Business
FG Realises N380m From CTN In Five Months
The Cargo Tracking Note (CTN), introduced into the maritime industry by the current administration in December, has raked in 1.59 million euros (about N380 million) into the coffers of the government, within its first five months of partial operation.
Managing Director of Nigerian Ports Authority (NPA), Mallam Abdul Salam Mohammed, who disclosed this last week in Abuja, said that beside direct revenue generation into the coffers of government, CTN will also assist relevant Nigerian government agencies monitor Nigerian-bound cargo.
Mohammed said that CTN, when fully implemented, is expected to generate about 10 million Euros into the coffers of government yearly.
A maritime professional and National President of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), Mr. Lucky Eyis Amiwero, while speaking with reporters in Abuja, said that CTN is a global phenomenon, which should be embraced by Nigerians to enhance cargo security.
Speaking shortly after a stakeholders parley on the CTN scheme, Amiwero wondered why Nigeria has been dragging its feet over the implementation of CTN, whereas 90 per cent countries are already using the system.
CTN, explained Amiwero, represents an additional layer of security to ensure goods reach their destination in the same condition as they began their journey, it includes processes and system to determine the location of the goods and helps ensure that their location is consistent with what is authorised and expected.
“CTN has become a global trend in the realms of international trade on the dual mission of protecting national security. It improves the ability to monitor the flow of goods to and from port, creates a more efficient system that saves time and money, while improving the quality of cargo monitoring”, he stated.
The fiery freight forwarder known for his antagonistic stand against the new shipping guidelines at inception stated that he had a change of mind after his self-sponsored researches on the advantages and disadvantages of the CTN.
He stressed that the advantages of the programme far outweigh the disadvantage.
According to him, Nigeria stands the risk of terrorism attack through seaports if CTN is not implemented since cargo security provisions under the International Maritime Organisation (IMO) acknowledged the importance of the maritime sector to international trade and security.
“The cargo security programme developed after 9/11 emphasised on provision of advance information of the shipment of goods to the importing country, which is a new protocol for Tracking and Screening of Cargo both from the country of origin to destination, which was adopted globally due to security threat on the supply chain,” he said.
Cargo tracking covers the need for identification, statistic, transport cost (freight element), control, safety and increase security by providing information on the movement of the cargo throughout the international trade environment.
It also improves the ability to monitor the flow of goods to and fro, creates a more efficient system that saves time and money, while improving the quality of cargo monitoring, improve communication directly with customers and enable more exact time estimate.
Amiwero stated that it is now a global requirement for supply chain mechanism. It is new protocol in the global trend that was incorporated into international framework precipitated a change from inbound inspection and monitoring of cargo to outbound that is cargo tracking and screening, such as those under the World Customs Organisation (WCO) safe framework for container security and International Ship and Port facility code (ISPS).
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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