Business
Oluwatoyin Madein: Appraising the Apostle of Transparency By Ochonu Ochonu
Oluwatoyin Madein: Appraising the Apostle of Transparency
By Ochonu Ochonu
The Accountant General of the Federation (AGF) stands as the guardian of Nigeria’s treasury, a position established by Decree 43 of 1988. This esteemed office is reserved for exceptional individuals, handpicked by the President and entrusted with a four-year tenure. Chief Dr. Mrs. Oluwatoyin Madein is one such outstanding leader, whose appointment attests to her remarkable abilities.
Born in Iperu in Ikenne Local Government Area on the 7th day of March 1965, the distinguished goal-getter obtained a Higher National Diploma in Accountancy in 1988 from the Ogun State Polytechnic (presently Moshood Abiola Polytechnic) Abeokuta.
In a bid to improve herself educationally, Mrs Oluwatoyin proceeded to Ogun State University (now Olabisi Onabanjo University) Ago Iwoye from where she graduated colourfully with a Post Graduate Diploma (PGD) followed immediately by a master’s Degree in Business Administration in 2019.
In recognition of her exceptional intellectual prowess and commitment, the Commonwealth University conferred on her the Doctor of Business Administration (Honoris Causa).
Her quest for intellectual development, capacity building and pacesetting, invigorated her into the greater search for knowledge. She realized right in time that she needed proper equipping for the duties and responsibilities that Providence had predestined her for, as such, she proceeded to the highly prestigious Walden University, Minnesota, USA in 2020 from where she bagged a Doctor of Philosophy (P.hD) in Management Finance.
An exquisite and highly determined personality, Dr Oluwatoyin Madien, in a career spanning more than 30 years before her ascendancy to the present position, had served meritoriously in various offices within the civil service.
Her entry point was as a middle-level officer at the Raw Materials Research and Development Council (RMRDC).
She also was one of the pioneering staff of both the Family Economic Advancement Programme (FEAP) and the famous National Poverty Alleviation Programme (NAPEP).
Her distinguished career also took her to the Ministry of Police Affairs, Ministry of Commerce and Industry, Ministry of Works and Housing and the Ministry of Youths and Sports Development all at the Federal Capital Territory, Abuja.
Notably, Chief Dr Mrs Oluwatoyin Madien’s achievements did not start with sudden flight, it was a result of deliberate, resilient and determined efforts.
This is so because before joining the federal civil service, Dr. Toyin served the Ogun State Property and Investment Corporation (OPIC), Abeokuta, as an Executive Officer. The period proved very rewarding as it gave her fresh insight and knowledge of the workings of the second and third tiers of government. An experience that was to later prove extremely rewarding and indisposable.
The highly skilled professional also bagged several eminent recognitions and memberships. For instance, Dr. Toyin is a Fellow of the Association of Chartered and Certified Accountants (ACCA), UK, a Member Association of National Accountants of Nigeria and a Member Institute of Chartered Accountants of Nigeria (ICAN).
Upon assumption of office as the AGF, Chief Dr. Toyin realized that the demands of her new office were not going to be a tea party, as she was confronted with a higher call. While being in charge of the federal government’s accounting services may not look onerous, providing adequate accounting and control of all the Ministries, Extra-ministerial Departments and all arms of government proved challenging.
Her case was however a situation where preparation meets opportunity. She was not only prepared but given her stalling and distinguished intellectual and professional achievements, viewed her appointment as a task from God for humanity and country.
The fact that she is the first woman to attain such lofty office, motivated and made her determined to represent her constituency (the women folk) efficiently and effectively.
Her disposition was therefore that of demonstrated equanimity, compassion, resilience and empathy.
Within a short time, she began to prove her onions, as her devotion, commitment and determination to uphold fiscal transparency in government finance and accountability began to pay off.
In a well-thought-out plan of action, the ardent team player and resourceful advocate of fiscal transparency and responsibility conducted a forensic review of previous financial reforms embarked upon by her predecessors.
The insight gained thereafter enabled her to make hard decisions and also gave her the impetus to make resource-based fresh concepts and tactics for government financial operations and project sustainability as well as benefit delivery.
In a highly meticulous interface with IPPIS Server Providers, she was able to effectively put to rest the nagging challenges mitigating against the payment platform thereby enhancing remarkable improvement not witnessed previously.
