Economy
Finance Minister Advocates Commercial Dispute Tribunal for Capital Market
By Aduragbemi Omiyale
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has proposed the establishment of a specialised Commercial Dispute Resolution Tribunal to fast-track the resolution of business disputes.
Speaking at the inaugural lecture as a Fellow of the Capital Market Academics of Nigeria (CMAN) in Abuja, Mr Oyedele argued that faster justice delivery is critical to attracting long-term investment and deepening Nigeria’s capital market.
At the event themed The Nigerian Capital Market as a Catalyst for Equitable and Inclusive Growth, the Minister noted that delays in resolving commercial disputes remain one of the biggest obstacles to investment, noting that cases currently take an average of 15 years to progress through the High Court, Court of Appeal and Supreme Court.
He pointed out that such prolonged litigation creates uncertainty, discourages investors and significantly increases the cost of doing business in Nigeria.
To address the challenge, the Minister proposed a dedicated Commercial Dispute Resolution Tribunal staffed by judges and arbitrators with specialised expertise in commercial, financial and capital market matters.
Mr Oyedele said the tribunal should operate with digital case management systems and mandatory timelines to ensure swift resolution of disputes involving businesses, suppliers, joint venture partners and other commercial entities.
He explained that the proposed tribunal would complement existing investment protection mechanisms by providing a more efficient avenue for resolving commercial disagreements that often delay investments and weaken investor confidence.
The Minister stressed that virtually every financial instrument—including bonds, syndicated loans, private placements and structured notes—is founded on enforceable contracts, making speedy dispute resolution essential for the growth of the capital market.
Beyond judicial reforms, he urged Nigerians to reconsider their long-held perception of public borrowing, insisting that debt should be judged by what it finances rather than by its size.
He argued that borrowing is not inherently harmful and should instead be viewed as a financial tool capable of supporting economic growth when channelled into productive investments.
“The relevant question is never simply how much debt there is. It is always debt for what, at what cost, against what return and repayable on what terms,” he stated, criticising the tendency among analysts and commentators to condemn every instance of government borrowing without examining whether the funds are being invested in projects capable of generating sustainable economic returns.
According to him, governments and businesses that borrow to finance productive assets yielding returns above the cost of capital are making rational financial decisions, adding that refusing to borrow under such conditions could amount to foregoing valuable development opportunities.
The Minister also challenged the mindset of many Nigerian entrepreneurs who resist bringing in external investors in order to retain full ownership of their businesses, noting that owning 100 per cent of a small enterprise often creates less value than holding a substantial stake in a much larger and well-capitalised company.
The Minister further outlined what he described as the “seven laws of capital attraction,” emphasising that investors are primarily attracted by trust, policy consistency, strong institutions and the rule of law rather than generous tax incentives.
He said capital seeks predictable returns instead of merely pursuing the highest returns, warning that countries with unstable policies often lose investment to jurisdictions offering lower but more reliable returns.
“Capital hates uncertainty more than taxation,” he said, attributing investor hesitation to policy reversals, regulatory inconsistencies, foreign exchange uncertainty and weak contract enforcement.
According to him, investors commit long-term capital to countries with credible institutions rather than to individual political leaders.
He identified an independent judiciary, a credible central bank and an efficient public bureaucracy as critical pillars for attracting sustainable investment.
The Minister also urged government officials, professionals and the media to improve communication around economic reforms, arguing that Nigeria often pays what he described as a “perception premium” because positive policy changes are poorly communicated to investors.
He maintained that attracting long-term capital requires not only sound economic policies but also stronger institutions, policy consistency, efficient justice delivery and a shift in public attitudes towards debt and private investment.
Meanwhile, the Director-General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, called for stronger collaboration between regulators and academics, saying research-driven policymaking is essential for strengthening Nigeria’s capital market and promoting inclusive economic growth.
Speaking during the opening of the conference, Mr Agama described the Capital Market Academics of Nigeria as an important bridge between academic research and financial market regulation.
“I have long believed that good regulation begins with good thinking. The policies we make at SEC are only ever as strong as the evidence and the ideas that inform them,” he said.
According to him, research generated through academic conferences, journals and peer-reviewed studies provides the foundation for evidence-based regulation capable of responding to the evolving needs of Nigeria’s financial markets.
He said the agency regards academics as strategic partners whose ideas can shape policies that strengthen investor confidence and support market development, adding that Nigeria’s capital market is undergoing major reforms following the enactment of the Investments and Securities Act, 2025, and the implementation of a new 10-year Capital Market Master Plan.
He said the reforms require rigorous research, constructive scrutiny and honest debate to ensure that regulatory policies remain responsive to emerging realities and aligned with global best practices.
The SEC chief also commended CMAN for choosing a conference theme focused on equitable and inclusive growth, describing it as timely and relevant to Nigeria’s economic development agenda.
He urged participants to ensure that their deliberations produce practical recommendations capable of influencing policymaking and improving market operations.
