Category: Business

  • Customs begins new regulatory procedure for courier firms

    Customs begins new regulatory procedure for courier firms

    The Nigeria Customs Service (NCS) yesterday announced the commencement of a new Standard Operating Procedure (SOP) for regulating courier companies operating under the Delivered Duty Paid (DDP) regime.

    The new framework provides a unified framework for registration, manifest submission, declaration, valuation, clearance, delivery and compliance monitoring, in line with global best practices

    The newly implemented SOP sets out a unified framework for courier activities, covering registration, manifest submission, declaration, valuation, clearance, delivery, and compliance monitoring, in line with global best practices.

    The DDP initiative, according to a statement by the NCS’s spokesperson, Abdullahi Maiwada, derives its legal foundation from International Chamber of Commerce (ICC) Incoterms 2020, relevant sections of the Nigeria Customs Service Act 2023, the WCO SAFE Framework of Standards, the Revised Kyoto Convention, the WTO Trade Facilitation Agreement, the NCS Courier Clearance Guidelines, and the Nigeria Postal Service Act 2023.

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    Customs said under the newly commenced procedure, courier companies intending to operate the DDP regime are requested to obtain a license from the NCS Headquarters License and Permit Unit under the Tariff and Trade Department.

    “They are expected to submit all mandatory documents, including CAC registration papers, valid courier licenses, compliance bonds and a formal application to operate under DDP. It is pertinent to note that all licensed operators are required to submit an Advance Electronic Manifest (AEM) 24 hours before shipment arrival, clearly indicating DDP as the Incoterm and providing complete details such as HS codes, item descriptions, values, origins and consignees, in line with the WCO safe framework of standards,” the statement read.

    The SOP, the Service noted, further mandates courier companies to act as declarants by filing Single Goods Declarations (SGDs) via the B’Odogwú platform.

    Customs said declarations should include the declared FOB values, supported by invoices, airway bills, and packing lists. Also, full payment of customs duties, VAT, and other statutory levies must be completed through authorised NCS payment channels before clearance.

    “Additionally, risk-based cargo profiling will guide inspections, with physical examinations conducted when discrepancies or high-risk indicators are identified. Delivery to the consignee is permitted only after full clearance, and Proof of Delivery (POD) must be provided upon request,” the service stated.

    To ensure strict adherence, the NCS has instituted a robust monitoring and enforcement mechanism through periodic Post-Clearance Audits (PCA).

    These audits, Customs said, will verify the accuracy of DDP declarations, prevent revenue leakages, and confirm compliance with classification and valuation standards.

    According to the Service, violations, including false declarations, non-payment of duties, or operational misconduct, will attract sanctions such as suspension or revocation of clearance licences, seizure of goods, penalties with interest, and prosecution under the NCS Act, 2023.

    “Courier operators are also required to submit monthly reports of all DDP shipments, including duty payments, classification details and delivery records, to the relevant Area Commands.

    “With this commencement, the NCS reaffirms its commitment to strengthening the integrity of the clearance process, enhancing revenue assurance, facilitating legitimate trade and ensuring that courier operations under the DDP regime meet the highest global compliance standards,” the statement added.

  • Savannah Energy appoints Ogunwunmiju director

    Savannah Energy appoints Ogunwunmiju director

    Savannah Energy Plc has confirmed the appointment of Kehinde Ogunwumiju, 43 years old, as a Non-Executive Director, with immediate effect.  He has no shareholding in the company.

    Commenting on the appointment, the Non-Executive Chair of Savannah, Joseph Pagop Noupoué, said: “I am delighted to welcome Kehinde to the Board. He is an internationally respected legal professional with a proven track record of supporting dynamic, high growth organisations such as Savannah. I believe his expertise will be instrumental as the Company continues to execute its growth strategy across Africa.”

    Reacting to his appointment, Ogunwumiju said: “I am pleased to be joining Savannah at this important stage in its growth and look forward to applying my experience in this role. I am excited to work with the Board and executive management team as the Company pursues its ambitious and wide-ranging objectives.”

