Author: The Nation

  • Detty December: Bolt announces surge in airport trips

    Detty December: Bolt announces surge in airport trips

    Ride hailing outfit, Bolt, has announced a significant surge in airport trips, signaling increased arrivals of Nigerians in the diaspora, tourists, and holiday travellers into major cities.

    This, the outfit said, is in preparation for the festive period globally celebrated as ‘Detty December’.

    According to internal mobility data from Bolt, airport trips grew sharply between November 20 and December 5, with Lagos recording a 14.9per cent increase and Abuja seeing a rise of 17.56per cent within the period.

    The trend reflects the beginning of one of the busiest travel windows of the year as travellers fly in for concerts, weddings, festivals, nightlife, and family reunions.

    Read Also: Shettima reaffirms Nigeria’s commitment to regional stability at Ouattara’s inauguration

    With more travellers arriving daily, the company says it has ensured increased driver availability around airports, improved pick-up efficiency, and strengthened safety communication for both riders and drivers.

    Head of Regulatory & Policy Africa, Bolt, Weyinmi Aghadiuno, noted that the growth underscores the platform’s role as a trusted mobility partner during peak travel seasons: “We’re excited to see more people coming into Nigeria to enjoy Detty December, and our goal is to make their arrival as smooth as possible. Whether its riders heading from the airport to their hotels, events, or family homes, Bolt remains committed to providing reliable, convenient, and safe mobility throughout the festive season. “This season is all about connection, reuniting with loved ones and experiencing the best of Nigerian entertainment. Bolt is here to help people get to the heart of that experience, starting from the moment they land.”

  • Nigeria local content peaks at 61%

    Nigeria local content peaks at 61%

    Nigeria’s drive toward deeper local participation in its oil and gas industry gained new momentum as the Nigerian Content Development and Monitoring Board (NCDMB) unveiled a landmark $100 million Equity Investment Scheme, alongside several other initiatives designed to accelerate indigenous capacity, strengthen local value retention, and position the country for growth amid rising industry investment.

    Its Executive Secretary, Engr. Felix Omatsola Ogbe, disclosed this during his keynote address at the 14th Practical Nigerian Content (PNC) Forum, in Bayelsa State. Beyond financing, Ogbe also said that Nigeria’s oil and gas industry has achieved a significant milestone—61per cent Nigerian Content—by the third quarter of the year across projects monitored by the Board. The achievement he said reflects progress in manufacturing, fabrication, engineering, local asset ownership, and indigenous human capacity.

    The high-level gathering drew an influential audience, including three Ministers of State, members of the National Assembly’s Local Content Committees, a representative of the Bayelsa State Governor, presidential advisers, former NCDMB chief executives, the Managing Director of the Bank of Industry (BOI), and top executives from across the oil and gas value chain.

    Engr. Ogbe explained that the new Equity Investment Scheme aims to “provide equity financing to high-growth indigenous energy service companies while diversifying the income base of the Nigerian Content Development Fund (NCDF).”

    To signal immediate implementation, the NCDMB signed a Memorandum of Understanding (MoU) with the Bank of Industry during the event. The MoU—signed by Engr. Ogbe and BoI Managing Director, Olasupo Olusi—will guide management of the scheme, which becomes a major addition to the Nigerian Content Intervention Fund (NCI Fund).

    Olusi described the $100 million Equity Fund as a catalyst for high-impact growth, explaining that BOI will deploy equity and quasi-equity capital to support promising indigenous companies, with a single obligor limit of $5 million. He added that the structure is designed to strengthen access to long-term risk capital, boost competitiveness, and deepen value creation.

    The Executive Secretary also disclosed that the Board is preparing to onboard a new set of Project 100 Companies—a signature initiative launched in 2019 to nurture 100 indigenous oil and gas companies toward global competitiveness.

    With the first cohort nearing completion and an exit plan scheduled for April 2026, Ogbe said the programme’s success has warranted a fresh phase targeted at new high-potential indigenous firms.

    According to Ogbe, the NCDMB will: launch the NCDMB technology challenge in Q1 2026, host a national research and development (R&D) fair in Q2 2026 and undertake a comprehensive review of its seven core guidelines between Q1 and Q2 2026

    Implement a new NCDF Compliance Certificate by January 1, 2026, which will confirm adherence to the mandatory 1percent NCDF remittance required for obtaining key permits and regulatory approvals.

    He also highlighted recent operational feats, including over 94 community contractor disbursements in 2025 under the Community Contractors Scheme, and the transformation of the Nigerian Content Academy into a full-fledged division with seven lecture series already delivered.

    Responding to the surge in Final Investment Decisions (FIDs) on major projects and over 20 Field Development Plans recently approved by the Nigerian Upstream Petroleum Regulatory Commission, the Board has launched an Oil and Gas Field Readiness Training Programme. The programme focuses on the top 10 in-demand technical skills to ensure Nigerians are ready to take up roles as new projects come on stream.

    Ogbe also provided updates on the long-awaited Oloibiri Museum and Research Centre (OMRC), noting that construction has commenced following the contract award to Julius Berger in December 2024 and mobilisation to site in July 2025.

