General
Minister Tasks Editors On Change Agenda
The Minister of Information and Culture, Alhaji Lai Mohammed, has commended the Nigerian Guild of Editors (NGE) for being part of the on-going determined efforts to tackle the various challenges facing the country, especially in the area of the economy.
Speaking at the All Nigerian Editors Conference (ANEC) 2016 in Port Harcourt on Thursday, the Minister however urged the Editors to do more by becoming the Champions of Change.
”Permit me to start my remarks by commending the Nigerian Guild of Editors for the well-thought-out theme for this 2016 Conference, which is ”Economic Diversification: Agriculture as an option for a prosperous Nigeria”. As you are all very much aware, Agriculture is one of the sectors we have identified in our economic diversification programme, aimed at moving the country away from a mono-product, oil-based economy, under our Change Mantra.
”It is therefore delightful that you have chosen to deepen the discourse by the choice of your theme for this conference. Even more impressive is the fact that Editors have taken up the challenge of contributing their quota to the ongoing efforts by this Administration to revamp the economy and return Nigeria to the path of sustainable growth and development,” he said.
Alhaji Mohammed however said the NGE in particular and the media in general must do more by becoming the Champions of Change
”What I am saying in essence is that while the media owes it as a duty to keep Nigerians well informed about the situation in the country, it must do so in context. We are not saying we should continue to lament about missed opportunities, the massive corruption or profligacy of the past, but is it is important for Nigerians to know where and when the rain started beating them, that no provision was made for any umbrella to shield them from the elements, and that indeed genuine efforts are now being made to turn things around.
”One of such efforts is the unprecedented massive investment in infrastructure – roads, railways, power, etc. Road Contractors have been mobilised to sites, many of them long abandoned. Any contractor who is not on site is waiting for the rains to stop, not due to lack of funds. The Administration has kick-started the programme to link all state capitals by rail. All these efforts are creating jobs and putting money in the pockets of Nigerians.
”We must give hope to our people, while also giving encouragement to those who are working non-stop to revamp our economy. In one country that failed to save for the rainy day like Nigeria did, citizens now have to cross to neighbouring countries to get essential commodities. The only reason we have averted such fate here is the committed, honest and disciplined leadership provided by President Muhammadu Buhari, the prudent management of the little resources that are accruing to the country now, thanks to the Treasury Singles Account, the unrelenting war against corruption, the rooting out of ghost workers and the increasing emphasis on agriculture that is sure to massively reduce our scandalously-high food imports in a short while,” he said.
The Minister said Nigeria’s economy is hard hit by the fall in the price of crude oil because the country failed to save for the rainy day, coupled with the fact that the country did not invest in infrastructure
”Nigeria has nothing to rely on to cushion the effects of the lost earnings. Many other oil producing countries and fellow OPEC members are faring better, because they saved for the rainy day. Saudi Arabia, with about one fifth of Nigeria’s population, has in foreign reserves about 600 billion dollars (which is 23 times what Nigeria has in foreign reserves). United Arab Emirates, with less than 10 million people, has 75 billion dollars in foreign reserves. Qatar, with 2.4 million people, has 36 billion dollars in foreign reserves. Even Angola, with just 24 million people, has about 25 billion dollars in foreign reserves.”
”Here in Nigeria, with oil selling consistently for over 100 dollars a barrel for many years, we simply failed to save for the rainy day, with the result that a country with a population of over 170 million today has just 26 billion dollars in foreign reserves. To compound this, the fall in the price of crude is having a ripple effect: the scarcity of forex, which has resulted from the oil price crash, means that industries are struggling to get forex to import raw materials and machinery. With falling imports, the Customs Service, which is another source of revenue, is collecting fewer duties. Taxation is also affected, as industries with no forex to import can neither employ more people nor produce more goods. Then, Nigeria has had to fight an existential battle to root out Boko Haram in the North-east,” he said.
By Adedapo Adesanya
Justice Emeka Nwite of the Federal High Court in Abuja has affirmed the final forfeiture of $13 million linked to a Lagos socialite, Ms Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Limited, to the federal government of Nigeria.
Delivering judgment, Justice Nwite held that the Economic and Financial Crimes Commission (EFCC) established that the foreign currency was proceeds of fraud and unlawful activities.
The judge further held that Oceangate Engineering Oil & Gas Limited failed to establish how it came by the money, saying the anti-money laundering agency satisfied all requirements for the funds to be classified as proceeds of fraud and to be forfeited to the appropriate authority.
He dismissed the claims that the $13 million was gifts received into the Oceangate Engineering Company by Ms Achimugu, adding that the woman never came to the court to show cause why the huge amount of money should not be forfeited to the government.
