence that their intervention would contribute to resolving the issues surrounding the project within the ambit of the law.

Odu’a Investment Company Limited has announced that GCR Ratings has assigned the Group a *national scale long term issuer rating of AA-(NG) and short term issuer rating of A1+(NG), with a Stable outlook, in recognition of the company’s strong portfolio and conservative financial profile.

This inaugural rating underscores the Group’s robust financial profile, high-quality investment portfolio and disciplined capital management.

Commenting on the rating, Tola Kasali, the Group Chairman, said ‘the rating is a strong endorsement of the Group’s five decade legacy of prudent stewardship and value creation, affirming the resilience of its investment model, which combines strategic holdings in listed equities with growing contributions from its operating subsidiaries.’

He noted that the AA-(NG) rating reflected the Group’s conservative leverage, strong liquidity, and the quality of its underlying assets, even as it navigates the complexities of frontier markets, and added that the Group is particularly encouraged by GCR’s recognition of its governance standards, which remain free from undue shareholder influence despite its state governments ownership structure.

But, Abdulrahman Yinusa, Group Managing Director, expressed delight at the outcome of the rigorous assessment, highlighting that ‘GCR’s rating confirms the Group’s strong liquidity coverage of approximately 2x over the next 24 months, supported by a liquid listed portfolio valued at over NGN80 billion and unencumbered cash of NGN4.8 billion.

He emphasised that the balance sheet remains largely ungeared and the modest NGN 3 billion bond at the subsidiary, Wemabod Limited, is well within servicing capacity.

Looking ahead, Yinusa disclosed that the Group is executing a deliberate strategy to deploy up to USD 200 million over the next three to five years into hospitality, real estate, logistics, and power – sectors that will broaden diversification and enhance long term earnings.

He further expressed confidence that the Stable outlook provides a solid platform to pursue these growth initiatives while maintaining conservative financial discipline.

GCR’s assessment highlighted that portfolio quality is a positive factor due to the liquidity of listed investments and stable cash flows from operating subsidiaries, with most equity investments publicly listed and benefiting from transparent valuations and active secondary markets.

The Stable outlook reflects GCR’s expectation that the Group will maintain significant investments in such financially strong and liquid securities, complemented by growing earnings contributions from its operating subsidiaries.

The rating also noted that low leverage is a strength, supported by an ungeared balance sheet across most of the review period and robust debt servicing capacity, while liquidity sources exceed uses by approximately 2x over the 24 month horizon, even after applying a 25% stress-test to listed holdings to reflect frontier market risks.

The Group’s governance was assessed as neutral to the ratings, reflecting a well defined corporate structure, appropriately constituted boards, transparent financial reporting, and a consistent history of clean audit opinions and dividend payments.

Authur Javis Archibong, governorship candidate of the People’s Democratic Party (PDP) in Cross River State, has criticised the Administration of Governor Bassey Edet Otu, accusing it of being disconnected from the people and failing to deliver meaningful development across the State.

Archibong made his position known on Thursday, during a press conference on the state of Cross River, where he said he had deliberately refrained from publicly criticising the administration over the past three years to give the governor sufficient time to demonstrate his capacity for good governance.

According to him, with less than one year remaining in the governor’s four-year tenure, continued silence would amount to a betrayal of the people who deserve purposeful leadership.

Archibong alleged that the Administration had become disconnected from the people, particularly because of what he described as the governor’s limited presence in the State. He questioned how the governor could adequately understand the challenges facing Cross Riverians without regular interaction with citizens across the State.

He also criticised what he described as the delegation of governance to individuals who were not elected into office, arguing that such a practice had affected the quality and speed of decision-making in the state.

The PDP candidate further accused the Administration of concentrating governance around Calabar, saying the governor’s activities outside the state capital had been limited.

‘Calabar is not Cross River State. It is only the State capital, and the Governor is clearly the Governor of Cross River, and not the Governor of Calabar,’ he said.

Archibong expressed concern over what he described as inadequate supervision of projects across the State, arguing that contracts awarded without regular inspection by the chief executive could result in poor execution, abandonment and inaccurate evaluation.

