Business

Ex-UK PM Johnson in Nigeria, reassures foreign investors

Published

1 month ago

December 5, 2025

Former British Prime Minister Boris Johnson, on Thursday, declared he felt “perfectly safe” during his visit to Nigeria, dismissing negative security reports that had preceded his trip to Owerri, the Imo State capital.

Johnson made the statement while delivering the keynote address at the Imo State Economic Summit 2025, hosted by Governor Hope Uzodimma.

“I want you to know that when I decided to come to Owerri, I read some things, and there were people saying, ‘There may be some security problems in Nigeria.’ Have you heard that? And I said, ‘Well, I am going to go anyway.’

“And let me ask you: do you feel safe here today in this conference? Yes, we all feel safe. And I feel perfectly safe. Thank you, governor, for what you are doing,” Johnson said.

His call came amidst abduction and gun attacks in some parts of the country.

President Bola Tinubu recently declared a security emergency in the country, following a series of abductions, including the mass abduction of schoolgirls in Kebbi and Niger states and the raid of Christ Apostolic Church, Eruku, Kwara State, where 38 members were abducted and three others killed.

On December 31, 2025, President Donald Trump of the United States designated Nigeria as a “Country of Particular Concern,” following what he termed Christian persecution and killings.

Johnson, however, said that with what he had seen, he felt safe in Imo State.

The former prime minister said he was excited when Uzodimma invited him to the state for the summit.

He commended the governor for his push to provide 24-hour electricity in the state, as part of efforts to drive economic growth.

According to him, Artificial Intelligence would play a critical role in helping the governor realise that plan.

“Your focus on electricity is completely right. What is the future? The future is AI. For clean, sustainable electricity—and because of AI, it’s going to be colossal.

“I congratulate you for what you are doing to secure clean and sustainable power for Imo State and for the whole of Nigeria,” he said.

Johnson recalled that Nigeria and Britain share deep historic and cultural ties, strengthened by continuous exchanges of skilled professionals.

“I am very proud of what we export to Nigeria. We send you pharmaceuticals, bankers, services of all kinds, and automotive parts, and you send us so much in return: oil and gas, Nollywood movies, brilliant doctors, nurses, technicians, and tech geniuses from Nigeria. We are very, very grateful.

“We send you former United Kingdom prime ministers, and you send us future United Kingdom prime ministers in the form of Kemi Badenoch,” Johnson added.

Speaking at the summit, President Bola Tinubu said Imo State and Nigeria had investment opportunities ready to be tapped.

Tinubu, who was represented by Vice President Kashim Shettima, described Africa as the next continent for investment opportunities and called on investors to invest in Imo State and Nigeria.

According to him, the investment opportunities in Imo State were capable of commanding the attention of global investors.

He said Imo represented abundance in all sectors, with several untapped opportunities and called on investors to approach the state for investments.

He charged Imo people to embrace technology, noting that innovation would become the next chapter, and expressed hopes that the summit would yield a harvest of investments in the state.

“Imo is not just ready for investment, Imo is prime for transformation. Imo is open for business; Nigeria is open for business. The Asian Tigers are ageing, Africa, as a young continent, is the next destination,” the President said.

The President of Liberia, Joseph Boakai, said his country shared cultural similarities with Imo State, in population, size, and production of palm oil.

Boakai, who said Imo State is an inspiration, harped on the importance of partnership and innovation in the economic development of any nation.

First female President of Mauritius, Ameenah Gurib-Fakim, described Nigeria as the power-house of talents and resources.

She promised to drive Imo investments in renewable energy and expressed optimism that Africa will soon take over the world economy.

Former Secretary General of the United Nations, Ban Ki-moon, stated that Africa needed technological support and the benefits of switching from fossil fuel to green energy in order to save the climate.

Ki-moon commended Uzodimma for his investments in energy, education, infrastructure, digitalisation and other sectors.

Earlier, Uzodimma said the state was ready for an investment harvest.

He said Imo was blessed with huge resources, adding that the government had provided favourable conditions that investors could not resist.

