The Nation Newspaper

Category: Business

  • Truckers urge NPA to renew ETO operator contract

    Truckers urge NPA to renew ETO operator contract

    Association of Maritime Truck Owners (AMATO) has called on the Nigerian Ports Authority (NPA) to renew the contract of Truck Transit Park Limited (TTP), operators of the ETO electronic call-up system.

    They insisted that the digital platform ended the N350,000-per-truck extortion regime and the years of crippling gridlock that once paralysed Apapa and Tin Can Island.

    In a statement signed by its Secretary General, Mohammed Sani Bala, at the weekend, the association said truckers will resist attempts by “vested interests” to return the ports to what it described as the “dark era of manual call-up chaos.

     “Before ETO, truckers paid as much as N350,000 just to access the ports. Drivers spent weeks or even months on the queue to make a single trip. Our drivers were dying behind the steering. Apapa became a ghost town. Businesses collapsed under the weight of the gridlock,” Bala said.

    The association said any campaign against the renewal of TTP’s contract is “self-serving, dangerous to national interest and a desperate attempt by beneficiaries of the former gridlock economy to regain relevance.”

    According to AMATO, the transformation brought by the ETO call-up system represents one of the most impactful reforms in port logistics in more than a decade. The group said the platform, introduced by the NPA and operated by TTP, cleaned up a logistics corridor once overrun by extortion rings, racketeers and informal checkpoint operators.

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     “Since ETO was introduced, all those challenges have practically evaporated,” Bala said.

     “We access Apapa and Tincan ports within a few days at affordable rates. Traffic gridlock has disappeared. Truck turnaround time has drastically improved. Drivers no longer sleep on bridges and roads.”

    AMATO added that businesses in Apapa, once shuttered due to congestion, have reopened, while cargo evacuation has become more predictable and efficient.

     “The ETO system is a game changer — a watershed innovation that has enhanced ease of doing business, improved trade facilitation and ensured efficient cargo evacuation,” he stated.

    AMATO warned that the renewed push by anti-automation groups to pressure the NPA into abandoning the eto system threatens over a decade of progress.

     “The only offense of the eto system is that it has rendered jobless and irrelevant the vested interests who profited massively from the gridlock economy,” the association said.

     “These groups, sworn enemies of automation, are desperate to drag the system back to the shameful era of manual call-up so they can return to the roads to extort and dominate truckers.”

    The truck owners described the campaigns against TTP as orchestrated blackmail aimed at restoring disorder for personal gain, warning that the ports cannot afford to return to the era of endless queues, decaying access roads, human suffering and multi-billion-naira economic losses.

    The association urged the NPA to ignore calls discouraging the contract renewal and instead consolidate gains made under the ETO system.

    Among its recommendations, AMATO urged the NPA to consider integrating e-tag technology into the ETO platform for deeper automation and seamless access control; Adopting the Truck Manifest Scheduler System to regulate the flow of trucks from pregates to terminals and prevent spillovers onto port corridors; Improving terminal efficiency, which the group said still contributes to congestion and slow truck movements; and Eliminating extortion checkpoints, which continue to induce artificial traffic despite the success of the ETO system.

     “We appreciate the NPA Management for introducing and sustaining the ETO electronic call-up system. It has restored sanity, transparency and dignity to port logistics operations,” Bala added.

    Stakeholders say the stakes are high. The Apapa–Tin Can corridor handles over 70 per cent of Nigeria’s seaborne trade, and experts warn that any reversal to manual processes risks destabilising the supply chain at a time when the country is working to improve competitiveness and reduce logistics costs.

    Analysts note that the pre-ETO era contributed to Nigeria’s record-high cargo dwell time, high demurrage charges and several billions lost annually to gridlock-driven delays.

    With global supply chain efficiency now a competitive metric, they argue that reverting to manual call-up would put Nigerian ports at a disadvantage compared to regional rivals in Cotonou, Lome and Tema.

    AMATO insists that the real battle in port logistics is between automation and entrenched interests, not between truckers and regulators. For the association, the ETO system represents a new order in which technology, not chaos, drives port access.

     “We urge NPA to sustain and strengthen ETO. The maritime industry cannot afford a return to the era of extortion, congestion and disorder,” Bala said.