    Jointly funded by PTDF, NCDMB, Renaissance Africa Energy (formerly SPDC), and the Bayelsa State Government, the project is expected to be delivered within 30 months.

    In separate remarks, the Chairman of the Senate Committee on Local Content, Senator Joel Thomas, raised concerns that some indigenous companies continue to violate provisions of the NOGICD Act, particularly the mandatory 1percent NCDF remittance.

    His House of Representatives counterpart, Boma Goodhead, commended the NCDMB for sustaining the PNC Forum and for guiding Nigeria’s local content aspirations.

    Read Also: Shettima reaffirms Nigeria’s commitment to regional stability at Ouattara’s inauguration

    Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described investment as “the lifeblood” of the sector and praised the Forum’s theme—Securing Investments, Strengthening Local Content, and Scaling Energy Production—as aligning with national priorities. He reaffirmed the government’s commitment to stable policies and incentives that attract long-term capital while strengthening local capacity.

    Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, celebrated the revival of investor confidence following the enactment of the Petroleum Industry Act (PIA) and President Tinubu’s 2024 directives. He noted that oil rigs increased from 14 to over 60, with 40 currently active—evidence of renewed momentum. Nigeria, he said, has also fulfilled all obligations to the African Energy Bank, whose Abuja headquarters is fully operational.

    Also speaking, Minister of State for Industry, Senator John Owan Enoh, observed that Nigeria is undergoing a profound energy and industrial transition, shifting from import dependence to domestic production and from raw resource extraction to value creation.

    In her goodwill message, Presidential Adviser on Energy, Olu Verheijen, lauded NCDMB for sustaining the PNC Forum and driving global competitiveness. She highlighted the growing success of indigenous operators, noting that the transfer of onshore assets from IOCs to Nigerian firms demonstrates the maturity of local capacity.

    She cited examples of successful indigenous footprints—from SHI-MCI fabrication yards to Waltersmith’s modular refinery and the NLNG Train 7 project—underscoring the impact of supportive policies.

  • NECA bags PEBEC’s award

    NECA bags PEBEC’s award

    The Nigeria Employers’ Consultative Association (NECA) has bagged the Business Advocacy and Partnership Award from the Presidential Enabling Business Environment Council (PEBEC).

    The award was presented to NECA during the PEBEC annual Award and Gala night at the Banquet Hall, Aso Villa, Abuja, in recognition of its steadfast commitment, constructive engagement, and strategic collaboration, which have strengthened Nigeria’s business environment and supported the government’s reform agenda.

    Speaking shortly after receiving the award, Director-General of NECA, Adewale-Smatt Oyerinde, expressed deep appreciation to the President Bola Ahmed Tinubu-led administration for the recognition, as well as PEBEC’s continued efforts to improve the business climate for all Nigerians.

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    Oyerinde described the award as a testament to the association’s longstanding commitment to supporting enterprises, advancing regulatory improvements, and promoting a more predictable and growth-enabling economic landscape.

    He noted that the award serves as renewed motivation for the organisation to deepen its role in national development, strengthen institutional partnerships, and support reforms that deliver sustainable economic progress for Nigeria.

    “We are honoured by this recognition and remain fully committed to deepening constructive dialogue, driving evidence-based advocacy, and championing reforms that unlock the full potential of the private sector. NECA will continue to work with government and key stakeholders to deliver enduring solutions that strengthen institutions, attract investment, and support national development,” he said.

  • NDPHC restores 450Mw to national grid

    NDPHC restores 450Mw to national grid

    The Niger Delta Power Holding Company (NDPHC) has successfully restored additional 450MW of generation capacity to the national grid following the completion of scheduled maintenance on the Geregu NIPP plant. The four-week extended minor inspection, undertaken by Siemens Energy, was executed to enhance the facility’s operational reliability, performance and efficiency, thereby extending the plant’s Equivalent Operating Hours (EOH) and operational life span.

    In a statement signed by the Head, Corporate Communications and External Relations, NDPHC,  Emmanuel Ojor, the Managing Director/Chief Executive Officer, Jennifer Adighije, an engineer, confirmed that in the last one year the company has recovered six previously dormant gas turbines across the NDPHC fleet of gas turbines.

     He listed these to include GT4 at the Calabar NIPP, GT1 at Omotosho II, GT1 and GT2 at Benin NIPP, GT4 at Sapele NIPP, and currently GT3 and GT4 at Alaoji NIPP on standby for pre-commissioning after gas supply remedial works. These restored units collectively would have cumulative 875MW additional capacity to NDPHC’s mechanical available generation; adding significant boost to national power generation capacity.

    Adighije further announced the commencement of restoration works on the 225MW Gbarain NIPP plant, which has been out of service since 2020. He described the effort as a major step toward recovering dormant national power in a bid to commercialise the output of the plant to serve critical commercial and industrial clusters within the Niger Delta region.

    Still, he further explained that despite persistent sector-wide challenges, NDPHC has recorded several operational and financial milestones.

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    These include the recovery of 110 containers with critical turbine parts and HRSG components, abandoned at Onne Port for over nine years, commencement of the Light Up Nigeria – Agbara industrial cluster project to connect the Agbara Industrial Estate to the grid and a 10MW embedded solar project for an industrial area in Kano, Completion of key transmission and distribution projects in Borno and Delta States, as well as the completion of Afam–Ikot Ekpene 330kV double circuit transmission lines.

