Business
Nigeria formally Accepts WTO’s Agreement on Fisheries Subsidies
Nigeria has deposited its instrument of acceptance for the World Trade Organisation’s ((WTO) Agreement on Fisheries Subsidies.
The Agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks, and ends subsidies for fishing on the unregulated high seas.
Ambassador Adamu Mohammed Abdulhamid presented Nigeria’s instrument of acceptance to WTO Director-General, Ngozi Okonjo-Iweala in Geneva, Switzerland, yesterday.
Ambassador Abdulhamid said: “The Agreement on Fisheries Subsidies presents a unique opportunity for Nigeria to promote sustainable use of ocean resources for economic growth and the improvement of livelihoods while preserving the health of ocean ecosystem, believing that the Agreement shall put a stop to all harmful fisheries subsidies such as illegal, unreported, and unregulated fishing activities by all WTO members.”
“By this instrument of acceptance, Nigeria reassures its commitment to a rule-based multilateral trading system by guaranteeing its compliance with the Agreement as well as refraining from introducing any new subsidies that harm the marine environment while recognizing the need for appropriate and effective special and differential treatment for developing and least developed countries which can be achieved through adequate policy space to develop its fisheries sector and technical assistance and capacity building in order to implement the discipline.
Nigeria calls on other WTO members who are yet to ratify this agreement to do so as soon as possible so as to contribute to our global effort of preservation of the global fish stocks,” he said.
DG Okonjo-Iweala said: “I am profoundly grateful to Nigeria for formally accepting the WTO Agreement on Fisheries Subsidies.
I am proud to see the country’s continued commitment to sustainable development and its vote of confidence in the work of the WTO.
Nigeria’s acceptance adds to our growing tally of members that have accepted the Agreement — we have received about one-third of the total that we need for the Agreement to enter into force.
I hope that Nigeria’s action serves as an inspiration to other governments in Africa and the rest of the world to move swiftly to implement the Agreement and foster global cooperation for the benefit of our shared future.”
Nigeria is the fifth-largest African fishing nation and is estimated to lose about USD70 million each year to illegal, unreported, and unregulated fishing.
The sector accounts for as much as 5 per cent of Nigeria’s GDP and supports the livelihood of about 24 million people.
Business
BACITI graduates pioneer set of 40 Senior Customs Officers
The Comptroller-General of Customs,Bashir Adewale Adeniyi, said that the capacity building was aimed at raising the next generation of customs officers (2026-2035).
The Bashir Adeniyi Centre for International Trade and Investment (BACITI) at the Nigerian Institute of International Affairs in Lagos, has graduated 40 senior officers of the Nigeria Customs Service, in Advanced Senior Executive Course.
The Comptroller-General of Customs,Bashir Adewale Adeniyi, said that the capacity building was aimed at raising the next generation of customs officers (2026-2035).
Represented by Gabo Aliu, Comptroller, Federal Operations Unit, NCS, Adeniyi described global customs operations as dynamic and evolving, stressing that the Service must be futuristic and responsive to emerging trade realities.
He added that incoming framework would be all-inclusive with the graduates’ deliverables forming the basis of the strategic policy direction for the next generation of customs officers.
Aliu said the CGC’s administration was forward-thinking, responsive and resilient with a clear objective to position the NCS at the front vanguard of trade, policy formulation and integration.
He said: “For the pioneering set, the CGC has emphasised on a definite mentor-mentee programme, so they are going out as ambassadors of the NCS and NIIA, so we are looking that they are going to be impacting whatever they’ve learned here onto the future generation of custom officers, so it will be a win-win for the Nigerian Customs Service and the industry in general.
Dr. Adesuwa Erediauwa, Head\Director of Bashir Adeniyi Centre for International Trade and Investment (BACITI) at the NIIA, the organisers of the training, charged graduating senior customs officers to become “interpreters of change” and architects of institutional resilience as the Nigeria Customs Service prepares for 2035 and beyond.
She noted that customs administrations globally now face shifting trade routes, AI-driven border management, geopolitical tensions, climate change and supply chain disruptions.
“In this kind of world, yesterday’s methods are no longer sufficient for even today’s challenges, not to talk of tomorrow’s challenges,” he stated.
She stressed that future customs officer “must not just be an administrator or a gatekeeper” but must become “an analyst of uncertainty, a strategist, and an innovator.”
Business
Emmanuel Nnorom takes over as UBA Chairman
” I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders.”
• Emmanuel Nnorom, incoming board chairman , and the outgoing Chairman, United Bank for Africa Plc, Tony Elumelu…Photo Credit: Tony Elumelu
United Bank for Africa Plc has announced that Mr. Tony O. Elumelu, Group Chairman of UBA, will retire from the Board of Directors of UBA on 21 August 2026.
Alero Ladipo Group Head, Marketing and Corporate Communications United Bank for Africa Plc, said that Elumelu was retiring
At its meeting held on 6 July 2026, the Board accepted Mr. Elumelu’s retirement and elected Mr. Emmanuel N. Nnorom, a Non-Executive Director of the Bank, as his successor, with effect from 21 August 2026.
The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.
Mr. Elumelu’s tenure has been a defining chapter in the Group’s history. Under his stewardship, UBA was transformed into a pan African institution, operating in 20 African countries and 4 global financial centres and serving over 50 million customers.
Mr. Nnorom is a chartered accountant with over forty years’ experience in banking, finance and audit. He brings to the role extensive leadership experience and deep institutional knowledge of UBA.
Commenting on his retirement, Mr. Tony O. Elumelu:
“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future. Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership.”
Mr. Emmanuel N. Nnorom, on his appointment, said:
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders.”
United Bank for Africa Plc is Africa’s Global Bank. Operating across twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 50 million customers globally.
Business
Dangote Cement targets 20% emissions cut by 2030
“By 2027, all fleet trucks operating in Nigeria, except at the Gboko plant, will run on Compressed Natural Gas (CNG), with electric trucks scheduled for introduction in 2026.”
Dangote Cement Plc has unveiled a sustainability roadmap aimed at reducing its carbon emissions by 20 percent and expanding its installed production capacity to 80 million tonnes per annum (MTPA) by 2030.
The plans were announced during the company’s 17th Annual General Meeting (AGM) in Lagos, where Chairman, Emmanuel Ikazoboh, presented the 2025 Sustainability Scorecard to shareholders and reaffirmed the company’s commitment to embedding environmental, social and governance (ESG) principles at the core of its operations in line with Dangote Industries Limited’s Vision 2030.
Ikazoboh said sustainability had evolved from a compliance obligation into a central business strategy designed to drive growth, resilience and long-term value creation.
As part of its decarbonisation agenda, the company disclosed that it approved plans in 2024 to reduce its net carbon dioxide (CO₂) emissions intensity by 20 percent while accelerating the transition to cleaner transportation.
He said, “By 2027, all fleet trucks operating in Nigeria, except at the Gboko plant, will run on Compressed Natural Gas (CNG), with electric trucks scheduled for introduction in 2026.”
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