Business
Nigeria, Brazil rejig strategic alliance to boost trade, clean energy, agric, others at business forum
VP Shettima: We’re Undergoing Quiet But Bold Transformation Under President Tinubu
The Vice President, Senator Kashim Shettima, has said Nigeria is currently witnessing a silent but resolute transformation under the administration of President Bola Ahmed Tinubu.
This is coming just as Nigeria and the Federative Republic of Brazil have tweaked their strategic alliance to advance economic development in key sectors, including agriculture, food security infrastructure, clean energy, trade and industry, among others.
In a press release signed by Stanley Nkwocha, Senior Special Assistant to The President on Media & Communications, (Office of The Vice President), Senator Shettima spoke on Wednesday during the Nigeria–Brazil Business Forum tagged, “Roots to Revenue: The Nigeria–Brazil Corridor”, on day three of the Nigeria–Brazil Strategic Dialogue Mechanism (SDM), in Abuja.
He said: “the renewed strategic alliance with Brazil is grounded in intent, and rich in the potential for mutual growth”.
According to him, Brazil’s journey, especially the strides in agriculture, energy, infrastructure and industrial development, speaks to ongoing transformation in Nigeria, and reflects “what is possible when technical capacity is matched with national determination.
“These are the same areas where Nigeria is making bold moves. Under the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, Nigeria is undergoing a quiet but resolute transformation.
Markets are being opened. Institutions are being rebuilt. Policies are being refocused.
“And what drives these changes is a seriousness of purpose that goes beyond reform for reform’s sake. What we seek are partners who see our direction, who respect our ambition, and who are prepared to walk the path with us,” he stated.
Underscoring the need for the strategic alliance with Brazil, VP Shettima noted that Nigeria is embarking on a journey similar to that of the South American country, particularly in agriculture, as well as the transformation through sustained investment in research, modernisation and support for farmers.
His words: “Our Special Agro-Industrial Processing Zones are taking form. Our farmers are ready to operate at scale. But we know the difference between going alone and going far. Brazil can stand with us in this effort, not as a donor, but as a partner in innovation, in training and in investment.
“We are equally attentive to your leadership in clean energy. Nigeria’s energy transition is rooted in what we can control. We are harnessing our gas reserves to power our industries and transportation, while also advancing our renewable energy ambitions.
Brazil’s example provides guidance that is real and tested.
“We are eager to learn from your experience in building an energy economy that creates jobs, supports industries and expands access to rural communities.
Our teams are ready to engage on how to move from policy to practice, from ideas to infrastructure.
“The Nigerian Vice President further disclosed that Nigeria is encouraged by Brazil’s interest in skills development and human capital, saying it aligns perfectly with one of the most pressing national goals, which is to ensure that the youthful country is prepared for future demands.
“We welcome the opportunity for institutional partnerships that promote training, research and the exchange of knowledge in sectors where Brazil has built strength, and in areas where Nigeria is gaining ground,” he added.
Earlier, the Vice President of Brazil, H.E. Geraldo Alckmin, reaffirmed Brazil’s commitment to strengthening bilateral relations with Nigeria through long-term cooperation, shared innovation, and mutual economic growth.VP Alckmin described the moment as “one of the most promising” in the history of Nigeria-Brazil diplomatic and commercial relations.
“This is a necessary complement to deepen our relationship. We want this moment to correspond to the production of sustainable partnerships for our people,” he declared.
Highlighting the potential in key sectors such as agriculture, defence, innovation, and energy, Alckmin acknowledged that despite the strong historic and cultural ties, trade volumes between both countries are still much lower than the potential.
“Our trade is growing, but it can increase tremendously. Brazil is ready to work with Nigeria to build a commercially successful South-South corridor,” he stated.
He also spoke on the Green Imperative Initiative (GPI), a $1.1 billion programme to transfer Brazilian agricultural technology to Nigeria, as a model of transformative South-South cooperation.
