General
Atiku Kicks Against Planned Amendment to PIA 2021
By Adedapo Adesanya
Former Vice President and presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, Mr Atiku Abubakar, has raised alarm over ongoing moves to amend the Petroleum Industry Act (PIA) and divest substantial equity in some of Nigeria’s biggest oil joint ventures.
This is as the Office of the Attorney General of the Federation and the Ministry of Finance in a proposed legislation titled The Petroleum Industry (Amendment) Act 2025 have concluded plans to amend the PIA 2021 for the Finance Ministry to take over Petroleum Ministry and NUPRC to replace NNPC as concessionaire, in a bid to “address the escalating fiscal leakage and revenue loss confronting the federation.”
In a statement on Monday, the politician warned that such actions risk undermining national sovereignty and eroding public trust, noting that while he has always supported liberalisation and the revival of state-owned enterprises, including through privatization, any effort in that direction must be guided by transparency, national interest, and long-term strategic value.
“The Petroleum Industry Act was enacted to bring clarity, accountability, and investor confidence to a sector long plagued by opacity. Any attempt to amend its core provisions must be approached with caution and broad stakeholder engagement,” Mr Atiku cautioned.
Reports had emerged of plans to reduce the Federation’s stakes in joint ventures including Renaissance Africa Energy Company Limited JV, Oando JV, and Seplat Energy JV.
Mr Abubuakar warned that such moves, if designed to favour select insiders or foreign entities, would compromise Nigeria’s control over its most vital resources.
“The reported plans, especially under terms that appear to disproportionately favour select insiders and foreign entities, risk undermining Nigeria’s sovereignty over its most strategic resources,” he said.
He emphasised that poorly managed divestments could destabilise the oil and gas sector and compromise energy security.
“These moves, if not properly managed, could erode public trust, destabilize the sector, and compromise our energy security,” he warned.
He urged the Federal Government to commit to an open process if it proceeds with privatization.
“Any privatization exercise must be conducted with full transparency, guided by competitive bidding, and subject to rigorous public scrutiny,” the ex-VP said.
According to him, safeguarding the country’s long-term economic stability and ensuring that resource wealth benefits all Nigerians should remain paramount.
“The process must reflect our shared commitment to protecting Nigeria’s economic future and ensuring that the benefits of our natural resources are equitably distributed,” he added.
The former Vice President cautioned against what he described as the lure of “short-term gains at the expense of Nigeria’s national interest and long-term national stability.”
By Modupe Gbadeyanka
The Transmission Company of Nigeria (TCN) has confirmed the collapse of five transmission towers along the Ikot Abasi–Eket 132kV Double Circuit Transmission Line.
This was attributed to severe acts of vandalism, as TCN disclosed that the structure collapsed after vandals removed critical structural bracing members.
The affected towers were N9, J4, N10, N11 and N12, the organisation said in a statement on Friday.
It explained that the extensive damage was discovered during a routine joint line patrol conducted on August 9, 2026, by TCN linesmen.
Further inspection revealed that structural members from seven additional towers along the same transmission corridor had also been removed and stolen. The towers, J3, N8, N13, N14, N15, N18 and N19, are now structurally compromised and pose a risk of further collapse.
TCN condemned this act of sabotage and reiterated its commitment to working hard to maintain a robust and reliable national grid.
The statement said that to mitigate the impact on electricity supply, the network has been reconfigured to prioritise supply to Ekim transmission station, leaving Ibom Power as the only station without supply.
TCN said it is mobilising an urgent intervention to complete the reconstruction of the affected sections of the line, with security agencies also notified to aid investigations and prevent further acts of vandalism along the line route.
By Adedapo Adesanya
The Speaker of the House of Representatives, Mr Tajudeen Abbas, has urged all relevant government agencies to promptly initiate actions for the full implementation of the Nigerian Ports Economic Regulatory Agency Act, 2026, following its signing into law by President Bola Tinubu.
The bill, sponsored by Speaker Abbas, was aimed at repealing the Nigerian Shippers’ Council Act, Cap. N133, Laws of the Federation of Nigeria, 2004, and establish the Nigerian Ports Economic Regulatory Agency to ensure effective economic regulation of Nigerian ports while safeguarding the interests of shippers, service providers, and users of regulated port services. With the President’s assent, it has now been enacted as an Act of Parliament.
