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Naval Chief calls for special maritime court to combat crude theft

By
Kehinde Victor
-
Nigeria’s Oil Reserves Slumps By 543 Million Barrels In Four Years
Nigeria’s Oil Reserves Slumps By 543 Million Barrels In Four Years

Key points

  • The mastermind behind crude oil theft in Nigeria usually remains hidden from security agencies, leaving only low-level workers captured at illegal refining sites.
  • Vice Admiral Idi Abbas stated that the delicate structure of oil theft syndicates complicates prosecution because arrested workers often do not know who employs them.
  • Increased deployment of technology-driven surveillance, intelligence gathering, and monitoring systems has helped curb oil theft and secure national assets.
  • The Nigerian Navy reported that the nation’s coastal and riverine communities are relatively safe, with sea robbery and pipeline vandalism largely contained.
  • The Chief of the Naval Staff advocated for a specialized maritime court to accelerate justice and relieve the Navy of the high financial costs of maintaining seized vessels.

Main Story

The Chief of the Naval Staff, Vice Admiral Idi Abbas, says the masterminds behind crude oil theft in Nigeria often remain hidden from security agencies.

He stated that individuals arrested at illegal refining sites are usually low-level operatives with little knowledge of the larger criminal network.

Speaking on Channels Television’s Sunrise Daily on Friday, Abbas noted that many of those apprehended during operations are merely workers paid small sums.

He explained that the complex structure of oil theft syndicates makes it difficult to identify and prosecute the individuals who orchestrate the criminal enterprise. According to the Naval Chief, prosecution is often complicated because many arrested suspects have little or no information about the people directing the operations.

Despite these challenges, Abbas said the Nigerian Navy and other security agencies are continually refining their strategies to counter the evolving tactics of oil thieves. He stated that the adoption of technology-driven surveillance, intelligence gathering, and monitoring systems has significantly enhanced efforts to curb crude oil theft and protect critical national assets.

The Naval Chief reaffirmed the commitment of the Nigerian Navy to sustaining operations against oil theft, stressing that collaboration among security agencies, stakeholders, and host communities remains essential.

Meanwhile, Vice Admiral Abbas stated that Nigeria’s coastal and riverine communities are relatively safe. He said the Nigerian Navy has made significant progress in reducing threats along the coast, particularly illegal oil-related activities and sea robbery.

While crude oil theft and isolated cases of sea robbery remain areas of concern, he noted that the Navy has been largely successful in containing such activities through intensified surveillance and enforcement operations.

The Chief of the Naval Staff also called for the establishment of a special court dedicated to prosecuting maritime crimes. He said the proposed court would focus exclusively on cases involving crude oil theft and other maritime-related offences, helping to address delays associated with the conventional judicial process.

According to him, the establishment of such a court would significantly accelerate the dispensation of justice and reduce the substantial operational costs currently incurred by the Navy in maintaining seized vessels and other exhibits pending judgment.

The Issues

  • Penetrating highly insulated, multi-layered criminal syndicates where low-level field workers have no direct knowledge of their employers.
  • Sustaining high operational and maintenance costs for seized vessels held in naval custody during prolonged conventional court trials.
  • Balancing ongoing tech upgrades in coastal surveillance with community-level collaboration to completely halt environmental pollution in the Niger Delta.

What’s Being Said

  • Explaining the disparity between the low-level laborers caught at production sites and the actual financial beneficiaries of the illegal trade, Vice Admiral Idi Abbas stated: “Most of the faces behind these thefts are not really known or are not the ones we always catch. The ones we get at most of the illegal refinery sites are just being given some paltry sum, while the big masquerades are the ones that make the real money,”
  • Outlining why the prosecution of field suspects rarely leads to the destruction of the broader criminal enterprise, Abbas added: “In trying to prosecute some of these people that we get, some of them don’t even know who they are working for. So, the network is a very delicate one,”
  • Emphasizing the role of modern monitoring infrastructure in matching the adaptive tactics of oil bunkering networks, the Naval Chief noted: “As they are evolving strategies, we are also evolving new strategies. Like I keep saying, technology is the way forward. With that, we have been able to reduce the level of theft,”
  • Summarizing the current security situation within the country’s deltaic and maritime borders, he declared: “As it stands today, I can say that our coastal areas and the riverine areas are relatively safe,”
  • Identifying the specific maritime offenses that naval forces are actively suppressing along the waterways, he explained: “What we are contending with mostly there is the issue of crude oil theft and some pockets of sea robbery, which we are able to curtail,”
  • Calling for institutional legal reforms to handle arrested sea criminals on Friday’s broadcast, Abbas urged: “What we are pushing for is that we should have a special court that will try these maritime criminals,”
  • Explaining how a specialized fast-track judicial process would directly save the military from unnecessary asset management expenditures, he concluded: “If we have that in place, I believe the dispensation of justice will be done much faster and then ease the burden of keeping and maintaining some of the arrested vessels, which will be taken off from us because we spend a lot to maintain those vessels under our custody,”

What’s Next

  • The Nigerian Navy will continue to deploy and refine technology-driven surveillance and monitoring systems along volatile channels.
  • Maritime stakeholders and military leadership will look to advance advocacy for legislative action establishing a dedicated special maritime court.
  • Joint security teams will maintain intensified enforcement and surveillance operations to clear out remaining pockets of sea robbery and illegal refining camps.

Bottom Line

The Navy has declared Nigeria’s coastal waters relatively safe but notes that the masterminds of crude oil theft remain shielded behind low-level operatives, prompting Vice Admiral Idi Abbas to call for a special maritime court to fast-track justice and eliminate the high cost of holding seized vessels.

NSE calls for stronger security measures, urges upward review of minimum wage

Global oil prices plunge amid hopes of Middle East diplomatic progress

By
Kehinde Victor
-

Key points

  • Global crude oil prices dropped by approximately $3 per barrel following a ceasefire agreement between Israel and Lebanon.
  • Brent crude futures fell 3.27 percent to $94.61 per barrel, while US West Texas Intermediate plummeted 3.86 percent to $92.31 per barrel.
  • US crude stockpiles fell sharply by 8 million barrels for the week ended May 29, doubling the 4-million-barrel draw projected by market analysts.
  • Deputy Prime Minister Alexander Novak publicly acknowledged a drop in Russian oil output since the beginning of the year, attributing it to unplanned refinery maintenance.
  • Despite international price drops, the Nigerian masses face surging fuel prices and heightened inflationary pressures even as NNPC Limited and the Dangote refinery record major revenue gains.

Main Story

International crude oil prices dropped by approximately $3 per barrel as market investors reacted to a potential cooling of geopolitical tensions in the Middle East.

Market optimism grew following prospects of a broader ceasefire agreement, which market participants anticipate could eventually clear the way for the reopening of the strategic Strait of Hormuz.

The downward price movement followed official statements from Israel and Lebanon indicating an agreement to execute a ceasefire. This diplomatic development has heightened market expectations regarding broader diplomatic progress involving the United States and Iran, given that Tehran had previously conditioned any agreement on a cessation of hostilities between Israeli forces and the Iran-aligned Hezbollah group in Lebanon.

The price corrections sharply reversed gains from the previous session. Brent crude futures plummeted by $3.20 to settle at $94.61 per barrel, while the United States West Texas Intermediate (WTI) crude fell by $3.71 to close at $92.31 per barrel. Both benchmarks had climbed by roughly two percent during the preceding trading session following a flare-up of friction in the Gulf region, which included reported Iranian military strikes on Kuwait and retaliatory American military operations near the Strait of Hormuz.

Simultaneously, legislative updates from the United States showed that the Republican-led House of Representatives passed a resolution designed to restrict former President Donald Trump from initiating or continuing unilateral military campaigns against Iran. However, the legislative measure faces a steep path forward, requiring approval from the Senate and a mandatory two-thirds majority across both congressional chambers to override an anticipated presidential veto.

On the global supply side, the market received notable disclosures from major producing nations and inventory managers. For the first time, a high-ranking Russian official publicly acknowledged a reduction in domestic oil output, with Deputy Prime Minister Alexander Novak attributing the year-to-date production drop to unscheduled maintenance operations across Russian refining facilities.

Concurrently, data published by the US Energy Information Administration (EIA) revealed a massive contraction in domestic crude inventories, which drew down by 8 million barrels to hit a total of 433.7 million barrels for the week wrapped up on May 29. This decline doubled the 4-million-barrel draw forecasted by industry analysts in a pre-release poll.

Domestically, the impact of these global market shifts presents a complex fiscal picture for Nigeria. While the state-owned Nigerian National Petroleum Company Limited reported an increase of over 70 percent in its revenue and profits, and the private Dangote refinery capitalized on high fuel export volumes, local consumers continue to bear the burden of expensive fuel prices, worsening nationwide inflation risks.

The Issues

  • Balancing international crude benchmark declines against localized retail fuel price hikes that drive domestic inflation.
  • Navigating extreme energy market volatility caused by rapid shifts in Middle Eastern geopolitics and Strait of Hormuz security.
  • Assessing the long-term impact of unplanned refining maintenance on Russian oil output and global supply calculations.

What’s Being Said

  • Highlighting the dual forces of international politics and domestic stock adjustments currently shaping crude oil trade behaviors, oil traders noted that the combination of easing geopolitical fears and shifting supply data continued to drive volatility in global crude markets.

What’s Next

  • The US Senate will deliberate on the House-approved resolution aimed at restricting unilateral military action against Iran.
  • Energy analysts will track whether the Israel-Lebanon ceasefire successfully paves the way for wider diplomatic talks between Washington and Tehran.
  • Nigerian fiscal authorities will face mounting pressure to address the disconnect between rising state oil revenues and the high fuel prices burdening the masses.

Bottom Line

Global oil prices plummeted as Brent crude dropped over 3 percent to $94.61 following a ceasefire agreement between Israel and Lebanon, overriding a massive 8-million-barrel draw in US stockpiles and leaving Nigeria in a contradictory position where state and corporate oil revenues are soaring while citizens face inflationary fuel prices.

Ghana loses $200m annually to floods, droughts — GMet

Ghana loses $200m annually to floods, droughts — GMet

By
Ibe Wada
-

 Key points

  • The Ghana Meteorological Agency (GMet) says the country loses about $200 million annually to floods and droughts.
  • Climate-related disasters, including the 2023 Akosombo Dam spillage and 2015 Accra floods, have caused massive economic losses and displacement.
  • GMet warns that climate losses will rise without stronger early warning systems and resilience measures.

Main story

The Ghana Meteorological Agency (GMet) has disclosed that Ghana loses approximately $200 million annually due to the impact of floods and droughts across the country.

The Deputy Director-General of GMet, Ignatius Williams, disclosed during a courtesy visit by the Climate Beyond Borders Caravan (CBBC), an initiative of the People, Planet and Peace Foundation, in Accra.

Williams warned that Ghana is increasingly exposed to climate-related hazards, noting that the economic and human toll of such disasters continues to rise yearly.

