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A debate is brewing within Nigeria’s tax community, sparked by a proposal for a new certification process for tax practitioners. The initiative, touted as a means to enhance competency, integrity, and self-compliance within the profession, involves a new examination, recertification requirements, and the establishment of a government-managed portal for ‘approved’ practitioners. However, the plan has raised eyebrows, with many questioning its necessity and potential implications for existing professional bodies like the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN) and the Association of National Accountants of Nigeria (ANAN).

The fundamental question at the heart of this debate is whether the proposed new certification is truly needed. Critics argue that ICAN, ANAN, and CITN already fulfil the objectives that the new system seeks to achieve. These professional bodies administer rigorous examinations and internship programmes to assess the competency of aspiring tax practitioners. They also issue practice licences, which are essential for engaging in tax-related services. Furthermore, ICAN, ANAN and CITN have established mechanisms for enforcing ethical conduct, with members facing sanctions, suspensions, or even removal from the rolls for violations of professional standards. Compliance is also a cornerstone of membership, with practitioners required to demonstrate their adherence to tax laws by filing their own returns annually.

Given the existing framework, many within the tax profession are questioning the rationale behind creating an entirely new system outside of these established bodies. Why, they ask, invest in building a parallel structure when efforts could be directed towards strengthening and refining the existing institutions? The concern is that establishing a new certification process could undermine the credibility and relevance of ICAN, ANAN and CITN, potentially leading to a fragmentation of the profession and a dilution of standards.

If the proposed certification goes ahead, the implication is clear: membership in ICAN, ANAN or CITN may no longer be the prerequisite it once was for practising taxation in Nigeria. This could create a situation where individuals holding the new certification gain an advantage over those with traditional qualifications, regardless of their experience or expertise. Such a scenario would not only devalue the hard work and dedication of ICAN, ANAN and CITN members but also create uncertainty and confusion within the tax profession.

The heart of the matter lies in accountability. Instead of adding another layer of bureaucracy and creating a potentially redundant system, efforts should be focused on holding existing institutions accountable to the standards they have already established. This means strengthening the regulatory oversight of ICAN, ANAN and CITN, enhancing their enforcement mechanisms, and ensuring that they are effectively addressing any gaps in competency, integrity, or compliance. It also requires fostering a culture of continuous professional development, where tax practitioners are encouraged to stay abreast of the latest developments in tax law and practice.

The proponents of the new certification may argue that it is necessary to address specific shortcomings within the existing system. However, it is crucial to carefully consider whether these shortcomings can be adequately addressed through reforms and enhancements within ICAN, ANAN and CITN. Creating a parallel system risks duplicating efforts, wasting resources, and ultimately undermining the very institutions that are essential for maintaining the integrity and competence of the tax profession.

The question before Nigeria’s tax community is whether this proposed certification represents the future of tax practice or merely another layer of bureaucracy. The answer will determine the direction of the profession for years to come. It is essential to engage in a thoughtful and informed debate, considering all perspectives and weighing the potential consequences of this decision. Ultimately, the goal should be to strengthen the tax profession, promote ethical conduct, and ensure that Nigeria has a competent and reliable cadre of tax practitioners who can contribute to the nation’s economic development. The road to reform should not be paved with redundancy but with a commitment to building on the foundations that have already been laid.

Informal land market has become the toast of investors who buy land for economic activities, especially real estate where it is a major factor for consideration.

In most Nigerian societies, there are formal and informal land markets. Whereas the formal land markets are those governed by state law, informal land markets are those that are neither governed by state law nor registered in the government system.

In recent times, some investors are attracted to informal land delivery networks due largely to expediency benefits. But these benefits are often short-term. Still, this is particularly attractive in regions where conventional land procedures appear detached from the reality of the operating environment.

‘In contrast to the formal land system, which is typically slow and complex, the informal system provides greater flexibility, more affordable land, and a broader selection of locations. It also benefits where government-backed regularisation programmes assist individuals in legalizing their land upon acquisition,’ according to a new report on the real estate market.

The report compiled by Northcourt Real Estate, notes that other investors concentrate on the historical and structural factors underlying the preference for informal systems, pointing out that antiquated regulations, rigid planning controls, and the centralized management of land render the official system unattractive.

Land in most cities of Nigeria commands high value and therefore attracts premium price. This is because it is in high demand for virtually all economic activities. Though it is a passive factor and does not possess any ability to produce on its own, it is an important agent of production.