He also faulted the Administration for what he described as the absence of a major signature project after almost four years in office.

According to him, much attention had been devoted to the renovation and completion of structures inherited from previous administrations, while the state lacked new projects capable of defining the present administration.

He acknowledged the importance of continuity in governance, but questioned whether the Administration had entered office with a clear development plan for Cross River State.

Archibong listed the refurbished library complex, the Governor’s Office, the completed Local Government building, the ongoing renovation of the cultural centre and some road projects as examples of projects he believed had not adequately reflected the development needs of the state.

He further compared Cross River with neighbouring States, including Akwa Ibom, Abia and Enugu, which he said were implementing infrastructure projects with long-term developmental impact.

Protecting lives and property begins with understanding the risks we face and taking the right steps to prepare for them.

This was the catalyst for Coronation Insurance’s recent webinar titled Compulsory Insurance for Landlords and Tenants: Protecting Lives and Property.

The webinar brought together industry experts and real estate professionals to discuss in-depth the importance of compulsory insurance, its implications for landlords and tenants, and the role it plays in creating safer and more financially secure properties.

The keynote speaker, Soji Oni, Controller Technical, Nigerian Insurers Association (NIA), gave valuable insights into the regulatory landscape surrounding compulsory insurance and why compliance is essential for property owners.

The webinar also had an enlightening panel discussion, brilliantly moderated by Linda Ochugbu, Digital Sales Manager, BusinessDay Media Limited, with stellar contributions from Augustine Aniekwe, Head, Corporate Underwriting, Coronation Insurance Plc, and Abigail Ayo-Ariyo, Founder/CEO,

Aryla Homes and Property.

The panel discussion touched on the responsibilities of landlords and tenants, the importance of adequate insurance protection, and how Occupiers Liability Insurance can help safeguard lives, properties, and investments in unforeseen circumstances.

They also highlighted the need for greater awareness and understanding of insurance requirements within the real estate sector in Nigeria.

For landlords, tenants, property owners, and real estate professionals, having insurance is not just another regulatory requirement to check off the to-do list. It is an essential step towards protecting people, property, and financial investments.

Coronation Insurance is committed to helping individuals and businesses understand their risks and providing insurance cover that gives them the protection they need.

To watch the entire webinar on YouTube, click here. For further inquiries about Occupiers Liability Insurance and other products, email us at [email protected] or call 02-01-2275475 | 02-01-2275476.

Geregu Power Plc has appointed Mohammed Sani Jaoji as its new Acting Chief Executive Officer.

This leadership change represents the company’s second major executive shakeup in just seven months, as the power producer navigates a challenging landscape and struggles to position itself for growth.

Jaoji served as Technical Assistant to the Minister of Power between 2019 and 2023, before returning to Geregu Power Plc.

Geregu had in January 2026 tapped Siemens Energy’s Sean Manley as interim CEO to also spearhead its new growth strategy.

Manley became the interim Chief Executive Officer (CEO) effective February 2, 2026 and his tenure ended on August 14, 2026, according to Geregu.

On Monday August 17, the Board of Geregu Power Plc said Jaoji appointment is subject to the approval of the Nigerian Electricity Regulatory Commission (NERC).

Jaoji holds a Bachelor of Engineering degree in Mechanical Engineering from Ahmadu Bello University, Zaria, and is a registered member of the Council for the Regulation of Engineering in Nigeria (COREN).

‘He brings over three decades of experience in the power sector, spanning technical and leadership roles at the National Electric Power Authority (NEPA) and Geregu Power Plc, where he served as Head, Maintenance Planning and Performance between 2007 and 2019.

The Board is confident that the appointment will strengthen the governance structure and strategic direction of the Company pending the appointment of a substantive Chief Executive Officer.

‘This appointment is following the non-renewal of the term of the Interim Chief Executive Officer, Sean Manley which end on August 14, 2026.

‘The Board also expresses its sincere appreciation to Mr. Manley for his service and contributions to the Company during his tenure and wishes him success in his future endeavours,’ Geregu said.