He held that no single person who gave the monetary gift to Aisha Achimugu to the tune of $13 million was called to testify.
The judge further held that the burden to establish genuine ownership of the money was not established by the applicant to counter the claims of the anti- graft agency that the money was the proceeds of fraud based on its investigation.
According to the judge, Oceangate Engineering Company did not show the business it undertook that fetched it the money, nor did it show whether any payment was made to it by any of its customers.
Justice Nwite had, on August 22, 2025, granted the anti-graft agency’s motion ex parte for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the Federal Government over allegations that the fund was proceeds of unlawful activity.
The judge had then directed the commission to publish the order in a national daily for interested people to show cause within 14 days why the fund should not be permanently forfeited to the federal government.
By Adedapo Adesanya
The federal government has inaugurated a 17-member Planning Committee to coordinate the National Flag-Off of the Energise Commercialisation Now (ECoN) Initiative, a flagship programme aimed at transforming research outputs into economic value.
Speaking at the inauguration in Abuja, the Permanent Secretary of the Ministry of Innovation, Science and Technology, Mr Philip Ndiomu Ebiogeh, described the initiative as a strategic intervention to convert Nigeria’s vast research and innovation outputs into market-ready products, scalable enterprises, and job-creating opportunities.
He noted that ECoN will mobilise stakeholders nationwide to identify bankable innovations and accelerate their transition from laboratories to the marketplace, stressing that the country must move beyond theoretical research to practical solutions that drive industrial growth and national prosperity.
The Permanent Secretary disclosed that the Minister of Innovation, Science and Technology, Mr Kingsley Tochukwu Udeh, had earlier briefed the First Lady, Mrs Oluremi Tinubu, on the initiative and proposed her as a champion of the programme, with the national flag-off scheduled for Kano State.
He explained that Kano was deliberately selected due to its historic role as a commercial and industrial hub, offering strong potential to attract investment, stimulate enterprise, and create jobs.
The Committee is chaired by the Minister, with the Permanent Secretary as Co-Chairman, while the Director-General, National Biotechnology Research and Development Agency, NBRDA, and the Director-General, Sheda Science and Technology Complex, SHESTCO, serve as Alternate Chairmen.
Members include Professor Nnayelugo Ike-Muonso, Dr Kazeem Kolawole Raji, Dr Jummai Adamu, Dr (Mrs) Obiageli Amadiobi, Dr Kabiru Mu’azu, Dr Anwal Mustapha, Engr Ibiam Oguejiofo, Mr Moses Fatogun, Mr Adamu Sulaiman (a representative of SMEDAN), Dr Prince Lawrence Eze, Mr Sani Garba, Dr Muhammad Mustapha, Dr Chioma Okeke, Mr Luther Onyemkpa, Mr Charles Egumgbe, and Dr Nwankwo Nnenna serving as Secretary.
The national flag-off is proposed for late April or early May 2026, subject to Presidential approval.
The Ministry reaffirmed its commitment to positioning innovation as a key driver of economic diversification and sustainable development, in line with President Bola Tinubu’s Renewed Hope Agenda.
By Adedapo Adesanya
Switzerland-headquartered global shipping giant, Mediterranean Shipping Company (MSC), has complied with the directive of the Nigerian Shippers’ Council (NSC) to suspend the implementation of its new tariff pending consultations with stakeholders.
In a customer advisory titled Temporary Suspension of New Tariff Implementation, the shipping line stated that the tariff regime in place before the recent increase would remain effective until further notice.
Business Post reported a few days ago that freight forwarders picketed the offices of MSC, protesting the recent increase in shipping line tariffs. They blocked the regulators from accessing the MSC premises to address the matter.
Despite the protests, the council’s attempt to engage the aggrieved freight forwarders in discussions was resisted, as the protesters insisted that there was no basis for dialogue and vowed to continue the protest until the increased charges were immediately reversed.
In the latest directive, the shipping company said, “We wish to inform our esteemed customers that the recently implemented tariff adjustment has been temporarily suspended, following a directive from the NSC. This suspension is pending the conclusion of ongoing engagements and resolution with the regulator.”
“Accordingly, the tariff regime applicable prior to the recent increase will remain in force until further notice, as mandated.”
The company further assured customers that updates would be communicated once a final decision is reached by the Nigerian Shippers’ Council.
“We remain fully committed to regulatory compliance, transparency, and protecting the interests of our customers. Further updates will be communicated promptly once a definitive position is issued by the Nigerian Shippers’ Council. We appreciate your understanding and continued cooperation,” the advisory added.
NSC had warned that prolonged industrial disputes within the maritime sector could disrupt port operations and negatively impact trade and economic activities.
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