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
Power Minister Adelabu hints of fresh electricity tariff hike to defray N5trn debt
The government had accrued N1.1trillion as subsidy payment in the first six months of 2025 making its debt climbing to N5 trillion.

The Minister of Power, Adebayo Adelabu, has stated that the federal government is working on transitioning to a cost reflective tariff to stop an increase in the N4 trillion debt it owes the sector.
The minister disclosed this during the Mission 300 Stakeholders’ Engagement meeting in Abuja
He said that this is part of reforms to set the power sector on the path of sustainability and bankability.
It would be recalled that despite the increase of electricity tariff for Band A customers, electricity consumers have complained of low electricity supply and continuous payment of faulty electricity installation.
But Adelabu said the decision is critical to the economic growth and development of Nigeria.
“Currently, there’s a huge outstanding debt to the power generation companies in the form of unpaid government subsidies which stands at about N4 trillion as of December 2024.
The government had accrued N1.1trillion as subsidy payment in the first six months of 2025 making its debt climbing to N5 trillion.
“The Federal Government is already working out modalities to defray this obligation and to ensure that further obligations are not accrued going forward, the government is working on a plan to transition the sector to a fully cost-reflective regime while implementing targeted subsidies for the economically vulnerable citizens in the country.”
The implication of this is that the government would end the subsidy regime in the electricity sector which would trigger an increase in tariff across board.
Business
Nigeria Strongly supports BRICS – Tinubu
BRICS is an acronym that stands for Brazil , Russia , India , China and South Africa.

•Photo (L-R) : Brazil’s President Luiz Inacio Lula Da Silva , welcome Nigeria’s President Bola Tinubu, to the summit.
President Bola Tinubu said that Nigeria strongly believes in the South-South cooperation, and supports the BRICS position on the need to focus on collective, fair, and equitable global development.
Nigeria officially became the ninth partner country of BRICS in January 2025.
President Tinubu , in his address during the 17th meeting of the Global South and the Emerging Economies bloc, BRICS, on Saturday in Rio de Janeiro, Brazil, said :
” Nigeria strongly believes in South-South cooperation. We can, therefore, not be passive participants in global decision-making on financial restructuring, debt forgiveness, climate change, environmental issues, and healthcare.
“We must be the architects of a future that addresses the specific needs and concerns of youths, who represent 70 per cent of our population in Nigeria.
Therefore, Nigeria remains guided by our long-term vision, 2050, and nationally determined contribution.
“President Bola Tinubu also called for a reevaluation of the current global governance structure and the financial and healthcare systems, urging greater equity and inclusion for low-income and emerging economies, particularly in Africa.
President Tinubu stated that environmental degradation, the climate crisis, and healthcare inequalities should receive more attention, as they contribute to slowing growth and development.
“Nigeria, therefore, associates with what I have heard today and all that has happened in BRICS.
“As we approach COP-30 and look to strengthen the global health system, we believe the BRICS must not only be a bloc for emerging economies but also a beacon for emerging solutions and resolutions rooted in solidarity, self-reliance, sustainability, and shared prosperity of a common future.”
Meanwhile, other BRICS partner countries include: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
The 16th BRICS Summit in Kazan in October 2024 created the partner-country category.
These countries participate in BRICS activities, benefiting from cooperation in areas like trade, investment, and technology.
The partner country category was introduced during the 2024 BRICS Summit in Kazan, Russia, allowing nations to engage with BRICS without committing to full membership.
BRICS is an acronym that stands for Brazil , Russia , India , China and South Africa.
BRICS is a grouping of these five major emerging economies that cooperate on economic, political and social issues.
Business
Court backs NIBSS’ right to manage BVN database
The company sued the Incorporated Trustees of Digital Rights Lawyers Initiative, the CBN, and the Attorney General of the Federation.

A federal high court in Abuja has ruled that the Nigeria Inter-Bank Settlement System (NIBSS) has the legal right to manage the country’s bank verification number (BVN) database.
Justice James Omotosho delivered the judgment on Friday, declaring that NIBSS operations comply with the Central Bank of Nigeria (CBN) Act and other relevant financial laws.
BusinessDay reported that the case arose after NIBSS, represented by senior advocate Wolemi Esan, took legal action to confirm its authority over the BVN system.
The company sued the Incorporated Trustees of Digital Rights Lawyers Initiative, the CBN, and the Attorney General of the Federation.
NIBSS wanted the court to declare that its management of BVN data does not violate Nigerians’ constitutional right to privacy or break any existing laws.
The company also sought a permanent court order preventing anyone, including the Digital Rights Lawyers Initiative, from challenging its role.
The bank settlement system argued that it has the power to develop and regulate nationwide infrastructure for electronic payments and fund transfers, which includes the BVN system.
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