Business

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

Published

14 years ago

March 30, 2012

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.

Business

NSC Sensitises Cross-Border Traders, Business Community Use Of Border Information Centre

Published

5 seconds ago

February 27, 2026

The Tide

The Nigerian Shippers’ Council (NSC), in collaboration with the Economic Community of West African States (ECOWAS) Commission, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Nigeria Customs Service (NCS) on Wednesday carried out a sensitization exercise for traders and farmers around the Seme border axis on the need to make use of its Border Information Centre (BIC) located at the border.

The BIC according to the agency was established in 2014 to encourage cross border trade. It is to solve challenges faced by traders at the borders who are not aware of what is required of them in getting goods across the border.

Speaking at the event theme: “Trade Now: Empowering Cross-Border Traders through the Trade Information Desk (TID),” the Executive Secretary of NSC, Dr. Akutah Pius expressed satisfaction at the recent surge in the use of the BIC

“We are encouraging you all to start using the BIC, we are happy that the use of the facility has increased” he said

Akutah thanked the GIZ and ECOWAS Commission for their strategic roles in organising the event, even as he also appreciated their efforts at the Seme Border to simplify cross-border business.

Earlier, the Director of Consumer Affairs Department of the ShippersCouncil, Mrs. Ify Okolue, said the mandate of the Council goes beyond seaport, and covers the border posts.

She noted that the BIC initiative aligns with the Council’s mandate as Port Economic Regulator and complements other interventions, including Inland Dry Ports, Vehicle Transit Areas, and dispute resolution platforms.

According to her, the Council’s Border Information Centre (BIC) at Seme Border provides traders with accurate information on tariffs, documentation, standards, and dispute resolution, reducing delays and trade costs.

Noting that BICs are already operational at Seme-Krake, Jibia-Maradi, Illela-Birnin Koni, and Mfum-Nkot borders, she observed that Idiroko BIC will become operational before the end of the second quarter of 2026.

She urged traders, especially women and youth, to utilise the centres to enhance transparency, compliance, and regional trade efficiency.

“The BIC serves as a structured platform for transparency, guidance, and dispute resolution. It provides traders with accurate information on tariffs, documentation requirements, import and export procedures, standards, sanitary and phytosanitary measures, and other regulatory obligations. By reducing information gaps, the Centre directly addresses one of the key barriers to trade formalisation and competitiveness” she said

Meanwhile, the Director of Trade, ECOWAS Commission, Mr. Kolawole Sofola, stressed the need for regular sensitisation and awareness campaigns on the best approaches, documentation and dispute resolution at the Seme Border area.

Sofola, who was represented by Sarah Okporufe, also observed that the role of e-Commerce, gender-inclusive trade and sustainable practices should be prioritised in the sensitisation campaigns.

The ECOWAS team observed that a lot of traders at the Seme border corridor aren’t exploring the ECOWAS Trade Liberalization Scheme (ETLS) to enjoy the export or import of goods that are devoid of Customs tariffs, especially goods that originate from the subregion.

“Another right that traders have is that as soon as they have a valid passport, they can move to any ECOWAS country to reside or transact businesses.

There is a process to have a biometric ECOWAS identity card that we expect will be adopted by Nigeria to allow traders and residents enjoy better access for businesses and other purposes,” the ECOWAS Commission representative said.

Speaking on behalf of the Comptroller-General of Nigeria Customs Service (NCS), Dr. Bashir Adewale Adeniyi, the Customs Area Controller, Seme Border Command, Comptroller Wale Adenuga, assured a maximum of 40 hours for the processing of legitimate imports and exports via the Seme Border.

According to him, farmers are particularly given consideration because of their perishable items.

While observing that trade facilitation is the core philosophy of the NCS under Adeniyi’s leadership, Comptroller Adenuga pledged the NCS’s continuous support at the Seme Border towards facilitating legitimate trade.

He encouraged traders to visit Seme Customs and the BICs to seek information about their trade in order to be informed about the requisite documentation, duties and goods that are prohibited.

“At Seme Customs, we will give you adequate information and adequate support.

By: Nkpemenyie mcdominic, Lagos

Business

PENGASSAN Rejects Presidential EO On Oil, Gas Revenue Remittance … Seeks PIA Review

Published

14 minutes ago

February 27, 2026

The Tide

The Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Festus Osifo, has faulted the public explanation surrounding the Federal Government’s recent oil revenue Executive Order(EO).

