Business
MY TAKE AWAY FROM PMB’S FOREIGN TRIPS – BABATUNDE FASHOLA SAN
In making this public intervention, I seek to highlight the benefit of global relationships and cooperation in a world that is changing daily as a result of globalization and transborder economics, social and even criminal activities where no one is safe, except all are safe, and to leave the dispassionate observer his opinion after deep reflection on the value, or lack of it, of the President’s foreign trips.
This way I hope every Nigerian who cares about our country will have some information about what their President is doing about the things that concern them.
First I will start with context.
Barely 2 decades ago (between 1994 and 1998) we would not have quarreled with the description that we were a pariah nation.
We were ostracized from global events because of bad governance. We had lost the respect accorded Nations like ours were they well-led and well-run.
I recall that not a few Nigerians complained that the green passport was becoming, if it had not already become, a burden.
That was at the height of the dictatorial government that broke the rules of international relations.
It was from there that we started to heal. Investors entered our country. Many brands that we sought after abroad started coming to set up shop in our country.
The tourist footfalls in our country increased slowly but surely, but again we began to slide.
That was when Buhari declared at a meeting in Lagos during his campaign in 2015, that if elected, he would make us proud about our country again. Proud to be Nigerian again.
That is the context in which I view his foreign trips and the manifesto of the All Progressives Congress (APC) on Foreign Relations which promised to:
- Make the Nigerian national interest the overriding factor in its foreign policy and international relations.
- Work to reform global governance in multilateral institutions and agencies.
- Work to strengthen the African Union to become a more effective organization on global affairs.
- Engage the BRICS countries (Brazil, Russia, India, China and South Africa) on the basis of equality.
- Play a leadership role to develop a MINT (Mexico, India, Nigeria, and Turkey) as a counterforce to BRICS.
I will limit my takeaways to 4 (Four) trips that I attended with the President namely: the G7 Summit in Germany, the Oil and Gas Summit in Iran, the Renewable Energy Conference in Abu Dhabi and the State visit and Business Forum in China; and 2 (Two) trips that I did not attend, but whose deliberations I followed, namely: Paris for the COP 21 and USA for the Nuclear Energy Summit.
G7 in Germany
This is a club of eight of the most industrialized, economic and technologically advanced nations.
For the benefit of those who do not follow international politics it was originally the G8 comprising the USA, Britain, Germany, France, Canada, Japan, Italy, and Russia, who were later suspended and had sanctions imposed on them to make it G7 as a result.
It was formed in 1975 as a club of 6 (Six) before Canada and Russia were admitted.
They look after each other, and the rest of the world to put it simply.
They have gone to war together if you remember Iraq and Libya in recent memory and they are all largely collaborating to fight terror. (Most recently the FBI was rendering assistance to Belgium in the aftermath of the terror attacks in that Country).
Why G7 one might then ask?
Answer: German Chancellor Angela Merkel, as host, invited PMB on his inauguration to be their guest along with some three or four other African countries.
Their agenda was global security, global economy and global health in the aftermath of Ebola, which was still raging in some African countries.
Apart from the personal aides of the President, Governor Shettima of Borno, General Dambazau and myself were the only ones who accompanied PMB.
I recall that upon our arrival in Germany they expressed surprise that our delegation was small and asked if others were still coming.
In the pre-departure briefing, in addition to highlighting how the security and economic agenda of the G7 coincided with 2 (Two) of his campaign promises, security, (corruption)economy, PMB stated the reasons 3 of us were invited.
Governor Shettima was in the front line of terrorists and criminal activities in the north east; General AbdulrahmanDambazau, was a former Chief of Army Staff, and also a faculty associate of Harvard University Weatherhead Center for International Affairs; I had run the single biggest economy of a state within Nigeria for eight years and was in the frontline of Ebola.
Without ministers, one week after taking office, he felt we were the ones best suited to assist, if he needed it, on the issues of security, economy and health on the G7 agenda.
In the event, he did not need us. He held his ground admirably. He was the first person called upon to speak at a Summit in which Nigeria was not a member. I was proud to be a Nigerian.
At global summits we usually got to speak when others had spoken and the hall has emptied.
