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FCMB Introduces Mutual Funds Investment Feature on Its Mobile App

  • dollaers
  • October 27, 2025
  • Bank
  • 0 comments

First City Monument Bank (FCMB) has rolled out a new feature on its mobile app that allows customers to open investment accounts and invest directly in mutual funds managed by FCMB Asset Management, the wealth management arm of FCMB Group Plc.

The innovation marks a major milestone in FCMB Group’s digital transformation drive, aimed at building an all-in-one financial ecosystem that integrates banking, payments, and investment services on a single platform.


Seamless Access to Investment Opportunities

With the new feature, FCMB customers can now explore a variety of mutual fund options designed to suit different financial goals and risk appetites. These include:

  • Legacy Money Market Fund – a low-risk investment for those seeking liquidity and stability.

  • Legacy Equity Fund – ideal for investors pursuing long-term growth through equities.

  • Legacy Debt Fund – focused on local-currency bonds for predictable income.

  • Legacy USD Bond Fund – a dollar-denominated option for investors seeking foreign currency exposure.

This digital integration allows users to invest, monitor performance, and grow their portfolios directly from their smartphones without visiting a physical branch.


Enhancing Financial Inclusion Through Technology

Speaking on the launch, Yemisi Edun, Managing Director of FCMB, said the initiative reflects the bank’s mission to simplify financial management for customers and empower them to make better financial decisions.

“What we are building goes beyond digital convenience,” Edun explained. “It is about creating a connected ecosystem where banking, payments, and investments work together to serve customers’ broader financial needs. By integrating mutual funds into the FCMB Mobile App, we’re enabling customers to move seamlessly from saving to investing within one trusted platform.”

Echoing this, James Ilori, Chief Executive Officer of FCMB Asset Management Limited, emphasized the goal of making investing more accessible.

“Our mission is to democratize access to investment opportunities and make wealth creation simple and inclusive. By bringing mutual funds to the FCMB Mobile App, we’re enabling anyone, anywhere, to start investing confidently and build a sustainable financial future,” he said.


Driving a Unified Digital Financial Ecosystem

The launch underscores FCMB Group’s broader strategy of building a digitally inclusive ecosystem that connects its various financial services—banking, consumer finance, and asset management—under one platform.

This initiative is expected to expand access to professional investment opportunities, encourage financial literacy, and drive long-term wealth creation among Nigerians.

Customers can download or update the FCMB Mobile App from the Google Play Store or Apple App Store to start exploring these investment options today.


About FCMB Group

FCMB Group Plc is a leading financial services holding company with subsidiaries across banking, consumer finance, asset management, and other financial sectors.

About FCMB Asset Management

FCMB Asset Management Limited (FCMBAM), licensed by the Securities and Exchange Commission (SEC) of Nigeria, provides portfolio management and investment advisory services to individuals and institutional investors.

Cyber Fraud, Gold Crash, Capital Gains Tax Debate, and AI Land Grab Take Center Stage in Latest “Drinks and Mics” Episode

  • dollaers
  • October 26, 2025
  • Finance
  • 0 comments

The newest episode of Drinks and Mics (Season 2, Episode 8) dives into some of the most pressing global and local economic issues—ranging from the rise in cyber fraud to the recent crash in gold prices, debates over capital gains tax, and the growing influence of artificial intelligence in data control.

Hosted by Tunji, this lively discussion features Arnold Dublin-Green, Bolawatife Odusanya (CEO of Trexm Holdings), and Gbolabo Awelewa (Chief Business Officer at Esentry). Together, they unpack the technological, financial, and policy issues shaping markets and businesses across Nigeria and beyond.


Cyber Fraud and the Cloud: A Growing Concern

The episode kicks off with an in-depth analysis of cybersecurity and the vulnerabilities tied to cloud computing.
Gbolabo Awelewa describes Amazon Web Services (AWS) as “the biggest single point of failure in the world,” emphasizing how deeply embedded the platform is in the operations of businesses and individuals.

The panel examines how heavy reliance on cloud infrastructure poses systemic risks, especially when combined with increasing incidents of cyberattacks and digital fraud targeting African businesses.


AI and Data Security Risks

The conversation then shifts to artificial intelligence and the potential dangers of data misuse.
The hosts discuss how organizations and individuals feeding sensitive information into AI models—such as ChatGPT and Google’s Gemini—could be exposing themselves to privacy and security risks.

