ADVERTISEMENT

ADVERTISEMENT

President Bola Ahmed Tinubu has again adjusted his return schedule from Europe, with the President now expected to return to Nigeria on Tuesday, September 29, according to sources familiar with his itinerary.

Tinubu had been expected back in the country this weekend after the Presidency announced on September 21 that he would extend his working vacation by a few days and return before the end of the week. However, his itinerary has since been revised. The reason for the latest change has not been disclosed.

Sources had earlier indicated that Tinubu would return to Lagos and remain there for up to a week before travelling to Abuja.

The President left Nigeria on August 30 for London to begin a three-week working vacation as part of his annual leave. After spending about a week in the United Kingdom, he proceeded to Paris, France, where he held meetings with French President Emmanuel Macron and businessman Vincent Bolloré.

The Presidency had initially announced that Tinubu would return after the three-week vacation. It later said on September 21 that his stay in Europe had been extended by a few days, with a weekend return planned.

According to the Presidency, Tinubu has remained in contact with officials in Nigeria and continued to direct government affairs while abroad. Vice-President Kashim Shettima was delegated to represent him at some official functions during his absence.

Shettima, however, travelled to New York on September 20 to represent Nigeria at the 81st United Nations General Assembly. The Secretary to the Government of the Federation, George Akume, has also represented the President at some official engagements.

The repeated adjustment to Tinubu’s return schedule has renewed public and political debate over the length of his absence from the country and the constitutional procedure for transferring presidential powers when the President is away.

Section 145 of the 1999 Constitution provides for a President proceeding on vacation to transmit a written declaration to the President of the Senate and the Speaker of the House of Representatives, after which the Vice-President performs the functions of the President in an acting capacity.

Opposition figures have questioned whether the prolonged absence requires a formal transfer of presidential powers to Shettima, particularly as the President’s stay abroad has extended beyond the period initially announced.

The Presidency has maintained that Tinubu has remained engaged in governance throughout his stay abroad.

Senate President Godswill Akpabio also dismissed suggestions of a leadership vacuum, saying Tinubu remained in charge despite his absence from Nigeria.

Speaking in Akwa Ibom on September 22, Akpabio said he was not the Acting President because Tinubu remained in power and continued to direct the affairs of government.

If the latest itinerary holds, Tinubu will return to Lagos on Tuesday, September 29, ending a four-week working vacation in Europe. Reports indicate that he is expected to participate in Independence Day activities in Lagos before proceeding to Abuja.

ADVERTISEMENT

ADVERTISEMENT

The Centre for Reforms and Good Governance (CRGG) has hailed the transformative leadership of Engr. Bashir Bayo Ojulari as Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), declaring that the sweeping reforms under his stewardship have significantly boosted public confidence in President Bola Ahmed Tinubu’s administration.

In a statement signed by its Executive Director, Maxwell Onazi, the Centre described Ojulari’s tenure since his appointment on April 2, 2025, as a defining chapter in the commercialisation and professionalisation of Nigeria’s national oil company.

According to the CRGG, Ojulari’s results-driven approach has delivered measurable gains across upstream production, financial performance, transparency, infrastructure delivery and investor confidence, reversing years of opacity and operational inefficiency.

The Centre noted that these outcomes align directly with the Renewed Hope Agenda and demonstrate the administration’s capacity to appoint competent technocrats capable of delivering tangible national value.

“Engr. Bayo Ojulari has shown that with disciplined leadership, commercial focus and commitment to transparency, NNPCL can be transformed from a historically loss-making entity into a profitable, investor-ready national asset,” Maxwell Onazi stated.

“The surge in production, the restoration of regular Federation Account remittances, the unprecedented financial disclosures and the unlocking of multi-billion-dollar investments are not abstract achievements.

“They are concrete evidence that the Tinubu administration’s reforms in the oil and gas sector are working and that Nigerians can once again trust that their most strategic national resource is being managed with integrity and competence.”

The Centre highlighted the dramatic rise in upstream output under Ojulari’s watch.

According to the CRGG, the first half of 2026 alone produced clear evidence of the transformation. NNPCL recorded ₦19.04 trillion in revenue and ₦2.28 trillion in profit after tax between January and June 2026, while statutory remittances to the Federation Account reached ₦6.286 trillion in the same period and climbed to ₦7.913 trillion by the end of July, including a single-month payment of ₦1.627 trillion in July.

These figures, the Centre noted, represent a decisive break from past patterns of irregular transfers and limited disclosure.

“The 2026 half-year numbers speak louder than any rhetoric. Revenue of ₦19.04 trillion, profit after tax of ₦2.28 trillion and nearly ₦8 trillion remitted to the Federation Account in seven months show that NNPCL is now operating as a true commercial entity that delivers value to the Nigerian people,” Maxwell Onazi stated.

