The Nation Newspaper

Author: The Nation

  • FCMB Group’s shareholders okay N400b new capital raise

    FCMB Group’s shareholders okay N400b new capital raise

    Shareholders of FCMB Group Plc have approved an increase in capital raise of up to N400 billion. The approval was given during an Extraordinary General Meeting (EGM) held last week. The approval for the expanded capital raise reflects the group’s exceptional financial performance and shows shareholders’ unwavering confidence in its leadership and bold growth ambitions.

    Following the approval, FCMB Group will meet the minimum regulatory capital for banks with an international license ahead of the March 2026 deadline. This achievement will allow FCMB to retain its international banking license for its subsidiary, First City Monument Bank Limited, and aligns with the Central Bank of Nigeria’s (CBN) minimum capital requirements.

    Speaking at the EGM, the Group Chief Executive Officer, Ladi Balogun, expressed profound gratitude to shareholders for their support and emphasised the strategic importance of the capital raise.

    He said: “The additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth. We will invest in human capital and technology, support our international expansion, and reduce high-cost deposits.

     We project our earnings per share (EPS) to grow by over 50 per cent on average over the next two years. This positions FCMB to outperform the market while delivering stronger dividends and shareholder returns.

     “With the capital adequacy ratio projected above 20 per cent, our ability to pay dividends will improve significantly. Shareholders can expect a steady rise in dividends per share, reflecting the bank’s growth trajectory and enhanced returns.”

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    The shareholders of FCMB Group also passed the following resolutions, among others: Acceptance of Oversubscription: Approval was secured to accept oversubscriptions from the 2025 Public Offer of the Group’s shares, up to the limit prescribed by the Securities and Exchange Commission (SEC) and subject to regulatory approvals. This leverages the strong investor demand reflecting confidence in the Group.

    Increase in Share Capital: FCMB Group’s issued share capital is increased from N30,002,169,782.50 divided into 60,004,339,565 ordinary shares of 50 kobo each by the creation and addition of the number of ordinary shares that will be required to give effect to the capital raise. The new ordinary shares shall rank pari-passu in all respects with the existing ordinary shares of the Company.

    With a diversified subsidiary portfolio and strong financial performance, FCMB has a forward-looking digital strategy and an impact-focused purpose. It is poised to make a significant contribution to Nigeria’s ambitious goal of achieving a $1 trillion economy.

  • Microsoft gives 350,000 Nigerians AI skills

    Microsoft gives 350,000 Nigerians AI skills

    Microsoft, in collaboration with the Federal Government of Nigeria, Data Science Nigeria (DSN), and Lagos Business School (LBS), has announced a major milestone in its AI National Skills Initiative (AINSI), with more than 350,000 Nigerians reached with AI skills through the programme. This achievement builds on Microsoft’s longstanding partnership with the government, which has delivered digital training to over 4 million people since 2021.

    The milestone underscores Nigeria’s commitment to inclusive, technology-driven growth and reflects strong progress in preparing individuals and organisations to thrive in the digital economy.

    “Nigeria cannot afford to wait. AI is reshaping every sector, and the countries that move fastest on skills will lead. We must equip people now, at scale and with intent, so the immense opportunity presented by AI doesn’t pass us by,” General Manager, Microsoft Nigeria and Ghana, Abideen Yusuf, said.

    Dean of Lagos Business School, Olayinka David-West, emphasised this point too.

    “AI skilling is no longer optional for Nigeria’s digital future—it is the foundation of our competitiveness. At Lagos Business School, we believe that equipping leaders and citizens with AI capabilities is essential for driving inclusive growth, innovation, and national transformation,” she said.

    As it stands, a significant percentage of Nigerian graduates are still to acquire digital skills, highlighting the importance of workforce readiness. Launched in January, the second phase of the Nigeria skilling programme, under Microsoft’s AINSI, aims to reach 1 million citizens over three years, strengthening Nigeria’s AI capability and national competitiveness. AINSI is helping drive a range of different programmes designed to embed AI skills across every sector of the economy.