They highlight the need for stronger governance frameworks and awareness around how personal data is collected, stored, and used by AI systems that are now integrated into business operations worldwide.


Gold Market Crash and Its Ripple Effects

Another major talking point in the episode is the sharp fall in gold prices after months of record highs.
Tunji notes that gold’s recent dip may be connected to movements in the cryptocurrency market, suggesting that “Bitcoin seems to be dragged down alongside gold.”

Arnold Dublin-Green adds that the volatility was concerning, noting that his target price for gold at the end of 2025 was $3,500—but the commodity had already exceeded that by nearly $1,000 earlier in the year.
Tunji pointed out that gold had surged by 60% in 2025, including a 25% spike in just two months, before the recent correction.


Capital Gains Tax Debate Heats Up

The panel also touches on the ongoing debate over the Capital Gains Tax (CGT) proposed in Nigeria’s tax reform efforts.
The hosts describe the policy as controversial but acknowledge its potential benefits in boosting government revenue and promoting fiscal transparency—if implemented fairly and efficiently.


Security Efforts and Oil Sector Recovery

Rounding off the episode, the speakers commend recent local security initiatives that have positively impacted oil production in Nigeria. Improved regional stability, they note, has contributed to higher output and better investor sentiment in the energy sector.


Final Thoughts

From cybersecurity to commodity markets and fiscal policy, this episode of Drinks and Mics offers deep insights into the fast-changing economic landscape.
As the “fantastic four” dissect how technology, policy, and global market shifts are influencing business decisions, the episode provides a timely perspective on how Nigerians and investors should prepare for what lies ahead.

Watch the full episode of “Drinks and Mics” on Nairametrics TV to learn how these evolving dynamics could affect your money, your business, and the broader economy.

top 5 zombie games

Flutterwave, Paga CEOs Celebrate Nigeria’s FATF Grey List Exit as Major Boost for Cross-Border Payments

  • dollaers
  • October 26, 2025
  • Fintech
  • 0 comments

Top fintech leaders in Nigeria, including Olugbenga Agboola, CEO of Flutterwave, and Tayo Oviosu, CEO of Paga, have hailed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a pivotal step for financial credibility, global investment, and cross-border payment efficiency.

The FATF announced on Friday that Nigeria, South Africa, Burkina Faso, and Mozambique have been removed from its grey list following major reforms in anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks.

The decision ends nearly three years of heightened monitoring, signaling renewed international confidence in Nigeria’s financial system and regulatory standards.


A Game-Changer for Payments and Trade

Reacting to the announcement, Olugbenga Agboola, CEO of Flutterwave, praised the milestone as a major breakthrough for Nigeria’s financial ecosystem.

“Nigeria’s exit from the FATF Grey List is a massive win for our economy,” Agboola said. “Flutterwave, as Africa’s most licensed non-bank financial institution with over 50 licenses, has invested heavily in compliance and governance.

This grey listing made cross-border payments harder and more expensive. Now, this delisting restores confidence, lowers remittance and transaction costs, and unlocks faster, cheaper payments to and from Nigeria. It’s a strong signal that Nigeria is back on the path of trust, transparency, and financial leadership.”

Similarly, Tayo Oviosu, CEO of Paga, celebrated the development as a turning point for investment and innovation.

“The best news, guys—Nigeria is off the FATF grey list! Congrats to everyone at NFIU, CBN, and across the financial industry,” Oviosu said.
“This is a big deal because it reopens Nigeria to foreign direct investment and stronger engagement from the West. We worked hard to get here, and this will accelerate growth for fintechs and the wider economy.”


Wider Industry and Government Reactions

Civil society and government leaders have also applauded the development.
Olusegun Onigbinde, Co-founder of BudgIT, described the delisting as “very good news,” commending the Nigerian Financial Intelligence Unit (NFIU) and regulatory bodies for their coordinated reforms.

Minister of Interior, Olubunmi Tunji-Ojo, said the move reflects the success of ongoing economic reforms:

“This milestone reinforces confidence in Nigeria’s economy and validates the effectiveness of the government’s financial policies. It will ease cross-border transactions, attract foreign investment, and create jobs.”