He cautioned that without strengthened early warning systems and improved climate resilience strategies, the financial and social losses would continue to escalate.

Citing past disasters, Williams noted that the 2023 Akosombo Dam spillage led to severe flooding that destroyed livelihoods, displaced thousands of families, and resulted in estimated losses of about $141 million.

He also referenced the June 2015 Accra floods, which claimed more than 200 lives and caused economic and food losses estimated at $108 million.

According to him, drought conditions in 2024 affected 135,822 farmers across 571,745 hectares of farmland, significantly impacting agricultural productivity and food security.

Also speaking, Joseph Portuphy said the agency was established to provide timely and reliable meteorological and climate information to support national development and disaster risk reduction.

He explained that GMet’s mandate includes the collection, processing, archiving and dissemination of accurate weather data for sectors such as aviation, maritime operations and agriculture.

Portuphy noted that the agency operates under the Ghana Meteorological Agency Act, 2004 (Act 682), which guides its efforts to protect lives and property through accurate forecasting and climate services.

He added that GMet also works to integrate climate information into national policies to enhance resilience against extreme weather events such as flooding, drought and rising sea levels.

In another presentation, Felicity Ahfianyo said the agency has intensified efforts to align its operations with the standards of the World Meteorological Organization (WMO), particularly in data handling and equipment calibration.

She added that GMet remains Ghana’s official authority for meteorological data and ensures that climate information is made accessible to researchers and the public through official publications.

Meanwhile, Osim Kwatia II commended participants of the Climate Beyond Borders Caravan initiative during a reception at his palace.

He stressed the importance of collective action among governments, communities and organisations in addressing climate change challenges.

“We see climate change as a collective challenge and will continue to support efforts aimed at addressing it,” the traditional ruler said.

The issues

Ghana continues to face increasing climate vulnerability, with recurring floods and droughts affecting agriculture, infrastructure and livelihoods. Weak early warning systems and limited resilience infrastructure remain major challenges in reducing disaster impacts and economic losses.

What’s being said

GMet officials say climate disasters are becoming more frequent and costly, urging stronger investment in forecasting systems and national preparedness. Stakeholders also emphasise the need for coordinated action between government, traditional authorities and civil society to mitigate climate risks.

What’s next

Ghana is expected to strengthen its climate monitoring systems, improve early warning dissemination and integrate climate data into national development planning as part of broader resilience-building efforts.

Bottom line

With climate-related disasters costing Ghana millions of dollars annually, experts warn that only sustained investment in early warning systems, infrastructure and coordinated climate action can reduce future losses and protect vulnerable communities.

NSE calls for stronger security measures, urges upward review of minimum wage

NSE calls for stronger security measures, urges upward review of minimum wage

By
Ibe Wada
-
NERC

Key points

  • The Nigeria Society of Engineers (NSE) has urged the Federal Government to intensify efforts to tackle worsening insecurity across the country.
  • The body is also calling for a significant upward review of the national minimum wage to reflect rising economic pressures.
  • NSE says insecurity, inflation and high fuel costs are placing severe strain on Nigerians and the economy.

Main story

The Nigeria Society of Engineers (NSE) has called on the Federal Government to take urgent and decisive action to address the escalating insecurity challenges across the country, while also advocating for an upward review of the national minimum wage.

The NSE President, Ali Rabiu, made the call on Thursday in Abuja during the Society’s 2026 Second Quarter Dinner and the admission of over 214 engineers as Fellows.

Rabiu expressed concern over what he described as the rising wave of insecurity, including the abduction of teachers, pupils and other innocent citizens across various parts of the country.

He said the situation was unacceptable and required sustained and coordinated intervention from relevant security and government authorities.

“The indiscriminate abduction of teachers, pupils, and other innocent citizens is unacceptable and demands urgent and sustained action by the relevant authorities,” he said.

The NSE President stressed that the primary responsibility of any government is the protection and welfare of its citizens, noting that these priorities should supersede political considerations.

According to him, governance should focus on improving the wellbeing of citizens rather than being distracted by electoral or political ambitions.

“We believe strongly that a responsible government should prioritise the wellbeing of its citizens above all else, including mundane considerations such as re-election campaigns,” he said.

Rabiu also called for a substantial upward review of the national minimum wage, arguing that current economic conditions have made it increasingly difficult for Nigerian workers to cope with the cost of living.

“As a responsible corporate citizen, the Nigerian Society of Engineers joins other well-meaning Nigerians in calling on government to consider a substantive upward review of the national minimum wage for Nigerian workers,” he stated.

He noted that Nigeria possesses the resources and capacity to improve citizens’ living standards if the necessary political will and commitment are demonstrated.

The NSE President further highlighted the growing economic pressures facing households, including rising inflation, transportation costs and the increasing price of petroleum products.

He warned that many Nigerians now struggle to afford daily commuting costs due to fuel prices averaging around ₦1,350 per litre, a situation he said is affecting both workers and businesses.

Rabiu also emphasised the importance of collaboration among government, professional bodies, academia and industry stakeholders in addressing Nigeria’s complex developmental challenges.

He, however, urged the Federal Government to show greater responsiveness to the needs of citizens, particularly at a time when economic hardship and insecurity are intensifying.

“While we recognise that elections are drawing near and political campaigns have commenced in earnest, citizens must be safe, healthy and economically empowered for democracy to thrive,” he said.

The issues

Nigeria continues to grapple with rising insecurity, including kidnappings and violent crimes, alongside persistent inflation and high cost of living. These challenges are compounded by rising fuel prices, which have significantly increased transportation and production costs, placing pressure on households and businesses.

What’s being said

The Nigeria Society of Engineers insists that government must prioritise citizen welfare, strengthen security operations, and implement policies that improve economic conditions. It argues that meaningful development cannot occur without addressing insecurity and economic hardship simultaneously.

What’s next

The Federal Government is expected to continue reviewing security strategies and economic policies amid growing pressure from professional bodies and civil society organisations calling for urgent reforms, including wage adjustments and stronger security interventions.

Bottom line

The NSE’s appeal underscores mounting national concerns over insecurity and economic hardship, with experts warning that urgent and coordinated government action is needed to protect citizens and stabilise living conditions across the country.

Dangote refinery surpasses nameplate capacity, targets 1.4m barrels daily output

Dangote refinery surpasses nameplate capacity, targets 1.4m barrels daily output

By
Ibe Wada
-

 Key points

  • Dangote Petroleum Refinery has increased its crude processing capacity to 700,000 barrels per day, exceeding its official 650,000 bpd nameplate capacity.
  • The refinery plans to double output to 1.4 million bpd within the next 30 months, according to company officials.
  • The expansion is expected to strengthen Nigeria’s energy security, reduce fuel imports and boost refined product exports.

Main story

Dangote Petroleum Refinery & Petrochemicals has raised its crude oil processing capacity to 700,000 barrels per day (bpd), surpassing its official nameplate capacity of 650,000 bpd in a significant milestone for Nigeria’s energy sector.

The development was confirmed following a performance test conducted by the refinery’s process licensors, underscoring the facility’s growing operational efficiency and reinforcing its status as the world’s largest single-train petroleum refinery.

In a statement issued in Lagos, the company’s Head of Corporate Communications, Anthony Chiejina, said the achievement reflects the refinery’s robust engineering design and operational excellence.

Speaking on the refinery’s expansion plans, Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, disclosed that the company aims to increase processing capacity to 1.4 million bpd within the next 30 months.

According to Edwin, the expansion is part of a broader strategy to position the refinery among the world’s largest refining complexes while strengthening Nigeria’s energy independence.

He noted that increased production would further reduce the country’s dependence on imported petroleum products, enhance energy security and reinforce Nigeria’s role as a major exporter of refined petroleum products.

“The long-term vision is not only to satisfy domestic demand but also to establish the refinery as a leading refining hub for Africa and the global market,” Edwin said.

Owned by Nigerian businessman Aliko Dangote, the refinery commenced fuel production in 2024 and has steadily increased output of premium motor spirit (petrol), diesel, aviation fuel and other refined products.

The facility currently supplies both domestic and international markets, exporting petroleum products to several African countries as well as destinations across Europe, including United Kingdom, France, Spain, Italy and Netherlands.

The refinery has also exported gasoline to the United States and supplied jet fuel to Saudi Arabia, reflecting its expanding footprint in global energy markets.

Edwin said the refinery has become a stabilising force in the energy sector, particularly amid global supply disruptions caused by geopolitical tensions in the Middle East, with several African countries increasingly relying on its products to bolster energy security.

In April, the refinery was recognised by S&P Global Commodities as the world’s largest exporter of jet fuel, highlighting its growing influence in international petroleum trade.

Industry analysts say the refinery has contributed significantly to improving fuel availability in Nigeria by reducing reliance on imported products and easing pressure on the country’s foreign exchange reserves.

The increase in production capacity has also attracted greater interest from international crude suppliers and commodity traders, with the refinery sourcing feedstock from both domestic and foreign producers.

The issues

Nigeria has long struggled with inadequate domestic refining capacity, forcing the country to rely heavily on imported petroleum products despite being one of Africa’s leading crude oil producers. Expanding local refining capacity is viewed as critical to achieving energy security, reducing import costs and creating value from the nation’s crude resources.

What’s being said

Dangote Industries says the refinery’s performance demonstrates its operational strength and supports the company’s ambition to become a major global refining player. Industry stakeholders believe the expansion could significantly reshape petroleum product supply chains across Africa and beyond.

What’s next

The refinery is expected to continue scaling up operations as it pursues its target of reaching 1.4 million bpd within the next 30 months. Increased production is likely to boost exports, strengthen domestic fuel supply and attract additional investment into Nigeria’s downstream petroleum sector.

Bottom line

By exceeding its designed processing capacity and unveiling plans for further expansion, Dangote Refinery is consolidating its position as a strategic asset for Nigeria’s economy and an increasingly influential player in global energy markets.

NNEW appoints Morounfayo Williams as Governing Council Chairperson

NNEW appoints Morounfayo Williams as Governing Council Chairperson

By
Ibe Wada
-

The Nigerian Network of Entrepreneurs for Empowerment (NNEW) has appointed Mrs. Morounfayo Oluwatoyin Williams as the Chairperson of its Governing Council, bringing on board a seasoned entrepreneur, business development expert, and organisational development consultant with over 25 years of experience in enterprise development and leadership.

Williams’ appointment is expected to strengthen the organisation’s drive towards advancing entrepreneurship, women’s economic empowerment, business growth and innovation across Nigeria.

A highly respected figure in the entrepreneurship ecosystem, Williams currently serves as Executive Director of Rely Supply Limited, a health and safety company, and Managing Consultant of Simply Exponential Consult Limited, owners of Exponential Hub, a personal and organisational development firm.

She is an International Labour Organization (ILO)-certified Start and Improve Your Business (SIYB) Master Trainer and has earned recognition as a Women’s Economic Empowerment and Access to Finance Facilitator. She is also a German Dual Vocational Training (DVT) Certified Trainer and Fellow of the International Management Consultants Board (FIMCB®).

