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Category: Business

  • Albanese and Singapore’s Wong unite to safeguard fuel supplies as Middle East conflict rages

    Albanese and Singapore’s Wong unite to safeguard fuel supplies as Middle East conflict rages

    INTERNATIONAL (NPA) — March 23, 2026 — Australian Prime Minister Anthony Albanese on Monday held talks with Singapore’s Prime Minister Lawrence Wong, who also serves as Minister for Finance and Member of Parliament for Marsiling, about strengthening cooperation to secure the fuel Australia needs with its international partners and longstanding friends.

    Albanese, in a statement, noted that he and the Singaporean leader agreed to support the flow of essential goods, including petroleum oils such as diesel, and liquefied natural gas between the two countries. He emphasised: “We’ll keep working closely as we deal with the impacts of the conflict in the Middle East. We’re working with partners around the world to make sure fuel keeps moving to where it’s needed most.”

    According to Albanese, overseas conflict is disrupting global supply chains, and Australia is taking proactive steps to manage the impacts domestically. 

    In a related effort, the Prime Minister also met with Dr Fatih Birol of the International Energy Agency to discuss strategies for working with trading partners to secure fuel supply. The ongoing war in the Middle East — involving the United States, Israel, and Iran — and the closure of the vital Strait of Hormuz has created significant instability in international oil markets.

    Australia consumes around 1.1 million barrels of oil per day, or approximately 33 million barrels per month, underscoring the importance of ensuring steady imports and reliable supply lines during this period of global uncertainty. The move by the Prime Minister is seen as a critical step in navigating a difficult period and safeguarding national energy security.

  • 50 Years On, Dr Dayo Mobereola, NIMASA boss honoured for inspiring next generation

    50 Years On, Dr Dayo Mobereola, NIMASA boss honoured for inspiring next generation

    LAGOS, NIGERIA (NPA) — March 22, 2026 — Dr Dayo Mobereola, Director General of the Nigerian Maritime Administration & Safety Agency (NIMASA), has been celebrated by his alma mater, St. Patrick’s Grammar School, Ibadan, with an Award of Recognition for his mentorship, leadership, and unwavering dedication to youth development.

    The honour was conferred during the school’s 64th Founders’ Day, a landmark event where Mobereola joined fellow alumni, dignitaries, and stakeholders to mark the institution’s enduring legacy of excellence and service.

    NIMASA, in a statement by Osagie Edward, Deputy Director/Head, Public Relations, on March 22, 2026, quoted the Director General expressing his deep gratitude for the honour while reflecting on his formative years: “Fifty years after walking through those gates, I remain deeply grateful for the friendships, guidance, and bonds that shaped me. I do not take this honour for granted,” he said.

    Mobereola reaffirmed his lifelong commitment to mentoring young people, urging students to stay focused, disciplined, and driven by excellence. He emphasised the power of mentorship and positive role models in shaping future success, stressing that today’s youth must embrace resilience and vision to achieve greatness.

  • South Africa Government and industry reassure public of fuel supply

    South Africa Government and industry reassure public of fuel supply

    AFRICA (Agency Report) — March 21, 2026 —The Department of Mineral and Petroleum Resources and the Fuels Industry Association has moved to assure South Africans of a stable fuel supply, with no need for consumers to panic buy.

    “The Department of Mineral and Petroleum Resources (DMPR) has noted with concern the circulation of statements and messages by certain organisations and individuals encouraging members of the public to rush to filling stations due to a perceived fuel shortage and anticipated fuel price increases. 

    The Department and Fuels Industry Association wish to firmly reiterate that South Africa’s fuel supply remains stable in the immediate term, and there is no basis for panic-buying,” the department and the Fuels Industry Association of South Africa said in a joint statement on Friday.

    The department said that while there may be isolated localised logistical challenges affecting the movement or availability of fuel in certain areas, these are operational in nature and do not constitute a national supply shortage. These issues are being actively managed through established industry and regulatory channels. 

    “It is therefore incorrect and misleading to link such isolated domestic logistical matters to broader geopolitical developments. Such claims risk creating unnecessary alarm and confusion among the public,” the department and association said.

    the department and association said that calls for the public to rush to the pumps are irresponsible and that such calls place undue pressure on supply systems, congestion at service stations, and anxiety among consumers. 

    “The department calls all organisations, public representatives, commentators and social media users to act responsibly and to refrain from spreading unverified or speculative claims regarding fuel supply and fuel price developments.”

