Business
Maritime Body Makes Case For Pre-Shipment Inspection
The National Council of Managing Directors of Licensed Customs Agents (NCMDLCA) has urged the Federal Government to revert from Destination Inspection to pre-shipment Inspection Scheme, a new development in the realms of international trade on the dual mission of protecting national security.
The National President of the association, Mr. Lucky Ayis Amiwero, disclosed this in an exclusive chat with our correspondent in Lagos.
According to him, NCMDLCA and the Presidential Task Force on the reform of Nigeria Customs Service are worried over the regime of destination inspection, which allows influx of unwholesome goods such as arms and ammunition, contrabands and dangerous items that expose the nation to security threat.
Amiwero declined that those who have declared their preference for destination inspection at the expenses of pre-shipment inspection have short memories to remember the position of the country economically, hence he said the government should quietly discard it and put in place pre-shipment inspection.
He said that pre-shipment inspection is embraced all over the world prior to the event of 9/11 that precipitated a change in cargo inspection based on security and safety.
Amiwero, who advised that Nigeria should not be left in the hands of greedy and selfish people, who are bent on destroying it in order to achieve their selfish objectives, cautioned that it would amount to colossal loss and disaster to the economy as well as the nation if import procedures in the country are left loose.
According to him, the international agreement on cargo security states that, “the cargo security programme developed after 9/11 emphasised on the provision of advance information of 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”.
The customs agent, who has served on various government task force/committees noted that the pre-shipment inspection Act, Paragraph (2) (3) (4) and (5) contain the global requirement for pre-shipment and condition as contained in the safe framework for pre-screening for security safety and revenue of import adding that the global best practice on cargo information, the screening and tracking that is to be shipped to country of import before loading on board the ship, so as to safeguide the country from importation of unwholesome products such as ammunition and prohibited items.
He further explained that under the new rule, 10 + 2, before goods arrive by vessel into United States, importer or his agent must submit certain advance cargo information to CBP in form of an Import Security Filling (ISF) as to identify high-risk – shipment in order to prevent smuggling and ensure cargo safety and security.
He noted that under destination inspection, the nation has lost billions of naira through import manipulation, improper duty assessment and double handling in the ports among other corrupt practices.
On shipping lines operating in our coastal waters, Mr. Amiwero tasked the federal government to look into what these shipping lines are doing as he linked them with some of the difficulties faced in the ports.
He also carpet NIMASA for their negligence in the area of cabotage after four years of implementation, stressing that the parastatal has failed woefully on cabotage implementation while urging the government on the importance of the ports to the nation’s development, noting that the issue of security should not be forgotten.
“Without security, the nation will find it difficult to put things right and foreign investors will continue to stay away from Nigeria,” he said.
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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