Category: Business

  • FCMB Group’s shareholders okay N400b new capital raise

    FCMB Group’s shareholders okay N400b new capital raise

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

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

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

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

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

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

    Read Also: Nwifuru approves N150,000 Christmas bonus for Ebonyi workers

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

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

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

  • Microsoft gives 350,000 Nigerians AI skills

    Microsoft gives 350,000 Nigerians AI skills

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

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

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

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

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

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

    Read Also: Nwifuru approves N150,000 Christmas bonus for Ebonyi workers

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

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

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

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

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

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

  • IPMAN reminds new NMDPRA boss of N190b bridging claims

    IPMAN reminds new NMDPRA boss of N190b bridging claims

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Thursday reminded the newly appointed Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Chief Executive Officer, Said Aliyu Mohammed, of the N190billion the members are owed as bridging claims.

    Speaking in a press conference in Abuja, the association’s national president, Alhaji Abubakar Maigandi, urged the new Authority boss to address the debt with urgent concern upon assumption of office.

    His words, “While congratulating the new heads of the oil & gas regulatory bodies, IPMAN would like to remind them of the long outstanding bridging claims owed our members totalling over N190 billion.”

    “We specifically call on the NMPDRA’s new leadership to immediately make this debt a cause for serious concern as he assumes his new position.”

    Maigandi stated that IPMAN has reached an agreement with the Dangote Petroleum Refinery to supply Premium Motor Spirit (PMS) – also known as petroleum to its registered members.

    He noted that there will be no gap or scarcity in petrol supply to Nigerians as its members control 80 per cent of the downstream sector.

    He also said the price of the product would soon drop when Dangote Refinery resumes free delivery of the products to its stations.

    “We are also excited about the recent agreement by the Dangote Refinery to begin the supply of PMS products directly to registered IPMAN members, and its free delivery to our filling stations anywhere and everywhere in Nigeria, which will commence in January 2026. This will certainly lead to a further decrease in the pump price of the products at our filling stations.”

    He called on all IPMAN members nationwide to prioritise patronising the Dangote Refinery in their purchase of PMS products, as they already offer the best affordable prize for all marketers today.

    “At IPMAN, we have no doubt as to the viability of the oil and gas policies being initiated by the federal government, and we have ceaselessly called and sought enhanced cooperation across all levels of governance in the oil and gas sector. Hence, our repeated persuasion to always partner with the Dangote refinery, to ensure the steady availability of PMS products.”

    On the N190 billion debt, he said the association’s position has always been to deepen domestic refining to eradicate imports of petroleum products.

    “Continuous import is not an acceptable parallel business model because issuing import licenses recklessly distorts market dynamics, drains foreign exchange, enthrone poverty, destroys jobs, and scares potential investors away.”

  • Deborah Idowu drives inclusive entrepreneurship with skillbridge empowerment initiative

    Deborah Idowu drives inclusive entrepreneurship with skillbridge empowerment initiative

    Across Nigeria, women, young people, children and internally displaced persons continue to face barriers to economic empowerment. From lack of capital to limited access to education, training and digital tools, many remain locked in cycles of poverty.

    Skillbridge Empowerment Initiative, an initiative founded by Deborah Idowu, is working to provide pathways out of these challenges. The organisation combines entrepreneurship training, financial inclusion, and community development, and has reached thousands of people in underserved communities.

    One of its flagship projects, the Grassroots Entrepreneur Support Initiative, has supported more than 100 low-income individuals to start microenterprises in agriculture, crafts, and food production. 

    “We want people to look at themselves as contributors to the economy, not just as dependents,” Deborah explained. “When a woman or a young person can generate income, it lifts an entire family and sometimes an entire community.”

    To address the common problem of capital access, Skillbridge introduced a micro-grant matching scheme in collaboration with Metamorphosis Outreach Team that enabled more than 70 women-owned businesses to secure seed funding from cooperatives and angel donors. 

