Category: Business

  • TCN announces planned power outage across Kano, Katsina, Jigawa, Bauchi, Yobe and Niger Republic

    TCN announces planned power outage across Kano, Katsina, Jigawa, Bauchi, Yobe and Niger Republic

    ABUJA, Nigeria (NPA) — The Transmission Company of Nigeria (TCN) has issued a Notice of Planned Outage on the Mando–Kumbotso 330kV Transmission Line, scheduled for Sunday, May 31, 2026, from 9:00 a.m. to 4:00 p.m.

    According to a statement signed by Ndidi Mbah, GM Public Affairs, the outage is necessary to enable TCN’s maintenance crew to repair a damaged Red Phase Conductor on Tower T187 along the line route.

    As a result, the Kano Electricity Distribution Company (KEDCO) will be unable to supply electricity to customers across Kano, Katsina, and Jigawa States, as well as parts of Bauchi and Yobe States. Consumers in Gazaoua, the Niger Republic, will also be affected.

    TCN emphasised that the annual maintenance is critical to ensuring the reliability and safety of the grid, noting that such preventive work helps avert larger disruptions in the future.

    The company apologised for any inconvenience caused and assured that the power supply would be restored immediately after the completion of the scheduled work.

  • Nigeria, AfDB sign aviation deal to boost infrastructure, fleet modernisation

    Nigeria, AfDB sign aviation deal to boost infrastructure, fleet modernisation

    BRAZZAVILLE, Congo (NPA) — The Federal Government of Nigeria has signed a partnership agreement with the African Development Bank (AfDB) aimed at modernising aviation infrastructure, improving regional connectivity and strengthening airline competitiveness across Africa.

    The agreement was signed on Thursday on the sidelines of the 2026 Annual Meetings of the African Development Bank Group in Brazzaville, Congo.

    Speaking at the signing ceremony, the Director of PICU at the AfDB, Mike Salawou, described the agreement as a major continental initiative designed to transform Africa’s aviation ecosystem.

    Salawou said the partnership would focus on aviation infrastructure development, improved connectivity, private sector investment and the modernisation of airline operations across the continent.

    He noted that despite Africa accounting for about 18 per cent of the global population, airlines on the continent still represented only a small fraction of global air transport operations.

    According to him, the disparity reflects longstanding challenges facing the sector, including infrastructure gaps, fragmented markets and limited access to long-term financing.

    Salawou said Nigeria, being Africa’s largest aviation market, was strategically positioned to lead the continent’s aviation transformation agenda.

    He added that Nigeria had become the first country to sign a country compact under the AfDB aviation transformation programme.

    In his remarks, the Minister of Aviation and Aerospace Development, Festus Keyamo, said stronger air connectivity remained critical to unlocking Africa’s potential in trade, tourism and investment.

    Keyamo said the agreement represented a significant milestone in efforts to improve the competitiveness of African airlines and expand aviation capacity across the continent.

    According to him, the AfDB initiative will help modernise airline fleets and create access to competitive financing models similar to those available in other regions of the world.

    The minister said the Nigerian government had given its full backing to the partnership, stressing that the initiative aligns with ongoing reforms aimed at repositioning the country’s aviation sector.

    (NAN)

  • AfDB appoints Festus Keyamo to lead $7bn African aviation transformation programme

    AfDB appoints Festus Keyamo to lead $7bn African aviation transformation programme

    ABUJA (NPA) — The African Development Bank (AfDB) has appointed Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, as the African Champion to spearhead its ambitious Integrated Aviation Transformation Programme for Africa (IATP).

    The announcement was made in Brazzaville, Congo, on May 27, 2026, ahead of the AfDB Annual Meeting. A formal Letter of Intent between Nigeria and the Bank is scheduled to be signed today, May 28, 2026.

    According to the AfDB, the programme will mobilize $7 billion to modernise aviation infrastructure, strengthen regional connectivity, and enhance safety standards across the continent. The Bank noted that Africa accounts for less than 3 per cent of global air traffic, despite representing 18 per cent of the world’s population, underscoring the urgent need for transformation.

    In its statement, the AfDB praised Keyamo’s “knowledge, commitment, and passion” for aviation reform, citing Nigeria’s recent policy initiatives and infrastructure upgrades as a model for continental progress.

