Author: Mujeedat
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 According to sources, the loan was not cancelled or withdrawn from Nigeria, but repurposed after the country failed to…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.…
The Comptroller-General of Customs, Bashir Adewale Adeniyi, has announced the handover of seized narcotic drugs and expired pharmaceutical products intercepted by the Apapa Area Command, with a combined Duty Paid Value of ₦53.39 billion. Speaking at the briefing in Lagos on Wednesday, Adeniyi said the seizures were made through intelligence gathering, scanning analysis, physical examination and collaboration with the NDLEA and other agencies. He said the operation reflects Customs’ commitment to protecting society through vigilance, intelligence-driven border management and inter-agency cooperation. He listed the seizures to include containers of Cannabis Sativa, Codeine Syrup, expired pharmaceutical products such as…
Delta State Governor Sheriff Oborevwori has expressed strong dissatisfaction over the slow pace of work at the Technical College, Irri, in Isoko South Local Government Area, describing the delay in completing the project as unacceptable. The governor made the remarks on Monday during an unscheduled inspection visit to the site, where he noted that the contract, awarded in 2019, had remained unfinished after seven years. He said the level of work on ground did not reflect the seriousness expected of a project of such importance to the state. Oborevwori, who was received at the project site by the…
The African Development Bank says a new set of project implementation contracts under its Desert to Power initiative will help accelerate the 225 kV Mauritania-Mali Power Interconnection Project and strengthen electricity access across the Sahel. The contracts were signed with the Manantali Energy Management Company, known as SOGEM, and are part of efforts to improve electricity supply, facilitate cross-border energy trade, and support the stability of national power grids in Mauritania and Mali. The project is designed to link strategic areas in both countries through a high-voltage transmission line. According to the report, the broader Desert to Power…
The Baltic and International Maritime Council (BIMCO) has urged the United States and Iran to reach a clear and unambiguous arrangement on maritime traffic through the Strait of Hormuz after a reported attack on a crude-carrying vessel disrupted shipping plans in the region. The shipping association said the incident has set back efforts to evacuate vessels and resume normal transits through the strait, although some movements are still expected to continue. BIMCO’s chief safety and security officer, Jakob Larsen, said the situation shows the need for a clearly defined agreement between Washington and Tehran to guide the reopening of…