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    Ogunwumiju, a Senior Advocate of Nigeria (SAN), is the Managing Partner at Afe Babalola & Co, a leading African law firm. His practice has seen him successfully represent the Nigerian National Petroleum Corporation in over 100 disputes and the Federal Republic of Nigeria in multiple international disputes, including against a near $5 billion claim at the International Centre for the Settlement of Investment Disputes (“ICSID”) in Washington DC. He has worked on many Nigerian and international arbitrations.

    He sits as director on several boards in the past five years, including but not limited to Abuad Management Company Ltd; Adga Investment Nig Ltd; Afe Babalola & Co.; Bita Exploration and Production Limited; Curlew Express Limited; Enerymix Nigeria Ltd.; Enerymix Nigeria Ltd and Lumen Energy Limited among others.

  • ‘Nigeria produced 18.12mb/d in 11 months’

    ‘Nigeria produced 18.12mb/d in 11 months’

    As at November 2025, the total crude oil and condensate Nigeria produced was 18.12million barrels per day (mb/d), it was learnt yesterday.

    This was contained in the Nigerian Upstream Petroleum Regulatory Commission NUPRC (NUPRC) document titled: “Crude oil and condensate production 2025.”

    Although December 2025 output was yet to be recorded at press time, the average daily out from January to November was 1.64mb/d.

    According to the document, the total crude was15.98mb/d while total condensate was 2.14mb/d.

    In the 11 months under review, the average crude production was 1.45mb/d while average condensate output was 190,000b/d.

    NUPRC said the crude oil and condensate production was as follows: January 1.73mb/d, February 1.73mb/d, March1.69mb/d, April 1.68mb/d, May1.65mb/d, June 1.69mb/d, July 1.71mb/d, August 1.63mb/d, September 1.58mb/d, October 1.59mb/d, and November 1.59mb/d.

    For only crude oil breakdown, the document said the output was as follows: January 1.53mb/d, February 1.46mb/d, March 1.40mb/d, April 1.48mb/d, May 1.45mb/d, June 1.50mb/d, July 1.50mb/d, August 1.43mb/d, September 1.38mb/d, October 1.42mb/d, and November 1.43mb/d.

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    The average production quota the Organization of the Petroleum Exporting Countries (OPEC) approved for Nigeria was 1.5mb/d of crude oil.

    In November, Nigeria’s crude oil output was 96 per cent of the quota being 1.43mb/d.

    The period under review was an experience of opening up of shut-in oil wells and relative peaceful atmosphere in the Niger Delta region.

    There were also however moments of shutdown for routine maintenance and explosion on the Escravos Lagos Pipeline Line (ESPL).

  • Trump’s ally invests in Nigerian drone startup

    Trump’s ally invests in Nigerian drone startup

    One of President Donald Trump’s loudest and richest supporters, Joe Lonsdale,  has led investors to raise $11.7 million for Terrahaptix, a Nigerian startup that builds defence drones to bolster security systems across Africa.

    Lonsdale is also the founder of Palantir Technologies.

    Terrahaptix was co-founded by 22-year-old Nathan Nwachukwu and 24-year-old Maxwell Maduka in 2024 to tackle terrorism and insecurity crises assailing the continent.

    Mr Nwachukwu said Terrahaptix secured $11.7 million in a funding round led by 8VC, a company founded by Mr Lonsdale. Other companies that invested in Terrahaptix include Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital GmbH, Silent Ventures LLC, Nova Global, and angel investor Melya Malka.

    A non-executive director at Palantir and key figure at 8VC, Alex Moore, joined Terrahaptix’s board of directors last year, the startup said in a statement yesterday.

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    Terrahaptix has its factory in Nigeria’s capital, Abuja, where it builds drones, sentry towers, and unmanned ground vehicles to detect threats to infrastructure assets and immediately alert security outfits to the situation.