    In addition, the public has been encouraged to continue purchasing fuel in the normal course and to rely on official government communication for accurate and verified information. 

    Consumers who experience fuel-related challenges or wish to lodge complaints are encouraged to report these to fuel.complaints@dmpr.gov.za, enabling the department’s inspectors to respond and intervene where necessary. 

    “The department and the Fuels Industry Association will continue to monitor the situation closely and will communicate any confirmed developments through official channels.” – SAnews.gov.za.

  • Former bank CEO pleads guilty to $25m fraud and sanctions evasion

    Former bank CEO pleads guilty to $25m fraud and sanctions evasion

    INTERNATIONAL (NPA) — March 20, 2026 — The former Chief Executive Officer of Nodus International Bank, a Puerto Rican international bank, has pleaded guilty to leading a multimillion‑dollar fraud scheme and conspiring to evade U.S. sanctions against Venezuela.

    According to the U.S. Department of Justice, Tomás Niembro Concha, 64, of Miami, Florida, admitted to siphoning at least $24.9 million from Nodus Bank between 2017 and 2023. Prosecutors said Niembro and co‑conspirators concealed illegal investments and loans that benefited him and the bank’s chairman, Juan Ramirez, ultimately contributing to the bank’s collapse in 2023.

    Niembro and Ramirez allegedly caused Nodus Bank to invest $11 million in a Miami lender, then redirected the funds for personal use. They also induced the bank to buy 47 promissory notes worth $25.3 million from a company they jointly owned, again diverting the proceeds. Regulators later placed the bank into liquidation after uncovering the sham transactions.

    In addition to fraud, Niembro admitted to violating U.S. sanctions by secretly arranging prohibited financial dealings with a Venezuelan national linked to state‑owned oil company PDVSA. The scheme involved foreclosing on a property in New York, then illegally reselling it through a front company to the sanctioned individual.

    Niembro pleaded guilty to conspiracy to commit wire fraud and conspiracy to violate the International Emergency Economic Powers Act (IEEPA). Each charge carries a maximum penalty of 20 years in prison. Sentencing is scheduled for June 8, 2026, with Niembro agreeing to forfeit at least $16.9 million.

    U.S. officials stressed that the case demonstrates accountability at the highest corporate levels. “Corporate titles don’t place anyone above the law,” said IRS Special Agent Ron Loecker. Prosecutors added that the crimes undermined financial integrity and national security.

  • WTO warns Middle East conflict could slow global trade in latest report

    WTO warns Middle East conflict could slow global trade in latest report

    INTERNATIONAL (NPA) — March 20, 2026 — The World Trade Organization (WTO) says global trade growth will slow in 2026, after stronger‑than‑expected gains last year driven by booming demand for AI‑related products.

    According to the WTO’s latest Global Trade Outlook published on March 19, merchandise trade is forecast to grow by 1.9% in 2026, down from 4.6% in 2025, before picking up slightly to 2.6% in 2027. Services trade is also expected to ease, rising 4.8% in 2026 compared with 5.3% in 2025. Together, goods and services trade will expand by 2.7% in 2026, compared with 4.7% last year.

    The slowdown is linked to the ongoing Middle East conflict, which has disrupted transport routes and raised energy prices. If oil and gas prices stay high, WTO economists warn global GDP growth could fall by 0.3 percentage points, while trade growth could drop by 0.5 points — with energy‑importing regions like Asia and Europe hit hardest.

    The conflict has already blocked traffic through the Strait of Hormuz, a vital global shipping lane. This has disrupted fertilizer exports critical for farming and raised food security concerns in countries such as India, Thailand, and Brazil. Gulf states, heavily dependent on food imports, also face rising costs. Transport disruptions have cancelled tens of thousands of flights and increased insurance premiums, adding further strain on businesses and consumers worldwide.

    Despite these risks, WTO Director‑General Ngozi Okonjo‑Iweala stressed that trade remains resilient, supported by high‑tech goods and digital services. She urged governments to keep trade policies predictable and strengthen supply chains to cushion the impact.

    There is some upside: if the conflict ends quickly and AI‑related spending continues, trade growth could rise to 2.4% in 2026 and 2.7% in 2027. But if energy prices remain high, the outlook will stay fragile.

