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Allianz Sees Corruption, Shortage of Skills, Energy as Top Risks in Nigeria

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shortage of skills

By Aduragbemi Omiyale

Three top risks have been identified in Nigeria by Allianz Global Corporate & Specialty (AGCS) in its 12th annual survey of key business risks around the world, according to 2,700+ respondents.

In the report made available to Business Post, it was stated that corruption, shortage of skills due to the migration of young Nigerians abroad, and energy are the country’s top risks.

These risks, identified through the Allianz Risk Barometer, were grouped under macroeconomic developments, political, and cyber risks.

Respondents were questioned during October and November 2022, with a focus on large- and small- to mid-size companies.

They were asked to select the industry about which they were particularly knowledgeable and to name up to three risks they believed to be most important.

Nigeria has for many years battled with corruption in government, with the efforts yielding little or no result.

In 2015, President Muhammadu Buhari, after he defeated former President Goodluck Jonathan, he promised to fight corruption and clean the government.

However, almost eight after, his administration has been accused of unprecedented corruption and others, including crude oil theft and fuel subsidy.

The high level of corruption and insecurity in the country has forced some young Nigerians to travel to countries like Canada, the United Kingdom, the United States and others.

It was recently reported that many bank and health workers were resigning to japa (flee) from the country for a better life outside.

In the report by Allianz, it was disclosed that “in Nigeria, the top three risks are Macroeconomic developments (#1 from #3), Political risks and violence maintains second position, and Cyber incidents slide down two places to #3.”

As for the others, the report said cyber incidents and business interruption rank as the biggest company concerns for the second year in succession (both with 34% of all responses).

However, it is macroeconomic developments such as inflation, financial market volatility and a looming recession (up from #10 to #3 year-on-year), as well as the impact of the energy crisis (a new entry at #4) which are the top risers in this year’s list of global business risks, as the economic and political consequences of the world in the aftermath of Covid-19 and the Ukraine war take hold.

Such pressing concerns call for immediate action from companies, explaining why both natural catastrophes (from #3 to #6) and Climate change (#6 to #7) drop in the annual rankings, as does pandemic outbreak (from #4 to #13) as vaccines have brought an end to lockdowns and restrictions.

Political risks and violence are another new entry in the top 10 global risks at #10, while the Shortage of skilled workforce rises to #8. Changes in legislation and regulation remain a key risk at #5, while Fire/explosion drops two positions to #9. View the full global and country risk rankings and watch a short video here.

“For the second year in a row, the Allianz Risk Barometer shows that companies are most concerned about mounting cyber risks and business interruption. At the same time, they see inflation, an impending recession and the energy crisis as immediate threats to their business.

“Companies – in Europe and in the US in particular – worry about the current ‘permacrisis’ resulting from the consequences of the pandemic and the economic and political impact of the ongoing war in Ukraine. It’s a stress test for every company’s resilience,” the chief executive of AGCS, Mr Joachim Mueller, commented on the findings.

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AI in Agriculture, Retail Sectors May Lead to Double Digit Growth by 2035

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ai in agriculture

By Adedapo Adesanya

High-impact sectors, including agriculture, wholesale and retail, will see double digit increases with the integration of artificial intelligence (AI) across Africa by 2035.

This is according to a new report by the African Development Bank (AfDB) developed under the G20 Digital Transformation Working Group, Africa’s AI Productivity Gain: Pathways to Labour Efficiency, Economic Growth and Inclusive Transformation, which establishes a strategic roadmap for unlocking the economic and social potential of AI across the continent.

The study, carried out by consulting firm Bazara Tech, finds that inclusive AI deployment could generate up to $1 trillion in additional GDP by 2035 equivalent to nearly one-third of the continent’s current economic output.

The report added that this is underpinned by Africa’s growing digital capacity, favorable demographics, and ongoing sectoral reforms, making it one of the most promising regions for AI-driven growth globally.

According to the report the AI dividend is expected to be concentrated in select high-impact sectors, rather than spread evenly across Africa’s economy. Analysis identified five priority sectors—agriculture (20 per cent), wholesale and retail (14 per cent), manufacturing and Industry 4.0 (9 per cent), finance and inclusion (8 per cent), and health and life sciences (7 per cent)—which together are projected to capture 58 per cent of the total AI gains, or approximately $580 billion by 2035. These sectors combine economic size, readiness to adopt AI, and strong potential to deliver inclusive development outcomes.

“We have set out the key actions in this report, identifying the areas where initial implementation should be focused,” said Mr Nicholas Williams, Manager of the ICT Operations Division at AfDB.

“The bank is ready to release investment to support these actions. We expect the private sector and the government to utilize this investment to ensure we achieve the identified productivity gains and create quality jobs,” he added.

