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FAAN, Cargo Agents End Tariff Talks, Fix MMIA Port Charge at ₦15/kg

The Federal Airports Authority of Nigeria (FAAN) has reached a consensus with Customs Licensed Cargo Agents operating at the Murtala Muhammed International Airport (MMIA), Lagos, on the review of cargo port charges, ending weeks of consultations with a mutually acceptable tariff.

The agreement was sealed at a stakeholders’ meeting held on Monday February 9, 2026, at the MMIA Terminal 2 Conference Room. The session was chaired by the Director of Cargo Development and Services, Mr. Lekan Thomas, and brought together key operators in the airport cargo value chain.

After extensive and constructive deliberations, both parties agreed on a revised port charge of ₦15 per kilogramme, a compromise between FAAN’s earlier proposal of ₦20/kg and the existing ₦7/kg. The new rate represents a balanced upward adjustment designed to support infrastructure growth while easing the burden on cargo operators.

FAAN said the resolution underscores the spirit of dialogue, partnership and shared responsibility between the Authority and industry stakeholders.

According to FAAN, the agreement will enhance the ease of doing business at MMIA and strengthen the sustainability of airport and cargo terminal infrastructure. The Authority reaffirmed its commitment to continuous stakeholder engagement, adherence to its SEDI principles — Safety, Efficiency, Development and Innovation , and the ongoing modernisation of cargo handling facilities across the airport system.

FAAN also commended the cooperation and professionalism of the Customs Licensed Cargo Agents, expressing optimism that sustained collaboration will further advance Nigeria’s air cargo sector and improve service delivery at the nation’s premier gateway.

The Authority assured stakeholders of its readiness to keep working closely with operators to build a more efficient, competitive and business-friendly air cargo environment at MMIA and beyond.

by admin — February 11, 2026 in Business 0

CVR: INEC denies alleged underage voter registration in Osun

The Independent National Electoral Commission, INEC, Osun State, has dismissed allegations circulating on social media that underage persons were registered as voters in Ede North Local Government Area.

The allegation, shared on Facebook, claimed that schoolchildren dressed in uniforms were registered at the INEC Local Government Office in Ede North on Friday, February 6, 2026.

In a statement by the Resident Electoral Commissioner, Mutiu Agboke, and issued by Musa Olurode, the Public Affairs Officer, on Monday in Osogbo, INEC Osun described the claim as false and misleading.

It also stressed that no underage person was registered at the office on the said date.

INEC confirmed that some students of YTD Grammar School, Ojoro, Ede, arrived at the Ede North office in school uniforms with the intention of registering.

According to the Commission, officials on duty denied the students access to the premises in line with existing laws and guidelines governing voter registration.

“The Electoral Officer and other officials, acting in strict compliance with the law, refused them entry into the office premises. Consequently, no underage person was registered,” the statement said.

INEC reiterated that “only Nigerian citizens who have attained the age of 18 years are eligible for voter registration, in accordance with the 1999 Constitution, as amended, and the Electoral Act, 2022.”

The Commission added that its officials had been clearly instructed to enforce the age requirement without exception across the state.

INEC further assured residents that the Osun State office, under the leadership of the Resident Electoral Commissioner, Dr Mutiu Agboke, would not “engage in, condone or permit any action capable of compromising the credibility and integrity of the voter registration process.”

The Commission urged members of the public to disregard the social media post and rely on information from official INEC communication channels.

The electoral umpire also called on parents, school authorities and community leaders to sensitise young persons on the legal requirements for voter registration.

by admin — February 10, 2026 in News 0

ADC: There won’t be zoning in presidential primaries — El-Rufai

Former Kaduna State Governor, Nasir El-Rufai, has declared that the African Democratic Congress (ADC) will not adopt zoning or any form of consensus arrangement in its presidential primary ahead of the next general elections.

Speaking on Trust Tv, El-Rufai said the party is committed to conducting free, fair, and transparent primaries, where all aspirants will be given equal opportunity to contest without pressure, imposition, or forced withdrawal.

El-Rufai disclosed that the ADC leadership is currently working on its manifesto and policy platform, while also engaging prospective presidential, governorship, and other aspirants to build internal unity ahead of the primaries.

“At the top level, we are preparing our manifesto and our platform. We are also working on getting our presidential aspirants, governorship aspirants, and other aspirants to come together and agree on a process that will guarantee free and fair primaries,” he said.

According to him, the party has resolved that no zoning arrangement will be applied and that no aspirant will be compelled to step down in favour of another.