Modern economists consider land as a specific factor of production, which can be put, not only to a specific purpose, but also to several other uses.

Some investors hinge their reason for favouring informal market on the inadequate performance of the formal system, which compels them to opt for the alternatives.

‘When the formal system fails to allocate land efficiently, individuals seek alternatives. This dynamic supports rising land demand- particularly in regions where customary actors actively shape spatial development patterns,’ the report explains further.

The report notes that farmlands which largely belong to the informal land market have suffered significant space loss to urban expansion and infrastructure development.

It cited Lagos, where a recent study by the Federal University Ekiti, Federal University of Technology Akure and Obafemi Awolowo University found out that farmland decreased from 1984 to 2024, while developed regions increased by 22,538.34 hectares.

‘The annual rate of farmland reduction has intensified over time. Recent studies suggest that from 1984 to 2013, the average annual reduction in agriculture was -0.45 percent, while light forest, open spaces and waterbodies (through landfilling) experienced declines of -2.38 percent, -0.61 percent, and -0.57 percent, respectively.

‘During the same timeframe, developed regions and wetlands expanded at rates of 4.94 percent and 2.06 percent per annum. From 2013 to 2024, the annual rate of farmland loss increased to -2.42 percent, with more pronounced decreases in light forest (-6.78 percent), open space (-3.45 percent) shrub (-6.36 percent), and waterbodies (-1.56 percent),’ it said.

Accelerated loss of agriculture and natural landscapes exerting upward pressure on land prices. The decrease in farmland and open spaces since 2013, largely attributed to urban expansion. Urban farming in Lagos is seeing a consistent decline due to the escalating conversion of land for residential and infrastructural development.

Despite indications that urban farming is gradually acknowledged as a viable means of

livelihood, agricultural land is still being developed into residential and commercial use. This is especially the case for the marginalized.

Uche Nnaji, the minister of science and technology, has finally admitted that the University of Nigeria, Nsukka (UNN), never gave him a degree certificate confirming earlier reports that he might have forged his academic credentials.

This revelation supports findings from a two-year investigation which had exposed that the documents Nnaji presented to President Bola Tinubu and the Senate during his ministerial screening were fake, Businessday reported.

The controversy over his certificate began in July 2023 when President Tinubu included Nnaji among the first batch of ministerial nominees. Soon after the announcement, critics questioned the authenticity of his academic and NYSC certificates, claiming he never completed his university education.

The investigation concluded that both the bachelor’s degree and NYSC discharge certificate submitted by the minister were forgeries. Until recently, Nnaji had not publicly responded to the allegations. But new court documents have now revealed his side and his own statements confirm that he never received a certificate from UNN.

The admission surfaced in a case Nnaji filed at the Federal High Court in Abuja, before Justice Hauwa Yilwa. In the suit, he sued the Minister of Education, the National Universities Commission (NUC), the University of Nigeria, its Vice-Chancellor, Professor Simon Ortuanya, its Registrar, Professor Oguenjiofor Ujam (a former Acting Vice-Chancellor), and the university’s Senate.

Through a motion ex parte, the minister asked the court to stop the university and its officials from ‘tampering with’ or releasing any details about his academic records. He also asked the court to compel the institution to release his academic transcript and to direct the Minister of Education and the NUC to make UNN comply.

In addition, he sought an interim injunction restraining UNN from altering or releasing any information about him until the case was decided.

Justice Yilwa, in her ruling on September 22, granted three of the minister’s requests but refused to issue an injunction stopping the university from acting. The matter was adjourned to October 6 for further hearing.

Sources familiar with the case said that Nnaji’s legal action was an attempt to block the university from releasing details of his academic records to journalists or investigators. He was also said to be pushing to obtain his transcript to ‘refresh his memory’ about where he may have stopped during his university days.

What has drawn the most attention, however, is what the minister himself revealed in his sworn affidavit. In paragraphs 12 and 13 of his 34 paragraph statement. Nnaji made a surprising confession that appears to confirm he never collected a certificate from the university.

In paragraph 12, he said he was admitted to study Microbiology/Biochemistry in 1981 and that he completed the programme in 1985. But in the following paragraph, he stated that he had not been issued a certificate, blaming ‘the non-cooperative attitude’ of UNN officials for his inability to collect it.