    Tunde Moshood, Special Adviser on Media and Communications to the Minister, confirmed the appointment, saying: “Due to Nigeria’s leadership and vision regarding policy reforms aimed at transforming the aviation sector, the African Development Bank has appointed Nigeria’s Aviation Minister, Festus Keyamo, as the African Champion to drive its programme designed to substantially invest in aviation across Africa.”

    The IATP will focus on:

    • Modernising aviation infrastructure across African states.
    • Mobilising private and institutional capital through public‑private partnerships.
    • Strengthening policy coordination and capacity building.
    • Enhancing regional connectivity to boost trade, tourism, and economic growth.

    This appointment positions Nigeria as a strategic hub for continental aviation development and signals AfDB’s confidence in Keyamo’s leadership to deliver results at scale in line with its vision for the sector.

  • IBEDC apologises for unmet power supply hours, pledges restoration

    IBEDC apologises for unmet power supply hours, pledges restoration

    IBADAN, Nigeria (NPA) — The Ibadan Electricity Distribution Company (IBEDC) has issued a public announcement listing its Band A feeders that experienced unmet hours of electricity supply on May 25, 2026.

    In a notice, signed by the Management, IBEDC expressed regret for its inability to deliver the estimated hours of power supply to affected customers.

    The company attributed the shortfall to Transmission Company of Nigeria (TCN) forced and planned outages, IBEDC forced outages, load shedding, overcurrent and earth faults, and disconnections for non‑payment.

    IBEDC confirmed that all affected feeders have now been restored except the Moniya Railway 33kV feeder, which remains disconnected. The company assured customers of its commitment to delivering the expected hours of supply and improving service reliability.

    The company, while pledging dedication to transparency and customer satisfaction, listed several feeders across its network, including Poly Plant, Mamba Plant, MODER Plastic, Akimadex, and Eleruwa, with detailed explanations for each outage.

  • FAAN engages international airlines to improve passenger experience

    FAAN engages international airlines to improve passenger experience

    LAGOS, Nigeria (NPA) — The Federal Airports Authority of Nigeria (FAAN) has intensified efforts to strengthen collaboration with international airline operators as part of measures aimed at improving passenger experience and service delivery across the country’s airports.

    The Director of Public Affairs and Consumer Protection, Henry Agbebire, held an interactive meeting with members of the International Airlines Association of Nigeria (IAAN) at the Murtala Muhammed International Airport in Lagos.

    The engagement provided both parties with an opportunity to discuss issues of mutual interest, particularly challenges affecting airport operations and customer satisfaction.

    Speaking during the session, Agbebire said the meeting was organised to foster a stronger working relationship between the Department of Protocol and Passages and airline operators, while also creating an avenue to listen to concerns raised by the airlines.

    Representatives of the international airlines highlighted several operational challenges, including inadequate signage around ongoing landside construction works, insufficient lifts, shuttle bus difficulties, and concerns over airside ramp markings affected by construction activities.

    The airlines also called for increased support from airport authorities to further enhance passenger comfort and overall customer experience.

    Responding, the FAAN director assured stakeholders that all issues and observations raised during the meeting would be carefully reviewed in line with efforts to improve operational standards and service delivery at Nigerian airports.

  • ECOWAS inspects Nigeria–Cameroon border post to boost trade and mobility

    ECOWAS inspects Nigeria–Cameroon border post to boost trade and mobility

    CALABAR, Nigeria (NPA) — The Economic Community of West African States (ECOWAS) has launched a strategic monitoring and inspection mission at the Ekok/Mfum joint border post between Nigeria and Cameroon, aimed at strengthening regional integration and improving cross‑border trade.

    The mission, which runs from May 18 to 22, 2026, is led by Dr. Ashoke Maliki, Head of Roads and Railways Service at the ECOWAS Transport Directorate, on behalf of Mr. Chris Appiah, Director of Transport. According to ECOWAS, the team is assessing the operational efficiency of the border post, reviewing customs clearance times, and examining compliance with regional protocols on the free movement of people, goods, and services.

    Officials say the inspection will help identify bottlenecks hindering trade and transport, while engaging border agencies and stakeholders to develop recommendations for greater efficiency, security, and fluidity along the corridor.