The International Organisation for Migration (IOM) says 737,073 people are internally displaced in Nigeria’s North-West, with about 620,000 (84%) displaced by banditry and kidnapping.

Sharon Dimanche, IOM Chief of Mission, disclosed this at a press briefing in Katsina on Friday, noting that Katsina has 180,938 IDPs and Zamfara 261,995, while about 147,000 returnees have been recorded across the region, including over 37,000 in Katsina.

She warned that return does not automatically mean safety, stressing that displaced persons must be able to rebuild their lives with security, livelihoods, and basic services.

She said, ‘Here in Katsina, we are talking about almost 181,000 people who are displaced. In neighbouring Zamfara, the figure is over 261,000. At the same time, IOM recorded almost 147,000 returnees across the North-West, including more than 37,000 here in Katsina.

‘Some people are being displaced, but some are also trying to return home. And the question is not simply, have they really returned? For me, the real question is, can they stay once they return? Can they rebuild their lives? Can they feel safe again?

‘Because many of you here represent national media networks, I want to make one point very clear: what is happening in the North-West is not simply a regional issue. It is a national issue. It affects food production and livelihoods. It affects education and access to basic services. It also affects local economies and social cohesion and, ultimately, Nigeria’s wider stability and development.’

Dimanche said displacement in the region is driven mainly by insecurity, though climate shocks are also increasing. Between January 2025 and January 2026, over 138,000 people were displaced in Katsina, with about 72,000 due to floods and storms and nearly 60,000 from banditry and kidnapping.

She added that displacement affects livelihoods, education, and social stability, urging stronger prevention through early warning systems and peacebuilding. She also noted a slight decline in IDPs and a rise in returns across the North-West and North-Central regions.

Jean Nahesi, IOM Head of Sub-Office, said the figures were drawn from the organisation’s Displacement Tracking Matrix (DTM), adding that 74% of IDP sites need shelter and 89% lack adequate sanitation.

He said displacement had worsened food insecurity, weakened livelihoods, and strained host communities.

Through the EU-supported CPCRR programme, IOM has set up 80 peace committees, trained 1,700 stakeholders, and monitored transhumance movements involving over 2,400 herders and 60,000 livestock.

Latest figures show Zamfara (261,995) has the highest number of IDPs, followed by Katsina (180,938), Sokoto (176,099), Kaduna (107,580), and Kano (10,461), highlighting the scale of the crisis in the North-West.

Securing a second citizenship is no longer just about gaining visa-free access to Europe, according to Eric Major, CEO and Chairman of Latitude, a global investment migration firm.

Speaking exclusively to BusinessDay, Major, adviced families need to consider whether a program remains politically and diplomatically sustainable, in addition to long-term resilience, reputation, compliance, tax position and family objectives.

He noted this while speaking on the European Union’s (EU) decision to the end of Citizenship-by-Investment (CBI) programs by 2028, noting that the transition should be framed as part of a wider global shift toward stricter oversight, greater transparency, and higher expectations around due diligence across all jurisdictions.

The EU’s ultimatum targets the CBI programs of Caribbean nations of Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia based on what it perceives as having long served as a back door into Europe for wealthy foreign investors.

The concern also stems from the fact that statistically, the bulk of these passports have been issued to nationals from high-risk or sanctioned jurisdictions,

Addressing the path forward for high-net-worth investors and entrepreneurs navigating this tighter regulatory landscape, Major noted:

‘For serious applicants, particularly internationally mobile families and entrepreneurs, the message is that planning needs to become more strategic. A second citizenship should not be chosen only because of visa-free access to one region’.

Geopolitical implications beyond the Caribbean

Expanding on the systemic consequences of the EU’s ultimatum, Phil Roberts, director for Tourism and Multilateral Relations, Pan African AU Agenda 2063 diplomatic missions, observed that the decision sends a powerful message that a passport is not simply an economic product, but a choice that carries heavy geopolitical consequences.

He emphasized that nations operating similar schemes will increasingly face tough questions regarding physical presence, source of funds, beneficial ownership, and national security.