  • Shareholders appoint new executives

    Shareholders appoint new executives

    Ibadan Zone Shareholders’ Association (IBZA) has elected a new Chairman, Mr. Gilbert Ayoola, to lead the organisation for the next term. Ayoola, a seasoned shareholder advocate and former General Secretary, was elected during the association’s 31st to 33rd annual general meeting (AGM) held in Ibadan.

    The newly elected executives, who would serve the zone comprising Ekiti, Kwara, Ogun, Ondo, Osun, and Oyo States, included Mr. Gilbert Ayoola as Chairman, Dr. Olabisi Odebunmi as First Vice-Chairman, Ven. Nelson Fadoju as Second Vice-Chairman, Mr. Benjamin Ogunwale as General Secretary, Alhaji Oyebamiji Soladoye as Treasurer, and Mr. Oluwole Makinde as Financial Secretary.

    In his acceptance speech, Ayoola expressed gratitude to members for the trust placed in him and pledged to prioritise transparency, corporate governance, and minority shareholders’ rights.

    He said: “I am honoured to lead this great association, and I promise to work tirelessly to promote the interests of our members”.

    Ayoola outlined his vision for the association, which includes intensifying corporate monitoring activities, broadening training and investment forums, and promoting greater inclusion of young and veteran investors. He emphasised the association’s commitment to deepening shareholders’ involvement in governance processes, including through audit committee roles in companies where members hold shares.

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    Outgoing Chairman Eric Akinduro reflected on the challenges faced during his tenure, noting that the association had successfully overcome severe financial constraints.

     “We are proud of what we have achieved, and I have no doubt that the new leadership will take the association to greater heights,” he said.

    The AGM also featured the investiture of new Patrons and a Matron of the association, including Mr. Sola Oluwanuga, Mr. Oladipo Oladipo, Mrs. Morenike Omilabu, and Mr. Eric Akinduro.

    With a fresh mandate and a clear vision, Ayoola is poised to lead the Ibadan Zone Shareholders’ Association to new heights, building on the foundation laid by his predecessors.

  • IMF: Banks’ debt risks rise as govts access more domestic loans

    IMF: Banks’ debt risks rise as govts access more domestic loans

    The International Monetary Fund (IMF) has said the surge in domestic borrowing is now raising the government’s debt risks in banks’ portfolios.

    In a report titled: “Sub Saharan Africa: Steady Growth Amid Fiscal Challenges” released at the weekend, the IMF Director, African Department, Abebe Selassie, explained that as governments shift toward domestic borrowing, banks are more exposed to government debt risk.

    Earlier, Selassie had asked Nigeria to roll out social protection scheme for the vulnerable and spend savings from petrol subsidy removal on healthcare and education of the population.

    He said now is not the time to do spending compression, but rather to spend more when it comes to these areas, which are crucial for developing countries to help sustain growth and improve social outcomes.

    He said governments are advised to carry out reforms that ensure more resources are mobilised to go into these areas, with greatest impact on the people.

    He said that inflation, though easing overall, still exceeds 10 per cent for about a fifth of the Africa’s economies, adding that while some countries have rebuilt international reserves, they remain stretched across much of the region.

    “Against this difficult backdrop, we see two broad policy priorities.

    First, raising more revenue. The region’s development needs remain immense, yet external financing is scarce and debt burdens heavy. Mobilizing domestic revenues at home is an essential route to lasting fiscal space, while better debt management can lower borrowing costs and widen access to funds,” he said.

    Selassie also advocated boosting tax collection, which has long been a challenge for the region’s public finances.

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     “Past efforts show what works—and what does not. Effective reform demands attention to both tax policy (what and how much to tax) and tax administration (how to collect). Countries that have made headway—such as Ghana, Rwanda and Tanzania—did so by digitizing their tax systems, piloting reforms, supporting tax officials, and engaging citizens. Others learned that limited public support can derail poorly designed levies. The lesson is clear: progress depends as much on trust and sequencing as on technical fixes,” he said.

    Selassie explained that given that people are more willing to pay taxes when they see public money spent wisely, governments need to pair revenue reform with visibly improved service delivery, tighter spending controls, and efforts to tackle corruption and boost accountability adding that without such enhancements, revenue gains will prove fleeting.

     “Improving debt management is also essential. Transparent, credible debt management institutions can cut borrowing costs and attract investors. Publishing comprehensive debt data, engaging openly with creditors, and strengthening approval and oversight procedures are key first steps,” he said.

    Selassie said that better debt management also supports access to innovative financing. Instruments such as blended finance, which combines concessional and private funds, can channel investment into green energy, health, and infrastructure.