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    Over the past year, AINSI has advanced ethical and inclusive AI leadership in Nigeria’s public sector. Working with Lagos Business School, the Federal Ministry of Communications, Innovation and Digital Economy, and the National Centre for Artificial Intelligence and Robotics, Microsoft has trained 99 public sector leaders, including Members of the National Assembly and senior executives from 58 ministries and agencies. These sessions equipped leaders with strategies for AI-powered reporting and sector-specific roadmaps.

    Developer-focused programmes are creating a strong pipeline of technical talent. Through government-driven initiatives like Developers in Government (DevsInGov) and the 3 Million Technical Talent initiative, led by the Ministry of Communications, Innovation and Digital Economy, developers in public sectors have gained new skills. Around 645 participants have been trained in analytics and AI integration. Another 1,000 developers learned advanced skills in areas such as DevOps, machine learning and data science. These efforts are helping Nigeria’s workforce prepare for the future by advancing AI fluency across the digital ecosystem.

    To reach everyday tech users, developers, and business leaders, Microsoft hosted a flagship programme, Microsoft AI Skills Week – engaging over 235,000 participants through AI digital literacy workshops, business leader strategy sessions and an Agentic AI hackathon. Partnering with VISA, TeKnowledge, UNICEF, DSN, and Lagos Business School, the initiative trained more than 11,400 individuals and certified over 1,700. A standout moment was the Agentic AI hackathon, showcasing innovative solutions for document verification, risk assessment, and fraud detection, demonstrating the real-world impact of AI skills in fintech.

    “Our collaboration with Microsoft has demonstrated that AI readiness requires coordinated investment across every stakeholder group — government, developers, educators, and communities. By building capacity for evidence-driven governance, responsible innovation, classroom integration, and community adoption, we are laying the foundation for a globally competitive workforce. True digital transformation happens when the entire ecosystem moves forward together,” CEO/Founder, DSN, Dr. Bayo Adekanmbi, said.

    Looking ahead, Microsoft and its partners will continue driving Nigeria’s digital transformation through targeted upskilling in AI and cybersecurity, expanded access to AI education, and ongoing developer training. These activities aim to build local expertise at all levels and support Nigeria’s young population in taking an active role in Africa’s digital future.

    “Nigeria is on track to capture 43per cent of Africa’s projected $136 billion AI-driven productivity gains by 2030. By collaborating with the government to equip leaders, developers, and tech users, we’re building a future-ready workforce and helping Nigerians adopt and adapt the technology, thereby maximising its potential,” Yusuf said.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    ANONYMOUS: Good day, I have been complaining of deduction of N9000 from my pension allowance since September last year. Kindly use your office to rescue me from this situation. l have written several times for correction to no avail why.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. However, note that PTAD obtained a directive for the re-implementation of the CPA based on grade level in line with the clarification from the NSIWC before implementing the new 20 per cent / 28 per cent increment as applicable. The CPA which was as a result of the minimum wage approval in April 2019 was implemented in May 2021 based on pay-band application with subsequent payment of 24 months arrears covering from April 2019 to April 2021. It is therefore instructive to mention that arrears reconciliation arising from the re-implementation of the CPA based on grade level is set aside pending further directive.

    The clarification from the NSIWC which revised the implementation of the CPA to Grade level was taken into cognisance and accordingly implemented on the payroll before the application of the new pension increment of 20-28 per cent as applicable which will take effect from September 2024.

    Further to the above, the Executive Secretary gave directive to pay the 20%/ 28% pension increment arrears to only the pensioners whose monthly pension have been correctly computed and implemented as per the August payroll.