Stronger Compliance, Brighter Outlook

The FATF’s decision follows two years of collaborative reforms by institutions such as the Central Bank of Nigeria (CBN), NFIU, Ministry of Finance, and the Economic and Financial Crimes Commission (EFCC).
These reforms strengthened oversight, improved transparency, and enhanced data sharing across financial channels, particularly within the fintech and remittance sectors.

Analysts say the delisting will reduce compliance costs, improve access to global capital, and accelerate remittance inflows—benefits crucial for Nigeria’s $20 billion annual remittance market.


What to Know

  • Nigeria and South Africa were added to the FATF grey list in February 2023.

  • Mozambique joined in October 2022, and Burkina Faso in February 2021.

  • Grey listing typically increases transaction costs and delays due to stricter global scrutiny.

  • Nigeria’s removal now positions it for smoother, faster, and cheaper cross-border financial transactions, boosting investor confidence and strengthening fintech growth across the continent.

Federal Ministry of Environment Launches 1Gov Cloud Digitalisation Programme

  • dollaers
  • October 26, 2025
  • Business
  • 0 comments

The Federal Ministry of Environment has officially joined Nigeria’s digital transformation agenda with the launch of the Galaxy Backbone 1Government Cloud Digitalisation Programme.

At the flag-off ceremony held in Abuja, Minister of Environment Balarabe Abbas Lawal described the initiative as a milestone in modernizing environmental governance and advancing sustainability through technology.

“Digitalisation is no longer optional—it is a necessity,” Lawal said. “Through the Galaxy Backbone 1Government Cloud, we are enabling data-driven environmental management, eliminating paperwork, reducing costs, and directly cutting carbon emissions.”

According to the Minister, the initiative will promote transparency, evidence-based decision-making, and efficient public service delivery.

Background

The launch marks another major step in the Federal Government’s ongoing digitalisation agenda led by Galaxy Backbone Limited (GBB). In May 2024, GBB announced plans to digitize 70% of federal government services by 2025 under the 1Government Cloud (1Gov) framework—a unified digital platform designed to connect all Ministries, Departments, and Agencies (MDAs).

The 1Gov programme emphasizes data sovereignty, ensuring that Nigeria’s digital assets are hosted and controlled within the country. By September 2025, several MDAs—including the Ministries of Solid Minerals, Justice, and Foreign Affairs—had already begun onboarding the 1Gov system under the Sovereign Digitalisation Programme.

Transition to Paperless Governance

Permanent Secretary Mahmud Adam Kambari commended the Ministry’s leadership for embracing the transition to a paperless government. He also praised GBB’s 1Government Cloud team, led by Mr. Wumi Oghoetuoma, for developing a secure and indigenous platform for digital public administration.

Oghoetuoma, who serves as Programme Director of the initiative, called the project “a bold stride in Africa’s digital transformation journey.”

“The Galaxy 1Government Programme is leading public sector digitalisation in Africa, for Africa, by Africa,” he said. “This is not just about technology—it’s about protecting our digital destiny and sovereignty.”

The platform offers a suite of homegrown applications built to replace fragmented and foreign systems, including:

  • GovECM (Enterprise Content Management)

  • GovDrive (Secure File Storage)

  • GovESign (Digital Signatures)

  • GovMail (Official Communication)

  • GovInMail (Secure Inter-MDA Messaging)

  • GovConference (Virtual Meetings)

  • GovAssetManager (Asset Tracking)

  • GovOTP (Multi-Factor Authentication)

According to Oghoetuoma, the Ministry has already gone live on the 1Gov Enterprise Content Management System (ECMS), with 15 departments onboarded, 316 workflows created, and 890 user accounts activated.

Toward Technological Self-Reliance

Dr. Sam Nwosu, CEO of Secured Records Management Solutions Ltd, described the programme as proof of Nigeria’s growing capacity to build world-class digital infrastructure.

He said the initiative represents “a major leap toward technological independence, data protection, and sustainable governance.”

The 1Government Cloud Digitalisation Programme is expected to accelerate Nigeria’s shift to e-governance, enhance efficiency across public institutions, and strengthen the country’s long-term environmental and digital sustainability goals.

CBN Pledges to Deepen Reforms as Nigeria Exits FATF Grey List

  • dollaers
  • October 26, 2025
  • Finance
  • 0 comments

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to sustaining and deepening ongoing financial sector reforms following Nigeria’s removal from the Financial Action Task Force (FATF) grey list.

