General
AfDB Blacklists Nigerian Firm Lutoyilex Construct Limited for Fraud

By Adedapo Adesanya
The African Development Bank Group (AfDB) has debarred Lutoyilex Construct Limited, a Nigerian construction company, from bidding for contracts over alleged “fraudulent practices”.
The company’s Managing Director, Mr Bamidele Obiniyi was also debarred by the body and the debarment is expected to last for a period of 36 months.
According to an investigation conducted by the AfDB’s Office of Integrity and Anti-Corruption, Lutoyilex Construct Limited had allegedly engaged in a fraudulent practice while bidding for a construction contract under the Agricultural Transformation Agenda Support Programme Phase One in Nigeria (ATASP-1).
While participating in a tender for the construction of social infrastructure in Niger State of Nigeria, AfDB also said the company misrepresented its experience in conducting similar construction contracts.
The debarment will render the company and its Managing Director ineligible to participate in any projects carried out by AfDB during the debarment period.
It also qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Recognition of Debarment Decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.
Lutoyilex has joined the league of companies that have been blacklisted by the international body for similar offenses.
While Qualitrends Global Solutions Nigeria Limited and its Managing Director were sanctioned last month, ALG Global Concept Nigeria Limited and its Managing Director were also debarred for bidding for contracts.
In January, the group announced the debarment of a Nigerian firm, ALG Global Concept Nigeria Limited, a construction company registered in Nigeria and its Managing Director, for a period of 36 months.
Other companies that have been barred are -CNE Environmental & Waste Services Limited, Agonic Associates Niger Limited, Best Scan Solutions, D.A. Construction Limited, Emmajoko Nig Enterprises, Idemia Nigeria Limited, Marabef Global Limited, Oberthur Technologies Nigeria Limited, Oceanic Construction and Engineering Nigeria Limited, Rojoke CNE Services Ltd., and SNC-Lavalin International (Nigeria) Limited.
General
Young Professionals for Tinubu Group Attracts Over 3,000 Nigerians

By Aduragbemi Omiyale
No fewer than 3,000 Nigerians have joined a dynamic and fast-growing youth-driven group known as the Young Professionals for Tinubu (YP4T).
The organisation is dedicated to leadership, policy engagement, and economic empowerment. It was established to support President Bola Tinubu’s vision for economic transformation.
Since its inception, YP4T has quickly established itself as a mobilising force for young professionals who see themselves not just as beneficiaries of development but as key drivers of it.
Across multiple states, its members are actively working to strengthen Nigeria’s economic, technological, and entrepreneurial landscape, ensuring that young people are not left behind in the country’s evolving growth story.
With an economy valued at over $440 billion and a youth population that makes up more than 60 per cent of Nigeria’s 200 million citizens, the impact of an organized and engaged professional youth network cannot be overstated.
“We are building a generation that is ready to lead, innovate, and contribute meaningfully to national growth. The rapid expansion of our network is proof that young Nigerians want to be involved in shaping the country’s future.
“The best way to honour the administration’s vision for national development is not just to support it but to become part of the execution—ensuring that policies translate into opportunities for people across the country,” the Regional Director of YP4T, Mr Alex Oware.
Another member of the movement, Mr Raphael Utoku, said, “I joined YP4T because I wanted to be part of something bigger than myself. Beyond the leadership discussions and the networking, I gained practical mentorship that has completely transformed my career path. It’s the kind of community that young professionals in Nigeria have needed for a long time.”
It was learned that through direct interventions in education, career development, and entrepreneurship, YP4T has already begun making a tangible impact.
In the past six months, the movement has facilitated over N50 million in small business support, connected more than 1,200 young Nigerians to industry mentors across finance, technology, and governance, and provided professional development training to over 800 early-career professionals.
Its education-focused initiatives have also led to the launch of the YP4T Scholarship and Skills Fund, which has supported university students and technical training beneficiaries in multiple states, ensuring that economic hardship does not derail potential.
General
Customs Suspends 4% FOB Levy on Imports for Wider Deliberations

By Adedapo Adesanya
The Nigeria Customs Service has suspended the implementation of the 4 per cent Free-on-Board (FOB) value on imports following a series of blowbacks from key stakeholders.
According to a statement signed by the Customs’ spokesman, Mr Abdullahi Maiwada, the suspension will enable comprehensive engagement and consultations between the Minister of Finance, Mr Wale Edun and other stakeholders.
The FOB, which is a 4 per cent charge on imported goods, was meant to replace an older system where companies like Webb Fontaine handled import inspections for a 1 per cent fee. The move sparked heavy criticism from stakeholders like the Nigeria Employers’ Consultative Association (NECA).
According to NECA, the Nigerian business environment already struggles with multiple taxes, unpredictable policies, and economic challenges coupled with unsold inventories and growing unemployment, pleading that policies should “support businesses, not further suffocate them.”
“The timing of this suspension aligns with the exit of the contract agreement with the Service providers, including Webb Fontaine, which were previously funded through the 1% Comprehensive Import Supervision Scheme (CISS). This presents an opportunity to review our revenue framework holistically,” Mr Maiwada said.
“Under the previous funding arrangement repealed by the Nigeria Customs Service Act (NCSA) 2023, separating the 1% CISS and 7% cost of collection created operational inefficiencies and funding gaps in customs modernisation efforts.
“The new Act addresses these challenges by consolidating “not less than 4% of the Free-on-Board value of imports,” designed to ensure sustainable funding for critical customs operations and modernisation initiatives. This transition period will allow the Service to optimise the management of these frameworks to serve our stakeholders and the nation’s interests better,” he added.
“The suspension period will allow the Service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for sustainable funding of these modernisation initiatives.
“We will communicate the revised implementation timeline following the conclusion of stakeholder consultations,” he said.
General
National Grid Collapse Leaves Abuja, Lagos Residents in Darkness

By Dipo Olowookere
Residents of Abuja and Lagos are currently experiencing blackouts after the national grid collapsed on Wednesday morning.
Electricity in two of the biggest cities in Nigeria went off a few minutes before noon on Wednesday, information gathered by Business Post showed.
This was confirmed by one of the energy distribution companies in the country in a message to customers within its franchise areas.
“Please be informed that we experienced a system outage today, February 12, 2025, at 11:34 am affecting all our feeders.
“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us,” the message from Ikeja Electric said.
As of the time of filing this report, power had yet to be restored by the Disco, as electricity consumers switched to alternative power sources amid the scorching heat.
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