EFCC Boss Olukoyede Joins Top Chief Executives to Address WorldStage Economic Summit 2025

…As One Governor, One Minister, and 21 Organisations Set to Receive Awards for Outstanding Economic Impact

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has confirmed his participation in the WorldStage Economic Summit (WES) 2025, scheduled for Friday, November 21, 2025, at The Event Centre, Nigerian Exchange Limited, 2/4 Customs Street, Lagos, beginning at 10:00 AM.

Under Olukoyede’s leadership, the EFCC has recorded unprecedented strides in the fight against economic and financial crimes, including the recovery of over N566 billion, along with other currencies and assets within the last two years. At the summit, he will deliver a paper on “Anti-Corruption Efforts of the EFCC to Boost Ease of Doing Business.”

The theme for WES 2025 is “Tackling the Issue of Low Productivity in Nigeria.”

According to a statement by the organisers, World Stage Limited, a research- and technology-driven Africa-focused firm, Olukoyede will join other top chief executives who have confirmed participation. They include:

Dr. Olasupo Olusi, Managing Director/CEO, Bank of Industry (BoI)

Mr. Segun Ajayi-Kadir, Director-General, Manufacturers Association of Nigeria (MAN)

Mr. Adewale Smatt-Oyerinde, Director-General, Nigeria Employers’ Consultative Association (NECA)

Dr. Abidemi Adegboye, academic researcher, University of Lagos

The statement also confirmed that one state governor, one minister, and 21 organisations will receive the WorldStage Economic Summit Awards for Outstanding Economic Impacts in 2025 during the summit.

WES is designed to address economic challenges by diagnosing existing issues and applying practical, research-driven solutions. It provides a platform for public and private sector collaboration to inspire innovative thinking in business development, policy formulation, implementation, and economic reform.

Top corporate institutions supporting WES 2025 include the Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC), Nigerian Exchange Group Plc (NGX), NLNG, Zenith Bank, Access Bank, Polaris Bank, Fidelity Bank, Sterling Bank, Sahara Group, and Ecobank.

Other key stakeholders expected to take frontline positions at the summit include federal and state government representatives, as well as private sector players in food production, technology transfer, job creation, energy supply, blue economy, banking, and export promotion.

The summit will attract participants from sectors such as manufacturing, oil and gas, housing, agriculture and water resources, banking, insurance, maritime, ICT, aviation, mining, hospitality and tourism, healthcare, education, transportation, and both local and international investment communities—including the media.

Mr. Segun Adeleye, President/CEO of World Stage Limited, noted that one of Nigeria’s biggest economic challenges remains low productivity.

“Even though many Nigerians are working, almost half are estimated to be poor—living below the national poverty line—with multidimensional poverty at 63% and income poverty at 40%, simply because the right jobs are not available,” he said.

He added: “The question many are asking is: If Nigeria’s economy is transforming, is the transformation delivering higher-productivity jobs that can raise living standards?”

Adeleye explained that WES 2025 will present evidence-based policy discussions on job creation, legislative interventions to curb productivity losses from multiple public holidays, and strategies to boost earnings in low-productivity and small-scale activities. The summit will also explore maintaining a stable macroeconomic environment through continued fiscal and exchange rate reforms, deeper integration into global value chains, attracting foreign direct investment, opening up the economy through improved trade facilitation, and aligning skills with economic needs.

Other agenda points include the design of national skills programmes for Nigerian youth—especially in digital technologies—upgrading infrastructure, aggressively integrating mineral resources into national revenue streams under AfCFTA opportunities, and financing structural transformation through improved domestic resource mobilisation and tax administration reforms.

WES has earned a reputation as a hub of opportunity—an exceptional platform for networking, learning, and strategic collaboration—bringing together public sector leaders, industry captains, and forward-thinking professionals.

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*Dangote Refinery’s Price Cut Prompted Reduction in Pump Prices

The attention of Dangote Petroleum Refinery has been drawn to a series of misleading publications claiming that the recent reduction in pump prices by oil marketers is a consequence of the Federal Government’s reversal of the 15 per cent import tariff.

This narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics. For the avoidance of doubt, the factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6. The subsequent change in pump prices is now being wrongly attributed to a tariff decision in an attempt to distort the facts and misinform the public.

To reiterate, Dangote Petroleum Refinery, on November 6, reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre. These changes were publicly announced across major media platforms, including, but not limited to, The Punch, Vanguard, The Cable, Daily Trust, The Sun, The Street Journal, Petroleumprice.ng, New Telegraph, Business Hallmark, and several others, and were implemented well before marketers adjusted their pump prices.

The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect. The import tariff had received the approval of His Excellency, President Bola Ahmed Tinubu, GCFR as far back as October 21 for immediate implementation.