He cited a letter issued by the university in December 2023 to People’s Gazette, confirming that he was indeed a student who ‘graduated’ in 1985 with a Second Class (Lower Division) degree. However, this letter did not include or represent an actual certificate and his court filing indirectly confirmed that he does not possess one.

By admitting that the university never issued him a certificate, Nnaji has, in essence, validated the claims of forgery earlier made against him.

Since his nomination in 2023, Nnaji has faced persistent questions about his academic record. Critics argued that his credentials were fabricated and that his NYSC certificate was also fake. The allegations gained weight after BusinessDay published documents showing discrepancies between his claimed qualifications and university records.

The publication’s two-year investigation reportedly involved interviews with university officials, checks of student records, and verification from the NYSC. Their findings were described as ‘damning and conclusive,’ asserting that the minister’s documents were entirely fake.

Despite the seriousness of the allegations, the Senate confirmed his nomination, and he went on to assume office as Minister of Science and Technology under President Tinubu’s administration.

The latest court admission has now reopened the controversy, sparking fresh debates about how background checks are conducted for public officials and why questions of integrity are often overlooked.

The revelation has triggered shock and outrage among Nigerians. Civil society groups have begun calling for his immediate suspension and investigation. Some critics argue that his continued stay in office undermines the government’s credibility, especially in a ministry that deals with research, innovation, and academic advancement.

Opposition politicians have also seized on the matter, accusing the Tinubu administration of turning a blind eye to corruption and dishonesty in public service. ‘How can someone who forged his certificate be in charge of science and technology?’ one opposition lawmaker said.

Meanwhile, legal experts say that Mr. Nnaji’s admission could expose him to prosecution under Nigerian law, which criminalizes document forgery and the submission of false information for public appointments.

As the court case continues, attention is focused on whether UNN will be compelled to release more details of the minister’s academic history and whether those details will match his earlier claims.

The Federal High Court is expected to continue hearing the matter in the coming days, and the outcome could have serious implications not only for Mr. Nnaji but also for the credibility of the government’s vetting process for public officeholders.

The N100 million gift given to Governor Umo Eno of Akwa Ibom to facilitate his nomination form for a second term in All Progressives Congress (APC) by traders, during their 2025 Annual General Meeting in Uyo, has sparked off both commendation and criticism across the State.

While Idorenyin Rapheal, Governor’s Special Assistant on Market Duties and officers of Akwa Ibom Traders Union, described the gesture as deserving, in view of the ‘governor’s inclusive leadership style, political stability, vision-driven administration, peace mission and ARISE agenda’, others see it as tricks by sychophants, to create a ‘false’impression and manufacture a spurious endorsement of the governor for a second term.

A food stuff importer at the popular Akpan Ndem market, Edem Okon said Akwa Ibom people should appreciate Governor Umo Eno in view of his remarkable performance, political stability, peaceful coexistence among different political parties in the State, his peace mission, as expressed in his ‘United Akwa Ibom Party’ mantra and business friendly attitude, which he believed, had encouraged commercial and economic boom.

On the other hand, Ephraim Edem expressed doubt that the N100 million truly came from peasant, struggling traders, who are battling to bring their products from the rural communities to urban markets with multiple taxes and high cost of transportation.

He however directed the Senior Special Assistant to the Governor on Market Affairs, to advise the governor to approve and implement grants and free loans to traders and tell him the true business condition of the traders

He described the development as a ‘beautiful work of sychophants and eye servants, and the endorsement of the governor as fraudulent’

‘Politicians should allow the governor to concentrate on governance rather than to push him to electoral desperation.

‘If you listen to bitter complaints from traders and the frustrations they pass through to stand a chance of getting the Gtate Government grant, you’ll not believe it is the same people, who present the cheque of N100 million for the governor’s second term nomination form’

Others advised the governor to be careful with political jobbers, who had already started the same game they played on ex Governor Udom Emmanuel.

‘If you look at the faces of the traders, you will know they can’t afford, even one tenth of the 100 million naira.

‘Return ticket formula is workable political strategy, but an old recycling trick, used by political jobbers and professional sychophants to devour desperate power seekers’, some people remarked.

Yet, others praised the governor for his inclusivity, advised him to shut his eyes and ears from the drumbeats and deceptive flowers from sychophants.

Nigeria has never lacked reform blueprints. From the mid-2000s banking consolidation to fuel subsidy removals, privatisation, and exchange-rate adjustments, policymakers have repeatedly promised turning points.