    The startup had previously secured contracts valued at over $12 million guarding infrastructure assets in Africa as of August 2025.

     “Africa is industrialising faster than any other region, with new mines, refineries, and power plants emerging every month. But none of that progress will matter if we don’t solve the continent’s greatest Achilles’ heel, which is insecurity and terrorism,” Mr Nwachuku was quoted as saying by Bloomberg in a report.

    He said Terrahaptix’s mission is “to give Africa the technological edge needed for resource protection and counterterrorism.”

    The new funding, the startup said, will be used to expand its operations across Africa. Terrahaptix said it provided security solutions to Nigeria’s hydropower facilities and Ghana’s gold and lithium mining factories.

     “Today, Terra has millions of dollars in commercial and government contracts. With this funding, we will ramp up defense production across Africa and scale our data intelligence OS,” he added.

  • New listings double NASD’s capitalisation to N2.12 trillion

    New listings double NASD’s capitalisation to N2.12 trillion

    Total market capitalisation of securities listed on the NASD Securities Exchange rose by 106 per cent to N2.12 trillion in 2025 as the over-the-counter platform witnessed substantial new listings and increased liquidity.

    Market capitalisation on the NASD Exchange rose by 106 per cent to N2.12 trillion in 2025, from N1.029 trillion in 2024, reflecting both new listings and price appreciation.

    The NASD Pension Index (NPI) also recorded significant growth, climbing 215 per cent to 3,002.68 points, compared with 954.33 points in the previous year.

    Listing activity remained a major growth driver during the year. NASD admitted Infrastructure Credit Guarantee Company Plc (InfraCredit), Paintcom Investment Nigeria Plc, and MRS Plc, alongside the listing of Access Bank Plc’s rights issue. Combined, these transactions contributed approximately N1.121 trillion in new listings on the Exchange in 2025.

    Beyond equities, NASD recorded strong traction in alternative funding instruments. Commercial paper admissions on the platform exceeded N34.32 billion, signalling increased issuer and investor participation.

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    The Exchange also announced plans for a N5 billion maiden tokenised commercial paper issuance on its digital securities platform, aimed at expanding access to structured financing options.

    Managing Director, NASD Securities Exchange, Eguarekhide Longe, said the NASD’s market diversification strategy translated into increased listings, higher market capitalisation, and growing activity across its alternative trading platforms.

    He said the year marked a shift from strategy to execution, with diversification efforts producing measurable results across equities, fixed-income instruments, and digital securities.

    According to him, while activity on the flagship over-the-counter (OTC) market was moderate, it was supported by new company admissions and improved stability among established securities.

    He said: “The performance reinforces its positioning as Nigeria’s leading alternative securities exchange, providing flexible capital-raising and investment platforms outside the traditional exchange framework. Looking ahead, we are optimistic about the macroeconomic outlook for 2026, economic conditions and anticipated gains from ongoing structural reforms, including the implementation of Nigeria’s new tax law.

    “NASD will continue to work with stakeholders across the capital market to expand economic opportunities, support entrepreneurship, and promote inclusive growth through innovation, market diversification, and improved access to capital”.

  • FirstHoldCo names board members for non-bank subsidiaries

    FirstHoldCo names board members for non-bank subsidiaries

    First HoldCo Plc has appointed new board members across its non-commercial banking subsidiaries.

    This move, following regulatory approvals from the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), is part of efforts to deepen governance, strengthen oversight, and position the business for sustainable growth.

    At First Asset Management Limited, Ebikabo Williams emerged Chairman of the Board, bringing her extensive industry knowledge spanning banking, capital markets, and consulting. She will be supported by equally experienced board members like Usman Dantata Jr., Binta Max Gbinije, and Alero Mobola Adollo. These appointments are expected to further consolidate the firm’s position as a dominant player in the asset and wealth management space in Nigeria.

    At FirstCap Limited, Yewande Amusan has been appointed Chairman. She is an accomplished finance professional with experience cutting across both public and private sectors. Ahmed Indimi and Irene Akpofure were appointed along with Adenike Kuti and Zeal Akaraiwe.

