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  • Nigeria, UK deepen cybersecurity partnership

    Nigeria, UK deepen cybersecurity partnership

    The United Kingdom’s Department for Business and Trade (DBT) says it has successfully concluded its Cybersecurity Inward Trade Mission to Nigeria, strengthening cybersecurity collaboration between the two nations.

    The British High Commission in Nigeria said this in a statement on Friday in Lagos.

    It said the trade mission which held in Abuja and Lagos, fostered trade relations between the UK and Nigeria, promoting a resilient digital ecosystem in the country.

    The commission said the mission brought together, 13 UK experts and Nigerian stakeholders, to build capacity and promote UK cybersecurity solutions.

    It said the key highlights from the trade mission  included meaningful discussions and engagements between the UK and Nigerian stakeholders,  to strengthen cybersecurity partnerships and pave way for potential collaborations.

    According to the commission, it is  an opportunity to highlight its advanced cybersecurity solutions and how it can be tailored to tackle Nigeria’s unique challenges, while also fostering knowledge sharing and capacity building.

    Commenting, the Country Director,  UK’s Department for International Trade, Mark Smithson said: “The UK and Nigeria share a strong partnership in cybersecurity, driving innovation, resilience and economic growth.

    “This trade mission highlights the UK’s world-class expertise, while fostering collaborations that support Nigeria’s digital transformation.

    “Together, we are building a safer and more prosperous digital future for both our nations.”

    Also speaking, Abubakar Saad, the National Cybersecurity Coordinator at the Office of the National Security Adviser, said  the partnership  had been highly productive and mutually rewarding.

    He noted that through intelligence sharing, knowledge exchange, capacity building and strategic collaboration, both countries had strengthened their collective resilience against evolving threats.

    “We remain committed to deepening this engagement, leveraging our shared expertise to enhance cybersecurity governance, combat cybercrime, and secure our digital ecosystem for the benefit of both nations,” Saad said.

    Mr Haruna Jalo-Waziri, the Managing Director, Central Securities Clearing System Plc, said cybersecurity had  become a cornerstone of economic stability, national security and global interconnectedness in an era defined by rapid digital transformation.

    “Therefore, just like cybercriminals collaborate, governments and the private sector must collaborate to stay ahead of emerging threats, “he said.

    Jalo-Waziri lauded the efforts of the UK and Nigerian governments aimed at securing digital future, through the cybersecurity cooperation agreement.

    He noted that the collaboration would push Nigeria toward a thriving digital economy.

  • Nigeria Cracks Down on Terrorism Financing: Blacklists 17 Individuals, Organizations

    Nigeria Cracks Down on Terrorism Financing: Blacklists 17 Individuals, Organizations

    The Nigeria Sanctions Committee has officially designated 17 individuals and organizations as terrorism financiers. Among those listed are Simon Ekpa, Godstime Promise Iyare, Francis Mmaduabuchi, John Onwumere, Chikwuka Eze, Edwin Chukwuedo, Chinwendu Owoh, Ginika Orji, Awo Uchechukwu, and Mercy Ebere Ifeoma Ali. Additionally, the list includes Ohagwu Juliana, Eze Okpoto, Nwaobi Chimezie, Ogomu Kewe, Igwe Ka Ala Enterprises, Seficuvi Global Company, and Lakurawa Group.

    According to a document released by the committee on Thursday, the list was approved by the President following a recommendation from the Attorney General of the Federation. The committee held a meeting on March 6, 2024, where these individuals and entities were identified for their alleged involvement in terrorism financing.

    The document further stated that, in line with Section 54 of the Terrorism (Prevention and Prohibition) Act, 2022, financial institutions and other relevant stakeholders are required to:

    (a) Immediately identify and freeze all funds, assets, and economic resources belonging to the designated individuals and entities without prior notice, and report these actions to the Sanctions Committee.

    (b) Submit a report to the Sanctions Committee detailing any assets frozen or measures taken to comply with the sanctions.

    (c) File a Suspicious Transactions Report (STR) with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities of the listed individuals or entities.

