Dr. (Mrs.) Ngozi Okonjo-Iweala, the honourable minister of finance and coordinating minister of the economy, has been given 14 days to answer a total of 50 questions bordering on establishing the veracity of claims of top government functionaries on the state of economy in relation to the reality of the situation.
In a letter to the minister, Chairman of the Federal House of Representatives Committee on Finance, Hon. Abdulmumin Jibrin, Ph.D. noted that she was invited to appear for a comprehensive presentation on the state of the economy, which became imperative because the committee has come to the conclusion that what senior officers from the executive discuss with them in private regarding the sad situation of our economy and the so-called dwindling revenue base contrasts with the positions they hold in the public arena.
The committee also observed that what the minister consistently tries to make the country believe as the true situation of the economy is at sharp variance with the reality on ground, hence after careful deliberation, the committee opted to itemize key issues requiring answers and clarifications from the minister.
The 50 questions listed by the committee, which Okonjo-Iweala must answer in writing within two weeks, are as follows:
“1. What should you consider as the major economic achievements of this government in the 2013 fiscal year and why? In your explanation, we will need facts and figures in demonstrating such achievements.
“2. You have been credited with many announcements regarding Nigeria's economy as one of the fastest growing economies in Africa. If the economy is one of the fast growing economies, what is exactly growing the economy? What role does government play in the said economic growth, especially given that as high as 80 per cent of the country's total annual budget spending still goes into recurrent expenditure?
“3. Since your arrival as Minister of Finance in 2011, you have publicly announced the need to reduce the recurrent expenditure so that more money would be made available to capital spending, which is critical to growing and diversifying the country's economy. How far has government succeeded in making these necessary cuts; and where exactly have these cuts been made in this effort to reduce recurrent expenditure? In other words, based on real amount spent on capital expenditure, how much reduction was made in 2011 against 2010, in 2012 against 2011 and in 2013 against 2012?
“4. You are known to be celebrating a single-digit GDP growth. But speaking recently at a breakfast dialogue with some members of the organised private sector in Lagos, organised by the Nigerian Economic Summit Group (NESG), you were quoted as saying: ‘We are growing, but not creating enough jobs. That is a very big challenge…We need to grow faster. I think it needs to grow at least 9 to 10 percent to drive job growth the way we want.’ Don't you agree that a good finance minister managing an economy like ours should be celebrating a GDP growth as high as 20 per cent annually? Why is it that our economy cannot grow beyond a single digit? How many jobs are being created as a result of these said growths? In which sectors of the economy are these jobs created? If in private sector, what contributions is government making to further assist these private sector firms?
“5. In the presence of Nigeria’s huge infrastructure deficit, why is it that the country's debt-to-GDP at about 19 per cent in 2012 remains one of the lowest in the world when compared to nations already with world-class infrastructure and industrial economies such as America’s 105 per cent, Brazil’s 65.49 per cent, India’s 67.60 per cent, and South Africa’s 40.9 per cent?
“6. Since facts don't lie, have you any disagreements with the th September 2013 Global Competitiveness Report of the World Economic Forum for 2013-2014, which ranked Nigeria 120th out of 148 countries ranked in the Global Competitiveness Index, including being ranked far behind some African countries such as Mauritius 45th, South Africa 53rd, and Kenya 96th?
“7. ‘For the first time in Nigeria’s 53rd year history, we have successfully privatised the electric power industry,’ so said the president at a recent meeting in London with some foreign investors. As Minister of Finance, should you agree that the recent privatisation of the country's power infrastructure is worth celebrating as a major economic achievement in 2013, when in reality there is little or nothing to show as an improvement in the country’s power supply? Also, why our rush to wholesale privatisation of the power sector when countries like South Africa, generating as high as 42,000MW still have their power sector mostly in public hands?
“8. What was your reaction to the 12th November 2013 statement credited to the World Bank Country Director for Nigeria, Marie-Francoise Marie-Nelly, who said that over 100 million Nigerians are today living in absolute destitution, representing an unheard-of 8.33 per cent of the world’s total number of people living in destitution?
“9. Nigerians are increasingly perplexed that these days nothing happens without government borrowing. And for most Nigerians, it is frightening how those managing the economy are just dragging us into excessively unproductive debts. More worrisome is the fact that every effort is being made to hide the details of the country's debt stock from Nigerians. Where are the facts that the country's current high rate of borrowing is productive, let alone have the ability to be repaid without having to resort to more borrowings?
“10. Is prudence in our borrowing simply reduction in borrowing or simply constructive borrowing with government putting necessary measures in place to ensure that domestic debt profile is properly supervised and utilised by curbing corruption?
“11. From Debt Management Office (DMO) 2012 Annual Report, the total public debt outstanding between 2008 and 2012 for external stock rose from $3.72bn to $6.53bn, while domestic stock rose from $17.68bn to $41.97bn. The total debt service the same period saw the percentage of external debt service drastically reduced from 11.46 per cent to 5.96 per cent while the percentage of domestic debt servicing grew from 88.54 per cent in 2008 to 94.04 per cent in 2012, drastically increasing the cost of the total debt service since the cost of domestic borrowing is atrociously higher than the cost of external borrowing. How could your debt sustainability analysis rationalize this without seeing some narrow interests being the overriding reason? Could this be the explanation why commercial banks in the country are declaring unheard-of three digit profits and the high Foreign Portfolio Investment and low Foreign Direct Investment?