     “Agreements between governments and creditors to replace existing sovereign debt with liabilities that include spending for a specific development goal, known as debt-for-development swaps, can foster social or environmental gains—and have been tested in Côte d’Ivoire among other places,” he said.

    He advised that  to scale up such initiatives, governments need credible regulation, transparent data, and simplified procedures. These tools, used correctly, can help lay a foundation for more resilient and inclusive growth.

  • Nigerian operations lead Jumia’s Q3 turnaround

    Nigerian operations lead Jumia’s Q3 turnaround

    Jumia has announced its financial results for the third quarter ended September 30, 2025, showing a strong return to growth powered overwhelmingly by its Nigerian operations.

    The company posted a 25 per cent rise in revenue to $45.6 million, up from $36.4 million in the same period last year, while gross merchandise value climbed 21 per cent to reach $197.2 million.

     Against this backdrop, Jumia Nigeria emerged as the standout performer, delivering a remarkable 43 per cent growth in gross merchandise value and reinforcing the country’s position as Jumia’s most dynamic growth engine.

    This performance is particularly notable given that many global e-commerce players have scaled back their emerging-market ambitions in response to global economic pressures. Jumia’s results suggest the opposite trajectory, showing how a deep understanding of local consumer behaviour and a robust, locally adapted logistics network can unlock new opportunities even in challenging conditions.

    Much of the company’s resurgence has been attributed to a recalibrated hub-and-spoke logistics model introduced in early 2024. This new infrastructure has expanded Jumia’s reach into up-country markets, particularly in northern and South-South regions where competition is thin and consumers remain underserved.

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    The strategy has also brought balance to the company’s Nigerian customer base, with urban and rural engagement now split almost evenly—54 percent to 46 percent—reflecting Jumia’s growing penetration beyond Lagos and other metropolitan centers.

    Speaking on the results, Temidayo Ojo, Chief Executive Officer, Jumia Nigeria, noted that the company’s progress is rooted in its ability to recognize and respond to the country’s regional nuances. “Urban consumers prioritize speed and convenience because supply is abundant in major cities,” he said. “Meanwhile, our rural strategy is about accessibility and bridging the supply gap. By approaching each market on its own terms, we’ve been able to unlock growth across different parts of the country.”

    The company’s turnaround is anchored on three shifts that have repositioned Jumia for sustained growth in Nigeria. First is the aggressive expansion into underserved markets at a time when traditional retail outlets have been disrupted by price hikes and mall closures in cities such as Kano, Kaduna, Abuja, Enugu, and Port Harcourt. Strengthening last-mile hubs in these areas has reduced delivery times and improved customer retention.

    Second is the decision to double down on localized logistics rather than rely on expensive international fulfillment structures. Through partnerships with local delivery providers, community-based pickup stations, and micro-fulfillment centers, Jumia has created a more cost-efficient and resilient logistics backbone capable of navigating the country’s infrastructural complexities.

    The third pillar is a sharpened focus on categories that remain resilient regardless of economic conditions. Fast-moving consumer Goods, fashion, beauty, and household essentials have continued to drive sustained demand, providing a stable foundation for recurring transactions.

    Collectively, these shifts signal a new and more grounded phase in Africa’s e-commerce evolution, one defined by local intelligence and adaptive market strategy rather than the replication of global playbooks. As Nigeria’s vast informal retail sector continues its steady migration online, Jumia is positioning itself as the most reliable pathway for merchants seeking nationwide access.

    With momentum building into the year’s final quarter, the company appears poised to deepen its role in shaping the continent’s digital commerce future.

  • Fed Govt ready to fund modular refineries, says Lokpobiri

    Fed Govt ready to fund modular refineries, says Lokpobiri

    In order to address the challenges of crude oil pipeline vandalism, the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri at the weekend asked illegal operators to emulate the model of the ongoing Ebenco Global Link Limited refinery in Koko, Delta State to replicate other modular refineries.

    Addressing reporters after inspecting the refinery, he urged them to acquire modular refineries with the support of credit facilities from the Federal Government.

    Lokpobiri said when they acquire modular refineries, the operators will procure crude oil, pay tax and in on the other hand, generate employment.

    He said the solution will be beneficial to both the government and the present operators of illegal refineries.

    His words: “Producing modular refineries locally is one of the solutions to pipeline vandalisation that is going on by those who want to do illegal refining.