    (d) Report any instances of name matching in financial transactions, whether before or after receiving the list, as an STR to the NFIU.

    The committee has also mandated the immediate freezing of bank accounts and financial instruments linked to the designated individuals and entities across all banks, payment platforms, and financial institutions. The directive extends to all accounts associated with the listed subjects, including those of signatories and directors for designated entities, to ensure full enforcement of the sanctions.

    Financial institutions and other stakeholders have been instructed to enforce these measures and submit compliance reports to the Nigeria Sanctions Committee via the email addresses secretariat@nigsac.gov.ng and info@nigsac.gov.ng.

  • “With Atiku Abubakar in Charge, Nigeria Will Experience Rapid Economic Progress” – Dr. Kalu

    “With Atiku Abubakar in Charge, Nigeria Will Experience Rapid Economic Progress” – Dr. Kalu

    In a recent statement, Dr. Emeka Kalu, President of the ECK Foundation, expressed confidence in former Vice President Atiku Abubakar’s ability to address Nigeria’s economic challenges if elected in the 2027 presidential race.

    Kalu highlighted Atiku’s leadership experience and vision as essential assets for revitalizing the nation’s economy.

    Kalu criticized the current administration’s management of Nigeria’s natural resources, emphasizing the need for effective exploration and utilization to stimulate economic growth.

    He urged citizens and political figures to support Atiku, whom he described as a “rational game-changer,” to implement necessary reforms.

    Addressing the nation’s economic decline, Kalu pointed to issues such as rising hunger, escalating living costs, currency depreciation, insecurity, nepotism, corruption, increased tariffs, and unemployment.

    He stressed that overcoming these challenges requires “selfless, capable, trusted, and competent hands” like Atiku’s to restore Nigeria’s economic stability.

    “The sorry state of our economy should remind all Nigerians that we are under a failed leadership. The rising hunger, high cost of living, naira depreciation, insecurity, nepotism, treasury looting, tariff hikes, and unemployment have set us back significantly. The only hope for recovery lies in supporting competent political leadership in 2027,” Kalu said.

    Reflecting on Atiku’s tenure as Vice President, Kalu noted his significant contributions to economic liberalization, trade investments, job creation, and other reforms. He lamented that electoral malpractices have previously hindered Atiku from leading the nation.

    Kalu also criticized the ruling All Progressives Congress (APC) for its lack of transparency in managing the fuel subsidy regime, identifying it as one of the numerous economic issues facing the country.

    “With Atiku Abubakar in charge, Nigeria will experience rapid economic progress,” Kalu asserted. “This is not a campaign or political propaganda, but a statement of facts whose impact cannot be erased.”

    In response to Kalu’s endorsement, critics have raised concerns about Atiku’s economic proposals. The All Progressives Congress (APC) described Atiku’s economic plan as a rehash of previous policies, lacking clarity and concrete implementation strategies.

    APC spokesman Felix Morka stated, “Atiku’s proposed Economic Stimulus Fund and Infrastructure Development Unit is opaque, lacking clarity and concrete implementation plans.”

  • BREAKING: US Ambassador Refutes Claim of USAID Funding Boko Haram

    BREAKING: US Ambassador Refutes Claim of USAID Funding Boko Haram

    Richard Mills, the United States Ambassador to Nigeria has refuted allegation that the United States Agency for International Development, (USAID) is funding Boko Haram or any terrorist group, asserting that there is no evidence.

    Mills declared at the aftermath of meeting with the Nigeria Governors Forum in Abuja late Wednesday night that no nation condemns Boko Haram’s destruction more greater than the US.

    He affirmed that if any evidence is discovered, the US government will collaborate with the Nigerian government in it investigation.

    TodayPriceNG had earlier reported that on February 13, Congressman Scott Perry accused USAID of funding terrorist groups, not excluding Boko Haram.

    Boko Haram is a terrorist group established in year 2002 by Mohammed Yusuf. The group’s motives is the promotion of Sunni Islam and terminating Shia Islam in Nigeria.

    In previous years, many Nigerians lives had been lost, properties worth billions of Naira has been destroyed, while many families have experience displacement.