Yet for most Nigerians, these reforms have felt like waves that rise and fall without lifting living standards. The pattern is familiar: bold technical fixes are introduced, optimism briefly spikes, and then the gains evaporate. The real issue is not the absence of ideas, but the weakness of the institutions meant to carry them through.

This is the context in which the 31st Nigerian Economic Summit (NES #31), scheduled for October in Abuja, assumes unusual significance.

Themed ‘The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030’, the summit will focus on three guiding pillars: reforms, resilience, and results and explore sub themes such as industrialisation, investment flows, infrastructure, inclusion, and institutional strengthening.

Among these, the emphasis on building strong institutions may prove to be the most critical.

When institutions fail, reforms falter

Policy inconsistency, corruption, fragile regulatory frameworks, and poor governance have long undermined Nigeria’s economic transformation. The 2014 power sector privatisation promised to unlock billions in investment, yet the absence of a robust regulatory regime and entrenched governance flaws left households facing blackouts and businesses reliant on diesel generators.

In 2016, the adoption of a managed float for the naira was meant to stabilise the currency, but opaque implementation and conflicting signals from regulators deepened investor anxiety.

More recently, the removal of fuel subsidies and the unification of exchange rates under President Bola Tinubu in 2023 were praised by multilateral lenders, yet the immediate social costs – soaring transport fares, higher food prices, and suppressed wages – have left citizens sceptical that reforms work for them.

The lesson is clear: technical reforms cannot thrive in the absence of credible institutions. Without trust in governance, every policy shift is seen not as an opportunity but as a threat. As Niyi Yusuf, Chairman of NESG, recently argued, reforms may deliver a short-term cushion, but only institutions can guarantee long-term results.

He went further, warning: ‘What is required now is a second wave of reforms; structural, deliberate, and transformative.’

Faruq Quadri, CEO of SPEC-MATRIX, added that institutional weakness remains the bottleneck for every well-intentioned policy and economic reform.

Nigeria’s institutional deficit

Nigeria’s institutional fragility is not abstract. The judiciary struggles with delays and perceived political influence, eroding contract enforcement. Regulatory agencies, from power to aviation to oil, are often underfunded and vulnerable to capture by vested interests.

Anti-corruption campaigns have been high-profile but inconsistent, with enforcement appearing selective. This combination has weakened both domestic and foreign investor confidence, while also fuelling public cynicism.

Data underline the scale of the challenge. Nigeria ranked 145th out of 180 countries in Transparency International’s 2023 Corruption Perceptions Index, slipping behind several African peers. The World Bank’s Worldwide Governance Indicators show persistent weaknesses in regulatory quality and rule of law.

Meanwhile, the IMF has repeatedly highlighted policy reversals and lack of coordination as constraints on growth. These institutional gaps explain why Nigeria’s economy, despite its scale and resource base, has struggled to sustain growth above population expansion for much of the past decade.

As Yusuf told business leaders earlier this year: ‘Nigeria will only rise when we produce what we consume and consume what we produce.’ That vision, however, demands institutions strong enough to enforce discipline and sustain reform momentum.

Reform without institutions is reform without results

At NES #31, delegates will no doubt debate industrialisation and investment flows, but the more fundamental question is whether Nigeria can build institutions capable of sustaining these reforms. Without stronger oversight, credible regulation, and greater policy continuity, the cycle of reform and relapse is likely to persist.

The stakes could not be higher. Nigeria’s median age is just 18, with millions entering the labour market each year. If institutions remain weak, reforms will fail to generate the jobs and opportunities needed to absorb this demographic surge. On the other hand, credible institutions can unlock the benefits of Nigeria’s youthful population, abundant resources, and growing markets.

For Nigeria, the summit offers a chance to break the cycle. Reform is imperative, but reform without institutions is reform without results.

The naira’s real effective exchange rate is now arguably the most competitive in two decades, a development hailed as a major milestone for Nigeria’s economic policy.

Yemi Kale, group chief economist and managing director of Afreximbank, made this observation in his keynote address titled ‘Reform and Resilience: Strengthening Nigeria’s Economic Foundations’ at The Platform Nigeria event in Lagos.

Kale explained that, in practical terms, Nigeria is no longer compelled to sell scarce foreign exchange at subsidised rates. Exporters have also been freed from the penalties of an overvalued currency, creating a healthier environment for trade and investment.