    Other success stories include recovery of over $10 million in legacy debts from bilateral customers, securing $15 million in insurance claims for the Alaoji plant fire incident, advanced engagements with NERC on recovering NDPHC’s investments in TCN’s transmission expansion projects, resolution of longstanding commercial issues with ACCUGAS, leading to an amendment of gas supply agreement which reduces government’s exposure.

    To strengthen accountability and staff welfare, the management of NDPHC has introduced a procurement benchmarking desk for streamlining procurement practices, Computer-Based Testing (CBT) for enhanced staff performance management, and a management support allowance to cushion the impacts of fuel subsidy removal.

    Engr. Adighije reaffirmed NDPHC’s commitment to “restoring dormant capacity, stabilizing operations, and supporting Nigeria’s goal of a more reliable and sustainable power supply value chain.”

    She said NDPHC’s management remains committed to transparency, accountability and constructive engagement with stakeholders in its quest for unlocking universal access to electricity for powering businesses and households across the country.

  • Fed Govt outlaws use of physical cash for transactions

    Fed Govt outlaws use of physical cash for transactions

    The Federal Government has taken steps to digitalise all forms of government revenue from January 1, 2026, signalling one of the most sweeping public finance reforms the country has witnessed in recent times.

    The Office of the Accountant General of the Federation (OAGF) has issued a series of circulars to Ministries, Departments and Agencies (MDAs) spelling out new rules, timelines, and sanctions for non-compliance.

    In the first circular titled “Enforcement of ‘No Physical Cash Receipt’ Policy” dated November 24, 2025, the Accountant General of the Federation (AGF), Dr. Shamseldeen B. Ogunjimi, directed all MDAs to stop the collection or acceptance of physical cash for government revenue.

    He stated that “collection and acceptance of physical cash, whether in Naira or other currencies, for any revenue due to the Federal Government is strictly prohibited,” adding that all payments must now be made through electronic channels.

    Dr. Ogunjimi explained that physical cash collection by MDAs had continued to violate existing e-payment and Treasury Single Account (TSA) policies, and had weakened the integrity of the government’s revenue systems.

    The OAGF then directed MDAs to sensitise staff and the public immediately, and to display notices bearing “No Physical Cash Receipt” and “No Cash Payment” at all payment points.

    MDAs currently using cash methods must deploy functional Point of Sale (PoS) terminals or approved electronic devices within 45 days.

    According to the circular, “Accounting Officers will be held personally accountable for any breach arising from their MDAs’ transactions.”

    The policy means that all Federal Government revenue will now be collected without physical cash, ending cash-based fraud and manual leakages that have long plagued public finance.

    MDAs will no longer be permitted to use customised front-end applications running on unapproved Payment Solution Service Provider (PSSP) platforms.

    No deductions—whether fees, commissions, or charges—can occur at the point of collection, and the entire amount paid must be remitted directly into the TSA.

    A second circular titled “Immediate Cessation of Direct Deductions” and dated November 25, 2025, mandated MDAs and Federal Government-Owned Enterprises (FGOEs) to stop unauthorised deductions from government revenues collected through portals or PSSPs.

    Dr. Ogunjimi said “the Gross Amount of all revenues must be remitted directly to the designated TSA or Sub-TSA account without any deduction.” Charges or fees due to service providers will now be paid directly from a designated TSA Sub-account, rather than being removed at source.

    The circular ordered all portals, PSSPs, and service providers engaged by MDAs to regularise their operations with the OAGF by December 31, 2025. It warned that non-compliant MDAs and FGOEs “shall have all their access on GIFMIS and TSA Sub-accounts disabled.”

    In another directive dated November 26, 2025, the OAGF introduced the Federal Treasury e-Receipt (FTe-R) as the only valid and legally recognised receipt for all federal government transactions.

    The circular stated that issuance of the new electronic receipt will begin on January 1, 2026. Dr. Ogunjimi explained that “the FTe-R shall be centrally generated and issued to the payer on the RevOP platform under the authority and control of the OAGF.”

    He added that the e-receipt will serve both as the official receipt for citizens and businesses making payments and as the mandatory proof of revenue collection for MDAs.

    The adoption of the Federal Treasury e-Receipt represents a fundamental shift in how Nigerians will pay for government services and how MDAs will verify and record such payments.

    Government believes the transition will eliminate widespread abuse associated with unauthorised deductions, commissions, or charges taken before remittance to the TSA.

    According to OAGF projections, the new rules could save the country billions of naira by closing revenue leakages associated with manual payment systems and unapproved digital channels.

    An official at the Federal Ministry of Finance described the reforms as a major step in Nigeria’s anti-corruption and fiscal transparency agenda, saying “they will reduce human discretion, eliminate cash handling, enforce full audit trails, and strengthen accountability through real-time digital monitoring.”

    The final circular in the series, titled “Rollout and Implementation Guidelines on the Adoption of the Revenue Optimization (RevOP) Platform” and dated November 27, 2025, announced the deployment of a service-wide platform that will unify billing, reconciliation, treasury visibility, and automation of revenue processes.