Over the course of her career, Williams has trained, mentored and coached numerous small and medium-scale enterprises (SMEs), start-ups, women entrepreneurs and young innovators, helping them build sustainable businesses and improve their access to growth opportunities.

Her contributions to entrepreneurship development have extended beyond Nigeria through collaborations with leading international organisations, including AfriLabs, the African Union and the World Bank, where she has supported initiatives aimed at strengthening enterprise ecosystems and economic inclusion.

Williams also brings extensive leadership experience to her new role. She previously served as Vice President of NNEW and currently holds several strategic positions, including Chairperson of the Lagos Working Committee of the Association of Nigerian Women Business Networks, Director of Partnerships at Innovation Support Network Hubs Nigeria, and Council Member of the Lagos Chamber of Commerce and Industry.

Industry stakeholders have described her appointment as a significant boost for NNEW, citing her track record in organisational development, business advisory services and advocacy for women’s participation in economic development.

As Chairperson of the Governing Council, Williams is expected to provide strategic leadership and direction for the organisation while driving initiatives that support entrepreneurship, innovation and sustainable economic growth.

Her appointment underscores NNEW’s commitment to strengthening its leadership structure and advancing its mission of empowering entrepreneurs and promoting inclusive economic development across Nigeria.

WHX Lagos: Health leaders prescribe governance overhaul,  smart partnerships to transform African healthcare

NAICOM begins transition to risk-based supervisory regime

By
Kehinde Victor
-

Key points

  • The National Insurance Commission is transitioning the insurance sector toward a risk-based supervisory regime and capital structure.
  • NAICOM has appointed professional services firm Ernst & Young as Consulting Actuary to finalize and implement the Risk-Based Capital framework.
  • The strategic shift is designed to strengthen financial stability and improve policyholder protection across the domestic market.
  • The deployment of the new framework will run alongside the conclusion of the ongoing Minimum Capital Requirement recapitalisation exercise.
  • Regulatory steps in the coming weeks will include Quantitative Impact Studies and industry-wide data collection to recalibrate key parameters.

Main Story

The National Insurance Commission (NAICOM) is transitioning the insurance sector toward a risk-based supervisory regime and capital structure.

The Chairman of the commission, Mr. Olusegun Omosehin, disclosed this in an official statement released in Abuja. As part of the regulatory body’s ongoing Risk-Based Capital Implementation project, the global professional services firm Ernst & Young (EY) has been appointed to serve as the Consulting Actuary.

In this role, the firm will guide the finalization and implementation of the country’s new Risk-Based Capital (RBC) framework, an institutional shift designed to strengthen financial stability and enhance policyholder protection across the industry.

Following the recent passage of enabling legislation and the execution of the ongoing Minimum Capital Requirement (MCR) recapitalisation exercise, the commission has accelerated its administrative efforts to operationalize an RBC framework specifically tailored to the dynamics of the local insurance market.

The regulatory rollout of the RBC framework is scheduled to align with the conclusion of the current MCR exercise. Immediate steps in the coming weeks will feature Quantitative Impact Studies (QIS) and a comprehensive, industry-wide data collection drive.

These exercises will support the recalibration of key parameters, deepen engagement with sector stakeholders, and guide the formal issuance of the final framework alongside detailed regulatory guidelines. Concurrently, the appointed consulting firm has reaffirmed its commitment to prioritizing the project, pledging to work closely with the regulator and operators to design a practical, implementable framework backed by effective execution tools.

The Issues

  • Transitioning the insurance industry from a rigid capital model into a dynamic risk-based supervisory regime.
  • Gathering precise, industry-wide data through Quantitative Impact Studies to accurately calibrate local market parameters.
  • Harmonizing the conclusion of the Minimum Capital Requirement recapitalization with the deployment of the new RBC framework.

What’s Being Said

  • Outlining the operational objectives of the consulting engagement and how it will reinforce the commission’s long-term regulatory framework, Mr Olusegun Omosehin stated: “Under the engagement, EY will support NAICOM to accelerate implementation, strengthen internal technical capacity. The EY will also ensure the resulting regulatory framework is robust, transparent, and fit for purpose within the Nigerian market context.”

What’s Next

  • NAICOM will initiate industry-wide data collection and Quantitative Impact Studies in the coming weeks to recalibrate market parameters.
  • Ernst & Young will work with the commission to draft and finalize the comprehensive regulatory guidelines for the insurance sector.
  • Insurance operators will prepare to align their operational capital models with the new framework upon the conclusion of the MCR recapitalization exercise.

Bottom Line NAICOM has contracted Ernst & Young as Consulting Actuary to finalize a new Risk-Based Capital framework for the insurance industry, introducing Quantitative Impact Studies in the coming weeks to align with the conclusion of the ongoing minimum capital recapitalization exercise.

SON states African Quality Mark will boost competitiveness of local goods

By
Kehinde Victor
-

Key points

  • The Standards Organisation of Nigeria (SON) stated that the African Quality Mark certification will boost the competitiveness of local goods across the continent.
  • SON Director-General Dr. Ifeanyi Okeke noted that the dual mark reduces technical barriers to trade and removes the burden of multiple certifications for exporters.
  • Senior Special Assistant to the President on Export Expansion Aliyu Sheriff linked robust certification systems to unlocking opportunities in the multi-trillion-dollar global halal economy.
  • The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture described the dual certification as a passport of trust within the AfCFTA market.
  • The Federal Ministry of Industry, Trade and Investment emphasized that quality certifications for agricultural products are central to the national food security agenda.

Main Story

The Standards Organisation of Nigeria (SON) has explained that the implementation of the African Quality Mark (ARSO Dual Mark) certification will significantly enhance the market competitiveness of Nigerian products throughout the continent.

Speaking at an Abuja ceremony where certificates were presented to various domestic firms, the Director-General of SON, Dr. Ifeanyi Okeke, noted that this regulatory milestone will directly ease market access under the African Continental Free Trade Area (AfCFTA).

The head of the standards body characterized the endorsement as a functional validation of compliance with unified African benchmarks, which provides trading partners and consumers with verifiable assurances regarding product safety, reliable performance, and overall quality.

As the continent advances the operationalization of the AfCFTA, the adoption of unified regional baselines has become increasingly vital. Dr. Okeke stated that shared standards give industries a synchronized production framework, which effectively lowers technical trade barriers and eliminates the costly burden of chasing separate, repetitive certifications across different African territories.

Consequently, certified companies are no longer confined to the domestic space but can freely enter the wider African marketplace. To sustain this growth, the organization is ramping up its support for local producers through standards formulation, laboratory testing, factory inspections, and proactive market surveillance, alongside targeted awareness campaigns to ensure export readiness.

The presidency also highlighted the strategic economic weight of strict standardization. The Senior Special Assistant to the President on Export Expansion, Aliyu Sheriff, affirmed that robust quality benchmarks form the absolute foundation for industrial expansion, outbound trade growth, and consumer confidence.

Sheriff specifically noted that the federal plan to scale up Nigeria’s halal economy: encompassing food, cosmetics, pharmaceuticals, and logistics relies heavily on strict compliance tracking and international certification systems to penetrate the multi-trillion-dollar global market. Business owners were therefore encouraged to view regulatory conformity as a core investment tool rather than a mere administrative hurdle.

Adding to this perspective, former APC National Chairman Dr. Abdullahi Ganduje described quality control as an indispensable ingredient for national advancement, warning that while the country possesses immense human and material volume, an equal emphasis must be placed on excellence across all sectors. Echoing these observations, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) characterized the dual certification initiative as a landmark victory for regional commerce.

Represented by Dr. Ola Michael, the NACCIMA presidency described the mark as a passport of trust that will allow local businesses to fully maximize the historic AfCFTA market, which spans over 1.3 billion consumers and a combined GDP exceeding 3.4 trillion dollars. Furthermore, the Federal Ministry of Industry, Trade and Investment pointed out that the dual certification framework will reinforce the national food security agenda by ensuring agricultural value chains deliver safe, highly nutritious, and reliable food options.

The Issues

  • Minimizing technical barriers to trade by substituting individual national certifications with a singular, harmonized continental framework.
  • Leveraging rigid standardization frameworks to unlock multi-trillion-dollar opportunities within the global halal economy.
  • Upgrading domestic agricultural value chains to satisfy international safety metrics and support broader national food security targets.

What’s Being Said

  • Outlining the institutional mandate of the agency and how the dual mark project functions as a practical indicator of regional compliance, Dr Ifeanyi Okeke stated: ”The initiative aligns with SON’s mandate of standardisation, quality assurance, certification and consumer protection. The African Quality Mark represents a practical demonstration of compliance with harmonised African standards. It assures consumers and trading partners that products meet agreed requirements for safety, quality, reliability and performance across the continent,”
  • Reminding local manufacturing operations that their target market has officially expanded beyond domestic borders, Okeke noted: ”The companies receiving these certifications today are no longer limited to the Nigerian market; they now have access to the wider African market.”
  • Explaining how strict adherence to transparency and verification codes underpins expansion into high-value global specialized markets, Aliyu Sheriff said: ”The global halal market valued in trillions of dollars, is built on integrity, traceability, quality assurance and compliance with standards. Whether in food, pharmaceuticals, cosmetics or logistics, certification systems are essential for unlocking opportunities in the global halal economy,”
  • Advocating for a cultural shift toward excellence to complement the nation’s massive population and resource capacity, Dr Abdullahi Ganduje remarked: ”The issue of quality is very important. We have quantity, but there must also be quality. This forum is important because it encourages excellence in whatever we are doing,”
  • Stressing that regional free trade treaties will only generate economic wealth if the country exports superior, value-added goods, Dr Jani Ibrahim stated: ”However, Nigeria will only benefit fully from this historic agreement if we export high-quality, value-added and competitive products,”

What’s Next

  • SON will intensify its educational campaigns and market surveillance to onboard more domestic manufacturers onto the harmonized African standards framework.
  • Exporters will begin leveraging the ARSO Dual Mark to bypass multiple testing and certification protocols when shipping goods to AfCFTA states.
  • The Ministry of Industry, Trade and Investment will work alongside standardization teams to apply these rigorous quality controls to agricultural products to safeguard food supply systems.

Bottom Line SON has presented the African Quality Mark certification to local firms, with regulatory and trade leaders noting the dual mark eliminates repetitive cross-border certifications, unlocks access to the 3.4 trillion-dollar AfCFTA arena, and lays the groundwork for entry into the global halal economy.