    According to Idowu, the result has been encouraging. “In just one year, we saw a 50 per cent increase in the survival rate of these businesses. It shows that with a little support, small ideas can grow into lasting enterprises.

    In a country where informal traders make up a large portion of the workforce, Skillbridge has embraced innovation through the ‘Business in a Backpack’ Toolkit, a mobile learning kit designed for market women and street vendors. Over 150 participants have improved their financial literacy by an average of 25 percent through the program. 

    “Most of these traders are eager to learn but have no time to attend long training sessions,” Deborah said. “By taking learning to them in a simple format, we break down the barriers that keep learning out of reach.” 

    Another of Skillbridge’s milestones, the Community Enterprise Accelerator, has trained 75 aspiring entrepreneurs through a 6-week training program that resulted in 58% of participants registering their businesses and 35% accessing digital marketplaces. Deborah described this outcome as “a sign that grassroots entrepreneurs are ready to embrace formal systems if given the right tools.”

    Beyond entrepreneurship, Deborah’s vision extends deeply into community development and inclusion. Through Skillbridge and her work with the Metamorphosis Christian Center, she has organized training programs for internally displaced persons, single mothers, and people with disabilities, reaching more than 600 individuals with workshops on branding, compliance, and cooperative marketing. “For us, inclusion is not just a buzzword. We want to ensure that those often excluded from economic life have a fair chance to participate,” she said.

    Yet, her work doesn’t stop at business empowerment. With education in northern Nigeria facing a staggering crisis,millions of children out of school due to poverty, early marriage, and insecurity, Idowu and her team have stepped in. Through Skillbridge Empowerment Initiative, they are currently sponsoring the education of 5 children from northern Nigeria, with plans to expand the number of children every year.

    “Education is the foundation of transformation,” she said. “If we don’t educate these children, we are only recycling poverty. Every child deserves the chance to dream and become.”

    Idowu’s broader impact reflects her drive for excellence and sustainability. She co-founded a thriving food manufacturing company that grew from an initial ₦9,000 investment to generating over ₦101 million in annual revenue. The company now employs and empowers several women, creating ripple effects of economic independence across households.

    As a certified professional in Food Safety and Good Manufacturing Practices (GMP) and an alumna of the MTN Foundation Yellopreneur Programme, Deborah continues to merge business growth with social impact. Under her leadership, women-led supply chain networks have been strengthened, cutting raw material costs by 15 percent and improving profit margins.

    Looking ahead, Idowu envisions scaling the organization’s reach through a hub that integrates digital finance, vocational education, and women-led enterprises. “The future of Africa’s growth lies in equipping communities at the grassroots,” she emphasized. “We are here to empower, to include, and to sustain.”

    Through Skillbridge Empowerment Initiative, Deborah Idowu is not just empowering entrepreneurs; she is shaping a generation of changemakers and building a continental movement that redefines inclusive entrepreneurship. Her vision for empowerment, education, and enterprise is transforming communities in Nigeria and laying the foundation for Africa’s next wave of sustainable growth and shared prosperity.

  • FG issues certificate of compliance for Bakassi deep seaport

    FG issues certificate of compliance for Bakassi deep seaport

    The proposed Bakassi Deep Seaport in Cross River State received a major boost with the issuance of a Certificate of Compliance by the Federal Ministry of Marine and Blue Economy, a development Governor Senator Bassey Edet Otu described as “a momentous and defining milestone in our collective march toward economic rebirth.”

    Receiving the certificate from the Minister of Marine and Blue Economy, Adegboyega Oyetola, at the ministry’s headquarters in Abuja on Wednesday, Otu said the approval signified that “the Bakassi Deep Seaport has moved decisively from vision to verifiable reality,” adding that “this is a statement of confidence in Cross River State and in Nigeria’s maritime future.”