“12. It's an established fact that the willingness and ability to borrow do not automatically translate into economic growth. If you agree with this fact, how productive are the country's recent borrowings?
“13. Why should our internal debts continue to represent more than two-thirds of Nigeria's external debt profile, when the cost of servicing domestic debts is ridiculously far more expensive than servicing external debts? Why should government continue to borrow internally when in so doing results in insufficient funds, skyrockets the cost of borrowing and above all, crowds out the real sector from the money market? Shouldn't the high cost of domestic borrowing override whatever are the assumed benefits? Since both London Interbank Offer Rates (LIBOR) and the US Treasury Bonds rates offer far better interest rates for sovereign borrowings, why have we continued not to take advantage of cheaper interest rates?
“14. Your references to the country's economic growth profile have always been based on Fitch, Standard and Poor's, and Moody’s ratings. Are you aware that these same rating agencies are being sued in New York (with case # 652410/2013) by two Bear Stearns hedge funds for fraudulently assigning inflated ratings to securities in the run-up to the 2008 financial crisis? If you do, why do you insist on accepting the rating as reliable?
“15. How much exactly has been the amount of money lost in government revenue as a result of import duty waivers in 2011, 2012 and 2013? Provide the names and beneficiaries and justification for same. In your opinion as the minister of finance who oversees the economy, what are the implications to the country's economy? What efforts have you have made to stop this waiver policy, which is distorting the economy? Our non-oil income has dropped in 2013, a case where increased tariffs on various items effectively reduced importation to zero in some sectors. However, those items now find their way into Nigeria through our borders. Does it make any sense to increase these tariffs when we have such porous borders? As an example, officially, Benin Republic imported more rice this year than Nigeria.
“16. It was reported that the FIRS is to engage foreign consultants for tax collection in 2014. Could the minister clarify this position and what Nigeria stands to gain? Have the FIRS not been working effectively?
“17. Do you really believe that Nigeria needs a 'Sovereign Wealth Fund' at this critical juncture of budgetary deficits, and having to be borrowing extensively in an effort to address government revenue gaps? Shouldn't the presence of Nigerian Sovereign Investment Authority (NSIA) simply mean spreading government's scarce resources thinly? Why will you insist that no matter what we still need to operate a sovereign wealth fund? Sincerely speaking, how sustainable are the objectives of Nigeria's Sovereign Wealth Fund, particularly in the long-term?
“18. You should agree that a lot of Nigerians are interested in the link between NSIA and the government. Since there is no doubt that Nigerian Sovereign Investment Authority is an agent of government — or is it not? The question is: How should we think about the management structure in so far as major decisions are concerned? Where is the line between NSIA, as a commercially minded entity, and the government, especially given government's policy of having no business doing business? If, for example, government does not get involved in specific investments, then, who appoints the external managers involved in managing some parts of the NSIA funds?
“19. Who determines the investment objective and who establishes the risk parameter for the NSIA's portfolio? In providing answer to this question, it is also important to understand and explain why NSIA recently hired a Swiss national as its chief portfolio investor? Answering this question is important since it should help us to know who determines the maximum draw-down that the government would be comfortable with in extremely negative market environments.
“20. What should be your explanations for awarding MasterCard a multimillion dollar National Identity Smart Cards, when there are indigenous ICT companies that not only have what it takes but would have done it cheaper and create local jobs at the same time?
“21. Have you taken into considerations how foreign company could use such information available to it to invade the privacy of Nigerians?
“22. What are reasons for SURE-P to give preference to Chevrolet cars for SURE-P taxis, when it is known that not only are such cars very expensive to maintain compared with Asian and European cars, they also are also not fuel efficient and not durable on our roads?
“23. Honourable Minister of Finance, you will agree that SURE-P is very important to the people of this country, taking into cognizance that it is the only thing they stand to gain from the increase on petroleum product pump prices almost two years ago. Who is in charge of the management of SURE-P and who takes responsibility for its successes and failures?
“24. You will agree that inasmuch as the interest rate regime is critical to the real sector borrowing decisions, most principal factor in making borrowing decisions is the business's expected rate of return on investing borrowed money? The question, without efforts to protect local businesses from their foreign counterparts, the high cost of doing business in Nigeria puts them at such a disadvantaged position that it makes no economic sense borrowing to invest in their local businesses, why should we expect private sector firms to be investing in the economy?
“25. You are quoted as saying, ‘Very soon, the US would become a net exporter of oil…So, it would be disingenuous for anyone to say that just because the price of oil has hovered at around $100 per barrel, it cannot crash…Lest we forget, as recently as 2008, oil prices crashed from a peak of $147 per barrel to $35 per barrel in a space of months triggered by the global financial crisis. Is the minority leader saying he has forgotten that?’ This forces one to wonder from which source should the US become that net exporter of oil, given that the US’s daily oil consumption was 18.7 million barrels with (10.6 million of which was imported daily) in 2012? Or should it be from the shale oil, which the International Energy Agency (IEA) demonstrates to be at two million barrels daily? In other words, given the IEA global oil price trajectory, can’t we agree that ‘there are many constraints on supply keeping pace with demand’, which means that within this decade, oil prices should always hover around $125 per barrel? Answering this question will help us understand why you insist on benchmarking the oil price for the 2014 appropriation at below $79 per barrel? In answering this question, would you also agree that as the global economy shifts from West to Asia, so will the appetite for global oil consumption shift from the West to Asia?