The global anti-money laundering watchdog officially announced Nigeria’s delisting after a successful on-site evaluation of the country’s anti-money laundering and counter-terrorist financing (AML/CFT) systems — a development marking a major milestone in Nigeria’s financial reform agenda.

In a statement on Saturday, the CBN described the FATF’s decision as a strong endorsement of Nigeria’s reform progress and the growing credibility of its financial system.

“The FATF’s decision to remove Nigeria from the grey list is a strong affirmation of our reform trajectory and the growing integrity of our financial system,” said CBN Governor Olayemi Cardoso.

“It reflects a clear policy direction and coordinated national effort toward standards-based reforms. Our priority now is to consolidate these gains, ensuring that compliance, innovation, and trust advance together to reinforce financial stability and strengthen Nigeria’s global credibility.”

Path to Delisting

Nigeria’s removal from the grey list follows a two-year, multi-agency reform effort led by the Federal Government and supported by key institutions, including the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC).

The CBN played a central role in improving governance and transparency within the financial system. Reforms evaluated by FATF and its regional affiliate, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), included:

  • Tighter oversight of financial institutions through updated AML/CFT regulations and risk-based supervision.

  • Broader compliance monitoring across fintechs, remittance operators, and bureaux de change.

  • Improved inter-agency coordination and data sharing for enforcement.

  • Introduction of market governance tools such as the Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS).

These steps significantly enhanced Nigeria’s compliance with international standards and restored confidence in its financial integrity.

Economic and Business Impact

Nigeria’s removal from the grey list is expected to ease compliance burdens for businesses, reduce transaction costs, and improve access to international finance. It will also facilitate faster and more affordable cross-border payments and remittances — estimated at around $20 billion annually.

The improved regulatory environment is likely to boost investor confidence, strengthen trade settlements, and enhance foreign exchange stability — key factors for enterprise growth and household welfare.

A Regional Milestone

Nigeria now joins South Africa, Mozambique, and Burkina Faso among the African countries recently removed from FATF monitoring. The move adds momentum to Africa’s broader push toward transparency, financial integrity, and global integration.

The CBN reiterated that it will continue working with both domestic and international partners to maintain a sound, transparent, and inclusive financial system that supports long-term economic growth.

What to Know

  • Nigeria and South Africa were placed on the FATF grey list in February 2023.

  • Mozambique was added in October 2022, while Burkina Faso was listed in February 2021.

  • Countries on the grey list typically face higher transaction costs and stricter international scrutiny.

  • Nigeria’s delisting signals renewed global confidence in its financial governance and reform agenda.

Maj. Gen. Waidi Shaibu: Nigeria’s Newly Appointed Chief of Army Staff

  • dollaers
  • October 25, 2025
  • Law
  • 0 comments

President Bola Tinubu’s recent reshuffle of Nigeria’s top military leadership on Friday, October 24, 2025, has led to the appointment of Major General Waidi Shaibu as the new Chief of Army Staff (COAS).

Until his appointment, Maj. Gen. Shaibu served as the Theatre Commander of the Joint Task Force, Operation Hadin Kai (OPHK), where he led counterinsurgency operations in Nigeria’s Northeast.

Born on December 18, 1971, in Olamaboro Local Government Area of Kogi State, Shaibu began his military career in 1989 when he joined the Nigerian Defence Academy (NDA) as part of the 41st Regular Course. He was commissioned into the Armour Corps in 1994.

Academic and Professional Background

Shaibu holds a Bachelor’s degree in Mechanical Engineering from the Nigerian Defence Academy. His academic journey reflects a deep commitment to professional and intellectual development, with multiple postgraduate degrees to his name — including a Master’s in Public Administration from the University of Calabar, a Master’s in Strategic Studies from the University of Ibadan, and another in Security and Strategic Studies from the National Defence University, Washington D.C.

He is an alumnus of the Harvard Kennedy School of Government and is currently pursuing a PhD in Strategic Studies at the University of Ibadan.

Maj. Gen. Shaibu has undergone extensive military training in Nigeria, Ghana, Kenya, and the United States, specializing in armoured warfare, defence management, and counterterrorism strategy.

Military Career and Command Experience

Over his three-decade career, Shaibu has served in several major military operations, including Operations Harmony, Boyona, Zaman Lafiya, Lafiya Dole, Tura Takaibango, and Hadin Kai. He also represented Nigeria in international peacekeeping missions in Liberia and Sudan.

