Business
FG inaugurate collaborative task team on overtime cargoes at ports

The Federal Government has inaugurated a collaborative task team of the Nigerian Ports Authority, Nigeria Customs Service, Federal Ministry of Transportation, saddled with responsibility of addressing lingering issues of overtime cargoes at the national seaports and terminals while also proffering best-case situations on how the cargoes can be cleared.
While inaugurating members of the task team in Abuja, Permanent Secretary, Federal Ministry of Transportation and Chairperson of the Committee, Dr Magdalene Ajani, said the inability to clear overtime cargoes at the ports and terminals had affected the number of cargoes that can be handled due to limitation of space.
Also, Ajani observed that this has resulted in a drastic drop in the volume of cargo coming into the country, adding that the reduction in cargoes has ultimately affected Internally Generated Revenue which is now lost to the neighbouring countries, while explaining that the clearing of overtime cargoes should not be confined to the Ikorodu Lighter Terminal, Lagos Port Complex, and TinCan Island Port Complex but all other ports and terminals within the country.
On the composition of the task team, Ajani said, ”It was a result of a series of meetings between the Minister of Transportation, Mu’azu Sambo and the Comptroller General, Nigeria Customs Service, and the Permanent Secretary, FMT, Dr Magdalene Ajani.”
Ajani, in a statement by the Director, Press and Public Relations of the ministry, Henshaw Ogubike, called on the task team to bring their professionalism to bear in the discharge of the onerous task.
Ajani, while reading the “Terms of Reference” said the team work includes but not limited to confirming the inventory of submission by the NPA on the actual number of overtime cargo in the ports and other locations; conducting a joint examination of all such cargo to determine contents suitable for use or consumption; providing a list separating goods for disposal by public auction and those to be deposed by condemnation/destruction.
“Others include gazetting all cargoes identified as overtime for disposal; determining the methodology for public auctioning at various ports/locations; determining the recoverability of part of the Terminal Operator’s revenue arising from long occupation of economic spaces and transfer charges; ensuring that the process is in conformity with applicable customs practices and any other task that may arise in the cause of the assignment.”
Responding on behalf of the team, Comptroller Adekunle Oloyede of the NCS, assured that the task team is a one-stop shop that will certainly unravel the overtime cargo challenge.
The task team is expected to submit its report within eight weeks.
Business
Elumelu Abruptly Ends UNGA Visit Following Afriland Tower Fire

The Chairman of Afriland Properties Plc, Mr. Tony Elumelu, has abruptly ended his trip to New York for the ongoing United Nations General Assembly (UNGA) following a devastating fire at Afriland Towers in Lagos that claimed the lives of several staff members.
In a statement released on Wednesday, Elumelu expressed profound sorrow over the incident, describing the loss as heartbreaking for the Afriland family.
He wrote, “I am shattered by yesterday’s devastating incident at Afriland Towers, that took the lives of our dear colleagues. No words can capture the magnitude of this loss – not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.”
Elumelu revealed that he was en route to New York when he received news of the tragedy, prompting his immediate return to Lagos as a mark of respect to the departed staff.
“As we navigate this grief, I urge you all to reach out to those who are receiving care. In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families,” he added.
He also thanked emergency responders, first aid workers, and members of the public for their swift and compassionate response to the disaster.
To honour the victims, a minute of silence will be observed at 12:00 noon on Wednesday across all companies within the Tony Elumelu Group.
Business
CBN Mandates Banks to Announce Successor MD Three Months Ahead
The CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.
In a circular signed by Dr Rita Sike, Director of Financial Policy and Regulation, and published on the CBN’s website, the bank stated that the new rules apply to Domestic Systemically Important Banks (DSIBs) – the largest lenders that are considered “too big to fail” because of their size and importance to Nigeria’s financial system.“
Consequently, and in line with good corporate governance practice, each DSIB is hereby required to: ensure it obtains regulatory approval for the appointment of a successor Managing Director not later than six months to the expiration of the tenor of the incumbent MD/CEO,” the circular stated.
Banks must also “publicly announce the appointment of the successor MD/CEO not later than three months to the planned exit of the incumbent MD/CEO.”
Whilst stating that the move is part of broader efforts to strengthen corporate governance and maintain confidence in the financial system, the CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.
Business
Nigeria is gradually regaining macroeconomic stability – CPPE
Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.

Dr Muda Yusuf, the Chief Executive Officer (CEO) ,Centre for the Promotion of Private Enterprise (CPPE), declared that Nigeria is gradually regaining macroeconomic stability.
He referenced the downward trend of headline inflation rate for the fifth consecutive month, reaching 20.12 percent in August 2025 from July’s 21.88 percent.
Dr Yusuf made the above comments in response to the data from the National Bureau of Statistics (NBS) for the period under review .
Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.
According to Yusuf the 20.12 percent recorded in August represents a notable 1.76 percentage point decline from July’s 21.88 per cent.
Month-on-month inflation also slowed sharply, with prices rising by just 0.74 percent in August compared to 1.99 per cent in July.
“However, consumer confidence remains fragile due to persistently high food prices and weak purchasing power. Despite this, consumer pessimism is gradually easing, suggesting that households are beginning to adjust their expectations as inflation slows.
“Several factors have contributed to the continued deceleration in inflation, including base effects from the unusually high inflation rates recorded in 2024, FX stabilisation and improved agricultural production from sub-national government interventions, which have helped boost food supply and contain price spikes,” he said.
-
Business3 days ago
Victor Osimhen is Moniepoint’s brand ambassador ‘Made for Your Progress’ campaign
-
Business3 days ago
FIRS says TIN not needed to operate bank accounts
-
News3 days ago
Niger State Makes Preaching An Offense Without Licences
-
News14 hours ago
Large asteroid to pass safely near Earth on Thursday
-
News2 days ago
Abimbola Adebisi is new PPRO Lagos Command
-
Health2 days ago
JUST IN: Doctors in FCT Commence Indefinite Strike Over Outstanding Issues
-
Business3 days ago
Dangote Refinery Begins Nationwide Fuel Distribution Amid Mixed Reactions
-
Sports3 days ago
U20 World Cup: Flying Eagles Final Squad Unveiled Amid Notable Absentees