    The Governor noted that the development followed closely on the heels of the approval of the Bakassi Deep Seaport by the Federal Executive Council (FEC) as one of three transformative Public–Private Partnership (PPP) projects. “When the Federal Executive Council speaks with such clarity, it sends a powerful signal to investors that this project is credible, bankable and irreversible,” he said.

    Described as a strategic maritime infrastructure expected to attract about $3.5 billion in private investment, the Bakassi Deep Seaport is projected to redefine Nigeria’s shipping and logistics landscape. Governor Otu stressed that “this project is not just about ships and cargo, but about jobs, industrialization and positioning Nigeria competitively within global trade corridors.”

    Speaking at the handover ceremony, the Governor emphasized the strategic relevance of Cross River State to Nigeria’s maritime aspirations. “Cross River State is strategically located to help Nigeria realize its maritime potential, much like Brazil and other coastal nations with robust marine economies,” he said, adding that “with our growing population and finite resources, projects of this magnitude offer a veritable pathway to investment inflows and mass job creation.”

    “Today is historic,” Otu declared. “It is a major milestone in our journey toward building a viable marine and blue economy through the Bakassi Deep Seaport. Nigeria is underperforming in this sector, and we have resolved that Cross River State will not only participate, but will lead. Receiving this certificate today strengthens our balance, sharpens our focus, and reinforces our confidence that we are firmly on track.”

    The Governor also commended President Bola Ahmed Tinubu for establishing the Ministry of Marine and Blue Economy, saying, “The creation of this ministry is visionary and timely. Mr. President has demonstrated uncommon foresight, and the choice of Minister Oyetola has brought professionalism, speed and purpose to the sector.”

    Oyetola lauded Otu’s vision and urgency, describing the Bakassi Deep Seaport as “perfectly aligned with the Renewed Hope Agenda of President Bola Tinubu.” 

    He added: “The Governor’s passion, speed and dedication stand out. Out of several similar projects nationwide, Bakassi shows strong promise of being the first to be realized. The Federal Government is happy to support this initiative and will work closely with the state to ensure its successful delivery.”

    Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Osedion Ewalefoh, described the project as “a game-changer for Nigeria’s maritime and logistics ecosystem.” 

    He said: “The Bakassi Deep Seaport will serve as a new maritime gateway for the North-Central and North-East, function as a logistics hub for West and Central Africa, create thousands of jobs, and position Nigeria as a preferred maritime destination through its greenfield design, industrial cluster and Free Trade Zone.”

  • SMEDAN unveils 2026 roadmap to boost MSMEs with low-interest loans, job creation

    SMEDAN unveils 2026 roadmap to boost MSMEs with low-interest loans, job creation

    The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has reaffirmed its commitment to providing single-interest loans to Micro, Small, and Medium Enterprises (MSMEs) as part of ongoing government support for the sector. 

    The agency also unveiled its 2026 roadmap aimed at creating more jobs, easing access to affordable financing, and driving inclusive growth for small businesses nationwide.

    The Director-General of SMEDAN, Charles Odii, disclosed this during an interactive session with the media in Abuja, highlighting plans to build on the agency’s 2025 achievements. 

    The 2026 agenda includes creating over 90,000 direct jobs and disbursing ₦12 billion in affordable financing to MSMEs across Nigeria.

    Odii emphasised the importance of reducing the cost of doing business for small enterprises while ensuring government interventions reach their intended beneficiaries. 

    “Our focus is job creation and ensuring that small businesses can access finance at single-digit interest rates; anything above that is not sustainable for MSMEs, and the agency will not be a part of it,” he said.

    He added that SMEDAN will expand low-cost funding through partnerships with the Bank of Industry, state governments, and other development partners. Several states, including Kaduna, Enugu, and Zamfara, have adopted a matching-fund model, committing up to ₦1 billion each to support MSMEs in their jurisdictions. 

    Under these arrangements, funds can be accessed for three main purposes: boosting working capital, procuring workspaces or farms, and acquiring essential work tools, with strict monitoring to ensure funds are used solely for business growth.