NRS presents newly enacted tax legislations to Kano IRS to boost compliance

Federal Government awards Africa Quality Mark certification to 220 local products

By
Kehinde Victor
-

Key points

  • The Federal Government has presented the Africa Quality Mark (AQM) certification to 220 Made-in-Nigeria products manufactured by 131 companies.
  • Organized by the Standards Organisation of Nigeria (SON) in Abuja, the initiative aims to enhance the competitiveness of local goods across regional and continental markets.
  • Developed under the African Organisation for Standardisation (ARSO), the AQM serves as a trust symbol that ensures compliance with harmonised African standards under the AfCFTA framework.
  • Nigeria currently leads all participating countries on the continent in the number of certified products and companies under the certification scheme.
  • Beneficiaries include several women-led enterprises and rural processors supported by the International Fund for Agricultural Development (IFAD) Value Chain Development Programme.

Main Story

The Federal Government has presented the Africa Quality Mark (AQM) certification to 220 Made-in-Nigeria products manufactured by 131 companies.

This initiative forms part of state efforts to boost the market competitiveness of locally produced commodities across regional and continental trade zones. The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, delivered the certifications at an Abuja event organized by the Standards Organisation of Nigeria (SON).

Represented by the ministry’s Permanent Secretary, Dr. Chris Isokpunwu, Oduwole characterized the event as an acknowledgment of national manufacturing excellence and a vital milestone toward expanding the country’s industrial footprint and outbound trade capacity.

The current administration remains dedicated to executing policies that foster industrial scaling, export diversification, and local value addition under its economic transformation agenda. The state’s overarching objective is to transition the nation from a consumption-dependent economy into a primary production and export hub for the African continent. While the operationalization of the African Continental Free Trade Area (AfCFTA) agreement opens up fresh commercial pathways for domestic businesses, long-term success hinges strictly on the capacity of local firms to fulfill harmonised quality benchmarks.

The AQM framework, established under the auspices of the African Organisation for Standardisation (ARSO), functions as a regulatory asset that provides local manufacturers with seamless cross-border market entry and heightened consumer trust. To sustain this momentum, public authorities pledge to continually reinforce national quality infrastructure through rigorous standards development, inspection, and accreditation.

International development partners also highlighted the economic impact of the certification scheme. A representative from the International Fund for Agricultural Development (IFAD), Mrs. Chioma Okpara, speaking on behalf of the Country Director, Dede Ekoue, noted that the certifications reflect the positive outcomes of targeted funding for smallholder farmers and rural enterprises.

Notably, multiple women-led businesses backed by the IFAD Value Chain Development Programme (VCDP) were among the certified recipients, a development expected to improve consumer confidence in Nigerian agricultural goods.

Mirroring this sentiment, the Standards Council of Nigeria emphasized that harmonised compliance frameworks are essential for resolving product safety anxieties and expanding intra-African trade, noting that Nigeria currently holds the apex position among participating nations for the highest volume of certified firms under the AQM program.

The Issues

  • Transitioning Nigeria from a consumption-oriented market into a primary manufacturing and export hub under the AfCFTA framework.
  • Fostering a rigorous culture of quality compliance and industrial discipline among local firms to satisfy strict safety and performance standards.
  • Strengthening national quality infrastructure, including metrology, testing, and accreditation, to support rural enterprises and smallholder farmers.

What’s Being Said

  • Highlighting the competitive capabilities of the certified local manufacturers across the continent, Dr Jumoke Oduwole stated: “Today, we are honouring companies that have demonstrated that products proudly made in Nigeria can meet continental standards, compete successfully across borders and earn the confidence of consumers across Africa.”
  • Characterizing the shift toward strict quality adherence as a structural transformation within the local manufacturing sector, Oduwole added: “This recognition goes beyond certification. It reflects the emergence of a stronger culture of quality, competitiveness and industrial discipline,”
  • Emphasizing that conforming to rigorous international standards is no longer optional for businesses seeking market relevance, the minister noted: “Quality is no longer a competitive advantage; it is a necessity. In today’s market, consumers and trading partners demand products that meet stringent requirements for safety, reliability and performance,”
  • Explaining how the new continental endorsement acts as a tool for cross-border expansion, she affirmed: “For Nigerian manufacturers, this certification is a passport to expanded market access and greater continental acceptance.”
  • Encouraging local businesses to expand their operational capacity to leverage the opened continental trade pathways, Oduwole concluded: “With this certification, the market is now wider for you. To meet both local and export demand, you need to produce more and continue investing in quality,”

What’s Next

  • Certified manufacturers will look to expand their production volumes to satisfy growing domestic and continental export demands under the AfCFTA.
  • The Standards Organisation of Nigeria will continue collaborating with ARSO to implement harmonised standards across additional industrial sectors.
  • IFAD and the Ministry of Industry, Trade and Investment will scale up capacity-building programs for smallholders and women-led rural enterprises to prepare them for future certification rounds.

Bottom Line

The Federal Government has awarded the Africa Quality Mark certification to 220 local products from 131 companies, positioning Nigeria as the continental leader in the quality assurance program designed to unlock wider export access under the AfCFTA framework.

NASO warns Nigeria risks losing international shipping traffic over green compliance

NRS presents newly enacted tax legislations to Kano IRS to boost compliance

By
Kehinde Victor
-

Key points

  • The Nigeria Revenue Service presented 100 copies of newly enacted tax legislations to the Kano State Internal Revenue Service.
  • The initiative aims to enhance tax awareness, foster compliance, and promote effective tax administration across Kano State.
  • This donation is part of a broader nationwide strategy by the NRS to strengthen working partnerships with state revenue boards and higher institutions.
  • The documents outline the comprehensive legal framework guiding the country’s tax system, including updated provisions on diverse income streams.
  • The materials will be used as reference texts for academic research, workshops, and internal capacity-building training programs.

Main Story

The Nigeria Revenue Service (NRS) has presented 100 copies of newly enacted tax legislations to the Kano State Internal Revenue Service (KIRS).

This strategic handover is designed to raise tax awareness, boost civic compliance, and streamline administrative efficiency throughout the state. Executed by an official delegation from the NRS Government Business Office in Kano, the exercise is part of a larger, coordinated nationwide campaign by the federal agency to build stronger collaborative relationships with state-level revenue boards and various institutions of higher learning.

The distributed documents contain the exhaustive legal structures that govern modern tax administration across Nigeria. This includes detailed clauses regarding the taxation of different income brackets and streams, reflecting the latest statutory reforms brought forward by the Federal Government. Officials from the national revenue agency explained that the distribution project highlights their long-term commitment to arming state-level authorities with up-to-date legal instruments.

Receiving the materials, the executive leadership of the KIRS characterized the gesture as an incredibly timely and strategic intervention. Access to these updated legislations will directly empower local revenue officers and relevant public stakeholders to grasp the mechanics of the overhauled tax structure, ultimately leading to higher productivity and optimization in state revenue collection.

The sharing of these legal texts serves a vital purpose in expanding stakeholder insights into the country’s evolving fiscal rules, which ensures smoother operational synchronization between the federal and state governments. Furthermore, the KIRS plans to utilize the texts as core reference manuals for upcoming professional workshops, training programs, and academic research to effectively eliminate information gaps within the tax ecosystem.

The Issues

  • Equipping sub-national revenue agencies with current federal tax laws to unify tax administration guidelines across the country.
  • Boosting the technical capacity and collection efficiency of local revenue officers handling reformed income tax streams.
  • Utilizing standardized legal texts to bridge critical knowledge gaps through targeted institutional workshops and academic studies.

What’s Being Said

  • Outlining the operational goals behind equipping sub-national revenue offices with modern legal frameworks, delegation leader Muhammad Usman said: “This will strengthen capacity building, enhance compliance, and promote effective tax administration nationwide,”

What’s Next

  • KIRS will distribute the 100 copies of the legislative documents to its core operational nodes and training departments.
  • State tax administrators will integrate the new legal provisions into their ongoing revenue collection and compliance workflows.
  • The NRS will continue its nationwide tour to deliver updated regulatory materials to other state boards and institutions of higher learning.

Bottom Line

The NRS has supplied the Kano State Internal Revenue Service with 100 copies of the latest federal tax legislations, cementing a nationwide partnership strategy designed to enhance revenue collection efficiency, update local officers on new income tax rules, and support institutional training.

Customs boss commends international partners for driving trade cooperation

Federal Government bans new public contracts without confirmed funding

By
Kehinde Victor
-

Key points

  • The Federal Government has directed that no new public contracts will be awarded without confirmed funding to improve nationwide project delivery.
  • Bureau of Public Procurement (BPP) Director-General Dr. Adebowale Adedokun revealed that President Bola Tinubu has approved measures to raise resources to clear outstanding debts owed to contractors.
  • The government is implementing 23 distinct procurement reforms designed to enhance transparency, efficiency, and value for money in public spending.
  • Secretary to the Government of the Federation (SGF) Sen. George Akume stated that the ongoing procurement reforms are central to the administration’s Renewed Hope Agenda.
  • Planned structural changes include proposed amendments to the Public Procurement Act 2007 and the deployment of the Nigeria e-Marketplace initiative.

Main Story

The Federal Government has issued a strict directive banning the award of any new public contracts unless the required funding is fully confirmed and available.

This policy measure is part of broader state efforts to improve project delivery and eliminate abandoned infrastructure across the country. The Director-General of the Bureau of Public Procurement (BPP), Dr. Adebowale Adedokun, disclosed this development on the sidelines of the inaugural edition of “The Procurement Evolution” forum held in Abuja.

According to Adedokun, President Bola Tinubu has authorized targeted measures to raise the financial resources necessary to settle outstanding obligations owed to existing contractors, emphasizing that punctual payments are vital to sustaining an efficient public procurement setup.

To further sanitize public spending, the regulatory bureau is rolling out 23 separate procurement reforms aimed at optimizing transparency, boosting institutional efficiency, and guaranteeing value for money.

The SGF is scheduled to inaugurate specialized committees to drive these changes shortly. These structural adjustments are tailored to ensure citizens experience tangible benefits via improved transport infrastructure, healthcare facilities, quality education, and better socioeconomic conditions.

The Secretary to the Government of the Federation (SGF), Sen. George Akume, affirmed that public procurement practices remain a core pillar of the current administration’s Renewed Hope Agenda. Akume, whose remarks were delivered by the Permanent Secretary of the General Services Office, Dr. Abubakar Kana, highlighted several ongoing policy shifts.

These initiatives include drafting amendments to the Public Procurement Act 2007, advancing the Nigeria First Policy, introducing the Nigeria e-Marketplace platform, and scaling up community-based and affirmative procurement systems to empower local industries and foster inclusive economic growth. The event also served as a launchpad for the formal unveiling of the BPP’s current and future operational blueprints under the theme, “The Procurement Evolution: Honouring the Past, Powering the Future.”

The Issues

  • Ending the practice of awarding unfunded public contracts to stop the accumulation of delayed projects and contractor debts.
  • Executing 23 new procurement reforms to guarantee transparency and direct infrastructure benefits for citizens.
  • Modernizing the Public Procurement Act 2007 through legislative amendments and digital tools like the e-Marketplace.