    Perry, a Republican from Pennsylvania, made the declaration during the first hearing of the Subcommittee on Delivering on Government Efficiency.

    The session, titled “The War on Waste: Stamping Out the Scourge of Improper Payments and Fraud,” centered on alleged misappropriations of taxpayer funds.

    “Who gets some of that money? Does that name ring a bell to anybody in the room? Because your money, your money, $697 million annually, plus the shipments of cash funds in Madrasas, ISIS, Al-Qaeda, Boko Haram, ISIS Khorasan, terrorist training camps. That’s what it’s funding,” he stated.

    In a reaction, the Senate has beckoned on the National Security Adviser, Nuhu Ribadu, including the heads of the National Intelligence Agency and the Defence Intelligence Agency, to tackle allegations of terrorist funding with the involvement of USAID.

    While answering a question, the US Ambassador declared that the US has rigid policies in the prevention of USAID or any other US assistance from being redirected to terrorist groups like Boko Haram.

    He stated, “Let me be clear—there is no friend of Nigeria stronger in condemning Boko Haram’s violence and disregard for human life than the United States. We have designated Boko Haram as a foreign terrorist organisation since 2013, blocking the group from transferring assets to the US and allowing us to arrest and seize its members.

    “We cooperate in investigations with the Nigerian government. I can assure you that we have strict policies and procedures to ensure that USAID funding or any other US assistance, whether from USAID, the Department of Defence, or the State Department, is not diverted to terrorist groups like Boko Haram.

    “There is absolutely no evidence of such diversion, and if we ever had evidence that any programme funding was being misused by Boko Haram, we would immediately investigate it with our Nigerian partners.

    “So, when it comes to Boko Haram, the United States stands with Nigeria in wanting to rid this country of the scourge that this organisation represents.”

    He cleared the air that President Donald Trump’s administration did not stop assistance but implemented a 90-day pause to develop ways in making it more effective.

    Mills highlighted, “No assistance has been cut yet, and no decisions have been made about the future of our assistance. In fact, US Secretary of State, Marco Rubio, has said that this is not about ending foreign assistance to our partners like Nigeria. It’s about making our assistance more effective and aligning it with US government policies and interests.

    “That’s what this 90-day pause is for. However, there are waivers for life-saving assistance, such as support for HIV patients, maternal and child nutrition, and internally displaced people. So that continues. In 90 days, we will know where we stand.”

    In relation to other issues discussed with the 36 state governors, the US Ambassador stated that he highlighted the embassy’s vision for the future of the US-Nigerian relationship.

    He stated, “I explained to them that we are going to focus on four key priorities in the coming years. The first is improving the business environment to increase trade and investment between the United States and Nigeria.

    “Second, a renewed focus on improving transparency and accountability in Nigeria, fighting corruption, and empowering Nigerian voices advocating for more transparency.

    “Third, we want to be more engaged at the subnational level, at the state level, and with local governing authorities. I believe the embassy needs to engage more in this area as we develop our programs and assistance.

    “Lastly, we discussed our health care programmes, which are a large part of US assistance to Nigeria. As these programmes succeed—such as reducing HIV cases and eradicating polio—we want to ensure their sustainability and transition them to the Nigerian government at the federal and state levels.”

    Mills declared that the target is to foster the sustainability of these health programmes and bring them to the Nigerian government for adequate management, helping to establish a healthcare

  • Group flays use of abusive language against authorities in Nigeria

    Group flays use of abusive language against authorities in Nigeria

    The Association of Arewa Yoruba Youths (AAYY) has called on Nigerians to show respect to political officeholders and refrain from using derogatory language that could tarnish Nigeria”s reputation.

    AAYY National Coordinator, Ambassador Lawal Hussein Taiye, in a statement, stressed the need for decorum in public discourse. He added that respect for leaders reflected positively on the nation and enhanced its international standing..

    “We must learn to respect those occupying sensitive positions in the country. By doing so, we not only uphold our dignity but also project a positive image of Nigeria to the international community,” he stated.

