Truck Transit Parks (TTP) is set to deploy artificial intelligence (AI) solutions to address operational delays and inefficiencies in Nigeria’s port and logistics sector. The initiative aims to enhance traffic management, optimize truck scheduling, and reduce congestion at key transport hubs, particularly in Lagos. According to TTP, the AI system will analyze real-time data to predict traffic patterns, automate truck call-up processes, and improve coordination between stakeholders. By leveraging machine learning, the technology is expected to streamline port operations, minimize waiting times, and enhance overall efficiency in cargo movement. Port operators and truck drivers have welcomed the development, noting that…
Author: Temitope N.
The National Inland Waterways Authority (NIWA) Police has arraigned two individuals in Lokoja for alleged negligence, which reportedly led to safety breaches along the waterways. The suspects, whose identities were not disclosed, were brought before a magistrate court following an investigation into an incident that endangered lives and disrupted water transport operations. According to NIWA officials, the accused failed to comply with established safety regulations, contributing to an avoidable mishap. While details of the specific violations were not fully disclosed, sources indicate that the case may be related to unauthorized operations or failure to adhere to water transport safety protocols.…
Port operators and stakeholders have raised concerns over the Nigerian Ports Authority’s (NPA) recent directive requiring a mandatory port pass for access to port facilities. The policy, which aims to enhance security and regulate movement within ports, has been met with criticism from logistics companies, clearing agents, and truck drivers who argue that it could lead to unnecessary delays and increased operational costs. According to industry players, the new requirement may slow down cargo movement, further complicating an already congested port system. Some have also questioned the transparency of the implementation process, expressing fears that it could create opportunities for…
A recent Mastercard study has revealed that 83% of Nigerian women are actively engaged in entrepreneurship, highlighting the country’s strong female-driven business culture. The report underscores Nigeria as one of the leading nations in women-led enterprises, with many women turning to business as a means of financial empowerment and economic stability. According to the study, key factors driving female entrepreneurship in Nigeria include limited formal employment opportunities, a desire for financial independence, and the need to support their families. The rise of digital platforms and mobile banking has also played a significant role in enabling women to start and scale…
The Comptroller-General of Customs (CGC), Adewale Adeniyi, has raised concerns over the growing trend of smugglers setting up storage facilities near Nigeria’s borders to evade security checks. These warehouses, strategically located in remote areas, allow smugglers to stockpile contraband goods before discreetly moving them into the country. Speaking at a recent security briefing, Adeniyi emphasized that these illegal storage hubs pose a serious threat to Nigeria’s economy and national security. He noted that smuggled items, including banned goods, substandard products, and even illicit substances, not only undermine local industries but also pose health and safety risks to consumers. In response,…
The Nigeria Customs Service (NCS) has commenced the pre-unveiling of a new trade facilitation tool aimed at streamlining import and export processes, enhancing efficiency, and reducing bureaucratic bottlenecks. This initiative aligns with the government’s broader efforts to improve ease of doing business and boost economic growth through seamless trade operations. According to Customs officials, the tool is designed to leverage automation and data analytics to speed up cargo clearance, minimize human interference, and curb revenue leakages. By integrating digital solutions, it is expected to enhance transparency and compliance with international trade regulations while reducing delays at ports and border points.…
Key players in Nigeria’s maritime sector have expressed strong support for the reintroduction of a global cargo tracking system, citing its potential to enhance security, transparency, and revenue generation. The initiative, which had previously been in place but was discontinued, is now being reconsidered as part of efforts to modernize the country’s trade and logistics framework. Industry experts argue that reinstating the cargo tracking system will help curb smuggling, reduce under-declaration of goods, and improve compliance with international shipping regulations. By providing real-time data on shipments, the system is expected to enhance supply chain efficiency and facilitate faster customs clearance.…
President Bola Ahmed Tinubu has officially laid the foundation for FirstBank’s new headquarters, a cutting-edge, eco-friendly building designed to align with global sustainability standards. The new facility, located in Lagos, is set to incorporate green technology, energy-efficient systems, and environmentally friendly materials to reduce its carbon footprint. Speaking at the groundbreaking ceremony, Tinubu emphasized the importance of sustainable development in Nigeria’s financial sector, highlighting the role of institutions like FirstBank in driving economic growth while prioritizing environmental responsibility. He commended the bank’s commitment to innovation and its efforts to create a workspace that meets modern sustainability standards. FirstBank’s leadership expressed…
A group of companies has joined forces to support vulnerable children through educational initiatives, skill development programs, and welfare assistance. The partnership aims to provide long-term solutions that improve the lives of disadvantaged children, particularly those affected by poverty, neglect, or displacement. The collaboration brings together businesses from various sectors, including finance, technology, and manufacturing, with each contributing resources such as funding, mentorship, and digital learning tools. According to organizers, the initiative seeks to bridge the gap in access to quality education and equip children with the skills needed for a better future. Beyond academics, the program includes vocational training…
The House of Representatives has called for the suspension of the recent subscription rate hike by DStv, citing concerns over affordability and consumer protection. Lawmakers argued that the increase places an additional financial burden on Nigerians already struggling with economic challenges. During a plenary session, members of the House expressed dissatisfaction with MultiChoice, the parent company of DStv, for implementing the price adjustment without adequate consultation or regulatory approval. They emphasized the need for fair pricing and urged relevant government agencies to intervene. The lawmakers also raised concerns about the lack of flexible subscription models, such as pay-per-view, which would…