    Beyond financing, SMEDAN is prioritising skills acquisition and inclusion, particularly for vulnerable and marginalized groups. 

    A key initiative in the 2026 roadmap is an inmate rehabilitation and reintegration programme, which will provide vocational training to prison inmates six months to a year before their release.

    “The initiative is designed to break the stigma faced by formerly incarcerated persons and reintegrate them into the productive economy. Many have told us that because of stigma, people do not want to employ them. SMEDAN wants to equip them with skills and work with employers to absorb them back into the workforce as responsible, employable citizens,” Odii explained.

  • NADF moves to fix farm input gaps, targets higher productivity

    NADF moves to fix farm input gaps, targets higher productivity

    The National Agricultural Development Fund (NADF) has engaged key stakeholders across the agribusiness value chain to review and strengthen modalities for improving agricultural input supply and boosting productivity in Nigeria.

    The engagement took place at the NADF Farm Input Supply Programme roundtable with processors held in Lagos.

    Speaking at the forum, the Executive Secretary of NADF, Mohammed Ibrahim, said the Fund remains committed to evidence-based learning and continuous process improvement as it reviews the first phase of the programme.

    Ibrahim, who was represented by the Head of Corporate Services, NADF, Abiodun Sosanya, explained that the pilot intervention was designed to enhance input supply and agricultural productivity across grower systems nationwide.

    He acknowledged that the pilot phase faced challenges that affected planting cycles and expected yields, noting that such difficulties highlighted the complexity of implementing large-scale agricultural interventions.

    “These challenges are real, and they underscore the complexity of implementing agricultural interventions such as the NADF–Farm Inputs Supply Programme,” he said.

    Despite the setbacks, Ibrahim reaffirmed the Fund’s commitment to working closely with processors to improve accountability and strengthen operational efficiency. 

    He urged processors to actively engage the Fund to achieve practical outcomes that would support improved input systems, increased productivity, and broader national agricultural transformation.

    “As we reflect on the implementation of the first phase of this programme, the NADF remains firmly committed to evidence-based learning and continuous process improvement for optimal efficiency in the delivery of our mandate.

    “The NADF remains optimistic that your insights, experiences, and recommendations will play an important role in shaping a more efficient, transparent, and climate-responsive second phase of the programme, ensuring better impact and sustainability,” he added.

    Industry players at the roundtable commended the initiative while calling for improvements ahead of the next phase.

    The Chief Executive Officer of Vemac Farms Limited, Oyo State, Femi Ojelade, said food security in Nigeria requires stronger collaboration among processors, smallholder farmers, and government agencies. He urged the NADF to ensure the timely delivery of inputs ahead of planting seasons.

    “We understand it’s the first phase. But in the second phase, they have to work assiduously to make sure that most processors actually get their inputs at least a month before the planting season,” Ojelade said.

    Similarly, the Managing Director of Arog Bio Allied Agro Services Limited, Aroge Temitope, described the scheme as supportive in ensuring a steady flow of raw materials along the agribusiness value chain.

    “For us, it’s a good project, and it’s actually very supportive of food security and wealth creation in rural areas,” he said.

    Temitope noted that the programme came at a critical time for his company, enabling it to access inputs and support for its outgrower base. He disclosed that through the NADF Agro 1.0 scheme, his firm was able to cultivate sufficient cassava for the 2025 and 2026 seasons across Ogun, Ondo and Ekiti states.

    On the future direction of the programme, the Head of Strategy and Planning at NADF, Adebanke Fajana, said the Fund aims to reach five million smallholder farmers under its Agro 2.0 scheme.

    According to her, the NADF is leveraging processors within the organised private sector as channels to reach smallholder farmers more effectively.

    Fajana said the Fund is working closely with processors to address challenges and lessons identified during the pilot phase, with a view to improving coordination and implementation in subsequent iterations.

