The Senate Committee on Finance has commended President Bola Ahmed Tinubu for launching Nigeria’s National Halal Economy Strategy, describing it as a bold and strategic move to position the country within the lucrative global halal market, estimated at $7.7 trillion.

In a statement signed by its Chairman, the committee praised the initiative as timely and aligned with international best practices. Several countries—including the United Kingdom, Canada, Australia, Malaysia, Indonesia, Saudi Arabia, the United Arab Emirates, Turkey, Brazil, Thailand, and Singapore—have successfully used halal frameworks to boost manufacturing, agricultural exports, financial markets, and foreign investment.

The committee highlighted Nigeria’s strong advantages for success in this space, including its vast agricultural resources, large domestic market, youthful population, growing manufacturing sector, and expanding services industry.

It noted that the strategy fits seamlessly into the Tinubu administration’s broader economic reforms, such as boosting non-oil revenue, diversifying exports, creating jobs, supporting small and medium enterprises (SMEs), and increasing foreign exchange earnings.
President Tinubu, represented by Vice President Kashim Shettima, officially unveiled the strategy on Thursday, February 6, 2026, at the Presidential Villa in Abuja.

The framework, developed in collaboration with Saudi Arabia’s Halal Products Development Company (HPDC) following a bilateral agreement signed in February 2025 at the Makkah Halal Forum, aims to enhance quality standards, certification processes, and competitiveness across sectors like food, pharmaceuticals, cosmetics, tourism, and ethical finance.

The committee described the strategy as inclusive, market-driven, and globally oriented, while fully respecting Nigeria’s diverse and pluralistic society.

It is projected to contribute significantly to the economy, with estimates suggesting it could add around $1.5 billion to Nigeria’s GDP by 2027 and unlock billions more in domestic value over the coming decade through expanded exports and investment.

The Senate Committee on Finance pledged its full legislative support, oversight, and cooperation to ensure smooth implementation, regulatory clarity, and long-term fiscal sustainability in the national interest.

“This decisive step reinforces Nigeria’s readiness to adopt proven international models, unlock new economic frontiers, and establish itself as a competitive player in the evolving global economy,” the statement concluded.

The Lagos State Commissioner of Police, Mr. Olohundare Jimoh Moshood, has been named in fresh contempt proceedings filed before the Federal High Court in Abuja over alleged disobedience of a subsisting court order relating to the disputed premises occupied by Nestoil Group in Victoria Island, Lagos.

The suit was initiated by Drawcok Estates Ltd, which claims ownership of the property. The company alleges that the police commissioner directed the deployment of more than fifty armed officers to seal the premises on Monday, despite an order by Justice R.N. Ofili Ajumogobia restraining security operatives from interfering with the site.

Drawcok Estates Ltd further contends that police officers were assigned to provide security for Mr. Sulu Gambari, who has presented himself as a receiver-manager appointed during earlier proceedings before Justice Isaac Dipeolu. Justice Daniel Osiagor of the Federal High Court in Ikoyi had previously vacated all orders made by Justice Dipeolu in that matter, including the receiver-manager appointment.

According to court documents, the applicant is asking the court to hold CP Moshood in contempt and commit him to prison unless he complies with the directives contained in Justice Ofili Ajumogobia’s ruling of November 24, 2025.

Background to the Court Order

In Suit No. FHC/ABJ/CS/2385/2025, Justice Ofili Ajumogobia affirmed the right of Drawcok Estates Ltd to possess the properties located in Maitama, Abuja and at 41/42 Akin Adesola Street, Victoria Island, Lagos. She ruled that prior sealing or occupation of the properties by security operatives constituted an infringement on the applicant’s constitutionally protected property rights.

The orders issued on November 24 directed the Nigerian Police Force and the Inspector-General of Police to:

vacate the properties immediately;

deliver possession to the applicant;

provide security for the applicant to regain access;

and refrain from any acts that may amount to harassment or obstruction.

The court also stated that no police officer should act on the instructions of the Lagos State Commissioner of Police in relation to the disputed premises.

Situation at the Premises

Reporters from Nigerian Concord Newspaper who visited the Nestoil Tower yesterday observed police officers restricting entry into the building. Several workers told the newspaper they were denied access to their offices despite presenting the November 24 court order that directed they be allowed into the premises.

As of the time of filing this report, the Lagos State Police Command had not issued an official response to the contempt suit or the allegations concerning deployment of police officers to the property.

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