Analysts argue that using visa policies as regulatory leverage highlights how mobility is increasingly being weaponized as a tool of foreign policy.

EU rules perceived to be unfair

Challenging the EU’s rationale, Hiran Chohan, Wealth Manager at Windsor Capital Management, pointed out that the EU appears to be penalizing investor citizenship as a concept regardless of how well an individual program is run.

He stressed that Brussels needs to produce concrete evidence or publish a case file showing due diligence failures by the five Eastern Caribbean states.

Highlighting concerns in Europe’s approach, Chohan noted: ‘The standard is a difficult one to advance from Europe. Hungary, Greece, Portugal, Italy and Latvia all still sell residency that leads, in time, to EU citizenship… When the practice is acceptable inside the union and unacceptable a few hours’ flight away, the objection starts to look less like principle and more like who is doing the buying.’

Sweeping restrictions also risk unfairly penalizing legitimate applicants who utilize second passports for routine business travel, currency risk management, and family protection. Specifically addressing West African applicants, Chohan clarified that Nigeria is not a sanctioned jurisdiction and that treating an entire nationality as a risk category undermines basic regulatory principles.

Industry growth under global scrutiny

Contrary to the narrative that Caribbean nations are acting purely out of desperation, Elena Ruda, co-founder and managing partner of Immigrant Invest, explained that regional frameworks have already been tightening independently.

She pointed out that while the EU is raising the bar on vetting for partner jurisdictions, Caribbean CBI programs have simultaneously been reinforcing their own frameworks through mandatory interviews, closer agent oversight, and joint due diligence.

As a result, Ruda affirmed that demand for Caribbean options remains robust, ‘So this isn’t just Caribbean governments reacting to Brussels. It’s more that the industry is maturing, and these programmes are reinforcing their standing as scrutiny grows globally. And honestly, the Caribbean programmes are still very strong and popular.

Oluyemi Adeosun, PhD, Economist frames the EU’s ultimatum to Caribbean Citizenship-by-Investment (CBI) nations as a fundamental clash between small-state fiscal survival and large-bloc security policy.

‘For Caribbean countries, CBI is a core fiscal pillar accounting for an average of 6.5 percent of regional GDP (2019-2023) and up to 60 percent of non-tax revenue in Antigua-funding critical infrastructure, healthcare, and climate resilience.’

‘The EU’s threat to revoke Schengen access overnight effectively reprices regional debt and investment, offering a vital lesson for African nations: revenue dependent on external policy is not sustainable revenue-it is ‘contingent rent”.

He noted that while the EU’s security concerns regarding money laundering and tax evasion are valid, export-blocking the trade will destabilize these small states.

‘The solution is not removal, but ‘CBI 2.0’, which is phased mobility that one earns over 3 to 5 years of compliance rather than instant passport-for-access deals, others are regional due diligence, published rejection rates, and ring-fencing funds strictly for productive diversification (digital economy, agriculture, climate adaptation) rather than recurrent budget spending.

Gökçe Emer, director of Business Development at Get Golden Visa said there is no final decision yet on the future of CBI programmes, but the EU’s increasingly restrictive stance suggests significant changes could be ahead. He pointed to Malta, where an EU court ruling against its investor citizenship scheme eventually led to the programme’s abolition.

He said Caribbean countries would be unlikely to sacrifice visa-free access to the EU to preserve their CBI programmes in their current form. Instead, he expects possible outcomes to include tighter programme requirements, a shift towards residency before citizenship, or, in the most severe case, the closure of some programmes.

According to Emer, ‘For investors, this also means there may be a window of opportunity before any major regulatory change takes effect. That should not be interpreted as a reason to make a rushed decision, but applicants who are already considering these programs should be aware that the terms and structures available today may not remain unchanged in the coming years’.

Strategic lessons for Africa and Nigeria

For developing economies, the fallout offers a crucial lesson against relying on short-term residency or citizenship sales to generate revenue.

Cautioning African policymakers against adopting such models, Roberts advised African countires to be cautious.