    “When Ebenco modular is completed, we want to see how this could be replicated in collaboration with stakeholders so that those who are breaking pipelines don’t need to break pipeline. 

    “They need to just acquire this (modular refinery) and if they don’t have money we will see how we can procure them. And then they will pay back in over a period of time.

    “We have to find ways to solving that problem vandalisation by those who are doing coal fire. By the time we come up with this solution, they will buy the crude, pay taxes, we will have sustainable employment for them and at the end of the day, it will be win-win for everybody.”

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    He expressed satisfaction with the level of establishment the indigenous modular refinery has reached. Lokpobiri pledged to commission the plant when it is completely established.

    According to him, in partnership with Chinese and others, Ebenco has acquired technology and domesticated it in line with global standards.

    The minister said, “This is what other countries do, you acquire technology and then domesticate it.

     You bring it home. When I got here and saw Ebenco in partnership with partners from other countries with a view to ensuring that whatever it produces in this place will meet global standards.

    “ So, I am very impressed with what I am seeing and it is what is recommended for those who what to operate in the midstream. Anybody who wants modular refineries instead of going outside the country should come to Ebenco and then see what is being done here.”

    He pledged Federal Government’s support for the fledging local modular refinery.

    The minister vowed to draft the Nigerian Content Development Monitoring Board (NCDMB), Executive Secretary, Engr. Felix Ogbe and the management team to assess Ebenco modular refinery for possible partnership.

    Speaking, the Ebenco Chief Executive Officer, Ebenezer Oluwagbemiga Akin said the plant is at its final stage of development.

    It is highly of local content to address the fuel scarcity as the minister has charged them.

    He said although the company has a license for 30,000 barrels per day plant, it is developing 1000 barrels capacity at the moment.

    According to him, the firm will soon invite the minister for the commissioning of the modular refinery.

    A modular refinery has capacity to produce Automotive Gas Oil (AGO), Kerosene, Naphtha and FPSO, he said stressing “that is what the main license is for.”

    Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Director of Liquid, Ngozi Nwankwo said the refinery has brought innovative local technologies to bear which even NMDPRA has to understudy.

    She said the refinery will not grapple with paucity of fund like other modular refineries because of its unique local technology.

    Nwankwo noted that some other plants keep incurinng cost of production even when they are out of operation, which increases their cost of operation but Ebenco will not face such issues.

    According to her, most of the local refineries are always facing lack of crude oil supply as their challenge.

    She urged local investors to borrow a leaf from the refinery.

  • Eleganza unveils new strategy to grow nationwide sales

    Eleganza unveils new strategy to grow nationwide sales

    Eleganza Industries Limited is unveiling a renewed strategy designed to give Nigerians greater access to its products while creating structured opportunities for serious distributors, retailers, and contract manufacturing partners across the country.

    The Lagos-based conglomerate, known nationally as a provider of numerous household products and trusted Nigerian craftsmanship, said it is committed to elevating the lives of every Nigerian with exemplary quality, variety and elegance.

    Managing Director, Eleganza Industries Limited, Mrs. Folashade Okoya said the new phase was not a reinvention of the brand, but a deliberate effort to strengthen visibility, optimise distribution, and activate the full scale of Eleganza’s industrial capacity — much of which has quietly expanded over the years.

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    She said: “The reason Eleganza has always been a household name, is because its primary focus historically has been on production excellence rather than market presence. Our Chairman has a natural flair for design and prioritises production, product development and refinement.”

     Our quality is constantly improving and customers always get value for their money. With all the items we have being manufactured locally and at such a standard and scale, Eleganza is the only company doing this in Nigeria”.

    According to her, the unmistakable mark of quality for which the Eleganza brand has always been known through the decades remains evident along the long line of product offerings.

    “The products are affordable, and we don’t compromise on quality. Eleganza has invested heavily in technology, machinery, product development and personnel. Now we are ensuring that the full breadth of what we produce is accessible to more customers and retailers nationwide,” Okoya said.

    According to her, the objective is to make Eleganza’s modern portfolio easier to find, easier to stock, and easier to build businesses around.

    From personal care to household goods, the company has introduced over 21 new product lines, all manufactured locally at world-class standards.