President Obama was the first G7 member to speak after PMB and he said that Nigeria has elected a President that brings a reputation of scrupulous integrity to the table. I was proud to be a Nigerian.
The opening session was robust and welcoming, we saw some of the world’s most powerful men and women take off their jackets, call each other by their first names in a club-like setting while addressing the world’s most serious problems. Problems that affect you and I daily.
I was proud that my President was in a room where decisions concerning my planet were being deliberated upon.
Prime Minister Cameron, Chancellor Merkel and others also spoke in similar vein about our President’s reputation and our nation’s strategic position in Africa and the world.
They pledged support for Nigeria on Terror and the Economy.
Importantly, I learned that their scientists were worried about increasing resistance of strains of infections to antibiotics; and that they were committing enormous resources into finding out why and what to do.
They highlighted the difficulty of time and resources that it will take to develop new antibiotics and the risk to global health.
If we all appreciate how vulnerable we can be without effective antibiotics, especially our children, and if we remember how low life expectancy was and how poor global health was before the discovery of Penicillin after the World War, we will appreciate the seriousness of the platform to which Nigeria was invited. I was proud that our President was there.
If the seven most powerful nations stand with you, who can stand against you?
I need not say more except that I can attest that PMB has been following up on these matters, and the progress on security is visible, while results on the economic front will manifest soon enough.
Iran Oil and Gas Summit
For those who are not aware, one of the reasons why oil prices went up, and from which we benefited in the past, was that Iran, the world’s 7th largest producer of oil, was facing global sanctions from which she was due to emerge in 2016.
Because Iran was soon to be selling oil, the likelihood of a further crash of oil prices that had drastically fallen was a threat to Nigeria’s economy if oil prices crashed further.(Our 2016 budget proposals had just been formulated on a $38 per barrel assumption)
I was witness to PMB’s persuasion to Iran to come to the market slowly instead of pushing out large volumes which will raise supply and crash prices, even though Iran also needed the cash.
You can’t do that type of diplomacy by letter or by phone, in my view, not when the major players were all there in person.
I witnessed the meeting with the Venezuelan prime minister, who was leading the South American producers to sell more and get cash even if the prices were lower.
PMB’s logic was different.
Hold your volumes, steady the price, and don’t let us hurt one another.
Recorders of history will recall that the Venezuelan government suffered a major political defeat in Parliament, while PMB’s logic has at least steadied oil prices.
It might interest you to know that all European nations sent their oil ministers, except Russia, where Vladimir Putin came in person, because having been suspended from the G8 and facing sanctions, this was the meeting where his country’s interests were best served.
For the record, Russia pledged a $5 Billion state support to Iran, and if the purpose of this is lost on anyone, I interpret it to mean, “Take cash, don’t pump out your oil. It will hurt me.”
This is the reality of international politics.
Finally on Iran, PMB told us, how when he flew to Iran in his days as Petroleum Minister, he noticed how much gas they were flaring and now he returned as President, all the flares were gone.
We found out that all the gas had been harvested and piped to every home for heating, cooking etc.
His mandate: “If they can do it, we must do it.”
I am proud to be led by a President who sees good things outside and seeks to bring them to his people.
Abu Dhabi Renewable Energy
This is reputed to be the richest of the Emirates in the United Arab Emirates (UAE).
Apart from seeking cooperation to recover Nigeria’s stolen wealth stored in the UAE [His anti-corruption commitment pursued in person], PMB addressed a renewable energy summit where we learned about initiatives to bring solar power price down to 5 (Five) US cents per kilowatt hour, (approximately N10) as against the price of 17 (seventeen) US cents (N34) per KW/h tariff in Nigeria fixed at privatization by the last Government.
PMB’s mandate was for us to explore collaboration for the manufacture of solar panels in Nigeria to bring down the price and deploy it to the sunlit areas of Nigeria, especially the North that is most prolific for irradiation.
We are currently working on the Energy Mix for Nigeria which is the implementation process of the energy policy that will take us there.
Hopefully we will soon be signing the first set of solar deployment agreements for Nigeria.
In this way, more solar and hydro will be used in the North, more coal and hydro in the Middle Belt, and more gas in the South; so that we take power generation closest to the most prolific source of fuel to bring down the cost and make it more affordable.
