Business
2025 Vanguard Economic Discourse: Nigeria’s economy demands innovative thinking

by Ajadi Ashraf, Kaduna.
The Editor of Vanguard Newspapers, Mr. Eze Anaba, has called for bold, innovative thinking and pragmatic solutions to tackle Nigeria’s pressing economic challenges. He made the call during his welcome remarks at the 2025 Vanguard Economic Discourse, held at the Civic Centre in Victoria Island, Lagos.
Addressing a gathering of policymakers, economists, business leaders, and stakeholders, Anaba stressed the urgent need for strategic collaboration to navigate the country’s economic landscape. He highlighted that Nigeria’s economy is at a critical juncture and requires a fresh, informed approach to ensure sustainable recovery.
“You will all agree that, now more than ever, Nigeria’s economy demands innovative thinking and pragmatic solutions,” Anaba said. “The current climate of reforms presents both challenges and opportunities that require informed, strategic responses.”
Themed “Nigeria’s Economic Outlook 2025: Hardship and Pathways to Sustainable Recovery,” this year’s edition marked the ninth in the series. Anaba described the discourse as Vanguard’s contribution to national development, aimed at inspiring meaningful dialogue and impactful policy reform.
He further stated that since its inception in 2017, the Vanguard Economic Discourse has served as a platform to drive intellectual engagement and offer alternative policy directions to public officials and economic planners.
Anaba also welcomed the keynote speaker, Dr. Yemi Kale, former Statistician General of the Federation and current Group Chief Economist at the African Export-Import Bank in Cairo. He praised Kale’s legacy of reform at the National Bureau of Statistics and expressed confidence in his contributions to the discourse.
The event was chaired by Mr. Dele Oye, President of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), who returned after delivering last year’s keynote address. Anaba hailed Oye’s commitment to private sector leadership and economic development.
Panelists and discussants at the discourse were drawn from diverse sectors, bringing together top-tier expertise to explore practical solutions for Nigeria’s economic recovery. The Vanguard Economic Discourse continues to play a vital role in shaping the nation’s economic conversation.
Business
Alleged ₦5.7bn contract fraud: Coalition reveals why Tinubu needs to fire Ojulari as NNPCL boss

President Bola Tinubu has been asked to terminate the appointment of the Group Chief Executive Officer (GCEO) of National Petroleum Company Limited (NNPCL), Bayo Ojulari over alleged award of a ₦5.7 billion consultancy contract without due process, transparency, or justification.
The development was made known in an open letter to Nigerians signed by Musa Abdullahi for the Coalition of Nigerian Patriots for Good Governance, supported by Civil Society Organisations, Concerned Workers, and Transparency Advocates on 26 June, 2025.
The Coalition faulted the new leadership of Mr. Bayo Ojulari, for engaging in what it called reckless, unconscionable spending of public resources without due process, while urging President Tinubu to immediately sack the NNPCL Chief and for the Economic and Financial Crimes Commission (EFCC) to swiftly launch investigation into the ₦5.7 billion consultancy contract scandal.
The letter also warned that the aim of the current leadership of the NNPCL is to kill the Corporation as several top principled staff have started resigning their position with many other professionals planning to tow the same path.
The Coalition also revealed plans to hold a 2-day advocacy march on the July 1 and 2, 2025, to press home their demands and urged Nigerians to join them.
Here are some of the demands: “That President Bola Ahmed Tinubu should immediately sack Mr. Bayo Ojulari as Group CEO of NNPCL.
ⁿWe want to state that Ojulari’s plan is to kill NNPCL because we want to authoritatively state that so many Top Principled NNPCL staffs like Chief Operating Officer, Spokesman and others have started resigning . So many professionals plan to leave the NNPCL for Ojulari.
“The EFCC launches a full-scale investigation into the ₦5.7 billion consultancy contract awarded to HASKE, including company ownership, bank trails, and project deliverables.
“All estacodes and travel expenses paid for the Kigali retreat be refunded to the national treasury within 14 days.
“The National Assembly sets up a public hearing to investigate NNPCL’s opaque contract practices and rising culture of financial recklessness.
“Corporate governance frameworks at NNPCL be reviewed, and violators prosecuted under anti-corruption laws.”
The letter reads in full:
OPEN LETTER TO NIGERIANS: THE ₦5.7 BILLION CONSULTANCY FRAUD, LAVISH NNPCL RETREATS AND THE URGENT NEED FOR PRESIDENT TINUBU TO SACK BAYO OJULARI
Dear Fellow Nigerians,
We write to you today with a sense of urgency and righteous indignation over an unfolding scandal that strikes at the very heart of accountability and good governance in Nigeria.