“There will be no zoning, no consensus, and no forcing anyone to step down. Everyone will be given the opportunity to contest, and whoever wins will be supported by all,” El-Rufai stated.

He also dismissed claims that the ADC lacks grassroots support, insisting that the party’s growing influence is evident across the country.

“If you don’t think the ADC has grassroots support, ask some members of the National Assembly to go to their constituencies without gathering soldiers and police to guard them,” he added.

by admin — February 10, 2026 in News 0

RTEAN Chairman condemns ejection of widow, children after driver’s death

The Chairman of Road Transport Employees Association of Nigeria, RTEAN, Abia State chapter, Nnamdi Balogu has condemned the alleged ejection of an Abia widow, Mrs Calista Chigozie and her four children from home, by her late husband’s relative.

According to the Abia RTEAN Chairman, Mrs Calista Chigozie and four kids were ejected from their home by her late husband’s relative following the death of her husband, Mr. Chigozie Ikechukwu in a fatal road accident.

The Abia RTEAN Chairman, Balogu, who was reacting to the alleged maltreatment of the widow and her children, said he was taking steps to build a house for the woman and her children.

He recalled how the husband of Mrs Calista, Chigozie Ikechukwu a bus driver died in accident along Enugu-Port Harcourt Road in November, 2025 and buried in January, 2026 at his hometown, Avodim, Ubakala in Umuahia South LGA of Abia State.

Balogu said: “The Union shares in the pain of the bereaved and would not watch the right of the widow and her children to be violated.

“Chigozie who died from the injuries he sustained at the accident that happened in November 2025 was a dedicated driver.”

by admin — February 10, 2026 in News 0

Lack of sanitation facilities forcing girls to drop from schools – Jigawa govt

The Jigawa State Government has said that lack of adequate sanitation and hygiene facilities in schools is a major reason many girls drop out of school.

The state disclosed this during a media and stakeholders’ dialogue on WASH services in schools and primary healthcare centres, organised by the Federal Ministry of Information and National Orientation in partnership with UNICEF, following a media tour of selected schools across Jigawa State.

Speaking at the dialogue, the Technical Adviser to the Governor on Basic Education, Dr. Hauwa Mustapha Babura, said poor sanitation and lack of privacy continue to affect girls’ education in the state.

“WASH is very important to us in Jigawa State, if we truly want children to be retained in school. We don’t want our girls to just survive; we want them to thrive.”

Dr. Babura explained that many girls are forced out of school due to the absence of proper toilet facilities and privacy.

She added that the state is working to address the problem despite challenges with terrain and inherited infrastructure.

“We are doing a lot, but we also inherited a lot. We have just spent two years, give us the next two years, and we will achieve even more,” she said.

Also speaking, the Executive Chairman of the Jigawa State Universal Basic Education Board (SUBEB), Prof. Haruna Musa, said the government is aware of the challenges facing basic education, particularly infrastructure and WASH facilities, and is taking steps to fix them.

“We are aware of our challenges and we are working towards fixing them. Learning cannot stop simply because there are no functional toilets in some schools. We will get there,” he said.

Prof. Musa disclosed that the state has 2,727 primary schools and 618 junior secondary schools, bringing the total number of public basic schools to 3,345.

According to him, there are 8,689 toilets across schools in the state.

He added that systems have been put in place for strategic renovation, operation and maintenance of school facilities, with a long-term target set for 2030.

“All hands are on deck. Of course, resources are limited, but education remains a priority for us,” he said.

On her part, UNICEF Advocacy and Risk Communication Specialist, Dr. Sussan Akila, commended Jigawa State for its efforts but raised concerns over national data.

She noted that a 2021 WASH survey showed that only 11 per cent of schools in Nigeria have basic WASH facilities, with Jigawa State recording just 2 per cent.

She warned that poor WASH conditions expose children and women to health risks and affect school enrolment and retention.

She urged the state to strengthen WASH facilities in schools, particularly in rural areas.

by admin — February 10, 2026 in News 0

Electronic transmission: Nigerians won’t be intimidated by Senate – CSO

A Civil Society Organization, Movement of the Transformation of Nigeria, MOTION, has said that the Nigerian people will not be intimidated by whatever stance Senate President Godswill Akpabio is taking.

Convener of the group, Hauwa Mustapha, said this on Monday while responding to questions in an interview on Arise Television.

She said the Senate must know that it is the people that matter most, stressing that the voices of the people must count.

She was reacting to the protest by Nigerian youths on Monday against Senate’s rejection of the real-time transmission of election results.

“It is high time those elected to the Senate understand that it is the people who matter most and our voices must count.

