Business
Stock Exchange, Four Banks Close Shop In Cote d’Ivoire
The West African
Stock Exchange and four banks have suspended their operations in Cote d’Ivoire, following disagreements and security fears raised with the government of President Laurent Gbagbo.
Three international banks, Nigeria’s Access bank plc, the French subsidiary of BNP Paribas- BICICI and America’s Citi bank, announced their suspension of operations on Monday.
On Wednesday, the Standard Chattered Bank, established for corporate banking, was closed to customers and other business activities.
The West African central bank, BCEAO, which provides the financial backbone to eight francophone West African countries including Cote d’Ivoire, had earlier suspended its operations in Cote d’Ivoire in January.
The closure of the four international banks, the stock market and the central bank signals the gradual pulling of the curtain over economic activities in Cote d’Ivoire.
The Ivorian economy is already crawling from the battery of international sanctions targeted at the cocoa industry, which is the mainstay of the economy.
The international community had piled sanctions on the Ivorian economy, following President Laurent Gbagbo’s refusal to hand over power to Alassane Ouattara.
Ouattara was the declared winner of the presidential elections held in November 2010 by the Ivorian electoral commission and the UN operations in Cote d’Ivoire, but Gbagbo rejected the results.
The Tide West African correspondent, who went round the branches of the banks in the central business and administrative zone of Cote d’Ivoire reports that all the banks were closed for business.
The premises of the West African Stock market was also sealed, with a strong presence of Ivorian security guards.
A communiqué issued by the West African Stock exchange on Wednesday said it had to suspend operations because Gbagbo had “requisitioned” the office.
The communiqué said the Board of Trustees of the Stock Market met in Ouagadougou and decided to suspend the operation of the market in Abidjan, after reviewing the political situation.
The communiqué, signed by the Stock Exchange president, Yade Coulibaly, said “all market operators are to stop trading in the Abidjan market until further notice’’.
The statement on the susupension of operations by BICICI, posted on its website on Monday, said the bank had to close temporarily for security reasons.
“We regret to announce to you that BICICI temporarily suspended its activities from this day February 14, 2011.
“We are no longer able to ensure that our work is done in satisfactory legal and accounting conditions for our customers or ensure the physical security of our staff,’’ a statement signed by the bank’s Managing Director, Yao Kouassi, said.
According to a statement, the French bank said its operations had been hampered by many “legal and regulatory confusions’’ in Cote d’Ivoire.
A Staff of the Nigerian Access bank in Abidjan told newsmen that there was a “directive from Lagos that the bank in Cote d’Ivoire should be closed on Monday.
“We had to go home, but we are not sure when the bank will be re-opened,’’ the staff said.
The Ivorian Minister of Budget, Katinan Kone, said the closure of the banks contravened the legal agreements entered on the security of depositors’ funds.
“The BICICI and Citi bank violate the rights of investors by confiscating their deposits. The Laurent Gbagbo-led government cannot tolerate these acts of defiance,’’ he said.
Meanwhile, customers had a run on the West Africa regional bank, Ecobank and the subsidiary of the Societe Generale bank in Cote d’ Ivoire, SGBCI, on Wednesday.
“We had many customers, who came in to draw down their money and we met all their requirements,” a senior manager at the headquarters of Ecobank told newmen.
Okwuashi said that it was unfortunate that Nigerian port system lacked the requisite number of professionals to manage the system effectively.
The port technocrat stressed that the Inland Container Depots (ICDs) were initiated to alleviate port congestion and that port managers should understand the importance of the ICDs.
Business
Nigeria Loses N17tr Yearly To Abandoned Projects
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.
Business
Transcorp Power seeks sustained investment across Nigeria’s electricity value chain
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.
Business
FG generates N33tn revenue in 10 months – Oyedele
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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