    The circular stated that “the Revenue Optimization and Assurance Platform is adopted as the approved platform for the Federal Government’s end-to-end revenue management.”

    According to the OAGF, the RevOP platform will integrate seamlessly with the TSA, GIFMIS, the Central Bank of Nigeria (CBN), Nigeria Inter-Bank Settlement System (NIBSS), the Federal Inland Revenue Service (FIRS), and revenue-collecting banks.

    It will also provide automated disbursement, revenue splitting, and real-time monitoring of both local and foreign currency accounts of MDAs.

    Read Also: Nigeria reaffirms commitment to regional stability at Ouattara’s inauguration

    MDAs have been directed to nominate three RevOP focal personnel—including one support officer and two Finance and Accounts staff—within seven working days. They must also integrate their Enterprise Resource Planning (ERP) and financial systems into the RevOP platform.

    Only CBN-licensed PSSPs recommended by NITDA and approved by the OAGF will be allowed to operate under the new arrangement. Full compliance is required within 60 days.

    The OAGF maintained that the combined directives mark the beginning of the largest consolidation of Nigeria’s digital public finance infrastructure in ten years. “TSA, GIFMIS, CBN, NIBSS, FIRS, and MDAs will now speak to each other in a unified digital environment through RevOP,” an official noted.

    With these reforms, citizens and businesses are expected to experience a more transparent payment process, while MDAs will now need official approval before deploying any digital payment platform.

    The measures also introduce stricter controls on revenue streams that historically suffered from opacity, fragmentation, and weak oversight.

    The federal government expects the transition to full digital revenue collection to strengthen trust in its fiscal processes, improve efficiency, and deepen accountability across public institutions as the January 1, 2026 implementation date approaches.

  • Companies raise N1.5tr for infrastructure, agriculture

    Companies raise N1.5tr for infrastructure, agriculture

    Companies have raised about N1.5 trillion in debt capital in the past two quarters as businesses seek to deepen investments in key sectors of the economy.

    Securities and Exchange Commission (SEC) yesterday gave outline of corporate debt capital raising activities within the second and third quarters.

    Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, who spoke during the second Capital Market Committee (CMC) meeting for 2025 yesterday in Lagos, said there had been strong capital-raising activities between April and October 2025 with significant transactions approved across debt, equity, and commercial paper markets.

    He listed notable debt raising programmes to include the N500 billion Climate Funding SPV and the N200 billion Elektron Finance bond.

    He added that commercial paper market also remained active, with over N753 billion issued across sectors such as manufacturing, energy, and agriculture.

    He said these figures demonstrated sustained confidence in the market’s regulatory framework.

    According to him, the debt raising activities reflected growing investor interest in infrastructure and sustainable finance.

    He also announced a series of wide-ranging reforms aimed at strengthening market efficiency, deepening investor confidence, and accelerating the digital transformation of Nigeria’s capital market.

    He also confirmed Nigeria’s move toward a T+1, and eventually T+0 settlement cycle.

    Agama noted that the transition from T+3 to T+2 settlement for equities, implemented on November 28, marked a major milestone for the Nigerian capital market and aligned it more closely with global best practice.

    He explained that shorter settlement cycles will enhance liquidity, reduce counterparty risk, and accelerate capital reinvestment.

    The reform now applies across the Nigerian Exchange, NASD OTC Securities Exchange, and Lagos Commodities and Futures Exchange.

    He outlined broader market developments since the last CMC meeting in May, including the upgrade of Nigeria’s sovereign credit rating and the country’s removal from the FATF grey list. He said these achievements have boosted investor confidence and improved prospects for capital inflows. Inflation has also moderated, with the headline rate easing to 16.05 per cent year-on-year in October, the lowest level since March 2025.

    Despite these positives, the market faced headwinds in November when the Nigerian Exchange recorded its steepest monthly decline on record. Market capitalization fell by N6.54trn, while the All-Share Index dropped nearly seven per cent. The downturn was driven by profit-taking ahead of the planned 30 per cent Capital Gains Tax, weakened sentiment in banking stocks, and broader policy and global uncertainties.

     However, Agama noted that the market has since shown resilience, with modest recovery following government reassurances on fiscal and tax policy, and remains significantly positive year-to-date.

    The SEC is intensifying its market development and financial inclusion efforts through education-based initiatives, including the integration of capital market studies into the national secondary school curriculum in collaboration with the Nigerian Educational Research and Development Council.

    At the tertiary level, the Commission partnered with Nnamdi Azikiwe University for a conference focused on leveraging capital market opportunities for SME growth.

    Regionally, the SEC continues to reinforce Nigeria’s leadership in non-interest finance.

     The Commission recently engaged a Bank of Ghana delegation on regulatory frameworks for non-interest capital markets, highlighting Nigeria’s N1.4trn  sovereign Sukuk issuances and the growth of Islamic mutual funds. Planning is also underway for a Municipal Bond and Sukuk Summit scheduled for the first quarter of 2026.

    Agama emphasized ongoing efforts to deepen the commodities and derivatives ecosystem.