‘African countries should be extremely cautious about building economic strategies around selling nationality or residency primarily for financial contributions. Don’t sell the passport. Build an economy that makes people want to invest, live, work and establish genuine connections with the country’, he said.

Rather than adopting the cash-for-citizenship model, Roberts emphasized that Africa has an enormous opportunity to position itself as a sustainable hub for long-term productive investment, special economic zones, and infrastructure development, provided countries improve their security, ease of doing business, and transparency.

When the Nigerian Content Development and Monitoring Board (NCDMB) set out to build a competition that would take raw innovations from university laboratories and startup garages and turn them into technologies that Nigeria’s oil and gas sector could actually buy, few expected it to produce results this quickly.

Two days of final-round judging later, the answer was on the stage at NCDMB Tower in Yenagoa: three winning innovations, fifteen seasoned finalists, and a room full of people who had just watched something that does not happen often enough in Nigeria – a promise kept.

The Tech-Innovation Challenge (TIC) 2026, a flagship programme of NCDMB’s Planning, Research and Statistics Directorate implemented by Entrepreneurship and Innovation Centre Ltd (EICL), concluded its maiden edition on 13 August 2026. More than a hundred applications. Thirty online pitches.

Fifteen finalists. Five months of mentorship, financial modelling, intellectual property clinics, operator engagement coaching, and a five-day physical bootcamp. Then two days of competitive judging. And at the end of it, three technologies that Nigeria’s oil and gas sector should be paying close attention to.

‘The TIC is not about discovering talent that did not exist before. It is about creating the conditions under which talent that already exists can become something the oil and gas industry can actually use,’ Chika Chinwah, CEO, Entrepreneurship and Innovation Centre Ltd (EICL) said.

The Challenge Behind the Challenge

The TIC was designed to solve a problem that Nigeria’s oil and gas sector has acknowledged for decades without adequately addressing: the gap between what Nigerian engineers and scientists can build and what Nigerian operators are willing to buy.

The programme, which ran from late 2025 through August 2026, was structured in four competitive stages precisely to close that gap – not by lowering the bar for what constitutes a deployable innovation, but by raising the readiness of the innovations themselves.

Thirty teams pitched online between 30 June and 2 July 2026 before a panel of six judges. Fifteen were selected as finalists. Over the following months, those fifteen teams went through sixty-three hours of expert mentorship, eleven structured curriculum sessions covering everything from IP law to financial modelling, and a five-day bootcamp at NCDMB Tower in Yenagoa.

By the time they took the stage for the Stage 4 Final Competition on 12 August, they were, as one observer put it, measurably different innovators from the ones who had submitted applications eight months earlier.

What the Officials Said – and Meant

The ceremony opened with a Welcome Address by Silas Omomehin Ajimijaye, Director of Planning, Research and Statistics at NCDMB. He did not mince words. The innovations on display, he said, were not academic exercises – they were responses to documented operational problems that Nigerian operators are currently paying foreign companies to solve.

‘For too long, the conversation around Nigerian Content has been dominated by ownership percentages and workforce numbers. What the TIC has demonstrated is that Nigerian Content must also mean Nigerian technology – innovations conceived, developed, and deployed by Nigerians to solve Nigerian problems. The innovations in this room today belong in the field, not in the laboratory,’ Silas Omomehin Ajimijaye, Director of Planning, Research and Statistics, NCDMB

The Keynote Address was delivered by Abdulmalik Halilu, Director of Corporate Services and Chairman of the TIC 2026 Steering Committee, who represented Executive Secretary Felix Omatsola Ogbe.

Halilu’s message to Nigeria’s operators was direct: stop treating indigenous innovations as charity cases and start treating them as procurement decisions.

He called specifically on PETAN, IPPG, and OPTS to become the first customers of the finalist innovations – to open their facilities for field trials, provide that critical first purchase order, and give innovators the space to demonstrate viability in real-world conditions. The industry’s ambition, he said, should shift from ‘Nigerian First’ – a compliance mindset – to ‘Nigerian Preferred,’ driven by performance.

