Clearing agents and stakeholders in Nigeria’s maritime industry have expressed satisfaction with the impact of the electronic call-up system introduced by Trucks Transit Parks Limited (TTP) in helping to ease congestion at the Apapa Port corridor. For years, the Apapa axis in Lagos had been synonymous with heavy gridlock, with trucks and tankers causing long traffic delays, disrupting business activities, and costing the economy billions of naira annually. However, industry players now say that the digital traffic management platform has significantly improved truck movement and reduced bottlenecks. The TTP initiative, commonly referred to as the ETO system, was introduced to…
Author: Temitope N.
At a recent gathering of energy and investment stakeholders in Abuja, Dr. Gabriel A. Onagoruwa, a senior expert in energy policy, stressed that Africa requires at least $100 billion every year to meet its growing energy needs and successfully transition toward cleaner, more reliable power systems. According to him, without urgent and large-scale funding, the continent risks lagging further behind in industrial competitiveness, economic growth, and social development. Onagoruwa pointed out that despite the continent’s vast natural resource base—including gas, solar, wind, and hydro—Africa’s energy systems remain trapped by under-investment, ageing infrastructure, frequent power outages, and extremely low electricity access…
The recent decision by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to revoke the operational licence of the Oritsemeyin offshore rig has been described by industry experts as a watershed moment for Nigeria’s oil and gas sector, sending a powerful message to operators about the importance of safety compliance, environmental responsibility, and regulatory adherence. The revocation followed a series of reported lapses in safety standards and operational inefficiencies observed during inspections, which regulators said posed significant risks to personnel, assets, and the environment. In a sector often accused of lax oversight, the action is widely seen as a signal that…
The Central Securities Clearing System (CSCS) and the Nigerian Exchange Group (NGX) have officially announced the transition of the Nigerian capital market to a T+2 settlement cycle, reducing the period for completing securities transactions from three business days to two. The move, which aligns Nigeria with leading global markets, is expected to improve liquidity, attract foreign investment, and strengthen investor confidence in Africa’s largest economy. According to the joint statement released in Lagos, the adjustment from the previous T+3 cycle to T+2 will take effect immediately, marking a major milestone in the evolution of the Nigerian capital market. The shift…
The Nigeria Customs Service (NCS) has directed all candidates shortlisted for its 2025 recruitment exercise to carefully verify their email addresses and ensure timely compliance with the guidelines provided for the next phase of the process. The Service explained that the measure is intended to streamline communication, prevent fraudulent activities, and guarantee transparency in one of the most competitive public sector recruitment drives in the country. In a statement released by the NCS Headquarters in Abuja, the Service advised applicants who sat for the initial stages of the recruitment to immediately check their registered email accounts for official notifications. According…
The United States has slashed its crude oil imports from Nigeria by as much as 40 percent, a development that is sending ripples through Africa’s largest oil-producing nation and raising new concerns about the stability of its foreign exchange inflows. The reduction, attributed to a combination of rising domestic production in the US, changing global demand patterns, and Nigeria’s internal production challenges, highlights the growing vulnerability of the country’s oil-dependent economy. For decades, the US was a major consumer of Nigeria’s light, sweet crude, which was particularly suited to American refineries. However, with the shale oil boom reshaping the US…
The Federal Government of Nigeria has entered into a landmark $500 million financing agreement with the African Export-Import Bank (Afreximbank) to accelerate the development of the country’s gas infrastructure. The deal, which was officially sealed this week, is a key step in advancing Nigeria’s energy transition plan while also boosting its economic growth prospects. The facility is targeted at strategic investments in midstream gas infrastructure, including processing plants, pipelines, storage facilities, and distribution networks. By improving gas infrastructure, the government aims to expand domestic supply, encourage industrialisation, and strengthen Nigeria’s position as a major player in the global gas market.…
The National Identity Management Commission (NIMC) has commenced a landmark capacity-building programme for all its 3,780 staff members, following a directive from President Bola Ahmed Tinubu aimed at boosting service delivery and supporting Nigeria’s digital identity agenda. The training, which cuts across all levels and departments of the Commission, is being carried out simultaneously in all 36 states and the Federal Capital Territory, Abuja. Under the leadership of Director General and CEO, Engr. Abisoye Coker-Odusote, the training forms a central part of the administration’s Renewed Hope Agenda, which places digital identity as foundational for welfare delivery, financial inclusion, and national…
Cryptocurrency exchange Bitget has announced the transfer of 440 million of its native BGB tokens to the Morph Foundation, marking one of the largest token allocations in the platform’s history. The move is aimed at deepening its strategic partnership with Morph, a rising player in the modular blockchain space, and underscores Bitget’s push to expand its influence beyond trading into blockchain infrastructure development. The tokens, representing a substantial portion of BGB’s circulating supply, will be deployed to support Morph’s ecosystem growth. According to Bitget, the allocation will back initiatives such as liquidity provision, developer incentives, ecosystem expansion, and user adoption…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s crude oil losses have dropped to their lowest level in 16 years, with daily losses now averaging just 9,600 barrels per day. The milestone represents a significant breakthrough in efforts to curb theft, sabotage, and pipeline vandalism, issues that have historically plagued Nigeria’s oil industry and undermined government revenue. According to the commission, the decline is the result of a combination of government interventions, improved surveillance technology, stricter regulatory enforcement, and enhanced collaboration with host communities. It marks a sharp contrast to the situation in recent years when…