    The SEC is collaborating with the Standards Organisation of Nigeria to update commodity standards, working with insurance brokers to enhance risk mitigation, and partnering with the Ministry of Solid Minerals to unlock funding for mining companies. It is also engaging the Central Bank of Nigeria to secure liquidity status for warehouse receipts while strengthening oversight of commodity exchanges through inspections and financial reviews.

    The Commission is advancing new rules under the Investments and Securities Act (ISA) 2025 to support commodity exchanges, collateral managers, warehouse operators, and warehouse receipt issuers. Study tours of exchanges and clearing agencies are informing updated regulatory frameworks, while work continues on harmonizing rules to align with ISA mandates. Engagements with commodity exchanges such as Gezawa and NCX have also helped revive their operations.

    In the derivatives market, the SEC is collaborating with stakeholders to deploy a real-time surveillance system to reinforce market integrity. Updated rules on central counterparties, derivatives trading, online forex, and NG Clearing operations have been submitted to the Rules Committee. A draft systemic risk management rule is also being developed to require stronger risk governance frameworks across regulated entities.

    Agama highlighted the Commission’s technology-driven regulatory reforms, including automation through the Digital Transformation Portal, which now allows capital market operators to submit applications, upload documents, and track approvals online. A commercial paper issuance module has been launched, with automation of quarterly and annual returns underway. The SEC is upgrading IT infrastructure and strengthening cybersecurity to support these reforms.

    Read Also: How Nigerian Traders Are Using Forex to Hedge Against Economic Uncertainty

    He also presented findings from the Technology Adoption Survey conducted in May 2025, which revealed that while cloud computing and cybersecurity tools are gaining traction, adoption of advanced technologies such as artificial intelligence and big data remains below 10 percent. Yet more than 70 percent of firms plan to adopt AI, blockchain, and regulatory technology within three years. Challenges include high implementation costs, skill shortages, and legacy system integration.

    Agama stressed that innovation must go hand-in-hand with ethical and responsible deployment. He reminded operators that safeguarding investor data, preventing market abuse, and maintaining operational resilience are essential to building trust—the foundation of any capital market.

    He also announced that the SEC will implement a Harmonized Corporate Governance Reporting Template for public companies to streamline disclosures, eliminate duplication, and reduce compliance burdens. The template will unify reporting across SEC regulations, the Nigerian Code of Corporate Governance 2018, and the Business Facilitation Act 2022.

    Looking ahead, the renewal of registration for capital market operators will take place from January 1 to 31, 2026, while electronic receipt and processing of registration applications will commence in the first quarter of 2026.

    Agama concluded by reaffirming the SEC’s commitment to building a resilient, transparent, and innovation-driven capital market that can serve as a catalyst for sustainable economic growth. He said the Commission remains guided by the principle that “a strong capital market is not built in a day; it is shaped by vision, collaboration, and resilience.”

  • CBN confirms 82 licensed BDCs under revised guidelines

    CBN confirms 82 licensed BDCs under revised guidelines

    The Central Bank of Nigeria (CBN) has approved licenses of 82 Bureau De Change (BDC) operators under its revised guidelines.

    In a statement released yesterday and signed by CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, said the only two operators met the Tier-1 category plan of N2 billion capital base.

    The Tier-1 operators are Dula Global BDC Ltd, Trurate Global BDC Ltd. Others  in the Tier-2  category, with N500 million capital base  include Abbufx BDC Ltd, Acha Global BDC Ltd, Arctangent Swift BDC Ltd, Ascendant BDC Ltd,  Baracai BDC Ltd  and Bergpoint BDC Ltd. Others include Bravo Model BDC Ltd, Brimestone BDC Ltd , Brownston BDC Ltd, Buzzwallet BDC Ltd, Cashcode BDC Ltd, Chattered BDC Ltd and Chronicles BDC Ltd among others.

    The CBN had raised the minimum capital requirements significantly in May 2024, from N35 million to N2 billion for Tier 1 licenses and N500 million for Tier 2. The apex bank set June 3, 2025 deadline set for BDCs to achieve a new minimum capital requirements.

    Sidi Ali, said: “The Central Bank of Nigeria (CBN), in exercise of its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020, and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024 (the Guidelines), has granted Final Licenses to 82 Bureaux De Change (BDCs) to operate with effect from November 27, 2025”.

    She explained that by the notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date.

    She said that while the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on CBN website, the apex bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators.

     “For the avoidance of doubt, operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. Members of the public are hereby advised to note and be guided accordingly,” she said.

    The new CBN guidelines for the sector requires all Tier-1 BDCs to operate nationally, while the Tier-2 BDCs can only operate in one state within the Federation.

    The capital raising was part of reforms to re-position the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.

    The guideline was issued after the conclusion of stakeholder consultations and in exercise of the powers conferred on the CBN by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

    The guidelines, amongst others, introduces new licensing requirements and categories of BDCs as well as revises the permissible activities, financial requirements, corporate governance requirements and AML/CFT/CPF provisions for BDCs.

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    It requires that all existing BDCs re-apply for a new license according to any of the Tiers or license category of their choice.

    According to the new guideline, “Tier-1 BDC may operate in any state of the Federation and the Federal Capital Territory (FCT), may establish branches and appoint franchisees in any State and FCT, subject to the written approval of the CBN and shall maintain a minimum distance of one kilometre between its branches, its branch and a franchisee, and between its franchisees”.