President of the association, Festus Osifo, argued that claims about a 30 per cent deduction from petroleum sharing contract revenue are misleading.

Recall that President Bola Ahmed Tinubu, last Wednesday, February 18, signed the executive order directing that royalty oil, tax oil, profit oil, profit gas, and other revenues due to the Federation under production sharing, profit sharing, and risk service contracts be paid directly into the Federation Account.

The order also scrapped the 30 per cent Frontier Exploration Fund under the PIA and stopped the 30 per cent management fee on profit oil and profit gas retained by the Nigerian National Petroleum Company Limited.

In his reaction, Osifo, while addressing journalists, in Lagos, Thursday, said the figure being referenced does not represent gross revenue accruing to the Nigerian National Petroleum Company Limited.

He explained that revenues from production sharing contracts are subject to several deductions before arriving at what is classified as profit oil or profit gas.

Osifo also urged President Bola Tinubu to withdraw his recently signed Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity, 2026.

He warned that the directive undermines the Petroleum Industry Act and could create uncertainty in the oil and gas industry, insisting that any amendment to the existing legal framework must pass through the National Assembly.

Osifo argued that an executive order cannot override a law enacted by the National Assembly, describing the move as setting a troubling precedent.

“Yes, that is what should be done from the beginning. You can review the laws of a land. There is no law that is perfect,” he said.

He added that the President should constitute a team to review the PIA, identify its strengths and weaknesses, and forward proposed amendments to lawmakers.

“When you get revenue from PSC, you have to make some deductibles. You deduct royalties. You deduct tax. You also deduct the cost of cost recovery. Once you have done that, you will now have what we call profit oil or profit gas. Then that is where you now deduct the 30 per cent,” he stated..

According to him, when the deductions are properly accounted for, the 30 per cent being referenced translates to about two per cent of total revenue from the production sharing contracts.

“In effect, that deduction is about two per cent of the revenue of the PLCs,” he added, maintaining that the explanation presented in the public domain did not accurately reflect the structure of the deductions.

Osifo warned that removing the affected portion of the revenue could have operational implications for NNPC Ltd, noting that the funds are used to meet salary obligations and other internal expenses.

“That two per cent is what NNPC uses to pay salaries and meet some of its obligations.The one you are also removing from the midstream and downstream, it is part of what they use in meeting their internal obligations. So as you are removing this, how are they going to pay salaries?” he queried.

Beyond the immediate impact on the company’s workforce, he cautioned that regulatory uncertainty could affect investor confidence in the sector.

“If the international community and investors lose confidence in Nigeria, it has a way of affecting investment. That should be the direction. You don’t put a cow before the horse,” he added.

According to him, stakeholders, including labour unions and industry operators, should be given the opportunity to make inputs at the National Assembly as part of the amendment process saying “That is how laws are refined,”

Business

Nigeria’s ETF correction deepens as STANBICETF30, VETGRIF30 see 50% decline in a week

Published

4 days ago

February 23, 2026

The Tide

Nigeria directs all oil, gas revenues to federation account in sweeping reform

Nigerian President Bola Tinubu has signed an order directing that all oil and gas revenues owed to the government be paid directly into the federation account, in sweeping reforms aimed at boosting public finances, the presidency said on Wednesday.

Under the law, the Nigerian National Petroleum Corporation keeps 30% of oil and gas profits for frontier exploration in inland basins. The presidency said those funds will now be paid into the federation account and appropriated by the government.

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NNPC also retains 30% of oil and gas sales as operational costs and receives 30% of proceeds from Production Sharing Contracts. Under the new directive, all revenues under these arrangements will flow directly to the federation account, while the company will instead receive appropriated management fees.

Royalty payments, petroleum profit taxes and other statutory revenues previously collected and retained by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will also be paid directly into the Federation Account. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will likewise remit its revenues in full, with its cost of collection to be funded through appropriation.

Tinubu’s office said deductions enabled by the law had sharply reduced net oil inflows and contributed to fiscal strain across federal, state and local governments. The president also ordered a review of the law and established an implementation committee to enforce the changes.