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    First Securities Brokers Limited, which recently emerged as the top performer in the Nigerian Exchange (NGX) Brokers Performance Report in terms of both trading volume and transaction value, has named John Akpeki as Chairman. He is expected to leverage his vast experience in global marketing and networking. He is joined by Omolara Adeyemi, Susan Younis and Kemi Andu-Alausa.

    Similarly, First Trustees Limited, one of the Group’s long-standing subsidiaries in trust and estate management, has strengthened its governance structure with the appointment of John Lee as its Chairman. He has over 40 years’ experience in global financial services, specialising in Corporate & Institutional Banking and Wealth Management across Africa. The other members of the board who are bringing their combined rich wealth of experience are Abiola Alabi, Adebisi Sola-Adeyemi, and Ugochukwu Obi-Chukwu.

    For its insurance business, First Insurance Brokers celebrating its 25th anniversary last year has appointed Akinola Phillips as Chairman. He is joined by Ije Onejeme, Folukemi Akinmeji and Mojisola Cardozo.

    Commenting on the appointments, Group Chairman of First HoldCo Plc, Mr. Femi Otedola, CON, said: “We are delighted to welcome these distinguished professionals to the boards of our non-commercial banking subsidiaries. Their proven expertise, impeccable track records, and leadership will play a critical role in shaping the next phase of our growth, enhancing stakeholder value, and reinforcing our position as a trusted African leader delivering innovative solutions across diverse sectors.”

    He added: “These appointments reaffirm our commitment to building resilient businesses that contribute meaningfully to economic development in the broader ecosystem in which we operate.”

    The new appointments are aimed at bringing seasoned professionals with a wealth of experience to the subsidiaries, aligning the Group with international best practices in corporate governance.

    This infusion of leadership talents reflects the FirstHoldCo Board’s strategic and deliberate resolve to make these entities future-ready in both products and service offerings.

  • ‘Non-interest finance catalyst to Nigeria’s growth’

    ‘Non-interest finance catalyst to Nigeria’s growth’

    The Alternative Bank (AltBank) has outlined an ambitious growth and impact agenda for 2026, positioning non-interest banking (NIB) as a catalyst for financial inclusion and sector-focused development in Nigeria.

    Speaking during an interview on Islamic Finance Viewpoint, the Executive Director, South, Korede Demola-Adeniyi, said the non-interest banking sector remains largely underpenetrated, accounting for only 1.7 per cent of Nigeria’s total banking assets as of 2024, despite rising demand for  value-based financial services.

    She noted that although the industry recorded modest growth in 2025, stronger advocacy, increased public education and sustained product innovation are needed to unlock its full potential.

     “Non-interest banking is not niche banking. It is banking designed for inclusion. We are not selling to Muslims alone. We are offering a value proposition that works for everyone,” Demola-Adeniyi said.

    She expressed optimism that increased capitalisation and clearer regulatory frameworks expected in the new year would enable non-interest banks to play a more significant role in Nigeria’s economic transformation.

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    According to her, AltBank’s 2026 growth strategy will focus on sectors with high developmental impact, including healthcare, education, agriculture, renewable energy and transportation.

    She added that the bank is also exploring structured participation in the creative economy through strategic partnerships, while ensuring full compliance with non-interest banking principles.

     “These are sectors that shape lives and livelihoods. Our responsibility is to design financing structures that solve real problems, not just disburse funds,” she said.

    Addressing concerns around perceived over-collateralisation in non-interest banking, Demola-Adeniyi explained that the NIB model is partnership-based rather than interest-driven, emphasising transparency and shared risk between banks and customers.

    She stressed the need for sustained public enlightenment to improve understanding of non-interest banking structures and their benefits.

     “The NIB model demands honesty and collaboration. When customers understand that the Bank is a partner, not just a lender, trust deepens and outcomes improve,” she said.

