Category: Economy

Grid Stabilisation: Shippers’ Council Fast-Tracks 22 TCN Power Projects, Saves Billions

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> Recovers ₦160M for Global Carrier > Slashes Over ₦323M in Demurrage for National Power Firm > “The Council doesn’t just help; they keep us in business.” — CMA CGM* ​Following introductions by the attendees, Dr. Bashir Ambi Mohammed Head, Complaints Unit, speaking on behalf of the Executive Secretary/CEO, Akutah Pius Ukeyima, Esq, MON, FCILT, Ph.D., welcomed Stakeholders to the meeting. ​Dr. Ambi noted that this was an ongoing dispute, and the meeting had been rescheduled at the request of the Managing Director of CMA CGM Shipping Nigeria. He recalled…

Shippers’ Council Rolls Out Sweeping Reforms for Faster, Smarter Nigerian Ports

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The Nigerian Shippers’ Council (NSC) has strengthened its resolve to optimize port efficiency through aggressive regulatory reforms. Operating as the nation’s port economic regulator, the Council’s latest initiatives target cost reduction, absolute transparency, and heightened trade competitiveness across all Nigerian gateways. This disclosure was contained in a statement issued on Wednesday, May 20, by the Council’s Head of Public Relations, Rebecca Adamu. She noted that the Executive Secretary/CEO of the Nigerian Shippers’ Council (NSC), Dr. Akutah Pius Ukeyima, Esq, MON, FCILT made the remarks in Ikeja, Lagos, during the 25th…

Shippers’ Council Chief: Dispute Interventions Saved Stakeholders ₦348.8m in Q1

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In continuation of its statutory mandate as the Nation’s Port Economic Regulator, the Nigerian Shippers’ Council (NSC) has recorded another landmark achievement through its alternative dispute resolution mechanism. The Executive Secretary and CEO of the Council, Akutah Pius Ukeyima, Esq, MON, FCILT, Ph.D., confirmed that the NSC saved the economy ₦348.8 million for industry stakeholders in the first quarter of 2026. This significant economic saving was achieved through the amicable resolution of legitimate commercial complaints. Speaking recently as the headline guest lecturer at the 25th Anniversary and Awards celebration of…

Maritime Police, PEBEC Move to Clear Lagos Port Gridlock, Boost Security, and Root Out Graft

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Driven by a mandate to optimize port logistics, the Maritime Police Command, Headquarters Annex, Lagos actively participated in the inter-agency Lagos Port Corridor Clean-Up and Enforcement Exercise on May 14–15, 2026. The exercise was led by Assistant Inspector General of Police (AIG) Okunade Ronke Nurat, the command’s involvement targets the critical bottlenecks of extortion and traffic congestion. This strategic enforcement ensures cargo flows freely while significantly boosting security and operational efficiency. The enforcement operation was announced on Saturday, May 16, by ASP Adebayo Rasheed Adebayo, Public Relations Officer for the…

Apapa Port Cleanup: PEBEC DG Princess Zahrah Mustapha Audu Targets Extortionists to Ease Trade Bottlenecks

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To boost trade facilitation and slash the cost of doing business, PEBEC Director-General Princess Zahrah Mustapha Audu stormed the Lagos ports complex on Thursday. The high-impact raid dismantled illegal checkpoints and notorious extortion hotspots that have crippled operations along the port corridor for years. Scattered across strategic access routes into the Apapa port corridor, these checkpoints had long served as cash cows for corrupt security personnel and port officials, who routinely extorted hundreds of thousands of naira from drivers. The sudden raid caught the operatives off guard, sending many fleeing…

Dangote Blocks NNPC Attempt to Increase Refinery Shareholding

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The President of the Dangote Group, Alhaji Aliko Dangote, on Wednesday said that the group turned down requests by the Nigerian National Petroleum Company (NNPC) Limited to increase its stake in the Dangote Petroleum Refinery. Speaking with Norwegian Sovereign Wealth Fund CEO Nicolai Tangen via Channels Television, Dangote disclosed that NNPC’s buyout proposal was declined. The rejection marks a strategic move to prioritize local investors ahead of the refinery’s highly anticipated IPO, ensuring everyday Nigerians gain equity in the mega-plant. NNPC acquired a 7.25% share in the refinery for $1…

Anti-Graft Win: Ex-Accountant-General Nwabuoku Permanently Forfeits Duplex, N1.9bn Shares to FG

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A Federal High Court in Abuja has finalized the forfeiture of assets linked to the convicted former acting AGF, Anamekwe Nwabuoku. The ruling follows his prosecution by the EFCC on nine counts of money laundering and fraud totaling N868.4 million. Nwabuoku was handed a cumulative 72-year prison sentence in March, though Justice James Omotosho ordered the eight-year jail terms for each of the nine counts to run concurrently, meaning he will serve eight years. The EFCC successfully proved that Nwabuoku used companies like Temeeo Synergy, Turge Global, Laptev Bridge, and Arafura Transnational to convert illicit cash. This paved…

Extortion Crackdown: IGP Imposes 200-Metre Restriction on POS Operators Near Police Stations

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In a strategic move to boost transparency and curb extortion, Inspector-General of Police Tunji Disu has barred Point-of-Sale (POS) operators from operating within 200 metres of all police formations nationwide. The strict directive aims to sanitize police environments and eliminate illicit financial transactions near commands. Enforcement of the new perimeter takes immediate effect, with the police high command warning senior officers that strict disciplinary action will be taken if violations occur under their watch. The signal specifically targets the ‘alarming proliferation’ of POS spots near stations, linking their presence to…

Eye on Hormuz: Qatari LNG Tanker Spotted En Route

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A Qatari LNG tanker is making a high-stakes run through the Strait of Hormuz, the first such attempt since the war with Iran began. Reuters confirmed Saturday, May 9, that the Al Kharaitiyat is en route to Pakistan’s Port Qasim, citing LSEG shipping data. While QatarEnergy remains silent, the voyage is a critical test for energy security in the region. ”The LNG is being sold ​by Qatar to Pakistan – a mediator in the war – under ⁠a government-to-government deal, according to two people familiar with the matter. They ​said…

TCN Substation in Kwara Under Siege as Gunmen Take Workers Hostage

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The Transmission Company of Nigeria (TCN) has declared force majeure at its Offa 132kV substation after unidentified gunmen attacked the facility and held personnel hostage.Workers were reportedly subjected to life-threatening conditions during the siege. General Manager of Public Affairs, Ndidi Mbah, disclosed the incident in an official press release issued on Saturday. May, 9. Early Thursday morning, gunmen forced their way into the station’s control room, disrupting power supply by coercing operators at gunpoint. After forcing the opening of the Offa and Ojoku 33kV feeders, the attackers demanded a total…