    Eleganza’s evolution over the years reflects the steady guidance of its founder and Chairman, Alhaji Razak Okoya, whose original vision for a strong, locally rooted manufacturing enterprise continues to direct the company’s strategic priorities. His long-held belief is that Nigeria can one day harness its local advantages to build multiple industrial cities — much like the manufacturing clusters that transformed China — creating jobs, accessibility, and prosperity for the masses. At the heart of Eleganza’s mission has always been a simple but powerful goal: to produce quality goods that meet the needs of every Nigerian, extending to every home and every person a touch of elegance.

    Going forward, as part of its market accessibility drive, Eleganza is opening its doors to growth-focused distributors and retail partners across the 36 states.

    The company emphasizes that this is not an open-ended recruitment call, but an invitation to qualified partners ready to work with an established brand that offers consistent supply from large-scale local manufacturing, competitive margins due to in-country production, diverse product categories with strong demand, marketing support and visibility initiatives and a recognizable, trusted brand name.

    Eleganza is also recruiting sales representatives nationwide to support its strengthened distribution network and to ensure partners receive hands-on assistance.

    To further deepen market presence, the company is seeking showrooms and sales outlets suitable for lease, offering partners the opportunity to anchor Eleganza’s expanding consumer footprint in their regions. Partnership opportunities are open as long as they align with the company’s vision.

    Management explained that this initiative reinforces Eleganza’s long-standing legacy of placing quality, locally made products in every Nigerian home. By opening structured opportunities for distributors, the company aims to support economically active Nigerians who want to build sustainable businesses around trusted, homegrown goods. It is both a consumer-centered effort and a commercial partnership model — designed to empower those who wish to showcase and sell quality products made in Nigeria, by Nigerians, for Nigerians.

  • Increased investments to boost Lagos waterways

    Increased investments to boost Lagos waterways

    Lagos State’s inland waterways are receiving a major boost through increased infrastructure investment and government incentives aimed at significantly promoting both cargo and passenger transport. The comprehensive efforts are part of a larger strategic vision to increase the share of inland waterways in the state’s total freight. Key developments include expanding the number of waterways, building more terminals, and launching initiatives that offer incentives for cargo owners.

    A cornerstone of the current infrastructure upgrade is the installation of modern concrete pontoons at selected jetties across the state, a move designed to create a world-class commuting experience for residents.

    Commissioner for Waterfront Infrastructure Development, Mr. Dayo Alebiosu, emphasised that the modern concrete floating pontoons, which function as flexible docking platforms, are already being installed at jetties in key locations such as Agboyi Ketu (Kosofe LGA), Ijegun Egba (Amuwo Odofin LGA), and Bayeku/Ikorodu (Ikorodu LGA).

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    Alebiosu explained that the initiative is specifically designed “to enhance safety, take away fears from commuters and comfort for waterway commuters” while actively supporting the broader vision for intermodal transportation under Governor Babajide Sanwo-Olu’s THEMES+ agenda.

    He pointed out the superior design of the new structures, stating, “These pontoons are crafted from rigid concrete blocks, designed to float and withstand wave pressure while offering stability. They take away the fear most passengers have when boarding boats due to shaking platforms. This innovation provides a flat, concrete surface that feels almost like boarding from solid ground.”

    The Commissioner, furthermore, noted the strategic difference from previous installations, explaining, “The Falomo Jetty (Five Cowries Terminal) is a partial installation, where a two-sided pontoon is in use. But with the new installations currently going on, they are six-sided rigid pontoons, offering 360-degree functionality for docking and crowd movement.” Similar installations are strategically planned for additional locations including Ebute Ero (Lagos Island), Ijede (Ikorodu), Apa (Badagry), Mile 2 (Amuwo Odofin), Mowo (Ojo LGA), and several other strategic locations, showcasing the state’s deep commitment to the project.

    The pontoon upgrade is a vital component of the ambitious Omi Eko Project, a mammoth €410 million initiative dedicated to modernising Lagos’ water transportation system. This extensive project is jointly funded by major international partners: the French Development Agency (AFD), the European Investment Bank (EIB), and the European Union, underscoring the international significance of the endeavour.

    The comprehensive Omi Eko Project will introduce a fleet of 78 high-capacity electric ferries, systematically dredge and channelize 15 crucial routes, and significantly expand 25 terminals. The plan also includes integrating a modern digital ticketing system using the existing Cowry Card to ensure seamless transfers between ferries, buses, and the Lagos Metro, creating a truly interconnected transport network.