The legislation represents one of the landmark achievements of the 10th National Assembly. It reflects the Speaker’s commitment to legislative excellence, institutional reform, and sustainable economic growth, according to a press statement by the Special Adviser on Media and Publicity to the Speaker, Mr Musa Krishi.
The bill underwent a rigorous and inclusive legislative process, including extensive stakeholder consultations and a public hearing. It was passed by both Chambers of the National Assembly and subsequently assented to by the President.
The Act provides a robust legal and institutional framework to ensure effective economic regulation of Nigerian ports by fostering transparency, competitiveness, and efficiency in port operations; protecting the rights and interests of shippers, service providers, and other port users; and aligning Nigeria’s port regulatory system with global best practices, thereby enhancing the ease and cost-effectiveness of doing business.
Despite receiving presidential assent, the Act has yet to be fully operationalised.
He warned that any further delay would undermine the legislative intent of the reform, prolong the exposure of port users to arbitrary charges and operational inefficiencies, and deny the nation the anticipated benefits of increased revenue, improved trade facilitation, and stronger investor confidence in the marine and blue economy sector.
The Speaker urged the Federal Ministry of Marine and Blue Economy, in collaboration with all relevant Ministries, Departments and Agencies (MDAs) of the federal government, to take the necessary administrative, institutional, and financial measures for the prompt implementation of the Act.
He said this should include the formal transition to, as well as operational empowerment of, the Nigerian Ports Economic Regulatory Agency to discharge its statutory mandate effectively.
The full implementation of the Act is critical to unlocking the economic potential of Nigeria’s ports, reducing the cost of doing business, strengthening trade competitiveness, and positioning Nigeria as the leading maritime and logistics hub in West and Central Africa.
The statement noted that the Speaker reaffirmed the 10th House’s commitment to exercising the necessary legislative oversight to ensure this landmark legislation, along with others assented to by the President, is fully implemented and achieves its intended goals for the benefit of the Nigerian people.
By Adedapo Adesanya
The Federal Ministry of Youth Development (FMYD), through the Nigerian Youth Academy (NiYA), has partnered with Cascador, a Nigeria-focused platform for growth-stage founders, to provide funding and support for the next generation of Nigerian youth entrepreneurs.
The announcement coincides with International Youth Day 2026, whose global theme this year — Different Contexts, Common Aspirations — calls on institutions to close the gap between young people’s circumstances and their opportunities. The pilot is an early step toward NiYA’s broader ambition to train and empower 7 million Nigerian youth within two years.
The NiYA and Cascador Founders Programme will begin with a pilot cohort of 20 early-stage Nigerian youth founders, including entrepreneurs without formal business registration or established financial records.
Over four weeks, participants will undergo intensive training focused on business fundamentals, investment readiness and pitch preparation. At the end of the programme, the eight top-performing founders will receive non-dilutive funding of up to N5 million each from Cascador, alongside an Enterprise Resource Planning (ERP) solution to help them structure, manage and scale their businesses.
The funding and support will be presented at a Pitch Day organised by NiYA and the Federal Ministry of Youth Development.
The Minister for Youth Development, Mr s Ayodele Olawande, said the partnership would enable NiYA to move beyond training by helping young people transform ideas into investable businesses and achieve sustainable economic participation through business preparation and access to capital.
“The pilot is deliberately designed to test a model that can go beyond one cohort. If young founders can be identified early, prepared properly, connected to credible capital and supported to build stronger business systems, then access to opportunity becomes less dependent on background or existing networks. That is the larger objective: to build a youth entrepreneurship ecosystem in which readiness, ideas and execution can increasingly determine who gets the opportunity to grow.”
The pilot will run in-person in Abuja with virtual touchpoints and 1:1 mentorship. All 20 graduates retain NiYA alumni status, with priority consideration for future opportunities.
NiYA and FMYD have already shown what real commitment to Nigeria’s youth looks like — the platforms, the reach, the ambition to train millions. What we’re building together now is the missing piece, a practical bridge from the ideation stage to real capital-readiness. When a Ministry so dedicated to its young people asked Cascador to help build that bridge, it was an easy decision,” said Trish Thomas, CEO of Cascador.
Ms Oyin Solebo, COO of Cascador and former Managing Director of the ARM Labs Lagos Techstars Accelerator, highlighted the partnership’s impact, saying, “This is what innovative capital deployment looks like: a government building real investment readiness at scale, and a partner meeting that foundational work with non-dilutive funding at exactly the moment it’s needed. Partnerships like this open doors that neither of us could open alone.”