What’s Being Said

  • Explaining the presidential directive regarding contractor payments, BPP Director-General Dr Adebowale Adedokun stated: “Mr President has given a directive on when funds should be raised to address the concerns of contractors who are yet to be paid.”
  • Describing how the new funding rule transforms the contract award process, Adedokun explained: “With this, procurement processes will be much better because payment is now tied to procurement. Meaning that no award will be further issued without resources or funding available. So these are the things that the President has asked us to do.”
  • Outlining the human-centric development goals motivating the ongoing institutional changes, the BPP boss noted: “The president wants Nigerians to feel the effects of this transformation by having good roads, good hospitals, good educational institutions, and a good living wage for all workers.”
  • Highlighting the collective duty of stakeholders to simplify public transactions while maintaining institutional integrity, SGF Sen. George Akume stated: “As we move forward, our collective responsibility is very clear. We must ensure that procurement processes are simplified. without compromising accountability, that technology is fully leveraged to eliminate inefficiencies and that all stakeholders work collaboratively to achieve shared national goals.”
  • Reaffirming the state’s long-term administrative backing for the procurement bureau’s strategic direction, Akume concluded: “The federal government remains fully committed to supporting the Bureau of Public Procurement in driving these reforms and ensuring that public procurement becomes a catalyst for economic growth, infrastructure development and improved quality of life for all our citizens.”

What’s Next

  • The Secretary to the Government of the Federation will soon inaugurate the official committees tasked with driving the 23 procurement reforms.
  • The BPP will deploy its newly unveiled initiatives to systematically link all future contract awards to confirmed treasury allocations.
  • Federal ministries and agencies will begin aligning their acquisition workflows with upcoming tech platforms like the Nigeria e-Marketplace.

Bottom Line

The Federal Government has prohibited the issuance of new public contracts without guaranteed financing, while simultaneously introducing 23 procurement reforms and legislative updates to clear outstanding contractor debts and optimize public infrastructure delivery.

PDP sets up appeal panels for primary elections

NASO warns Nigeria risks losing international shipping traffic over green compliance

By
Kehinde Victor
-

Key points

  • Nigeria risks losing international shipping patronage unless its ports urgently implement green compliance measures.
  • The International Maritime Organisation’s revised greenhouse gas strategy mandates a minimum 20 percent emissions reduction by 2030 and net-zero emissions by 2050.
  • National Association of Stevedoring Operators President Bolaji Sunmola stated that improving operational efficiency is the most effective and cost-free green initiative currently available.
  • Emissions from cargo-handling equipment like cranes, forklifts, and terminal tractors remain a major challenge across domestic maritime hubs.
  • Labor leaders are advocating for a “just transition” to ensure environmental upgrades do not lead to job losses, poor working conditions, or worker marginalization.

Main Story

Nigeria faces a significant risk of losing international shipping traffic unless its ports swiftly integrate green compliance frameworks to align with shifting global standards.

The National Association of Stevedoring Operators (NASO) raised this alarm during the 2026 Dockworkers’ Day celebration in Lagos, an event curated by the Shipping Correspondents Association of Nigeria (SCAN) under the theme, ‘Green Ports: Sustainable Practices for Dockworkers.’

Maritime leadership noted that the international shipping industry has arrived at a major regulatory turning point, where upcoming compliance deadlines will directly dictate which global ports maintain their commercial edge and which ones lose patronage from international shipping lines.

According to the regulatory goals set by the International Maritime Organisation (IMO), global ports must meet a revised greenhouse gas strategy that targets at least a 20 percent reduction in emissions by 2030 and aims for absolute net-zero emissions by 2050. While compliance is now an operational mandate, stakeholders emphasized that Nigeria’s transition roadmap must be tailored to fit distinct domestic challenges, such as power infrastructure deficits, persistent cargo bottlenecks, and labor-intensive harbor activities.

To bridge these gaps, port authorities are being encouraged to prioritize operational efficiency, which serves as a highly effective environmental strategy that requires zero capital investment or foreign technology imports. Minimizing cargo dwell times, reducing vessel anchorage delays, and cutting down truck idling durations at harbor gates will automatically lower emission levels.

Furthermore, heavy pollution originating from cargo-handling machinery, including cranes, forklifts, and terminal tractors—remains a severe environmental challenge across domestic terminals. To address this, NASO expressed its readiness to collaborate with the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) to build a practical equipment modernization roadmap backed by accessible funding channels like the Green Climate Fund.

Concurrently, labor representatives at the summit cautioned that the push for eco-friendly maritime reforms must not be used as an administrative excuse to undermine workers’ rights, trim down employment numbers, or worsen workplace conditions. Instead, industry actors are calling for a balanced transition that matches environmental goals with enhanced dockworker training, job protection, and robust welfare support to keep the nation competitive in a carbon-conscious trade network.

The Issues

  • Meeting the strict IMO target of a 20 percent emissions reduction by 2030 amid severe domestic power deficits and port congestion.
  • Sourcing accessible international financing, such as the Green Climate Fund, to modernize outdated, high-emission cargo-handling equipment.
  • Securing a balanced and fair transition that protects dockworkers from job losses or exploitation during the implementation of green reforms.

What’s Being Said

  • Asserting that environmental standards have transitioned from optional goals into critical business requirements for local maritime companies, NASO President Mr Bolaji Sunmola stated: “Green compliance is now an operational necessity for every Nigerian port and stevedoring company,”
  • Describing how immediate operational efficiency serves as a powerful tool to curb pollution without requiring massive financial spending, Sunmola explained: “When stevedores reduce cargo dwell times, cut vessel anchorage waits and minimise truck idling at gates, emissions drop. The carbon never emitted remains the greenest of all,”
  • Reminding frontline port laborers of their direct influence on the success of the maritime sector’s environmental transformation, he remarked: “You are not bystanders but the most critical participants in the green transition,”
  • Outlining how daily operational precision can simultaneously safeguard environment-friendly goals and protect local jobs, Sunmola noted: “Your efficiency, care for equipment and commitment to safety are green actions that protect both the environment and livelihoods,”
  • Warning that expanding infrastructural capacity without incorporating environmental checks fails to meet modern trade demands, he concluded: “Modernisation without green performance standards is only half-complete. Our economy depends on ports that remain competitive in a carbon-conscious global trade system,”
  • Expressing the labor union’s firm stance against allowing eco-centric operational adjustments to negatively affect the workforce, the immediate past President-General of the Maritime Workers Union of Nigeria, Mr Adewale Adeyanju, cautioned: “The global transition to greener ports should not become an excuse for job losses, poor working conditions or worker marginalisation,”
  • Stressing that port laborers require upgraded skillsets and corporate backing to successfully operate within sustainable frameworks, SCAN President Moses Ebosele stated: “As the backbone of port operations, dockworkers must be equipped with adequate training, technology and welfare support,”

What’s Next

  • NASO will seek to initiate collaborative talks with the NPA and NIMASA to map out an equipment modernization strategy.
  • Industry operators will look toward digital systems like the Eto Electronic Call-Up System, National Single Window, and Port Community System to optimize harbor efficiency.
  • Maritime labor unions will engage in social dialogues to ensure job safety clauses and green transition training are embedded in upcoming worker contracts.

Bottom Line

NASO has warned that Nigeria must urgently introduce green compliance measures or face isolation from international shipping lines, urging the government to embed binding environmental standards into port reforms while labor unions demand a “just transition” that protects dockworkers’ jobs and welfare.

Customs boss commends international partners for driving trade cooperation

Customs boss commends international partners for driving trade cooperation

By
Kehinde Victor
-

Key points

  • The Nigeria Customs Service has acknowledged the continuous backing of its global partners in boosting bilateral relations and trade.
  • Comptroller-General Adewale Adeniyi hosted a high-level diplomatic reception in Abuja to deepen institutional partnerships.
  • The service maintains active global collaboration frameworks with more than 20 customs administrations across the world.
  • Adeniyi committed to giving diplomatic missions in Nigeria the administrative backing required to operate efficiently.
  • Diplomatic representatives at the forum praised the agency for its persistent efforts in creating an enabling environment for international collaboration.

Main Story

The Nigeria Customs Service (NCS) has recognized the continuous backing of its international allies in enhancing bilateral ties and driving global trade cooperation with the country.

The Comptroller-General (C-G) of the service, Adewale Adeniyi, shared his appreciation during a high-level diplomatic reception held by the agency in Abuja. The forum served as a deliberate interaction geared towards optimizing international alliances, trade paths, and institutional cooperation.

A formal update detailing the gathering was provided to journalists by the agency’s image-maker, Abdullahi Maiwada, on Thursday in Abuja. In the dispatch, the C-G characterized international ties as vital to the operational victories of the agency, while pledging the organization’s ongoing support to diplomatic groups working locally.

The agency has consistently expanded its international presence through organized cooperative models established with more than 20 customs authorities worldwide. These joint efforts center heavily on sharing professional insights, developing staff capacity, and aligning field strategies to ease trade processes and secure boundaries.

The customs chief noted that continuous synergy connecting customs bodies, foreign legations, and defense groups is essential to guarantee tight border monitoring, boost revenue collections, and uplift economic strength inside a fast-changing global trade arena. Adeniyi also pointed out that contemporary customs setups function inside a deeply networked international framework that relies on ongoing communication, confidence-building, and mutual accountability to handle fresh hurdles in commercial activities, public safety, and statutory compliance.

The gathering offered constructive platforms for open talks, networking, and examining fresh cooperative opportunities to bolster the country’s commercial and diplomatic frameworks. Attendees at the forum included various ambassadors, high commissioners, heads of missions, and top state functionaries who altogether praised the agency for its unwavering focus on nurturing institutional bonds.

The Issues

  • Running modern customs processes within a highly interconnected global network to handle emerging compliance and safety hurdles.
  • Maintaining active operational synergy with over 20 global customs administrations to facilitate seamless international trade.
  • Balancing boundary security and revenue generation functions with the need to provide an enabling environment for foreign missions.

What’s Being Said

  • Reaffirming the agency’s resolve to assist foreign envoys in executing their functions smoothly within the country, Adewale Adeniyi stated: “The service remains committed to providing the support and services required for diplomatic missions to operate effectively in Nigeria,”

What’s Next

  • The NCS will look to advance its technical knowledge exchange and capacity programs with its 20 plus global customs partners.
  • Border management teams will implement insights from the diplomatic dialogue to refine local security and compliance monitoring.
  • Joint committees involving customs officials and diplomatic representatives will explore the newly identified areas of economic cooperation.

Bottom Line

Comptroller-General Adewale Adeniyi has used a high-level Abuja reception to praise foreign allies for boosting Nigeria’s international trade, highlighting the agency’s active partnerships with over 20 global customs administrations and promising continued operational support for diplomatic missions.

