News
Oil Money Fuels Corruption, Conflicts in Nigeria
Peter Carter, United Kingdom’s deputy high commissioner in Nigeria has said that oil and gas mining can deliver transformational change in Nigeria but regretted that revenue from the sector has become cause of corruption and conflicts in the country.
Carter spoke at the one-day workshop, entitled: ‘Extractive Industry Dialogue on Corruption,’ organised by the Nigerian Economic Summit Group (NESG) in collaboration with the United Nation’s Global Compact (UNGC) in Port Harcourt, Rivers State.
He was lending his voice to speakers at the workshop who urged Nigerians to exploit existing legislatures, including the Freedom of Information Act to demand answers on revenue and expenditure from their government.
Carter noted that oil and gas mining can deliver transformational change, not only in Nigeria, but also all over the world, if revenues are judiciously utilised for the good of the people.
He said: “Last year, Nigeria’s oil export is over total net aids to the whole of Sub-Saharan Africa. “Giving information about the sale and purchase of these valuable natural resources is vital to ensure that they are properly managed and to build open economies and society.
“As we all know today, if people can see how much their governments receive from selling the resources that rightly belong to them, they can question how that money is being spent.”
Nodding in agreement Ms. Olajobi Makinwa, head, Transparency and Anti-Corruption Initiatives of the UNGC, said: “Huge revenues from these industries have often fuelled corruption, economic stagnation, inequality, conflict and so on.”
She lamented that while oil multinational companies continue to record global profits, governments in resource-rich nations, such as Nigeria struggle to stay solvent.
“Discrepancies in reporting has led to host governments (including many African countries) not receiving full payment from the extractive and logging industries operating in their territories.
“Many resource-rich countries are not receiving benefits from the extraction of their natural resources; wealth is not distributed evenly and local citizens are not feeling the positive and developmental impact from foreign investment in the extractive industry.”
In his presentation, Mr. Ledum Mitee, chairman of the Nigerian Extractive Industry Transparency Initiative (NEITI), noted that global rules alone cannot stamp out corruption in the sector.
He said for global legislations to be successful, local laws and system must cooperate with them and go ahead to deal with local circumstances.
Mr. Foluso Phillips, chairman of the NESG, said the oil industry is prime to transparency, adding: “It is the root of a lot of things we express dissatisfaction with as long as corruption is concerned.”
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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