The introduction of a more flexible exchange rate regime acts as a natural shock absorber, allowing the currency to adjust gradually to fluctuations in oil prices or global economic conditions, rather than triggering sudden crises in the balance of payments.

Investors have responded positively to these reforms, as reflected in rising foreign exchange reserves, which climbed from approximately $32.9 billion at the end of 2023 to over $38.8 billion by mid-October 2024. By mid-2025, verified foreign exchange backlogs had largely been cleared, and reserves had surpassed $42 billion, a three-year high, signaling renewed confidence in Nigeria’s economic outlook.

For businesses, the new foreign exchange system has been transformative. Companies no longer waste energy lobbying for scarce official foreign exchange allocations and can instead focus on improving productivity and competitiveness.

A more competitive naira has made Nigerian products more affordable on the international market, stimulated non-oil exports, discouraged wasteful imports, and encouraged local production.

Non-oil exporters and domestic companies reliant on imported inputs have reported stronger earnings, while Nigeria’s trade balance is reportedly improving.

The naira’s performance on the foreign exchange markets underscores these positive trends. On Thursday, October 2, 2025, the currency converged at N1,455 per dollar in both the official foreign exchange market and the parallel (black) market, effectively closing the long-standing exchange rate gap.

At the Nigerian Foreign Exchange Market (NFEM), the naira appreciated by 1.4 percent, with the dollar quoted at N1,455.23, up from N1,475.34 at the end of September. Similarly, in the parallel market, the naira strengthened by 2.7 percent to close at N1,455, up from N1,495 just two days earlier.

Bala Moh’d Bello, a member of the Monetary Policy Committee (MPC), attributed the naira’s relative stability to tighter liquidity conditions, growing investor confidence, and recent reforms in foreign exchange management.

He noted that speculative activities in the foreign exchange market have declined significantly, enhancing transparency and supporting market-based price discovery. Bello added that this stability is expected to persist in the medium term, supported by rising reserves, which stood at $40.11 billion as of July 18, 2025, enough to cover about 9.5 months of imports.

Kale further emphasised that these reforms have strengthened macroeconomic management by providing the Central Bank of Nigeria (CBN) with clearer policy signals through a unified, more market-reflective, and rules-based exchange rate system. This shift has enhanced the effectiveness and credibility of monetary policy, laying firmer foundations for sustainable growth.

‘Reforms are not merely policy adjustments but deliberate, strategic decisions aimed at stabilizing the present and securing a prosperous future,’ Kale said. ‘They require patience, persistence, disciplined execution, and the capacity to follow through.’

However, these reforms have come with a painful short-term cost that was not sufficiently cushioned. Inflation, which had already accelerated after the removal of petrol subsidies, surged further following the naira float, as imported goods, central to family consumption and critical inputs for manufacturers became more expensive.

This experience is not unique to Nigeria. When Egypt floated its pound in 2016, inflation quickly exceeded 30 percent within months. However, Egypt managed to restore investor confidence and stimulate growth by allowing the currency to reach market-clearing levels, coupled with efficient and targeted social safety nets that cushioned vulnerable households from the initial cost shocks.

Unlike Nigeria, Egypt expanded food subsidy cards and rolled out cash allowances to low-income families, providing a valuable lesson: stabilising the currency market is fundamental to long-term economic health, even if it causes short-term price turbulence.

Strengthening Nigeria’s social protection systems will be critical to ensuring the long-term benefits of reform are more widely and equitably shared, he said.

Early evidence indicates that despite the initial hardships, Nigeria’s foreign exchange reforms are opening doors to a more diversified and export-oriented economy.

The transparent foreign exchange regime has attracted a surge of foreign portfolio inflows (FPIs), which help stabilise the naira in the short term.

Yet, foreign direct investment (FDI), essential for job creation and industrial capacity will take longer to rebound as investors continue to test the staying power of reforms, especially given Nigeria’s history of policy reversals.

Monetary policy adds another layer of complexity. The surge in portfolio inflows has been supported by the CBN’s decision to maintain policy rates above 20 percent. While this approach supports short-term liquidity and reserve accumulation, it also discourages long-term FDI.

Investors often prefer the almost guaranteed returns of government securities offering close to 20 percent over the risks associated with longer-term productive investments. This creates a trade-off between short-term liquidity stability and long-term capital formation.