    In line with the directive of the Executive Secretary, the Department reviewed the August 2024 pension payroll to ascertain that only pensioners who are on their correctly computed monthly pension are paid the 20 – 28 per cent pension increment arrears and thereafter identified and excluded the following categories of pensioners:

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    •Pensioners on the payroll with inherited monthly pension and whose monthly pension entitlement is yet to be computed to date;

    •Pensioners on the payroll with inherited monthly pension but whose monthly pension entitlement have been computed but not yet implemented;

    • Pensioners on the payroll with monthly pension figure that appears to be higher than the maximum monthly pension for their Grade Level.

    Thank you.

    SAMSON: Good day, I am Samson. I am an Ondo State pensioner with federal share. I will like to remind PTAD that I have not received my pension for the month. The late payment of my monthly pension is now becoming a regular occurrence and this is having a negative effect  on the good image of PTAD. Kindly make amends.

    PTAD: Dear Mr. Samson, please be informed that you’re currently on our payroll and you have been paid. Kindly go to your bank and get your bank statement from April 2025 to date. Thank you.

    SAMUEL: Good day, my name is Samuel. I retired on grade level 9, step 5. My monthly pension is N17000 but has been reduced to N9000. Please I will like to know why. I am alive.

    PTAD: Dear Mr. Samuel, please note, according to the record available to us you’re on your rightful pension payment. And for your gratuity from our record, your retirement date was 21/9/1993. Therefore, your gratuity should be paid or has been paid by the state government. However, you can scan and send your bank statement six months before your retirement to date to enable us to investigate and respond further. Thank you

    OSUWA: Good day, my name is Osuwa. This is to remind PTAD on short payment in my monthly pension. My mates are receiving N30,000 and more but I continue to receive less than N27,000. Kindly help me to correct this.

    PTAD: Dear Mr. Osuwa, kindly be informed, based on the documents you provided during verification you retired on grade level 8 step 5 and structure HAPSS2003 and you’re on your rightful pension payment.

    ADEREMI: Dear Omobola, my name is Aderemi. The reply of PTAD to my complaint which was published on the March 12, 2O25 was correct. Truly PTAD call me and ask me of my account details. The person that called me said that the account did not show my name. He also ask for some other information but I was unable to as my documents were not with me and I didn’t know them offhand. He promised to call the next day but he has not called back.

    PTAD: Dear Mr, Aderami, Kindly note that we placed several calls to you, but were unable to get through as your phone was not answered. You can reach us via 02094621700 for clarification and resolution. Thank you.

  • Nigerian Airways retirees seek PTAD’s support

    Nigerian Airways retirees seek PTAD’s support

    The Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya, yesterday met with representatives of the Association of Airways Retired Workers of Nigeria (AARWN) to discuss longstanding pension-related concerns affecting retired workers of the defunct Nigerian Airways.

    The central focus of the meeting was the proposed onboarding of Nigerian Airways pensioners onto the pension payroll.

    In attendance were the Chairman of AARWN, Mr. Onuh Stephen, and Mr. Ahmed Sulu Gambari, who represented the collective interests and concerns of Nigerian Airways retirees.

    In her response, the Executive Secretary acknowledged the issues raised by the association and expressed empathy with the affected retirees, reaffirming PTAD’s commitment to the welfare and dignity of pensioners under the Defined Benefit Scheme.

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    She, however, clarified that the Directorate operates strictly within its statutory mandate and does not possess the authority to verify or onboard pensioners without formal directives from the appropriate authorities.

    She further explained that given the statutory limitations of onboarding new pensioners, it is advisable that the association continued its ongoing engagement with the relevant authorities to grant its request for onboarding of its members who were existing pensioners of the defunct Nigeria Airways prior to its liquidation, on the pension payroll.

  • Lagos shares cash, food items with pensioners

    Lagos shares cash, food items with pensioners

    • Reaffirms care for retirees

    The Lagos State Government yesterday put smiles on the faces of hundreds of its pensioners as it distributed cash and food items to retired public servants, reaffirming its commitment to those who spent their productive years building the state’s public service.