‘At NCDMB and through the Tech-Innovation Challenge, we seek to ensure that Nigerian Content evolves beyond service delivery into the vital realm of high-end, sustainable technological ownership, ensuring that the technology powering our oil and gas industry is designed, built and deployed by Nigerians in Nigeria,’ Abdulmalik Halilu, Director of Corporate Services and Steering Committee Chairman, NCDMB said.

Goodwill messages were received from the Petroleum Technology Association of Nigeria (PETAN), the Petroleum Training Institute (PTI), NNPC Research and Technology Institute, the NCDMB Centre of Excellence, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The common theme across all messages was institutional recognition that structured innovation pipelines – not one-off competitions, not academic grants – are what it will take to close Nigeria’s technology gap in oil and gas.

The Judging

The Stage 4 Final Competition on 12 August was assessed by a panel of six independent judges: Amao Ibilola (Chief Judge), Mukhtar Abdulkadir, Sarah Nwinee, Destiny Agbanimu, Chris Awoke, and George Okoyo, who participated virtually. Each of the fifteen finalists presented a five-minute pitch followed by twelve minutes of questions – and the questions were the kind that a procurement officer, not a prize committee, would ask. Technical Readiness, Commercial Traction, Business Viability, IP and Innovation Protection, Nigerian Content and Sustainability, and Pitch Readiness were the six weighted criteria.

The top six finalists from Stage 4 returned the following day for the Final Round. The same five in-person judges assessed them against a tighter set of four strategic criteria: Strategic Fit with NCDMB’s Mandate, Commercial and Industry Impact, Scalability and Ambassadorial Potential, and Team Readiness to Receive Investment. The pitching session was facilitated by Obichi Obiajunwa, Project Manager of the TIC 2026, who also oversaw the independent scoring and results compilation process.

Three Innovations Worth Watching

First prize went to GeoPredict AI. The platform uses artificial intelligence to interpret well logs for Nigerian independent operators – returning rock type at every depth, with a confidence score, in seconds. The economics are straightforward: Nigerian independents currently spend significant sums on foreign software licences and expatriate petrophysicists. GeoPredict AI is priced per well, runs entirely in-country, and operates at TRL 7. It is not a research project. It is a product.

FrassPlus took second prize. It is a bio-augmented crude oil spill remediation solution that uses Black Soldier Fly Larvae to break down total petroleum hydrocarbons in contaminated soil – achieving up to 84 percent reduction within fourteen to twenty-one days at 60 percent lower cost than conventional chemical methods. It is 100 percent locally produced, has no chemical footprint of its own, and addresses one of the most persistent and politically sensitive challenges in the Niger Delta.

The Organic Battery – developed under the project name Metallocene – claimed third prize. Built from locally sourced organic and inorganic materials with a sodium-ion and starch composite electrolyte, it provides backup power for pipeline monitoring nodes, control systems, and remote field sensors. As Nigeria’s oil and gas infrastructure becomes increasingly digitised, the demand for locally maintainable, reliable power storage will only grow. This battery is designed for exactly that application.

What Comes Next

The top ten finalists from Stage 4 – not only the three prize winners – qualify for a three-month Post-Competition Incubation Programme managed by NCDMB, running September through November 2026.

The programme is structured around four readiness milestones: a signed Letter of Intent with an operator, a confirmed funding commitment, or a demonstrated Technology Readiness Level of 7 or above. These are not consolation prizes. They are deployment targets.

A broader community infrastructure is also being established. The Energy Research Innovators Network (ERIN) will serve as the TIC’s permanent nationwide community – open to all applicants, finalists, energy researchers, and industry professionals. The intent is to build a compounding pool of talent and proven innovations that future TIC cycles can draw from, so that each edition of the competition begins further along than the last.

The test of what the TIC 2026 has produced is not what happened in Yenagoa in August. It is whether GeoPredict AI signs an operator contract in the next twelve months. Whether FrassPlus deploys on a Niger Delta remediation site. Whether the Metallocene battery powers a pipeline sensor network. The competition is over. The work is just beginning.