News
Blame Weak Legislation for PPP Failures- Experts
Experts at the just-concluded African Engineering Conference, organised by the Nigerian Society of Engineers (NSE) in Uyo, Akwa Ibom State, have blamed the failure of public-private partnership on weak laws.
It also featured the society’s Annual General Meeting and the UNESCO African Engineering Week.
The events were held at the Tropicana Conference Centre with the Federation of African Engineering Organisation (FAEO) and the United Nations Educational, Scientific and Cultural Organisations (UNESCO).
Over 600 delegates from across the world attended. Its theme was “Adequate, reliable and sustainable energy in Africa.”
In his presentation entitled: “Nigeria’s infrastructure deficit: Beyond the limitation of finance in public-private partnership and project procurement options,” Senator Iyiola Omisore said the global perspective of PPP is that it remains the best approach to infrastructural growth.
He noted that although the PPP model had been deployed to execute a few public projects, its value has been mostly felt in Lagos State, where the authorities have partnered the private sector on design, finance and management of public utilities.
Outside the state, he said, infrastructure procurement by states is still tied to the old model of contract awards to private firms to execute a project designed and financed by the government. For this reason, the country has fared poorly.
“The critical point to be made here is that, though there seems to be shortage of investable funds in the international market, but Nigeria’s crisis seems compounded by the integrity profile of our legal framework for an ideal PPP model,” he said.
Omisore said without going into the details of the shortfalls in the legal framework, “suffice to say, however, that the Infrastructure Concession Regulatory Commission (ICRC) Act of 2005, the Public Procurement Act 2007 regulations issued by ICRC governing the PPP process and various state laws as described in each state’s PPP policies, fall short of necessary regulatory framework for proper implementation of PPP projects, most importantly with respect to dispute resolution during the tenor of the contract and drew attention to the absence of political will to see through the policies of previous administration.
He said because concessionaires are aware of a negative tendency by a new administration not to honour to the letter, the tenets of an arrangement by a departed administration, they are often inclined to speed up the inauguration of projects, irrespective of its stage of completion, before the expiration of tenure of the awarding administration. And except there is a determination that a PPP succeed, there are vested interests in a country to ensure that the government’s initiative to promote PPP as a policy fail.
“PPP projects often encounter serious resistance from labour unions, civil service employees and sundry socio-economic interest groups,” Omisore said, adding that the general public sometimes misunderstand PPP out of ignorance and on the strategic importance of PPP in a nation’s socio-economic development.
He said PPP are meant to be contractual arrangements between the public and private sectors of the economy, in which responsibilities, risks and obligations are to be shared by both sides in order to guarantee the greatest benefits to the public.
He regreted that in Nigeria, a segment of the public service operators tend to see the private sector concessionaires as the enemies that would deprive them of their jobs, therefore, to be overcome at all cost. This, he said, is often achieved when some rules in the civil service are exhumed to advise the government on why all of a PPP undertaking, or some aspects of PPP project agreement should not be honoured, thereby leading to the government unilaterally rebidding on contracts voluntarily entered.
“Moreso, with a weak legal framework, under which concessionaires cannot be protected, the tendency is for the private sector operators, both from within and from outside of the country, to be wary of doing business with government. Thus, timely procurement of public utilities suffers and the socio-economic development and the country is the worst for it,” he regretted.
Otis Anyaeji, outgoing president, thanked Omisore for touching on a crucial aspect affecting the industry by harping on the opportunities that PPP model brings.
Anyaeji called on engineers to see beyond the threshold of career limitations and be creative in their service.
Another speaker, Mr. Uzo Ezimora, director of Operations of General Electric, one of the operators of the Nigerian Railway project under the PPP model, emphasised that no government anywhere in the world can fund infrastructural development.
Corroborating Omisore, he beckoned on engineering firms to form formidable partnerships or mergers to pull resources to meet the requisite qualifications for government’s advertised jobs on engineering and projects.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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