    The Ekok/Mfum border post, strategically located on the Nigeria–Cameroon frontier, serves as a vital transit hub linking West Africa and Central Africa, making it a key focus for ECOWAS’ regional integration agenda.

  • Ghana deploys 100 new buses to boost public transport system

    Ghana deploys 100 new buses to boost public transport system

    ACCRA, Ghana (NPA) — Ghana’s Vice President, Jane Naana Opoku-Agyemang, has commissioned 100 new buses on behalf of President John Mahama as part of efforts to revitalise the country’s public transportation system.

    The commissioning ceremony, organised in collaboration with the Ministry of Transport and Metro Mass Transit Limited (MMTL), forms part of a broader government plan to deploy 300 buses nationwide to improve accessibility and reduce transportation challenges faced by commuters.

    According to a statement issued by the Ghana Presidency, the Vice President commended the management of MMTL led by Managing Director Kale Caesar, alongside partners including MAC Ghana, for supporting the initiative.

    Opoku-Agyemang stated that an efficient, reliable, and affordable transport system remains critical to Ghana’s national development and economic growth.

    She noted that the intervention is designed to improve commuter safety, affordability, convenience, and restore public confidence in mass transit services across the country.

    The Vice President also stressed the importance of proper maintenance culture and disciplined operations to ensure sustainability and value for public investment.

    She further highlighted the government’s long-term vision of expanding local participation in the manufacturing and assembly of transport components as part of efforts to strengthen Ghana’s industrial sector and create employment opportunities.

  • SEC announces transition to T+1 settlement cycle in Nigerian capital market

    SEC announces transition to T+1 settlement cycle in Nigerian capital market

    ABUJA, Nigeria (NPA) — The Securities and Exchange Commission (SEC) has announced that Nigeria’s capital market will adopt a T+1 settlement cycle for equities and commodities transactions starting Monday, June 1, 2026, marking a major step toward faster and more efficient trade settlements.

    In a public notice issued on May 14, 2026, the Commission said the move follows the successful implementation of the T+2 settlement cycle in November 2025 and forms part of its ongoing market modernization drive aimed at enhancing efficiency, reducing risk, and aligning Nigeria’s capital market with global best practices.

    Under the new system, all eligible trades executed in the Nigerian capital market will now settle one business day after the trade date (T+1). The SEC explained that the transition will improve liquidity, minimize counterparty exposure, and strengthen investor confidence.

    Implementation Highlights

    • The T+1 cycle takes effect June 1, 2026.
    • Friday, May 29, 2026, will be the last trading day under the T+2 cycle.
    • Trades executed on May 29 and June 1 will both settle on Tuesday, June 2, 2026.
    • All subsequent trades from June 1 onward will follow the T+1 settlement rule.

    The SEC urged capital market operators, exchanges, clearing and settlement infrastructure providers, registrars, issuers, and other stakeholders to ensure full operational readiness and compliance ahead of the transition.

    The Commission reaffirmed its commitment to market efficiency, investor protection, and global competitiveness, noting that the change will foster a more resilient and transparent trading environment.

  • NNPC accuses Dangote Refinery of seeking fuel market monopoly

    NNPC accuses Dangote Refinery of seeking fuel market monopoly

    LAGOS, Nigeria (Agency Report) — The Nigerian National Petroleum Company (NNPC) Limited has accused the Dangote Petroleum Refinery of attempting to monopolise Nigeria’s fuel market through a legal challenge against fuel import licences issued to rival marketers, according to a Reuters report on Friday.

    Reuters reported that court documents filed by NNPC at the Federal High Court in Lagos argued that granting Dangote Refinery’s request to void or restrict import permits could expose Nigeria to supply disruptions, fuel price instability, and broader national energy security risks.

    The legal dispute centres on a lawsuit filed in April by the Dangote Petroleum Refinery against the Attorney General of the Federation and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

    According to Reuters, the refinery is challenging the issuance and renewal of fuel import licences granted to marketers and NNPC, arguing that such approvals undermine local refining and violate provisions of the Petroleum Industry Act (PIA).

    However, NNPC rejected the claim, insisting that Nigerian law permits the issuance of import licences to companies with refining licences or established records in international crude oil and petroleum products trading.