RSE Engineering and ECN partner to deploy advanced cogeneration technology

PDP sets up appeal panels for primary elections

By
Kehinde Victor
-
PDP Reverses Fayose, Other Members Suspension

Key points

  • The Peoples Democratic Party has formed Appeal Panels to handle grievances arising from its presidential, gubernatorial, state, and National Assembly primary elections.
  • The panels aim to ensure transparency, fairness, and internal democracy during the party’s candidate selection process.
  • National Chairman Abdulrahman Mohammed will head the governorship and presidential appeals panel, which includes Samuel Anyanwu.
  • Suleiman Afolagbe has been appointed to lead the nine-member panel overseeing state and national assembly disputes.
  • Both committees are scheduled to sit at the party’s national headquarters in Abuja between June 8 and June 10.

Main Story

The Peoples Democratic Party (PDP) has set up dedicated Appeal Panels to handle petitions and complaints arising from its primary elections for presidential, gubernatorial, state, and National Assembly slots.

According to the party leadership, these panels were established to ensure transparency, equity, and internal democracy throughout its internal electoral processes. In an official statement released on Thursday, the National Publicity Secretary, Jungudo Mohammed, explained that the committees will carefully evaluate grievances brought forward by unsatisfied contestants and party stakeholders.

Mohammed noted that the initiative highlights the political party’s determination to maintain a credible candidate selection framework ahead of the upcoming general elections.

The administrative composition and sitting schedules for the various committees have already been finalized. The party’s National Chairman, Abdulrahman Mohammed, is tasked with presiding over the governorship and presidential appeals panel, with Samuel Anyanwu serving as a member of the team.

On the other hand, the panel responsible for reviewing state and national assembly disputes will be led by Suleiman Afolagbe. This nine-member legislative appeal committee is scheduled to conduct its sessions on June 8 and June 9, utilizing the National Working Committee (NWC) Hall at the party’s national headquarters in Abuja. Additionally, the 24-member gubernatorial and presidential review team will hold its meetings on June 10 at the same national party headquarters in the federal capital.

The Issues

  • Resolving internal friction and contestant grievances following primary elections to prevent post-election legal disputes.
  • Upholding statutory party guidelines and constitutional provisions during the screening of electoral complaints.
  • Managing the logistics and tight schedules for multi-member panels sitting at the national headquarters.

What’s Being Said

  • Outlining the operational mandate of the newly formed committees, National Publicity Secretary Jungudo Mohammed stated: “The appeal panels will hear and review appeals from contestants and stakeholders who are dissatisfied with the outcome of the primaries.”
  • Explaining how the committees will determine the validity of petitions brought before them, Mohammed added: “They will also make recommendations in line with the party’s Constitution, Electoral Guidelines and relevant provisions of the law,”

What’s Next

  • The nine-member state and national assembly appeals panel will convene at the NWC Hall in Abuja on June 8 and June 9 to hear petitions.
  • The 24-member governorship and presidential appeals panel will commence its official sessions on June 10 at the party’s headquarters.
  • The leadership will look to implement the panels’ recommendations to solidify its candidate list ahead of the forthcoming elections.

Bottom Line

The PDP has inaugurated separate primary election appeal panels led by National Chairman Abdulrahman Mohammed and Suleiman Afolagbe to review complaints from aggrieved contestants at its Abuja headquarters between June 8 and June 10.

NERC directs DisCos to credit Band A customers over grid failures

Lagos NLC chairperson rejects governors’ proposed minimum wage

By
Kehinde Victor
-

Key points

  • Lagos State NLC Chairperson Comrade Funmi Sesi rejected a proposed N100,000 minimum wage from the Nigeria Governors’ Forum.
  • Sesi insisted that fixing a national wage must follow a tripartite negotiation process involving labor, government, and employers.
  • The labor leader criticized governors for attempting to unilaterally determine workers’ salaries without proper stakeholder input.
  • Rising cost of living, high fuel prices, and inflation must be evaluated to decide a realistic wage structure.
  • Sesi noted that some states already pay over N100,000, making the governors’ proposed figure a step backward for workers’ welfare.

Main Story

The Lagos State Council Chairperson of the Nigeria Labour Congress (NLC), Comrade Funmi Sesi, has stressed that any conversation regarding a new national minimum wage must prioritize thorough consultation and a realistic assessment of current economic pressures.

Reacting to reports that the Nigeria Governors’ Forum (NGF) proposed a N100,000 minimum wage, Sesi made her stance clear in an interview with the News Agency of Nigeria (NAN).

She stated that wage adjustments cannot be handpicked unilaterally by state governors, maintaining that any legitimate wage determination must go through the established tripartite negotiation framework that brings labor representatives, government actors, and employers to the table.

Reflecting on past negotiations, the labor leader pointed out that governors previously claimed they could not afford to pay above N52,000, arguing at the time that higher wages would halt infrastructural development in their regions. She argued that this collective stance by the governors dragged down the final outcome of those earlier talks, even though the Federal Government showed a willingness to approve a higher benchmark.

Sesi challenged the governors to account for how they utilize their states’ current revenues, questioning if they have effectively provided security, built necessary infrastructure, or improved the overall welfare of their citizens before stepping forward with a new wage cap.

With inflation, high fuel prices, and a rising cost of living severely impacting the purchasing power of the working class, the NLC chief emphasized that workers are facing daily survival hurdles that change how they commute and manage household expenses. She stated that labor will not stand by and allow an arbitrary figure to be forced on workers without proper collective bargaining.

Pointing out that multiple states are already paying above the N100,000 threshold, Sesi urged the NGF and all relevant stakeholders to let the upcoming formal wage review run its course through open dialogue and consensus, ensuring the final structure guarantees a decent standard of living.

The Issues

  • Resisting unilateral wage declarations by state governors to preserve the statutory tripartite negotiation system.
  • Factoring high fuel costs and extreme inflationary pressures directly into national minimum wage computations.
  • Preventing a regression in workers’ welfare in states that have already implemented salary structures above N100,000.

What’s Being Said

  • Questioning why the governors are rushing to announce figures before formal negotiations have officially opened for the year, Comrade Funmi Sesi asked: “It has to be a tripartite thing. This year we are due for renegotiation of the minimum wage. Why are they jumping the gun?”
  • Challenging the performance and fiscal accountability of state executives, Sesi queried: “Before proposing N100,000, let us ask the governors what they have been using the resources available to their states to do. Have they provided security for citizens? Are infrastructural facilities in place? Have they improved the welfare of the people in their states?”
  • Describing how the fuel pricing crisis and broader inflation have reshaped the daily lifestyle and mobility of citizens, she observed: “We can no longer fill the tanks of our vehicles as before. People now prioritise movements because of the cost of fuel and other economic challenges. All these realities must be taken into consideration before deciding what should be the new minimum wage,”
  • Rejecting the idea that workers should passively accept wage allocations without direct input from their chosen union representatives, Sesi said: “You cannot sit somewhere and allocate money to workers as if you are giving them a gift. Workers’ representatives must be part of the discussion. Don’t shave our heads behind our backs. Let our voices count,”
  • Demanding that the upcoming minimum wage evaluation rely strictly on current economic indicators and prioritize higher baselines, she concluded: “We have to talk, discuss and agree collectively. We must use the prevailing economic indices to determine what the new minimum wage should be. Some states are already paying above N100,000. Instead of talking about lower figures, discussions should focus on improving workers’ welfare,”

What’s Next

  • Organized labor will prepare its independent economic data and cost-of-living indices ahead of the formal tripartite renegotiation meetings.
  • The Nigeria Governors’ Forum will face pressure to align its salary proposals with the forthcoming collective review process.
  • NLC state councils will monitor compliance across various regions to ensure states currently paying above N100,000 do not lower their current wage standards.

Bottom Line

Lagos NLC Chairperson Funmi Sesi has rejected the NGF’s proposed N100,000 minimum wage, labeling it an arbitrary assignment that ignores the fact that some states already pay more, and demanded that any new wage structure be determined collectively through proper tripartite negotiations that account for fuel costs and inflation.

LBS June 2026 Breakfast Presentation: Global health crises, fuel independence, and market innovations

LBS June 2026 Breakfast Presentation: Global health crises, fuel independence, and market innovations

By
Kehinde Victor
-

The global and domestic economic landscape is currently navigating a complex web of public health threats, aggressive policy overhauls, and structural market adjustments. The June 3, 2026, Lagos Business School (LBS) Breakfast Presentation, titled “LBS BREAKFAST PRESENTATION JUNE 2026” and delivered by Bismarck Rewane, provides a detailed dissection of these intersecting realities. From the emerging threat of an Ebola resurgence to deep-seated reforms in Nigeria’s capital and energy markets, the presentation captures a pivotal moment of transition.

Ebola 3.0: outbreak, risks & implications

Public health has once again taken center stage as a primary economic variable with the emergence of the Ebola 3.0 outbreak. As of late May 2026, the epidemic epicenter in Ituri, Democratic Republic of Congo, has logged over nine hundred suspected cases and more than one hundred deaths. Unlike the localized containment seen during the 2014 outbreak, the modern landscape is far more interconnected, exposing Nigeria and the broader continent to accelerated contagion risks. Today, Nigeria possesses thirty-one functional civilian airports compared to just twenty-two in 2014, alongside active cross-border frameworks like the African Continental Free Trade Area.

The economic fallout of this health crisis is moving faster than the disease itself, heavily dampening inbound tourism, corporate travel, and conference scheduling across Central and East Africa as nations implement stricter border screenings. The anxieties have extended globally, with suspected cases under close monitoring in major international transit hubs like São Paulo and Rio de Janeiro. This tracking has sparked significant friction ahead of the 2026 FIFA World Cup, prompting the United States and Canada to enforce strict travel bans and restrictions on residents arriving from affected African zones.

Three years after reform – cheers, fears, and tears

Domestically, Nigeria is confronting the stark realities of its post-2023 policy architecture, which was defined by fuel subsidy removal, foreign exchange market liberalization, and aggressive tax reforms. The macroeconomic data reveals a profound money illusion, where expanding nominal figures mask heavily compressed real values. While nominal gross domestic product is projected to rise to over three hundred and forty billion dollars in 2026, real gross domestic product growth remains modest at just over four percent. This nominal growth is heavily asymmetric, as aggregate consumption drives sixty percent of the gross domestic product, while real household incomes continue to shrink under systemic pressure.

The human cost of these structural updates is visible in the stark erosion of local living standards. The adjustment of the minimum wage to seventy thousand naira has completely failed to keep pace with cumulative inflation, squeezing purchasing power across the board. Consequently, multidimensional poverty has surged, with the portion of the population living below the poverty line climbing to sixty-three percent. This economic displacement has happened alongside escalating national insecurity, creating a difficult landscape for everyday consumers despite improvements in the efficiency of the foreign exchange market.

Global risks & scenarios

On the global stage, geopolitical volatility introduces substantial headwinds to domestic forecasting. A fragile ceasefire remains in place between the United States and Iran, keeping international energy markets on high alert. While talks supported by regional Arab states are projected to limp forward, the threat of a resurgence in violence hangs over the global economy. A breakdown in this truce would likely result in immediate disruptions around the critical Strait of Hormuz pressure point, triggering an immediate spike in crude prices and intense supply chain volatility. Concurrently, the escalating conflict in Ukraine continues to exert upward pressure on global input costs, particularly fertilizer prices.