As inflation gradually eases, Kale said the CBN is expected to shift its focus from attracting foreign portfolio inflows to encouraging FDI by carefully lowering interest rates in a sequenced manner.

Timing will be crucial: cutting rates too soon could reignite inflationary pressures, prolong reform-induced hardships, and undermine exchange rate stability; waiting too long risks crowding out domestic investment and critical FDI necessary for industrialization and job creation.

On the occasion of Nigeria’s 65th independence anniversary, Kale’s message is clear: hope grounded in action, resilience, and strategic reforms can unlock a prosperous future for the nation.

‘Tribune’ newspaper, June 17, 2025. Front page Headline: ISRAELI-IRAN WAR: NIGERIA MAY WITNESS PETROLEUM PRICE SURGE – CPPE warns’ (from Akin Adewakun, Lagos).

‘The Centre for the Promotion of Private Enterprise (CPPE) has warned that if not quickly addressed, the ongoing Israeli-Iran war may lead to a surge in the price of petroleum, diesel, jet fuel, gas and related products in Nigeria.

The Centre, in a statement issued by its Chief Executive Officer, Dr Muda Yusuf, stated that the development would also have far-reaching implications for a floundering global economy.

It argued that since energy cost remains a major factor in the Nigerian inflation equation, the war, it stated, may impact production cost, logistics cost, transportation costs, and the cost of power generation.

‘This presents an inflationary scenario. These additional costs would be passed on to final consumers, depending on the degree of consumer resistance.

There is also a global inflation dimension. Energy prices have global inflationary implications. Therefore, there is also an expectation of imported inflation in the unfolding geopolitical scenario,’ the Centre argued.

CPPE noted that since high inflation drives interest rates, as monetary authorities respond to the inflation outcomes of current geopolitical headwinds, a tighter monetary policy regime is expected in Nigeria and other monetary jurisdictions.

It warned that economies around the world may experience renewed pressure on interest rates, with higher global interest rates likely to impact portfolio flows and their implications for foreign reserves.

‘High energy costs, elevated inflationary pressures and a spike in interest rates are all headwinds that could undermine the profitability of businesses in the economy. Investors in the non-oil sector are likely to be more vulnerable in the present situation.

Nigerian firms with strong business links in the Middle East and those with strong supply chain linkages in the region would be vulnerable at this time because of the current instability in the region,’ the Centre added.

CPPE, however, believed the nation’s economy could also profit from the crisis, since the surge in crude oil price would impact on foreign exchange earnings, with its trickle-down positive effects on the nation’s economy, since oil remains the biggest forex earner for the country.

‘It warned that economies around the world may experience renewed pressure on interest rates, with higher global interest rates likely to impact portfolio flows and their implications for foreign reserves.’

‘Crude oil price has surged to $75 per barrel, which is about 15 percent higher than before the outbreak of the Israeli-Iran conflict. This development would also positively impact the country’s foreign reserves, ensure better forex liquidity and ultimately the stability of the naira exchange rate,’ it argued.

‘Tribune’ newspaper of June 17, 2025. Front page headline: ‘WHY OIL COMPANIES ARE LEAVING NIGERIA – PENGASSAN URGES FG TO ACT SWIFTLY DESPITE COST REDUCTION INCENTIVES’ (from Christian Appolos, Lagos)

‘The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised the alarm that worsening insecurity in Nigeria’s oil-producing areas, especially in the waterways, is compelling multinational oil companies to divest from the country, despite newly introduced cost-saving incentives by the Federal Government.

Speaking at a press briefing in Abuja, PENGASSAN President Comrade Festus Osifo said that while the recently signed Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) by President Bola Tinubu was commendable, it fails to address the root causes of the high cost of production, which he said is, most notably, insecurity.

‘The reason, the chief reason, the majority of the oil and gas operators (the international oil and gas companies) started leaving Nigeria is principally because of insecurity,’ Osifo declared. ‘The cost of securing facilities and the cost of securing infrastructure in the Nigerian oil and gas industry became prohibitive. That is why they found places like Mozambique, Guyana, Angola, and Congo much more attractive.’

The Executive Order, signed in May, introduces performance-based tax credits of up to 20 percent for upstream companies that meet defined industry benchmarks for cost efficiency. While PENGASSAN acknowledged the effort, Osifo insisted that without government-backed security, the real issue would remain unresolved.

‘For one offshore installation, you have a minimum of three or four security vessels, manned by naval personnel, paid for by the company daily. That’s not the case in countries like Ghana, where the government provides this protection.’

