The Nigeria Customs Service has declared that the Port Terminal Multi‑Purpose Limited (PTML) arm—responsible for managing operations at Apapa port—generated a total revenue of N204.7 billion during the first half of the year. The figure reflects robust activity at the port and shines a spotlight on PTML’s growing role in customs operations, trade facilitation, and port-generated revenue for government coffers. According to the report, PTML’s revenue performance surpassed expectations, buoyed by strong import volumes, increased cargo throughput, and measures taken to reduce clearance delays. The revenue figure was formally announced during a regulatory briefing, where Customs officials highlighted how PTML’s integrated…
Author: Temitope N.
A major terminal operator has today commemorated a significant milestone by empowering 500 individuals in its host community through an intensive programme combining vocational training, entrepreneurship support, and micro‑enterprise development. The initiative marks a deliberate effort to promote inclusive growth, bridge opportunity gaps, and foster social cohesion between corporate operations and local livelihoods. According to programme leaders, the empowerment drive was rolled out in response to long-standing needs in the community—high youth unemployment, limited access to vocational skills, and the absence of economically viable options outside subsistence trade. The operator’s community relations unit mobilized participants through community leadership structures, ensuring…
Odu’a Investment Company Limited has commenced the redevelopment of the historic Obafemi Awolowo House in Ikeja, Lagos, into a cutting-edge technology hub. The move signals a strategic step by the group to modernize its legacy assets and align with Nigeria’s expanding digital economy. With the launch of this ambitious project, the company aims to transform one of Lagos’ iconic structures into a state-of-the-art tech mall designed to house technology-driven businesses and foster innovation among youth and entrepreneurs. The formal unveiling of the project took place recently in Ikeja, drawing stakeholders from the public and private sectors. Speaking at the event,…
Nigeria’s electricity sector has once again come under intense scrutiny following a bold statement by billionaire industrialist Aliko Dangote, who asserted that the nation ought to be generating 60,000 megawatts (MW) of electric power. With average grid output barely stretching between 4,000 and 5,000 MW, Dangote’s declaration shines a spotlight on the yawning gap between Nigeria’s enormous energy potential—anchored in its fossil fuel reserves and renewable resources—and its meager actual output. Speaking during private discussions with industry insiders and stakeholders, Dangote emphasised the vast mismatch. Despite Nigeria’s theoretical capability to produce tens of thousands of megawatts via its oil, gas, hydro,…
The Nigerian Electricity Regulatory Commission (NERC) has raised significant concerns over the operational safety of electricity distribution companies (DisCos), revealing in its latest report that the entirety of deaths and injuries within Nigeria’s power sector during the first quarter of 2025 were attributed solely to the DisCos. This revelation has reignited debates about safety lapses, infrastructure failures, and the urgent need for stricter regulatory enforcement in the Nigerian Electricity Supply Industry (NESI). According to the NERC’s Q1 2025 report, the power sector recorded a total of 31 accident cases within the three-month period, leading to 12 deaths and 14 injuries.…
The United Bank for Africa (UBA) has announced the commencement of a rights issue aimed at raising a substantial ₦157 billion through the issuance of 3.15 billion new ordinary shares to existing shareholders. This strategic move is part of the bank’s broader capital strengthening efforts as it positions itself for future growth, regulatory compliance, and expanded operations across Africa and beyond. According to UBA, the rights issue has been structured to offer existing shareholders one new ordinary share for every three shares held as of the qualification date. Each share is priced at ₦50, making the total capital targeted from…
In a bid to empower business leaders with the tools needed to form long-lasting and mutually beneficial alliances, the United Bank for Africa (UBA) recently hosted the latest edition of its UBA Business Series. This thematic conference, held in Lagos, attracted executives from diverse sectors—including finance, manufacturing, tech, and agribusiness—who gathered to explore strategies for building sustainable partnerships that can withstand market pressures, regulatory changes, and evolving consumer needs. Opening the event, UBA’s Regional Business Director emphasized that successful partnerships are the cornerstone of economic resilience. “Today’s complex business environment demands collaborative action,” he stated. “No organisation can thrive in…
Billionaire businessman Femi Otedola has stirred significant public interest after hinting at the release of a forthcoming book chronicling his journey in the world of business and entrepreneurship. The subtle yet impactful announcement came through a cryptic post on his verified social media account, in which he revealed that he had concluded interviews for his debut book. Though the post offered few specifics, it has since fueled widespread speculation that the renowned oil and energy mogul is preparing to share personal insights and lessons from his decades-long career. Otedola, known for his quiet influence and strategic investments across sectors such…
The Nigeria Customs Service (NCS) has formally pledged its support to the National Aviation Handling Company’s (NAHCO) emerging Export Centre, revealing plans for a strategic partnership aimed at enhancing efficiency, reducing clearance times, and positioning Nigeria as a competitive export hub. The announcement followed a high-level meeting between NCS leadership and NAHCO officials, during which both parties underscored the mutual benefits of streamlined export procedures and transparent regulatory frameworks. Located within NAHCO’s Lagos cargo complex, the Export Centre is designed to provide exporters with a single-window platform for handling goods destined for international markets. Its key features include consolidated documentation…
J’Berger Engineering Limited has given assurance that the Warri–Effurun flyover project will be delivered on schedule, underlining its dedication to quality, safety, and community impact as the region anticipates enhanced mobility and economic activation. The company, contracted to execute the dual carriageway overpass linking Effurun to Warri in Delta State, African Petrochemical & Refining Company (APRC) host communities and suburban settlements, emphasized that the project remains on course despite occasional logistical challenges and environmental disruptions. Representatives of J’Berger, led by the Site Manager and Project Engineer, spoke at a media briefing held at the project site. They reported that preliminary…