    “Many Nigerians engage in behaviours that undermine the country’s credibility, questioning how foreigners can take Nigeria seriously when its citizens fail to demonstrate responsibility in national affairs.”

    “From newspapers to electronic and social media, the trend is disturbing. We continuously demean ourselves and show little regard for one another, let alone for those in positions of authority. Both major religions in Nigeria teach respect and maturity in addressing issues,” he alleged.

    Hussein criticized an activist for making derogatory remarks about the President, adding his claims that everything about the President was fraudulent is unacceptable.

    ” We should respect our leaders and pray for their success instead of resorting to insults.”

    He commeded President Tinubu for establishing the North Central Development Commission, and described the move as a strategic step towards fostering regional development.

    He appealed to the President to include youth representatives in the appointments for regional commissions, ensuring their active participation in governance.

    He expressed support for the Inspector General of Police (IGP), Kayode Egbetokun, praising his leadership and the improvements seen in the Nigerian Police Force since his appointment.

    “The IGP has done commendable work, and he deserves the support of all Nigerians. The position of the Inspector General of Police is an appointive role at the discretion of the President, without an age limit. It is crucial for Nigerians to assist security agencies by providing vital information to help combat longstanding security challenges in the country,” he stated.

    The group flayed remarks allegedly credited to a former governor of Kaduna state,and advised him to be fair in analyzing the situation in Nigeria.

  • Lagos Short-Let Market Explodes: Prices Soar Over 200% in 2024

    Lagos Short-Let Market Explodes: Prices Soar Over 200% in 2024

    The Lagos residential real estate market experienced a seismic shift in 2024, with short-let apartment prices exploding by over 200%. This dramatic surge follows a moderate 12.95% increase in 2023, painting a picture of unprecedented growth in the city’s dynamic property landscape.

    The BuyLetLive 2024 Nigeria Property Price Index Report, a cornerstone of the Nigerian real estate industry, revealed these staggering figures. “Short-let apartments recorded the most notable growth, with prices surging from 12.95% in 2023 to 46.40% in 2024, reflecting an increase of over 200%,” the report stated.

    This explosive growth is a testament to the multifaceted pressures shaping the Lagos property market. Soaring inflation and escalating development costs have forced developers to significantly increase prices to maintain profitability. This, coupled with the city’s burgeoning population and its status as Nigeria’s economic powerhouse, has created a perfect storm of demand.

    “Lagos, despite being the smallest state geographically, is home to a staggering 27.4% of Nigeria’s urban population, now estimated at a staggering 16.54 million,” the report highlighted. This rapid urbanization exerts immense pressure on the housing market, fueling competition and driving prices upwards.

    The report further underscores the diverse factors influencing this dynamic market. Millennials are driving demand in the rental sector, while baby boomers continue to dominate sales transactions. Infrastructure improvements, such as the revitalization of the Third Mainland Bridge and the development of affordable housing projects, have provided a degree of support.

    However, the report also acknowledges the complexities of this evolving landscape. Rising costs and shifting investor priorities have led some to exit the market, introducing new variables into the equation.

    Read Also: Lagos Unveils “Omo-Eko” App: A Tech-Driven Leap Towards Smart City Mobility

    Geographical Breakdown of the Surge

    The price hikes were not uniform across the city. Ikoyi, a prime residential area, witnessed the most dramatic increase at 60%. Lekki Phase 1 followed closely, while Surulere saw a more moderate 30% rise. Ikeja experienced a 42% increase, and Magodo saw a significant surge exceeding 50%. Ajah and Yaba also recorded substantial growth, while Victoria Island experienced a notable uptick, albeit below the 60% mark.

    Beyond Short-Lets

    The surge in short-let prices is just one facet of a broader trend. Rental apartments witnessed a remarkable 47.25% increase, with rental houses closely following at 44.85%. The sales market also experienced significant growth, with house prices climbing by 39.7% and apartment prices by 38.74%. Land prices also saw a notable increase of 27.63%.

