News
Tinubu congratulates Okonjo-Iweala, two others on UNILAG’s honorary doctorate awards
By Francesca Hangeior
President Bola Tinubu has congratulated the Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, the co-founder of Guaranty Trust Bank Plc, Mr Fola Adeola, and Managing Director of Sahara Power Group, Mr Kola Adesina, on the conferment of honorary doctorate degrees by the University of Lagos.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement on Thursday, stated that Tinubu deeply admires these Nigerians who have excelled in their careers, noting that they are role models for the nation’s youths.
The President stated that the three Nigerians deserve recognition for their pursuit of excellence, hard work, and invaluable contributions to the nation’s economic development.
In one of the congratulatory letters, Tinubu praised Adesina for his contributions to Nigeria’s energy sector, highlighting the recognition as a reflection of his commitment to advancing national development.
“Your visionary leadership at Sahara Power Group has been transformative, ensuring sustainable power solutions and inspiring professionals across the energy sector to pursue excellence. This honorary degree is a well-deserved acknowledgment of your tireless efforts to elevate engineering standards and drive innovation in Nigeria,” Tinubu remarked.
“I encourage you to continue to serve as beacons of hope, innovation, and inspiration for future generations. Please know that your contributions remain deeply valued by the government and people of Nigeria,” the President stated
The university recognised Okonjo-Iweala for her trailblasing as the first African woman to lead the WTO and for introducing significant reforms in Nigeria’s financial sector and honoured Adeola for his pioneering role in the Nigerian banking sector and for founding the FATE Foundation, an NGO mentoring young Nigerian entrepreneurs through training and loans.
Adesina, an alumnus of the university, was recognised for his innovative contributions to the energy industry.
Adesina is the Group Managing Director of Sahara Power Group, an energy and infrastructure organisation with operations in 42 countries.
The three Nigerians were awarded a Doctor of Science honorary degree (D. Sc) by the university at its 55th convocation on January 16.
The Central Bank of Nigeria (CBN) has announced a revised documentation requirement for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria.
This was disclosed in a statement issued by the apex bank’s acting Director, Corporate Communications, Mrs. Hakama Sidi Ali
The CBN said the new initiative is part of its ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.
Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.
By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.
In a recent circular referenced TED/FEM/PUB/FPC/001/006 issued on April 28, 2025, CBN outlined the key changes to the documentation requirements associated with PAPSS transactions.
The key changes it added take effect immediately and include simplified documentation for low-value transactions, which allows customers to now use basic KYC and AML documents provided to their authorized dealer banks for low-value transactions of up to $2,000 and $5,000 equivalent in naira for individuals and corporate bodies, respectively.
“For transactions above the thresholds, all documentation as stipulated in the CBN foreign exchange manual and related circulars remains mandatory,” the bank said.
Also, the CBN added that applicants are responsible for ensuring all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies.
“Authorized dealer banks may now source foreign exchange for PAPSS settlements through the Nigerian foreign exchange market, without recourse to the CBN.
“All export proceeds repatriated via PAPSS shall be certified by the relevant processing banks.
“The Central Bank of Nigeria urges all banks to adopt PAPSS and commence originating transactions in line with this new policy.
“In addition, CBN encourages exporters, importers, and individuals to familiarize themselves with the new requirements and leverage PAPSS for cross-border transactions within Africa,” the statement said.
By Gloria Ikibah
The House of Representatives is set to host the country’s first National Legislative Conference on Renewable Energy, aimed at driving new laws, attracting investment, and pushing Nigeria further along its energy transition journey.
This was revealed during a press briefing by the Chairman, House Committee on Renewable Energy, Rep. Afam Victor Ogene, who described the event as a turning point for energy legislation in Nigeria.
He said: “The conference aims at bringing together key stakeholders and industry players to discuss renewable energy legislations, energy transition, renewable energy financing, investment opportunities and related matters.
“It’s about developing a national legislative framework on renewable energy”.
The conference, which is being organised by the House Committee on Renewable Energy in partnership with the Office of the Speaker of the House of Representatives, and the United Nations Development Programme (UNDP), will take place under the UNDP Parliamentary Development Program.
Rep. Ogene noted that recent legal reforms have created space for state governments to play a more active role in Nigeria’s power sector. He pointed to the Fifth Alteration Bill 2022 (No.33), now signed into law, which allows states to legislate on electricity matters within the national grid. Before now, states could only act on off-grid power.
In addition, he highlighted the Electricity Act of 2023, which came into effect in February 2024.
“It permits states to issue licenses for all electricity activities – generation, transmission and distribution across the entire power sector value chain,” he said.
The Committee Chairman further stated that the new National Integrated Electricity Policy, expected in 2025, will guide states in forming new electricity markets, where solar power and other renewable sources will be key to reaching underserved communities.
Ogene explained, “The conference has three clear objectives:
“To promote dialogue among legislators, experts and stakeholders on critical legislative priorities.
“To establish a coordinated platform for federal and state lawmakers, and to produce a clear, time-bound legislative action plan.
“International partners are also on board. The Inter-Parliamentary Union (IPU) will participate, and parliaments from South Africa, Ghana and Gambia have confirmed attendance. Ghana is sending a three-man delegation led by the Deputy Speaker, Rt. Hon. Alban Kingsford Bagbin”.
In another major highlight, the Netherlands-based platform INCLUDE will host a Pan-African Legislative Dialogue session on renewable energy, to be chaired by the Hon. Speaker, Rt. Hon. Abbas Tajudeen.
“The session will focus on how to establish a unified legislative framework on renewable energy development, investment and financing.
“The time has come for us to act. This is not just another conference – it is the foundation of Nigeria’s renewable energy future”, Ogene added.
Expected outcomes from the conference include new policy and legislative reform proposals to boost renewable energy use, as well as draft laws that will encourage public and private sector investment.
Other goals are to enhance collaboration between federal and state lawmakers, raise public awareness, and roll out a practical roadmap for implementation and progress tracking.
The event will also feature a technology showcase of renewable energy innovations and business opportunities.
By Francesca Hangeior
The operatives of the Economic and Financial Crimes Commission (EFCC), on Wednesday, arrived at the Federal High Court in Abuja with the businesswoman, Aisha Achimugu, as ordered by the court.
Achimugu, who was sandwiched by two female EFCC officers, arrived in court at about 11:35 am.
It could be recalled that Justice Inyang Ekwo had, on Monday, ordered the industrialist, alleged to have fled the country, to honour the invitation by the anti-graft agency on Tuesday at noon.
Justice Ekwo, who gave the order in a short ruling, also ordered the EFCC, upon the appearance of Achimugu at its office, to return with her to court on Wednesday for a report.
Achimugu was, however, said to have been arrested by the EFCC’s operatives on her arrival abroad at about 5 am and kept in custody.
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