He urged the government to take full responsibility for safeguarding oil installations, emphasising that oil companies should not bear such heavy security costs, which he described as ‘running into hundreds of millions of dollars per annum.’

Beyond insecurity, PENGASSAN also raised concerns over fuel pricing transparency. According to Osifo, despite significant reductions in global crude oil prices from $80 to around $60 per barrel, Nigerians did not enjoy a proportionate drop in petrol pump prices.

‘When crude was at $60 per barrel, we should have been buying petrol at N700 to N750 per litre, not N900. Nigerians were exploited during that period,’ he said, calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ‘do everything possible to ensure Nigerians are not exploited.’

PENGASSAN further recommended that the Federal Government adopt the NLNG partnership model for the country’s ailing refineries, particularly the Port Harcourt refinery, which was recently shut for maintenance. The model would see the government hold minority stakes while allowing experienced private investors-particularly international oil firms-to take majority control.

‘This model has worked for NLNG. So, why can’t we replicate the same structure in the management of our refineries to eliminate political interference and promote efficiency?’ Osifo queried.

France’s Prime Minister, Sébastien Lecornu, has resigned, just hours after unveiling his new cabinet.

The resignation was confirmed on Monday by the Elysée Palace following a one-hour meeting between Lecornu and President Emmanuel Macron.

Lecornu, who emerged less than a month ago to replace François Bayrou, stepped down amid criticism over the composition of his cabinet.

Several parties in the National Assembly opposed the cabinet, saying it was mostly the same as Bayrou’s, and threatened to reject it.

The National Information Technology Development Agency (NITDA), in partnership with U.S.-based ChipMango, unveiled Nigeria’s first national microchip design framework, a move seen by many in the industry as a defining step toward digital sovereignty.

For a nation that has long depended on imported technology, the announcement during the GITEX Nigeria 2025 in Lagos marked a bold pivot.

‘We are building a future where Nigerian talent leads in semiconductor design,’ said Kashifu Inuwa Abdullahi, NITDA’s director general, during the launch. ‘This framework embodies our vision for digital sovereignty and inclusion, creating jobs, exports, and innovation for generations to come.’

The framework rests on three pillars: capacity building, outsourcing, and policy alignment. Central to this plan is ChipMango’s AI-powered e-learning platform, which will provide Nigerian students with hands-on training, simulation tools, and globally recognised certifications. Already in use in U.S. universities, the platform is designed to turn learners into industry-ready chip designers.

Beyond education, the framework positions Nigeria as a global hub for microchip design outsourcing, linking local talent to international projects worth billions of dollars. Policy integration with President Bola Ahmed Tinubu’s Renewed Hope Agenda and NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) ensures the initiative is tied to national economic goals.

A distinctive feature is inclusion. Women, often underrepresented in STEM, are placed at the centre of the effort through outreach, mentorship, and scholarship programmes to ensure a diverse and innovative talent pool.

The unveiling also launched the NITDA-ChipMango Innovation Challenge 2025, a nationwide competition inviting students across Nigeria’s six geopolitical zones to design chip-based solutions for healthcare, agriculture, robotics, and AI. Winning teams will gain recognition, mentorship, and industry certification.

For ChipMango’s Nigerian-born CEO, Ola Fadiran, the mission is clear. ‘This is more than a framework; it is a national strategy,’ he said. ‘Together with NITDA, we are nurturing experts, innovators, and leaders who will power Nigeria’s microchip design economy.

Momentum will continue at Digital Nigeria 2025, where discussions will focus on building a national outsourcing ecosystem around the framework.

For many students in the audience, the launch was more than policy; it was a glimpse into a future where Nigeria’s chips could power the world. As one whispered to a friend, eyes wide with possibility, Maybe the next iPhone chip could come from Nigeria.

Few issues stir as much passion as pensions. After all, retirement is not some distant concept, it is the very moment when decades of work are meant to translate into dignity, stability, and peace of mind.

For Nigerian workers, the Contributory Pension Scheme (CPS) is the system designed to ensure that this promise is kept. Yet, as public debates grow louder, it is important to separate emotion from fact, and quick fixes from sustainable solutions.

At the heart of the pension conversation lies a simple question: should retirees be allowed to withdraw their savings in full, or should access remain structured? The former offers instant gratification; the latter seeks to protect long-term security. The choice is not trivial-it is one that determines whether our elders live their final years in comfort or in poverty.