For Nigeria, these international stress points manifest as a double-edged sword. A sustained truce scenario is expected to pull global Brent crude prices down toward eighty-five dollars per barrel, which reduces immediate fiscal windfalls but simultaneously cools down domestic inflationary pressures by lowering the landing cost of imported commodities. Conversely, any escalation of global warfare threatens to spark a short-term revenue surge for the government alongside a devastating domestic inflation shock that would force the Central Bank of Nigeria to tighten monetary policy even further.

Global & domestic stock markets defy odds and gravity

Despite intense macroeconomic headwinds, capital markets have exhibited historic resilience, driven by structural innovations and massive corporate liquidity. Internationally, major indices like the Nasdaq and Nikkei 225 have logged spectacular gains, riding the massive secondary wave of the global artificial intelligence boom. Domestically, the Nigerian Exchange All-Share Index achieved an astonishing year-to-date expansion of over fifty-nine percent by June 2026. This stellar performance was catalyzed by deliberate policy interventions, including the National Pension Commission raising the domestic equity exposure cap for Pension Fund Administrators to thirty-five percent, an influx of retail participation, and FTSE Russell upgrading Nigeria to Frontier Market status.

The market architecture underwent a significant transformation on June 1, 2026, with the official transition to a T+1 settlement cycle, which slashed the counterparty risk window by half and allowed institutional desks to recycle capital within twenty-four hours. However, this structural milestone was met with immediate tactical friction, as the index dropped more than one percent on launch day. This dip was led entirely by a sell-off in banking stocks. Investors quickly reacted to the Central Bank of Nigeria’s recent rigorous stress tests, which led to a suspension of dividend payments for major tier-one and tier-two banking institutions due to heavy loan-loss provisioning mandates.

Looking forward, the entire financial community is focused on the impending Dangote Refinery initial public offering. Positioned at an estimated fifty billion dollar valuation, the listing is substantially oversubscribed. While a pure addition model suggests the listing could elevate the overall market capitalization by thirty to forty percent, market realities suggest a different path. The presentation projects that the index will likely experience an initial dip as investors aggressively trim their existing liquid blue-chip holdings to fund their new subscriptions before a broader market rally takes hold.

What’s happening elsewhere

Beyond the stock exchange, key economic proxies paint a picture of a mixed recovery across the domestic landscape. National oil production has witnessed a positive turnaround, expanding to nearly one and a half million barrels per day due to strong technical recoveries at the Forcados and Bonny Light terminals. This improved crude output ensures that Federation Account Allocation Committee disbursements will likely remain above the two trillion naira threshold, offering vital fiscal liquidity to state governments even if it fails to guarantee long-term structural stability. In contrast, maritime logistics face near-term bottlenecks, with the number of ships awaiting berth at local ports projected to rise significantly due to rigorous port health screening protocols linked to the Ebola outbreak.

The presentation also highlights a dynamic shift within Nigeria’s new economy, where the creative sector is confronting aggressive regional competition from South Africa and Kenya. While digital platforms like YouTube have democratized film distribution for Nollywood, local creators operate under severe structural monetization constraints, earning significantly less per view than Western peers. Despite this gap, the domestic skit-making industry has blossomed into a thirty-one million dollar marketing juggernaut, driven by massive smartphone adoption and substantial brand sponsorship outlays.

Simultaneously, the domestic aviation industry is receiving a critical lifeline from the private sector. The Dangote Refinery has expanded its domestic jet fuel production to twenty-four million liters per day while cutting local pricing and shifting to a stable, naira-denominated credit model. This intervention provides massive structural relief to domestic airlines, helping them navigate an environment otherwise burdened by high taxes and above-average continental airport charges.

NERC directs DisCos to credit Band A customers over grid failures

NERC directs DisCos to credit Band A customers over grid failures

By
Kehinde Victor
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Key points

  • The Nigerian Electricity Regulatory Commission has mandated specialized financial compensation for Band A feeders hit by generation constraints between February and March.
  • The directive, published officially on Thursday in Abuja, addresses severe national electricity shortfalls caused by asset vandalism and gas supply shortages.
  • Feeders that fell below an average of 18 hours of daily supply are shielded from being downgraded during the affected period.
  • Both Maximum Demand and Non-Maximum Demand customers on impacted networks will receive a 20 percent energy credit adjustment based on February metrics.
  • Distribution companies must conclude the required consumer disbursements by May 31 for February failures and by June 30 for March shortfalls.

Main Story

The Nigerian Electricity Regulatory Commission (NERC) has issued an official regulatory directive ordering electricity distribution companies (DisCos) to provide specialized compensation to Band A customers who suffered severe power supply disruptions between February and March.

The regulatory order, designated as Directive No. NERC/2026/002, was published on the agency’s web portal on Thursday from its Abuja headquarters. According to the commission, the policy response was established to address the extensive generation deficits recorded across the Nigerian Electricity Supply Industry (NESI) during the two-month window.

These system-wide shortfalls prevented power distributors from meeting their mandatory service-level agreements for a significant portion of their premium Band A consumer base.

The guidelines clarify how the remedial framework will be structured for different supply tiers. Band A feeders that successfully maintained an average daily electricity supply ranging between 18 and 20 hours throughout the period will have their relief managed under pre-existing regulatory addendums, affecting both maximum and non-maximum demand users.

Conversely, a customized reimbursement layout has been structured specifically for feeders where the daily supply collapsed under the 18-hour threshold. NERC emphasized that these heavily affected networks will not face service-tier downgrades for the duration of the coverage window.

Non-maximum demand consumers on these specific networks are entitled to financial relief equal to 20 percent of the authorized February energy cap assigned to their feeder, while maximum demand clients will get an equivalent 20 percent credit calculated from the average energy billed to them during February.

The commission has instructed that the financial credits be deployed seamlessly based on the customer’s billing infrastructure, utilizing token credits for individuals using prepaid meters and direct balance adjustments for postpaid accounts. The regulatory timeline gives power firms until May 31 to conclude all compensation processes relating to the February disruptions, while the settlement for March shortfalls must be wrapped up latest by June 30.

Furthermore, the regulatory body has explicitly barred distribution companies from using these mandatory compensation credits to write off any pre-existing debts owed by the consumer. NERC added that it intends to maintain strict oversight over the implementation process to verify complete industry compliance and ensure all eligible consumers are fully reimbursed.

The Issues

  • Protecting utility consumer rights during severe, systemic generation collapses across the national grid.
  • Enforcing strict corporate accountability and timeline adherence for distribution firms delivering courted credits.
  • Insulating premium power bands from permanent operational downgrades caused by external infrastructure vulnerabilities like gas shortages.

What’s Being Said

  • Outlining the core structural failures that triggered the widespread reduction in energy availability across the country, the commission explained: ”The shortfalls were largely attributed to inadequate gas supply and vandalism of critical gas and transmission infrastructure, factors beyond the direct operational control of the DisCos.”
  • Explaining the special rules governing severely impacted power networks during this evaluation window, the directive noted: ”Under the directive, Band A feeders that recorded an average daily supply of between 18 and 20 hours during the covered period, will have the existing compensation framework under addendum No. NERC/2024/003. This applies to both Maximum Demand (MD) and Non-Maximum Demand (Non-MD) customers. For feeders that fell below 18 hours of daily supply, a special compensation arrangement applies. Adding that affected feeders will not be downgraded during the coverage period,“
  • Insisting on transparent communication to ensure consumers are fully aware of the financial relief allocated to them, the regulator mandated: ”Customers must be clearly informed of the value and period of compensation received.”
  • Reaffirming the long-term focus of the regulatory body regarding market sustainability and consumer equity, NERC stated: ”The commission remains committed to protecting electricity consumers while ensuring the stability and sustainability of the electricity market.”
  • Warning utility providers that the agency will actively audit the rollout of the financial relief, the statement concluded: ”The commission will continue to monitor implementation and verify compliance by Discos to ensure all eligible customers receive the compensation due to them,”

What’s Next

  • DisCos must conclude all pending balance adjustments and token distributions for March electricity shortfalls by the June 30 deadline.
  • NERC monitoring teams will initiate verification compliance checks across all utility portals to validate that credits were not illegally used to offset older customer debts.
  • Distribution operators will be required to issue transparent notifications detailing the exact values and coverage periods of the compensation sent to their Band A users.

Bottom Line

NERC has issued a mandatory directive forcing DisCos to pay a 20 percent energy compensation credit to Band A customers who experienced severe power shortfalls below 18 hours between February and March, setting a strict June 30 deadline for March adjustments and explicitly banning firms from using the relief to clear old customer debts.

Entrepreneur urges Nigerian Youths to embrace self-reliance, start small in business ventures

RSE Engineering and ECN partner to deploy advanced cogeneration technology

By
Kehinde Victor
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Key points

  • RSE Engineering Nigeria Limited has signed a Memorandum of Understanding with the Energy Commission of Nigeria to deploy advanced cogeneration technology.
  • Cogeneration, or Combined Heat and Power, simultaneously produces electricity and thermal energy, reaching up to 90% system efficiency.
  • The Ukrainian Embassy indicated readiness to share decentralized modular systems to help optimize the efficiency of Nigeria’s power grid.
  • RSE Engineering will introduce European cogenerator model systems to help mitigate long-standing electricity supply deficits across the country.
  • The partnership builds upon RSE Engineering’s existing sustainable footprint and previous strategic pacts established with the Federal Government.

Main Story

The Energy Commission of Nigeria (ECN) has entered into a strategic partnership with RSE Engineering Nigeria Limited through the signing of a Memorandum of Understanding (MoU) aimed at accelerating the deployment of advanced cogeneration technology across the federation.

This specialized infrastructure, frequently designated as Combined Heat and Power (CHP), functions by concurrently generating electrical power and capturing usable thermal energy from a solitary fuel source.

By trapping what would otherwise be discarded as waste heat, the technology attains an operational efficiency of 85% to 90%, representing a massive improvement over traditional separate generation methods which typically average between 35% and 55% efficiency. ECN Director-General, Dr. Mustapha Abdullahi, presided over the signing ceremony in Abuja, noting that the initiative is designed to foster indigenous capacity growth, research synergy, and eco-friendly power alternatives.

The diplomatic community also highlighted the potential of the pact, with the Ukrainian Embassy’s Second Secretary for Economic Issues, Mr. David Hohiia, expressing his country’s willingness to transfer modern modular and cogeneration expertise to maximize Nigeria’s electricity network.

Hohiia observed that despite sustaining extensive infrastructure damage from ongoing domestic conflicts, Ukraine has successfully preserved the stability of its own power grid by utilizing highly decentralized energy frameworks rather than relying solely on massive centralized power stations. He emphasized that this collaborative approach with the ECN will assist the West African nation in transitioning toward smarter, environmentally viable utilities.