     It is permitted to exercise oversight on its franchisees, with all franchisees allowed to adopt their franchisor’s name, logo, branding, technology platform and regulatory rendition requirements.

    By the new rule, Tier 2 BDC Licence is permitted to operate only in one State of the Federation or the FCT; allowed to establish five branches in a State of operation, subject to the written approval of the CBN and required to maintain a minimum distance of one kilometre between its branches but is not allowed to appoint franchisees.

    The new rule further stops commercial, merchant, non-interest and payment service banks., financial holding companies, other Financial Institutions (OFIs), including International Money Transfer Operators and payment service providers, serving staff of financial services regulatory and supervisory agencies and serving staff of regulated financial services providers, among others from owning BDC license.

  • MAN urges Fed Govt to probe FTZs over sharp practices

    MAN urges Fed Govt to probe FTZs over sharp practices

    •Group seeks comprehensive operations audit

    The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to probe the activities of some operators of Free Trade Zones (FTZs) across the country, saying some of them engage in the untoward activities that are detrimental to local manufacturers in particular and the Nigerian economy in general.

    Its Basic Metals, Iron and Steel Manufacturers Group Chairman, Prince Lekan Adewoye in a chat with The Nation said the basic metals, iron and steel sector is the backbone of any nation’s industrial development, stressing that the sector has meaningfully supported the President Bola Tinubu-led administration’s economic diversification and industrialization goals through import substitution and value addition, employment generation and micro, small, medium enterprises (MSME) development, industrial integration as well as local production, in spite of daunting challenges.

    These challenges according to him include high cost of borrowing and energy cost, smuggling, substandard products, inconsistent policy and infrastructural deficits.

    Adewoye lamented that the untoward activities of some operators in the FTZs compound the various challenges being faced by the sector.

    He said:  “While there are some genuine operators within the FTZs, the majority have abused the system and are destroying the businesses of manufacturers operating in the customs territory and by extension, undermining Nigeria’s economy.”

    He alleged that they exploit loopholes in the FTZ process to import finished or semi-finished goods under the guise of raw materials, selling them locally at unfairly low prices and undermining genuine local manufacturers. He called on the Federal Government to act swiftly to restore sanity in FTZ operations before local industries are driven into extinction.

    He said:  “Many companies within our FTZs today do not export anything. Instead, they import finished or semi-finished products, often substandard ones like roofing sheets, galvanized iron, and aluminium products, then sell them directly into the customs territory in violation of the policy intent.”

    He alluded to a foreign company recently operating in Calabar FTZ that imported about 6,000 metric tons of wire coil—a key raw material used for manufacturing products such as nails, welded mesh, BRC, and binding wire—at a declared CIF value of just $67,000, which translates to about $11 per metric ton, while the global market price for wire coil, as traded on the London Metal Exchange (LME) was around $500 per metric ton.

    According to him, this represents flagrant under-invoicing of raw materials destined for Calabar FTZ.

     He said: “What makes it even more damaging is that FTZ operators already enjoy zero import duty on all inputs, while legitimate manufacturers in the customs territory pay as much as 25 per cent duty on the same materials creating an unfair and unsustainable competitive imbalance.”

    On what is required to assure the quality of exports out of the FTZs into the Nigerian Customs territory, Adewoye advocated similar regulations as obtained in all exports into Nigeria globally from the countries of origin.

    He then called for the comprehensive audit of all FTZs operations, especially in the metals and steel segment in the past 10 years, recovery of lost government revenue and prosecution of offenders engaged in under-invoicing or diversion of imports.

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    Other measures suggested by the MAN Sectoral group head include the establishment of a special task force comprising representatives from the Basic Metal, Iron; Steel Manufacturers Group, MAN, Customs, NEPZA and the Ministry of Industry, Trade and Investment to monitor and sanitize FTZs operations to restore fairness and competitiveness in the sector.

    Commenting on the issue, the Executive Secretary of the Nigeria Economic Zones Association, Toyin Elegbede assured that the association would not support any form of sabotage by its member organisations, stressing that NEZA’s focus is towards the realization of the objectives for which the FTZs were created.

    According to him, the Standards Organisation of Nigeria (SON) is now represented at the FTZs to inspect, certify and issue certificates of conformity for all goods being sold to the Customs territory.

    Reacting, SON Director, Product Certification, Enebi Onucheyo,   confirmed that the agency has since 2024 developed a scheme tagged “Special Economic Zones Conformity Assessment Programme (SEZCAP)”, for the certification of goods into and out of the free trade zones to the Customs territory and has recently commenced its deployment.

    The scheme he said is an initiative to enhance the production, importation, sales, and distribution of quality and safe manufactured products in the special economic zones into Nigeria and those to be exported to other parts of the world. He confirmed that SEZCAP is implemented through SON State Offices having jurisdiction over the FTZs across the country.

  • NPA’s E call-up handles 3.4m trucks, slashes costs by 65%

    NPA’s E call-up handles 3.4m trucks, slashes costs by 65%

    The country’s port digitalisation drive has achieved major milestones with the Electronic Call-Up System processing 3.4 million truck movements since February 2021, while slashing cargo transportation costs by 65 per cent, as the nation prepares to launch the National Single Window (NSW) platform in the first quarter of 2026, to cut clearance time to less than 24 hours.