“We stand on our right to demand the electoral act amendment bill, and they don’t have the right to override our demand.

“For us, primarily, the objective is to categorically express our feelings, our disappointment, first of all, with the way the Senate appears to be toying with the fate and the interest of Nigerians, and we made our voices very clear and loud. And I think that’s the most important thing.

“And then we also saw that broadly, we had support of Nigerians from everywhere, those that were not able to come, we saw their solidarity on the social media. So, to that extent, it was quite successful,” she said.

by admin — February 10, 2026 in News 0

NAFDAC raids Lagos warehouses, intercepts N3bn worth of fake, banned drugs

The National Agency for Food and Drug Administration and Control, NAFDAC, has uncovered a massive counterfeit drug syndicate in Lagos State, seizing more than 10 million doses of fake and prohibited medicines in what it described as one of the most extensive operations of its kind in recent years.

Addressing journalists in Lagos, NAFDAC’s Director of Investigation and Enforcement and Chairman of the Federal Task Force on Fake and Substandard Products, Mr Martins Iluyomade, said the bust followed actionable intelligence generated during a security and enforcement meeting held on February 3, which flagged suspicious movements around the Trade Fair–Navy axis.

“Based on intelligence from that meeting, our officers moved into the area and discovered several warehouse facilities disguised as residential buildings but used exclusively for storage.

“The location is largely deserted, which likely allowed the operators to function unnoticed for a long time,” Iluyomade said.

A search of the premises revealed huge volumes of counterfeit and banned pharmaceutical products, including injectable anti-malarials, antibiotics, sachet medications, blister-packed drugs, and Analgin, a painkiller that has been outlawed in Nigeria for more than 15 years.

Iluyomade described the discovery as deeply alarming.

“What we found should concern every Nigerian. These are not harmless fake supplements. Many of the products are critical, life-saving medicines, including injections used in emergencies such as severe malaria. Administering fake drugs in such cases can be fatal,” he said.

He noted that the counterfeit products were produced with a high level of sophistication, making them extremely difficult to detect.

“In many cases, even the original manufacturers struggle to differentiate the counterfeits from genuine products. That is how advanced these criminal networks have become,” he added.

According to NAFDAC, the estimated street value of the seized drugs exceeds N3 billion. Eight truckloads of assorted fake medicines and cosmetics were evacuated from the warehouses during the operation.

“This is a significant success for public health and consumer protection in Nigeria. These products have been intercepted and will not find their way into the market,” Iluyomade said.

He further disclosed that preliminary findings point to the involvement of an international criminal syndicate.

“These groups obtain samples of original products, replicate them abroad with near-perfect precision, and reintroduce them into Nigeria’s supply chain. This is organised crime with both local and foreign collaborators,” he explained.

Warning that counterfeit medicines pose a grave threat to the nation’s health system, Iluyomade said profit-driven criminals were willing to sacrifice lives to make money.

“Nigeria is under attack by people who prioritise profit over human life, even if it means killing fellow citizens and damaging trusted pharmaceutical brands,” he said.

He also revealed that some manufacturers had complained about fake versions of their products circulating in the market for months, noting that criminals often release such drugs in small batches to evade detection.

Iluyomade urged Nigerians to be cautious when purchasing medicines, warning that unusually cheap drugs could be dangerous.

“If the price looks too good to be true, it probably is. Cutting corners with medicines can cost lives,” he cautioned.

by admin — February 10, 2026 in News 0

N3.6tn power subsidy plan should go beyond 2028 – GenCos

Power generation companies under the aegis of the Association of Power Generation Companies have urged the Federal Government to extend its proposed N3.6tn power subsidy payment plan beyond 2028, warning that the electricity sector’s liquidity crisis cannot be resolved within three years.

The Chief Executive Officer of APGC, Joy Ogaji, made the call while reacting to documents indicating that the Federal Government plans to make provisions for power subsidy payments between 2026 and 2028, covering a total of N3.6tn.

The PUNCH had reported earlier that the Federal Government proposed a N3.6tn deduction from the Federation Account to fund electricity subsidies in 2026, 2027, and 2028, a move designed to distribute the financial burden across federal, state, and local governments.

The move is a planned step by the Federal Government to confront the mounting electricity subsidy debt, which has severely constrained liquidity across the power sector, while also strengthening fiscal transparency by making subsidy obligations explicit and better accounted for.

The deduction proposal, detailed in the Medium-Term Expenditure Framework Fiscal Strategy Paper for 2026–2028, reflects a strategic shift towards distributing the financial burden of the power sector across all tiers of government, amid growing concerns over unsustainable debts and systemic inefficiencies.