Uzodimma said, “Imo is no longer rising, Imo has risen. When opportunity meets investment, what happens? Business happens. Business that transforms. Imo is ready to harvest your investments.

“We have provided security, we have provided power, we have provided infrastructure, we have provided ease of doing business. Imo is now the one-stop shop,” Uzodimma stated.

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Business

EFCC Begins Probe Of Ex-NMDPRA Boss After Dangote’s Petition

Published

22 hours ago

January 10, 2026

Oluwagbenga Olaoye

The Economic and Financial Crimes Commission (EFCC) has commenced an investigation into a petition filed against the former Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, by the President of Dangote Group, Aliko Dangote.

It was gathered that Dangote formally submitted the petition to the EFCC earlier this week through his legal representative, following the withdrawal of a similar petition from the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Dangote had initially approached the ICPC, asking it to investigate Ahmed over allegations that he spent about $5 million on his children’s secondary education in Switzerland, an expense allegedly inconsistent with his known earnings as a public officer.

Although the petition was later withdrawn, the ICPC had said it would continue with its investigation.

Confirming the new development, a senior EFCC officer at the commission’s headquarters in Abuja, who spoke on condition of anonymity because he was not authorised to speak publicly, said the petition had been received and investigations had commenced.

“They have brought the petition to us, and an investigation has commenced on it. Serious work is being done concerning it,” the source said.

In the petition signed by Dangote’s lead counsel, Dr O.J. Onoja (SAN), the businessman urged the EFCC to investigate allegations of abuse of office and corrupt enrichment against Ahmed and to prosecute him if found culpable.

The petition further stated that Dangote was ready to provide documentary and other evidence to support claims of financial misconduct and impunity against the former regulator.

“We make bold to state that the commission is strategically positioned, along with sister agencies, to prosecute financial crimes and corruption-related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders,” the petition read, citing recent court decisions.

Onoja also called on the EFCC, under the leadership of its chairman, Olanipekun Olukoyede, to thoroughly investigate the allegations and take appropriate legal action where necessary.

When contacted, the EFCC spokesperson, Dele Oyewale, declined to comment on the matter but promised to respond later. No official reaction had been received as of the time of filing this report.

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Business

IMPORTANT NOTICE REGARDING MONEY TRANSFERS IN NIGERIA (2026)

Published

2 days ago

January 9, 2026

Oluwagbenga Olaoye

Starting from *January 2026*, please ensure that *any money you send* to anyone — including me — comes with a *clear description* or *payment remark*. This is *very important* for tax purposes.

Use descriptions like:

– *Gift*
– *Loan*
– *Loan Repayment*
– *House Rent*
– *School Fees*
– *Feeding*
– *Medical*
– *Support*,
– School fee etc.

*Why this matters:*

In 2026, any money entering your account *without a description* may be treated as *income*, and *IRS (or relevant tax authority)* could tax it — or even worse, ask you to explain the source.

The *first ₦800,000* may be *tax-free*, but after that, any unexplained funds might attract up to *20% tax*, or in extreme cases, lead to legal issues.

So please:

– *Always include a payment remark.*
– *Avoid using USSD or apps that don’t allow descriptions.*
– *Ask the receiver for the correct description BEFORE sending.*

As for me, *do not send me any money* without discussing it with me first.
And no, I don’t want to hear “Sir/Ma, I used USSD” – if you can’t add a description, *hold your money*.

From now on, *I will tell you exactly what to write in the payment remark.*
Let’s all form the habit of *adding payment descriptions now* to avoid problems later.

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Business

FG earmarks N1.7tn in 2026 budget for unpaid contractors

Published

2 days ago

January 9, 2026

Newsbreak365_Admin

The Federal Government has budgeted the sum of N1.7tn in the 2026 Appropriation Bill to settle outstanding debts owed to contractors for capital projects executed in 2024.

A breakdown of the proposed 2026 national budget shows that the amount is captured under the line item titled “Provision for 2024 Outstanding Contractor’s Liabilities,” signalling official recognition of delayed payments to contractors amid recent protests over delayed settlements.