    “We have a very robust system of monitoring and evaluation, with regional and state monitors who have boots on the ground to assess cultivation levels, input usage, and adoption of good agronomic practices,” she said.

    She added that the approach ensures not only the provision of inputs, but also their proper utilisation and the adoption of best agronomic practices by end-users, to maximise productivity and impact.

  • Tin Can Customs leverages media capacity workshop to drive reforms

    Tin Can Customs leverages media capacity workshop to drive reforms

    The Tin Can Island Port Command of the Nigeria Customs Service (NCS) has trained over 100 maritime journalists in a sustained capacity-building programme aimed at strengthening compliance, trade facilitation, and accurate reporting as Customs accelerates its modernisation drive anchored on the Customs Act 2023 and the B’Odogwu Unified Customs Management System.

    The second batch of the Maritime Journalists Training Workshop, held at the Command on Wednesday, underscored Customs’ push to align Nigeria’s port operations with global best practices while closing knowledge gaps that often fuel misconceptions about cargo clearance, port delays, and compliance enforcement.

    Declaring the workshop open, the Customs Area Controller (CAC), Tin Can Island Port Command, Comptroller Frank Onyeka, said the initiative came at a critical phase of the Service’s reforms, stressing that an informed media was indispensable to transparency, accountability, and public enlightenment in the maritime sector.

    He said, “The media, especially maritime journalists, play a strategic role in this journey, as partners in information dissemination, public enlightenment, and accountability.

    “As we deliberate on compliance, collaboration, and modernisation, our collective goal is to align the Nigeria Customs Service with global best practices while promoting national economic growth and national security.”

    He explained that the training was designed to deepen journalists’ understanding of Customs operations, compliance requirements, and trade facilitation tools, while also addressing long-standing misconceptions surrounding port processes. 

    Onyeka added that the Comptroller-General of Customs, Dr. Adewale Adeniyi, places high priority on stakeholder collaboration, noting that effective service delivery could only be achieved through collective effort with the media, private sector operators, and other government agencies.

    The workshop, which had as its theme “Compliance, Collaboration and Modernisation: Aligning the Nigeria Customs with Global Best Practices,” featured five technical and professional sessions covering the NCS Act 2023, the B’Odogwu platform, the Authorised Economic Operator (AEO) programme, Time Release Study (TRS), global supply chain security under the World Customs Organisation (WCO) SAFE Framework of Standards, and ethics in maritime journalism.

    In Session one, Deputy Comptroller Chinyere Nwachukwu provided an overview of the NCS Act 2023, explaining that the law repealed the Customs and Excise Management Act (CEMA) of 1958 after 65 years, in response to rapid technological advancement and evolving global trade practices. She said the new Act introduces clearer institutional structures, expands enforcement and investigative powers, modernises procedures, and embeds trade facilitation and compliance provisions aligned with international standards.

    According to her, the Act prescribes stiffer sanctions to deter violations, including imprisonment, fines of up to N50 million, monetary penalties, forfeiture of goods, and the suspension or revocation of licences. 

    “A proper understanding of the NCS Act 2023 will enable maritime journalists to report more accurately on trade, enforcement, and port activities, thereby promoting transparency and accountability,” she noted.

    The second session focused on the B’Odogwu Unified Customs Management System, with Assistant Comptroller Mary-Anne Egwunyenga describing the platform as more than an IT solution but a legally grounded trade facilitation and governance tool driving Customs reforms. 

    She said B’Odogwu directly impacts cargo clearance timelines, cost of doing business, revenue assurance, and trade data integrity by simplifying and automating processes without weakening regulatory control.

    “B’Odogwu makes legitimate trade faster, more predictable, and more transparent, while strengthening risk management and inter-agency collaboration,” Egwunyenga said, highlighting features such as paperless PAAR processing, improved cargo tracking, smarter data management, and nationwide visibility of cargo movement.

