The Nation Newspaper

Category: Business

  • NCDMB, Jake Riley empower 250 youths with technical, digital skills

    NCDMB, Jake Riley empower 250 youths with technical, digital skills

    Nigerian youths have been urged to embrace skills acquisition as a viable pathway to self-reliance and national development.

     The Director, Capacity Building, Nigeria Content Development and Monitoring Board (NCDMB), Abayomi Bamidele, an engineer, made this known at the graduation ceremony of over 250 industry-ready youths who recently completed month-long intensive training programme to equip them with full range of skills designed to enable them become self-reliant and contribute meaningfully to the industrial development of the country, in Lagos, yesterday.

     The training programme was sponsored by the NCDMB in partnership with Jake Riley Academy as part of a joint commitment by the partners to youth empowerment and sustainable skills development.

     Bamidele, who was represented by the Supervisor, Marine Vessel Categorisation and Technical Assistant to the Director, John Barigha, urged the graduands to take full advantage of the opportunity, stressing that their success would largely depend on how effectively they apply the skills acquired. He urged beneficiaries to utilise the starter packs given to them effectively, cautioning against selling the equipment provided.

     “We are not giving you fish; we are teaching you how to fish. What we have given you today is the net. It is now left for you to make meaningful use of it,” Barigha said, stressing that the Board invested heavily to ensure the programme delivered lasting impact.

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     In her keynote, the Chief Executive Officer, Jake Riley Limited, Mrs Funmi Ogbue, described the graduation as a defining moment for the young Nigerians, describing it as a strategic investment in Nigeria’s future, noting that NCDMB continues to demonstrate that human capital development is central to national growth.

     According to her, the programme reflected NCDMB’s expanding role in local content development, with youth empowerment central to economic transformation.

      “Today celebrates not just achievement, but a national vision positioning young people as drivers of Nigeria’s economic future,” Ogbue said.

     She further noted that the initiative as a strategic human capital investment aligned with President Bola Tinubu’s inclusive growth agenda as the training prioritised market-ready skills capable of generating immediate income across growth sectors.

  • Contractors laud Finance Minister over plans to clear debts by March

    Contractors laud Finance Minister over plans to clear debts by March

    Agroup representing local contractors across Nigeria has expressed new hope following a successful meeting with the Federal Government regarding years of unpaid debts.

    The delegation met with the Minister of State for Finance, Dr. Doris Uzoka-Anite, to discuss the financial struggles they face due to these outstanding payments.

    The leader of the group, Mr. Innocent Asuelimehn, described the discussions as a major turning point. He praised the Minister for taking action just 24 hours after their first meeting, a move he says has brought much-needed relief to his members.

    “The engagement was fruitful and reassuring. The Minister’s response was timely and encouraging. Although there is still work to be done, particularly regarding contractors whose payments are yet to be batched, her actions have restored hope among members of the community” he said.

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    During the meeting, Mr. Asuelimehn also took a moment to apologize for a previous confrontation between the contractors and the Minister. He explained that the incident was not planned but was a result of the extreme pressure and hardship contractors have endured while waiting for their money.

    “It gave us hope that she is capable and dependable, and that her word can be trusted to get the job done. The prolonged debt situation has taken a heavy toll on contractors and their families.”

    Another member of the group, Mr. Akin Amu, shared more details about the government’s specific promises.

  • Fed Govt moves to settle Oil Well ownership disputes

    Fed Govt moves to settle Oil Well ownership disputes

    The Federal Government has begun a major process to settle long-standing questions over which states own newly producing and disputed oil and gas wells.

    This is a step that will determine how the constitutionally backed 13 per cent derivation funds are shared among oil-producing states.

     Speaking at the Coordinate Verification Exercise and plotting of crude oil and gas fields/wells in Abuja yesterday, the Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu said the exercise covers all oil-producing areas, including Akwa Ibom, Cross River, Bayelsa, Edo, Ondo, Rivers, Delta and offshore locations.

     He explained that the law requires that states where minerals are produced must receive 13 percent of the revenue, especially from crude oil and gas. Because of this, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, asked RMAFC to help verify the exact locations of new and disputed oil wells.