His leadership record includes holding key positions such as General Officer Commanding 7 Division, Commander of 21 Special Armoured Brigade, Chief Instructor at the Nigerian Army Armour School, and Director of Defence Administration at the Defence Headquarters.

In recognition of his service and dedication, Shaibu has received multiple honours, including the Distinguished Service Star, Distinguished Service Order, Field Command Medal, and the Purple Heart Medal.

Leadership and Personal Life

Maj. Gen. Waidi Shaibu is widely regarded for his calm leadership style, disciplined approach, and strategic thinking. As he assumes the role of Chief of Army Staff, expectations are high that his operational experience and intellectual background will help strengthen Nigeria’s military effectiveness and internal security.

Beyond the barracks, Shaibu is known to enjoy reading, early morning walks, and quiet reflection. He is married with children.

Fintech seen as the key to unlocking Africa’s $17 trillion real estate market — Virety CEO, Olayinka Olamilehin

  • dollaers
  • October 25, 2025
  • Fintech
  • 0 comments

As Africa’s real estate industry races toward a projected $17 trillion market value, fintech innovations are emerging as a crucial force in reshaping how property transactions are conducted across the continent.

In an exclusive interview with Nairametrics, Olayinka Olamilehin, Founder and CEO of Virety, explained that financial technology and immersive digital tools are redefining trust, transparency, and accessibility in the housing and rental market.

Building trust through technology

Olamilehin noted that most real estate transactions in Africa are still dominated by manual and cash-based systems, which often result in fraud, substandard service delivery, and poor accountability.

To address this, new digital platforms now integrate fintech-powered escrow systems that hold payments until tenants confirm that property owners or hosts have fulfilled their obligations.

“We can withhold payments until the host delivers the agreed service. If guests are dissatisfied, we investigate before releasing funds. This accountability structure builds confidence and reduces fraud,” Olamilehin explained.

He added that such systems are essential for creating trust-based digital property ecosystems, preventing misuse of funds, and protecting both landlords and tenants.

Enhancing affordability and access

According to Olamilehin, rising property prices across African cities have outpaced income growth, making affordability a pressing concern. He emphasized that technology—through digital verification, virtual reality tours, and geospatial data—can cut transaction costs and help users make more informed housing decisions.

“With immersive 360° virtual tours, people can view properties remotely, save travel time, and make smarter decisions. It’s about maximizing value and precision while reducing the cost of searching,” he said.

Fintech’s growing role in Africa’s property economy

The Virety CEO believes fintech will be central to the next phase of Africa’s real estate evolution, enabling seamless cross-border transactions and instant digital payments.
He also predicted that stablecoins and digital currencies will gain ground in property payments, particularly among younger, tech-savvy property owners.

“Digital currencies may not replace cash immediately, but they’ll become a valid payment option—especially for early adopters in the property space,” he said.

Data protection and regulation

On data privacy, Olamilehin emphasized that digital housing platforms must strictly comply with privacy laws and use licensed service providers.

“At Virety, we only collect data necessary for operations, and always with user consent,” he said, stressing the importance of regulatory oversight to foster public confidence.

A $17 trillion opportunity

Citing recent projections, Olamilehin revealed that Africa’s real estate market is expected to grow from $17.64 trillion in 2025 to $22 trillion by 2029, driven by rapid urbanization and population growth.

He explained that over 75% of this value lies in residential housing, which demands greater precision, transparency, and smarter decision-making tools.

Bridging the housing gap through private sector innovation

Olamilehin also called for stronger collaboration between the government and private developers to speed up affordable housing delivery. He criticized the slow pace of public housing programs and urged private players to invest in low- and middle-income housing instead of focusing solely on luxury projects.

“The slower the delivery, the more complex the problem becomes due to population growth. The private sector must help bridge this gap sustainably,” he warned.

Infrastructure and insight

While infrastructure remains a major challenge for the physical real estate market, Olamilehin said digital platforms can provide data-driven insights to help policymakers identify investment priorities.

“The digital housing market’s advantage is access to data. This can guide governments in planning and executing infrastructure development more effectively,” he noted.

Looking ahead

With Africa’s urban population expected to double by 2050, Olamilehin believes that the continent’s real estate future will be defined by the fusion of fintech, geospatial data, and immersive technology.

