General
Private Sector Crucial to Successful AfCFTA Implementation—Delegates
By Dipo Olowookere
Delegates at the recently-concluded 2018 Africa Trade Forum held in Lagos have agreed that while governments need to set a conducive environment through collective and coordinated actions for the successful implementation of the African Continental Free Trade Area (AfCFTA), the private sector should be the main driver of the policy.
During the event, they also agreed that complementary interventions to boost competitiveness and reduce the high costs of doing business on the African continent would be crucial to ensure win-win gains from the AfCFTA, saying these will require proactive policies and programmes in the areas of infrastructure, financing, skills development, trade facilitation and quality infrastructure.
According to the Economic Commission for Africa’s Regional Integration and Trade Division Director, Stephen Karingi, while summing up the major takeaways from the forum, “In implementing the AfCFTA we must also make sure not to forget MSMEs, women traders, smallholder farmers and informal cross border traders, who represent the majority of Africa’s trading community, and are crucial to driving poverty reduction efforts.”
Delegates agreed the establishment of new business models, including renewable energy mini grids, was key to ensure efficient and sustainable access to electricity and help fill the existing gap.
“The recommendation is that we should promote new and reinforce existent sub-regional power pools within the continent,” Mr Karingi said.
Data, delegates agreed, was critical for the implementation of the AfCFTA. Countries, regional economic communities and the African Union Commission need to understand trade patterns to determine the correct strategies. Data is also central to the monitoring of the AfCFTA.
“Africa needs to design a data economy strategy to ensure that it is not vulnerable through data exposure caused by data storage in other regions. The combination of data and technology can address the challenges around formalisation of trade,” added Mr. Karingi in his closing remarks.
On agriculture, delegates said the AfCFTA by integrating African economies, offers opportunities for the continent to reduce its food imports from the rest of the World by increasing intra-African trade of processed agro-food products. For this to happen, effective implementation of the Agreement is key, in addition to removing non-tariff barriers to trade. Critical to this is to create an environment that will support small farmers and small producers (SMEs) to have timely access to markets, both output and input markets.
Speaking at the forum, Rockefeller Foundation’s Vice President, Global Policy and Advocacy, Christine Heenan, emphasized the importance of partnerships in ensuring the AfCFTA was a real game changer in Africa.
She said an online poll commissioned by Rockefeller was very compelling with more than 83 percent of respondents from across the continent saying the AfCFTA was important for Africa’s development. The poll is open until December 31.
“Engaging stakeholders remains very important,” she said, adding the poll meant a lot in terms of inclusivity of common African voices in the implementation of the African Continental Free Trade Agreement.
The Rockefeller Foundation, Ms. Heenan said, believed and relied on its partners for collective action that leads to progress on the continent.
In his closing remarks AUC’s Trade and Industry Commissioner, Albert Muchanga said six African countries have not yet signed the AFCFTA but two were expected to do so by December.
“African countries have resolved and are committed to making the AfCFTA a reality and there is no going back. We have to continually beat the challenges and use opportunities to come up with solutions,” he said.
Ambassador Chiedu Osakwe, Nigeria’s Chief Trade Negotiator, said to build a free trade area, Africa has to be at ease with the process of sincere debates on its trade policies.
“The European Union dealt with a lot of continuous debate for a long period of time. African countries need to work on consensus building, being at ease with challenges on ideas, methodologies and processes in order to be at ease with the negotiations process, “Ambassador Osakwe said.
On the next steps, Mr Karingi said the ECA with financial support of the EU was offering technical assistance to support Member States in developing comprehensive AfCFTA National Implementation Strategies. These strategies will: Identify new opportunities for diversification, industrialization and value chain development; identify current constraints to intra-African trade which must be addressed; recommend steps required for each country to take full advantage of national, regional and global markets in the AfCFTA context; align to existing policy frameworks at the national, regional and continental levels; and adopt a nationally-driven multi-stakeholder participatory approach.
The Forum highlighted the crucial importance of advocacy, consultations and consensus-building on the continent around its major programmes.
Mr Karingi thanked Nigeria and the Government of Lagos State for hosting the forum and for their dedicated support and collaboration in the lead up to this Forum.
“Although Nigeria has not yet signed the AfCFTA, it is in many ways many steps ahead in ensuring that the Agreement is a real game changer for economic transformation and development,” he said.
The Africa Trade Forum, which was held under the theme; AfCFTA Ratification and implementation: A game changer for African economies, was co-organized by the ECA, the Rockefeller Foundation, and the Nigerian government in collaboration with the AUC.
General
Tinubu Seeks Senate Confirmation of Tegbe as Power Minister
By Adedapo Adesanya
President Bola Tinubu has written to the Senate seeking confirmation of the nomination of Mr Joseph Tegbe as the Minister of Power in the Federal Republic of Nigeria.
The request, read by the President of the Senate, Mr Godswill Akpabio, during plenary on Tuesday, was conveyed in a letter addressed to the Senate.
President Tinubu, citing Section 147(2) of the 1999 Constitution (as amended), which empowers the President to nominate ministers subject to Senate confirmation, urged lawmakers to give the request prompt consideration.
Last week, Mr Tinubu nominated Mr Tegbe as the Minister of Power, following the resignation of Mr Adebayo Adelabu to pursue a governorship ambition in Oyo State under the All Progressives Congress (APC) in the 2027 polls.