    In 2025, AI‑enabling goods such as semiconductors and data equipment grew by nearly 22%, accounting for almost half of global trade growth. WTO economists say this sector could continue to offset some of the negative effects of tariffs and geopolitical tensions, offering hope that technology will remain a bright spot in otherwise uncertain times.

  • Nigeria, UK sign landmark migration and trade agreements

    Nigeria, UK sign landmark migration and trade agreements

    ABUJA, NIGERIA (NPA) — March 19, 2026 — Nigeria and the United Kingdom have signed three major memoranda of understanding covering migration partnership, organised immigration crime and border security, as well as expanded business visas for UK firms operating in Nigeria.

    According to a statement by the Ministry of Interior, Interior Minister Olubunmi Tunji‑Ojo explained that the agreements reflect Nigeria’s push for a transparent, rules‑based migration system that is safe, orderly, and mutually beneficial. He stressed that the deals are designed to tackle abuse of legal pathways, strengthen border control, and ensure that migration contributes positively to national development.

    Quoting the minister, the statement noted that the agreements will boost trade, ease mobility for businesses, and support Nigeria’s drive toward a trillion‑dollar economy under President Bola Ahmed Tinubu. Tunji‑Ojo added that the new framework removes barriers linked to irregular migration and creates opportunities for legitimate travel and investment.

    The United Kingdom’s Home Secretary, Shabana Mahmood, described Nigeria as a leading bilateral partner with a shared vision for deeper cooperation. She emphasised that the partnership demonstrates the UK’s commitment to working closely with Nigeria on both security and economic fronts.

    UK Trade Envoy Florence Eshalomi highlighted that expanded visas will unlock economic growth opportunities for both countries, enabling British firms to operate more freely in Nigeria while encouraging stronger commercial ties. She noted that the agreements are expected to foster innovation, create jobs, and strengthen the long‑standing relationship between the two nations.

    Officials from both sides underscored that the memoranda represent not just technical cooperation but a strategic partnership aimed at addressing global migration challenges while advancing prosperity and stability.

  • Oborevwori hosts Dr John Nwabueze, Nigeria’s first tax Ombudsman

    Oborevwori hosts Dr John Nwabueze, Nigeria’s first tax Ombudsman

    ASABA, NIGERIA (NPA) — March 19, 2026 — The Governor of Delta State, Rt Hon Sheriff Oborevwori, on Thursday received Dr John Nwabueze, Chief Executive Officer of the Office of the Tax Ombudsman, along with his team, at Government House, Asaba.

    Dr Nwabueze, Nigeria’s pioneer Tax Ombudsman and a native of Oshimili South Local Government Area of Delta State, was appointed in November 2025 by President Bola Ahmed Tinubu to strengthen fairness and accountability in the nation’s revenue system.

    Governor Oborevwori noted that the visit underscores a shared commitment to transparency and equity in tax administration. “As a government, we fully support the mission of the Office of the Tax Ombudsman to promote transparency and build public confidence in our tax system. I assured Dr Nwabueze and his team of our readiness to partner with his office to achieve a more equitable tax environment that benefits our citizens and the economy. I also commend President Bola Ahmed Tinubu, GCFR, for appointing one of our own as the pioneer CEO of this important office,” he said.

    The Governor further commended President Tinubu for establishing the national tax regulation body and for appointing a citizen of Delta State as the country’s first Tax Ombudsman. He congratulated Dr Nwabueze on his appointment and welcomed the establishment of a zonal office of the Tax Ombudsman in Delta State, describing it as a significant step toward improving tax governance and ensuring fairness for the people.

  • Ikeja Electric announces planned outage for Amuwo area

    Ikeja Electric announces planned outage for Amuwo area

    LAGOS, NIGERIA (NPA) — March 19, 2026 — Ikeja Electric Plc has issued a public notice of a planned power outage affecting parts of the Amuwo area of Lagos State.

    In a statement released on March 18, 2026, the power distribution company explained that the outage is due to rehabilitation and maintenance works on the 132kV GIS Substation at the Amuwo Transmission Station.

    The outage will begin on Wednesday, March 18, 2026, at 10:00 a.m. and is scheduled to continue until Thursday, July 30, 2026.

    According to the statement, the Transmission Company of Nigeria (TCN) and Ikeja Electric will work jointly to minimize the impact on customers served by the following feeders: 11-AmuwoINJ-T1-Old Ojo Road, 11-AmuwoINJ-T1-Ijesha Express, 11-AmuwoINJ-T2-Jakande 1, 11-AmuwoINJ-T2-Jakande 2, 33-AmuwoTCN-Amukoko, 33-AmuwoTCN-Hongxing 1, and 33-AmuwoTCN-Hongxing 2.