    The welfare packages, distributed during an event titled: “Welfare Packages Distribution For Lagos State Pensioners” held at the NECA Auditorium, Alausa, Ikeja, formed part of the state’s end-of-year support for pensioners to help them celebrate the festive season with dignity and comfort.

    For many of the beneficiaries, the gesture went beyond food and cash, it was a reminder that their years of service are still remembered.

    “This is not just about rice or money. It shows the government still cares about us,” said Mrs. Comfort Adeyemi, a retired clerical officer. “With this support, my family will enjoy Christmas.”

    Another pensioner, Mr. Samuel Ogunleye, a former works supervisor, described the initiative as reassuring. “Some states forget their pensioners. Lagos has shown that once you serve, you are not forgotten,” he said.

    “I feel respected,” said Mrs. Funke Lawal, a retired education officer. “When a government remembers you like this, it gives peace of mind.”

    Mr. Johnson Adebayo, a former local government staff, described the initiative as thoughtful. “It’s not about the size of the package. It’s about the message that we still matter,” he said.

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    Speaking at the event, the Head of Service, Mr. Bode Agoro, described the retirees as “retired but not tired,” noting that their sacrifices and dedication laid the foundation for the Lagos State Public Service as it exists today.

    “Each time I see you, you look radiant, healthy and full of life. This administration truly values you,” Agoro said, adding that Governor Babajide Sanwo-Olu places a high premium on the welfare of both serving officers and pensioners.

    According to him, the initiative reflects the government’s resolve not to abandon workers after retirement. “This distribution could not have come at a better time, especially with Christmas around the corner,” he said.

    The Head of Service explained that the programme is a two-day exercise, with the Ikeja Division hosting the first phase, while pensioners in Badagry, Ikorodu, Lagos and Epe divisions will receive their packages simultaneously the following day to ensure equity and convenience.

    Agoro assured the retirees that the state would continue to prioritise prompt pension payments, healthcare initiatives and welfare programmes to ensure that their retirement years remain peaceful and fulfilling.

    He commended the Lagos State Pension Commission (LASPEC) for organising what he described as a seamless and orderly exercise, stressing that the safety and wellbeing of pensioners remained paramount.

    The Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana on his part assured the pensioners of sustained care and inclusion, reinforcing the message that retirement does not mark the end of relevance.

    Welcoming pensioners to the ceremony, Obilana said the exercise was designed not merely to distribute items, but to honour the men and women whose labour helped shape Lagos State’s public institutions.

    He said: “We are gathered here not merely to distribute items, but to honour, appreciate and reaffirm our commitment to the wellbeing of our senior citizens, who dedicated many years to strengthening the Lagos State Public Service. The Lagos State Public Service stands on the strong foundation built by your labour, discipline and unwavering commitment. You served through evolving times, embraced reforms, met challenges with resilience and upheld the values that define our public institutions today. Your contributions continue to shape the systems and policies we rely on.

    “You are more than retirees, you are pioneers whose legacy remains woven into the fabric of the Public Service. The Lagos State Government is sincerely grateful for your years of dedicated service. Retirement only magnifies the significance of your contributions, and you deserve to enjoy this phase of life in dignity, comfort and fulfilment. Be assured that we remain fully committed to keeping you valued, supported and connected to the system you helped build”.

    He further stated that this welfare initiative is one of the State Government’s deliberate efforts to support our veterans of service, especially during festive seasons when an additional gesture can bring relief and warmth.

    “Though the packages may appear simple, they carry deep meaning, they represent our genuine care for your wellbeing and a reminder that you remain an integral part of the Lagos State Public Service family. We recognize the diverse needs of our retirees, and this programme is one of several initiatives aimed at promoting inclusion, care and an improved quality of life.

    “Beyond today, LASPEC remains committed to strengthening pension administration, health support and welfare services, with plans to streamline paymentprocesses, expand social and healthcare assistance, and introduce innovative measures for easier access to pension information. These efforts are designed to make every retiree’s experience more seamless, secure and dignified, reflecting our ongoing dedication to your wellbeing.