“Brazil does not just export products, but solutions and ideas,” Alckmin said, adding that under President Lula’s administration, Brazil has simplified its tax regime and is exploring a direct flight route to Nigeria to ease business travel and trade.
On Nigeria’s side, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, called for a reset in the bilateral trade dynamic, lamenting the current $2 billion trade volume, down from $9 billion a decade ago.
“The Nigeria-Brazil corridor is not a nostalgic idea; it is realistic and achievable. Let us walk the talk and ensure our deliberations yield results,” she urged.
Dr Oduwole outlined Nigeria’s priority sectors for investment, including agro-industrial value chains, digital trade, the creative economy, and pharmaceuticals.
She also revealed efforts by the Nigerian government to streamline investor engagement through a digital portal tracking live project pipelines.
“We are serious about institutional delivery. Our agencies—NEPC, NIPC, PEBEC, NASENI—are working as one team,” she noted.
Also speaking, Director General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zarah Mustapha, emphasised state-level reforms as critical to unlocking sub-national investments.
At the same time, NIPC’s representative, Mrs Victoria Aigbedion, reiterated Nigeria’s commitment to creating a regulatory climate attractive to investors, especially in mining, infrastructure, creative industries, and logistics.
Members of the Brazilian business delegation who spoke at the forum expressed enthusiasm about Nigeria’s investment landscape and long-term investment possibilities.
Business
Supreme Court Overturns Appellate’s Ruling on $2bn Debt Recovery Battles Nestoil /Neconde Energy vs FBNQuest Merchant Bank
In the lead judgment read by Justice Mohammed Baba Idris, the five-member apex court panel held it was a “legal anomaly” to allow lawyers appointed by the Receiver/Manager to also represent the companies, citing a conflict of interest.
The Supreme Court of Nigeria on Friday ruled in favor of Nestoil and Neconde Energy, overturning a previous appellate court decision that disqualified their legal counsel, including Wole Olanipekun (SAN) and Muiz Banire (SAN).
The court upheld the companies’ right to appoint their own lawyers to challenge the ongoing receivership.
The apex court ruled that despite the receivership initiated by a consortium of banks, Nestoil and Neconde retain the right to appoint their own legal counsel to challenge that very receivership.
Nestoil Limited (an oil services firm) and its affiliate Neconde Energy Limited (which holds interests in Oil Mining Lease 42) are embroiled in a multi billion-dollar debt recovery suit filed by lenders, primarily FBNQuest Merchant Bank Limited and First Trustees Limited.
The lenders allege that Nestoil, Neconde, and their promoters (Ernest Azudialu-Obiejesi and Nnenna Azudialu-Obiejesi) owe over $2 billion (plus N430 billion in related liabilities) under financing arrangements, including a Common Terms Agreement.
In the lead judgment read by Justice Mohammed Baba Idris, the five-member apex court panel held it was a “legal anomaly” to allow lawyers appointed by the Receiver/Manager to also represent the companies, citing a conflict of interest.
The judgment affirms that the boards of the companies retain the authority to act in defense of the companies’ interests.
A receiver/manager was appointed over the companies’ assets and interests, leading to disputes over who controls the companies and who can represent them in court.
In January 2026, the Supreme Court sent related appeals back to the Court of Appeal to resolve the preliminary issue of legal representation before proceeding on the merits.
On January 23, 2026, the Court of Appeal disqualified senior advocates Wole Olanipekun (SAN) (for Neconde) and Muiz Banire (SAN) (for Nestoil), ruling that the Ernest Azudialu-Obiejesi-led boards lacked authority to appoint counsel once the receiver/manager was in place. It allowed counsel appointed by the receiver to represent the companies instead.
Nestoil/Neconde and their promoters appealed this disqualification to the Supreme Court (one key appeal being SC/CV/48B/2026 by Neconde).
The apex court had reserved judgment after hearing arguments from a five-member panel.
