Business

BPP to sanctions MDAs dogging procurement of made-in-Nigeria vehicles

Any false claims, misrepresentation or procurement undertaken outside the approved framework will attract sanctions in line with the Public Procurement Act and other applicable regulations.

Published

2 weeks ago

May 26, 2026

OCHEFA

87 Views

The Director- General of the Bureau of Public Procurement (BPP), Dr Adebowale Adedokun, Tuesday, warned Ministries, Departments and Agencies (MDAs) as well as suppliers that violate the ‘Nigeria First’ policy on local vehicle procurement will face sanctions.

Adedokun emphasised the warning during the signing of a policy framework on the procurement of locally assembled automotive products with the National Automotive Design and Development Council (NADDC) in Abuja.

The ‘Nigeria First’ policy, introduced by President Bola Tinubu, restricts MDAs from procuring foreign goods and services that can be sourced locally.

Under the policy, the Bureau of Public Procurement, BPP, is mandated to prioritise local content by maintaining an updated register of qualified Nigerian manufacturers and service providers.

The policy also requires MDAs seeking to procure foreign alternatives to provide written justification and obtain a formal waiver from the BPP before such procurement can be approved.

Speaking at the event, Adedokun reiterated that all procurement entities must source vehicles only from local assemblers approved by NADDC.

According to him, the framework establishes enforceable compliance requirements covering procurement planning, bidding documentation, contract awards and contract management processes.

Also speaking, Director General of NADDC, Mr. Joseph Osanipin, described the policy as a major step toward transforming Nigeria’s automotive industry and the broader economy.

“Any false claims, misrepresentation or procurement undertaken outside the approved framework will attract sanctions in line with the Public Procurement Act and other applicable regulations.,” he said.

Related Topics:Featured Nigeria First’ policy on local vehicle procurement

Up Next

Naira to Dollar exchange rate May 27

Don't Miss

Naira to Dollar Exchange Rate Today, May 26

Click to comment

Business

Tony Elumelu’s United Capital Secures approval to operate in Ethiopia

Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.

Published

13 hours ago

June 9, 2026

OCHEFA

13 Views

United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.

Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.

” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.

Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.

The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.

With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.

According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.

That narrative is beginning to change.

This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

Business

Lagos developing world – class new business district —Sanwo-Olu

Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Published

16 hours ago

June 9, 2026

OCHEFA

23 Views

• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.

Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.

Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.

The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).

According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.