    On customs modernisation, AC Adeiza Ibrahim explained that the AEO programme and Time Release Study are flagship instruments aligning Nigeria with WCO standards, aimed at easing bottlenecks, improving competitiveness, and strengthening revenue assurance across ports and border stations.

    Addressing global supply chain security, Deputy Comptroller Azikiwe Ejidoh said modern Customs administration must balance trade facilitation with effective control. 

    He described security as a collective responsibility and outlined the WCO SAFE Framework’s three pillars, including Customs-to-Customs, Customs-to-Business, and Customs-to-Other Government Agencies cooperation, as critical to building a secure and resilient global supply chain.

    Beyond technical sessions, the workshop also challenged journalists on professionalism and ethics. In a presentation titled “Recalibrating the Compass: Character as the True North of Maritime Journalism,” Publisher of Inside Watch Africa, Oluwaseyi Adeyemo, urged reporters to see themselves as critical stakeholders in the growth of Nigeria’s maritime industry.

    “If the maritime sector must grow, we must grow in character. Character is our true North. Nigeria does not need more maritime stories; Nigeria needs better maritime journalism,” Adeyemo said.

    Earlier, the training coordinator, Innocent Orok, said the programme was conceived in 2024 following a media report alleging that Customs caused delays to extort importers, leading to high demurrage and increased prices of goods. He explained that such issues had been addressed decades ago through trade facilitation tools, highlighting the need to equip journalists with accurate knowledge of Customs processes.

    Orok said the first batch of the training was held on November 1, 2024, under the leadership of the then Comptroller, now Deputy Comptroller-General, Dera Nnadi, while the second batch was organised to accommodate more journalists. He commended Comptroller Onyeka for what he described as an unprecedented commitment to media development and capacity building.

    Participants from across the maritime media spectrum described the programme as highly impactful, noting the training would significantly enhance the quality and depth of their reporting on Customs operations and the broader maritime industry.

    The one-day workshop concluded with the presentation of certificates, plaques, and modern electronic work tools to participants and resource persons, underscoring the Service’s commitment to strengthening professionalism in maritime journalism in line with its push to align port operations with global best practices.

  • Fed Govt backs Bakassi Deep Seaport as Oyetola issues compliance certificate

    Fed Govt backs Bakassi Deep Seaport as Oyetola issues compliance certificate

    The Bakassi Deep Seaport has achieved a major regulatory milestone as the Minister of Marine and Blue Economy, Adegboyega Oyetola, presented the project’s Certificate of Compliance to Cross River State Governor, Bassey Otu, following recent approval by the Federal Executive Council (FEC).

    The presentation, which took place in Abuja, signals fresh momentum for the deep seaport project and reinforces the federal government’s commitment to expanding the country’s maritime infrastructure under President Bola Tinubu’s Renewed Hope Agenda.

    Presenting the certificate, Oyetola described the Bakassi Deep Seaport as a strategic national asset capable of repositioning Nigeria as a competitive maritime and logistics hub. He assured that the federal government would continue to support Cross River State to ensure the successful delivery of the project.

    “This project has the capacity to significantly boost livelihoods, create jobs, and expand economic opportunities not only for Cross River State but for Nigeria as a whole,” Oyetola said.

    He also commended Otu for what he described as the commitment and pace at which the state government is driving the project, adding that sustained collaboration between the federal government, the state, and private sector partners would be critical to bringing the port to fruition.

    The minister linked the project directly to the administration’s broader economic and infrastructure reform agenda, noting that deep seaports remain central to Nigeria’s ambition to become a leading maritime and logistics hub in Africa.

    Receiving the certificate, Otu described the moment as historic, calling it a major milestone in Nigeria’s effort to unlock the full potential of the marine and blue economy.

    “Receiving this certificate is a significant boost that brings balance and momentum to our pursuit. I am confident that with the professionalism, diligence, and commitment of the ministry and private sector players, we are firmly on track with the deep seaport project,” he said.