“The commission’s door is open to evidence, to challenge and to fresh ideas, wherever they may lead. The finest measure of these two days will not be the sessions we hold, but the policies and the practices they go on to shape,” Mr Agama said.
He reaffirmed the organisation’s commitment to working closely with the academic community to advance knowledge, strengthen regulation and support the sustainable development of Nigeria’s capital market.
On his part, the president of the Capital Market Academics of Nigeria (CMAN), Prof. Uche Uwaleke, has called for stronger collaboration between academia and the financial services industry, saying closer partnerships are essential to deepening Nigeria’s financial markets and accelerating economic growth.
Mr Uwaleke said Nigeria possesses abundant intellectual capacity within its universities and extensive practical expertise across its financial institutions, but lacks a structured framework to connect both sectors for national development.
According to him, countries with resilient financial systems have succeeded by fostering continuous collaboration among universities, regulators, government agencies and industry players.
He described CMAN as Nigeria’s leading financial markets think tank, established to ensure that academic research goes beyond scholarly publications to provide practical solutions to the country’s economic challenges.
To bridge the gap between academia and industry, Mr Uwaleke urged the Federal Ministry of Education and the National Universities Commission (NUC) to recognise industry experience alongside academic publications in the appointment and promotion of lecturers in professionally oriented disciplines such as Banking, Finance, Insurance, Accounting and Capital Market Studies.
He also recommended that universities deliberately recruit accomplished retired bankers, investment professionals and capital market practitioners as adjunct lecturers to enrich teaching, strengthen curriculum relevance and better prepare graduates for the workplace.
According to him, the NUC should reinforce the initiative by awarding accreditation points to academic programmes that successfully integrate experienced industry practitioners into their faculties.
The CMAN president further called on financial sector regulators, including the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission, National Pension Commission and the Nigeria Deposit Insurance Corporation, to institutionalise structured sabbatical and research fellowship opportunities for qualified academics.
He said such programmes would enable scholars to undertake policy-oriented research while giving regulators access to independent expertise capable of improving policy formulation and regulatory effectiveness.
Mr Uwaleke also proposed the establishment of a Financial Markets Research Partnership to be championed by the Federal Ministry of Finance and the Ministry of National Planning.
He said the initiative should bring together regulators, universities and industry players to commission research on critical national priorities, including capital market development, infrastructure finance, pension reforms, insurance penetration, financial inclusion and sustainable finance.
In addition, he appealed to the National Assembly to support policies that encourage collaboration between universities and industry through incentives for financial institutions investing in research partnerships and university-based financial market research centres.
Mr Uwaleke commended SEC, the Bank of Industry, Cowry Asset Management Limited and the Chartered Institute of Stockbrokers for already providing sabbatical opportunities to CMAN members.
He reaffirmed the association’s commitment to serving as a bridge between academia, government, regulators and industry through independent research, policy advice and intellectual support aimed at strengthening Nigeria’s financial system and driving sustainable economic transformation.
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will, at the Commercial Bid Conference, announce the successful bidders for 50 oil and gas blocks in the 2025 Licensing Round on July 21, 2026.
The regulator said the conference would conclude an eight-month licence round that began on December 1, 2025, after President Bola Tinubu approved the exercise under the Petroleum Industry Act (PIA) 2021.
The commission said the 50 blocks include 15 onshore, 19 shallow-water, 15 frontier and one deep-offshore block, covering basins such as the Niger Delta, Chad Basin, Benue Trough, Anambra and Bida.
It said the round aims to attract about $10 billion in fresh investment and to unlock discovered but undeveloped fields, fallow assets and gas resources. NUPRC described the 2025 round as the third licensing exercise under the PIA framework and stressed it is designed to prioritise natural gas development.
NUPRC outlined a five-stage process for the round — registration and pre-qualification, data acquisition, technical bid submission and evaluation, and the commercial bid conference — followed by ministerial approval and contracting. The Commission said it notified pre-qualified applicants on March 16, 2026, and closed technical and commercial bids on June 12, 2026.
NUPRC chief executive, Mrs Oritsemeyiwa Eyesan, had said the selection would be merit-based and would exclude weaker applicants.
She said only candidates with strong technical and financial credentials, professionalism and credible development plans would advance, and that winners would be chosen on a weighted combination of technical and commercial scores.
To widen participation, the federal government fixed signature bonuses for the round in a prescribed range of $3 million to $7 million per block, the Commission said, adding that bids outside that range would be non-compliant and excluded.
NUPRC said it would resolve the tied highest bids within the range by conducting a sealed rebid for the signature bonus, adding that successful bidders will receive Petroleum Prospecting Licences (PPLs) and may elect either a Concession or a Production Sharing Contract (PSC) framework, noting that the choice of framework will determine fiscal terms for up to two decades.
The agency noted that bidders were required to present host community development plans and to commit to remit 3 per cent of operating expenditure to Host Community Development Trusts. It said decarbonisation objectives and broader environmental, social and governance (ESG) requirements were mandatory parts of submissions.
