General
FG Insists Power Sector Remains Key Priority
By Adedapo Adesanya
The Vice President of Nigeria, Mr Kashim Shettima, has reiterated that the Light Up Nigeria Project, remains a part of the priorities set by President Bola Tinubu to revamp the nation’s economy and ensure rapid industrialization.
Mr Shettima said the Project heralds renewed hope for industrialists, investors and Nigerians who had to bear the brunt of the country’s power challenges for so long.
The Vice President spoke as he officially launched the Light Up Nigeria, Southeast Initiative in Enugu, describing it as the much-expected solution to the power supply deficit that has undermined the nation’s economy and industrialisation.
Mr Shettima during the project launch on Monday in Enugu also commissioned the 181MW Geometric Power plant in Aba, Abia State to accelerate power supply to industrial clusters in the region.
The project, a collaboration between the Niger Delta Power Holding Company Limited and its partners, is targeted at revamping Nigeria’s infrastructure framework with the much-needed drive in empowering Nigerians and strengthening the economic policies of the Tinubu administration.
The Vice President noted that the project is part of the federal government’s responsibility for the nation’s industrialization in fulfillment of the promises made by President Tinubu.
“This marks a renewal of hope for industrialists, for investors, and for the homes that have long endured the consequences of Nigeria’s power supply deficit.
“The Light Up Nigeria project powers the hope of our industrialists and serves as a long-awaited solution to the power supply deficit that has undermined our economy over the past decades. So, this intervention isn’t a ribbon-cutting charade.
“This is a calculated endeavour to re-engineer our economy, and whatever we design to oil the wheels of our industries is futile unless we stabilize the Nigerian Electricity Supply Industry (NESI).”
The VP had on October 12, 2023, flagged off the initiative in the Southwest at the Agbara Industrial Cluster, with stakeholders committing to the successful implementation of the project across the country.
Flagging off the project in Enugu for the Southeast region, he recalled that when the pilot project was initiated with a business roundtable at the Agbara industrial area, it attracted major investors and industrialists even from neighbouring clusters in Oyo and Lagos States.
“We were sure of our direction in pursuit of the priorities set by His Excellency, President Bola Ahmed Tinubu, and the dream under construction attracts us to this historic city of coals and industries,” he added.
Mr Shettima stated confidently that “even the most skeptical mind has since been persuaded by the milestones achieved in Agbara since October 12, 2023,” following the completion of technical studies and a new transformer procured, while a mobile transmission substation would soon be up for commissioning.
Noting that the project is not mere rhetoric, VP Shettima pointed out that as an industrial powerhouse, the South East and its economic fortune is one of President Tinubu’s critical priorities.
“This marks a significant step toward reliable power supply. The genius of this initiative is that it promises a boost in supply levels to NESI without injecting public funds. Yet, it provides stable power where our economy needs it the most,” he explained.
On the choice of Enugu for the launch of the project in the South East which, according to him, was not based on geographical compensation.
He further explained that “with its renowned industrial layouts in Emene and 9th Mile corner, the commercial and manufacturing direction, potentials, and promise of Enugu States align with our vision of fast-tracking the economic growth and influence of this project beyond the South-East, beyond Nigeria, and, in fact, beyond Africa.”
By Adedapo Adesanya
The Nigerian Shippers’ Council (NSC) saved over N348.8 million for port users and resolved 19 complaints in the first quarter of 2026.
According to its sectoral data report from the council’s quarterly newsletter, which covered January to March 2026, the agency’s continued intervention in disputes within the maritime sector is aimed at reducing trade frictions and protecting shippers from unfair practices.
A breakdown of the complaint status shows that, out of 32 cases handled during the period, 19 were successfully resolved, 12 are still ongoing, and one has been closed.
In terms of financial impact, the NSC’s dispute resolution efforts led to a total savings of N348,813,072.06 for stakeholders, particularly importers, exporters, freight forwarders, and shipping agents.
Further analysis of the report indicates that shipping companies and their agents accounted for the highest number of complaints, with 22 cases filed against them.