According to the MTEF document, which outlines “Other FAAC Deductions” under the Federation Account Revenue – Main Pool, VAT and Stamp Duty, the electricity subsidy for 2026 is pegged at ₦1.2tn, the same for 2027 and 2028.

Though Ogaji welcomed the government’s move, describing it as a proactive step, she cautioned that the plan would fall short if it is not fully appropriated, transparently implemented, and backed by strong political will.

“We appreciate the Federal Government for coming up with this proactive approach. From the documents provided, there will be provisions for 2026 to 2028, which is three years. We are hoping that it is fully appropriated and that the funds are actually paid to the GenCos,” she said.

Questioning the sustainability of the government’s plan, the APGC CEO asked why the subsidy framework should end in 2028, warning against unrealistic expectations of a sudden turnaround thereafter.

“Is it not possible to extend the period beyond 2028? Are we expecting a miracle after 2028? Do we have a magic wand to wave off the crux of the liquidity conundrum?” Ogaji queried.

According to her, while the subsidy plan could provide temporary relief, it does not address the structural weaknesses undermining the power sector, particularly poor financial discipline and weak accountability across the value chain.

“This still calls for a better structured financial plan, as this will only fund a leaking basket without establishing the discipline and accountability required to stop the contagion,” Ogaji stated.

She stressed the need for the government to take retroactive action to clear outstanding obligations owed to power generation companies, noting that legacy debts continue to constrain operations and investment in generation capacity.

“I will, however, advise that this plan take retroactive action, as necessary, to clear all outstanding and legacy debts. A more comprehensive approach to make the sector viable is needed,” she added.

Ogaji warned that the challenges facing the power sector are far deeper than what short-term subsidies can resolve, likening the situation to a severe wound requiring decisive intervention rather than temporary fixes.

“The power sector wound is beyond plasters and bandages. There is a cure—a renewed focus on the sector with strong political will,” she said.

Despite her concerns, she expressed confidence in the Federal Government’s capacity to fix the sector, noting that GenCos remain ready to work collaboratively with relevant stakeholders to achieve lasting reforms.

“We are confident that the Federal Government has all it takes to fix the sector, and we are ready and willing to collaboratively work to achieve sustained success,” she said.

However, industry stakeholders have expressed pessimism about the proposed subsidy payments, citing past experiences where budgetary provisions failed to translate into actual disbursements.

Some stakeholders warned that the subsidy plan may not be fully implemented and could bear little or no resemblance to actual expenditure unless stronger safeguards are put in place to ensure transparency, consistency, and timely payments across the power value chain.

Recall that the Federal Government recently issued a ₦501bn bond to settle part of the ₦4tn legacy debt owed to the generation companies. The bond was designed to address payment arrears owed to power generation companies for electricity supplied over the past decade. But Ogaji said GenCos’ unpaid debts keep increasing by about ₦200bn monthly.

She said, “As of December 2025, the Federal Government debt to the GenCos via the Nigeria Electricity Trading Plc is already ₦6.4tn. You also need to look at how much of that has been provided for. Just a ₦501bn bond.”

According to her, the bond was structured to run for seven years and focused largely on historical debts without addressing ongoing shortfalls. “This bond is earmarked to run for seven years with a focus on the ₦4tn without dealing with the haemorrhaging ones,” Ogaji said.

But the Federal Government said the deductions from the Federation Account were to ensure that the burden of electricity subsidies was borne by all three tiers of government and not the Federal Government alone.

by admin — February 10, 2026 in Business 0

Start-ups raise $174m amid record low deal count

Start-ups in Africa raised a total of $174m in January 2026 through deals valued at $100,000 and above, including equity, debt and grants, excluding exits, even as the number of deals dropped significantly.

This was disclosed by Africa: The Big Deal, a platform that monitors activities in the continental start-up ecosystem.

According to Africa: The Big Deal, the figure is significantly lower than the $276m raised in January 2025 and below the monthly average of $263m recorded over the previous 12 months. However, it is higher than the totals recorded in January 2023 ($106m) and January 2024 ($85m).

“What is more concerning, however, is the fact that only 26 start-ups announced at least $100k in funding in January. That is very low: just above half of the monthly average over the previous 12 months and of January 2024. As a matter of fact, on this specific metric, this is the lowest monthly tally on record since at least 2020,” the report indicated.