It warned that applicants with government debts, those that had previously failed to develop licences “vigorously and in a business-like manner,” or those found non-compliant with applicable laws could be disqualified at any stage.
The regulator said it expects ministerial approval and formal contracting between July and October 2026, after which awardees must execute concession contracts before licences take legal effect.
Recall that during the 25th Nigeria Oil and Gas (NOG) Energy Week in Abuja, the NUPRC issued PPLs to 12 companies across 19 blocks from the 2024 round. The Commission named recipients, including Boron Energy Limited, Energy Marketing and Supply Limited, Sahara Deepwater Resources Limited, Tulkan Energy E&P Company Limited and said that the exercise showed the licensing pipeline was functioning.
By Adedapo Adesanya
The Special Adviser to the President on Energy, Mrs Olu Verheijen, has said Nigeria requires about $38.3 billion in fresh investment to sustain current oil and gas production and achieve its 2030 output targets.
Speaking at the recently concluded 25th NOG Energy Week Conference and Exhibition in Abuja, Mrs Verheijen said global investors are now prioritising countries with predictable policies, competitive fiscal terms and credible regulatory systems.
“For Africa, that question is urgent. And for Nigeria, the scale of the task is equally clear: to sustain the current base and grow toward our 2030 production target, analysis shows a financing gap of about $38.3 billion,” she said.
According to her, the era when countries relied solely on resource endowment to attract capital has ended.
“Capital has no passport. It is rational. It prices risk. It follows credibility. It asks one question: can this country turn resources into bankable projects, and bankable projects into reliable returns?”
She said Nigeria had deliberately repositioned itself through reforms aimed at improving investor confidence and accelerating project execution.
“We recalibrated fiscal terms, clarified regulation and streamlined oversight. We introduced targeted incentives and cut contracting timelines by more than half. We made a clear statement to the world: Nigeria is no longer asking to be trusted; Nigeria is working to be bankable.”
Highlighting progress recorded under the reforms, Verheijen said Nigeria now has more than $50 billion worth of upstream projects in its visible investment pipeline.
“We now have more than 50 billion dollars of upstream projects in the visible pipeline. In the last three years, more than 10 billion dollars of long-awaited final investment decisions have come through.”
She added that crude oil and condensate production has increased by about 400,000 barrels per day since 2023, while onshore production is at its highest level in two decades.
“Crude oil and condensate production has risen by about 400,000 barrels per day since 2023. Onshore production is at its strongest level in twenty years.”
Mrs Verheijen said the Federal Government remains committed to achieving its target of producing three million barrels of oil per day and 10 billion standard cubic feet of gas daily by 2030, while strengthening Nigeria’s competitiveness in the global energy market.
She also highlighted ongoing reforms in the power sector, including the N4 trillion Presidential Power Sector Financial Reforms Programme, which she described as critical to restoring confidence across Nigeria’s electricity value chain.
On gas development, she said the government was expanding domestic LPG supply, improving affordability and supporting investments through tax and import duty incentives.
“A gas-rich nation cannot be comfortable when families are priced back to firewood, charcoal or kerosene,” she said.
Mrs Verheijen stressed that Nigeria’s ambition extends beyond exporting crude oil to building an industrial economy anchored on value addition.
“We have chosen not merely to produce molecules, but to convert molecules into megawatts, fertiliser, petrochemicals, mobility, manufacturing, jobs and exports.”
She concluded that the country’s reforms were laying the foundation for long-term growth despite lingering challenges.
“The age of Nigerian hesitation is ending. The age of Nigerian ambition has begun. Our task now is to turn reform into relief, capital into projects, projects into jobs, and energy into national greatness.”
By Adedapo Adesanya
Nigeria’s headline inflation rate in June 2026 moderated to 15.91 per cent from 15.93 per cent in May, as pressure from the Iran war mildly eased, though it largely remained in focus during the review month.
In the report on Wednesday, the statistical office showed that the headline inflation rate for June on a month-on-month basis was 1.66 per cent, 0.09 per cent lower than the 1.75 per cent recorded in May 2026.
On an annualised basis, the print was down from 25.29 per cent in the same month of the preceding year (June 2025). This was due to the rebasing of the calculation year from 2009 to 2024.
The rise in prices, which stemmed from the continued conflict in the Middle East, continued to stoke food prices and energy costs, which account for a huge chunk of average spending.
The food inflation rate in May 2026 on a month-on-month basis was 3.75 per cent, up by 0.77 percentage points from May 2026 (2.98 per cent), while on a year-on-year basis, it was 17.52 per cent and stood at 25.41 per cent in the same month of the preceding year (June 2025).
At 15.91 per cent print, the inflation marginally beat expectations by Meristem Research, predicted at 15.95 per cent.
There had been expectations that the ceasefire between the United States and Iran would help drive oil prices lower, raising expectations of some relief on the inflation front. However, with conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
This will be a core factor that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will be looking at when it meets for the next policy meeting. At its last meeting, the committee left benchmarked interest rates at 26.5 per cent.
