General
Presidential CNG Initiative Attracts $50m Investments in Five Months
By Adedapo Adesanya
The programme director of the Presidential Initiative on Compressed Natural Gas (PI-CNG), Mr Michael Oluwagbemi, has disclosed that the scheme has attracted $50 million in investments in the last five months.
He disclosed at a southwest stakeholders’ forum in Lagos yesterday, noting that the programme was launched to ease the impact of fuel subsidy removal and create investment opportunities in Nigeria’s gas sector.
Mr Oluwagbemi said the government has continued to mobilise the private sector for compressed natural gas use and investments, adding that the investment inflow to the sector showed the level of commitment by the present administration to boosting cleaner energy and promoting a more efficient energy sector.
“Since December till date, over $50 million have been mobilised directly by the sector, much more than any amount of money that has been mobilised in the sector in the last eight years combined.
“Thousands of Nigerian companies are investing in the sector because they see that the present administration is serious about leveraging our gas resources,” he stated.
Also speaking, the Minister of Labour and Employment, Mrs Nkeiruka Onyejeocha, said the initiative represents hope for Nigeria’s transport sector.
“The Presidential CNG Initiative stands as a testament to the vision of this administration, as it not only seeks to revolutionise Nigeria’s transport sector with cleaner energy but is also committed to up-skilling and training 25,000 auto technicians in the process.”
She lauded the leadership behind the initiative for the dedication to innovation and progress, adding that such initiatives truly drive the nation towards a brighter future.
She revealed that the PI-CNG and her ministry have partnered, ensuring that every job created, and every skill imparted, is not just a statistic but a step towards empowerment and progress.
“I want to address a fundamental issue that often plagues government-led initiatives – the lack of proper metrics to measure their impact.
“Historically, governments have been involved in numerous job creation programs, yet the true extent of their success is often overshadowed by inadequate measurement and reporting,” she said.
“Under the leadership of President Bola Ahmed Tinubu, however, we are committed to a paradigm shift. We recognize the importance of accountability and transparency in governance. That is why we are determined to not only create meaningful change but also to showcase our achievements with pride.
“As we embark on this journey together, it’s imperative that we keep proper track of the jobs our programs create. The Federal Ministry of Labour and Employment is committed to this task, ensuring that the impact of initiatives like the Presidential CNG Initiative is not just measured in numbers but in the lives transformed,” she explained.
During a presentation, the Head of Commercial at PI-CNG, Mr Tosin Coker, said 590 CNG-compliant buses purchased by the Ministry of Finance will be delivered to the people within this month, adding that distribution of the buses will be based on access to CNG.
He said an unspecified number of electric vehicles and 5,500 tricycles would also be provided to alleviate Nigeria’s transport challenges and support the masses, adding that the government is also working on getting more people to convert their petrol vehicles to CNG.
Also speaking, Commissioner for Transportation, Lagos State, Mr Oluwaseun Osinyemi, said the initiative will encourage more investments in CNG, adding that Lagos state has already invested in electric vehicles, with some BRT meant to become CNG enabled.
Adding his input, the Special Adviser to President Bola Tinubu on Information and Strategy, Mr Bayo Onanuga, said Nigeria is currently at the stage of revolution in the transport sector, adding that PI-CNG will support the sector’s quest for excellence and growth. He said more acceptance and promotion of CNG initiatives will continue to support economic growth.
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
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