As crude oil continues to sell at $100-$110, how low will production have to fall for us to record a net loss or at what production level can we break even at a 2013 benchmark of $79.
“26. Do you agree that the Excess Crude Account as being operated by government is illegal and unconstitutional, especially given how it has been managed?
“27. Can you explain with clarity how the ECA is being operated? Also provide a statement of account of the ECA from 2011 to 2013? Also how much have we made in excess of the benchmark price from January 2013 till date.
“28. If there is nothing like Excess Crude Account, would you have been demanding lower oil price benchmark for the budget, especially when the executive arm of government around world is known for demanding more money from lawmakers in order to be able to meet government spending obligations, particularly capital spending. Why is the reverse the case in Nigeria only, notably since 2011?
“29. With respect to the Excess Crude Account and our Sovereign Wealth Fund again, there have been allegations and counter allegations on its legality. Assuming, for the sake of the committee’s enlightenment, the FGN alone saved its own excess in its ECA/SWF (which is about 52% of the Federation account) and the states and LGs get their funds in full compliance with the constitution, what would be the effect on the economy?
“30. Do you believe in the fight against corruption? If you do why has EFCC not been proper funded? Without properly funding the commission, how should it be expected to carry out its duties effectively?
“31. Can you confirm with figures if we have met our cumulative revenue projections for 2011, 2012, 2013, and if we have, how and if we have not, why? Also provide backup performance information under the various revenue-generating agencies—NNPC (Oil and Gas), DPR, FIRS, Customs, Independent Revenue and other anticipated and unanticipated revenues e.g. privatisation and sales of government properties etc.
“32. As Minister of Finance, are you familiar and comfortable with all the present business arrangements of the NNPC? Why were these business arrangements excluded from the MTEF, which used to be the practice? Provide all the present business arrangements, the parties involved, the share of each party, and justifications for such.
“33. Provide details of government stake in NLNG, all categories of revenue under the NLNG and total amount generated so far and evidence of remittances.
“34. Why do you always prefer a lower benchmark, which leaves government with wider deficits and your attitude of no qualms with domestic borrowings at excessively high interest rates to balance deficit as against our position of increasing benchmark to reduce deficit, which consequently reduces domestic borrowing, that frees up funds for the real sector of the economy, thereby bringing down the interest rate, increased private sector investments and creating jobs.
“35. What is the total amount expended by certain statutory agencies of government without appropriation for 2011, 2012, and 2013? Also provide aggregate appropriated expenditure for the same period. As the Coordinating Minister of the Economy, do you feel comfortable with allegations that almost equal amount of our yearly aggregate expenditure is being spent without appropriation, yet we are crying that the country is running short of revenue?
“36. Between 7th and 9th May 2014, it is expected that Nigeria will be hosting World Economic Forum on Africa. Who will finance this event and why? In concrete terms, what are the expected tangible benefits to the country in return to justify hosting such expensive event that will require lots of money for logistics, accommodations, security, especially given that South Africa that recently hosted the event has nothing to show for it.
“37. If you should for any reason say it will attract foreign investors, the question, then becomes, what kind of foreign investors are we talking about here because as we all know, no serious foreign investor needs to attend such a forum in Nigeria in order to recognize that our country should have been one of the world's favoured investment destinations had our perennial infrastructure deficit been addressed head-on?
38. Most of the developing economies like China, India, and Brazil that the world is today celebrating as economic success wouldn't have become this successful without adopting multi-year development plans. Why after knowing that their successes are as a result of carefully designed multi-year economic planning, we are yet to adopt such a multi-year development model? In other words, why wouldn’t you agree that Nigeria too needs that in order to move faster and more sustainably in its quest for industrialization and economic diversification and job creation for millions of the country's unemployed young men and women. Specifically, what concrete, visible strategic efforts and action are you taken to diversify our economy?
“39. As Coordinating Minister of the Economy, can you precisely clarify how much AMCON's debt exposure is and what its defaulting will mean to the country's economy?
“40. Why are we using the 10 to 15 years moving average to arrive at your 2014 proposed benchmark as against the traditional five to 10 years moving average we have always used? Is it because using the five to 10 year average will not give you the benchmark price you desire?
“41. This time last year you informed this committee that our external reserve position was about $48 billion and the balance on our excess crude account was about $9 billion. You also said that the plan was to grow these balances to about $50 billion and $10 billion respectively. However we are hearing that the balances have dropped to $43 billion and $3 billion respectively. And you are saying all is well?
“42. Crude oil projections for 2013 were 2.53 million barrels per day while actual figures as supplied by the NNPC/DPR/MTEF have averaged about 2.3 million barrels per day giving a shortfall of about 9%. Could this alone have caused such a drastic reduction in our reserves and savings positions?
“43. Is any money missing from our anticipated revenue from the NNPC in particular and oil industry in general. If there is, how much? If not, how come such issues emanate from high offices in the executive arm of Government? However, if the reconciliation figures is the issue, how long will Nigerians wait for the reconciliation to be completed. In other words, how long will the reconciliation last and the outcome announced?
