Business
PEBEC Ranks BOI, NEPZA and others low in business facilitation
The top five performing MDAs during this period are the Nigerian Content Development and Monitoring Board (NCDMB) with (80.1%) score, followed by the Standards Organisation of Nigeria (SON) at (78.2%), and the Nigeria Agricultural Quarantine Service (NAQS) ranking third with (74.8%).
The Bank of Industry (BoI), Nigerian Export Processing Zones Authority (NEPZA) and the Nigerian Upstream Regulatory Commission (NUPRC) have been ranked low in business facilitation by the Presidential Business Enabling Environment Council (PEBEC) for the first half of 2024.
Dr. Jumoke Oduwole, Special Adviser to the President on PEBEC while presenting the report to the public in Abuja on Tuesday says MDA’s overall performance score is based on Efficiency and Transparency measures, with a 70% to 30% ratio, respectively.
Dr Oduwole said that the three agencies are among 11 agencies who could not score up to 50 per cent in business facilitation as enshrined by the Business Facilitation Act 2022.
The Business Facilitation Act (BFA 2022) says all MDAs must provide comprehensive information about its charges, timelines, terms, and prerequisites for obtaining permits, licenses, and approvals adding that the information should be readily available in their physical facilities, on official websites and through service portals.
A breakdown of the agencies who ranked loe.
Nigerian Export Processing Zones Authority (NEPZA) scored (48.3%), the Nigerian Upstream Regulatory Commission NUPRC (46.9%), the Nigerian Broadcasting Commission (34.7%) the Oil and Gas Free Zones Authority (30.1%) and the Bureau for Public Procurement (24.1%).
Others include Bank of Industry (23.7%), Joint Tax Board (23.1%), SERVICOM (15.6%) National Sugar Development Council (15.3%), Nigeria Airspace Management Agency (13.9%) and the least being Trademark Registry (9.6%).
Meanwhile, the top five performing MDAs during this period are the Nigerian Content Development and Monitoring Board (NCDMB) with (80.1%) score, followed by the Standards Organisation of Nigeria (SON) at (78.2%), and the Nigeria Agricultural Quarantine Service (NAQS) ranking third with (74.8%).
The Nigeria Electricity Regulatory Commission (NERC) and Nigeria Customs Services (NCS) secured the fourth and fifth positions, scoring (73.9%) and (73.2%), respectively.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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