Stakeholders in Nigeria’s maritime sector have expressed concern over what they describe as deliberate sabotage of the Federal Government’s Blue Economy reforms, warning that the trend could undermine efforts to maximise the sector’s economic potential. The freight forwarding community, under various associations, has alleged that certain interests within the system are working against new policies aimed at improving efficiency, transparency, and revenue generation in the maritime industry. They argue that such actions, if unchecked, could stall progress in harnessing Nigeria’s vast marine resources for economic growth. Speaking in Lagos, representatives of freight forwarding associations said the reforms introduced by the…
Author: Temitope N.
UAC of Nigeria Plc has reported a profit of ₦7.36 billion for the first half of 2025, representing a decline compared to the same period last year. The conglomerate, which operates across food, paints, logistics, and animal feeds, attributed the drop to rising operational costs, challenging market conditions, and currency volatility affecting import-dependent inputs. In its half-year financial statement released to the Nigerian Exchange (NGX), the company disclosed that revenue grew modestly year-on-year but was offset by a significant increase in expenses. Inflationary pressures, higher energy costs, and fluctuating foreign exchange rates were cited as key factors that weighed on…
Dangote Petroleum Refinery has announced an upward adjustment in the pump price of petrol, resuming sales after a one-week suspension that had disrupted supply across parts of the country. The decision, which the company says was driven by market realities and operational cost pressures, comes just days after it temporarily halted distribution to address what it described as supply chain and pricing review issues. In a statement issued by the refinery’s management, the company explained that the new pump price reflects current crude oil costs, foreign exchange rates, and logistics expenses. While exact figures vary by location due to transportation…
AJE Group, a global beverage manufacturer with a growing footprint in Nigeria, has commissioned a new production line at its local facility as part of its expansion strategy to meet rising demand for its products. The unveiling, held at the company’s plant in Ogun State, marks a significant investment in Nigeria’s fast-moving consumer goods (FMCG) sector and is expected to create more jobs while increasing market supply. Speaking at the inauguration ceremony, AJE Group’s Country Manager for Nigeria, Carlos Diaz, said the new line underscores the company’s confidence in the Nigerian market and its long-term growth potential. He explained that…
Shell Petroleum Development Company of Nigeria Limited (SPDC) has announced plans to allocate 90% of its contracts to Nigerian companies, in a move aimed at deepening local content participation in the nation’s oil and gas industry. The commitment was disclosed by SPDC Managing Director and Country Chair of Shell Companies in Nigeria, Osagie Okunbor, during a recent stakeholders’ engagement session. Okunbor explained that the decision aligns with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, which mandates greater involvement of indigenous firms in the sector. According to him, Shell has been steadily increasing its local contracting portfolio over…
Stanbic IBTC Bank Plc has announced that 148 of its customers have emerged as winners in the latest edition of its savings reward campaign, sharing a total cash prize of ₦23 million. The initiative, designed to promote a savings culture among Nigerians, is part of the bank’s commitment to rewarding loyalty and encouraging financial discipline. During a prize presentation ceremony held in Lagos, the bank’s Executive Director for Consumer and High Net Worth Clients, Wole Adeniyi, said the campaign was created to celebrate customers who consistently grow their savings with the bank. He noted that by incentivising savings, Stanbic IBTC…
The Nigeria Customs Service (NCS) has announced that it has successfully resolved a recent technical glitch on the B’Odogwu trade facilitation platform, which had disrupted import clearance processes for several days. The hitch, which affected importers and clearing agents across multiple ports, had raised concerns over potential delays in cargo processing and increased demurrage costs. According to the NCS, the issue was caused by a system error that temporarily hindered the seamless processing of import documentation and duty payments through the platform. The B’Odogwu platform—introduced to streamline import procedures, improve transparency, and reduce human interference in cargo clearance—has been a…
Nigeria’s efforts to achieve food security are facing renewed scrutiny as slow progress in agricultural productivity, supply chain efficiency, and policy implementation continues to spark concerns among stakeholders. Despite government programmes aimed at boosting local food production, experts warn that the pace of improvement remains insufficient to meet the growing demands of the country’s rapidly expanding population. Recent reports from agricultural monitoring bodies indicate that food inflation, adverse weather conditions, and inadequate infrastructure are among the major obstacles hindering progress. The combination of these factors has not only kept food prices high but also deepened the struggles of vulnerable households,…
The Central Bank of Nigeria (CBN) has indicated that it may take legal action against parties found to have violated the terms of foreign exchange (FX) contracts, following the conclusion of an extensive audit of such transactions. The move comes amid the apex bank’s intensified efforts to ensure transparency, compliance, and stability in the country’s FX market. According to senior officials, the audit—initiated earlier this year—was aimed at reviewing the adherence of financial institutions, importers, exporters, and other market participants to existing FX contract rules. Preliminary findings reportedly revealed instances of non-compliance, including failure to meet contractual obligations, misuse of…
Sterling Bank Plc has announced the first set of beneficiaries under its ₦2 billion scholarship initiative, a landmark educational support programme aimed at empowering talented students across Nigeria. The scheme, which was unveiled earlier this year, seeks to provide financial assistance to deserving students from diverse backgrounds, enabling them to pursue their academic dreams without the burden of tuition costs. The bank said the scholarship aligns with its long-term commitment to social impact, youth empowerment, and sustainable development, particularly in the area of education. According to the management, the programme will support thousands of students over the coming years, with…