“44. Referring to the pre-shipment inspection of exports act of 1996 and the Federal ministry of Finance export guidelines. If any good (oil, gas or non oil) is exported from Nigeria the exporter is compelled to repatriate these proceeds through the domiciliary account of a Nigerian bank. What has been the effectiveness of these laws? Is there full compliance.
“45. If there has not been compliance, would it not make it difficult for us to build up our foreign reserves?
“Could we not say that the main thrust of the CBN letter was that our foreign reserves are not growing even though there has been a consistent high selling price of crude due to the fact that huge funds are not being repatriated at all or are repatriated through the black market?
“46. Could we say that the issue is not so much that money is missing (which is yet to be determined) but that proceeds that should have found their way back to the Nigerian economy have grown wings or they fly in through the black market, allowing oil industry players have a field day making spreads of up to N7 per dollar in some cases.
“47. What is the minister’s take on the apparent stagnation of the economy as there seems to be very little job creation and growth in small businesses. Even though the Minister has read out growth figures before it is not telling on the average man on the street.
“48. Would the minister say that the various Government initiatives at job creation have not lived up to expectation as they affect only a very small part of the population?
“49. Wouldn’t the minister think that the private sector should be the main driver of job and wealth creation through natural growth of business and start ups being financed by the banking industry?
“50. If so, what does the minister think it would do for the local banking industry if this same pre-shipment inspection law and your own export guidelines are enforced to the letter. The oil industry in Nigeria is worth about $50 billion per annum. If even $10 billion of this passes through our local banks wouldn’t that give the economy a boost with banks now able to fund longer term and bigger projects?”
 |
|
INEC Removes 1.6m Invalid Voter Records, Fingers 54 Officials in Registration Scandal
The Independent National Electoral Commission (INEC) has removed 1,608,660 invalid voter registrations from Nigeria’s preliminary voters’ register following a nationwide verification exercise ahead of the 2027 general elections.
The commission also disclosed that 1,749 records belonging to deceased persons had been identified and removed, while 54 individuals across ten states were implicated in alleged violations of established voter registration procedures.
INEC Chairman, Prof. Joash Amupitan (SAN), announced the development on Monday during a briefing with journalists on the outcome of the review of the preliminary register generated from the 2025/2026 Continuous Voter Registration (CVR) exercise.
Amupitan said the commission received 11,088,238 registration records from the three phases of the exercise but subsequently uncovered millions of questionable entries during its verification process.
He explained that the commission’s Automated Biometric Identification System initially flagged 1,545,052 records for further investigation, stressing that the automated flagging did not automatically invalidate the registrations.
According to him, 1,277,052 registrations were confirmed invalid and excluded before the preliminary register was published.
The commission subsequently reviewed additional cases following complaints, claims and objections submitted by Nigerians during the seven-day public display of the register between October 9 and 15.
Amupitan said 268,000 cases were subjected to adjudication, resulting in 217,722 registrations being declared invalid and removed, while 50,278 were cleared and retained.
He added that further screening identified another 113,886 invalid registrations, bringing the additional removals to 331,608 and the overall number of invalid records removed to 1,608,660.
The chairman said the exercise also uncovered serious irregularities involving duplicate registrations, suspicious photographs, unusual names and entries belonging to deceased persons.
He disclosed that INEC’s technical assessment revealed deliberate attempts to circumvent established registration procedures, including the misuse of provisions designed for exceptional registration circumstances, particularly those relating to persons with disabilities.
“Fifty-four persons across ten states have been identified as complicit, and necessary disciplinary action will be taken against them, including possible prosecution,” he said.
Amupitan said the affected records had been identified and subjected to verification and remediation, while personnel allegedly connected with the infractions had been marked for further administrative investigation.
He, however, warned that the latest clean-up had not completely resolved the integrity concerns surrounding the national voters’ register, noting that several irregularities predated the latest registration exercise.
According to him, many of the complaints involving multiple registrations and suspicious photographs circulating on social media relate to historical records captured between 2011 and 2023.
He explained that the national register had evolved through successive registration and continuous voter registration exercises since 2011, with biometric and demographic information captured using different technologies, operational arrangements and quality standards.
Although the register had undergone previous cleansing and biometric comparisons, he said significant historical integrity concerns remained and required a systematic response.
The INEC chairman also clarified that the commission’s decision to postpone its proposed nationwide voter revalidation exercise until after the 2027 elections did not suspend its existing mechanisms for identifying and removing invalid registrations.
He said the commission had resolved to address outstanding duplications in the historical register, directing that records flagged through public complaints and obvious cases identified internally should be removed after proper verification.
The clean-up followed public outrage over alleged irregularities in the preliminary register, with some Nigerians and civil society organisations questioning the credibility of entries containing suspected artificial intelligence-generated photographs, duplicate identities and records of deceased persons.
Citing Section 19(2) of the Electoral Act, 2026, Amupitan said INEC was required to receive and consider objections, claims and complaints submitted by members of the public following the display of the preliminary register.
The commission is expected to publish the cleaned-up National Register of Voters in December ahead of the 2027 general elections.
News
Elumelu: Africa’s Next Growth Story Must Be Owned by Africans – and Women
Africa’s next economic transformation must be financed by Africans, driven by private enterprise and powered by women, Tony Elumelu, Chairman of Heirs Holdings, has declared.