A new report has revealed that the federal government is losing an estimated N120 billion annually due to illegal private jet charter operations. The findings indicate that unregistered operators are bypassing regulatory fees and taxes, depriving the government of significant revenue. According to industry experts, many private jet owners engage in unauthorized commercial operations without the necessary permits, exploiting loopholes in aviation regulations. These illegal charters, often arranged discreetly, offer services at lower rates than licensed operators, creating unfair competition in the sector. Aviation regulators have expressed concerns over the impact of these activities, not only on government revenue but…
The federal government has encouraged women to take advantage of opportunities in the capital market to achieve financial independence and long-term wealth creation. Officials emphasized the need for increased female participation in investments such as stocks, bonds, and mutual funds, highlighting their potential to provide stable returns and economic security. Speaking at a financial literacy workshop, government representatives stressed the importance of informed investment decisions, urging women to seek professional guidance and leverage digital platforms for easy access to market trends. They noted that despite the growing number of women in entrepreneurship, many still shy away from capital market investments…
The President has appointed Taiwo Ogunjimi as the new Accountant-General of the Federation, marking a significant leadership change in the nation’s financial management. Ogunjimi, a seasoned financial expert with years of experience in public sector accounting, is expected to bring stability and efficiency to the role. His appointment comes at a crucial time when the government is focusing on fiscal responsibility, transparency, and accountability in managing public funds. As the chief financial officer of the federal government, Ogunjimi will oversee budget implementation, treasury operations, and financial reporting, ensuring compliance with national and international financial standards. Analysts view his selection as…
Nigeria’s equity market recorded a significant boost, gaining N1.83 trillion in just one week as investor confidence strengthened. The bullish trend was driven by increased demand for stocks across key sectors, particularly banking, telecoms, and consumer goods. Market analysts attributed the rally to positive economic indicators, improved corporate earnings, and renewed foreign investor interest. The All-Share Index (ASI) of the Nigerian Exchange (NGX) also posted strong growth, reflecting the overall market optimism. Experts believe that the uptrend could continue if macroeconomic conditions remain stable and corporate performance stays strong. However, they also cautioned that external factors, such as global economic…
AIICO Insurance has honored top-performing financial advisers for their dedication and exceptional contributions to the company’s growth and client satisfaction. The recognition event celebrated professionals who have demonstrated excellence in financial advisory services, helping clients make informed decisions on insurance, investment, and retirement planning. Speaking at the event, AIICO’s management commended the awardees for their hard work, emphasizing the crucial role financial advisers play in driving financial literacy and inclusion in Nigeria. The company highlighted that these professionals have not only contributed to AIICO’s success but have also helped clients achieve financial security through tailored solutions. The honored advisers received…
Vice President Kashim Shettima and former Emir of Kano, Sanusi Lamido Sanusi, were among the key dignitaries present at the rebranding event of Enhancing Financial Innovation and Access (EFInA). The event marked a new phase for the organization as it continues its mission to drive financial inclusion and innovation in Nigeria. During the event, Shettima emphasized the federal government’s commitment to expanding financial access, particularly for underserved communities. He highlighted the role of fintech and digital banking in bridging the financial gap and fostering economic growth. Sanusi, a strong advocate for financial inclusion, commended EFInA’s contributions to improving access to…
Stanbic IBTC has organized a gas and infrastructure conference to explore opportunities for investment, innovation, and policy reforms in Nigeria’s energy and infrastructure sectors. The event brought together industry leaders, government officials, and investors to discuss strategies for maximizing Nigeria’s gas potential and addressing infrastructure challenges. Key discussions focused on the role of gas as a critical driver of economic growth, particularly in power generation, industrial applications, and export markets. Experts emphasized the need for improved financing models, regulatory reforms, and stronger public-private partnerships to enhance infrastructure development and energy accessibility. Stanbic IBTC reiterated its commitment to providing financial solutions…
Pension unions across Nigeria are advocating for greater collaboration between stakeholders to improve the welfare of retirees. The unions emphasize the need for better policies, timely pension payments, and enhanced social support systems to ensure that retirees live comfortably after years of service. At a recent stakeholders’ meeting, representatives from various pension associations highlighted persistent challenges, including delayed gratuities, irregular pension disbursements, and insufficient health benefits. They called on the federal and state governments, pension fund administrators, and labor unions to work together in addressing these issues. Union leaders stressed that retirees often face financial hardships due to bureaucratic bottlenecks…
Nigeria may be on the verge of another fuel crisis as petroleum tanker drivers have suspended loading operations, citing harassment by security agencies and regulatory officials. The drivers allege that they face constant intimidation, extortion, and unnecessary delays at checkpoints, making fuel transportation increasingly difficult. According to the Petroleum Tanker Drivers (PTD) union, members have been subjected to arbitrary arrests, heavy fines, and other forms of mistreatment, disrupting the smooth distribution of petroleum products across the country. They warn that unless authorities step in to address these concerns, fuel shortages could soon hit major cities, leading to long queues and…
Leadway Assurance has raised concerns over the low level of compliance with third-party motor insurance in Nigeria, revealing that only about 30% of vehicle owners have the mandatory coverage. The company described the situation as alarming, emphasizing the risks it poses to road users and the insurance industry. According to Leadway, third-party motor insurance is crucial for protecting motorists from financial liabilities arising from accidents, yet a majority of vehicle owners either lack valid policies or rely on fake insurance certificates. The firm urged relevant authorities, including the Federal Road Safety Corps (FRSC) and the Nigerian Insurance Association (NIA), to…