    The Lagos real estate market is undeniably dynamic and presents both significant opportunities and challenges. While the city’s economic vitality and growing population continue to fuel demand, the impact of inflation, rising costs, and shifting demographics cannot be ignored. Navigating this complex landscape requires a nuanced understanding of market trends and a proactive approach to investment strategies.

  • Nigeria seeks South Africa’s support for G20 and BRICS membership

    Nigeria seeks South Africa’s support for G20 and BRICS membership

    The Nigerian government has sought South Africa’s endorsement to attain full membership in the G20, BRICS, and the BRICS New Development Bank (NDB).

    The requests were made by Amb. Bianca Odumegwu-Ojukwu, Nigeria’s Minister of State for Foreign Affairs, during the closing remarks of the 11th Nigeria-South Africa Bi-National Commission (BNC) held in Cape Town, South Africa.

    South Africa officially assumed the presidency of the Group of 20 (G20) on December 1, a platform comprising the world’s largest economies.

    South Africa is also a key member of the expanded BRICS bloc, which includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE. BRICS nations currently account for approximately 37% of global GDP and are recognized as a significant engine of global economic growth.

    Nigeria’s Strategic Goals 

    During her remarks, Odumegwu-Ojukwu emphasized Nigeria’s interest in assuming leadership roles in thematic discussions under South Africa’s G20 presidency.

    She also reaffirmed Nigeria’s commitment to advancing peace and stability in the African region, particularly in Sudan.

    “We are strongly committed to seeking a resolution of the crisis in Sudan. In this guise, we seek South Africa’s support to accelerate the peace process and ensure that conflicts within our region are de-escalated,” she said.

    She added that President Bola Tinubu, a member of the African Union’s ad-hoc mediation committee on Sudan, has prioritized resolving the crisis to foster regional peace and stability.

    • The minister praised officials from both nations for their collaborative efforts in drafting a communiqué that reflects the outcomes of the ministerial session.
    • This draft document, alongside agreed minutes, will be presented to Presidents Bola Tinubu and Cyril Ramaphosa during the presidential session of the BNC.

    South Africa’s response 

    Dr. Roland Lamola, South Africa’s Minister of International Relations and Cooperation, acknowledged Nigeria’s requests and committed to amplifying Africa’s voice during South Africa’s G20 presidency.

    “We will count on Nigeria’s wise counsel as we assume this major responsibility,” Lamola stated.

    Lamola also reiterated the mutual commitment of both nations to strengthen bilateral relations, highlighting their shared responsibility to improve the quality of life for their citizens.

    “Our people expect South Africa and Nigeria, given our common roots, to work more closely together to improve their conditions and prospects,” he added.

    What you should know 

    In October this year, Nigeria joined BRICS as a partner country, alongside 12 other nations, further strengthening its economic ties with the intergovernmental bloc.

    • This announcement was made at the 2024 BRICS summit in Kazan, Russia, held from October 22 to 24, 2024.
    • The 12 other countries that joined as partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

    These countries, including Nigeria, were added as partner countries and not full members.

    Amb. Bianca Odumegwu-Ojukwu, BRICS, G20, Nigeria, South Africa

  • Nigeria, France sign MoU to foster research, training, and student exchange in minerals sector

    Nigeria, France sign MoU to foster research, training, and student exchange in minerals sector

    Nigeria and France have signed a Memorandum of Understanding (MoU) to foster collaboration in research, training, and student exchanges within the minerals sector.  

    The MoU aims to enhance the critical minerals value chain through joint projects promoting knowledge and skills transfer between Franco-Nigerian institutions.  

    The announcement was made in a statement shared on the official X (formerly Twitter) account of Dele Alake, Nigeria’s Minister of Solid Minerals, on Sunday.  

    The MoU was signed in France, where President Bola Tinubu is currently on an official working visit, accompanied by several members of his cabinet. Dele Alake signed on behalf of Nigeria, while Mr. Benjamin Gallezot, the Inter-Ministerial delegate for Critical Ores and Metals of France, signed on behalf of France.  

    “I am pleased to share that Nigeria and France have reached an agreement to develop joint projects aimed at promoting and diversifying the critical minerals value chain within the solid minerals sector of both our countries. 

