General
BoI Partners AfDB, IsDB, NCMDB to Fund Female-Led Enterprises
By Adedapo Adesanya
In further commemoration of the International Women’s Day for 2021, the Bank of Industry says it is currently collaborating with the African Development Bank (AfDB) on the launch and implementation of the $300 million Affirmative Finance Action for Women in Africa (AFAWA), adding that the bank is also pushing for other women-aimed financing initiatives.
This was disclosed by the Managing Director, BoI, Mr Olukayode Pitan at the bank’s webinar themed Recognising Women’s Leadership In Enhancing Nigeria’s COVID-19 Recovery to celebrate International Women’s Day.
Mr Pitan said the AFAWA fund was expected to unlock $3 billion in private sector financing to empower female entrepreneurs through capacity-building development.
He added that the fund would grant women access to finance as well as spearhead legal policy and regulatory reforms to support enterprises led by women.
Mr Pitan also said that the bank was also partnering with Islamic Development Bank to implement the Business Resilience Assistance for Value-adding Enterprise (BRAVE) Women Nigeria project.
“BRAVE Nigeria is part of a larger $32.2 million five-year initiative coordinated by the Islamic Development Bank.
“The project combines training and grant-matching to support the growth and resilience of women-led enterprises in spite of their challenging operating environment.
“Furthermore, BOI invested $10 million in the Alitheia Fund, also toward supporting Nigerian women-led businesses, some of which will be export-oriented.
“In addition, the Nigerian Content Intervention (NCI) Fund, a partnership between the BOI and Nigerian Content Development & Monitoring Board (NCDMB) has allocated 20 million dollars as an intervention fund to women businesses in the oil and gas sector.
“These are just a few of the initiatives the Bank of Industry is engaged in to promote female gender equality, especially as it relates to business financing and support.
“We believe that our support to female entrepreneurship will not only revitalise their businesses during this pandemic but will enable them to thrive beyond it and close the inequality gap.
“BOI remains committed in our drive to support women; and I encourage other organisations to do the same because when women win, the society wins,” he said.
The BoI managing director said that the International Women Day (IWD) theme Choose To Challenge, highlighted the importance of challenging biases, stereotypes, and misconceptions in the interest of creating a more inclusive and gender-equal world.
He said that the establishment of the bank’s gender business desk, which catered specifically for female entrepreneurs had successfully disbursed close to N100 billion to over 1,500 women-led enterprises.
“In addition to financial support, the gender desk also provides much-needed business advisory and capacity building services, leveraging our strategic partnerships with more than 300 Business Development Service Providers (BDSP) nationwide.
“It is believed that if Nigeria enhances gender equality in the labour market, politics, legal system, education, and healthcare, it could add 1.25 per cent points to the economy.
“Despite what we know now, the representation of women at the decision-making level is still minimal today.
“There are only 25 countries that have elected women as Heads of State or Government – just about 11 per cent of all countries and territories in the world.
“Beyond participation in the political space, representation of women in the corporate sphere is very much skewed as only eight per cent of Fortune 500 companies are led by females.
“Yes, it is safe to say that we have made progress over the years, yet, it is far from acceptable and insufficient to meet the Sustainable Development Goal Five to ‘Achieve Gender Equality and Empower all Women and Girls’.
“The female gender has also been marginalised when it comes to access to finance.
“The gender financing gap in Africa is believed to be $42 billion between men and women.
“This is a worrisome statistic and at the Bank of Industry, we continue to take deliberate steps to address issues around gender equality in entrepreneurship,” he said.
General
SERAP in Court to Force INEC to Account for N55.9bn for 2019 Elections
By Modupe Gbadeyanka
The failure of the Independent National Electoral Commission (INEC) to account for about N55.9 billion earmarked for the purchase of some materials for the 2019 general elections has forced the Socio-Economic Rights and Accountability Project (SERAP) to file a lawsuit against the commission.
In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP asked the court for an order of mandamus to compel INEC to disclose the names of all contractors paid the sum of money.
It was claimed that the N55.9 billion was meant for the purchase of smart card readers, ballot papers, result sheets and other election materials for the 2019 general elections, which produced the late Mr Muhammadu Buhari as President for a second term in office.
SERAP is relying on the latest annual report published by the Auditor-General on September 9, 2025, to ask for the use of the funds, which is said to be missing or diverted.
The organisation argued that the electoral umpire “must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”
“INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered,” a part of the statement issued by the group stated.
“INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.
“These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law,” it further declared.