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has blocked the loading of fuel from the Dangote Refinery, intensifying a labour dispute over unionisation rights and adherence to recent agreements. The move comes after alleged violations of a deal brokered earlier this month and has raised tensions between tanker drivers, refinery management, and the government. According to NUPENG, the action began when truck drivers who are members of its Petrol Tanker Drivers (PTD) branch were instructed by Dangote management to remove union stickers from their vehicles. The union claims these drivers had long been affiliated with NUPENG, and…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revoked the operating licence of the Oritsemeyin Rig, ordering its shutdown as soon as its ongoing well operations conclude. The licence revocation followed severe safety and operational breaches identified during drilling operations of the UDIBe-2 wellbore. The rig is operated by Selective Marine Services Limited (SMSL). In a letter dated September 11, 2025, and signed by NUPRC Chief Executive Gbenga Komolafe, the regulator informed SMSL that its annual licence to operate the Oritsemeyin Rig has been revoked. The letter cites a series of incidents including a “kick”—an unplanned influx of formation fluids…
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has issued a sharp warning over recent petrol price cuts by Dangote Refinery, describing them as potentially harmful to the downstream petroleum market. According to DAPPMAN, the timing and implementation of these reductions could impose financial strain on other market actors and disrupt the broader ecosystem. In a public statement, Olufemi Adewole, Executive Secretary of DAPPMAN, said that the refinery’s recent move to reduce the gangway (gantry) price of petrol to ₦820 per litre—and fuel retailing at ₦841 in Lagos and the South-West, and ₦851 in Abuja, Edo and other…
Aero Contractors has refunded more than ₦257 million to Nigerian air travellers between January and August 2025, reflecting a sharp increase in consumer compensation tied to flight disruptions, cancellations, and baggage mishaps. The figure, officially verified by the Nigerian Civil Aviation Authority (NCAA), is nearly 137 percent higher than the amount paid during the same period in 2024. According to NCAA records, the airline disbursed ₦257,195,724.39 in refunds over the eight-month span. In contrast, consumers received ₦108,308,037.40 in refunds during the first eight months of 2024. The jump in 2025 amounts to more than double the refunds over the same…
The Nigerian Civil Aviation Authority (NCAA) has explained why it cleared the co-pilot of an Air Peace aircraft to resume duties despite a preliminary report from the Nigerian Safety Investigation Bureau (NSIB) that raised concerns over possible alcohol and drug use by crew members involved in the July 13, 2025, incident at the Port Harcourt International Airport. The development has drawn attention to the sometimes complex relationship between investigation findings and regulatory decisions in Nigeria’s aviation sector. On July 13, an Air Peace Boeing 737-524, operating a scheduled Lagos-Port Harcourt flight, veered off the runway after landing at Port Harcourt.…
The National Insurance Commission (NAICOM) has reiterated that technology adoption remains the most critical factor in repositioning Nigeria’s insurance sector for growth, efficiency, and long-term relevance. With the financial services industry rapidly evolving in the digital era, NAICOM insists that the insurance sector cannot afford to lag behind if it must deliver value to customers, strengthen regulatory compliance, and expand its contribution to the economy. Commissioner for Insurance, Sunday Thomas, who spoke at a recent industry dialogue, explained that technology is no longer an optional tool but a necessity. According to him, the global insurance landscape has been transformed by…
Tensions between Africa’s richest man, Aliko Dangote, and the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) have escalated sharply following fresh accusations surrounding the operations of the $18 billion Dangote Petroleum Refinery. In a strong rebuttal to claims of financial impropriety and poor labour practices, Dangote has openly challenged the union to “unmask the true squanderers” of the massive refinery project, insisting that his company has nothing to hide. The Dangote Refinery, located in the Lekki Free Zone, Lagos, is designed to refine up to 650,000 barrels of crude oil per day, making it Africa’s largest single-train facility.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the successful completion of its first conversion of petroleum licences under the Petroleum Industry Act (PIA), a move seen as a milestone in Nigeria’s oil and gas regulatory reforms. The exercise, which took place this week, underscores the commission’s determination to modernize the sector and align operators with the provisions of the PIA. According to NUPRC, the conversion marks the beginning of a structured process through which existing Oil Prospecting Licences (OPLs) and Oil Mining Leases (OMLs) are transitioned into Petroleum Prospecting Licences (PPLs) and Petroleum Mining Leases (PMLs). This change,…
The Nigerian Meteorological Agency (NiMet) has issued a fresh weather alert forecasting intense thunderstorms and heavy rainfall across several parts of the country from Friday through Sunday, warning residents and authorities to brace for possible disruptions. According to the advisory, the weather system is expected to affect the North Central, North West, and Southern regions, with varying levels of impact on states including Abuja, Kaduna, Niger, Kwara, Benue, Lagos, Rivers, Cross River, Edo, and Delta. The agency stressed that the combination of thunderstorms and prolonged downpours may trigger flash floods, traffic gridlock, flight delays, and damage to infrastructure, particularly in…
BUA Foods Plc has revealed that it generated ₦1.53 trillion in revenue for the financial year ended December 2024, and is declaring a dividend of ₦13.00 per share. The company stated that its strong performance reflects both internal efficiencies and favourable market conditions across its product lines, which include sugar, flour, pasta, rice and edible oils. The group’s financial results show a significant improvement over previous years, driven by rising demand for its consumer staples and food processing products. Increased consumption, better supply chain management, and strategic investments in production capacity helped bolster both revenue and profitability. A key contributor…