General
NEITI, EFCC to Recover $6bn, N66bn from Oil Stakeholders
By Adedapo Adesanya
Plans are underway to recover $6 billion and an additional N66 billion owed to the federal government by oil stakeholders.
This was disclosed by the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr Ogbonnaya Orji, in Abuja at the 2025 budget defence session organised by the House of Representatives Committee on Petroleum Resources (Upstream).
According to the group, over $3.7 billion was recovered into the government’s coffers as outstanding liabilities from companies operating in the oil sector.
NEITI is also collaborating with the Economic and Financial Crimes Commission (EFCC) to recover the funds into government coffers, according to Mr Orji.
He explained that NEITI was established to promote transparency and accountability in the Nigerian oil and gas, as well as the mining sector.
Mr Orji also said the agency had been allocated a budget of N6.5 billion for the 2025 financial year, comprising N2.220 billion for personnel, N1.722 billion for overhead, and N2.575 billion for capital projects.
He outlined some of the critical activities to be undertaken in the year, including conducting industry reports on the oil, gas, and mining sectors, as well as fiscal allocation and statutory disbursement audits.
He added that research studies would be conducted on the actual volume of PMS consumed in Nigeria.
According to him, it will also indicate the economic impact of energy transition and a national perception survey of EITI implementation in Nigeria.
During the budget defence session, Mrs Kafilat Ogbara emphasised the need for government agencies to ensure that their budget proposals comply with the specified line items.
She expressed concern over the N32 million allocated for meals in the 2025 budget, stating that it was excessive, especially during a time of economic hardship.
“Most of our agencies should ensure that what they are bringing as budget proposal must tally with the line item and the purpose why you want to use such funds.
“Let us not just see budget defence as ‘the money is there and we should share it. So, let us see how to get our own share’,” she said.
On his part, Mr Ademorin Kuye also stressed the importance of considering the economic situation in the country when preparing the annual budget.
He noted that the public perceives the National Assembly as a rubber stamp that approves anything presented by government agencies.
The Chairman of the Committee, Mr Alhassan Doguwa, faulted the language used in the budget preparation.
He also faulted the inclusion of the National Assembly as a beneficiary of the agency’s welfare package, assuring the committee’s readiness to support the agency in actualising its mandate.
General
Nigeria Begins Evacuation of Willing Nigerians from Iran
By Adedapo Adesanya
The federal government has begun evacuating willing Nigerians in Iran, escorting them across the Armenian border to ensure their safety amid escalating tensions in the Middle East.
The evacuation follows the growing crisis that began on February 28 after coordinated military strikes on Iran by the United States and Israel.
The attacks triggered retaliatory missile and drone strikes across parts of the region, raising fears of a wider conflict.
The chief executive of the Nigerians in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, disclosed this in a post on her X handle on Tuesday.
She said officials of the Nigerian Embassy in Tehran are coordinating the evacuation of Nigerians who wish to leave the country and are facilitating their safe passage into Armenia.
Mrs Dabiri-Erewa also reassured that no Nigerian in Iran has so far been affected by the ongoing tensions, noting that embassy officials remain stationed at the border to receive and assist evacuees.
Her post read, “Willing Nigerians [are] being escorted across the Armenian border by officials of the Nigerian embassy in Iran for safe passage. No Nigerian in Iran has been affected by the war as officials remain at the border to receive all who want to leave.”
The development comes as tensions in parts of the Middle East continue to raise concerns over the safety of foreign nationals residing in affected areas.
For repatriation flights, the NiDCOM chair said the airspace is currently unsafe but assured Nigerians in the Middle East that the Federal Government team is on standby to evacuate them.
“And as for repatriation flights, the skies are currently unsafe to fly. Luckily, a flight came in from the UAE to Lagos two days ago, just before another strike and the closure of the airspace.
“Once the airspace opens, the multi-agency FG team on crisis and evacuation is on standby. Our prayers are with you and all our people in affected countries,” she said.
General
Grid-Connected Private Transmission Substations Must Register—NERC
By Modupe Gbadeyanka
All private transmission connected to the national grid must register and get authorisation to operate, the Nigerian Electricity Regulatory Commission (NERC) has declared.
In a statement, the electricity regulatory body in Nigeria directed owners of private transmission substations used by bulk electricity consumers to obtain an Independent Electricity Transmission Network Operator (IETNO) Permit before operating or connecting to the grid.
It was disclosed that this latest development, which became effective March 9, 2026, is to strengthen oversight of privately owned substations connected to Nigeria’s national grid.
NERC further said the directive was introduced to improve grid reliability, safety, and operational visibility following frequent transmission line trips reported by the Nigerian Independent System Operator (NISO).
Under the order, NISO must submit to NERC a comprehensive list of all existing Private Transmission Substation Owners (PTSOs) and notify them of the provisions of the order within five days.
Existing PTSOs must apply to NERC for an IETNO permit within 45 days, while new PTSOs must obtain the permit before connecting to the grid, as non-compliance attracts regulatory sanctions.
NISO will deploy IoT-based metering systems at substation interconnection points within 120 days.
Further, operators must submit monthly operational reports, while NISO will conduct inspections to ensure compliance.
General
NECA’s Annual Retreat for Business Managers, Executives Holds April 16
By Aduragbemi Omiyale
The annual retreat for business managers and executives organised by the Nigeria Employers’ Consultative Association (NECA) will take place from April 16 to 18, 2026, at the AAE & T Hotel, Kuto, Abeokuta, Ogun State.
This year’s edition is themed The Resilient Enterprise, People and Systems: Building and Managing Businesses that Outlive Seasons, Cycles and Crises.
The programme aims to equip leaders with the insights, tools, and networks required to build resilient organisations in an increasingly complex business environment.
It will provide a unique platform for executive-level engagement through high-level conversations, peer learning sessions with experienced leaders, strategy reflection workshops, and curated networking opportunities.
Expected to attend are industry leaders, senior executives, and business managers from across sectors. They will explore strategies for sustaining organisational performance through leadership transitions, economic cycles, regulatory shifts, and market disruptions.
Participants will also benefit from interactive discussions focused on strengthening corporate governance, developing agile leadership capabilities, and building organisational systems that can withstand periods of uncertainty and transformation.
A notice from NECA said the event is open to both members and non-members, with participation fees set at N300,000 for members and N320,000 for non-members. Discounts will also be available for Gold and Silver members, subject to applicable terms and conditions.
Interested participants are encouraged to register via the official registration link to secure their place at the retreat, which promises to deliver valuable insights and connections for executives seeking to build enterprises capable of thriving through seasons of change and uncertainty.
The Director-General of NECA, Mr Adewale Smatt-Oyerinde, noted that by convening business managers and senior executives in a collaborative learning environment, the association aims to contribute to the development of stronger, future-ready enterprises that can drive economic growth, create jobs, and support national development even in the face of evolving global and local challenges.
He added that the retreat will provide executives with the opportunity to step away from daily operational demands and engage in deeper strategic conversations with peers and industry experts.
“The theme of this year’s retreat speaks directly to the realities businesses face today. Across sectors, organisations are navigating leadership transitions, regulatory shifts, economic pressures, and technological disruption.
“What distinguishes enduring enterprises is their ability to build strong systems, develop capable leaders, and create organisational cultures that can adapt and respond effectively to change,” the NECA chief said.
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