    “Governor, Babajide Sanwo-Olu, has consistently emphasized that those who served the State must enjoy the rewards of their labour. Under the THEMES+ agenda, our retirees remain a priority, and the goal is clear — a Lagos where every pensioner feels respected, supported and valued. This administration will therefore continue to uphold policies that ensure prompt pension payments, improved healthcare access and sustainable welfare programmes. Your retirement years should be a season of rest and reassurance. Today’s packages are a small but heartfelt expression of our gratitude. Please accept them as a symbol of our respect and appreciation for your decades of service. Your legacy lives on in the work we continue to do”, Obilana said.

    As the event drew to a close, pensioners left the hall clutching their packages with a renewed sense that Lagos State remains a government that respects its workers, even in retirement.

  • IEI to hold EGM

    IEI to hold EGM

    International Energy Insurance Plc (IEI) is set to hold its Extraordinary General Meeting (EGM) on Wednesday, December 31, 2025.

    This was disclosed in a statement made available to journalists in Lagos.

    The company disclosed that the meeting will be held virtually to allow all shareholders, irrespective of their locations, join and take part in the decision-making process.

    The statement read: “The EGM has been called for shareholders to consider the resolutions listed in the statutory notice. The key item is the proposal to undertake a capital raising exercise to inject capital of up to N17.5 billion naira into the business to fully recapitalise as required by the Nigerian Insurance Industry Reform Act, 2025.

    “It is worthy to note that Norrenberger Advisory Partners Limited had made a deposit for shares in 2023 in a sum of N2billion and it is proposed that this deposit be converted into equity through the creation and allotment of 1.25 billion ordinary shares of 50 kobo each at N1.60 per share, subject to the shareholders’ approval.

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    “This proposed conversion reflects continued shareholder support for IEI’s transformation and its ongoing efforts to build a more competitive and efficient business. The proposal is further supported by the Company’s recent performance and its 10x Story, which highlights the progress made in strengthening operations and laying a stable foundation for long-term growth. Details on how to join the virtual meeting, submit proxies, and vote have been shared with shareholders through the channels provided in the published notice”.

    IEI remains committed to open communication and good governance as it continues to advance its recapitalisation plans and long-term growth agenda, the company stated.

  • Finance, Insurance sector surges16.13% in Q2 2025, says NBS

    Finance, Insurance sector surges16.13% in Q2 2025, says NBS

    The combined Finance and Insurance sector of Nigeria has recorded a robust 16.13per cent growth year‑on‑year in the second quarter of 2025, according to the latest National Bureau of Statistics (NBS) Gross Domestic Product (GDP) report.

    This growth outpaced many other sectors, reinforcing the role of financial services including banking, fintech, and insurance, in driving economic activity and supporting overall GDP growth.

    The sector’s contribution to real GDP now stands at 3.60 per cent, up from 3.23 per cent in the previous comparable quarter.

    Although the Finance and Insurance category groups banks and insurers together, NBS data indicates a breakdown.

    It showed that financial institutions account for approximately 87.97 per cent of sector output, while insurance makes up the remaining 12.03per cent.

    Despite the impressive headline growth, economic analysts urge a cautious optimism, stressing that much of the expansion is being driven by banking activity and financial institutions, and not necessarily insurance.

    The CEO of CFG Advisory, Mr. Tilewa Adebajo described the performance as a step in the right direction.

    He added that Nigeria’s financial sector is responding well to reforms, but to create mass impact, the economy needs sustained eight to 10.

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    Adebajo stressed growth annually to uplift the middle class.

    On the insurance side, observers note that the recent spike may reflect increased demand for financial services, but they highlight the need for deeper penetration, better products, and stronger regulatory follow‑through for granting the insurance subsector a more visible share of the gains.

    The strong performance in the broader finance sector provides a favourable macroeconomic backdrop for insurers.