Dr. Toyin’s deep insight, knowledge and experience in Fiscal responsibility enhanced the complete review of other financial management policies of government bringing about optimum, measurable and outstanding benefits and functionality.
It can be said that one of her greatest achievements is the demystification of the Federation Accounts and Allocation Committee (FAAC) specifics, especially as it has to do with revenue allocation to the various tiers of government.
While previous AGFs were confronted with subterfuge, Dr Toyin’s impeccable character and strong personality coupled with a firm knowledge of her profession were. Brought to bear on her schedule of duty as she consistently kept Nigerians properly informed about government revenue transactions, and performance relative to revenue inflows at all levels.
Her unwavering conviction that government can only thrive if the citizens are carried along in the management of public funds is not only a landmark, but has led to an enviable demonstration of accountability, transparency, and genuine commitment to serving the interest of not only Nigerians but foreigners, thereby making the populace aware of the inflows and expenditures of government.
This feat has led to immense confidence building and trust in government activities and enabled effective comparison of the revenue collected monthly, juxtaposed with developments on the ground thereby ascertaining compliance and strengthening the overall performance of the government.
Chief Dr. Mrs Oluwatoyin has in several practical ways proved her empathy, forthrightness and clear unambiguous understanding and knowledge of the nexus between government actions and the realities faced by the citizenry and those living in Nigeria.
Her prudent and faithful management of finances has over time proved not unique but innovative, creating synergy, balance and sustainable relationships with all tiers of government and even the international community.
It is necessary to note that this has also significantly reduced the incidences of conflicts and contradictions at FAAC meetings.
Dr. Toyin’s prioritization of prudence, transparency and accountability over even her professional reputation and the maintenance of her statutory obligations has led to the efficient delivery of national interest. It can be said that her major and overarching priority is the welfare of the people of Nigeria.
The detribalized trailblazer, the woman of substance, who has the empathy of a mother, understands the challenges faced by Nigerians as is consistently reflected in her daily activities.
With an efficient and collaborative approach to the fiscal decision-making process, Dr Toyin’s tenure can predictably be adjudged as not only the most distinguished, outstanding and beneficial to Nigerians but also pacesetting, and proactive with demonstrably keen observance of the feelings and interests of average Nigerians.
Her principle of cost-effective alternatives has drastically reduced Nigeria’s financial burden and generated revenue.
When all is said and done one practical area of her greatest achievements will be the stoppage of payments for projects yet to be awarded, this will save in no small measure, the country from huge embarrassment and prevent her from incurring unnecessary interest on funds that are yet to be deployed.
It can be said without contradiction that Chief Dr. Mrs Oluwatoyin Madien through her foresight, a combination of strict adherence To bureaucratic protocols and practices, and a thorough and painstaking assessment of each step taken, to mitigate waste combined with strict adherence to government policies has proved what responsible governance can achieve in a country when you have a round peg in a round hole.
Ochonu wrote this piece from Minna, Niger State.
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
Business
A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test
*A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test*
By Deji Johnson and Mustapha Bello
t begins with a pipeline that should have been completed by June 2026. It widens into a regulatory dispute. And it now risks becoming a defining test of Nigeria’s gas reforms under President Bola Ahmed Tinubu.
At the center is a stalled 80 kilometre gas pipeline from Sagamu to Ibadan, a project backed by over 100 million dollars in investment and built on a protected Gas Distribution Licence issued under the Petroleum Industry Act 2021. The licence granted NGML–NIPCO exclusive rights to distribute gas within Ibadan for 25years based on Nigeria’s Petroleum Industry Act.
On paper, the law is clear. On the ground, the situation is anything but.
For more than three months, construction has been halted following a stop work order issued by the Oyo State Government led by former Shell Contractor and engineer, Governor Seyi Makinde. No detailed public justification has been provided that aligns with existing federal approvals already secured for the project.
What might have remained a quiet regulatory disagreement has now escalated into something far more politically charged. How?
In recent remarks, Nigeria’s Minister of the Federal Capital Territory, Nyesom Wike, who is of the same political party as Governor Seyi Makinde, made a pointed allegation that has since rippled across political and industry circles. He suggested that the Governor of Oyo State and Shell were in what could be described as an “unholy alliance.”
It is a serious claim. One that, if substantiated, would raise profound questions about the intersection of corporate influence, state level action, and federal law.
Neither Shell nor the Oyo State Government has publicly responded in detail to the allegation.