     Shehu said the Commission responded by setting up an Interagency Technical Committee made up of NUPRC, the Office of the Surveyor General of the Federation, the National Boundary Commission and RMAFC itself.

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     “The committee was formed in July, and after months of preparation, the team moved into the field around September and October to begin taking physical coordinates of oil and gas wells.

     “I was there myself at the opening ceremony, and we went actually to the field to take those coordinates,” the Chairman said.

     He noted that the work was done alongside the Surveyors-General of all the oil-producing states so that every state could witness the process. According to him, the teams went to difficult places, including the open sea, creeks and deep-water areas, to make sure no location was left out.

     The fieldwork, he said, ended last week, and the next stage is to begin plotting the coordinates using the data collected. This stage, which is expected to take about five days, will help clearly show where each oil well is located and which state is entitled to receive the derivation funds linked to it.

     “There have been traditional disputes between states in terms of who owns what. Whenever new oil fields start producing, they want to know which state actually owns that or which state should get that 13 per cent. We intend to do this fairly, justly and equitably, without any bias,” he said.

     The RMAFC Chairman said the Commission is using advanced equipment, including drones, to capture coordinates in areas that are hard or unsafe to reach physically.

  • Nigeria’s 88% AI adoption ahead of global average of 62 per cent

    Nigeria’s 88% AI adoption ahead of global average of 62 per cent

    Nigerians have emerged as global frontrunners in Artificial Intelligence (AI) adoption, significantly outperforming the rest of the world in digital engagement.

    According to a new report by Google and Ipsos entitled: “Our Life with AI: Helpfulness in the hands of more people,” Nigerian adults are leveraging AI tools at a staggering rate to fuel education, work, and entrepreneurship.

    The study reveals that 88per cent of Nigerian adults have used an AI chatbot—an 18-point increase from 2024. This adoption rate places Nigeria 26 percentage points ahead of the global average of 62per cent, signaling a nation that is aggressively integrating technology into its daily life.

    The report highlights that Nigerians view AI as a sidekick for personal and professional advancement rather than just a novelty. A total of 93per cent of Nigerians use AI to understand complex topics, which far exceeds the global average of 74 per cent.

    Additionally, 91per cent of respondents utilize AI tools to assist with their work-related tasks. In a standout finding, 80 per cent of Nigerians use AI to explore new business ventures or career changes, a figure that is nearly double the global average of 42per cent.

     “It’s inspiring to see how Nigerians are creatively and purposefully using AI to unlock new opportunities. This report tells the story of a nation that is actively shaping its future with technology,” Communications & Public Affairs Manager for Google West Africa, Taiwo Kola-Ogunlade, said.

    Read Also: PwC Nigeria, CEOs, others brainstorm on economic outlook

    The sentiment toward AI in Nigeria is overwhelmingly positive, particularly in the academic sector. Roughly 91per cent of Nigerians believe AI is positively impacting how information is accessed and learned, compared to about 65per cent globally. Furthermore, 95per cent of respondents believe that university students and educators are the primary beneficiaries of this technological shift.

    While global sentiment remains divided on the risks of AI, Nigeria shows a distinct level of confidence as 80per cent of Nigerians are excited about the possibilities of AI, while only 20per cent express concern.

    In contrast, the global average is much more polarized, with 53per cent excited and 46per cent concerned.

    Among frequent AI users in Nigeria, this “excitement rating” climbs to 90 per cent.

    Through this rapid adoption and high optimism, Nigeria is positioning itself as a leader in the global digital economy, using AI as a catalyst to achieve national and personal ambitions.

  • ‘Why national grid is collapsing repeatedly‘

    ‘Why national grid is collapsing repeatedly‘

    • 60% of power plants unavailable
    • Report exposes Discos culpability

    The state of electricity supply in the country has become a source of concern for residents. After enjoying a relative supply for some parts of last year, especially in the second quarter, drawing applause from consumers, the euphoria that greeted this has gradually becoming worrisome.