Adding a commercial perspective, the Chief Executive Officer of RSE Engineering Nigeria Limited, Ms. Olena Nedryhailo, explained that introducing European-designed cogenerator model systems under this new agreement will offer a functional remedy to the country’s persistent power supply shortfalls.

Nedryhailo pointed out that this latest alliance deepens her firm’s sustainable development footprint within the country, following a series of prior strategic agreements brokered directly with the Federal Government. The underlying systems are backed by over fifteen years of active field performance managed by the engineering firm’s parent outfit based in the Czech Republic.

The Issues

  • Integrating high-efficiency Combined Heat and Power (CHP) technology to replace wasteful traditional power generation models.
  • Adapting decentralized, modular utility concepts from war-torn regions to insulate the domestic grid from systemic failures.
  • Transitioning from administrative agreements into active project execution to ensure measurable improvements in national electricity capacity.

What’s Being Said

  • Emphasizing the agency’s dedication to introducing innovative and sustainable answers to national utility deficits, Dr Mustapha Abdullahi stated: “Today marks another significant milestone in the commission’s commitment to advancing Nigeria’s energy sector through strategic partnerships, innovation and sustainable energy solutions.”
  • Highlighting the need for joint efforts among diverse sector participants to tackle complex domestic power issues, Abdullahi noted: “The complex energy challenges facing our nation require collaboration, strategic partnerships, knowledge sharing, technological innovation and the collective efforts of stakeholders.”
  • Warning that the real worth of the signed document lies entirely in executing the actual initiatives, the ECN boss added: “The true value of these partnerships will not be measured by the signatures affixed today but reflected in the successful implementation of agreed programmes,”
  • Expressing Ukraine’s target of transferring technical methodologies to boost the productivity of the local grid, Mr David Hohiia said: “We want to share with Nigeria how to get more efficient power supply and more efficient electricity.”
  • Explaining the structural strategy behind their technological recommendations, Hohiia elaborated: “We can achieve this not by building big power plants, but by using some modular technology, cogeneration technology and environmental proper technologies.”
  • Confirming the official status of the technical arrangement with the regulatory body, he concluded: “That is why we are here to collaborate with the Energy Commission and the MoU has been signed already,”
  • Explaining the historical operational reliability of the equipment being introduced to the market, Ms Olena Nedryhailo said: “Our technology is working for more than 15 years and our mother company in the Czech Republic shows good results.”
  • Sharing her aspirations regarding the commercial deployment of these utility assets, Nedryhailo added: “Now we are selling a lot of cogenerator model systems and hope we will be useful to help solve the problem with electricity,”

What’s Next

  • The ECN and RSE Engineering will establish frameworks to oversee the rollout of European cogenerator systems across key industrial targets.
  • Technical teams from the Energy Commission will interface with Ukrainian experts to analyze data regarding modular, decentralized grid management.
  • The partners will begin executing localized research collaborations to train engineers on operating the imported Czech equipment.

Bottom Line

The Energy Commission of Nigeria has signed an MoU with RSE Engineering to deploy advanced European cogeneration technology capable of hitting 90% efficiency, supported by tech-sharing commitments from Ukraine to introduce decentralized modular power solutions.

Thursday Chronicles: The ‘survivalist’s geometry’ – when the math simply refuses to math

Interswitch partners with Temenos to scale digital banking services across Africa

By
Partners Posts
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Interswitch will use Temenos solutions to deliver managed services to banks and financial institutions across Africa

 Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, andTemenos (SIX: TEMN), a global leader in banking technology, today announced a collaboration, wherein Interswitch will adopt Temenos technology to enhance its digital banking capabilities, supporting its growth and expanding access to modern financial services across the continent.

Interswitch will use Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.

This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.

Jonah Adams, Managing Director for Digital Infrastructure & Managed Services (Systegra) at Interswitch, said: “By adopting Temenos’ cloud-native, composable platform, Interswitch gains the flexibility and scalability to accelerate its next phase of growth and deliver banking services that meet the needs of African markets.

This is a pivotal moment for Interswitch as we accelerate our expansion beyond payments and reimagine digital banking for Africa.

Our partnership with Temenos is strategic in that it allows us to introduce a highly configurable banking platform that leverages the latest cloud technologies into our technology stack.

Temenos delivers on this and brings an unmatched breadth and depth of capability to support our vision and scale our services across the continent.”

William Moroney, Chief Revenue Officer, Temenos, commented: “Interswitch is an important new customer and partner for Temenos in Africa.

The collaboration underscores the adaptability of our platform to power innovative banking services tailored to the needs of African markets. Interswitch’s strong presence across the continent also extends our reach and further strengthens our ecosystem and partner network.”

Widely known for its Quickteller and Verve brands, Interswitch operates in 32 African countries, supporting more than 300 financial institutions.

Through Quickteller, its digital payments and services platform, Interswitch has played a significant role in shaping consumer and merchant payments.

Verve International, a domestic payment cards and tokens scheme and a subsidiary of Interswitch, recently surpassed 100 million payment cards issued.

The business continues to drive innovation in tokenization, reinforcing its position as one of Nigeria’s most widely used payment cards and token platforms.

Thursday Chronicles: The ‘survivalist’s geometry’ – when the math simply refuses to math

Thursday Chronicles: The ‘survivalist’s geometry’ – when the math simply refuses to math

By
Omotoke Ayomide
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Hello, my fellow Risk-Managers, Tightrope-Walkers, and Exhausted Citizens. Welcome back to our weekly sanctuary. Today is Thursday, June 4, 2026. If you spent your morning staring at a grocery receipt like it was a forensic crime scene, or if you logged onto social media only to be hit by a wave of collective anger, panic, and deep exhaustion, pull up a plastic chair. You are in the safest room on the internet.

Today, we are addressing the literal pressure cooker that is the modern Nigerian experience. We aren’t compartmentalizing our struggles anymore. If you check X, Instagram, or Facebook this week, nobody is talking about things in isolation. The timeline has completely fused our realities: The bitter inflation, the terrifying insecurity, and the soaring cost of merely existing have combined into one giant, heavy weight.

Let’s look at this combined storm with deep empathy, a bit of raw honesty, and the community solidarity we need to survive it.

There was a time when inflation was just an abstract economic term we blamed on global supply chains. In June 2026, inflation has a face, and it’s staring at us from the dashboard of every transport vehicle.
Following the persistent global energy ripples, the domestic pump price of petrol has crossed an average of N1,360 per litre. Think about what that means for a second. The National Bureau of Statistics recently pointed out that the average intercity bus fare has climbed past N9,607 per passenger. 

But this isn’t just a “commuter problem.” This is where the hard economy marries insecurity in a very toxic union. The trucks bringing tomatoes from the North or plantains from the West aren’t just paying for N1,360 petrol; they are navigating highway gauntlets where safety is completely un-guaranteed. Every active hotspot, every highway threat, and every detour taken to avoid criminal syndicates adds a invisible “security premium” to the food. By the time a single tuber of yam reaches the local market square, it carries the cost of fuel, the cost of transport, and the literal cost of surviving the road. The mathematical reality is simple: We aren’t just paying for the food; we are paying for the danger it took to harvest and transport it.

The anger on the timeline this week isn’t just about empty pockets; it’s about a profound sense of violation. Following the horrific school invasions in Oyo State and neighboring regions, the conversation online has shifted from general worry to deep, protective rage.
We saw teachers’ unions, civil society groups, and everyday parents taking to the streets and social media to voice their frustration. When schools in several local governments are forced to shut down just to keep children safe, the economic burden takes a psychological toll.

“I am working two jobs to pay a school fee that increases every term due to inflation, yet I have to spend my workday praying that the school gate doesn’t become a frontline.”

This is the emotional core of the current anger. The social contract feels stretched to its absolute limit. It is one thing to look at a restaurant menu and decide a steak is too expensive; it is an entirely different, heartbreaking reality to look at a school calendar and calculate if the environment is secure enough for your child to learn their ABCs.

How are Nigerians coping with this dual onslaught of hard economics and security anxiety? We have collectively become the smartest, most analytical populace on earth.
If you scroll through your feeds right now, the humor is sharp but defensive. Everyday citizens have become accidental fund managers. People are aggressively debating CBN Treasury Bill yields and the Debt Management Office’s latest FGN Savings Bond offers at 14.777% just to find a way to shield their meager savings from being entirely eaten by the inflation matrix.
We are seeing the rise of “survival geometry”—people using private WhatsApp and Telegram channels to form hyper-local bulk-buying syndicates. Neighbors are split-funding single bags of rice and sharing transport costs to avoid middleman markups. We are hurting, and the anger is incredibly valid, but we refuse to let the chaos paralyze our ingenuity. 

In behavioral science, what the country is collectively experiencing right now is called Systemic Burnout. When a populace is forced to simultaneously run a financial audit on their grocery list and a security risk-assessment on their daily commute, the brain remains in a constant state of fight-or-flight.
The anger circulating on our timelines isn’t “toxic negativity”—it is a completely normal, healthy human response to an unsustainable level of pressure. Acknowledging this pain isn’t weakness; it is the first step toward collective resilience.

Key Take-Home Points for the Modern Citizen
Communalized Spending is Mandatory: If you are still trying to navigate this inflated economy as an isolated island, you are overpaying. Pool resources with trusted friends, family, or neighbors for food logistics and transport.
Practice “Digital Concealment”: In times of heightened economic tension and opportunistic insecurity, lower your digital profile. Do not advertise financial breakthroughs, high-end purchases, or real-time travel routes on open social media pages.
Verify Before You Forward: In periods of high anxiety, the timeline becomes flooded with old security videos rebranded as fresh events, or fake financial panic. Protect your mental health by verifying news before you hit share.
Demand Localized Solutions: Whether it’s supporting the neighborhood estate security association or advocating for transparent community policing, security in 2026 is fundamentally local.

Lessons to Carry into the Weekend
Give Yourself Grace: If you look at your savings account and feel a sense of panic, remember that you are navigating an unprecedented global and domestic economic storm. Survival is a massive win.
Keep the Empathy Tank Full: Everyone around you is carrying a hidden layer of stress. Your driver, your gatekeeper, your colleague—be gentle with your words. A little kindness is the only thing not affected by transport costs.
Invest in “Portability”: Focus on building digital skills or assets that are independent of physical infrastructure. In a volatile environment, what you carry in your mind is your most secure asset.
Refuse to Normalize the Chaos: Cry if you must, vent on the timeline if you need the release, but never let the current reality become your definition of “normal.” Keep holding onto the expectation of a better, safer, and fairer land.

As we close this heavy but necessary edition of the Chronicles, take a deep breath. The geometry of our current existence is incredibly difficult, and the math is refusing to math. But remember: your character, your brilliance, and your capacity to look out for your neighbor are the ultimate currencies that no market fluctuation can devalue.

See you next Thursday, hopefully with a cooler timeline, friendlier transport fares, and a breeze of true safety blowing through our communities.

Thursday Chronicles: The half-mast playground and the sacred sacrifice
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