This budgetary provision follows mounting pressure from indigenous contractors and civil society groups who, in 2025, raised alarm over unpaid contractual obligations allegedly exceeding N2tn.

Some groups under the All Indigenous Contractors Association of Nigeria had also staged demonstrations in Abuja, lamenting the severe impact of delayed payments on their operations, with many contractors reportedly unable to service bank loans taken to execute government projects.

Earlier, Minister of Works David Umahi had promised to clear verified arrears owed to federal contractors before the end of 2025. However, only partial payments were made amid revenue constraints, prompting the inclusion of the N1.7tn line item in the 2026 budget as a catch-up mechanism.

In addition to the N1.7tn for 2024 liabilities, the government has also budgeted N100bn for a separate line item labelled “Payment of Local Contractors’ Debts/Other Liabilities”, which may cover legacy debts from previous years, smaller contract claims, or unsettled financial commitments that were not fully verified in the current audit cycle.

The total N1.8tn allocation is part of the broader N23.2tn capital expenditure in the 2026 fiscal plan, which seeks to ramp up infrastructure delivery while cleaning up past obligations.

Nigeria’s contractor debt backlog has been a recurring fiscal issue, worsened by delayed capital releases, partial cash-backing of budgeted projects, and underperformance in revenue targets.

Speaking with journalists at the entrance of the Federal Ministry of Finance in December 2025, the National Secretary of the All Indigenous Contractors Association of Nigeria, Babatunde Seun-Oyeniyi, said the government’s failure to release funds after multiple assurances had forced contractors to resume protests. He said members of the association were owed more than N500bn for projects already completed and commissioned.

He explained that despite recent assurances from the Minister of Finance, Wale Edun, no payment had been made. “After the National Assembly intervened, they told us that they will sit the minister down over this matter. And we immediately stopped the protest,” he said.

According to him, repeated follow-up meetings with the minister had produced no tangible progress. “They have not responded to our request,” he said. “In fact, more than six times we have come here. Last week, we were here throughout the night before the Minister of Finance came.”

Oyeniyi said that although some payment warrants had been sighted, no funds had been released. “Specifically, when we collate, they are owing more than N500bn for all indigenous contractors. We only see warrants; there is no cash back.”

He accused officials of attempting to push the payments into the next fiscal year. “The problem is that they want to put us into a backlog. They want to shift us to 2026; that 2026, they are going to pay,” he alleged. “They will turn us into debt, and we don’t want that. We won’t leave here until we are paid.”

However, The PUNCH observed that earlier in August 2025, the Federal Government claimed that it had cleared over N2tn in outstanding capital budget obligations from the 2024 fiscal year, with a pledge to prioritise the timely release of 2025 capital funds.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this at a ministerial press briefing in Abuja, where he also declared that Nigeria is “open for business” to global investors on the back of improved economic stability.

“In the last quarter, we did pay contractors over N2tn to settle outstanding capital budget obligations. That is from last year,” Edun said. “At the moment, we have no pending obligations that are not being processed and financed. And the focus will now shift to 2025 capital releases.”

By December 2025, The PUNCH reported that President Bola Tinubu expressed “grave displeasure” over the backlog of unpaid federal contractors and set up a high-level committee to resolve the bottlenecks and fund repayments.

Briefing State House correspondents after the Federal Executive Council meeting in Abuja, Special Adviser on Information and Strategy, Bayo Onanuga, said the President was “upset” after learning that about 2,000 contractors are owed. “He made it very, very clear he is not happy and wants a one-stop solution,” Onanuga told journalists.

Tinubu directed the setting up of a committee to verify all claims from federal contractors. The new budget’s provisions are expected to draw from the outcome of that verification exercise and may be disbursed in tranches based on confirmed and certified claims.

The total proposed 2026 national budget stands at N58.47tn, with N23.2tn earmarked for capital expenditure, N15.9tn for debt servicing, N15.25tn for recurrent spending, and N4.09tn for statutory transfers.

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