    “We signed a Memorandum of Understanding (MOU) that establishes our commitment to collaborate on research, training, and student exchanges between Franco-Nigerian institutions to facilitate knowledge and skills transfer,” Alake’s X post read in part. 

    The statement further highlighted a key aspect of the MoU, which is the commitment to promoting sustainable mining practices. It includes the implementation of projects and programs aimed at reducing the environmental impact of mining, specifically targeting issues such as carbon emissions, water consumption, and climate change. 

    More insight  

    The Minister noted that the agreement also includes plans for the establishment of joint extraction and processing projects, which will be supported by co-financing from both the public and private sectors.  

    • This initiative, according to him, is designed to enhance the diversification and security of the supply of critical minerals, essential for energy projects aimed at decarbonization, thus contributing to the overall sustainability of the value chain.  
    • Alake emphasized that both Nigeria and France have committed to adopting international best practices in the execution of these projects.  
    • In pursuing this goal, the two countries aim to optimize both mineral extraction and processing, while simultaneously enhancing the well-being of local communities impacted by mining activities, the statement noted.  

    He stressed that transparency will be at the core of these efforts, ensuring that the benefits of the projects are shared fairly and that all stakeholders remain informed and engaged throughout the entire process.  

     

  • Nigeria yet to announce date for Mpox vaccinations rollout — Africa CDC Mpox

    Nigeria yet to announce date for Mpox vaccinations rollout — Africa CDC Mpox

    The Africa Centres for Disease Control and Prevention (Africa CDC) says Nigeria has yet to announce a date for Mpox vaccinations rollout, even as cases keep surging across Africa.

    The organisation noted that presently, Mpox cases in the continent have risen to more than 500 per cent from last year’s record.

    Dr Ngashi Ngongo, Chief of Staff at Africa CDC, said this during a weekly webinar briefing on the outbreak.

    The News Agency of Nigeria (NAN) reports that the World Health Organisation (WHO) declared Mpox a global public health emergency in August for the second consecutive year.

    This followed the spread of a new variant from the Democratic Republic of the Congo (DRC) to neighboring countries.

    According to Ngongo, logistical challenges have delayed Nigeria’s vaccination efforts.

    He said “the situation is not yet under control”, stressing the urgent need for political and financial support to check the outbreak and prevent Mpox from evolving into a widespread sexually transmitted pandemic.

    He noted that the outbreak had affected 19 countries, with Mauritius recently becoming the latest.

    He regretted that Nigeria had continued to postpone its planned vaccination campaign.

    “The recent Mpox case in Mauritius was identified in a popular tourist area known for its stunning beaches and crystal-clear waters”, Ngongo said.

    He further explained that while countries such as the DRC and Rwanda had achieved 100 per cent vaccination rates, access to child-friendly vaccines remained a pressing issue.

    “Since January 2024, confirmed Mpox cases have surged by 500 per cent when compared to 2023.

    “Data indicate that Mpox has become a serious health concern, with over 48,000 suspected cases and 1,048 deaths reported across the 19 African countries.

    “Central Africa has been hardest hit, accounting for nearly 86 per cent of cases”, he said.

    He noted that the new Mpox strain, clade Ib, has spread beyond the DRC to other regions, including Europe.

    “Cases are still increasing in several countries as the continent struggles to contain yet another major outbreak,” he warned.

    He highlighted that the recent crisis follows the COVID-19 pandemic, which exposed weaknesses in Africa’s health system.

    He stressed that the continent urgently “needs sustained political and financial mobilisation” to prevent Mpox from becoming a pandemic on a scale “which could be much more severe than COVID-19”.

    NAN recalls that Mpox, a viral disease related to smallpox, causes fever, body aches, swollen lymph nodes and a blistering rash. The virus has two primary sub-types; clade 1 and clade 2.

    Meanwhile, the United Kingdom reported its first case of the latest Mpox variant, clade 1b, on Wednesday. This variant has also been detected in Sweden and Germany.