    The state oil company also argued that regulators possess discretionary powers to manage fuel imports under Nigeria’s backward integration policy and maintained that there is no outright ban on imports except in situations involving domestic supply shortfalls.

    Reuters further reported that NNPC accused Dangote Refinery of failing to provide “credible, independent or verifiable evidence” that it could fully meet Nigeria’s fuel demand or guarantee an uninterrupted nationwide supply.

    The NMDPRA has also reportedly applied to join the case, further widening the legal battle over fuel import policy and Dangote Refinery’s growing market position.

    The dispute comes ahead of Dangote Refinery’s planned initial public offering (IPO) expected in September, raising concerns over future market regulations, fuel import competition, and investor confidence in the 650,000-barrel-per-day refinery project.

    Reuters reported that Dangote Refinery declined to comment on the matter while the case remains before the court.

    NNPC also denied allegations that it deliberately withheld crude oil supplies or sabotaged the refinery’s operations, stating that crude allocations were determined by operational, commercial, security, and logistical considerations.

    The court is expected to hear the matter in the coming weeks, while fuel marketers have also reportedly opposed Dangote’s suit over fears that it could weaken competition and threaten supply security.

    Source: Reuters

  • Africa losing billions annually over poor logistics, connectivity — CILT

    Africa losing billions annually over poor logistics, connectivity — CILT

    ABUJA, Nigeria (NPA) — The Chartered Institute of Logistics and Transport (CILT) Nigeria has warned that Africa is losing billions of dollars annually due to poor connectivity, weak transport infrastructure and inefficient logistics systems across the continent.

    The National President of the institute, Dr Boboye Oyeyemi, disclosed this on Thursday during the 2026 CILT Annual Lecture Series held in Abuja.

    Oyeyemi said inadequate road networks, underdeveloped rail systems, congested ports and limited innovation infrastructure continue to slow trade, discourage investment and hinder economic growth across Africa.

    According to him, despite Africa’s enormous natural resources, growing population, agricultural strength and entrepreneurial potential, poor connectivity remains a major obstacle to development.

    “The roads that should connect farmers to markets are inadequate. The railways that should move cargo across national borders are underbuilt or completely non-existent.

    “The ports that should serve as gateways to the continent are too expensive and congested, while innovation networks that should connect African cities remain too limited and costly,” he said.

    He further lamented that the continent’s logistics systems remain fragmented, underdeveloped and inefficient, making the movement of goods and people difficult and expensive.

    Oyeyemi warned that the connectivity deficit is costing Africa billions of dollars yearly in lost trade, investment opportunities, productivity and human potential.

    He called for stronger collaboration among African governments, institutions and stakeholders to improve transport infrastructure and unlock greater continental trade opportunities.

    Delivering a lecture at the event, the Minister of Aviation and Aerospace Development, Festus Keyamo, said no continent could achieve true economic integration while remaining physically disconnected.

    Represented by the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Olubunmi Kuku, the minister described aviation as a critical economic infrastructure for Africa due to the continent’s vast geographical size and transport limitations.

    According to Keyamo, aviation remains essential because roads and rail systems alone cannot effectively connect many parts of Africa.

    He stressed the need for African countries to prioritise integrated transport infrastructure, policy harmonisation and strategic partnerships to address barriers limiting connectivity.

    “When connectivity improves, investment flows. When investment grows, jobs are created, poverty declines and prosperity expands,” he said.

    The minister urged African nations to transform the Single African Air Transport Market into a practical reality through more flight routes, affordable tickets, modern fleets, efficient airports and stronger regional cooperation.

    “Let us make the African sky a true space of opportunity — open, safe, connected, sustainable and prosperous for all,” he added.

    Keyamo also emphasised that Africa must collectively harmonise legal standards and improve judicial efficiency to build a competitive continental aviation market capable of attracting global investment.

    Speaking at the event, the Vice Chancellor of the Federal University of Transportation, Daura, Prof Umar Katsayal, said research, innovation and manpower development remain critical to advancing Africa’s transport sector.

    He urged governments and institutions to invest in technology-driven transport solutions and human capacity development to achieve sustainable growth.

    The News Agency of Nigeria (NAN) reports that highlights of the annual lecture included awards presented to distinguished guests for their contributions to the institute and the transportation sector.