“When citizens see consistent, transparent remittances and rising production under a leadership appointed by this administration, their trust in the broader reform agenda of President Tinubu naturally increases.

“Ojulari’s results have made that connection clear and credible.”

The Centre further highlighted the operational gains that underpinned the financial performance.

National crude oil production has been sustained at levels above 1.7 million barrels per day for much of 2026, reaching peaks of approximately 1.73 million barrels per day, the highest in five years.

NNPC Exploration and Production Limited continued to post strong output, with earlier records of 355,000 barrels per day in late 2025 extended into higher peaks of around 365,000 barrels per day.

Gas production also strengthened, hitting 7,841 million standard cubic feet per day in June 2026, supporting the administration’s gas-based industrialisation push.

“Infrastructure progress has been equally notable, the group added. “The Ajaokuta–Kaduna–Kano (AKK) and Obiafu–Obrikom–Oben (OB3) gas pipelines advanced to 94 per cent and 98 per cent completion respectively in 2026, while major upstream projects such as Bonga Southwest-Aparo moved closer to delivering additional barrels and jobs.

“Cost discipline remained a priority, with Ojulari’s team achieving $3.4 billion in savings through systematic contract reviews and optimisation.

“These are not isolated successes. Higher production, stronger gas output, near-completion of critical pipelines and multi-billion-dollar cost savings form a coherent picture of a national oil company that is finally being run with commercial rigour,” Onazi said.

The Centre for Reforms and Good Governance concluded that Ojulari’s first year-plus in office has set a new benchmark for public-sector performance and provided a clear demonstration that competent, reform-minded leadership can deliver results that benefit the entire nation.

It called on stakeholders to sustain support for the ongoing transformation so that the gains already recorded can be consolidated and expanded in the years ahead.

ADVERTISEMENT

ADVERTISEMENT

The Good Governance Assembly (GGA) has called on President Bola Ahmed Tinubu to remove the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, from office over allegations arising from the recently concluded insurance industry recapitalisation exercise.

The civil society organisation, in a statement signed by its Executive Director, Peter Bawa, alleged regulatory overreach, abuse of office and financial impropriety in the implementation of the recapitalisation programme.

The group said its demand was based on a petition before the Economic and Financial Crimes Commission (EFCC) and the Federal Ministry of Finance concerning disputed fees and capital transfer requirements imposed during the exercise.

Among the issues raised are an alleged one per cent capital injection fee, the directive requiring certain insurers to transfer their recapitalisation funds into an escrow account with the Central Bank of Nigeria (CBN), and an alleged N180 million payment described as a fee for verification consultants.

The allegations have also been raised by NICON Insurance Limited and Nigeria Reinsurance Corporation, which petitioned government authorities over the disputed requirements. The Federal Ministry of Finance subsequently directed NAICOM to suspend enforcement of the contested fees and the full-capital escrow directive against the two companies pending determination of their petition.

The ministry also requested NAICOM to provide detailed explanations and legal justification for the disputed requirements.

According to the GGA, the controversy raises questions about regulatory accountability and could affect confidence in the insurance industry.

“The allegations against Mr. Ayo Omosehin are not administrative technicalities,” Bawa said, alleging that the disputed requirements involved significant sums of money across the sector.

He argued that Omosehin should not remain in charge of the industry regulator while the allegations are being examined.

The GGA further claimed that the disputed charges, if applied across the industry, could amount to billions of naira.

It said the development was particularly concerning coming after the recapitalisation exercise, which was designed to strengthen the financial capacity of insurance companies and improve confidence in the sector.

The organisation also urged the Federal Government to ensure that any investigation into the allegations is independent and transparent.

“We therefore call on President Tinubu to remove the NAICOM boss without further delay so that a full, independent and transparent investigation can proceed free from any perception of interference,” Bawa said.

However, NAICOM has rejected allegations of fraud or wrongdoing by its officials.

In a September 10 rejoinder, the commission described reports alleging fraudulent activities and the detention of its officials as false and misleading. NAICOM said neither the Commissioner for Insurance nor any of its directors had been indicted, charged or found culpable of fraudulent activity.

The commission also confirmed that the EFCC had requested information and explanations concerning allegations circulated in the media, but said responding to such a request was part of its cooperation with law-enforcement agencies and should not be interpreted as evidence of wrongdoing or culpability.

NICON and Nigeria Re, however, have maintained their call for an investigation, alleging that the one per cent capital injection fee lacked statutory backing and questioning the handling of funds collected during the recapitalisation process.

The companies have also challenged NAICOM’s alleged requirement that insurers transfer their entire capital injections into a CBN escrow account, arguing that Section 16(3) of the Nigerian Insurance Industry Reform Act 2025 provides for a 10 per cent statutory deposit.