    The twin technological interventions are positioned to transform Nigeria’s maritime logistics landscape and strengthen the country’s competitiveness as a regional trade hub, according to officials at the Maritime Correspondents Organisation of Nigeria (MARCON) retreat in Lagos.

    The Managing Director of the Nigerian Ports Authority, Dr. Abubakar Dantsoho, said the E-Call Up System has evolved from an emergency response to tackle gridlock into a robust digital logistics management framework delivering measurable gains in efficiency and orderliness along the Apapa and Tin Can Island port corridors.

    “The E-Call Up System, known as ETO, was introduced by the Management of Nigerian Ports Authority on 27th February 2021. It was conceived as a digital reform to restore order, transparency, and efficiency to the Port access roads,” Dantsoho stated during his address at the retreat with the theme “Maximising Emerging Technologies for Sustainable Import and Export Trade” held at Lekki Free Zone on December 4, 2025.

    He explained that prior to the system’s deployment, the Apapa and Tin Can corridors were overwhelmed by indiscriminate truck movements, gridlock and long dwell times, conditions that severely undermined trade facilitation and economic productivity.

    “Today, the E-Call Up System has become a transformative tool, enabling structured truck inflow, improving logistics coordination, and aligning Nigerian port operations with global best practices,” he said.

    Dantsoho disclosed that NPA recently undertook a comprehensive review of the E-Call Up framework, resulting in two significant advancements. The first is the redesign and security enhancement of ETO tickets, which are now tied directly to Terminal Delivery Orders and Vehicle Entry Permits to ensure traceability and eliminate fraudulent duplication or resale.

    “This ensures traceability, eliminates fraudulent duplication or resale, and strengthens transparency across the evacuation process. The redesigned ticketing framework directly addresses vulnerabilities previously exploited by bad actors and enhances the integrity of the system,” he explained.

    The second advancement, he said, is the full integration of terminal gate barriers with the ETO platform, ensuring barriers open only after verifying valid, electronically authenticated tickets.

    “This prevents criss-crossing of trucks, eliminates unauthorized diversions, and ensures that trucks only enter Terminals for which they have been properly scheduled. This advancement has improved sequencing, reduced human interference, and reinforced operational discipline across the port value chain,” Dantsoho said.

    He assured stakeholders that under the current leadership, NPA remains resolute in deepening reforms and ensuring the port corridor never returns to the era of chronic congestion.

    “Our goal is clear: to support Nigeria’s long-term trade facilitation objectives and strengthen our country’s global competitiveness,” he stated.

    The Managing Director of Truck Transit Parks Limited, the concessionaire managing the electronic call-up system, Jama Onwubuariri provided detailed statistics on the platform’s performance since inception. He revealed that cargo transportation costs have dropped from as high as N1.4 million to between N350,000 and N500,000, representing approximately 65 per cent reduction.

    “Since inception, the system has processed approximately 3.4 million truck movements in four years and nine months. Truck turnaround time has fallen from two to three weeks to two to three days,” Onwubuariri disclosed during his presentation.

    He recalled the severity of the gridlock before the reforms, noting that traffic in Apapa was so severe that commuters abandoned their vehicles and resorted to motorcycles and boats to reach their workplaces, with gridlock stretching from Apapa to Surulere and Mile 2, obstructing emergency services and crippling businesses.

    “Today, the situation has improved dramatically as most Apapa access roads now experience free traffic flow, with congestion limited mainly to the ‘Mr. Biggs axis’ near the port gates,” he explained.

    Onwubuariri said the company has introduced 170 new feature updates to address emerging issues while maintaining 100 per cent uptime since the platform launched in February 2021, an achievement he noted surpasses even some global tech platforms that experienced downtime in the same period.

    The TTP boss disclosed that the platform has been synchronised with the Central Bank’s Nigerian Export Proceeds portal, ensuring exporters complete regulatory processes before booking port access.

    However, he identified persistent challenges including truck plate number duplication and use of fake or cloned numbers, non-compliance with Terminal Delivery Orders, terminal efficiency gaps where some operators take up to three hours to process trucks, and extortion by security officials creating artificial bottlenecks.

    “While the electronic system has curtailed bribery by eliminating manual clearance, some uniformed personnel still exploit truckers, demanding payments before allowing movement,” Onwubuariri stated.

    To address these gaps, TTP has proposed deploying a new E-tag digital identity system on truck windscreens to eliminate identity fraud, linking all bookings with standardised interchange transaction numbers tied to Vehicle Entry Permits or Terminal Delivery Orders, improved terminal infrastructure investment, stronger consequence management for violators, and firm government directives to curb extortion by security agencies.

    “There are still people who hear ‘Apapa’ and shake their heads because of the terrible experiences they had before 2021,” Onwubuariri said, reaffirming TTP’s commitment to working with NPA and relevant stakeholders to sustain the gains.

    On the National Single Window project, the Head of Change and Stakeholder Management for the NSW, Ayokunnu Ojeniyi, who represented the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, revealed that Nigeria has entered the most advanced stage of implementation since first adopting the concept many years ago.