    AltBank currently operates over 130 branches and service locations nationwide, largely through strategic partnerships.

    The bank plans to expand this network to about 500 locations, alongside intensified financial literacy programmes and agent empowerment initiatives aimed at deepening financial inclusion and widening access to ethical financial services across Nigeria.

  • EKEDC downgrades customers

    EKEDC downgrades customers

    The Eko Electricity Distribution Company (EKEDC) has announced the reduction of electricity supply to seven feeders in its franchise. In the process, the utility downgraded some customers from Band A to Band E under the service-based tariff system, cutting power supply to as low as four hours daily.

    The announcement came via its verified X (formerly Twitter) account, confirming that seven feeders were downgraded from Band A, which guarantees a minimum of 20 hours of electricity daily, to lower service bands under the Service-Based Tariff (SBT) regime.

    Under the SBT introduced by the Nigerian Electricity Regulatory Commission (NERC) in 2020, customers are classified into five bands based on daily supply hours, ranging from Band A with a guaranteed minimum of 20 hours supply; Band B, minimum of 16 hours; Band C, minimum of 12 hours; Band D, minimum of eight hours and Band E, minimum of four hours. The system is designed to align tariffs with the quality of service delivered by distribution companies.

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    According to EKEDC, affected feeders include Palace Road on Lagos Island and Army Resettlement in Mushin, which were downgraded from Band A to Band E. Other areas, such as Badore (Ajah), Beecham (Agbara), Chevy View (Lekki), New Yaba (Akoka), Old Niger (Ajele District), and NAFDAC Isolo, were downgraded from Band A to Band C.

    The utility firm, in a post on its verified X page, formerly Twitter over the weekend, listed the downgraded feeders to include: Badore in Ajah from Band A to C, Palace Road located in Island from Band A to E, Beecham in Agbara from Band A to C, Chevy View (OADC) in Lekki from Band A to C.

    Others are: New Yaba (Akoka) in Ijora District from Band A to C, Old Niger in Ajele District, from Band A to C, NAFDAC(Isolo) under Mushin District was downgraded from Band A to C and Army Resettlement also in Mushin District was downgraded from Band A to E.

    Efforts to get clarifications from the EKEDC proved abortive as the utility’s General Manager, Corporate Communications, Babatunde Lasaki, did not respond to calls made to his mobile number.

  • BASL introduces structured slot system at MMA2

    BASL introduces structured slot system at MMA2

    Operators of the Murtala Muhammed Airport Terminal Two (MMA), Bi- Courtney Aviation Services Limited (BASL), has introduced a structured slot system to balance demand and capacity across the airport terminal.

    The move, according to its Head of Aeronautics & Cargo Services / Acting Chief Operating Officer, Remi Jibodu  will improve aircraft movement coordination, reduce congestion throughout the terminal during peak periods, enhance on-time performance for airline partners, as well as enable better planning and deployment by ground handling companies.

    Jibodu said the new move is part of the broader proactive measures put in place by BASL to  reinforce the terminal’s commitment to operational reliability, service excellence, and a consistently positive passenger experience, even during peak-demand periods.

    He stated that insights gained during the peak season will directly inform key efficiency-enhancing initiatives in 2026.

    Jibodu said: “In 2026, MMA2 will introduce a structured slot system to balance demand and capacity across the airport terminal.”

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    He said the MMA2  recorded a highly successful year-end operational period, underscoring the terminal’s resilience, operational flexibility, and strong collaboration with airline partners, ground handling companies, and other critical service providers during the peak festive travel season.

    Throughout the high-traffic end-of-year period, MMA2 , Jibodu said  worked closely with its airline partners and key service providers, including ground handling companies, to deliver seamless and efficient operations, with passenger comfort, safety, and service continuity remaining top priorities.

    To support uninterrupted flight operations, the terminal, he said provided extended operational coverage, remaining open beyond its scheduled shutdown periods on several occasions to accommodate late-night and delayed flights.