Delivering the keynote address at the 25th Annual Conference of the Women in Management, Business and Public Service (WIMBIZ), Elumelu challenged African business leaders, investors and policymakers to move beyond conversations about the continent’s potential and take ownership of its economic future.
“The world needs what Africa has,” he told delegates, insisting that the continent’s greatest asset is not its oil, lithium, agricultural land or mineral wealth, but its people.
And women, he argued, represent one of Africa’s most underutilised economic assets.
Speaking on the conference theme, _“Rooted, Rising, Ready: Born in Africa, Built for the World,”_ Elumelu identified African capital formation, reliable electricity, industrialisation, regional trade and strong institutions as critical pillars for unlocking the continent’s economic opportunities.
He also delivered a pointed message to corporate leaders: Africa cannot compete globally while systematically underutilising half its talent.
Africa’s opportunity – and the ownership question
Elumelu described Africa’s demographic advantage, mineral resources and expanding consumer market as one of the greatest commercial opportunities of the century.
By 2050, the continent’s working-age population will have expanded significantly, positioning Africa as a major source of global labour, consumption and economic growth.
But he warned that natural resources and demographic advantages alone would not deliver prosperity.
Drawing comparisons with Singapore and South Korea, he argued that economic transformation comes from building institutions, developing human capital and converting resources into productive industries.
He identified three major constraints holding Africa back: inadequate electricity, limited domestic value addition and insufficient investment capital.
“Factories cannot run without electricity. Hospitals and schools cannot function without it. And the AI economy everyone is talking about has two basic ingredients: power and connectivity,” he said.
On industrialisation, he challenged African countries to stop exporting raw commodities and importing finished products.
“Why ship raw lithium, raw cocoa, raw crude out of this continent? Refine it. Process it. Brand it. Then sell it to the world.”
He said Africa must transition from being a supplier of raw materials to becoming an active participant in global value chains.
African capital must finance African businesses
A central message of Elumelu’s address was the urgent need to mobilise domestic savings and institutional investment to finance African enterprises.
He argued that aid, while historically important in supporting vulnerable populations, cannot substitute for investment capable of creating businesses, jobs and ownership.
“The future is investment and trade, not aid,” he declared.
He called on African pension funds, insurance companies, banks and family offices to increase their investment in businesses across the continent.
However, he stressed that capital formation requires a supportive business environment, consistent economic policies, trusted financial institutions and growing domestic savings.
“Africa will not just offer solutions, but finance those solutions,” he said.
Citing Heirs Holdings’ investment in Seplat Energy, the London- and Nigerian-listed energy company, Elumelu highlighted the potential of African investment to create value for African investors.
He noted that Seplat’s share price had risen from approximately £3 to £9 since his investment, with its market capitalisation reaching about $7 billion at the time of his address.
He also referenced Aliko Dangote’s efforts to mobilise African retail investors around the proposed Dangote Refinery public offering as evidence of growing domestic participation in major African businesses.
For Elumelu, the objective is clear: African capital must increasingly finance African ambition.
The $120m investment in African entrepreneurs
Making a strong case for inclusive economic growth, Elumelu presented the results of the Tony Elumelu Foundation, which he co-founded with his wife, Dr Awele Elumelu.
Over 15 years, the Foundation has deployed more than $120 million in seed capital to 24,633 entrepreneurs across all 54 African countries.
Women account for 48 per cent of beneficiaries.
According to Elumelu, these entrepreneurs have collectively created more than 1.5 million jobs and generated over $4.2 billion in revenue.
He emphasised that the Foundation's selection process is merit-based, with entrepreneurs assessed on the quality of their business proposals rather than gender quotas.
He highlighted three women whose businesses demonstrate the commercial impact of relatively modest seed investments.
Princess Adeyinka Tekenah received $5,000 in 2015 and built Happy Coffee, an integrated coffee business sourcing beans from women farmers in Taraba State. Her enterprise has created more than 1,000 jobs and is positioning itself as a potential publicly listed Nigerian coffee brand.
Olamide Ayeni-Babajide, another $5,000 beneficiary in 2016, built a recycling enterprise focused on converting tyre waste into commercial value. Her business has recorded more than twenty-fold revenue growth and trained 15,000 people, most of them women and girls.
Nkem Okocha used her $5,000 seed funding to build Mama Moni, a financial technology social enterprise providing access to finance for low-income female entrepreneurs in rural and urban communities.
For Elumelu, their achievements reinforce a fundamental economic argument: women are not merely beneficiaries of development; they are drivers of enterprise, employment and wealth creation.
He disclosed that 265,529 young Africans applied to the Foundation's entrepreneurship programme this year, but only 3,200 could be funded.
That means just one in every 83 applicants received support.
The scale of unmet demand, he argued, exposes Africa's real problem.
“It is not a shortage of entrepreneurial talent; it is a shortage of capital.”
Women must move from participation to ownership
Elumelu also challenged corporate Nigeria to accelerate women's representation in executive leadership and boardrooms.
Using his own business group as evidence, he highlighted the leadership roles occupied by women across Heirs Holdings and its portfolio companies.
His wife, Dr Awele Elumelu, co-founded Heirs Holdings and chairs several businesses, including Avon HMO, Avon Medical, Heirs Insurance Brokers, Transcorp Hotels and Heirs Energies.
He also cited Owen Omogiafo, whom he supported for appointment as President and Group Chief Executive of Transcorp Group in 2020, making her the first woman to lead the conglomerate.