General
Finance Ministry Directs Shippers, Airlines to Submit Manifests via Single Window Project
By Adedapo Adesanya
The Ministry of Finance has directed all shipping companies and airlines operating in Nigeria to submit their manifests through the Single Window Project (SWP) as part of efforts to strengthen cargo tracking and transparency.
The submission of shipping manifests before the change of policy was handled exclusively by the Nigeria Customs Service (NCS) for onward cargo processing and port clearance.
However, following a memo from late last year signed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, all shipping firms and airlines were directed to integrate with the National Single Window platform to ensure seamless Manifests submission.
“I would like to bring to your attention that His Excellency, President Bola Ahmed Tinubu inaugurated the National Single Window (NSW) Project on the 16th of April 2024.
The NSW Project aims to streamline and automate import and export processes at Nigeria’s entry & exit ports, with the dual goals of enhancing trade facilitation and increasing government revenue.
“By integrating the operations of multiple government agencies involved in trade processes on one platform, the NSW platform will ensure faster clearance of goods and services, improve operational efficiencies at the imports and significantly reduce bureaucratic bottlenecks.
“Key components of the Single Window as defined by the World Trade Organisation (WTO) and World Customs Organisation (WCO) include: (a) a single-entry point i.e. traders, shipping lines, airlines and other stakeholders should submit all required import and export documentation through a single-entry point on a centralized digital platform, and (b) single submission i.e. all documentation should only be submitted once and data only entered once.
“As a result, the NSW Platform will be the single-entry point of submission for all Sea and Air Manifests. Therefore, all shipping lines and airlines are therefore directed to integrate with the NSW Platform to ensure seamless Manifests submission,” parts of the memo read.
The Comptroller-General of the NCS, the chairman of the Nigerian Revenue Service (NRS), the Managing Director of the Nigerian Ports Authority (NPA), the Managing Director of the Federal Airports Authority of Nigeria (FAAN) and the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) were copied in the memo.
General
Dangote Drags ex-NMDPRA Boss Farouk Ahmed to EFCC
By Aduragbemi Omiyale
The petition written against the immediate past chief executive of the Midstream Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, which was withdrawn from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has now been taken to the Economic and Financial Crimes Commission (EFCC).
The letter was written by the chairman of Dangote Industries Limited (DIL), Mr Aliko Dangote. It contained allegations of allegations of abuse of office and corrupt enrichment against Mr Ahmed.
The petition led to the resignation of the former NMDPRA chief from office last month.
It was gathered that Mr Dangote, through his legal representative, filed a formal corruption petition against him at the headquarters of the EFCC, with specific plea of prosecuting Mr Ahmed if found culpable.
The businessman said the withdrawal of the petition from the ICPC was a strategic move aimed at accelerating the prosecution process.
In the petition signed by his lead counsel Mr O.J. Onoja (SAN), Mr Dangote noted that, “We make bold to state that the commission is strategically positioned along with sister agencies to prosecute financial crimes and corruption related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt.1624)337.”
He further urged the anti-money laundering agency, under the leadership of Mr Olanipekun Olukoyede, “…to investigate the complaint of Abuse of Office and Corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting.”
“The commission’s firm resolve in handling this matter with dispatch is not only imperative and expedient but will also serve as a deterrent to other public officers out there with such corrupt proneness and tendencies,” he added.
Recall that on December 14, 2025, Mr Dangote raised concerns about Mr. Ahmed’s financial dealings, alleging that the former regulator is living far beyond his legitimate means.
According to him, four of Mr Ahmed’s children attended elite secondary schools in Switzerland, incurring costs running into several millions of dollars—an expenditure that raises questions about potential conflicts of interest and the integrity of regulatory oversight in the downstream petroleum industry.
Mr Dangote listed the schools attended by Mr. Ahmed’s children: Faisal Farouk (Montreux School), Farouk Jr. (Aiglon College), Ashraf Farouk (Institut Le Rosey), and Farhana Farouk (La Garenne International School), noting that each child spent six years in these institutions. He estimated annual tuition, travel, and upkeep per child at $200,000, totaling approximately $5 million for their secondary education.
Additionally, he alleged that Mr Ahmed spent another $2 million on tertiary education for the four children, including $210,000 for Faisal’s 2025 Harvard MBA program.
“Nigerians deserve to know the source of these funds, especially when many parents in Mr Ahmed’s home state of Sokoto struggle to pay as little as N10,000 in school fees,” Mr Dangote stated.
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