In Friday’s ruling, the Supreme Court upheld the appeal by Nestoil and Neconde (and their promoters).
It set aside the Court of Appeal’s judgment disqualifying the companies’ chosen counsel.
Their boards (led by Ernest Azudialu-Obiejesi) retain the authority to appoint counsel of their choice to defend their interests, particularly since the validity of the receivership itself is being challenged.
Allowing the receiver/manager’s counsel (appointed by the lenders) to represent the companies would create a serious conflict of interest and undermine fairness and independence in legal representation.
The arrangement involving the lenders (FBNQuest and First Trustees) as appointors of the receiver was deemed fundamentally flawed.
The appointments of Wole Olanipekun (SAN) and Dr. Muiz Banire (SAN) (along with their teams) as counsel for Neconde and Nestoil are restored.
The companies are now free to proceed with their preferred lawyers in the ongoing debt recovery proceedings.
The ruling is procedural (focused solely on representation) and does not decide the merits of the underlying debt claims or receivership.
Those substantive issues will now continue in the lower courts with the restored counsel.
The Central Bank of the Democratic Republic of Congo (BCC) has announced plans to prohibit cash transactions in foreign currencies, including the US dollar, starting April 9, 2027, in a fresh attempt to promote the use of the local Congolese franc (CDF) and reduce dollarisation in the economy.
In a statement issued on Thursday, April 9, 2026, the BCC declared that from the effective date, “no person will be authorised to carry out cash transactions in foreign currencies,” and commercial banks will no longer be allowed to import or distribute physical foreign banknotes.
Under the new measure, payments in dollars, euros or other foreign currencies will still be permitted, but only through electronic means such as bank transfers, cards, or mobile money platforms. Cash dealings must be conducted exclusively in Congolese francs.
The BCC’s move aims to strengthen the national currency, enhance monetary sovereignty, and curb the widespread use of the US dollar, which dominates many business transactions in the country despite official policies favouring the CDF.
The Congolese economy has long been heavily dollarised, with foreign currency widely accepted even in everyday dealings.
This is not the first attempt by the BCC to limit dollar use. Previous efforts to ban or restrict foreign currency have largely failed to take full effect, as the dollar remains deeply entrenched in commerce, mining, and daily life across the vast Central African nation.
The announcement comes amid broader initiatives by the central bank, including interventions in the foreign exchange market and efforts to build gold reserves, to support the Congolese franc and reduce reliance on the US dollar.
Analysts and businesses are watching closely to see how the policy will be enforced, given past challenges in implementing similar restrictions in a country where cash remains king and banking penetration is relatively low.
The BCC has urged the public and financial institutions to prepare for the transition and to rely increasingly on formal banking and electronic payment systems.
Further details on implementation guidelines and penalties for non-compliance are expected in the coming months. The public is advised to monitor official communications from the Banque Centrale du Congo for updates.
Business
Crude Oil Prices Drop Below $95 After US-Iran Ceasefire
Earlier, crude prices had surged above $110 per barrel amid fears of supply disruptions as tensions escalated in the Middle East.
Crude oil prices fell below $95 per barrel in early trading on Wednesday following a ceasefire agreement between the United States and Iran.
The global oil benchmark fell by about 13% to around $94–$95 per barrel, marking one of the steepest single-day declines in recent years after weeks of war-driven price spikes.
The dramatic selloff came after U.S. President Donald Trump announced a conditional two-week ceasefire, pausing military operations in exchange for the reopening of the Strait of Hormuz—a critical route for global oil shipments.
West Texas Intermediate (WTI), the U.S. benchmark, also dropped significantly to around $95–$96 per barrel, reflecting a broad easing of geopolitical tensions and a rapid unwinding of the war risk premium in oil markets.
Earlier, crude prices had surged above $110 per barrel amid fears of supply disruptions as tensions escalated in the Middle East.
However, the ceasefire has restored some confidence that oil flows will resume, triggering a sharp correction in prices.
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