    Ikeja Electric emphasized that the critical upgrade is aimed at strengthening power infrastructure and improving the reliability and efficiency of electricity supply in the affected areas.

    The company expressed appreciation to customers for their patience and understanding during the period, assuring them of continued cooperation as the improvement works progress.

  • Ebonyi EXCO wields the big stick: Rogue contractors, greedy house agents, scrap vandals face crackdown

    Ebonyi EXCO wields the big stick: Rogue contractors, greedy house agents, scrap vandals face crackdown

    ABAKALIKI, NIGERIA (NPA) — March 19, 2026 — The Ebonyi State Executive Council, in decisive sessions on March 4 and March 17, 2026, unleashed a wave of tough decisions to accelerate projects and clamp down on corruption, targeting education, agriculture, housing, rent regulation, and more.

    In a release by Barrister Chief Ikeuwa Omebeh, Commissioner for Information and State Orientation, the council, chaired by Governor Francis Ogbonna Nwifuru, ordered the immediate termination of abandoned 2-kilometre rural road projects where contractors either fled after payment or delivered disgracefully poor work.

    The EXCO also approved the release of Ebonyi State’s 10% counterpart funding of N300 million for RAAMP 2026.

    To smash skyrocketing rent costs driven by fraudulent agents, the council proposed a groundbreaking bill regulating landlord-tenant agreements and criminalising agent fees above 2% of total rent.

    In a bid to stop scrap dealers from vandalising public infrastructure, EXCO proposed a bill to regulate the buying, selling, possession, transportation, and disposal of metal and electrical scraps across the state.

    Agriculture received a thunderous boost with N500 million approved for 250 Agricultural Power Tillers, set for distribution to farmers ahead of the 2026 farming season.

    The EXCO was firm on the implmentyation of education reforms with a directive that contractors paid for 22 model secondary schools, but failing to reach parapet level must be arrested until funds are recovered.

    The council cheered the success of its foreign scholarship programme of 204, of which 202 beneficiaries have completed their Master’s degrees and secured PhD admissions, most with distinctions. An additional 84 students recently departed, raising the total to 298, with 12 more set to leave between May and September 2026.

    On energy, EXCO welcomed a Build-Operate-Donate proposal from the Chinese Municipal Council and partners to establish Waste-to-Energy and Solar-to-Energy projects at the Industrial City in Ezzamgbo, Ohaukwu Local Governmenty Area.

    Health and infrastructure also gained momentum with N1.3 billion allocated for an ultra-modern clinic at Government House and remodeling of the Ebonyi Trade Centre.

    Finally, in culture and tourism, EXCO approved the rebuilding of the palace of Eze Dr. Akanu Ibiam, the first indigenous Governor of the Eastern Region, to honour his legacy and inspire future generations.

  • Ruto and Museveni to launch Naivasha–Malaba railway extension project

    Ruto and Museveni to launch Naivasha–Malaba railway extension project

    AFRICA (Chris Mahandara/Agency Report) — March 19, 2026 — President William Ruto and Ugandan counterpart Yoweri Museveni will be in Kisumu on Saturday to preside over the groundbreaking of the Standard Gauge Railway (SGR) extension from Naivasha to Malaba.

    The ceremony, a major milestone in regional infrastructure, is expected to draw over 20,000 people, including residents, leaders, and stakeholders. It marks the next phase of Kenya’s railway expansion aimed at boosting trade and transport links across East Africa.

    Roads and Transport Cabinet Secretary Davis Chirchir toured the Kibos SGR site on Monday to assess preparations. He assured that logistical, security, and organizational arrangements were firmly in place. “This is a big day we will celebrate with our President and President Museveni when they come to launch this very significant project,” he said.

    The proposed line will stretch about 369 kilometres, forming a critical segment of the regional corridor linking Mombasa to western Kenya and onward to neighbouring countries. Chirchir noted it will transform cargo and passenger movement by offering a more efficient alternative to road transport along the busy Northern Corridor.

    He emphasized that the project will enhance regional integration by connecting Kenya’s railway network with Uganda and the wider East African system. Once completed, it is expected to lower transport costs, improve efficiency, and spur economic growth in western Kenya by opening new opportunities for investment and commerce.