General
Korea Seeks Deep Collaboration with Nigeria in Technology
By Adedapo Adesanya
The Republic of Korea has disclosed an interest in strengthening collaboration with the Nigerian government under the leadership of President Bola Tinubu in various areas, especially technology, to enhance and lead the fourth industrial revolution.
This was the core focus of an engagement with Mr Jang Sungmin, the Special Envoy of the President of the Republic of Korea, Mr Yoon Suk Yeol, in Abuja.
He stated that his country was interested in Nigeria “because it is the leader of Africa [and] has the biggest market, largest population, natural resources and biggest arable land.”
“Nigeria has all the criteria for economic power in Africa and Korea is a country that has all the technologies and development know-how and economic prosperity to lead the Fourth Industrial Revolution.
“Korea is already leading that industrial revolution. So, President Yeol feels that by combining forces, Korea and Nigeria’s cooperation will not only lead to prosperity and faster economic development for Nigeria but also prosperity for Africa.
“The composition of my delegation shows you that President Yeol is committed and willing to find better ways to cooperate with Nigeria.
“Specifically, we look towards a younger generation workforce and natural resources that Nigeria has, especially to enhance and lead the World’s Fourth Industrial Revolution.”
The envoy reiterated that Korea has the technologies, knowledge, skills and human resources for technological transfer, especially in the areas of agriculture, cyberspace, security, biotechnology, and oil refinery.
He said, “Korea looks forward to a future with Nigeria.”
He further explained that as Nigeria’s new leadership under Tinubu had opened up the county for business, Korea was interested in investing more in Nigeria.
Mr Sungmin explained that President Yoel’s comprehensive diplomacy and foreign policy is about a global capital state which lies on three pillars.
“It is to enhance cooperation, especially with countries who share our common values of Liberty, Peace and Prosperity. Those were the three pillars that underline the foundation of our foreign policy.
“We will like to share and extend our cooperation, especially with countries who share these common values.
“We believe that Nigeria, especially the new government of Tinubu and Vice President Kashim Shettima, is a government we can share these common values with to enhance new economy cooperation.
“Korea used to receive aid from other countries. That is how we became the 10th largest economy in the world.
“Now, we are using that position to give back to the international community. So, we look forward to cooperation with Nigeria in this sense,” he said.
Contributing, the Vice President of SK company in Korea, Mr Guillaume Barthe-Dejean, said the post-Korean war was characterised by fast development, which is a product of collaboration between public and private sectors.
He said the private sector in Korea, like SK, Samsung and others, has supported the Korean Government in developing economic policies, adding that the model allows Korea to become a powerhouse.
“Today, Korea is the 10th world largest economy, the fourth world largest exporter and the country which is leading the 4th Industrial Revolution.
“SK is happy to be in Nigeria. Bonnie Light Crude irrigate the world economy, and Nigeria has resources and fuel that could power the 4th Industrial Revolution.
“In the last five years, the world experienced a decline in the supply chain globally, and I think for this reason, Korean companies would be interested in partnering with countries in Africa to stabilise the supply chain,” Mr Barthe-Dejean said.
Those in the delegation included the Ambassador of the Republic of Korea to Nigeria, Mr KIM Young-chae; Deputy Secretary President Yeol for Future Policy, Mr YOO Chang-ho; and Barthe-Dejean Others were Chief Financial Officer of LG Electronics Nigeria Corporation, Mr KIM Inkyu; Economic Attaché, Korean Embassy in Nigeria, Mr Choi Jungwon; and Ms Park Hyesong of Korea International Development Agency.
By Modupe Gbadeyanka
President Bola Tinubu on Thursday directed the Economic and Financial Crimes Commission (EFCC) to vacate the court ordering the freezing of the bank account of the Osun Srate government.
In a statement today by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the President said he’s “deeply embarrassed not by the EFCC’s exercise of its mandate backed by a court order” because of its timing, which is just a few days to the governorship election in the state next Saturday.
According to him, actions of an institution of State, especially at the Federal level, is always credited to me, as the President, even when I may not have had any prior knowledge of the action.
“Since assuming office, I have consistently maintained that anti-corruption and law enforcement agencies must be allowed to discharge their statutory responsibilities independently, professionally, without fear or favour, or political interference. I have therefore deliberately refrained from directing or interfering in the operational activities of the EFCC or any other investigative or prosecutorial agency because I firmly believe that strong democratic institutions, operating within the confines of the law, are indispensable to democratic good governance and the rule of law.
“As President, I am committed to allowing institutions of State to function and take any action they consider necessary in the interest of proper governance without the need for any prior approval. Indeed, that is why institutions are set up by law with clearly defined powers. While I am yet to be fully apprised of the facts which informed the action of EFCC in approaching the court to obtain the said order freezing the Osun State Government account, I am not in the slightest doubt that the timing of the action of EFCC is inauspicious, and therefore I feel compelled to intervene.
“Osun State is only a few days away from its gubernatorial election. Therefore, nothing ought to be done to give an impression that the EFCC or indeed any other agency of the federal government is being used to interfere with the election.
“Based on the foregoing premise, I am duty-bound to issue a directive on this issue in consonance with the overriding public interest in preserving public confidence and the integrity, credibility, and fairness of our democratic process.
“Accordingly, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard,” the statement stated.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