    Beyond infrastructure, the project’s key objectives are transformative: reducing roadway congestion, improving commuter safety, cutting greenhouse emissions through the use of electric vessels, and ensuring climate resilience against sea level rise. Alebiosu firmly reaffirmed the state’s commitment to inclusive development, assuring the public that water transport is being strategically positioned as a “central pillar of the state’s mobility plan.”

  • ‘Digital access key to $1trillion economy agenda’

    ‘Digital access key to $1trillion economy agenda’

    Achieving Nigeria’s ambitious $1 trillion Gross Domestic Product (GDP) target is non-negotiable, the  Managing Director, FairMoney Microfinance Bank Nigeria, Henry Obiekea has said .

    He  stressed that its bedrock must be fair digital access. He asserted that a commitment to innovation, value, and transparency—is essential for financial institutions to champion the nation’s economic destiny.

    “In the digital age, trust is the new currency. To fully unlock Nigeria’s trillion-dollar destiny, we must earn this trust through consistent value, transparency, and the fair and equitable deployment of financial capital,” Obiekea said.

    Obiekea emphasised that the path to a $1 Trillion economy is not merely technological but must be built on the principle of Fair Digital Access. While the nation boasts a substantial demographic dividend, harnessing this reservoir of creativity demands inclusive capital.

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     “Harnessing this potential requires more than just ambition; it demands inclusive capital,” Obiekea stated. He noted that the brilliant ideas generated by young Nigerians—from tech startups to agri-business ventures—frequently stall due to a fundamental challenge: access to finance.

    Despite Nigeria’s continental leadership in technology adoption, Obiekea highlighted that approximately 40 million productive individuals—representing a 36 per cent total gap—remain financially underserved. “This segment is either entirely excluded (26 per cent) or reliant solely on informal systems (10 per cent). This marginalization prevents millions from saving securely, building credit, or accessing the capital needed for scale.This exclusion is sharply reflected in the nation’s shallow credit market. Nigeria’s credit penetration registers between a meager 13 per cent and 19 per cent of GDP, a figure among the lowest globally and a severe limiter on growth for Micro, Small, and Medium Enterprises (MSMEs) and household consumption. This low ratio stands in stark contrast to regional African peers like Kenya and Egypt, which boast credit ratios of approximately 31 per cent to 37 per cent, and emerging global economies like India and Brazil, where penetration reaches between 53 per cent and 62 per cent.”

    The opportunity to bridge this significant gap lies, he noted  in the digital revolution, with mobile phone usage soaring past 93 per cent of the adult population. While Fintech companies have brilliantly leveraged this to catalyze inclusion, Obiekea cautioned that digital access alone is not enough.

     “The engine for sustained economic growth is authentic financial inclusion, characterised by fairness and transparency,” Obiekea argued. He warned that without these twin values, digital finance risks replacing physical exclusion with predatory models. “To truly empower the populace and grow the GDP, every transaction must build, not break, the customer’s financial life.”

    Obiekea elaborated on the direct impact of this fair model on the $1 Trillion objective. He explained that a small business owner who secures a transparent, low-friction loan can immediately purchase inventory, hire staff, and expand operations. This immediate injection of capital and increased velocity of money translates directly into higher output and taxable revenue, boosting GDP. Furthermore, by offering competitive savings and fixed deposit rates, the institution is helping to mobilize capital that might otherwise sit dormant, creating the “investment bedrock needed to fund the larger infrastructure and industrial projects essential for the 2030 target.”

  • T2 rejects misrepresentation

    T2 rejects misrepresentation

    Nigeria’s fourth carrier, T2, has rejected misrepresentation of industry facts.

    The company, in a statement, said it has observed with concern the recent wave of misinformation circulating online regarding its operational relationships, including those involving IHS.

    The company stated that these distortions were sensationalist framings that suggest malicious intent, aiming to sow confusion rather than provide genuine analysis.

    “These narratives, driven primarily by pseudo-analysts operating without any credible industry knowledge, grossly misrepresent how telecommunications networks function and deliberately distort the facts for attention and engagement.

     “Contrary to the misleading claims being circulated, T2’s network continuity and service delivery are not dependent on IHS tower infrastructure in the manner suggested. These commentators ignore or are entirely unaware of the fundamental mechanics of National Roaming, a framework approved by the Nigerian Communications Commission (NCC), under which operators seamlessly leverage partner networks to ensure full coverage without reliance on their own base stations.