Under her leadership, he said, Transcorp strengthened its presence in power, hospitality and energy.
Following her elevation, Uzo Oshogwe became Managing Director and Chief Executive of Transcorp Hotels, while Awele Elumelu serves as chairperson.
He further highlighted the leadership of Somachi Chris-Asoluka at the Tony Elumelu Foundation, alongside other female executives across the Heirs Holdings portfolio.
At UBA Group, he pointed to women leading subsidiaries and regional operations across several African markets.
His message to business leaders was direct: appointing women to leadership positions should be driven by competence and commercial performance, not public relations.
“Women’s economic leadership is not a concession to fairness. It is a requirement for competitiveness,” he said.
“No serious economy can afford to systematically underutilise half its talent.”
Intra-African trade: The next frontier
Beyond investment and women's economic participation, Elumelu identified regional integration as another critical driver of Africa's growth.
He lamented that moving goods from Lagos to Liverpool can be easier than moving them from Lagos to Luanda, reflecting the persistent infrastructure and regulatory barriers limiting intra-African commerce.
He called for greater investment in roads, railways, ports, payment systems and efficient customs procedures to make the African Continental Free Trade Area commercially meaningful.
African businesses, he argued, must begin to see the continent as their natural home market rather than remain confined by national boundaries.
He cited UBA's expansion into 20 African countries as evidence that cross-border African business is achievable.
“We cannot build a continental market merely by signing documents,” he said.
He called for African banks to finance regional expansion, manufacturers to develop cross-border supply chains and technology companies to build solutions that serve the entire continent.
Strong institutions, stronger economies
On governance and institutional development, Elumelu said investors consistently assess markets based on the reliability of contracts, predictability of regulation, effectiveness of the courts and availability of infrastructure.
“Capital goes where it is safe, and it stays where it is respected,” he said.
He urged African governments to focus less on international investment roadshows and more on creating the conditions that attract and retain capital.
But he also challenged the private sector to accept responsibility for building strong institutions.
Businesses, he said, cannot demand accountability from governments while tolerating poor governance within their own organisations.
Paying taxes, publishing accurate accounts, promoting employees on merit and maintaining effective corporate boards are all part of institution-building.
'Do not wait'
Concluding his address, Elumelu returned to the central message of the WIMBIZ conference: the geography of opportunity is changing, and Africans must take ownership of that transformation.
He urged women entrepreneurs and professionals to pursue leadership, deploy capital, build businesses and create opportunities for the next generation.
“No one but us will develop Africa. Not the donors. Not the multilaterals. Not the partners, however welcome they are. Us.”
Addressing younger women in the audience, he challenged them to see themselves as the next generation of corporate leaders and business owners.
He also called on WIMBIZ to make its next 25 years even more ambitious, arguing that while advocacy had helped women gain access to decision-making spaces, capital was now essential to moving them into positions of ownership and influence.
“Advocacy got women into the room. Capital will get them to the head of the table,” he said.
His closing message captured the central argument of his address:
“Born in Africa. Built for the world. The world needs what Africa has. And what Africa has, more than oil, more than lithium, more than land, is you.”
Editorial note: Before publication, I recommend verifying the Seplat share-price and market-cap figures, the Foundation's cumulative funding and impact statistics, the 2026 application figures, and the executive titles and production figures. These are material business claims and should be independently substantiated.
Business
In The Spotlight
2027: Is Tinubu Fit to Run? The APC's Evasive Response to Nigerians' Questions
When the health of a sitting president becomes a national political controversy, party propaganda cannot replace public confidence. Nigeria deserves more than political declarations, campaign theatrics and dancing on stage._
There are questions that politics cannot silence. There are concerns that party loyalty cannot bury. And there are national conversations that no amount of political gymnastics can make disappear.
One of them is now staring Nigeria in the face: **Is President Bola Ahmed Tinubu fit to seek another four years in Aso Rock in 2027?**
The question has become so politically uncomfortable that the All Progressives Congress (APC) appears determined to answer it before Nigerians even finish asking it.
Enter Professor Nentawe Yilwatda, the party's national chairman, with a categorical declaration that Tinubu is fit to go. His argument? The President is capable, and his appearance dancing at an APC rally in Akwa Ibom is apparently enough to silence those questioning his health.
But hold on!
Is Nigeria's presidency now a dancing competition? Has the threshold for presidential fitness been reduced to the ability to shake one's shoulders before an enthusiastic crowd? Is the capacity to dance at a political rally the new qualification for governing a country of over 200 million people?
If that is the APC's standard, Nigerians have every reason to be worried.
A dancing president is not necessarily a working president. A smiling president is not necessarily a healthy president. And a president who can mount a campaign stage must still demonstrate the capacity to discharge the enormous responsibilities of his office.
Let us not pretend that the question emerged from nowhere. Tinubu's health and physical capacity have been subjects of public discussion, particularly in the context of his foreign medical trips, public appearances and occasional absence from important political engagements. Such developments have generated questions, speculation and competing political narratives.
But rather than confront the issue with maturity, some voices within the ruling party seem more interested in dismissing the questioners than addressing the underlying concern.
That is a political mistake.
Nigeria is not a private estate belonging to the APC. The presidency is not a party trophy. And the health of the man occupying the highest political office in the country is not an inconsequential subject that can be brushed aside with a wave of the hand.