    These concerns were more pronounced during the last yuletide, when several homes were left in the dark.  The situation, electricity Distribution Companies (DisCos) often explain, results  from national grid collapses, low power generation, gas supply shortages, or maintenance work by the Transmission Company of Nigeria (TCN). These issues, alongside infrastructure decay and vandalism, invariably leads to load shedding and intermittent supply. 

    Top officials of some Discos spoken to who pleaded for anonymity attributed power failures to a mix of upstream generation deficits, national grid instability and localised infrastructure challenges.

    For a long time, there has been several horse-trading associated across the value chain over erratic power supply. For instance, it is common for DisCos often cite “system-wide disturbances” or “grid collapses” from the National Control Centre (NCC) as the reason for total outages across their franchise areas. Besides, many outages are blamed on “gas limitations” at thermal power plants and a general drop in power generation. This is because when generation drops, the energy allocated to DisCos decreases, forcing them to implement load shedding.

    In situations like this, most hide under the guise of the feeder banding system. Under this framework, priority is given to “Band A” feeders, which are mandated to receive 20+ hours of supply thereby often leaving lower bands with significant outages when total available power is low.

    Yet, is the technical faults and maintenance of equipment, equipment vandalism like destruction of transformers and theft of cables; planned maintenance, like upgrading or repairing transmission lines, are also factor readily given as excuses by service providers.

    After enjoying relative stability in national grid in 2025, the facility experienced a first major collapse at the weekend caused by the simultaneous tripping of multiple 330kV transmission lines.

    With this incident coming early in the year, stakeholders are worried that it may not be a good omen for the sector notwithstanding the several assurances by government. In 2024, 12 grid collapses were recorded; 12 in 2025 and one already recorded this year.

    More worrisome is that the epileptic power supply has remained irrespective of the fiscal appropriation to the sector under the President Bola Tinubu administration.

    A cursory look at these allocation indicate that in the last three years, there has been a consistent increase in fiscal allocation to the Ministry of Power aimed at resolving the underlying issues that have consistently impeded growth in the sector, including the consistent grid collapses each year.

    A breakdown of the figures in the three years showed that the power ministry got a cumulative allocation of N239.5 billion in 2023; N344.097 billion in 2024; N2.1 trillion in the 2025 budget. The allocation in 2025 represented the government’s desire to make the sector work.

    A further breakdown of the figures show that the power sector recovery programme received N810 billion from the budget; special intervention project got N269.74 billion, while the presidential power initiative (PPI) transmission project received N150 billion, all in an attempt to tackle the enormous challenges in the nation’s power sector from specific and targeted approach.

    The Minister of Power, Adebayo Adelabu, assured that the ministry has set the agenda for Nigeria’s power sector in 2026, suggesting that the country has done enough to stabilise its grid in the previous year.

    But these challenges appear unresolved despite huge budgetary allocations to the power sector. Giving more insight into what may be the cause of the deep-seated challenges confronting the country’s electricity supply is a recent report by the Nigerian Electricity Regulatory Commission (NERC) for the third quarter of 2025. The report, released recently, indicated that over 60 per cent of power plants installed generation capacity in the country remained unavailable for transmission to the national grid in the third quarter of 2025.

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    According to the NERC report, the average Plant Availability Factor (PAF) of all 28 grid-connected power plants stood at 39.86 per cent, meaning that 60.14 per cent of installed capacity could not be dispatched to the national grid at any point during the quarter. The figure represents only a 0.26 percentage-point increase from the 39.60 per cent recorded in Q2 2025, highlighting how limited progress has been in improving the operational readiness of generation assets.

    “In 2025/Q3, the average plant availability factor for all grid-connected plants was 39.86 per cent, that is, at any point in time during the quarter, 60.14 per cent of the installed capacity across the 28 grid-connected power plants was not available for dispatch onto the grid,” the report read.

    The PAF measures the ratio of a power plant’s declared available capacity to its manufacturer-rated installed capacity and is widely regarded by regulators as a key indicator of the health of the upstream segment of the Nigerian Electricity Supply Industry (NESI).