    Ojeniyi explained that the current level of progress represents a major milestone, noting this is the first time the country has produced a working version of the platform for public and institutional review, describing the development as a turning point in Nigeria’s long, repeated attempts to implement a single window system.

    “The National Single Window is structured as a central digital platform through which all importers, exporters and trade operators can submit standardised documentation once, allowing all relevant government agencies to access the information simultaneously,” Ojeniyi stated.

    He said the system will eliminate duplication, minimise delays, reduce manual handling of documents and improve visibility across the entire regulatory chain, adding that while countries like Ghana have used similar systems successfully for more than a decade, Nigeria is building a version designed to exceed regional performance benchmarks.

    “The NSW is expected to cut clearance time to less than 24 hours when fully operational, significantly reduce the country’s average export processing duration, lower business costs and enhance transparency across all trade agencies,” he emphasised.

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    Ojeniyi explained that the platform will strengthen customs risk management and streamline overlapping roles between regulatory institutions such as the Standards Organisation of Nigeria and the National Agency for Food and Drug Administration and Control, helping eliminate long-standing bottlenecks that have increased the cost of doing business in Nigeria.

    He disclosed that progress has accelerated since President Bola Tinubu launched the implementation phase in April 2024, with the project team completing detailed business process analysis, implementing the first round of User Acceptance Testing with several regulatory agencies, and beginning additional rounds of testing with NPA and the Nigerian Maritime Administration and Safety Agency.

    “Another phase of testing is scheduled for January 2026, while full scale training for all users across the trade ecosystem will begin in February,” he said, confirming the system has been designed to integrate seamlessly with the Nigeria Customs Service’s NICIS II platform.

    Ojeniyi attributed the unprecedented level of progress to strong political backing, pointing out that the project’s steering committee operates from the Office of the President and includes all major trade-related agencies.

    “The President’s consistent interest has provided the momentum needed to harmonize agency positions and push the project forward where earlier versions stalled,” he noted.

    Citing international case studies, he said countries with operational single window systems have successfully reduced export processing times from more than ten days to just two or three, expressing confidence that Nigeria can match and surpass these results within one to two years of full implementation, positioning the country as a leading trade hub in West Africa.

    “The benefits of the NSW will become evident quickly once the platform goes live,” Ojeniyi assured, calling for continued stakeholder support and public engagement as the rollout approaches.

    The President of the Maritime Correspondents Organisation of Nigeria, Ismail Aniemu, underscored the importance of well-informed reporting in strengthening the nation’s maritime sector, explaining that the retreat was organised to equip journalists with knowledge needed to support major government policies. He emphasised the strategic role Nigeria plays as a central hub for West and Central Africa, noting that the country’s economic growth has significant regional impact.

    “The maritime sector’s contribution to employment, access and exit systems, and national productivity means that inefficiencies such as prolonged vessel turnaround time slow economic progress and weaken competitiveness,” Aniemu stated.

    Industry stakeholders agreed the developments demonstrate Nigeria’s commitment to leveraging technology for trade facilitation and positioning the country competitively in regional and global maritime commerce.

  • AltBank charts new digital payment pathway for youths

    AltBank charts new digital payment pathway for youths

    The Alternative Bank, a leading Nigerian bank committed to sustainable financial services, recently joined industry stakeholders at the Jericho Businessmen Club’s (JBC) third Annual Socio-Economic Summit to chart a definitive path for empowering Nigeria’s burgeoning tech talent.

    The Summit centered on high-level discussions regarding sustainable economic models, with a particular focus on how the business community can actively bridge the digital skill gap among local youth.

    The event served as a critical platform to foster synergy between business leaders and the academic community, highlighting the urgent need for investment in capacity building to ensure Nigeria remains competitive in the global digital economy.

    The Alternative Bank emphasised that genuine nation-building must be anchored in human capital development, moving beyond conventional financing to provide ecosystem support, mentorship, and access to resources for young innovators.

    Korede Demola-Adeniyi, Executive Director (South) of The Alternative Bank, underlined the Bank’s philosophy, stating:

    “Technology is the most potent equaliser in modern commerce, and by investing in the technological upliftment of our youth, we are future-proofing our economy. We believe in providing alternatives not just in finance, but in opportunity, ensuring that local talent have the tools and environment to compete globally.”

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    Demola-Adeniyi also noted that the Bank will be exploring strategic partnerships identified during the summit to roll out bespoke non-interest financing schemes tailored specifically for tech entrepreneurship and vocational skill acquisition programs. The initiative aims to transform local innovation hubs into centres of excellence capable of producing world-class solutions.

    The Alternative Bank’s commitment aligns with Nigeria’s broader macroeconomic goals, as a robust technology sector is pivotal for diversifying Nigeria’s revenue base beyond oil. By empowering the tech community, the Bank will be fostering an ecosystem that attracts foreign direct investment, reduces youth unemployment, and stimulates the creation of high-value services. These efforts are essential for building a resilient economy capable of sustaining long-term growth and positioning Nigeria as the premier digital hub of Africa.

    The discussions and outcomes from the Jericho Business Summit reinforce The Alternative Bank’s mandate to drive inclusive economic growth and support sustainable, impact-driven projects that benefit the wider community.