     “Claims that T2 faces operational risks or service disruption due to IHS infrastructure issues are technically false, uninformed, and recklessly misleading. The narrative being pushed online creates a false impression of instability, misleading the public and mischaracterizing industry dynamics,” the operator noted.

    According to mobile network operator (MNO), it is evident that these distortions go beyond mere misunderstanding. The consistent inaccuracies and sensationalist framing suggest malicious intent, aiming to sow confusion rather than provide genuine analysis.

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     “Self-proclaimed analysts should be held to a standard of accuracy, yet they’re publishing content without grasping telecom operations, National Roaming, or infrastructure sharing implications.

     “T2 rejects these misrepresentations in their entirety. Our operations remain fully stable, fully supported, and entirely aligned with established industry models. The attempt to link T2’s operational integrity to IHS-related narratives is nothing more than manufactured disinformation.

     “We urge the public and our stakeholders to disregard these false claims and rely exclusively on official communications from T2 or recognized industry authorities. As a responsible operator, we are committed to maintaining transparency and ensuring that the public receives accurate, technically verified information, free from the noise of uninformed commentary.

     “T2 remains committed to its vision of being a leading digital lifestyle partner, delivering world-class connectivity that empowers Nigerians to achieve their ambitions,” the MNO said urging people interested in getting accurate information to contact its official channels.

  • CRC Credit Bureau appoints director

    CRC Credit Bureau appoints director

    CRC Credit Bureau Limited has appointed Patrick Akhidenor as a Non-Executive Director (NED).

    This followed the approval of the Central Bank of Nigeria (CBN). Akhidenor joined the board as the representative of First Bank of Nigeria Limited, succeeding Olusegun Alebiosu, who was recently appointed the Group Managing Director of First Bank.

    He brought to CRC over three decades of distinguished experience in the banking and financial services industry, with expertise spanning credit and risk management, corporate finance, operations, and strategic leadership.

    Akhidenor currently serves as the Chief Risk Officer (CRO) at First Bank of Nigeria Limited, a position he assumed in July 2024, where he has been instrumental in strengthening the bank’s credit and enterprise risk frameworks, driving strategic initiatives, and ensuring operational excellence across multiple markets.

    Speaking on this appointment, the Chairman of the Board, Mr. Joel Owoade, commended the selection of Mr. Akhidenor as Non-Executive Director of CRC. He stated:

     “We are delighted to welcome Mr. Patrick Akhidenor to CRC’s Board. His wealth of experience in credit, risk management, and governance will further strengthen CRC’s strategic focus as we continue to promote responsible lending, financial inclusion, and data-driven credit infrastructure in Nigeria and beyond.”

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    Managing Director, CRC Credit Bureau, Dr. ‘Tunde Popoola, added that the decision to bring Akhidenor on board reflected CRC’s unwavering commitment to corporate governance and its ambition to remain the leading credit bureau in Nigeria and Africa.

    He noted that this addition will not only strengthen the company’s governance framework but also accelerate innovation in credit reporting and financial inclusion. Describing the appointment as well-deserved, he expressed confidence that Akhidenor’s extensive experience will drive CRC toward even greater achievements.

    Prior to his current role, Akhidenor served as Head of Credit Analysis and Processing at First Bank and previously acted as Chief Risk Officer in 2016. He began his professional career in 1992 with Savannah Bank of Nigeria Plc, and over the years has held several strategic positions, including Regional Risk Manager (South-South & South-East) at Ecobank Nigeria, Credit Service Delivery Manager (SME Banking) at Standard Chartered Bank, and Risk Manager roles covering Wholesale Banking, Retail & SME Banking, and Loan Monitoring.

    He has also served as Deputy Branch Manager at Citizens International Bank and Risk Manager at Fidelity Bank, where he played key roles in credit risk management, loan monitoring, and audit risk reviews. His career spans critical areas such as credit structuring, due diligence for cross-border acquisitions, risk analysis, trade and SME finance, and corporate governance, reinforcing his reputation as a seasoned risk and compliance professional.

    A trained lawyer and communications professional, Mr. Akhidenor holds a Barrister-at-Law (BL) from the Nigerian Law School, an LL.B from Lagos State University, and a B.A. (Hons) in English from Bendel State University (now Ambrose Alli University, Ekpoma).

    Beyond his professional achievements, Akhidenor is a trainer and advocate for climate and sustainability, with a passion for mentoring and community development.