But the silence is now part of the story.
*THE SHELL QUESTION*
For Shell, this moment carries particular weight.
The company has operated in Nigeria for decades, building one of its most significant global portfolios in the Niger Delta. But that history is not without controversy. From corruption claims to environmental damage claims and community disputes amongst others, Shell has faced years of litigation and, in several high profile cases, adverse rulings tied to its operations in the region.
Those cases, many adjudicated in foreign courts, have shaped a negative reputation that continues to follow the company.
Now, a new question emerges.
Is Shell once again operating at the edge of Nigeria’s regulatory framework seeking to exert undue influence in circumventing Nigeria’s petroleum laws, or firmly within it?
Industry sources including a widely reported meeting between their representatives, Oyo State Government representatives and the newly appointed midstream and downstream chief executive, indicate that engagements involving Shell and the Nigerian Midstream and Downstream Petroleum Regulatory Authority could enable the company to enter a gas distribution zone already licensed to another operator in breach of the PIA.
If true, the implications are immediate and far reaching.
A licence meant to protect investors and investments in Nigeria’s gas space ceases to be exclusive against the dictates of the guiding laws. A framework begins to look flexible, and a reform risks appearing reversible.
To many, it seems more than just a commercial dispute and is not just about one company versus another.
Nigeria is in the middle of an energy transition where gas is expected to play a central role in powering industries, stabilising electricity supply, and reducing reliance on expensive diesel. President Bola Tinubu has emerged as a global champion of using gas as a transition fuel in Nigeria and Africa whilst rolling out elaborate but clearly defined plans to achieve it. Yet gas availability remains inconsistent, constraining power generation and limiting industrial output.
Projects like the Sagamu to Ibadan pipeline are designed to close that gap. To halt such a project is to delay not just infrastructure, but impact. To undermine its legal basis is to question the system that enabled it and to introduce competing claims within the same licensed zone is to risk regulatory confusion at a time when clarity is most needed.
This is where the issue moves from commercial to national because at stake is not only an investment, but the credibility of the reform architecture itself.
*OYO STATE AND THE FEDERAL QUESTION*
The role of the Oyo State Government adds another layer of complexity.
Energy regulation in Nigeria, particularly in the gas sector, is governed by federal law. Yet implementation often intersects with state authority, creating spaces where jurisdiction can blur.
The stop work order issued on the pipeline has become the clearest manifestation of that tension. Was it a regulatory necessity?
A precautionary measure? Or, as alleged by Minister Wike, part of a broader alignment with external interests? Without transparency, speculation fills the vacuum and the regulator must avoid finding itself mired in such allegations.
*QUESTIONS THAT WILL NOT GO AWAY*
For Shell, the questions are now direct and unavoidable:
Is Shell, a global energy giant, seeking to operate within the Ibadan gas distribution zone already licensed to NGML–NIPCO?
What assurances, if any, has it received from regulators or state actors?
How does it reconcile such actions with the exclusivity provisions of the PIA?
For the regulator, NMDPRA:
Can a Gas Distribution Licence be effectively shared, diluted, or overridden after issuance? According to Nigerian laws, the answer is No.
What precedent does this set for Nigeria’s gas infrastructure market?
For the Oyo State Government:
On what legal grounds does the stop work order stand, given federal approvals already in place?
And how does this action align with national energy priorities or the state’s gas needs?
Nigeria has spent the last two years telling a new story to the world. A story of reform, of discipline, of a country ready to compete for global capital. And it has worked so far with stability returning to Nigeria’s economy and over $20bn of energy investments looking to enter the country in the short to midterm.
But reforms are not tested in policy papers. They are tested in moments like this.
Moments where law meets influence, investment meets interference and promise meets pressure.
For Shell, long mired in issues surrounding ethical operations in Nigeria, this is more than a business decision. It is a reputational crossroads.
For Nigeria, it is something even larger. Whether the country’s laws will hold when they are most challenged or Whether its reforms will stand when they are most inconvenient or even whether Nigeria’s energy investments future will be shaped by the rules of law, adherence to regulatory protections and provisions or by unethical and corrupt relationships.
Until those questions are answered clearly, publicly, and decisively, the pipeline in Ibadan will remain more than steel in the ground.
It will remain a symbol of a country still deciding which path it truly intends to follow. Nigeria must act quickly and decisively because the world is watching.
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