In the same vein, President Tinubu sought confirmation of two other nominees: Ambassador Sola Enikanolaiye as Minister of State, as well as Mr Rabiu Abdullahi Umar as the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
“The nomination has been transmitted to the Senate for screening and confirmation in accordance with the Constitution,” a statement by presidential spokesperson Mr Bayo Onanuga read in part.
Like his predecessor, Mr Tegbe is from Oyo State. He is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors.
A former Senior Partner and Head of Advisory Services at KPMG Africa, he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance in that firm.
Mr Tegbe has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.
Until his nomination, he served as the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), and was responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.
Key priority for Mr Tegbe, if confirmed, will be to institute and execute policies that can help fix one of Nigeria’s most crucial sectors.
General
Court Orders SERAP to Pay DSS Operatives N100m For Defamation
By Adedapo Adesanya
Justice Halilu Yusuf of the Federal Capital Territory High Court, Abuja, has awarded N100 million in damages against the Incorporated Trustees of the Socio-Economic Rights and Accountability Project (SERAP).
In his judgment, Justice Yusuf held that two operatives of the Department of State Services (DSS) were right to institute a defamation suit against SERAP.
In the suit, filed in the names of the two DSS officials, Ms Sarah John and Mr Gabriel Ogundele, the claimants accused SERAP of making a false allegation that they invaded its office in Abuja on September 9, 2024.
The court also ordered the organisation to tender a public apology to the two operatives, to be published in two national newspapers and broadcast on two television stations.
In addition, the court awarded N1 million against SERAP as the cost of litigation.
The judgment further stipulated a 10 per cent interest on the damages until the sum is fully paid.
The case follows a dispute that began in September 2024 when SERAP alleged that DSS officers “unlawfully invaded” its Abuja office.
In a post on its X account, the group said, “Officers from Nigeria’s State Security Service are presently unlawfully occupying SERAP’s office in Abuja, asking to see our directors.”
It added, “President Bola Tinubu must immediately direct the SSS to end the harassment, intimidation, and attack on the rights of Nigerians.”
The DSS, however, denied the claims.
It said the visit by its officers was routine and meant to engage the organisation’s new leadership.
The officers later sued, insisting that “no invasion occurred” and that the claims damaged their reputation and led to disciplinary action.
However, SERAP maintained its position.
In a later statement, it said, “We stand by our statements of defence and statements on oath,” insisting that DSS officers “unlawfully invaded our Abuja office.”
During court proceedings, witnesses reportedly said no physical assault took place.
SERAP’s Deputy Director, Mr Kolawole Oluwadare, told the court the claims were based on information from a staff member.
Counsel to the DSS officers, Mr Oluwagbemileke Kehinde, urged the court to grant all reliefs, arguing that the claimants had “substantially proved their case.”
General
UK Court Freezes Nigerian Oil Trader’s Global Assets Over $40m Debt
By Adedapo Adesanya
A court in the United Kingdom has taken sweeping action against a Nigerian oil trader, Mr Abdulrahman Musa Bashar, freezing his assets worldwide in a bid to secure repayment of a long-running debt dispute tied to failed fuel transactions.
The order, issued by the High Court in London, prevents Mr Bashar and his firm, Ultimate Oil and Gas FZCO, from selling, transferring, or otherwise dealing with assets across multiple jurisdictions, including Nigeria, the United Arab Emirates, the United Kingdom, and France. The restriction applies up to the value of the outstanding liability, with disclosed holdings estimated at nearly $170 million.
According to Business Day, the dispute traces back to oil trading agreements between 2022 and 2023, when Dubai-based Petrichor Energy supplied gasoil and Jet-A1 aviation fuel to Ultimate.
Court filings indicate that while deliveries were completed, payments were inconsistent and ultimately fell short, leaving the supplier to pursue legal and arbitration routes to recover its funds.
In an attempt to resolve the matter, Mr Bashar entered a personal repayment agreement in early 2024, backing the company’s obligations with his own guarantee.
He also issued a series of signed cheques as security. However, these measures failed to yield results, as the debt remained unsettled and the cheques were rejected upon presentation.
The court’s decision to impose a global freeze was influenced by what it described as troubling conduct during the dispute. Evidence suggested that assets were being sold without proceeds going toward the debt, alongside concerns that not all holdings had been fully disclosed.
The newspaper reported that testimony also pointed to an alleged warning from Mr Bashar that he might move assets out of reach if negotiations broke down, an assertion the court treated as a credible risk of asset dissipation.
The ruling adds to a growing list of legal challenges facing the businessman. He has previously been sanctioned by English courts for failing to comply with orders in a separate commercial dispute, and was also convicted in Dubai, the UAE, in a different cheque-related case.
With the freezing order now active, Petrichor has expanded its recovery efforts beyond the UK, initiating enforcement actions in both the UAE and Nigeria.
The move aims to block any pathways through which assets could be shielded, while also enabling seizure or control where legally permitted.
In a further escalation, the English court has directed two Nigerian-linked companies associated with Mr Bashar to grant access to a Delta State storage facility, allowing the creditor to recover fuel cargoes tied to the unpaid transactions. Failure to comply could trigger additional legal consequences, including contempt proceedings.
Despite ongoing attempts by Mr Bashar and his company to overturn the freezing order, the court has so far declined to lift the restrictions, leaving the enforcement process firmly in motion.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