The report also revealed that realising the potential of AI depends on five interlinked enablers: data, compute, skills, trust, and capital. Reliable and interoperable data forms the foundation for AI insights, while scalable compute infrastructure ensures solutions can be deployed efficiently across the continent.

It noted that a skilled workforce is essential to develop, implement, and maintain AI systems, and trust built through governance, and regulatory frameworks underpins adoption.

The report also noted that the enablers, together with adequate capital investment to de-risk innovation and accelerate deployment, would “foster a cycle of AI-driven growth.”

The report also outlines a three-phase roadmap toward Africa’s AI readiness: ignition (2025-27), consolidation (2028-31) and scale (2032-35).

“Achieving early milestones by 2026 will set Africa’s AI flywheel in motion,” said Mr Ousmane Fall, Director of Industrial and Trade Development at the bank. “Africa’s challenge is no longer what to do — it is doing it on time.”

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Crude Oil Tanker Seized Near Venezuela Not Registered in Nigeria—NIMASA

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MV Skipper

By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) has clarified that the crude oil vessel, MV Skipper, intercepted by the United States Coast Guard, in collaboration with the US Navy for its alleged involvement in crude oil theft and other transnational crimes is not registered in Nigeria.

NIMASA said the Very Large Crude Carrier (VLCC) SKIPPER with IMO Number 9304667 is not a Nigerian-flagged vessel, and its purported owners, Thomarose Global Ventures Limited, are not registered with NIMASA as a shipping company.

An analysis of the vessel’s movement carried out NIMASA through its Command, Control, Communication, Computers and Intelligence (C4i) Centre showed that the facility was last sighted on Nigerian waters on July 1, 2024.

“After departing Nigerian waters, the vessel continued on its international voyage pattern and was tracked operating in the Arabian Sea (Asia) and later in the Caribbean region, where the US interdiction eventually took place.

“Records indicate that SKIPPER, which was formerly owned by Triton Navigation Corp, has undergone multiple name changes over time.

The Director General of NIMASA, Mr Dayo Mobereola, reaffirmed the agency’s commitment to collaborate with all relevant stakeholders, including US authorities, in the ongoing investigations, noting that in a statement that criminality will not be tolerated on Nigerian waters.

Last week, US forces seized an oil tanker carrying a Panama flag believed to be the VLCC Skipper, after satellite imagery showed the vessel secretly loading over 1.8 million barrels of sanctioned Merey crude at Venezuela’s José Terminal.

The vessel had been transmitting falsified AIS positions during the operation, a tactic increasingly used by “dark fleet” tankers tied to Venezuelan and Iranian trades. It was later revealed that the seized tanker Skipper, was carrying crude contracted by Cubametales, Cuba’s state-run oil trading firm.

The seizure of the sanctioned oil tanker has sharply escalated tensions between the US and Venezuela. The US government also said it is preparing to intercept more ships transporting Venezuelan oil.

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SERAP Threatens to Sue AGF Fagbemi Over Failure to Enforce NDDC Judgment

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SERAP

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has urged the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, “to immediately enforce the judgment compelling and directing him and president Bola Tinubu to widely publish the names of those indicted in the alleged misappropriation of N6 trillion meant to implement the abandoned 13,777 projects and in the running of the Niger Delta Development Commission (NDDC) between 2000 and 2019.”

The judgment was delivered on Monday, November 10, 2025, by Justice Gladys Olotu following a Freedom of Information suit number: FHC/ABJ/CS/1360/2021 brought by SERAP.

The court also ordered Mr Fagbemi and the president “to publish and make available to the public the NDDC forensic audit report submitted to the federal government on September 2, 2021.”

In the letter dated December 13, 2025 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation said: “The continuing failure and/or refusal to publicly acknowledge the judgment and immediately enforce it makes a mockery of the country’s legal and judicial processes and the rule of law.”

It warned that the ongoing failure and/or refusal to enforce the judgment is a fundamental breach of both the letter and spirit of the Nigerian Constitution and a direct assault on the rule of law.

“Obeying the judgment would reinforce the primacy of the Nigerian Constitution, and the country’s international obligations and show respect for the rule of law.

“The Attorney General is the Chief Law Officer of the Federation and as such has the responsibility to uphold the Nigerian Constitution, advise the government to ensure that its actions conform with judicial decisions, obey the rule of law and generally act in the public interest,” it disclosed.

The group noted that, “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider pursuing contempt proceedings against you to compel you to uphold the Nigerian Constitution and the rule of law.”

“SERAP notes the recent public commitments by President Tinubu to ‘improve the welfare of the Niger Delta region and address the challenges facing the region.’ Immediately enforcing the NDDC judgment would ensure the fulfilment of these commitments,” it concluded.

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