At a time when over 200 million Nigerians live in multidimensional poverty, when inflation has soared, and when the government pleads for patience as painful reforms unfold, the Nigerian National Petroleum Company Limited (NNPCL), under the new leadership of Mr. Bayo Ojulari, has engaged in reckless, unconscionable spending of public resources.
THE ₦5.7 BILLION CONSULTANCY SCANDAL: A LOOT IN BROAD DAYLIGHT
Recent investigations have revealed that NNPCL secretly awarded a ₦5.7 billion consultancy contract to a little-known and controversial firm called HASKE, without due process, transparency, or justification. HASKE has long been associated with opaque deals, political patronage, and backchannel contracts. The company has no verifiable record of delivering high-level consultancy services, nor does it possess the industry reputation or technical competence required for such a contract.
So, why was this firm handpicked?
Sources confirm the deal was not advertised, not subjected to competitive bidding, and was not scrutinized by relevant oversight bodies. This is not just a violation of public procurement laws—it is a calculated looting of Nigeria’s oil wealth.
₦5.7 billion—nearly $4 million at today’s rates—was signed away behind closed doors while hospitals go without equipment, schools lack basic infrastructure, and millions cannot afford a single meal a day.
What could ₦5.7 billion do instead?
Build or equip 570 Primary Health Care Centres across rural Nigeria.
Fund scholarships for over 50,000 indigent Nigerian students.
Construct 114 kilometres of rural roads to support agriculture and commerce.
Provide capital to over 10,000 young entrepreneurs to reduce unemployment.
Yet this same sum was funneled into a phantom consultancy deal, benefiting no one but the insiders and cronies.
A CEO GONE ROGUE: LAVISH RETREATS & ABUSE OF POWER
As if this was not enough, Mr. Bayo Ojulari—Group CEO of NNPCL—flew to Kigali, Rwanda in a chartered fleet of five private jets, accompanied by other executives, for a so-called management retreat. Lavish estacodes were paid, luxury hotels were booked, and top officials returned with fat pockets and zero accountability.
Ojulari reportedly pocketed millions in estacodes alone for this trip, all while ordinary Nigerians are being told to “tighten their belts.” Even more disturbing is that staff within NNPCL describe him as high-handed, arrogant, and feared, openly boasting of his closeness to President Bola Ahmed Tinubu, using that proximity as a shield against scrutiny.
THIS IS A NATIONAL DISGRACE—AND AN INSULT TO THE NIGERIAN PEOPLE
How did we arrive at a point where public institutions serve personal greed rather than public good? Why is the Group CEO of our national oil company flying in private jets while Nigerians queue endlessly for fuel, grapple with blackouts, and drown under high food prices?
The answers are simple: impunity, entitlement, and lack of political will to punish the powerful.
We, the Nigerian people, say enough is enough.
OUR DEMANDS
We demand that:
- President Bola Ahmed Tinubu immediately sacks Mr. Bayo Ojulari as Group CEO of NNPCL.
- We want to state that Ojulari’s plan is to kill NNPCL because we want to authoritatively state that so many Top Principled NNPCL staffs like Chief Operating Officer, Spokesman and others have started resigning . So many professionals plan to leave the NNPCL for Ojulari.
- The EFCC launches a full-scale investigation into the ₦5.7 billion consultancy contract awarded to HASKE, including company ownership, bank trails, and project deliverables.
- All estacodes and travel expenses paid for the Kigali retreat be refunded to the national treasury within 14 days.
- The National Assembly sets up a public hearing to investigate NNPCL’s opaque contract practices and rising culture of financial recklessness.
- Corporate governance frameworks at NNPCL be reviewed, and violators prosecuted under anti-corruption laws.
If the Tinubu administration is truly committed to the Renewed Hope Agenda (which we know he is), then men like Ojulari cannot be allowed to trample on the hopes of millions.
TO THE PRESIDENT: THE TIME TO ACT IS NOW
Mr. President, Nigerians entrusted you with their mandate to fix this country, not to watch it be further looted by powerful insiders. Keeping Bayo Ojulari in office sends a dangerous message—that corruption still has a seat at the table under your leadership.
Show Nigerians you are not captive to vested interests. Act decisively. Act now.
ADVOCACY MARCH
We have scheduled a 2 days advocacy march to press home our demand which is scheduled for 1st – 2nd July, 2025. We enjoin other Civil Society Organisations, Media and the Nigerian Public to join us in this advocacy march. No one should be allowed to loot our common patrimony again.
This letter is not a whisper. It is a roar.
We will not be silent.
We will not forget.
We will not let this pass.
