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I Won’t Fail Nigerians as Anti-Corruption Ambassador—Buhari

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By Modupe Gbadeyanka

Nigerians have been assured by President Muhammadu Buhari that the anti-corruption campaign of his administration would be successful.

In a statement issued by the presidency on Tuesday, the Special Assistant to the President on Media and Publicity, Mr Garba Shehu, said his boss will not be “deterred by baseless criticisms by the opposition in his determination to eradicate rampant, chronic corruption.”

According to him, the President was not made the African Union (AU) Anti-Corruption Champion in Africa for the sake of it.

Mr Shehu said the country’s main opposition party, the Peoples Democratic Party (PDP), while in power for 16 years, was trapped in corruption to the extent that it found it difficult to define what “corruption” and “theft” was.

While addressing newsmen on issues raised by the PDP concerning the probe of the suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, the President’s spokesman said the volume and reach of the anti-corruption crusade so far reflects what the PDP left behind.

He said President Buhari’s determination to end corruption in the country was responsible for the number of highly publicized charges and cases.

“A large number of cases, new and old, may appear to be daunting but PDP, which is now heckling the President, has forgotten that the party bequeathed this to the current administration. They had the large number of cases they did not investigate and prosecute,” he said.

Mr Shehu also cautioned the PDP to allow the process of investigation and prosecution to work instead of being pre-emptive about the ongoing cases and unduly agitating the public.

He expressed hope that the judiciary would deal with the cases swiftly and satisfactorily in a manner that would deter other would-be offenders.

“The current administration is handling many of the cases that the PDP should have dealt with and the new ones as they arise,” he said.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Young Professionals for Tinubu Group Attracts Over 3,000 Nigerians

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By Aduragbemi Omiyale

No fewer than 3,000 Nigerians have joined a dynamic and fast-growing youth-driven group known as the Young Professionals for Tinubu (YP4T).

The organisation is dedicated to leadership, policy engagement, and economic empowerment. It was established to support President Bola Tinubu’s vision for economic transformation.

Since its inception, YP4T has quickly established itself as a mobilising force for young professionals who see themselves not just as beneficiaries of development but as key drivers of it.

Across multiple states, its members are actively working to strengthen Nigeria’s economic, technological, and entrepreneurial landscape, ensuring that young people are not left behind in the country’s evolving growth story.

With an economy valued at over $440 billion and a youth population that makes up more than 60 per cent of Nigeria’s 200 million citizens, the impact of an organized and engaged professional youth network cannot be overstated.

“We are building a generation that is ready to lead, innovate, and contribute meaningfully to national growth. The rapid expansion of our network is proof that young Nigerians want to be involved in shaping the country’s future.

“The best way to honour the administration’s vision for national development is not just to support it but to become part of the execution—ensuring that policies translate into opportunities for people across the country,” the Regional Director of YP4T, Mr Alex Oware.

Another member of the movement, Mr Raphael Utoku, said, “I joined YP4T because I wanted to be part of something bigger than myself. Beyond the leadership discussions and the networking, I gained practical mentorship that has completely transformed my career path. It’s the kind of community that young professionals in Nigeria have needed for a long time.”

It was learned that through direct interventions in education, career development, and entrepreneurship, YP4T has already begun making a tangible impact.

In the past six months, the movement has facilitated over N50 million in small business support, connected more than 1,200 young Nigerians to industry mentors across finance, technology, and governance, and provided professional development training to over 800 early-career professionals.

Its education-focused initiatives have also led to the launch of the YP4T Scholarship and Skills Fund, which has supported university students and technical training beneficiaries in multiple states, ensuring that economic hardship does not derail potential.

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Customs Suspends 4% FOB Levy on Imports for Wider Deliberations

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By Adedapo Adesanya

The Nigeria Customs Service has suspended the implementation of the 4 per cent Free-on-Board (FOB) value on imports following a series of blowbacks from key stakeholders.

According to a statement signed by the Customs’ spokesman, Mr Abdullahi Maiwada, the suspension will enable comprehensive engagement and consultations between the Minister of Finance, Mr Wale Edun and other stakeholders.

The FOB, which is a 4 per cent charge on imported goods, was meant to replace an older system where companies like Webb Fontaine handled import inspections for a 1 per cent fee. The move sparked heavy criticism from stakeholders like the Nigeria Employers’  Consultative Association (NECA).

According to NECA, the Nigerian business environment already struggles with multiple taxes, unpredictable policies, and economic challenges coupled with unsold inventories and growing unemployment, pleading that policies should “support businesses, not further suffocate them.”

“The timing of this suspension aligns with the exit of the contract agreement with the Service providers, including Webb Fontaine, which were previously funded through the 1% Comprehensive Import Supervision Scheme (CISS). This presents an opportunity to review our revenue framework holistically,” Mr Maiwada said.

“Under the previous funding arrangement repealed by the Nigeria Customs Service Act (NCSA) 2023, separating the 1% CISS and 7% cost of collection created operational inefficiencies and funding gaps in customs modernisation efforts.

“The new Act addresses these challenges by consolidating “not less than 4% of the Free-on-Board value of imports,” designed to ensure sustainable funding for critical customs operations and modernisation initiatives. This transition period will allow the Service to optimise the management of these frameworks to serve our stakeholders and the nation’s interests better,” he added.

“The suspension period will allow the Service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for sustainable funding of these modernisation initiatives.

“We will communicate the revised implementation timeline following the conclusion of stakeholder consultations,” he said.

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National Grid Collapse Leaves Abuja, Lagos Residents in Darkness

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By Dipo Olowookere

Residents of Abuja and Lagos are currently experiencing blackouts after the national grid collapsed on Wednesday morning.

Electricity in two of the biggest cities in Nigeria went off a few minutes before noon on Wednesday, information gathered by Business Post showed.

This was confirmed by one of the energy distribution companies in the country in a message to customers within its franchise areas.

“Please be informed that we experienced a system outage today, February 12, 2025, at 11:34 am affecting all our feeders.

“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us,” the message from Ikeja Electric said.

As of the time of filing this report, power had yet to be restored by the Disco, as electricity consumers switched to alternative power sources amid the scorching heat.

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