Headlines
EFCC calls for transparency in oil sector

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has called for full disclosures of the Joint Venture deals in the Nigerian National Petroleum Company Limited and the oil sector in general.
The EFCC boss spoke at the Legislative Transparency and Accountability Summit organised by the House of Representatives Committee on Anti-Corruption in Abuja on Wednesday.
Bawa, who was represented by the Head of Operations, EFCC, Michael Wetcas, noted that the complexities in the oil and gas industry render the sector “vulnerable and highly susceptible to money laundering.”
He commended the House for the discourse on transparency and accountability “in a sector that is indisputably the lifeline of the nation’s economy because it accounts for roughly 80 per cent of national revenue.”
According to him, the industry is characterised by several players and dealers in the supply chain, thus creating an avenue for fraud and distortions.
“This is notwithstanding the array of legislations, regulations and directives governing various aspects of the industry,” he stated.
The EFCC boss commended the National Assembly for passing the Petroleum Industry Bill, which is now an Act of Parliament, urging the lawmakers to extend their oversight function and investigation to the increasing crude oil theft in the country.
In his words, “My office is currently engrossed in the investigation of allegations of crude oil theft, in addition to fighting corruption which is epidemic in many developing oil and gas-rich countries.
“Transparency supports accountability and reduces inefficiencies. It also enhances relationships amongst stakeholders, as it boosts trust amongst society, government and companies, thereby reducing misperceptions and local tensions.
“It is, therefore, important for the government to ensure that instituted measures aimed at enhancing transparency in the oil sector include full disclosures of NNPC Joint Venture arrangements and established clear institutional responsibilities for revenue assessment, collection and report.
“The relationship between the Office of the Auditor-General for the Federation and oversight committees of the National Assembly should also be enhanced to ensure that financial, fiscal and governance challenges relating to the oil and gas sector are analysed and discussed as much as possible.
“In addition, these steps could be combined with the examination of audit reports by parliamentary committees, allowing public hearings during the review process and the submission of reports to parliament on issues addressed in audit reports. Furthermore, the role of NEITI as the watchdog of the oil and gas sector in providing actionable intelligence to law enforcement authorities cannot be overemphasised.”
Bawa pointed out that the National Assembly has a duty through its relevant committees to ensure diligent oversight of the entities and players in different sectors of the petroleum industry.
“It should not be business as usual if we hope to derive the desired value from the nation’s hydrocarbon resources,” he stated.
EFCC calls for transparency in oil sector
Headlines
China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).
The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.
Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.
The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.
Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.
Headlines
Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.
Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.
“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”
He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.
Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.
In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”
He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.
Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.
Headlines
Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.
Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.
“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”
The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.
Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.
“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.
The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.
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