“Africa’s housing crisis isn’t just about supply—it’s about trust and access. Millions still find homes through guesswork and misinformation. Digital platforms will change that by bringing transparency, accountability, and inclusivity to the market,” he concluded.

Bank of Agriculture secures $200 million fund to support displaced Nigerians and migrants

  • dollaers
  • October 25, 2025
  • Bank, Fintech
  • 0 comments

The Bank of Agriculture (BOA) has obtained a $200 million Livelihood Support Fund in collaboration with the International Organization for Migration (IOM) to strengthen economic resilience and create sustainable livelihoods for displaced persons and migrants across Nigeria.

The partnership, formalized through a Memorandum of Understanding (MoU) signed in Abuja, seeks to promote economic inclusion among vulnerable communities while addressing food insecurity and rural poverty.

The MoU was signed by Ugochi Daniels, IOM’s Deputy Director General for Operations, and Ayo Sotinrin, BOA’s Managing Director and Chief Executive Officer.

Empowering displaced Nigerians

Speaking at the event, Sotinrin said the initiative represents more than just financial support—it is an investment in human capital and national stability.

“This is more than finance; it’s an investment in people and national stability. We see this fund as a crucial step toward transforming the landscape of rural poverty,” he stated.

He explained that the collaboration will help displaced and vulnerable Nigerians become active contributors to rural development and national economic stability under the Renewed Hope Agenda.

Addressing food insecurity and displacement

The joint effort aims to combat displacement, food insecurity, and rural poverty by empowering affected populations to rebuild their livelihoods through access to agricultural inputs, financial inclusion, capacity development, and market linkages.

The project aligns with Nigeria’s national development priorities and the African Union’s Agenda 2063, which emphasize resilience, self-reliance, and inclusive growth.

Also speaking at the signing, Daniels described the agreement as a step toward linking migration management with development financing.

“By connecting migration management to development finance, we can create inclusive opportunities that empower people to rebuild their lives, contribute to local economies, and reduce dependence on aid,” she said.

Tackling the displacement crisis

Nigeria currently hosts over 3.5 million internally displaced persons (IDPs), many of whom have lost their homes, farmland, and means of livelihood due to conflict, climate shocks, and economic disruptions.

The IOM–BOA partnership aims to close the livelihood gap for these populations by supporting locally driven recovery initiatives. The program also aligns with the United Nations Sustainable Development Cooperation Framework (UNSDCF) and could serve as a model for migration-sensitive development financing across Africa.

Recent BOA funding milestone

This latest fund comes just five weeks after BOA secured a $1 billion intervention fund in partnership with the African Export-Import Bank (Afreximbank). That initiative focuses on transforming smallholder farming, boosting agricultural productivity, and strengthening market access nationwide.

Both efforts support President Bola Tinubu’s National Food Security Fund, a revolving matching fund developed with state governments to drive food sufficiency and inclusive economic growth.

Lagos Free Zone: The Top Investment Choice for Nordic Businesses in Nigeria – CEO Adesuwa Ladoja

  • dollaers
  • October 25, 2025
  • Business
  • 0 comments

Lagos Free Zone (LFZ), Nigeria’s first private special economic zone developed by Tolaram, has been reaffirmed as the most attractive destination for Nordic investors seeking long-term opportunities in Nigeria.

Speaking at the Nordic Nigeria Connect 2025 event held in Lagos, the Chief Executive Officer of LFZ, Mrs. Adesuwa Ladoja, highlighted the Zone’s unique advantages—integrated infrastructure, regulatory efficiency, and unmatched logistical access through the Lekki Deep-Sea Port.

According to Ladoja, Lagos Free Zone provides a well-organized and predictable business environment, shielding investors from the typical infrastructural and regulatory hurdles faced elsewhere in the country.

“At Lagos Free Zone, we have a deep-sea port with state-of-the-art facilities. Businesses can easily import raw materials and export finished goods from one location,” she explained. “With new access roads, coastal connections, and plans for rail integration, we’re eliminating major operational bottlenecks. Our single-window regulatory framework also ensures investors can access all required approvals in one place.”

Ladoja also noted that the economic reforms introduced by President Tinubu’s administration, particularly the removal of fuel subsidies and exchange rate unification, have significantly improved investor confidence and transparency.

She emphasized that recent trends—stable exchange rates, lower interest rates, and easing inflation—signal a renewed opportunity for private sector growth. With Nigeria’s young and dynamic population, she said, the country offers both a massive consumer market and a strategic production hub for the 400-million-strong ECOWAS region.