    Growing financial sector activity often leads to higher demand for risk‑management products, insurance penetration, and investment, all of which could benefit insurers.

    However, the growth momentum could strengthen calls for reforms like Capital injections, improved underwriting practices, digital transformation and stimulate investor interest in the insurance space.

    Overall, while the NBS numbers send an encouraging signal about Nigeria’s financial ecosystem, insiders caution that the insurance industry must capitalize on this momentum through strategic innovation, deeper market penetration, and improved transparency to turn macroeconomic gains into sector‑specific growth.

  • Recapitalisation: Lasaco Assurance to raise N36b capital

    Recapitalisation: Lasaco Assurance to raise N36b capital

    Ahead of insurance industry recapitalisation deadline slated for July 2026, Lasaco Assurance Plc has secured the approval of its shareholders to raise its capital level to N36billion.

    This will allow the company surpass the minimum capital requirements for a composite insurance company.

    Under the ongoing exercise, Life Insurance companies are expected to recapitalise to the tune of N10billion, General insurers N15billion and composite underwriting firms are to jack up capital to minimum of N25 billion.

    As a composite insurer, the targeted capital level will keep Lasaco Assurance solid among its peers post-recapitalisation.

    Addressing shareholders at an Extraordinary General Meeting (EGM) of the company in Ikeja, Lagos, the chairman, Mrs. Teju Philips, explained that, the meeting was convened to consider the company’s recapitalisation plan in line with the Nigerian Insurance Industry Reform Act 2025 which sets a new minimum capital requirement of N15 billion for non-life insurers and N10 billion for life insurance firms.

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    She stated that, the new standards would strengthen operators and enable them to take on more business, adding that, capital remains the primary determinant of underwriting capacity in the insurance sector.

    She reaffirmed that Lasaco remains a dependable institution with a strong record of meeting claims obligations and maintaining transparency in all operations.

    Mrs Philips presented the seven point agenda, with the central proposal being the increase of the company’s share capital from 11,083,585 units to 36,083,585 units through a private placement and rights issue.

    The meeting also agreed that the new shares would rank pari passu with existing ordinary shares and that the company’s authorised share capital should be adjusted to reflect the new threshold of N36 billion.

    Additional resolutions approved included amendments to the Memorandum and Articles of Association, granting directors the authority to conclude terms of the capital raising exercise, obtain necessary regulatory approvals and appointment of professional advisers.

    The company secretary was also authorised to complete all statutory filings at the Corporate Affairs Commission (CAC).

    Present at the meeting along with the chairman are Directors; Fola Tinubu, Ademola Oshodi, Abiodun Dosunmo, Ademoye Shobo. Also present are the Deputy Managing Director, Oluwatobiloba Lawal, Rilwan Oshinusi, and the Company Secretary, Mrs Gertrude Olutekunbi.

  • First HoldCo divests from FBNQuestMerchant Bank

    First HoldCo divests from FBNQuestMerchant Bank

    The Board of First HoldCo Plc (First HoldCo) has completed its divestment from its merchant banking subsidiary, FBNQuest Merchant Bank Limited to the EverQuest Group.

    This strategic decision positions the company to optimise resource allocation and further reinforce its commitment to providing comprehensive financial solutions.

    The proceeds from this divestment will be utilised to strengthen the capital base of the Group’s flagship subsidiary, FirstBank. In line with the strategic objectives, the Group is also investing in technology-driven innovations to enhance customer engagement, improve service delivery, and redefine the overall client experience.

    The divestment from the merchant banking subsidiary is a strategic initiative to optimise capital efficiency and concentrate efforts on key growth sectors within the Group. Through reallocating resources to strengthen commercial banking operations while deepening offerings across subsidiaries, FirstHoldCo is enhancing its ability to innovate, provide exceptional customer value, and achieve sustainable returns for shareholders.

    After this divestment, the First HoldCo Group still has the following subsidiaries in its fold; FirstBank, FirstCap, First Asset Management, First Trustees, First Securities Brokers and First Insurance Brokers.