On the trip to China (which I will comment on) we met a few Chinese solar manufacturers (who recognized us from Abu Dhabi) who want to set up business of manufacturing solar panels in Nigeria.
China Investment Forum and State Visit
This is the visit that provoked this write up, because I had bottled what I knew. But it was time, I believe, to share some of it.
China is the second largest economy in the world with a per capita income of $8,000 which they are planning to raise to $12,000 by 2020.
By her own assessment, according to President Xi Jinping, they are still a developing nation seeking to achieve what he described as “initial prosperity” by 2020.
If you look at the back of your phone, your TV, your watch, your I-Pad, your Mobile Charger, many other accessories that you use, you are likely to find these three words “Made in China” printed somewhere.
For such a nation, (with trillions of dollars in reserves, that plans to spend $2 trillion on imports in the next five years and earn $100 billion annually) who still sees itself as a developing nation, such modesty in the face of success, assiduous hard work and productivity is a destination to seek cooperation in the pursuit of economic development.
This is where PMB led an array of Nigerian investors including Erisco Foods, (who now makes our tomato paste at home and employs people locally including farmers who supply the tomatoes), Power operators (DisCos and GenCos), and the Dangote Group, to meet with and address their Chinese partners.
During the meeting with the Chinese President, 6 (Six) collaboration agreements were signed including for agriculture and food production improvement techniques, rail and power infrastructure development, for funding the Dangote group to continue to expand and create jobs at home and keeping some of our reserves in the currency of the richest nation in the world.
This last mentioned agreement was a legitimate coup by PMB because the intelligence was that some West African countries were going to sign before us.
PMB seized the moment.
Of course he had to apologize for our previous failures on our agreement made to part-fund 4 airport projects in Lagos, Kano, Abuja and Port Harcourt and Abuja-Kaduna rail project.
The Chinese had provided their agreed part of 85% but the remaining 15% Nigeria did not honour during the last administration.
Some of the recent revelations about financial scandals estimated at $2.1 billion in the office of the National Security Adviser alone during the last administration suggest how impactful such funds would have been in delivering these critical infrastructure; but we all know what happened.
This is why PMB is traveling. To repair our reputation severely damaged by the last government, and to assure our partners that Nigeria has CHANGED. And from there to re-negotiate an existing funding agreement to complete critical Transport infrastructure.
Because of his reputation, President Xi Jinping believed him, and to quote him, he said: “It is better late than never. ”
Through him China literally opened the door to Nigeria in areas of infrastructure (power, railways and roads), agriculture, education and manufacturing especially in our Free Trade Zones.
To paraphrase the Chinese President, “ask us for whatever support or partnership and we will be happy to respond.”
“We wish to see you take your rightful place and we are happy that you are the first African president visiting China, after my visit to Africa last year to pledge a $60 billion support for the Development of the continent.”
If this was not initiative I doubt what is?
As for the trips to Paris, COP 21 and the USA, Nuclear Security Summit, I will only say this:
- a) The threat of climate change, global warming, desertification in the north of Nigeria and coastal erosion in the Atlantic (Bar beach in Lagos) and in the south, affecting Rivers, Bayelsa and other coastal states, the clear scientific evidence lays the blame at the door of the world’s most industrialized nation for their pollution.
- b) Since the Kyoto protocol they have paid lip service to remedying the situation, which unfortunately affects developing nations more adversely.
- c) COP 21 was the first serious commitment that these leaders made to ensure that global temperatures do not rise above 2°C and indeed are reduced to 1.5°C. I am proud that Nigeria was not missing at this historic moment. When the planet is saved, the next and future generations of Nigerians will recall that PMB was present, when all of the world leaders were present to save the planet.
- d) In the aftermath of COP 21, the commitment of these nations is to increase production and technology for renewable energy and to reduce the use of carbon fuels. One way they plan to achieve this is increased deployment of nuclear energy.
- e) These nations are at the cusp of sharing safe nuclear technology for peaceful uses with developing nations for power generation. This for me was reason enough and a good one at that for PMB to be in the USA because Nigeria has been pursuing a nuclear power program for about 17 years, not as an alternative to gas or Hydro, but as additions to them.