The hidden risks of ‘Take-It-All’

Imagine a retiree with N20 million saved up over a career. It may seem logical to withdraw the entire sum and invest it independently. Some might argue that by chasing attractive interest rates or putting the money into a family business, higher returns can be secured. But this perspective often ignores three hard realities.

1. The first is longevity risk-the possibility of outliving one’s savings. A lump sum might look substantial at 60, but what happens if life stretches to 85 or 90? (which many are praying for). The CPS is deliberately structured to provide income for life, ensuring that retirees do not face destitution in their later years.

2. The second is market volatility. Treasury bill yields and bond rates do not remain at 15 elevated levels (double digits) indefinitely. They fluctuate sometimes falling to single digits. A retiree who counts on fixed high returns may quickly discover that returns are unpredictable and insufficient, especially during downturns.

3. The third is investment risk. Stories abound of pensioners who withdraw funds to finance ventures that collapse under inflationary pressures or poor management. The intention may be noble, but the outcome is often tragic: savings vanish, while bills remain.

Two faces of retirement

Consider the story of two hypothetical retirees, both of whom left service with ?20 million. Madam Okeke decided to withdraw everything and invest in a family business. For a while, it seemed promising. But within three years, inflation, currency depreciation, and unforeseen costs left her with nothing. By her early seventies, she had become dependent on relatives for basic needs.

Her colleague, Ade, opted to remain under the CPS. His monthly pension was modest but consistent. Each month, without fail, his payment arrived. At 80, he still enjoys independence, secure in the knowledge that his pension will not dry up.

Both individuals worked hard; both sought securities. But their choices determined whether retirement meant stability or vulnerability.

Why structure matters

Some critics argue that restricting lump-sum withdrawals treats retirees like children. In reality, the principle is protective, not paternalistic. Across the world, pension systems are structured to spread income across retirement years because experience shows that without safeguards, many retirees exhaust savings too quickly. Family obligations, health crises, or speculative investments often erode lump sums, leaving individuals vulnerable at the exact stage of life when they are least able to recover financially.

The CPS prevents this outcome by ensuring that pensions last as long as life itself. For retirees who live beyond expectations, payments continue through programmed withdrawals or annuities arranged with insurance companies. The notion that payments ‘end’ at 75 is a misconception; in truth, actuarial science only uses life expectancy as a guide for planning, not a cut-off point.

Building trust in the system

Trust is the lifeblood of any pension system. Workers must believe that their savings are safe and that administrators are acting in their best interests. Under Nigerian CPS, pension assets are not even held by the Pension Fund Administrators (PFAs). Instead, they are kept with independent Pension Fund Custodians under the strict oversight of the National Pension Commission (PenCom). This three-tiered structure: Saver, Administrator, Custodian provides layers of security that safeguard against mismanagement.

Since the scheme’s inception in 2004, pension assets have grown to over ?24 trillion. These funds are invested in government securities, infrastructure, corporate bonds, and housing, supporting not just individual retirees but also the broader Nigerian economy. PFAs earn regulated fees (among the lowest in Africa) while all investment returns accrue to contributors. Far from exploiting workers, the system has built a sustainable pool of capital that benefits both retirees and national development.

The temptation of oversimplification

It is easy to believe that giving retirees unrestricted access to their funds is the ‘fair’ solution. But pensions are not simple savings accounts. They are insurance against the twin uncertainties of longevity and economic shocks. Psychologists call it the Dunning-Kruger effect: when complex issues are oversimplified by those who do not fully understand them. In the pension context, what looks like empowerment today may translate into widespread elderly poverty tomorrow.

The real struggle

Ultimately, the true enemy is not the pension structure it is poverty. A nation that fails to protect its elders condemns itself to cycles of dependency and despair. Justice in pensions is not about short-term payouts but about ensuring that workers who devoted decades to the economy are not left helpless in their later years.

The CPS was designed precisely for this: to move Nigeria away from the inefficiencies and corruption of the old Defined Benefit Scheme, and toward a sustainable system that outlasts political and economic turbulence.

A call for balance

Nigeria must pursue a balanced path one that recognises retirees’ genuine frustrations while preserving the safeguards that protect them. Quick fixes may win applause in the moment, but true dignity in retirement comes from careful, compassionate, and sustainable reform. Our elders deserve nothing less.