    It further noted that while 11 power plants recorded availability above 50 per cent, Ikeja Power Plant (Unit 1) emerged as the best-performing asset, posting a PAF of 99.24 per cent during the quarter. At the lower end, Sapele Steam Plant (Unit 1) recorded a PAF of just 2.66 per cent, while Alaoji Power Plant (Unit 1) failed to dispatch any electricity at all throughout the quarter.

    Significantly quarter-on-quarter improvements were recorded at Dadin-Kowa (+41.32pp), Zungeru (+33.29pp) and Okpai (+15.95pp), reflecting gains from improved hydrology and reduced outages.

    However, availability declined sharply at Ihovbor (Unit 2), which fell by 19.21 percentage points to 78.16 per cent, down from 97.38 per cent in Q2. Other plants that recorded notable drops included Geregu (Unit 1), Ibom Power, and Geregu (Unit 2).

    “Overall, 11 power plants had availability factors above 50 per cent, with Ikeja_1 power plant recording the highest availability factor at 99.24 per cent. On the other end of the spectrum, Sapele Steam_1 recorded a PAF of 2.66 per cent in 2025/Q3. Alaoji_1 power plant was not available to dispatch any energy onto the grid throughout the quarter.

     “Significant increases in PAF were recorded in Dadin-Kowa_1 (+41.32pp), Zungeru_1 (+33.29pp), and Okpai_1 (+15.95pp) power plants across the two quarters. Conversely, the PAF of Ihovbor_2 decreased significantly by 19.21pp during the quarter (78.16 per cent in 2025/Q3 compared to 97.38 per cent in 2025/Q2). Reductions in PAF were also recorded in Geregu_1 (- 12.79pp), Ibom power_1 (-10.34pp), and Geregu_2 (-8.41pp) power plants,” the NERC report said.

    The commission attributed the fluctuations in plant availability to mechanical outages, feedstock constraints, hydrological conditions and operational limitations, factors that have continued to undermine Nigeria’s generation capacity for over a decade.

    Beyond generation challenges, the report also highlighted weak energy offtake by electricity Discos, raising concerns over revenue recovery and market discipline. Under the Partial Activation of Contract regime, which came into force in July 2022, DisCos are required to off-take and pay for their Partially Contracted Capacity on a take-or-pay basis, even if they fail to utilise the power.

    In Q3 2025, average energy offtake by DisCos fell to 3,328.33 megawatt-hours per hour, representing a 7.10 per cent decline from 3,582.62MWh/h recorded in the preceding quarter.

    This decline occurred despite the fact that available contracted capacity dropped by only 2.43 per cent, suggesting that generation and transmission availability were sufficient to sustain previous offtake levels.

    Overall, cumulative DisCo energy offtake performance during the quarter stood at 87.39 per cent, down from 91.78 per cent in Q2, a 4.39 percentage-point decline.

     “All DisCos except Jos recorded a decline in their energy offtake performance during the quarter,” the report noted.

    The commission attributed the reduced offtake to a combination of infrastructure weaknesses, seasonal demand changes and commercial considerations.

    It noted that frequent network outages during the rainy season, driven by fragile distribution infrastructure, limited the ability of DisCos to evacuate power to customers.

    In addition, cooler weather conditions reduced domestic electricity demand, while some DisCos deliberately constrained supply to loss-prone feeders to minimise financial exposure.

    Under the Performance Monitoring Framework Orders issued in July 2024, DisCos are required to off-take at least 95 per cent of their available PCC or face regulatory sanctions.

    However, in Q3 2025, only Benin and Port Harcourt DisCos met the threshold, with offtake levels of 99.20 per cent and 95.65 per cent, respectively.

    The remaining nine DisCos, Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kaduna, Kano and Yola, fell short, with Kaduna DisCo recording the lowest performance at 75.23 per cent.

     “The Commission has commenced the implementation of appropriate sanctions against defaulting DisCos,” the report stated.

    The figures reflect the persistent mismatch between installed capacity, available generation, and effective electricity delivery, a challenge that continues to frustrate households and businesses.

    Despite Nigeria’s installed generation capacity exceeding 13,000 megawatts, average operational availability and weak offtake mean that actual electricity delivered to consumers remains far below demand, reinforcing dependence on self-generation and driving up energy costs.