Of course, Tinubu is entitled to dignity, privacy and the presumption that he is capable of performing his duties. No responsible person should turn unverified rumours into established medical facts. But the public also has a legitimate interest in knowing whether its president can sustain the demands of the office.
There is a difference between invading someone's privacy and demanding accountability from someone entrusted with the destiny of a nation.
The APC chairman should understand that difference.
THE DANCE THAT RAISED MORE QUESTIONS
Yilwatda's reference to Tinubu dancing at the Akwa Ibom rally may have been intended to project confidence and political strength. But it also exposes the weakness of an argument that attempts to answer a serious question with a theatrical demonstration.
Dancing for a few minutes is not the same as presiding over marathon cabinet meetings, confronting national emergencies, managing complex international relations and making consequential decisions under enormous pressure.
The presidency is not a weekend recreational activity. It is a 24-hour national responsibility.
Nigeria needs more than occasional appearances. It needs sustained leadership.
And this is where the APC must stop playing politics with a subject that deserves seriousness.
If the President is fit, the party should have the confidence to address legitimate questions without turning every inquiry into an opposition conspiracy. If the President is capable of another term, Nigerians should be able to evaluate that claim through credible information and his record in office.
Political declarations cannot manufacture public confidence.
BUT IS THE APC RUNNING AWAY FROM THE BIGGER QUESTION?
Perhaps the more important issue is not simply whether Tinubu can contest in 2027. It is what Nigerians are being asked to endorse if he does.
What has the President achieved since May 2023? What has happened to the purchasing power of ordinary Nigerians? Have the economic reforms delivered the relief citizens were promised? Has insecurity been brought under control? Are millions of struggling families better off today?
These are not opposition talking points. They are questions arising from the everyday experiences of Nigerians.
For many households, the cost of living is not a political debate. It is a daily battle. For communities threatened by banditry, terrorism and kidnapping, security is not a campaign slogan. It is a matter of survival.
For unemployed young people, the future cannot be measured by the number of political rallies attended by the President.
The APC must therefore resist the temptation to turn 2027 into a referendum on Tinubu's ability to withstand political criticism. The real referendum should concern his performance, policies, leadership and the future he offers the country.
A second term is not an entitlement. It is a request for another mandate.
And no incumbent, however powerful, should expect Nigerians to surrender their right to question that request.
THE OPPOSITION MUST ALSO BE HONEST
Yet, the opposition should not celebrate this controversy as though raising questions about Tinubu's health automatically disqualifies him from seeking another term.
That would be equally irresponsible.
Political opponents must distinguish between documented facts and speculation. They must resist the temptation to weaponise personal health issues or exploit unverified claims for electoral advantage.
If there are credible concerns, they should be raised responsibly. If there is evidence, it should be presented. Nigeria's political discourse is already drowning in propaganda; it does not need another flood of conjecture.
The country deserves an honest debate, not a political wrestling match over the President's body.
2027 MUST BE ABOUT NIGERIA, NOT JUST TINUBU
There is something profoundly troubling about a political establishment that appears more preoccupied with defending its leader than explaining its record to the people.
The APC chairman can declare Tinubu fit to go. Party loyalists can sing his praises. Supporters can celebrate his dancing, his speeches and his political survival.
But none of these things answers the most fundamental question: What does another four years of Tinubu mean for Nigeria?
That is the question that should dominate the political conversation.
Nigerians must not be distracted by the theatre of political declarations. They must demand a serious account of the administration's performance, its failures, its achievements and its plans for the future.
The President, too, must recognise that public confidence is not secured by the volume of applause at party rallies. It is earned through transparency, performance and the ability to inspire confidence in the country's future.
The APC cannot turn a national question into a party chant. It cannot dance away public concerns. And it cannot expect Nigerians to confuse political loyalty with evidence.
So, is Tinubu fit to go in 2027?
Yilwatda says yes. The opposition has its doubts. Nigerians must assess the available facts without surrendering to propaganda or speculation.
But perhaps the most important question is this: Is Nigeria getting the leadership it deserves?
Because, at the end of the day, the country does not need a president who can merely dance through campaign rallies. It needs one who can confront its problems, shoulder its responsibilities and deliver a better future for its citizens.
Aso Rock is not a dance floor. The presidency is not a talent show. And the future of more than 200 million Nigerians is too important to be decided by political choreography.
In 2027, the real test must be leadership, not theatrics; performance, not propaganda; and accountability, not applause.
The APC should remember one thing: Nigerians are watching. And this time, they want answers, not another dance.
By Emmanuel Emeke Asiwe(EEA), Publisher/Editor-in-Chief
In The Spotlight
US election fallout: Democrats may impede; will they impeach?
For millions of Americans, life under President Donald Trump has become an arduous struggle against the relentless pressures of economic survival. Despite the great promises made by the American president at the advent of his second term cycle, from the cost of groceries to the price of gasoline, from hospital bills to housing payments, the American household is confronting a financial squeeze that political rhetoric cannot wish away.