    Central Africa, particularly the DRC, remains the epicentre of the outbreak, accounting for 85.7 per cent of cases and 99.5 per cent of deaths on the continent.

    Most fatalities have occurred in the DRC, which launched a vaccination campaign earlier this month.

  • China, Nigeria, and Hostage Aircraft

    China, Nigeria, and Hostage Aircraft

    Every story has two sides, but when a country’s reputation as  a sovereign and an investment destination comes under threat, it calls for immediate concern and action from its citizens and leaders. The recent unfolding of a concerning development has significant implications for Nigeria’s global standing as an investment hub.

    A Chinese company, Zhongshan Fucheng Industrial Investment Co. Ltd, secured a court order in France following an arbitration award  initiated in 2017, with the Ogun State Government over a contractual relationship  that dates to 2010. The arbitration panel ruled in favour of Zhongshan, stating that “It is clear that Zhongshan is the effective winner in these arbitral proceedings, in that it has proved its version of events is accurate, successfully resisted Nigeria’s jurisdictional and preliminary objections, established a valid claim against Nigeria under the Treaty, and obtained an award for substantial damages.” This is not just a legal victory for the Chinese firm, but a red flag for Nigeria’s global investment reputation that demands immediate attention and action.

    This ruling is a significant blow to Nigeria’s absolute sovereign status and the doctrine of sovereign immunity. The order has since been upheld by a US court, which dismissed Nigeria’s sovereign immunity defence in enforcing the $70 million investment treaty award. The US court was scathing in its judgment, asserting that Nigeria had “gruesomely” violated the Chinese firm’s fundamental and commercial rights. This ruling has led to the dramatic seizure of three Nigerian aircraft in France—aircraft that belong to the federal government. The seized jets include a Dassault Falcon 7X, a Boeing 737-7N6/BBJ, and an Airbus A330-243, all stationed at Paris-Le Bourget and Basel-Mulhouse airports.

    While initially a dispute between a subnational government and a private firm, this situation has spiralled into a crisis with broader and more severe implications for Nigeria. It raises critical questions about Nigerian subnational entities’ conduct and  the federal government oversight of international contracts.  Can subnational entities enter into agreements guaranteed by sovereign that do not include national assets or support? What level of due diligence should subnational governments observe before they engage in contractual relationship with foreign firms? More importantly, does this case reflect a more profound, systemic issue within Nigeria—a culture that lacks respect for contracts and international agreements?
    The case also casts a spotlight on the perceived weaknesses of Nigeria’s institutions, which need more authority or respect on the global stage.+

    This perception is troubling and raises the question: do foreign investors lack confidence in Nigerian  institutions ? These are not rhetorical questions but rather pressing concerns that demand a thorough investigation and straightforward answers. The implications are dire, as evidenced by this case, which has resulted in public embarrassment for the country and the potential loss of much-needed funds due to poorly negotiated and managed contractual relationship . A thorough investigation is crucial to restore trust and confidence in Nigeria’s international business dealings.

    This situation is not an isolated incident but part of a worrying trend. It calls to mind earlier cases, such as the P&ID arbitration ruling in 2010, where Nigeria was found tardy in a failed gas supply and processing contract. Though this was reversed but it left a scar .  Similarly, in  2019, a UK court awarded an Irish engineering firm $9.6 billion in damages against Nigeria over a failed gas project. In that case, the firm went so far as to instruct its lawyers to identify Nigerian assets worldwide that could be seized to enforce the arbitration award. These incidents paint a troubling picture of Nigeria’s handling of international contracts and the country’s reputation on the global stage.

    The ongoing dispute with Zhongshan Fucheng Industrial Investment Co. Ltd is likely to negatively impact Nigeria’s global standing, especially when the country is desperately trying to attract foreign direct investment. This case highlights the often poorly structured nature of Nigeria’s international contracts, where subnational governments and even private companies have found ways to entangle the federal government in their questionable and often poorly thought-out deals. The result is a further tarnishing of Nigeria’s already fragile reputation. Following the Dangote saga where there is perception that Nigeria could not treat its own businesses fairly ,this is another blow to Nigeria’s global image . The country already suffers from a prevalent negative perception regarding the sanctity of contracts, largely due to inconsistent adherence to contractual obligations. The federal government’s failures to uphold these commitments, particularly at the subnational level, only exacerbate the problem. This disregard for the sanctity of contracts contributes to a growing cynicism about Nigeria as a reliable destination for investment and business. It is crucial to uphold agreements and respect contracts to restore Nigeria’s reputation.