  • 20 vessels to discharge 10,273 containers at Lagos ports

    20 vessels to discharge 10,273 containers at Lagos ports

    Twenty vessels are set to berth at berth at Apapa, Tin Can Island, and Lekki Deep Sea Ports this week.

    According to the Nigerian Ports Authority (NPA) Shipping Position sighted at the weekend by The Nation, the vessels are laden with a combined cargo of 10,273 of 20-foot equivalent container units (FCL); 152,017.064 metric tons of bulk and petroleum products and 1,150 units of used vehicles.

    The report reveals APM Terminal Limited, Apapa, as the leading container handling facility, receiving seven container vessels, followed closely by Mediterranean Shipping Company with four vessels berthing a combined 1,420 FCL, while major shipping lines including Maersk, COSCO, CMA CGM, PIL, Hapag-Lloyd, and Lansal share the remaining volume.

    At the weekend, six vessels arrived across multiple terminals. A breakdown of the arrivals indicate that at Tin Can Island Container Terminal (TCIT), the MSC SUN F (IMO 9223904), a 143.11-meter container vessel managed by Mediterranean Shipping Company (Nigeria) Limited, berthed at MRS Oil and Gas Shipping terminal with 190 FCL, while the larger MSC INDIA (IMO 8918069), measuring 277.22 meters, arrived at TICT carrying 480 FCL.

    The MATRIX PRIDE (IMO 9228796), a 176-meter petroleum tanker operated by Tera Shipping Limited, berthed at KLT Phase 3a with 15,000 metric tons of AGO. In Apapa, the ANNA M (IMO 9146613), a 181.50-meter bulk carrier operated by Bluestar Shipping, berthed at Greenview Development at 3:38 PM to load 30,000 metric tons of clinker for export.

    The JIN GUANG LING (IMO 9487079), a 177.50-meter general cargo vessel managed by COSCO Shipping Lines, arrived at Eko Support Services at 3:40 PM with 23,257.064 metric tons of general cargo, while the AQUAMARINE (IMO 9968097), a 272-meter container ship handled by Lansal, berthed at APM Terminal at 3:51 PM with 2,060 FCL.

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    Still, the LAKE WANAKA (IMO 9432892), a 182.80-meter vehicle carrier handled by Comet Shipping Agency, to Fivestars Logistics berthed at Tin Can Island with 200 units of used vehicles, while, five more vessels will berth today.

    At Tin Can Island Container Terminal (TICT), the MSC ANYA V (IMO 9297864), a 294.12-meter container ship operated by MSC, is scheduled with 430 FCL, while the SPIL KARTIKA (IMO 9353254), a 268-meter vessel managed by Hapag-Lloyd, is expected at Ports & Cargo Handling Services with 215 FCL.

    In Apapa, the KOTA LOCENG (IMO 9628336), a 266-meter vessel operated by PIL, is scheduled at APM Terminal at 12:31 PM with 498 FCL, followed by the STAMATIS B (IMO 9280811), a 261-meter container ship managed by Lansal, at 3:54 PM carrying 2,060 FCL.

    At Lekki Deep Sea Port, the SPRING C (IMO 9308027), a 238.86-meter vessel operated by CMA CGM DELMAS, is expected at 3:15 PM with 480 FCL.

    The report further indicated that for the rest of the week, vessels berthing with full cargo will include the COOPER ISLAND (IMO 9668910), a 190-meter bulk carrier operated by Bluestar Shipping, is scheduled at Greenview Development at 12:24 PM with 50,560 metric tons of gypsum, while the MAERSK CASABLANCA (IMO 9525467), a 249.12-meter container vessel handled by Maersk Nigeria, is expected at APM Terminal at 3:54 PM carrying 1,078 FCL. At Lekki, the CMA CGM ZEPHYR (IMO 9882487), a 366-meter vessel, is scheduled at 3:18 PM with 980 FCL.