On the month-on-month dip between December and January, Max Giacomelli, who authored the piece, said that the trend is not new to the ecosystem, having occurred in 2023, 2024 and 2025. He maintained that a relatively slow start to the year does not necessarily signal a downward trend.

Among the biggest fundraisers was Nigerian mobility financing start-up MAX, which secured $24m in a mix of equity and asset-backed debt. The raise positions MAX as one of the continent’s top recipients of capital in January and reinforces investor appetite for asset-backed mobility and transport financing models in key African markets.

Egyptian fintech valU led the continent overall with a $64m debt facility from the National Bank. Four additional companies raised equity rounds exceeding $10m: NowPay (Egypt, $20m); Yakeey (Morocco, $15m Series A); Terra Industries (defence, $12m); and the Ivory Coast’s fintech Cauridor.

The sectoral distribution shows fintech continuing to dominate large-ticket funding, with mobility, property technology and defence also attracting significant investor interest.

Although not included in the funding totals, January also saw notable exit activity. Flutterwave acquired Nigerian fintech infrastructure start-up Mono in an all-stock transaction valued at approximately $30m, signalling continued consolidation in the payments and API infrastructure space. Tech talent platform Savannah was acquired by Commit, while Izili Group completed the acquisition of off-grid solar provider Qotto.

The combination of reduced deal flow and ongoing consolidation suggests a maturing funding environment, with capital increasingly flowing to established players and strategic mergers reshaping segments of the ecosystem.

For now, January’s figures may reflect seasonal moderation rather than structural decline. However, the historically low number of funded start-ups could indicate a tougher capital-raising climate ahead, particularly for early-stage ventures seeking their first institutional cheques.

by admin — February 10, 2026 in Business 0

Dangote Cement, Aradel buying lifts NGX by N1.4tn

Buying interest in Dangote Cement (+8.81 per cent), Aradel (+2.78 per cent), Nigerian Breweries (+2.66 per cent), International Breweries (+2.00 per cent) and Lafarge Africa (+1.74 per cent) drove the market performance on Monday on the Nigerian Exchange Limited.

The extension of the bullish trend on the local bourse resulted in a 1.29 per cent increase in both the All-Share Index, which rose to 173,946.22, and the market capitalisation, which stood at N111.66tn at the close of trading.

Investor sentiment remained bullish, with 59 gainers emerging compared to 26 laggards. Overall, CAP (+10.00 per cent), MAYBAKER (+10.00 per cent), and DAARCOMM (+10.00 per cent) jointly led the gainers’ log, while EUNISELL (-9.98 per cent), Tripple Gee (-8.90 per cent), and Abbey Mortgage Bank Plc (-8.03 per cent) topped the laggards.

However, trading activity moderated as total volume and value traded fell 18.72 per cent and 35.21 per cent, respectively, to 775.2 million units and N27.9bn, compared to the previous session, whereas deal count increased 29.32 per cent to 65,960 transactions.

Banking stocks topped the volume and value charts, as Access Corp led the volume log with 67.1 million units (8.66 per cent of total volume) traded, while Zenith Bank topped the value log with N3.4bn (12.29 per cent of total value).

Sectoral performance was broadly positive. The Industrial Goods sector rose 4.76 per cent, largely due to a price increase in DANGCEM (+8.81 per cent). The Consumer Goods sector climbed 0.74 per cent, driven by gains in NB (+2.66 per cent). Additionally, ARADEL’s rise (+2.78 per cent) helped boost the Oil & Gas sector1.29 per cent and the Commodity Index 0.65 per cent.

On the other hand, the Banking (-0.04 per cent) and Insurance (-0.03 per cent) indices trended lower, pressured by losses in ETI (-5.01 per cent) and AIICO (-4.44 per cent), respectively.

The PUNCH reported that in the past week, the Oil & Gas index drove the NGX to a historic high, with the All-Share Index reaching an unprecedented 171,727.49 points and the market capitalisation boosted to N110.23tn.

Analysts attribute this bullish streak to a “fragile but positive” stabilisation of macroeconomic indicators and a shift toward productivity-led growth. Looking forward, the bullish performance is expected to be sustained in the near term, supported by improving investor sentiment and the continued release of corporate earnings results, though some profit-taking may emerge following the recent rally.

On their outlook for this week, the analysts at Afrinvest said that they expect the “bullish performance to be sustained, supported by improving investor sentiment and the continued release of earnings results”.

The experts at AIICO Capital echoed similar sentiments, saying, “We expect the market to sustain its positive sentiment in mid- to high-cap stocks in relation to released earnings and the bid for dividend season.”

by admin — February 10, 2026 in Business 0