By Adedapo Adesanya

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has issued a strong warning to heads of agencies under the ministry, demanding strict accountability and measurable results.

Mr Oyetola issued the warning during the signing of performance bonds with heads of maritime agencies at the Ministerial Management Retreat, held alongside the 2026 first-quarter stakeholders’ engagement in Lagos on Thursday, where he emphasised the need for performance-driven governance.

“Let me emphasise that all Departments and Agencies under the Ministry must remain firmly focused on delivering tangible results,” he said.

In a statement by Mr Bolaji Akinola, Special Adviser to the Minister, Mr Oyetola noted that performance bonds to be signed during the retreat are binding commitments that will be closely monitored and rigorously evaluated.

“These are not ceremonial documents. They are binding commitments. Accountability will not be optional,” the Minister declared.

Mr Oyetola reiterated the need for data-driven decision-making, robust monitoring and evaluation frameworks, and alignment with the Ministry’s strategic objectives.

“At the institutional level, we must remain disciplined and accountable. Every department and agency must deliver measurable outcomes,” he added.

He explained that the retreat was designed to foster alignment between policy formulation, implementation, and stakeholder expectations.

“The integration of this engagement enables us to listen, reflect, and recalibrate,” he said.

The agencies include the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers’ Council (NSC), National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, and the Council for the Regulation of Freight Forwarding in Nigeria.

He also announced a 160 per cent increase in revenue generated by agencies under the ministry, attributing the growth to sweeping reforms and a renewed focus on accountability.

“In 2023, our agencies generated N700.79 billion. By the end of 2025, this figure had risen to approximately N1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” he stated.

The Minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.

“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.

Mr Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.

By Adedapo Adesanya

Workers of Seplat Energy Plc, under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), began an indefinite strike on Friday as talks over a collective bargaining agreement and staff ​welfare issues broke down.

This development may impact Nigeria’s oil production at a time when the world is facing shortages due to the Iran war, and global oil prices are recording multi-year highs.

It will also hurt Seplat Energy’s operation as Nigeria’s largest independent oil and gas producer, adding to pressure on the country to maximise supply, which is fluctuating around 1.3 million barrels per day.

PENGASSAN said its action would remain active “until further notice, adding that its members would suspend most operations, including production reporting and export activities, ​while maintaining only essential safety and power functions.

The strike notice covers onshore ‌and ⁠offshore assets, joint‑venture operations and offices nationwide from Friday.

Other less-skilled workers are covered by the Nigeria Labour Congress (NLC), which is not on strike with PENGASSAN.

Seplat Energy’s group production averaged 131,506 ​barrels of oil ​equivalent per ⁠day in 2025, according to its latest audited results. That is the equivalent of around ​7 per cent–9 per cent of Nigeria’s total liquids production.

The company expects ​output ⁠to rise to 155,000 barrels of oil ​equivalent per ⁠day, making any sustained disruption particularly sensitive for Nigeria’s supply outlook.

With the company’s output expected to rise, any prolonged disruption could significantly impact Nigeria’s oil supply and fiscal outlook.

The company also plans to revive hundreds of Nigerian oil wells lying fallow, which, according to its chief executive, Mr Roger Brown, will be done in collaboration with the state-owned Nigerian National Petroleum Company (NNPC) Limited, as legally mandated in the country’s oil and gas industry.

By Aduragbemi Omiyale

The Managing Director of Commercial Inclusion (Interswitch Inclusio), Mr Muyiwa Asagba, has stressed the importance of businesses adopting the e-invoicing system, saying it will mark a defining moment in Nigeria’s economic and digital transformation journey.

“The introduction of the e-invoicing system represents a pivotal moment in Nigeria’s journey toward a more transparent and digitally enabled economy,” he said at the second Nigeria Revenue Summit (NRS) in Lagos in March 2026.

“At Interswitch, we see this not just as a compliance requirement, but as an opportunity for businesses to strengthen their operational efficiency and build resilience.

“Our focus is on providing the infrastructure and support that allow organisations to integrate seamlessly, comply confidently, and ultimately unlock greater value from their systems,” Mr Asagba added.

The event, tagged Winning in Nigeria’s New Tax Landscape, brought together business leaders and tax experts, who called for accelerated readiness among Nigerian companies as the country moves closer to implementing the e-invoicing system, describing the shift as both a regulatory requirement and a strategic opportunity for businesses.

The programme, put together by Interswitch, focused on the growing urgency for businesses to move beyond awareness and begin practical implementation, as e-invoicing introduces a shift from periodic reporting to real-time transaction validation and monitoring.

The chairman of the Nigeria Revenue Service (NRS), Mr Zacch Adedeji, represented by the Director for Policy Advisory Group, Mr Sunday Okeowo, emphasised the broader economic significance of Nigeria’s tax reforms.

He noted that the reforms present a critical opportunity to not only enhance revenue generation but also address key socio-economic challenges such as inflation, unemployment, and poverty.

Mr Adedeji described the evolving tax regime as “a bridge to a Nigeria that is a regional, continental and global hub for business and commerce,” adding that effective implementation would deliver shared prosperity for all Nigerians.

At a panel session moderated by the Divisional Head of Tax Management at Interswitch, Ms Titilayo Akinseye, speakers identified integration complexity, internal alignment across departments, and delayed decision-making as key barriers, warning that slow adoption could expose businesses to transaction disruptions, increased audit scrutiny, and inefficiencies in financial reporting.

At the same time, they noted that early adopters stand to benefit from improved transparency, automation, and operational efficiency.