    On Thursday, four vessels scheduled are scheduled for Apapa, that is, the ILONA (IMO 9225641), a 299.98-meter container ship operated by COSCO, is expected at APM Terminal at 3:44 PM with 982 FCL. The SL AREMU (IMO 9293947), a 176-meter petroleum tanker managed by Integrated Shipping Services, is scheduled at New Oil Jetty at 3:53 PM carrying 15,000 metric tons of aviation kerosene. The FEDERAL TIBER (IMO 9644483), a 190-meter bulk carrier operated by Samcham, is due at Apapa Bulk Terminals at 3:55 PM with 35,000 metric tons of fertilizer.

    At Tin Can Island, the GRANDE NIGERIA (IMO 9246580), a 214-meter RoRo vessel operated by Grimaldi Agency, is expected at Ports & Terminal Multiservices with 400 units of used vehicles and containers.

    The schedule will be rounded off with the GREEN COSTA RICA (IMO 8912120), a 131.25-meter refrigerated cargo vessel handled by APS, expected at Greenview Development in Apapa at 3:47 PM carrying 5,250 metric tons of frozen fish.

    Stakeholders are ecstatic that the increasing volume of cargo berthing at the country’s seaports is a reflection of the confidence now reposed in the sector. Besides,, they argued that it is a reflection of the present administration’s commitment to its economic reforms, which they claim is already bearing positive fruits.

  • JMG completes upgrade in Kano

    JMG completes upgrade in Kano

    Electromechanical solutions provider JMG Limited has successfully delivered an engineering upgrade for Quick Buy Supermarket in Kano.

    This marks the completion of a fully integrated solution that combined power generation, Heated Ventilation Air Conditioning (HVAC), and electrical infrastructure into one coordinated project.

    This installation reinforces JMG’s position as one of the leading generator companies in Nigeria, a top HVAC company in Nigeria, and a trusted electrical engineering provider, capable of executing complex, multi-division projects under a single umbrella.

    The Quick Buy Supermarket required a partner with the technical capacity to manage power reliability challenges, cooling demands, and electrical safety concerns simultaneously.

    Instead of engaging multiple contractors, the Supermarket chose JMG for its ability to deliver a turnkey, end-to-end solution that assured continuity, efficiency, and long-term operational stability.

    The company in a statement, over the weekend, explained that at the core of the upgrade was the installation by JMG POWER of a fully synchronized power generation system consisting of two FG Wilson 550kVA generators and one FG Wilson P330kVA unit integrated with the grid.

    This configuration now provides uninterrupted, stable energy for the Supermarket’s 24/7 operations, supporting lighting, cooling, point-of-sale systems, and essential equipment.

    Complementing the power infrastructure, JMG CLIMA, JMG’s Climate Solution division, delivered a comprehensive HVAC solution designed for performance, reliability, and indoor comfort across the entire supermarket.

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    The installation, the statement noted, includes Trane rooftop units for large-area cooling, combined with ducted systems, VRF technology, standing units, cassette units, and 14 inverter split air conditioning units to provide flexible and energy-efficient cooling for specific zones and operational areas.

    The HVAC system also incorporates extractor-integrated ducting and zoning controls to ensure efficient airflow and consistent temperature distribution throughout the facility.

    This project highlights JMG’s capability as a full-service HVAC company in Nigeria serving commercial and retail environments.

    JMG’s electrical division, JMG ELECTRA, finalized the project with a new electrical installation built to enhance safety, load stability and long-term performance.

    The electrical backbone now supports the entire power and cooling system with improved reliability, reduced fluctuations, and a stronger supply architecture designed to meet future growth.

    Branch Manager at JMG Kano, Nader Allam, said: “Quick Buy’s project highlights what makes JMG unique, the ability to combine solutions, here as power, cooling and electrical expertise into one complete, coordinated solution.

    “It is a true turnkey installation that strengthens reliability and prepares the supermarket for long-term growth.”

    Allam said with all systems now fully deployed, Quick Buy Supermarket benefits from round-the-clock operational continuity, more efficient cooling, enhanced indoor comfort, and a safer electrical network all delivered by one trusted partner.

    The project stands as a strong example of how JMG integrates multiple engineering disciplines to meet the complex needs of commercial and industrial clients across Nigeria.