Business
Coalition raises alarm over alleged ₦5.7bn NNPCL contract scam, urges immediate sack of Ojulari

President Bola Tinubu has been asked to terminate the appointment of the Group Chief Executive Officer (GCEO) of National Petroleum Company Limited (NNPCL), Bayo Ojulari over alleged award of a ₦5.7 billion consultancy contract without due process, transparency, or justification.
The development was made known in an open letter to Nigerians signed by Musa Abdullahi for the Coalition of Nigerian Patriots for Good Governance, supported by Civil Society Organisations, Concerned Workers, and Transparency Advocates on 26 June, 2025.
The Coalition faulted the new leadership of Mr. Bayo Ojulari, for engaging in what it called reckless, unconscionable spending of public resources without due process, while urging President Tinubu to immediately sack the NNPCL Chief and for the Economic and Financial Crimes Commission (EFCC) to swiftly launch investigation into the ₦5.7 billion consultancy contract scandal.
The letter also warned that the aim of the current leadership of the NNPCL is to kill the Corporation as several top principled staff have started resigning their position with many other professionals planning to tow the same path.
The Coalition also revealed plans to hold a 2-day advocacy march on the July 1 and 2, 2025, to press home their demands and urged Nigerians to join them.
Here are some of the demands: “That President Bola Ahmed Tinubu should immediately sack Mr. Bayo Ojulari as Group CEO of NNPCL.
ⁿWe want to state that Ojulari’s plan is to kill NNPCL because we want to authoritatively state that so many Top Principled NNPCL staffs like Chief Operating Officer, Spokesman and others have started resigning . So many professionals plan to leave the NNPCL for Ojulari.
“The EFCC launches a full-scale investigation into the ₦5.7 billion consultancy contract awarded to HASKE, including company ownership, bank trails, and project deliverables.
“All estacodes and travel expenses paid for the Kigali retreat be refunded to the national treasury within 14 days.
“The National Assembly sets up a public hearing to investigate NNPCL’s opaque contract practices and rising culture of financial recklessness.
“Corporate governance frameworks at NNPCL be reviewed, and violators prosecuted under anti-corruption laws.”
The letter reads in full:
OPEN LETTER TO NIGERIANS: THE ₦5.7 BILLION CONSULTANCY FRAUD, LAVISH NNPCL RETREATS AND THE URGENT NEED FOR PRESIDENT TINUBU TO SACK BAYO OJULARI
Dear Fellow Nigerians,
We write to you today with a sense of urgency and righteous indignation over an unfolding scandal that strikes at the very heart of accountability and good governance in Nigeria.
At a time when over 200 million Nigerians live in multidimensional poverty, when inflation has soared, and when the government pleads for patience as painful reforms unfold, the Nigerian National Petroleum Company Limited (NNPCL), under the new leadership of Mr. Bayo Ojulari, has engaged in reckless, unconscionable spending of public resources.
THE ₦5.7 BILLION CONSULTANCY SCANDAL: A LOOT IN BROAD DAYLIGHT
Recent investigations have revealed that NNPCL secretly awarded a ₦5.7 billion consultancy contract to a little-known and controversial firm called HASKE, without due process, transparency, or justification. HASKE has long been associated with opaque deals, political patronage, and backchannel contracts. The company has no verifiable record of delivering high-level consultancy services, nor does it possess the industry reputation or technical competence required for such a contract.
So, why was this firm handpicked?
Sources confirm the deal was not advertised, not subjected to competitive bidding, and was not scrutinized by relevant oversight bodies. This is not just a violation of public procurement laws—it is a calculated looting of Nigeria’s oil wealth.
₦5.7 billion—nearly $4 million at today’s rates—was signed away behind closed doors while hospitals go without equipment, schools lack basic infrastructure, and millions cannot afford a single meal a day.
What could ₦5.7 billion do instead?
Build or equip 570 Primary Health Care Centres across rural Nigeria.
Fund scholarships for over 50,000 indigent Nigerian students.
Construct 114 kilometres of rural roads to support agriculture and commerce.
Provide capital to over 10,000 young entrepreneurs to reduce unemployment.
Yet this same sum was funneled into a phantom consultancy deal, benefiting no one but the insiders and cronies.
A CEO GONE ROGUE: LAVISH RETREATS & ABUSE OF POWER
As if this was not enough, Mr. Bayo Ojulari—Group CEO of NNPCL—flew to Kigali, Rwanda in a chartered fleet of five private jets, accompanied by other executives, for a so-called management retreat. Lavish estacodes were paid, luxury hotels were booked, and top officials returned with fat pockets and zero accountability.
Ojulari reportedly pocketed millions in estacodes alone for this trip, all while ordinary Nigerians are being told to “tighten their belts.” Even more disturbing is that staff within NNPCL describe him as high-handed, arrogant, and feared, openly boasting of his closeness to President Bola Ahmed Tinubu, using that proximity as a shield against scrutiny.