The Federal Airports Authority of Nigeria (FAAN) and the Nigeria Customs Service (NCS) have announced a joint initiative aimed at addressing the deficiencies that have kept Nigeria’s aviation sector on international grey lists, marking a significant development in the country’s efforts to regain global confidence and improve aviation safety standards. The collaboration is anchored on the shared objective of improving regulatory compliance, streamlining processes, and enhancing infrastructure to support international best practices in airport operations and security. The co-operation agreement was formalised in a high-level meeting between FAAN’s management team and senior officials from Customs and aviation security agencies. This…
Jumia Nigeria, a leading e‑commerce platform in Africa, has announced the appointment of Mr. Ayodeji Ojo as its new Chief Executive Officer, a move signaling the company’s intent to re-energize its operations and strengthen its competitive standing in the rapidly evolving Nigerian online retail market. The appointment is effective immediately, marking a new chapter in Jumia’s journey as it seeks to reposition itself amid growing consumer demand, intensified digital competition, and an increasingly challenging macroeconomic environment. Mr. Ojo, who assumes leadership following the departure of his predecessor, brings a wealth of experience in technology-driven business transformation, retail innovation, and strategic…
In a ceremony marked by warmth and wide-ranging commendation, the Rotary Club has officially installed Mr. Patrick Akinyele as the new District Governor, ushering in a leadership transition that promises renewed focus on community service, youth empowerment, and strategic growth across the Rotary districts. The event brought together Rotarians, community influencers, past governors, and representatives from civic organisations, each celebrating Akinyele’s journey and vision for the future. Mr. Akinyele, a seasoned Rotarian with over two decades of service in various capacities at club and district levels, assumed office following a solemn induction ceremony. He takes the helm at a time…
Addosser Microfinance Bank (MFB), as it marks its 17th year of operation, has announced plans to obtain a national licence, signalling its ambition to increase financial inclusion and broaden its footprint across Nigeria. The milestone anniversary and the licence pursuit reflect the stable growth and strategic evolution the bank has experienced since establishment, positioning it for a more significant role in the country’s financial services sector. Established in 2008, Addosser MFB has consistently focused on providing accessible financial products and services to underserved individuals and small businesses. Over the years, the bank has built its reputation on flexible loan offerings,…
The Organised Private Sector (OPS) has acknowledged former President Muhammadu Buhari’s efforts in driving Nigeria’s reform agenda despite facing significant economic turbulence during his administration. According to key stakeholders within the OPS, Buhari demonstrated a firm commitment to structural changes that sought to reposition the country’s economy for long-term stability, even as global and domestic headwinds posed persistent challenges. In their assessment, business leaders and economic analysts credited Buhari for championing initiatives aimed at diversifying the economy, promoting infrastructure development, and strengthening key regulatory institutions. They argued that while the administration’s reforms were not without shortcomings, they reflected a deliberate…
In a significant step toward strengthening Nigeria’s agricultural resilience and human development, the Federal Government has entered into a strategic partnership with the Permanent Interstate Committee for Drought Control in the Sahel (CILSS) to improve the nation’s food systems and nutritional security. The partnership aims to tackle persistent challenges affecting food availability, malnutrition, and sustainable farming practices, especially in regions vulnerable to climate variability and economic hardship. The collaboration, announced after a high-level technical meeting between Nigerian agricultural authorities and representatives of CILSS, is part of a broader regional initiative focused on building stronger food systems across the Sahel and…
A growing chorus of aviation professionals, business leaders, and development advocates is urging the Federal Government to abolish the $300 landing fee imposed on helicopter operations at Nigerian airports. They argue that the charge undermines efforts to improve connectivity, discourage private investment in air mobility, and hinder the growth of a potentially lucrative niche in the aviation sector. Introduced quietly in recent years as part of a revised fee structure, the $300 fee is levied on each helicopter landing at commercial and government-run airports. While the amount may appear modest in global aviation terms, industry stakeholders say it is prohibitively…
Nigeria could suffer a significant blow to its fiscal stability, as the International Monetary Fund (IMF) has projected a potential revenue loss amounting to 0.5 percent of the country’s Gross Domestic Product (GDP). The warning comes in the wake of Nigeria’s decision to delay the implementation of critical tax reforms, including a proposed increase in Value Added Tax (VAT), which was initially designed to enhance revenue mobilisation and reduce budget deficits. The IMF stated that while the government’s decision may offer temporary relief to households already strained by inflation and economic hardship, it could also hamper Nigeria’s long-term fiscal sustainability.…
Nigeria’s electricity sector saw 187,000 new prepaid meters installed during the first quarter of the year, a figure hailed by distribution companies (Discos) as a marker of progress in reducing the country’s longstanding metering challenge. However, despite this uptick in installations, experts warn that the metering gap remains stubbornly large, leaving millions of consumers still without accurate billing or access to metered electricity. The minister of power recently announced the figures in a briefing meant to show that Discos are making steady strides in equipping households and businesses with prepaid meters. According to the industry, the 187,000-meter rollout included installations…
Nigeria’s energy landscape received a major boost as the National Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) successfully attracted $1.2 billion in investment for modular refineries, according to DAPPMAN, the Dangote Petroleum Products Marketing Company. The inflows, representing a milestone in local refining capacity development, highlight growing investor confidence in private-sector-driven solutions to longstanding fuel security challenges. DAPPMAN President, speaking at an industry briefing, applauded the NMDPRA’s proactive regulatory framework, noting that the investment signals fresh momentum in the downstream sector. He disclosed that multiple modular refinery projects are now at advanced development stages, with some nearing commissioning. These refineries—typically smaller,…