    JMG continues to expand its portfolio of large-scale, multi-division projects, strengthening its position as Nigeria’s trusted provider for diesel or gas generators, HVAC systems, solar power, air compressors, electrical and elevators and escalators.

    This multi-technology capability demonstrates JMG’s unique ability to deliver complete, end-to-end solutions from a single source for commercial and industrial clients nationwide.

  • Cashew association suspends revenue collection

    Cashew association suspends revenue collection

    The National Cashew Association of Nigeria (NCAN) has suspended all forms of revenue collection in its name with immediate effect, pending institutional reforms and the harmonisation of its governance structures.

    The resolution was part of key decisions unanimously adopted at the NCAN Annual General Meeting (AGM) and Stakeholders’ Forum held in Abuja.

    In a communiqué issued at the end of the meeting, the association also condemned what it described as increasing foreign encroachment across Nigeria’s cashew value chain, warning that such practices undermine local farmers, processors, exporters and the country’s economic interests.

    In a communiqué  signed by the NCAN Secretariat, with Mr. Olarotimi Ayeka listed as Secretary and Mr. Ademola Bamidele Adesokan as President, NCAN rejected calls for a ban on cashew nut exports, stressing that it would instead engage government authorities to promote value addition, improved seeding, respect for contract agreements by foreign buyers, and stronger support for cashew farmers.

    Read Also: NCAN: we’re Nigeria’s apex cashew body

    On policy direction, the AGM expressly opposed any proposal for an outright ban on the export of Raw Cashew Nuts (RCN), noting that such a move could disrupt livelihoods.

    The association said any policy intervention must strike a balance between value addition, farmer welfare, export competitiveness and national interest.

    In a major leadership shake-up, the AGM dissolved the Ojo Ajanaku–led administration, citing loss of confidence and legitimacy.

    Members and stakeholders present at the meeting endorsed and ratified Mr. Ademola Bamidele Adesokan as the new President of NCAN. The association said an official gazetted communiqué reflecting the leadership transition would be issued before the end of the week.

    The AGM further resolved to undertake a comprehensive review and amendment of the NCAN constitution to reflect current industry realities.

    The planned amendments include provisions to ensure that only bona fide cashew stakeholders can become president, prevent any president from exceeding constitutionally defined tenure, and establish a clear, transparent and enforceable leadership succession framework.

    As part of its immediate directives, NCAN ordered all revenue agents and representatives nationwide to cease revenue collection activities on behalf of the association.

    It warned that any individual or group that defies the directive would be reported and treated as acting illegally.

    The communiqué also disclosed that all state police commands have been formally notified of the resolutions through the Office of the Inspector-General of Police.

  • Agency director joins awards jury

    Agency director joins awards jury

    The Business Director for mediaReach OMDEmmanuel Adediran, has been appointed as a jury member for the 2026 Purpose Awards.

    Organised by Haymarket Media Group in association with Campaign, PRWeek, and Third Sector, the Purpose Awards EMEA (Europe, Middle East, and Africa) is the region’s premier platform for celebrating organisations and campaigns that drive social change through creative excellence and authentic purpose.

    The awards recognise outstanding work across 33 categories including charity, environment, equality, and public awareness with six categories dedicated to charities and NGOs.

    Adediran’s historic selection as jury member marks the first time a Nigerian-based professional will serve on the distinguished panel, reflecting the growing influence of African perspectives in global purpose-driven initiatives.

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    A leading figure in Nigeria’s marketing communications and social impact sector, Adediran said: “I am deeply honored to join the Purpose Awards 2026 jury. This appointment is not only a personal milestone but also a testament to the innovation and impact emerging from Nigeria and across Africa.

     “I look forward to contributing to the recognition of campaigns that are making a meaningful difference in people’s lives.”

    The Purpose Awards 2026 shortlist will be announced in April and winners revealed at the awards ceremony in June.

    The jury comprises industry leaders from across the EMEA region, selected for their expertise, leadership, and commitment to advancing social impact through communication.

     “The Purpose Awards are the best way for Businesses to show they are a leader in this pivotal genre. The ongoing economic challenges, alongside political and societal issues, have made purpose campaigns more vital now than ever,” Deputy Editor at PR Week, Siobhan Holt, said.