    “These extensions were implemented alongside routine and essential daily maintenance activities, which continued without compromise to ensure the highest standards of safety, infrastructure integrity, and operational efficiency.

    “Despite the significant increase in passenger volumes and aircraft movements typically associated with the festive season, MMA2 deployed additional operational and ground support measures in coordination with ground handling partners to ensure smooth passenger facilitation, efficient baggage processing, and minimal disruption to airline schedules,” he said.

    Speaking on operational outcomes from the year-end period and improvement plans for the new year, Jibodu, said: “The year-end peak period highlighted the importance of structured coordination among all stakeholders operating within the terminal environment.”

    He added that the initiative forms part of MMA2’s broader operational optimization strategy reflecting the terminal’s commitment to aligning operations with global best practices in apron and airside management.

    Beyond aeronautical operations, MMA2, he said recorded significant successes across its non-aeronautical services, further strengthening the overall passenger experience.

    Commenting on this, Head, Space & Premises Management/ Acting COO, Kola Bamigboye, noted that the year under review marked a period of innovation and strong performance across customer-facing services.

     “Over the past year, MMA2 achieved remarkable progress across its non-aeronautical services, driven by innovation and a deliberate focus on customer experience.

    “From retail and concession management to enhanced passenger amenities, our objective has been to deliver a convenient, comfortable, and engaging terminal environment. We are well-positioned to sustain this momentum in 2026 by continuing to innovate and elevate the customer journey.

    “Security and passenger-support systems also recorded notable improvements during the year-end period,” Bamigboye said.

    MMA2’s enhanced CCTV surveillance infrastructure, he said played a critical role in monitoring terminal activities and facilitating the prompt recovery of several lost or forgotten items, including personal belongings and travel documents.

    He said: “These items were successfully returned to their owners, attracting commendations and positive testimonials from passengers who praised the terminal’s vigilance, professionalism, and responsiveness.

    “To further support passengers during the busy festive season, MMA2 maintained an active customer experience email channel throughout the period, ensuring swift acknowledgment, investigation, and resolution of issues reported via that medium. This proactive engagement mechanism contributed to speedy responses, improved passenger confidence, and overall service satisfaction during peak operations.

    “As operations normalize in the new year, MMA2 remains focused on consolidating the gains recorded during the festive season while strengthening collaboration with airlines, ground handlers, regulators, and other service providers across the aviation value chain.

    “The terminal continues to prioritize continuous improvement, operational efficiency, customer satisfaction, and stakeholder engagement as key drivers of sustainable performance.

    “With these measures in place, MMA2 is well-positioned for a strong, efficient, and collaborative operational year in 2026, reaffirming its role as a dependable aviation hub and a leading example of private-sector-led airport terminal management in Nigeria.”

  • DisCos collected N210 billion in October last year

    DisCos collected N210 billion in October last year

    The Nigerian Electricity Regulatory Commission (NERC) yesterday stated that the 12 Distribution Companies (DisCos) collected N210 billion revenue in October 2025.

    This was contained in its document titled: “Commercial Performance of Distribution Companies (DisCos).”

    In the period under review, NERC’s Fact sheet for October listed 12 DisCos, which include: Aba, Abuja, Benin, Enugu, Eko, Ibadan, Ikeja, Kaduna, Kano, Port Harcourt, and Yola.

    The DisCos, said NERC, could not collect N45.19billion revenue out of the N255.19bills they issued.

    The total energy that was sent to the DisCos cost N303.85 billion, according to the factsheet, which also noted that allowed average tariff per kwh was N116.25 while only N95.89 kwh was actually collected.

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    This is an indication of N20.36kwh subsidy.

    Of the 303.85billion energy sent to the DisCos, N48.66billion was not billed, being the subsidy.

    In the month under review, the Federal Government absorbed electricity of N48.66bilion.

    NERC also disclosed that in October 2025, the Discos recorded 83.99 per cent billing efficiency, 82.66 per cent collection efficiency and 82.49 per cent recovery efficiency.