General
FG Blames Poor Management for Apapa Port Congestion
By Adedapo Adesanya
The federal government has said terminal operators responsible for the inefficiency of the Apapa Port must work towards its total reconstruction and reorganisation.
This was made by the Minister of Transportation, Mr Chibuike Amaechi, citing the drastic change in the Port on the day the President visited to commission the Deep Blue Project.
“I was in the train with the president on that day and noticed that everything had disappeared, even inside the port that looked like a marketplace was very well organized, no persons were found loitering about, no trucks. What it shows is that the problem of the seaport is the problem of efficiency.
“If they had the capacity in just one night, because I was there the previous evening, and when I came back in the morning, everything had disappeared; If that can happen in one night, it means that the problem is management, nothing else.
“Do we need to wait for the President to come before we can be efficient?” Mr Amaechi queried.
“What I’ve done was to have a meeting with the terminal operators, and I told them that they have to contribute to the reconstruction of the Apapa Seaport.
“We must rebuild the Apapa Seaport, taking into cognizance all the issues that we are seeing now that is frustrating the seaport, like where do you park the trucks, how many trucks are coming into the seaport at what point in time?
“How can a person come into the seaport who has no business being there, what is he doing at the seaport? The seaport is a security area and it is not for everybody, even me, after my tenure as Minister, I’m not entitled to go into the seaport unless I have business in the seaport,” he added.
The Minister noted that the Ministry of Transportation will partner with the Nigeria Customs Service (NCS) and the Nigerian Ports Authority (NPA) to solve the problem, adding that freighting of cargoes from the seaport through the rail, when it begins, will also help in arresting the situation at the port.
“We are going to partner with customs because they are largely involved. Between them and the NPA, they are the operators (or regulators) of the Seaport and see how to arrest this situation. I believe that when we begin to freight cargoes from the seaport through the rail, we’ll reduce some of the challenges that we have at the seaport,’ he said.
Mr Amaechi also said the recently launched Deep Blue Project is overseen by the Nigerian Maritime Administration and Safety Agency (NIMASA) in partnership with the Ministry of Defence, would not only boost security in the country’s waters but will also improve trade in the Gulf of Guinea and reduce the cost of production for the oil industry while improving revenue for Nigeria’s economy.
“Before we came, various contractors were contracted to provide security for oil companies in the water. There was a case between the government and OMSL in which the company provides about three or four boats to the Navy and they collect $2,500 per vessel for the first day and $1,500 for about 30 days.
In a year, like in 2020, they made about $67 million, and when you hand over the security of a country to individuals, it becomes very challenging and irresponsible. So, the president kindly approved that the police, army, air force, and other security agencies should be involved in providing security with the equipment that we have provided.
“We have about three helicopters, two fixed-wing planes, 17 interceptor boats, two vessels, drones, and more; what it does is that it gives you information about where the criminals are, those who go and destroy pipes just because they are looking for oil to bunker. It provides you that information, then you deter them or arrest them.
“So, we are able to provide security in the coastal region, both on land and on the sea. Now, those who provide the coastal security on land will be the Nigerian Army and the Police, and we’ve provided them with all the necessary tools they need.
“We have ammunitions, we have vehicles, like Armoured Personnel Carriers (APCs) and all that for patrol by the coast. All that, we believe will begin to yield fruits between now and next year.”
He added that by the time the government provide the necessary maritime security, the economy will improve as a result of more money coming into the economy through oil.
“That’s the impact it will have when it comes to the Deep Blue project. In fact, the Israelis who did the training said in 6 months to 1 year, if there is no improvement in the economy in terms of how much comes in, both to NIMASA, NPA, and the oil industry, come back to us and we’ll be willing to refund.
“But you know it is simple mathematics; It is true that the moment you can take away the criminals from the water, and the contractors from the water, then the cost of security which is borne either by NNPC or the oil companies will be part of what will come back to us as income. Then on land, in all our rail and train coaches, you have enough armed policemen in any trip we are making to withstand any criminal attack.”
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