The world leaders must trust you for you to partake.
At that summit, in the group photograph, PMB stood on the second row along side Britain and Turkey. In the past, we used to be on the last row. This is CHANGE.
As he meets with world leaders outside Africa, he has not forgotten the home front. He is regularly visiting and receiving his sister and brother presidents on the African continent.
PMB has earned their trust for all of us and I am proud to carry my green passport.
Yes, some results are not yet manifest, and may take a little while to do so, but a solid foundation for a sustainable, respectable and prosperous future is being laid, block by block.
This is how to build a solid “home” from whence we can project respect abroad with confidence.
How many of us will do business with total strangers without a reference or a good reputation in this age of due diligence?
PMB is building affiliations everywhere that if well-managed in future, will develop into a global network of friendships, trust and respect for Nigeria and Nigerians.
I once heard that the role of a leader, like that of the head of a family, is that of an aggregator, opening doors and opportunities, breaking down barriers and forging alliances. I agree.
This is my Takeaway on these trips.
BabatundeRajiFashola, SAN
Business
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
– Ivorycoast, Cot’devouir
Noble & Gold Consulting Ltd has officially signed a partnership agreement with Gicobat Group of Company to facilitate funding for capital projects in Abidjan, Côte d’Ivoire, through the UNIPGC–Global Economic Development Council (GEDC), during a high-level Business and Investment Roundtable held in the country.
The meeting, which took place on May 12, 2026, at the World Trade Centre in Abidjan, brought together senior executives and stakeholders from both organizations, including His Excellency, Amb. Jonathan Ojadah GCOP, Global President of UNIPGC; Mr. Noble Eze, CEO of Noble & Gold Consulting Ltd; and the Chairman of Gicobat Group of Company, Côte d’Ivoire.
The roundtable focused on opportunities for capital project financing, investment promotion, and business development across strategic sectors of the economy. Following extensive deliberations, the parties finalized terms and signed an agreement aimed at advancing the projects discussed during the engagement.
Speaking at the event, the Chairman of the UNIPGC-GEDC, His Excellency Amb. Jonathan Ojadah, delivered a presentation titled *“How Reputable Brands Can Secure Funding for Capital Projects.”* He stated that the agreement represents a major milestone in supporting high-profile business initiatives that require structured financing and professional project management.
According to him, the partnership aligns with UNIPGC-GEDC’s mandate as a leading investment promotion, advisory, and business development institution operating across Africa and internationally.
> “Today, I am delighted to address this important topic on how leaders of established and reputable brands can secure the capital required for major expansion, technological advancement, or infrastructure development. The objective is not merely to find funding, but to attract the right funding at the most competitive cost of capital,” he stated.
He emphasized that brand reputation remains a critical asset in attracting investors and financial institutions.
> “In business, reputation is everything. In the world of capital-intensive projects, reputation is more than public perception; it is an asset class. A reputable brand represents stability, proven performance, and trustworthiness,” he added.
Amb. Ojadah further noted that successful funding processes begin long before formal investment pitches are made. According to him, investors seek organizations that demonstrate value stewardship, operational excellence, and financial discipline.
Drawing from his international experience in capital project engagements across Egypt, Kenya, the Democratic Republic of Congo, Zambia, and other countries, he highlighted several categories of major funding institutions involved in large-scale development financing. These include multilateral development banks, government agencies, private foundations, and impact investors focused on infrastructure, healthcare, real estate, energy, oil and gas, and sustainable development.
Among the institutions he referenced were the International Finance Corporation (IFC), the European Union (EU), the United Nations Capital Development Fund (UNCDF), the OPEC Fund for International Development, the Bill & Melinda Gates Foundation, the Mastercard Foundation, the Ford Foundation, the Rockefeller Foundation, and the UNIPGC Foundation.
He explained that through the UNIPGC Global Economic Development Council (GEDC), the organization facilitates funding opportunities for startups, private sector operators, and government projects through public-private partnerships (PPP), leveraging its network of international funding partners and financial institutions.
Amb. Ojadah identified three critical indicators commonly assessed by investors and lenders before financing projects:
1. **Transparency and Financial Performance** – Organizations must maintain audited financial records, quality assets, and sustainable growth patterns.
