Economy
Atiku Was Never Head of Economic Management Team—Ezekwesili
By Aduragbemi Omiyale
A former Nigerian Minister, Mrs Oby Ezekwesili, has asked former Vice President Atiku Abubakar to stop parading himself as the head of the Economic Management Team of former President Olusegun Obasanjo.
Mr Obasanjo governed the country as a civilian between 1999 and 2007 with Mr Atiku, who intends to become the next Nigerian president this year.
He is contesting the position with the candidate of the ruling All Progressives Congress (APC), the candidate of the Labour Party, Mr Peter Obi, and others.
On Monday, the former VP, through his official Twitter page, said, “As the head of the economic management team, while I was Vice President, I was instrumental in designing a private sector revival strategy and advocated the opening of the economy for private sector investments in several sectors, and we made tremendous progress.”
But the co-convener of the Bring Back Our Girls (BBOG) movement, in response to the tweet, described Mr Atiku’s claim as a lie, saying he never headed the Economic Management Team but the National Economic Council (NEC), which the constitution makes provision for the VP to lead.
“Dear former Vice President Atiku, please ask the handlers of your @Twitter account to stop misleading the public. You were never the Head of the Economic Management Team.
“This absurd lie does you no good at all. Please ask your Team to stop it,” she responded.
She further wrote, “There is a difference between the Economic Management Team set up for the 1st time ever in 2003 by President Obasanjo and the National Economic Council established by the 1999 Constitution as amended; Section 153(1) and Paragraphs 18 & 19 of Part I of the Third Schedule.
“The Presidential Economic Management Team (we called it “The Economic Team” for brevity) was a Technical Team of 12 persons from a range of expertise whom President Obasanjo constituted to drive Nigeria’s Economic Reforms Agenda during his 2nd Term in office 2003-2007.
“In constituting the Economic Team, we designed it @ two levels of Leadership: 1. Political Leadership [headed by] President Olusegun Obasanjo, and the Technical Leadership [headed by] The Minister of Finance, Dr Okonjo-Iweala.
“Our Team also had Thematic Issues Lead, e.g. I was for Good Governance.
“At the Political Leadership level of the Economic Team, the then President, Olusegun Obasanjo, instituted a Weekly Meeting before the Federal Executive Council where he would meet with us his Economic Team to discuss the Economic Reform Agenda. The President was Chair.
“As Chair of the Political Leadership Level of the Economic Team, the then President decided (usually with the counsel of his Economic Team) which sectoral Ministers, or Heads of Agencies, Parastatals and Departments joined this Weekly Wednesday meeting held before FEC meeting.
“As Chair of the Technical Level Leadership, the then Minister of Finance was the Head of our Technocratic Team of 12 persons, which met in her office at the Ministry statutorily weekly and as often as necessary daily as we designed and began implementing the Economic Reforms.
“There is no sincere basis for confusing the work of the Presidential Economic Management Team that I described in the previous tweets with the National Economic Council, provided for in the Constitution and chaired by a Vice President. The functions are not the same at all. None.
“National Economic Council consists of: (a) Vice-President as the Chairman; (b) the Governor of each State of the Federation; and (c) the Governor of the Central Bank of Nigeria established under the Central Bank of Nigeria Decree 1991 or any enactment replacing that Decree.
“Constitutionally, National Economic Council advises the President concerning the economic affairs of the Federation, and in particular on measures necessary for the coordination of the economic planning efforts or economic programmes of the various Governments of the Federation.
“The National Economic Council, which former Vice President Atiku constitutionally chaired and now by Professor Osinbajo, is really an advisory organ that provides an opportunity for the Federal Government and States of the Federation to discuss our Economy for coordination purposes.
“The 1999 Constitution also has the Vice President as the Chairperson of the National Council on Privatization. In that capacity, it is the duty of the Vice President to supervise the work of the Bureau for Public Enterprise BPE on behalf of the President.”
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