  • Cash, digital payments must co-exist, says NIBSS

    Cash, digital payments must co-exist, says NIBSS

    • CBN emphasises infrastructure

    The Nigeria Inter-Bank Settlement System (NIBSS) has reiterated the crucial role of cash in the payment system, stressing that cash must co-exist with the e-payment services.

    Speaking at the 2026 Committee of Heads of Bank Operations Conference (CHBO) Conference in Lagos, Executive Director, Business and Products, Nigeria Inter-Bank Settlement System (NIBSS), Ngover Nwankwo, said inclusion must keep pace with innovation as digital payments expand.

    “Our focus is balancing innovation with inclusion, ensuring no Nigerian is left behind as digital payment adoption grows,” Nwankwo said.

    She stressed that cash remains vital and cannot be eliminated, insisting both cash and digital payments must coexist within Nigeria’s economy.

    “Cash and digital platforms must work together, protecting those who rely on cash while offering secure, efficient services to digital users,” she said.

    Nwankwo commended banks for operational improvements, noting cash availability in December 2025 was largely seamless with minimal public complaints.

    She also highlighted biometric authentication, allowing customers to request and verify cards using fingerprints without extensive documentation.

    Also, the Central Bank of Nigeria (CBN) has disclosed plans to introduce a new regulatory policy that would require banks’ prior investments in cash withdrawal and ATM infrastructure to secure card issuance approvals.

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    The policy shift, currently under review before announcement was disclosed by CBN Governor, Mr. Yemi Cardoso, through his Special Adviser, Mr. Fatai Karim.

    He said the move would sanitise debit card issuance and Automated Teller Machine operations across Nigerian banks, targeting persistent cash access challenges.

    The apex bank said the initiative will align the number of cards issued by banks with deployed ATM infrastructure to curb congestion, downtime, and uneven cash availability nationwide.

    The CBN noted that recurring ATM failures and cash shortages continue to undermine confidence in electronic payment channels despite the rapid expansion of digital transactions across the banking system.

    The apex bank said banks will no longer be allowed to issue massive volumes of cards without corresponding investment in ATM and cash withdrawal infrastructure.

    “Very soon, the Central Bank will be coming up with another policy to sanitise and improve the situation, particularly around how many cards banks issue relative to the number of ATMs they support.

    “Certainly the next few months; once the engagement is concluded with other stakeholders, CBN will make an announcement. When cash access fails—whether due to prolonged ATM outages or uneven distribution—the credibility of the entire payment system is weakened,” the CBN stated.

    Karim said the CBN is engaging industry stakeholders and expects the policy to take effect within months, possibly before the end of the second quarter.

    Nigeria’s banks have aggressively issued debit cards over the years to support financial inclusion and digital payments, but ATM deployment has lagged behind.

    Card issuance expanded faster than ATM networks and cash logistics investments.

    Customers frequently experience long queues, empty machines, and failed transactions. Informal cash channels, such as POS operators, have filled gaps at higher costs.

    These structural gaps have persisted despite regulatory efforts to modernise payments and improve cash circulation nationwide.

    The proposed policy is expected to reshape banks’ card issuance strategies and accelerate investment in ATM infrastructure, uptime, and cash management.

    Banks will face tighter scrutiny over card issuance volumes and ATM deployment. Customers are expected to benefit from improved ATM availability and reduced transaction friction.

    Stronger infrastructure could reduce reliance on informal cash channels. The CBN said restoring credibility in cash access and electronic payments is critical to financial system stability and public trust.

    The CBN says cash remains relevant despite digital growth, particularly in informal markets and rural communities.

    Currency in circulation grew by 4.6 per cent in December 2025, compared with December 2024 figures, the CBN data showed.

    Cash demand rises sharply when electronic channels fail. Reliable digital channels help reduce pressure on physical cash.

    The apex bank insists its objective is not to eliminate cash but to strike a balance between cash and digital payments, ensuring Nigerians can always access cash while building confidence in electronic channels across the country during everyday transactions and emergencies nationwide.