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‘I’ll Fight To Win World Bank Top Job’

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Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, yesterday in Abidjan said she would fight to win the position of the World Bank President, after getting fresh endorsements from  African Union (AU) and the Economic Community of West African States  (ECOWAS).

The AU on Monday in Addis Ababa, endorsed Okonjo-Iweala as its candidate for the top job, while ECOWAS Heads of States on Tuesday in Abidjan, also declared their support for the former Managing Director.

The endorsements buoyed the chances of the former Managing Director of the World Bank, who had spent over 20 years working as a staff of the Bank and rose to the position of a Vice President.

Okonjo-Iweala, in an interview with the West Africa correspondent, said she had the track record of leading the bank, “in spite of the odds of history”.

On U.S. President Barack Obama’s endorsement of another candidate, she said: “Let’s give it a good fight, with a level playing ground we still stand the chance to win. ’’

Obama had endorsed a South Korean-born medical doctor, Jim Yong Kim, for the top job.

Our  correspondent quotes Okonjo-Iweala as saying that: “President Goodluck Jonathan endorsed my candidature and sent me immediately to the AU headquarters in Addis Ababa, where I was received and a communiqué was issued.

“I was also at the extra-ordinary meeting of the ECOWAS Heads of States in Abidjan and the family declared to support my candidature as well. ’’

The Tide gathered that the former managing director had also extended her campaign to Asia to woo interests.

Some financial experts said election of Dr Ngozi Okonjo-Iweala, the Minister of Finance, as the President of World Bank, would bring development to developing nations.

They said this in separate interviews with our correspondent in Lagos last Wednesday.

Our correspondent reports that the African Union, had during its just concluded summit in Addis Ababa, endorsed the nomination of Okonjo-Iweala for the president of the bank.

Dr Olumide Owoade, a senior lecturer, Department of Economics, Lagos State University, said that the election of Okonjo-Iweala as the World Bank president would promote the country’s business interest at the international level.

He said that her election would also place the country on the competitive advantage over other African countries.

Owoade said that the position would enable her to present the nation’s economic problems to the IMF for necessary financial assistance.

“If the minister of finance is elected as the next president of the World Bank, it will make the country to be closer to the IMF which will have positive influence on the economy,” he said.

Dr Samuel Nzekwe, the immediate past President, Association of National Accountants of Nigeria (ANAN), said that the election of Okonjo-Iweala as the World Bank President would make the country to be more recognised internationally.

He said that the position would enable the international community to begin to explore the investment opportunities in the country.

Nzekwe urged the Federal Government to aggressively put in place adequate measure for infrastructure development, good governance and security to woo the investors.

“The ability of the government to have a good framework in place will make the emergence of Okonjo-Iweala as the World Bank president to have positive impact on the nation’s economy,” he said.

Also, Mr Eddie Osarenkhoe, the former President, Finance Houses Association of Nigeria (FHAN), said that Okonjo-Iweala’s election would be beneficial to African countries.

He said that this would help the country in sourcing for external loans to revamp the decaying infrastructure.

Osarenkhoe said that it would also attract new foreign investors into the country, which he said, would provide jobs opportunities for the unemployed youth.

“I believe that if Okonjo-Iweala is elected as the World Bank President, it will promote the nation’s economic activities and enhance good performance,” he said.

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PENGASSAN Tasks Multinationals On Workers’ Salary Increase 

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The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.
Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.
The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.
PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.
He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.
“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.
Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.
“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.
“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.
“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.
“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.
Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.
“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.
“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.
“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.
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SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

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The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.
The Commission disclosed this in a statement posted on its website.
According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.
The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.
According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.
“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.
The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.
Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.
“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.
The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.
It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.
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NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products 

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The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.
The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.
NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu
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