The Raw Materials Research and Development Council (RMRDC) has called for a drastic reduction of Nigeria’s raw material imports by as much as 60%, stressing that the country must prioritise local production and value addition to boost industrial growth, conserve foreign exchange, and create more employment opportunities. Speaking during an industry stakeholders’ meeting in Abuja, the Director-General of RMRDC, Professor Hussaini Ibrahim, explained that Nigeria’s heavy dependence on imported raw materials was unsustainable and posed a significant threat to the economy. He noted that the high import bill, which runs into billions of dollars annually, drains the nation’s foreign reserves…
Standard Chartered has reaffirmed its long-standing commitment to supporting Africa’s growth by committing significant financial resources, strategic partnerships, and innovative banking solutions to help address the continent’s development challenges. At a recent gathering of policymakers, investors, and corporate leaders in Johannesburg, the bank’s Group Chief Executive Officer reiterated that Africa remains central to the institution’s expansion strategy. He emphasized that Standard Chartered plans to channel capital into areas such as infrastructure development, sustainable trade finance, climate action, healthcare, and SME growth—a pivot that aligns with its aim to foster inclusive and resilient economic progress. The bank cited the continent’s vast…
The Federation Account Allocation Committee (FAAC) has announced plans to recover ₦101 billion from the Nigerian Customs Service after an internal audit report revealed discrepancies and under-remittance of funds meant for allocation across federal, state, and local governments. According to sources within the revenue distribution mechanism, the audit uncovered that Customs collected this amount but failed to forward it to the federation account over an extended period. The shortfall was detected during a routine financial review preceding FAAC’s most recent disbursement meeting, sparking concerns about transparency and accountability in revenue collection. Officials said the audit, conducted jointly by the Ministry…
The Federal Government is reportedly considering moving the Nigeria Safety Investigation Bureau (NSIB) from under the supervision of the Ministry of Aviation to the Office of the President, a move believed to streamline oversight and reinforce regulatory independence. The potential shift is part of wider aviation sector reforms aimed at enhancing safety, improving responsiveness, and ensuring consistent funding for the bureau’s operations. Currently housed within the aviation ministry, the NSIB plays a critical role in investigating air accidents and incidents, making safety recommendations, and issuing periodic safety trends and alerts. However, industry stakeholders have expressed concerns about its perceived lack…
Stanbic IBTC Holdings Plc, one of Nigeria’s leading financial institutions, has seen its share price maintain a steady position at ₦101 per unit amid fluctuating market conditions. The stability is seen by analysts and investors as a reflection of investor confidence in the company’s financial strength, operational consistency, and growth prospects. As the Nigerian Exchange Limited (NGX) continues to witness a mixture of bullish and bearish trends driven by economic uncertainties, foreign exchange fluctuations, and rising inflation, Stanbic IBTC’s share price has remained resilient. While many banking stocks have seen notable price movements in response to sector-specific and macroeconomic developments,…
The African Export-Import Bank (Afreximbank) has spearheaded a massive $4 billion refinancing loan to support the Dangote Refinery project, marking a major milestone in Africa’s infrastructure financing landscape. This move reaffirms the continent’s growing ability to support large-scale industrial developments through homegrown financial mechanisms. The deal, described as one of the largest of its kind in Africa’s corporate financing history, is aimed at refinancing portions of the capital earlier raised to construct the Dangote Refinery and Petrochemical Complex. Located in Lekki, Lagos, the refinery is the largest single-train facility in Africa and among the biggest globally, with a refining capacity…
Heirs Energies, a leading player in Nigeria’s energy sector, is slated to participate in the forthcoming US–Africa Energy Forum, where it will contribute to discussions focused on achieving energy sufficiency across the continent. Company officials say the event will provide an important platform for showcasing their capacity-building initiatives and exploring how private-sector partnerships can drive reliable energy access in underserved markets. The forum, scheduled for later this year in Washington, D.C., brings together policymakers, international investors, energy firms, and development institutions to chart pathways toward sustainable power supply in Africa. Heirs Energies is expected to outline its recent projects, including…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially gazetted 21 new regulatory frameworks aimed at revitalising the nation’s upstream petroleum sector and attracting substantial local and foreign investments. Announcing the development in Abuja, the Chief Executive of NUPRC, Engr. Gbenga Komolafe, said the new regulations were crafted in line with the Petroleum Industry Act (PIA) 2021 and are targeted at creating a predictable, efficient, and investor-friendly environment in Nigeria’s upstream oil and gas industry. According to Komolafe, the gazetted regulations will serve as a critical tool for enhancing transparency, accountability, and performance in exploration and production activities across the…
In a strategic alliance aimed at deepening financial inclusion and improving insurance penetration in Nigeria, Leadway Assurance and Ecobank Nigeria have partnered to make insurance products more accessible to the public, especially underserved communities and small businesses. The partnership will leverage Ecobank’s extensive digital platforms and branch network across Nigeria to distribute a wide range of insurance solutions developed by Leadway Assurance. These will include life, health, accident, and microinsurance products designed for low-income earners and informal sector workers. Announcing the collaboration in Lagos, Leadway Assurance’s Managing Director, Tunde Hassan-Odukale, stated that the move aligns with the company’s long-standing vision…
Nigeria’s maritime experts have raised the alarm over the estimated annual loss of $500 million in shipbroking revenue, attributing the shortfall to the persistent dominance of foreign firms in vessel chartering and brokerage services. The stakeholders say the country’s inability to harness the full potential of its maritime sector is costing the economy heavily, with urgent calls being made for regulatory reforms and investment in local capacity. The Nigerian Chamber of Shipping (NCS), Association of Marine Engineers and Surveyors, and other maritime professionals have voiced concerns that the lack of a structured and vibrant indigenous shipbroking industry continues to divert…