THIS IS A NATIONAL DISGRACE—AND AN INSULT TO THE NIGERIAN PEOPLE
How did we arrive at a point where public institutions serve personal greed rather than public good? Why is the Group CEO of our national oil company flying in private jets while Nigerians queue endlessly for fuel, grapple with blackouts, and drown under high food prices?
The answers are simple: impunity, entitlement, and lack of political will to punish the powerful.
We, the Nigerian people, say enough is enough.
OUR DEMANDS
We demand that:
- President Bola Ahmed Tinubu immediately sacks Mr. Bayo Ojulari as Group CEO of NNPCL.
- We want to state that Ojulari’s plan is to kill NNPCL because we want to authoritatively state that so many Top Principled NNPCL staffs like Chief Operating Officer, Spokesman and others have started resigning . So many professionals plan to leave the NNPCL for Ojulari.
- The EFCC launches a full-scale investigation into the ₦5.7 billion consultancy contract awarded to HASKE, including company ownership, bank trails, and project deliverables.
- All estacodes and travel expenses paid for the Kigali retreat be refunded to the national treasury within 14 days.
- The National Assembly sets up a public hearing to investigate NNPCL’s opaque contract practices and rising culture of financial recklessness.
- Corporate governance frameworks at NNPCL be reviewed, and violators prosecuted under anti-corruption laws.
If the Tinubu administration is truly committed to the Renewed Hope Agenda (which we know he is), then men like Ojulari cannot be allowed to trample on the hopes of millions.
TO THE PRESIDENT: THE TIME TO ACT IS NOW
Mr. President, Nigerians entrusted you with their mandate to fix this country, not to watch it be further looted by powerful insiders. Keeping Bayo Ojulari in office sends a dangerous message—that corruption still has a seat at the table under your leadership.
Show Nigerians you are not captive to vested interests. Act decisively. Act now.
ADVOCACY MARCH
We have scheduled a 2 days advocacy march to press home our demand which is scheduled for 1st – 2nd July, 2025. We enjoin other Civil Society Organisations, Media and the Nigerian Public to join us in this advocacy march. No one should be allowed to loot our common patrimony again.
This letter is not a whisper. It is a roar.
We will not be silent.
We will not forget.
We will not let this pass.
Business
NDTWG Applauds President Tinubu’s Two Years of Renewed Hope

- Says Niger Delta Is Rising Again Under Tinubu, Otuaro’s Leadership
- Presidential Amnesty Programme Now a Model for Peace and Youth Empowerment
The Niger Delta Transparency Watch Group has commended President Bola Ahmed Tinubu for his transformative leadership and strategic commitment to the Niger Delta region, stating that the President’s two years in office under the Renewed Hope Agenda have reignited development and restored confidence in the region’s future.
In a statement issued in Abuja on Wednesday, the group, speaking on behalf of Dr. Dennis Otuaro, Administrator of the Presidential Amnesty Programme (PAP), praised the President for his bold and people-centered approach to governance, which has significantly advanced the peace and empowerment process in the oil-rich region.
The group described the last two years as a “turning point” for the Niger Delta, with President Tinubu placing inclusive development, youth empowerment, and national unity at the forefront of his agenda. According to the statement, the revitalization of the Presidential Amnesty Programme has yielded visible results, including a sharp decline in youth restiveness and a surge in productivity across formerly volatile communities.
They noted that under Dr. Otuaro’s leadership, with the President’s unwavering support, the PAP has evolved beyond a demobilization initiative into a robust platform for long-term empowerment. Over 5,000 delegates have been mobilized for formal education, while thousands more are engaged in vocational training programmes, all geared toward sustainable livelihoods and lasting peace.
“The Amnesty Programme today stands as a model for youth empowerment and peacebuilding, thanks to the vision of President Tinubu and the dedication of Dr. Dennis Otuaro,” the group stated. “This administration has shown that with strategic investment and political will, inclusive development is not just possible, but inevitable.”
The Niger Delta Transparency Watch Group emphasized that peace in the region is closely tied to investment in human capital. They acknowledged infrastructure upgrades, skills acquisition projects, and renewed government attention as signs that the Niger Delta is no longer on the margins of national development.
They described President Tinubu’s style as one driven by action, not rhetoric, and called on all stakeholders in the region to align with the President’s vision and support the progress being championed through the PAP.
As the Renewed Hope Agenda enters its third year, the group expressed confidence that the Niger Delta will continue to emerge as a symbol of peace, opportunity, and relevance in Nigeria’s development narrative.
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