    The governor said Cross River State is strategically positioned to play a leading role in Nigeria’s maritime development, drawing comparisons with Brazil and other coastal nations that have successfully leveraged maritime assets to drive economic growth.

    He also commended the president for establishing the Ministry of Marine and Blue Economy and for appointing Oyetola as minister, describing both decisions as timely and critical to the growth of the sector.

    Also speaking, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, described the Bakassi Deep Seaport as a game-changer for Nigeria’s maritime and logistics ecosystem.

    According to him, the project would open a new maritime gateway for the country’s North-Central and North-East regions, while strengthening Nigeria’s position as a major logistics hub for West and Central Africa.

    The Bakassi Deep Seaport is expected to complement existing port infrastructure, decongest major gateways and support the Federal Government’s drive to expand trade, boost revenue and deepen participation in the blue economy.

  • NDIC, NIBSS move to fast-track depositors’ payouts in bank failures

    NDIC, NIBSS move to fast-track depositors’ payouts in bank failures

    The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) Plc are set to formalise a strategic partnership aimed at dramatically improving the speed, accuracy, and reliability of depositor reimbursement in the event of bank failures, it has emerged.

    The Memorandum of Understanding (MoU) would strengthen Nigeria’s financial safety-net framework by introducing a more digitised, responsive, and technology-driven process for reimbursing depositors of failed banks.

    The agreement would focus on real-time synchronisation of NDIC’s deposit registers and electronic records to enable swift verification of eligible accounts during bank resolution.

    The planned MoU was disclosed on Wednesday by the Managing Director and Chief Executive Officer (MD/CEO) of the NDIC, Oludare Sunday, during a courtesy visit to the Corporation’s headquarters in Abuja by the NIBSS Executive Management team led by its MD/CEO, Premier Oiwoh.

    According to the NDIC boss in a statement on Wednesday by Hawwau Gambo, the Head, Communication and  Public Affairs Department at the corporation, the MoU will also expand disbursement channels for depositor claims to include Mobile Money Operators, with consideration for a possible NDIC-branded mobile interface to facilitate faster payments.

    He added that the partnership would support investment in Single Customer View and interoperability infrastructure to ensure instant validation of depositor information when banks fail.

    Sunday highlighted the pivotal role of NIBSS in strengthening digital verification processes in Nigeria’s banking system, particularly through the Bank Verification Number platform.

    He said the BVN system enabled the seamless reimbursement of depositors of the failed Heritage Bank Limited by allowing payments to be made directly into depositors’ alternate bank accounts.

    “You have been a reliable partner, and NDIC remains committed to that partnership. Without NIBSS’s support, it would have been difficult to achieve the milestone we attained with the closure of Heritage Bank despite the impromptu nature of the arrangement.

    “That is why it is important for us to concretise our partnership through this MoU,” he noted.

    The NDIC boss also commended NIBSS for reforming Nigeria’s payment system and positioning it ahead of many peers globally, noting that the platform has played a significant role in mitigating fraud across the financial system.

    Responding, NIBSS CEO, Premier Oiwoh, reaffirmed his organisation’s commitment to supporting the NDIC in the discharge of its depositor protection mandate. He said NIBSS exists to serve Nigerians and remains ready to provide the technological backbone required to enhance stability in the financial system.

    Oiwoh stressed that prompt and efficient reimbursement during bank failures is critical to sustaining public confidence and advancing financial inclusion, adding that NDIC’s reimbursement efforts directly strengthen trust in the banking system.

    He further disclosed that NIBSS is working closely with law enforcement agencies to proactively reinforce the safety of Nigeria’s payment infrastructure, while also upgrading its systems to reduce transaction costs across its platforms.

    The planned MoU is expected to institutionalise collaboration between both agencies, ensuring faster, safer and more transparent reimbursement of depositors whenever bank failures occur.