“Other entities complained against include seaport terminal operators (1), government agencies (3), exporters (1), importers (1), de-consolidators (1), and freight forwarders/clearing agents (3).
“The complaints lodged during the period cut across a wide range of operational and financial issues. Prominent among them were container deposit refund disputes, which recorded the highest frequency with five cases, followed by arbitrary charges (4).
Other issues included unsettled demurrage (2), missing cargo (2), service failure (2), damaged cargo (2), wrong port of discharge (2), and non-release of auction cargo (2).
“Additional complaints involved delays in cargo transfer, breach of trust, invoice cancellation, lack of telex release, delay in releasing export documents, export fraud, waiver-related disputes, demurrage and detention of vessels, breach of contract, and unjustified demurrage charges,” the data report stated.
The data also reveals that the majority of complainants were shippers, including importers and exporters, alongside freight forwarders and shipping agents, reflecting the operational challenges faced by key players in Nigeria’s port value chain.
The NSC, as the port economic regulator, noted that it has consistently leveraged its complaints and dispute resolution mechanism to address grievances and ensure fairness in commercial transactions within the maritime industry.
By Adedapo Adesanya
The Federal Executive Council (FEC) has approved the establishment of the National Research and Innovation Development Fund (NRIDF) as part of efforts to strengthen Nigeria’s research, science, technology and innovation sector.
The approval was granted during the council’s meeting presided over by President Bola Tinubu on Monday.
According to a statement issued by the Federal Ministry of Innovation, Science and Technology, Head of Press and Public Relations, Mrs Pauline Sule, the fund will be supervised by the ministry and managed through a 17-member National Council on Research and Innovation.
The council will be chaired by Vice President Kashim Shettima, while the Minister of Innovation, Science and Technology, Mr Kingsley Tochukwu Udeh, will serve as vice chairman.
Reacting to the development, Mr Udeh described the approval as a major step towards building an innovation-driven economy and strengthening Nigeria’s research ecosystem.
He said the initiative aligns with the federal government’s economic agenda aimed at achieving a $1 trillion economy under the Renewed Hope programme.
The Minister, however, noted that the fund would still undergo legislative, administrative and operational procedures before full implementation and disbursement begin.
According to him, the National Research and Innovation Development Fund is expected to provide strategic financial support for researchers, innovators, startups and technology developers across the country when fully operational.
He added that the initiative would help strengthen local research capacity, encourage the commercialisation of innovations and deepen collaboration between academic institutions and industry players.
The ministry also stated that the fund is expected to improve Nigeria’s competitiveness within the global technology and knowledge economy.
By Aduragbemi Omiyale
One Mr Taofeek Daniel Oriola has been convicted and sentenced to nine years’ imprisonment for money laundering.
He was sentenced by Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, on Monday, May 11, 2026.
His journey to the correctional centre started when he used part of the proceeds of his unlawful activity derived from fraudulent cryptocurrency transactions to acquire some properties, which have now been forfeited to the federal government.
The said properties include a 2014 Range Rover (Supercharged) with VIN Number SALGS3TF7EA180971, a five-bedroom apartment with boys’ quarters in the Ibeju-Lekki area of Lagos State, a parcel of land measuring 653.479 square metres situated at Ibeju-Agbe in Ibeju-Lekki, and one iPhone 16.
The convict, in April 2026, committed the offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
Mr Oriola was brought before the court by the Economic and Financial Crimes Commission (EFCC) on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
“That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction of this court, engaged in the disguise of the true source of a 2014 Range Rover (Supercharged) with VIN No. SALGS3TF7EA180971, which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions, and you thereby committed an offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
“That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction of this court, engaged in the disguise of the true source of a five-bedroom apartment with boys’ quarters situated at Ibeju-Agbe, in the Ibeju-Lekki area of Lagos State, which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions, and you thereby committed an offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act,” two of the three charges read.
After pleading “guilty” to the charges when read to him, Justice Osiagor sentenced him to three years’ imprisonment on each count, to run concurrently, with an option of a N200,000 fine on each count. The judge also ordered him to undertake seven days of community service.
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