Despite the non-implementation of the tariff, we reduced the price of our products. As a socially responsible company, this decision, which was not affected by whether the tariff was implemented or not, aligns with our long-standing commitment to ensuring Nigerians enjoy the full benefits of domestic refining. Since commencing operations, we have reduced prices on more than seven occasions, absorbed logistics costs to ensure nationwide price uniformity during festive periods, and played a major role in ending the perennial and artificial fuel scarcity typically associated with the ember months.

Contrary to repeated claims by certain interests, imported products which are often below acceptable standards have consistently been sold at higher pump prices than the premium-grade fuel supplied by Dangote Refinery. The continued importation of substandard fuel constitutes dumping, a harmful practice that undermines economic growth and industrial development. Nigeria has witnessed the devastating consequences of such unchecked dumping before, including the collapse of the once-thriving textile industry, which was a major employer of labour.

Dangote Petroleum Refinery remains fully committed to supplying high-quality, internationally benchmarked petroleum products at competitive prices. Our operations continue to moderate prices in the market, ensuring Nigerian consumers receive genuine value for money.

We are not moved by the short-term tactics of speculative importers who enter and exit the market at will. With a long-term investment exceeding $20 billion, we are steadfastly committed to Nigeria’s energy sector and remain unfazed by temporary policy shifts. Our focus is clear: to deliver reliable, high-quality, and competitively priced fuel to all Nigerians.

Dangote Petroleum Refinery will continue to operate with integrity, transparency, and an unwavering commitment to Nigeria’s energy security. We encourage all stakeholders and media organisations to report responsibly and rely on verified information in the interest of the Nigerian public.

Investors Cautioned: Nestoil Towers Under Court Restraint, Not for Sale — Drawcok

Drawcok Estate Limited has issued a formal public warning highlighting unlawful efforts to sell, lease, or assume control of the iconic Nestoil Towers in Victoria Island, Lagos, notwithstanding multiple court orders that restrain any dealings with the property.

In a detailed public notice released in Lagos, the company alerted potential buyers, investors, financial institutions, and the general public that the property located at 41/42 Akin Adesola Street and 60 Saka Tinubu Street, popularly known as Nestoil Towers, is currently the subject of ongoing litigation before both the Federal High Court and the Court of Appeal.

Drawcok, the legal owner of the property, said it was compelled to issue the notice following recent “misleading and unlawful” representations by individuals allegedly acting on behalf of Guaranty Trust Bank (GTBank) and others.

Although widely known as Nestoil Towers due to branding arrangements with its first tenant, the company clarified that all legal title to the land and the building—above and beneath the ground—belongs exclusively to Drawcok, not to Nestoil Limited or any bank.

At the centre of the dispute is Suit No. FHC/L/CS/1812/2024, in which the Federal High Court granted a binding order restraining GTBank, its agents, and assigns from transferring, leasing, selling, mortgaging, or otherwise dealing with the multi-storey commercial complex pending the determination of the suit.

Drawcok emphasised that the restraining order remains valid and has not been set aside or vacated.

The company further disclosed that multiple appeals—CA/LAG/PRE/ROA/CV/66M1/25; CA/LAG/PRE/ROA/CV/66M2/25; and CA/LAG/PRE/ROA/CV/161M1/25—are pending before the Court of Appeal, underscoring the complexity and ongoing nature of the cases.

According to the notice, individuals claiming to act under the authority of GTBank’s lead counsel in the subsisting suit have been approaching third parties and suggesting that they have a mandate to sell or lease the high-rise building.

Drawcok dismissed these claims as false, misleading, and legally unenforceable, insisting that no party is permitted to transact on the property in view of the binding court order.

The company also referenced another case, Suit No. FHC/L/CS/2127/2025, filed by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil Limited.

Drawcok said the FBN parties “wrongfully, whether by error or otherwise,” obtained an order purporting to seal or take control of the property.

It added that a purported Receiver, Abubakar Sulu-Gambari, SAN, has been taking actions that infringe on Drawcok’s proprietary rights, even though the company is not the judgment debtor in that matter.

In its strongest warning yet, Drawcok urged the public to disregard any communication from GTBank, its lawyers, the FBN parties, Sulu-Gambari, or any other individual claiming authority to sell, mortgage, transfer, or lease the property.

The company stressed that any person or entity entering into any commercial arrangement relating to the sale, purchase, lease, licence, or transfer of interest in the property does so entirely at their own risk.

Drawcok maintained that any such transaction will be considered null, void, and unenforceable, noting that the doctrine of lis pendens applies, given the multiple ongoing suits and appeals.

Reiterating the principle of caveat emptor (buyer beware), the company stated that Nestoil Towers is not available for sale, lease, mortgage, or any related transaction, and any advertisement or offer suggesting otherwise is fraudulent and should be ignored.

The notice concluded by stating that it was issued in good faith and in the interest of legal compliance. It warned that anyone who disregards the notice risks significant financial and economic loss, as Drawcok will not recognise or ratify any unauthorised transaction.