Economy
Nigeria Withdraws MOWCA Membership over Electoral Malpractice
By Adedapo Adesanya
Nigeria has withdrawn its membership from the Maritime Organization for West and Central Africa (MOWCA) over alleged electoral malpractice from the body.
In a press release, the Director of Press and Public Relations, Ministry of Transportation, Mr Eric Orjiekwe, disclosed that the development was a result of “gang-up” and breach of the constitution by member countries against the election of the Nigerian candidate and Director, Maritime Services of the ministry, Mr Paul Adaliku.
The ministry claimed electoral fraud by member states on the election of the Secretary-General of the maritime body in Kinshasa, Democratic Republic of Congo.
According to the statement, Mr Adaliku was the only candidate within the constitutional age bracket of 55 years and threw their weight behind other candidates from Guinea and Benin that were 60 and 62 years respectively.
Nigeria is the highest financier of the body and due to its withdrawal, no Nigerian is a staff or executive member of MOWCA.
The statement pointed out that despite the huge resources committed into the body by the country, it was met with apparent disregard for the Rules of Election Procedure regarding the eligibility of candidates nominated for the position of the Secretary-General of the organization.
It said this leaves the country with no option but to exit the body.
The statement reads in parts: “It is sad, and most depressing given Nigeria’s ardent and consistent support for MOWCA and its activities, that Nigeria as a nation must take a stand against the promotion of illegality, disrespect for the rule of law and contravention of the rules regarding the election of the Secretary-General of MOWCA
“Nigeria draws the attention of the General Assembly to the comment of MOWCA as presented by MOWCA secretariat in the annotated Agenda circulated this week to the Committee of Experts meeting, which confirmed that Nigeria is the only country that met the age eligibility criteria requirement that candidates must not exceed 55 years.
“The candidate nominated by Nigeria was 55 years as at when nominations closed in 2020 while the candidates of Guinea was 60 years old and that of Benin was 62 years old.”
The statement pointed out that the Nigerian candidate and Director, Maritime Services, Federal Ministry of Transportation, Mr Adaliku was the only eligible candidate and should have been declared unopposed.
Still expressing its displeasure, the statement continued, “The apparent willingness of some member States to consider for elections candidates who knowingly contravened the age criteria having exceeded the maximum age limit by more than 5 years in the case of Guinea and 7 years by Benin, does not portend well for the reputation and operation of MOWCA as a rule-based organization”.
The statement further pointed out that no member state has supported MOWCA as much as Nigeria, as the records show, she has contributed over $5 million in the past 10 years with the organisation not employing a single Nigerian.
“It should be noted that not a single citizen of Nigeria has ever been employed in MOWCA and that this is the first time that Nigeria has contested for the position of the Secretary-General of the organization even though it is an uncontested fact that it is essentially the contributions of Nigeria that has sustained the organization over the years,” it said.
By Adedapo Adesanya
The Senate has passed a bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC).
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate considered and adopted the report of its committee on banking, insurance and other financial institutions.
The Chairman of the committee, Mr Adetokunbo Abiru, the senator representing Lagos East, who presented the report, stated that the proposed legislation was necessary because the existing National Insurance Commission Act of 1997 had become outdated and no longer reflected the realities of Nigeria’s evolving insurance industry or global regulatory standards.
According to the Senate, the decision to change the Commission’s name was informed by the need to eliminate confusion associated with the existing designation and to better reflect the institution’s regulatory mandate within Nigeria’s insurance industry.
The bill also provides legal protection for the commission and its officers against adverse claims arising from the lawful execution of their statutory duties.
However, he noted that the commission’s enabling law had become obsolete, exposing significant regulatory gaps that required urgent legislative intervention.
‘The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business,” the lawmaker said.
He explained that the new legislation seeks to strengthen the independence of the commission by empowering it to make regulatory decisions without undue influence in the country’s insurance sector.
According to him, the bill also enhances the commission’s authority to exchange information and collaborate with domestic and international regulatory bodies, issue regulations, guidelines, standards and directives on insurance-related matters, and intervene more effectively in financially distressed insurance companies to protect policyholders and preserve financial stability.
This marks yet another move to strengthen the country’s insurance sector following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) of 2025 and the industry-wide recapitalisation exercise, which will wrap up by July 31.
By Adedapo Adesanya
About 143 companies that successfully passed the technical and prequalification stages of the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) 2025 Licensing Round will, today, compete for 50 oil and gas blocks at the commercial bid conference in Abuja, the final stage in the allocation process for the assets.
The commission said only the prequalified companies have been invited to attend the event, which will hold at the Conference Centre of the Transcorp Hilton Hotel, Abuja, stressing that participation is strictly by invitation.
The commercial bid conference will determine the successful bidders for oil and gas assets located across Nigeria’s producing and frontier basins.
The 50 blocks comprise 16 onshore blocks and 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin, and four in the Benue Trough.
According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.
The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.
NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies to register and participate in the exercise.
To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.
Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.
NUPRC disclosed that 286 companies initially submitted applications for prequalification.
Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.
The prequalified 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.
The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue.
It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the Petroleum Industry Act.
By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained all key monetary policy parameters following the conclusion of its two-day meeting on July 21, 2026, on Tuesday, maintaining its tight monetary policy stance to curb inflation and support macroeconomic stability.
According to the Governor of the apex bank, Mr Yemi Cardoso, who chaired the committee, the Monetary Policy Rate (MPR), which serves as the benchmark interest rate, remains at 26.50 per cent. The MPC also retained the asymmetric corridor around the MPR at +50 basis points and -450 basis points.
In addition, the Cash Reserve Ratio (CRR) for commercial banks was left unchanged at 45.00 per cent, while the CRR for merchant banks remains at 16.00 per cent. The committee also retained the CRR on non-Treasury Single Account (Non-TSA) public sector deposits at 75.00 per cent, with the liquidity ratio at 30.00 per cent.
The decision reflects the apex bank’s continued commitment to containing inflationary pressures through a restrictive monetary policy while safeguarding the resilience of Nigeria’s financial system amid ongoing macroeconomic adjustments.
By keeping all policy tools unchanged, the MPC signalled its intention to continue managing excess liquidity in the banking sector and maintain stability in financial markets.
The move is also expected to provide greater policy certainty for investors and businesses monitoring the country’s monetary policy direction.
The latest decision also means borrowing costs are likely to remain elevated in the near term as the central bank continues to prioritise price stability over monetary easing.
Analysts had expected the CBN committee to retain the rate after Nigeria’s headline inflation came in at 15.91 per cent as of June 2026, marking a slight decline from 15.93 per cent in May.
However, even as overall price growth has moderated significantly compared to previous periods, food inflation remains a persistent challenge, accelerating to 17.52 per cent in June.