    The symbolism of this saga is still visible to us. Beyond the immediate damage to Nigeria’s national reputation, this incident brings broader issues related to leadership, business ethics, and the sacrosanct nature of contracts. It underscores the importance of continuity in government—where all governments inherit their predecessors’ assets and liabilities and should not cancel contracts arbitrarily. Moreover, this situation highlights the critical need to build solid, responsive, and trustworthy institutions that command respect locally and internationally and can handle the complexities of international business contracts. It is an anomaly that contracts involving Nigerian subnationals or firms and foreign businesses always situate arbitration in foreign lands when local institutions are available and ostensibly capable of fulfilling this role.

    This incident lays bare Nigeria’s leadership challenges and sensitivity to foreign investment disputes. If not resolved diplomatically and swiftly, such disputes could severely jeopardize Nigeria’s diplomatic relations and economic credibility.  I am happy the minister of foreign affairs is rising up to the challenge. The needless dispute between a negligent subnational entity and a private firm, which has dragged sovereign assets into the fray, could strain diplomatic ties between Nigeria and China. Recall that the root of this matter is the bilateral investment treaty signed by Nigeria and China in 2001 and since then we have seen progress in trade and investments on both sides. This recent imbroglio is  particularly concerning at a time when the federal government is expending billions of naira to woo foreign investors. The dispute has cast a stark light on the nature of business transactions in Nigeria, revealing the many dangers they pose to investors, especially when projects collapse or are mismanaged. The potential loss of much-needed funds due to poorly negotiated and managed  contractual relationship   is a stark reminder of the economic impact of such disputes.

    The recurring cases of Chinese companies taking advantage of Nigeria’s open business doors are increasingly worrisome. It is imperative that the federal government, particularly the Office of the Attorney General, take a closer look at international contracts entered by state governments to insulate sovereign assets from exposure. This situation raises significant constitutional questions: does the federal government have the constitutional authority to regulate or even approve contracts entered by subnational entities?
    The ongoing dispute between Zhongshan Fucheng Industrial Investment Co. Ltd and the Ogun State Government, which has now implicated Nigeria’s sovereign assets, is a stark reminder of the importance of upholding the sanctity of contracts and ensuring due diligence in international agreements. The federal government must take decisive action to safeguard Nigeria’s reputation as a reliable investment destination. This includes strengthening institutions, enforcing contractual commitments, and resolving disputes through diplomatic channels. Please government must  address these issues to ensure  good diplomatic relations and  not deter much-needed foreign investment, compromising Nigeria’s economic future.
    The time has come for Nigeria to reassess its approach to international business dealings. This reassessment must focus on restoring confidence among global investors, ensuring that all levels of government adhere to international best practices, and building institutions that are strong, respected, and trusted by domestic and international stakeholders. Nigeria can repair its reputation and safeguard its national interests in an increasingly interconnected global economy by doing so.

    This incident is more than just a legal or diplomatic issue; it is a wake-up call for Nigeria to realign its policies, practices, and institutions with global business demands. The country cannot afford to continue this path of negligence, laxity  and mismanagement. As this case has shown, the cost is far too high—not just in monetary terms, but in terms of Nigeria’s global standing, credibility, and future prosperity. It is imperative that Nigeria learn from this episode, take corrective action, and ensure that such incidents are not repeated in the future. The nation’s economic future and place in the global community depend on it. As for the foreign business sharks that aim to reap off Nigeria’s through dubious business deals  that cannot hold waters, it is time we isolate and deal with them and their Nigerian companions. Convicting some of these criminals will serve as a deterrent to others and help reduce such incidents in Nigeria.