Author: Mujeedat
The Nigeria Customs Service and the African Export-Import Bank have renewed their commitment to strengthening trade facilitation, customs cooperation and regional integration as part of efforts to boost intra-African trade and support the implementation of the African Continental Free Trade Area. The partnership was reaffirmed during a working visit by Afreximbank President and Board Chairman, Dr. George Elombi, to Comptroller-General of Customs, Adewale Adeniyi, at the Customs Headquarters in Abuja on Thursday, July 3, 2026. Adeniyi said the collaboration is built on a shared belief that Africa’s strongest trading partners are on the continent and that the region’s…
The Transmission Company of Nigeria has declared force majeure on its Oworonshoki 132/33kV and Lekki 330/132kV transmission substations in Lagos after heavy rainfall and flooding disrupted operations at the facilities. TCN said the persistent downpour in Lagos severely affected the Oworonshoki transmission substation, forcing it out of service after floodwater submerged two of its transformers. The affected units, identified as TR1 with a capacity of 60MVA and TR3 with a capacity of 30MVA, tripped on no-load and could not be restored despite repeated attempts. The company explained that all protection and control cables connected to the transformers were…
Shell says global demand for liquefied natural gas will continue on a strong long-term growth path despite recent disruptions in the market. In its LNG Outlook 2026, the energy company projected that global LNG demand will rise to nearly 700 million metric tons a year by 2050, up from 422 million metric tons in 2025. That represents an increase of about 65 per cent. The outlook comes against the backdrop of major market disruption, including the closure of the Strait of Hormuz, which has removed about one-fifth of normal monthly LNG supply since conflict in the Middle East…
The Nigeria International Gospel Music Awards has announced that its 5th edition will take place on Sunday, August 9, 2026, at the Agip Recital Hall, MUSON Centre, Onikan, Lagos. Organised by the Academy of Gospel Music in Nigeria, the awards will celebrate excellence, creativity, consistency and impact in gospel music while also promoting a nationwide mental health awareness campaign. The organisers said the initiative will use music, media, faith communities and strategic partnerships to encourage hope, emotional wellbeing and healing, especially among young Nigerians. Kingsley Omoefe, Founder and Team Lead of NIGMA, said the awards are not a…
The Federal Government has redirected a $730 million World Bank loan originally tied to the Power Sector Recovery Programme into a new intervention aimed at strengthening Nigeria’s electricity distribution segment. The revised arrangement will now support the Distribution Sector Recovery Programme, with emphasis on wider metering, stronger distribution networks and the rehabilitation of key infrastructure such as substations and transformers. The goal is to improve revenue collection for distribution companies and enhance electricity supply to consumers across the country. According to sources, the loan was not cancelled or withdrawn from Nigeria, but repurposed after the country failed to…
The Bank of Industry has appointed Kuramo Capital Management as the fund manager for the DICE Fund of Funds under the Federal Government’s iDICE programme, a major initiative designed to boost investment in Nigeria’s technology and creative sectors. The appointment was formalised at a contract signing ceremony in Abuja between BOI’s Managing Director and the Chief Executive of Kuramo Capital. The fund is expected to reach a minimum capitalisation of $170.6 million, with the Federal Government contributing an anchor commitment of $85.3 million through the programme, while Kuramo Capital will be responsible for raising matching private-sector capital on a…
Nigeria’s private sector recorded an increase in output at the end of the second quarter of 2026, supported by stronger demand and the launch of new products, according to Stanbic IBTC Bank Nigeria. The bank’s Head of Equity Research West Africa, Muyiwa Oni, said improving demand conditions helped drive further increases in output and new orders, while rising workloads encouraged firms to expand staffing, raise purchasing activity and build up inventories. He noted that the headline PMI reading of 53.4 in June, though slightly lower than May’s 54.1, remained above the 50.0 level that signals improvement in business…
The Nigeria Deposit Insurance Corporation has taken over the liquidation of 46 microfinance banks after the Central Bank of Nigeria revoked their operating licences on July 1, 2026. According to NDIC, the affected institutions are no longer allowed to carry on banking business in Nigeria. The corporation warned the public against carrying out any unauthorized transaction with the closed banks or tampering with their assets, records or property, noting that such actions could attract legal sanctions. NDIC said it has already begun the orderly winding-up process, which includes immediate takeover of the banks, verification of records and payment…
The management of the Nigeria Customs Service has welcomed Comptroller-General Bashir Adewale Adeniyi back to Abuja after what it described as a major boost to both his national and international leadership roles. Adeniyi returned to the Service’s headquarters in Maitama on Monday, June 29, 2026, where officers and senior management received him warmly following his trip to Brussels. His visit to Belgium had marked the 147th and 148th sessions of the World Customs Organisation Council. At the meeting, Adeniyi’s chairmanship of the WCO Council was renewed for another year, even though he had gone there expecting to hand…
Tanzania’s President Samia Suluhu Hassan has held high-level talks with Aliko Dangote on a new wave of potential Dangote Group investments in the country, covering transport infrastructure, fertilizer production, power generation, ports and regional trade. The meeting, held at State House in Dar es Salaam, highlighted the long-standing relationship between Tanzania and the Dangote Group while opening discussions on projects tied to the country’s industrialisation and economic transformation plans. Dangote said Tanzania remains a highly attractive investment destination for the group, adding that several areas had been identified for possible development in ways that would benefit both sides.…