    Speaking on the divestment, the Chairman of First HoldCo Plc, Mr Femi Otedola, CON stated that “This divestment is fully consistent with our long-term strategy to enhance the Group’s performance and create additional value for both shareholders and stakeholders. It represents a strategic action that positions us for improved returns and sustainable growth.”

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    While providing further context on the positive impact of the divestment, the Group Managing Director of First HoldCo Plc, Wale Oyedeji said “By divesting from the merchant banking, we are reallocating resources to strengthen our commercial banking operations and drive growth across the Group. This strategic decision enables us to concentrate on executing our objectives more effectively and reinforces our commitment towards market leadership.”

    As we progress beyond this important milestone, First HoldCo Plc looks forward to the opportunities enabled by this divestment. The enhancement of our commercial banking services represents not only an operational advancement but also reaffirms our commitment to adapting with our clients and delivering customised financial solutions in today’s evolving market landscape.

  • Terminals invests to boost trade opportunities

    Terminals invests to boost trade opportunities

    APM Terminals and Barging Marine Solutions Ltd have signed an exclusive lease agreement to expand services in and around Apapa port corridor, underlining the terminal operator’s long-term commitment to develop Nigerian trade opportunities.

     The objective of the agreement is leveraging the close collaboration between the two parties to increase capacity and to provide enhanced landside and barge connections to benefit both customers and shipping lines.

    The Chief Executive Officer of the APM Terminals, Keith Svendsen said, while signing the agreement that, “the Nigerian market has shown solid growth throughout 2025 and APM Terminals strongly believes in the development of the market in the years ahead.”

    Therefore, “it is important that we take the necessary steps to develop and realise the potential of the terminal, while also looking at the future potential to invest and modernise further in Lagos. Barging Marine Solutions have been running a resilient business, and we look forward to developing the synergies we see by entering this collaboration.

    This important collaboration with APM Terminals, he added, “ builds on the strong existing business that we have together and will provide enhanced logistics solutions for APM Terminals’customers and shipping lines by leveraging BMS’s barging and terminal operations for additional capacity and reliable delivery,” says Karim Said, CEO Barging Marine Solutions Ltd.

    The facilities include two waterfront and inland container terminals as well as barge services that will offer an alternative to road transportation and thereby easing the pressure on road-side transport via trucking, reducing traffic congestion, and reducing logistics-related costs.

    “We believe that the improved barge services as well as Barging Marine Solutions’ position as market leader within inland container depots has the ability to improve both reliability and speed for our customers as well as optimising our coordination across the supply chain, which will give a more seamless customer experience,” says Frederik Klinke, MD, APM Terminals Nigeria.

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    Barging Marine Solutions Ltd will under the agreement, operate the services for APM Terminals and the companies will jointly develop solutions to add value for customers.

    In its terminals in Apapa, Kano and Onne, APM Terminals lifts about half of Nigeria’s containerised trade and provide direct and indirect employment to more than 10,000 Nigerian families. A recent USD 115 million upgrade and expansion project in the West African Container Terminal (Onne) demonstrates its commitment to growth, providing safe, reliable and cost-effective customer solutions and are ready to invest further in the country to develop improved multimodal options, enhanced quayside efficiencies and the right solutions to support our customers. As part of APM Terminals, its network of more than 60 terminals connects all regions and serve all shipping lines around the globe.

    Barging Marine Solutions Ltd has been operating in Nigeria since 2019, providing industry leading barging and terminal solutions to its customers. It operates waterside terminals in Abule Oshun and Agbara and inland container depots in Abule Oshun where it offers Bonded Terminal Services with clearing for both Apapa and Tincan cargo. Its fleet of barges moves in the Lagos waterways providing container transportation to port terminals and avoiding further congesting of Apapa roads. The company said it is committed to providing customer-centric logistics solutions by leveraging the Lagos waterways.