For these Americans, economic prosperity is not measured by the bullish exuberance of Wall Street but by the ability to put food on the family table without breaking the bank. The ordinary citizen is less concerned about the thunderous declarations emanating from Washington than about the dwindling purchasing power of the dollar in his pocket. No one pays mortgages with presidential proclamations or settles hospital bills with partisan propaganda. Ordinary Americans cannot eat political promises on the dinner table. It was in anger and frustration that the people went to the polls last Tuesday to demand a change in the disturbing dynamics of government as Trump faced significant dissatisfaction over his handling of the economy, immigration, healthcare, foreign policy and presidential power. The midterm election was effectively a referendum on Trump’s second term as president. The American President became the central issue.
Many Americans believe their cost of living has not improved under his leadership. In his second coming as president, Trump had promised economic improvement, but many voters feel that the benefits have not reached their homes.
And then came the war with Iran. Many nations around the world largely agree that Iran must not have a nuclear weapon. But as millions of Americans grappled with the excruciating pressures of economic survival, the war with Iran became the isolating icing on an already crumbling economic cake. It was a military adventure that threatened to estrange America from its international partners while deepening disaffection among citizens at home. At a time when ordinary Americans were demanding economic succor, Washington appeared more preoccupied with flexing military muscles abroad than alleviating financial misery at home. Voters questioned the human, financial and strategic costs of the war with Iran. Others worry about continued military involvement abroad. Many believe that the war was not worth its cost.
Although border security remains popular, critics argue that Trump’s immigration enforcement has become excessively aggressive. Americans were increasingly repulsed by the implementation of Trump’s hardline immigration policies. Armed to the teeth and operating under the banner of national security, the sight of gun-toting immigration enforcement agents stirred outrage and apprehension across communities. They became symbols of fear as fatal encounters raised haunting questions about whose lives were being protected and whose were being imperiled. Reports of eerie encounters involving federal immigration personnel intensified public anger, raising disturbing questions about excessive force, constitutional protections, and the sanctity of human life. What was ostensibly designed to secure America’s borders became a troubling spectacle of fear, intimidation, and government overreach in the eyes of many critics.
Many Americans believe Trump has exercised presidential authority too aggressively and worry about democratic institutions, accountability and checks and balances. Trump’s frequent confrontational rhetoric and political approach were seen as divisive, and his leadership perceived as provoking national polarization and divisiveness.
On Tuesday, Democrats tore through the seemingly impregnable, ironclad strongholds of the Republican Party. From Maine to Mississippi, from Texas to Kansas, the electoral landscape trembled under the weight of an extraordinary inevitable political revolt. An unmistakable message was sent that affordability matters, putting food on the family table matters, keeping businesses afloat matters, and economic survival matters more than partisan grandstanding and presidential garrulousness. The election produced astonishing upsets, shattered longstanding political barriers, and rewrote chapters of American electoral history. In Georgia, Keisha Lance Bottoms became the first Black woman ever elected governor of an American state. In my backyard of Wisconsin, David Crowley made history as the state’s first Black governor. In the Republican bastion of Texas, Gina Hinojosa shattered another political glass ceiling, becoming the first Latina elected governor of the Lone Star State.
And the political earthquake did not stop there. In Texas, James Talarico demolished a Republican stranglehold on a US Senate seat that Democrats had not won in nearly four decades. The young Democrat garnered more than five million votes, delivering a stunning rebuke to a political establishment that had long considered Texas an impregnable Republican fortress.
These were not ordinary electoral victories. They were political thunderbolts reverberating across America’s political landscape and rattling the foundations of Republican dominance. Americans may tolerate political theatrics for a season, but when economic hardship begins to threaten their survival, even the strongest partisan loyalties can buckle under the weight of daring discontent and strangulating disenchantment.
The ballot box became the battleground where economic anguish overwhelmed political allegiance, and the once-impregnable Republican fortresses crumbled under the weight of metastatic malcontent.
Will Democrats use their newly acquired congressional power to impeach Trump, impede his agenda, or improve the lives of struggling Americans? Under the US Constitution, the House needs only a simple majority to impeach a president. The Senate requires a two-thirds majority of senators present to convict. Why would Democrats bother impeaching President Trump when they know they are unlikely to secure the 67 Senate votes necessary to convict and remove him? Why embark on an impeachment voyage when the destination is already known? If the Senate cannot muster the votes to convict, is impeachment a constitutional necessity, a political spectacle, or merely an exercise in legislative futility? Perhaps the opposition would accomplish more by checking presidential excesses than by chasing an impeachment conviction it cannot secure. Democrats must decide whether their priority is to punish Trump’s alleged misconduct through constitutional proceedings or to constrain his policies through congressional oversight and legislative power. The power of the purse is one of Congress’s most formidable weapons. Under Article I, Section 9 of the Constitution, federal money generally cannot be withdrawn from the Treasury without appropriations authorised by law. A Democratic-controlled House could refuse to approve funding for certain Trump administration initiatives, demand spending restrictions, or negotiate changes to federal programs. Democrats could refuse to pass Trump’s proposed legislation on taxation, immigration, energy, healthcare, and other domestic policies.
A president can win the White House and still lose the legislative cooperation necessary to implement his agenda. A Democratic House could investigate alleged misconduct, conflicts of interest, misuse of public funds, or questionable administrative decisions. Such investigations could expose problems, generate public pressure, and force the administration to defend its actions. Congressional Oversight does not require impeachment. Committees could examine the activities of federal agencies, investigate implementation of executive orders, and question cabinet officials about their policies. Will democrats choose only to impede Trump’s agenda but not impeach the president? We keep our fingers crossed.
By Fola Ojo