2. **Operational Excellence** – Investors prefer businesses with proven operational systems and stable cash flow generation, which reduce investment risks.
3. **A Strong Project Narrative** – Businesses must clearly demonstrate how proposed projects align with long-term strategic goals such as digital transformation, automation, infrastructure expansion, or increased market competitiveness.
He also outlined key strategies reputable brands can adopt in securing project financing, including bank financing, strategic partnerships, vendor financing arrangements, private equity investments, and asset-based lending structures.
> “Securing capital for projects as a reputable brand is ultimately about combining trust with strategic planning. Reputation is your strongest asset, and when paired with sound financial planning and a compelling vision, it becomes a powerful tool for building the future,” he concluded.
For Gicobat Group of Company, the partnership is expected to accelerate the execution of ongoing and proposed projects by leveraging UNIPGC-GEDC’s network of investors and financial partners. Officials of the company expressed confidence that the collaboration would significantly improve project implementation timelines and financing accessibility.
Organizers noted that the choice of the World Trade Centre, Abidjan, as the venue reflected the international scope and significance of the engagement, particularly for negotiations involving capital-intensive projects in infrastructure, trade, and industrial development.
UNIPGC-GEDC describes itself as a leading global investment promotion, advisory, and business development consultancy, working with governments, private enterprises, and institutional investors to structure, finance, and manage large-scale projects from inception to completion.
According to the organization, the Abidjan agreement adds to its expanding portfolio of strategic partnerships aimed at unlocking capital for projects with significant economic and social impact. It also confirmed that due diligence and project structuring processes had been completed prior to the signing to ensure project bankability and investor confidence.
Officials from both organizations further disclosed that implementation teams would be constituted immediately to oversee the next phase of the agreement. Although specific project details were not disclosed, both parties assured stakeholders that updates would be communicated as implementation milestones are achieved.
UNIPGC-GEDC also encouraged businesses, institutions, and investors with high-impact projects requiring financing or management support to engage with its team for collaboration opportunities. Further information on its services is available via UNIPGC-GEDC Official Website www.unipgc.org/gedc
Business
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech.
The founder of coHouse.ng is reimagining how millions of Africans access, experience, and share housing through technology.
In Africa’s rapidly evolving innovation landscape, the most transformative companies are no longer defined by the industries they enter, but by the systems they redesign.
For Dennis Ekamah, the opportunity was never about constructing buildings, it was about confronting a deeper question.
why is access to housing still so structurally difficult for millions of Africans in a digital age?
Rather than stepping into real estate as a developer. Dennis chose a different path, positioning coHouse.ng as a PropTech platform rethinking how housing is accessed, experienced, and shared. At the heart of this vision which is connecting potential home owners together via resource pooling for the purpose of either Living or Growth. Simply, *Connect. Live. Grow.*
*A Platform Not a Property Company*
coHouse.ng is not a real estate company. It is a technology-driven ecosystem connecting like-minded individuals into structured communities where they can live intentionally, invest collectively, and grow within a shared system.
From Insight to Recognition
In 2025, coHouse.ng was recognised among the Top 50 Tech Startups in Africa. Even ahead of its official launch, the platform attracted over 1,000 early waitlist users, individuals eager to be part of a new way of living and investing.
Solving for Access, Alignment, and Trust
Dennis Ekamah’s diagnosis goes deeper than supply shortfalls. The real barriers he argues are access, coordination, and trust. coHouse.ng tackles all three through identity verification powered by a third party verification system api. coHouse is not flying solo without the help and collaboration with government bodies across Nigeria and other African countries.
In his words;
“Imagine what you would achieve as an individual or group if you’re living with the right people or like-minded individuals around you.”
I’m not a developer, I’m not a professional realtor, I’m just someone who sees the need for this solution based on the problem we face as youth/young entrepreneurs in today’s housing deficiency across Africa.
— Dennis Ekamah
Join our waitlist by visiting www.cohouse.ng
Business
Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil
Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil
The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.
Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.
The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.
However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.
In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.
A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.
The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.
Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.
Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.
The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.
Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.
The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.
While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.
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