Nigeria News (Standard)
Obasanjo, Omishakin Lead Lagos Diaspora Investment Summit to Boost Africa’s Economic Renaissance
Former president to deliver keynote as Afretrade launches landmark economic initiatives, with focus on Lagos-California partnerships
Former president to deliver keynote as Afretrade launches landmark economic initiatives, with focus on Lagos-California partnerships
Former President Olusegun Obasanjo and Secretary of the California State Transportation Agency, Toks Omishakin, are set to headline the Afretrade Entrepreneur Festival (TAEF) which begins today in Lagos. The three-day summit, organised by Afretrade, INC., a United States-based consortium of trade and technology experts, aims to strengthen Africa’s economic ecosystem through targeted investment and urgent action.
According to organisers, the event will commence with a grand opening plenary where Obasanjo is expected to deliver the keynote address, formally launching the Africa Economic Renaissance Movement. Omishakin will lead an official delegation from California—currently ranked as the world’s fourth-largest economy—and is scheduled to speak on deepening economic synergies between Lagos and California.
The summit is positioned as a platform for driving sustainable entrepreneurship and catalysing cross-border investments. Stakeholders say it comes at a time when Nigeria and other African countries are seeking fresh strategies for job creation and inclusive growth. With Lagos serving as West Africa’s commercial hub, participants are expected to explore new business models and innovation ecosystems that can address the continent’s development challenges.
Afretrade stated that the festival will also mark the formal launch of two landmark initiatives: the Afretrade Africa Economic Renaissance Centre and the Diaspora Angels Network. These projects are designed to mobilise capital, skills, and mentorship from Africans in diaspora towards high-impact ventures back home.
The summit is expected to attract entrepreneurs, policymakers, investors, and development partners from across Africa and the diaspora. Organisers said panel sessions would address topics such as technology transfer, infrastructure financing, youth entrepreneurship, and policy reforms needed for a competitive African economy. Further announcements on investment pledges and outcomes are anticipated over the course of the three-day event.
Nigeria News (Standard)
Aviation Minister Approves Naira Payment Option for Nigeria’s Aircraft Leasing Firm
FG’s new policy aims to ease forex pressure on local airlines, support sector’s recovery from high operating costs
FG’s new policy aims to ease forex pressure on local airlines, support sector’s recovery from high operating costs
The Minister of Aviation and Aerospace Development, Festus Keyamo, has announced that Nigeria’s proposed aircraft leasing company will allow domestic airlines to pay for leased aircraft in naira. Keyamo revealed this initiative on Wednesday, 17 June, during a media briefing in Abuja, stating that the policy is designed to reduce the burden of sourcing foreign exchange for local operators.
According to the minister, the new arrangement will make it easier for Nigerian airlines to acquire modern aircraft without the additional pressure of fluctuating exchange rates. Keyamo explained that most local carriers have struggled with high operating costs due to the need to pay lease fees in dollars amid persistent naira depreciation. “With this policy, we are creating a level playing field for Nigerian airlines and ensuring sustainability in our aviation sector,” he said.
The establishment of a national aircraft leasing company is part of government’s broader strategy to revitalise Nigeria’s aviation sector, which has faced operational challenges linked to forex scarcity and rising maintenance expenses. Industry experts say this move could help boost local capacity and improve safety standards by enabling airlines to renew their fleets more easily.
Keyamo noted that the initiative aligns with President Bola Tinubu’s economic reforms aimed at reducing reliance on foreign currency transactions across key sectors. He added that government would work closely with stakeholders to finalise modalities and ensure transparent implementation of the naira-based payment system. “We want our airlines to be competitive and profitable while maintaining global best practices,” Keyamo added.
The minister did not specify when the new leasing company would commence full operations but assured that regulatory guidelines would be released in due course. Observers believe the success of this policy could set a precedent for other sectors seeking relief from forex constraints.
Nigeria News (Standard)
Oshiomhole Accuses Akpabio’s Daughter of Securing NNPC Job Without Due Process
Former APC National Chairman raises concerns over alleged irregular recruitment at NNPC involving Senate President’s family
Former APC National Chairman raises concerns over alleged irregular recruitment at NNPC involving Senate President’s family
Senator Adams Oshiomhole has alleged that the daughter of Senate President Godswill Akpabio secured employment at the Nigerian National Petroleum Company (NNPC) Limited without following due process. The claim was made public on Wednesday, 17 June, as debate over transparency in federal appointments intensifies in Abuja.
Oshiomhole, a former Governor of Edo State and ex-National Chairman of the All Progressives Congress (APC), voiced his concerns during discussions about federal recruitment practices. He specifically referenced the appointment of Akpabio’s daughter at NNPC, questioning whether established procedures were observed in her employment.
The allegation comes amid growing scrutiny on the transparency and fairness of recruitment into top government agencies. Many Nigerians have expressed concern that such positions are often reserved for relatives of high-ranking officials, undermining merit-based selection and public confidence in government institutions.
As at press time, neither Senate President Godswill Akpabio nor NNPC management had issued an official response to Oshiomhole’s allegation. Calls for comment from both parties went unanswered. The development is likely to heighten tensions within APC ranks and raise fresh calls from civil society groups for stricter oversight of recruitment processes in strategic national agencies.
Stakeholders expect that the matter will be further discussed when the Senate reconvenes for plenary. Meanwhile, anti-corruption advocates are urging relevant authorities to investigate claims of nepotism and ensure that all federal appointments adhere to extant regulations.
Nigeria News (Standard)
FG Official Flags Shortage of Procurement Lawyers, Warns of Contract Risks Nationwide
Expert says lack of experienced legal practitioners in procurement threatens transparency and value for money in public projects
Expert says lack of experienced legal practitioners in procurement threatens transparency and value for money in public projects
A senior federal government official has raised alarm over the shortage of lawyers with deep expertise in procurement law across Nigeria, warning that this gap could undermine the integrity of contract awards and public project delivery. The concern was expressed on Wednesday, 17 June, during a government stakeholders’ forum in Abuja.
According to the official, Nigeria currently faces a critical deficit in legal professionals who understand the complexities of procurement processes, especially as states and ministries undertake large-scale infrastructure projects. The official noted that most lawyers involved in government contracting lack hands-on experience with public procurement regulations, making it difficult to enforce compliance or challenge irregularities effectively.
This development comes at a time when procurement lapses have led to stalled or abandoned projects in various sectors, including roads, education and healthcare. Analysts say the shortage of qualified procurement lawyers exposes government agencies to risks such as inflated contracts, delayed project timelines and disputes with contractors. The expert warned that unless more legal practitioners are trained in procurement law, efforts to improve accountability and value for money in public spending may be compromised.
The official called on universities and the Nigerian Bar Association (NBA) to prioritise procurement law as a core area of legal education and professional training. “We need more specialists who can interpret complex bidding documents and help prevent abuse,” he said at the forum. No immediate response was received from NBA representatives at the event.
Stakeholders are urging government to invest in capacity building for lawyers, while also strengthening regulatory oversight within ministries and parastatals. Observers say failure to address this skills gap could continue to hamper Nigeria’s progress on transparency reforms and anti-corruption initiatives tied to public procurement.
Aviation Minister Approves Naira Payment Option for Nigeria’s Aircraft Leasing Firm
Oshiomhole Accuses Akpabio’s Daughter of Securing NNPC Job Without Due Process
FG Official Flags Shortage of Procurement Lawyers, Warns of Contract Risks Nationwide
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