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
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
Business
NCC, CBN launch telecom industry portal to track fraudulent phone lines
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”
The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.
Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
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