“Nigeria’s combination of structural reforms, market stability, and demographic strength makes it one of Africa’s most attractive investment destinations. The real advantage lies in being an early mover,” Ladoja said.

She added that Nordic countries’ expertise in renewable energy, sustainable manufacturing, logistics, and digital innovation aligns perfectly with Nigeria’s growth agenda. These shared strengths, she noted, open doors for impactful collaborations that drive innovation, job creation, and inclusive development.

Ladoja also commended Nordic nations for their leadership in clean technology, digital transformation, and responsible business practices, which reflect Nigeria’s development aspirations.

Other notable panelists at the event included Frederik Klinke (CEO, APM Terminals Nigeria), Ijeoma Ozulumba (Executive Director/CFO, Development Bank of Nigeria), Naana Winful Fynn (Regional Director, West Africa, Norfund), and Yerje Osmunden (CEO, Empower New Energy).

About Lagos Free Zone
Developed by Singapore-based Tolaram, the Lagos Free Zone spans 860 hectares in Lagos State and is fully integrated with the Lekki Deep-Sea Port. It offers world-class infrastructure, efficient logistics, and a streamlined regulatory system designed to simplify the process of doing business in Nigeria—making it a gateway for regional and international investors.

Customs Seize Drugs Worth ₦5.3 Billion Concealed in Imported Vehicles at Tin Can Port

  • dollaers
  • October 25, 2025
  • Finance
  • 0 comments

The Nigeria Customs Service (NCS) has intercepted two containers filled with imported vehicles used to conceal illicit drugs valued at more than ₦5.3 billion at the Tin Can Island Port in Lagos.

Comptroller Frank Onyeka, Customs Area Controller of the Tin Can Command, disclosed this in a statement on Friday, confirming that the seizures were made after weeks of coordinated intelligence and surveillance.

According to Onyeka, the first container, with number HLXU8500072, arrived from Montreal, Canada, and was flagged for inspection on September 4, 2025. Upon examination, officers uncovered 156 packets of Colorado Indica weighing 78 kilograms and 1.2 kilograms of Hashish Oil, all hidden inside four imported vehicles.

The second container, FANU312876/9, was intercepted on October 24, following another round of actionable intelligence. A thorough search revealed 2,081 packages of Cannabis Indica weighing 1,093 kilograms, and eight packages of Crystal Methamphetamine weighing eight kilograms, also concealed within the vehicles.

The total value of the intercepted narcotics was estimated at ₦5.304 billion. Onyeka confirmed that the seized items have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

“The Nigeria Customs Service, Tin Can Island Command, has intercepted two containers of vehicles used to conceal illicit drugs worth over ₦5.3 billion,” Onyeka said. “All recovered substances have been transferred to the NDLEA for proper investigation and necessary legal action.”

He commended the NDLEA, Nigerian Navy, Police, and other security agencies for their collaboration during the operation. Onyeka also reaffirmed the Command’s commitment to maintaining vigilance against drug trafficking and other illicit trade activities at Nigerian ports.


Related Developments at PTML Command

In a separate operation, the Ports Terminal Multiservices Ltd. (PTML) Command reported the interception of several containers carrying unregistered medicines and arms, while also recording a strong revenue performance for the year.

Comptroller Joe Anani, who heads the PTML Command, revealed that the unit generated ₦350.3 billion between January and September 2025, representing 96.64% of the total revenue collected in 2024.

According to Anani, a 20-foot container falsely declared as supermarket goods was found to contain pharmaceutical products, while another 40-foot container declared as medical equipment actually held 6,262 cartons of antibiotics. Two additional containers carrying unregistered medicines were also seized—one of which contained a WE Tactical Airsoft pistol, two magazines, and 12 live rounds of ammunition.

He added that the seizures were the result of intelligence-led enforcement and were immediately handed over to the National Agency for Food and Drug Administration and Control (NAFDAC) for investigation.

The PTML Command also recorded significant revenue growth in the third quarter of 2025, generating ₦116.2 billion, up 34.3% compared to ₦86.5 billion in the same period last year.

Anani reaffirmed the Service’s dedication to safeguarding Nigeria’s borders, enhancing revenue collection, and supporting inter-agency cooperation to combat illegal trade across the country’s ports.

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