General
Maritime Workers Reject Planned 50% Deduction in NPA Revenue
By Adedapo Adesanya
Maritime workers, under the aegis of the Maritime Workers Union of Nigeria (MWUN) and the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC), in the Nigerian Ports Authority (NPA), have rejected an order from the Ministry of Finance directing 50 per cent deduction from the Internally Generated Revenue (IGR) of the NPA.
In a circular, the ministry had directed the port regulator to pay 50 per cent of its revenue into the federation account as part of efforts to raise more revenue.
In response, the labour group warned that such a move posed grave danger for port operations and development amongst others, and instead advocated for a 30 per cent IGR deduction.
The bodies called on President Bola Tinubu to intervene to avoid a looming industrial unrest over the issue.
The unions stated that if the 50 per cent is allowed to be, it will impact the constant dredging of the port channels, regular maintenance of the quay apron, maintenance of port jetties and terminals, manpower development discharge of its Corporate Social Responsibilities (CSR) and staff welfare.
The unions, however, recommended that 30 per cent of the agency’s IGR should be deducted while 70 per cent is left for it to take care of its overhead cost and statutory responsibilities.
The unions said: “We have carefully studied this circular especially as it relates to/affects the Nigerian Ports Authority and hasten to express our displeasure over same on the following grounds. Nigerian Ports Authority (NPA) is a self-funded Government Agency which receives zero allocation from the Government budget and taking a chunk of 50 per cent of its internally generated revenue will as a matter of fact stall or impede the effective discharge of its corporate responsibilities and the consequential effect of this will not be palatable.
“Our channels are probably the shallowest in the West Africa Sub-region, especially the Eastern Ports channels, they require constant dredging without which vessels cannot be easily plotted to berth, Dredging of the Ports channels require huge financial outlay.
“This will be pretty ditty to achieve when 50% of its internally generated revenue Is removed, The resultant effect will lead to ship owners diverting their vessels to our neighbouring countries where ease of doing business is provided.
“Almost all the ports quay aprons are in bad shape due to old age and they therefore constitute grave danger not only to men but also to equipment. We had at one time or the other expressed fear over the dilapidated condition of our port quay aprons.
“Maintaining and sustaining healthy quay aprons is capital intensive and if our quay aprons are this bad now, one can only imagine what the situation would look like when NPA Is denied 50 per cent of Its revenue. We need to be proactive as our neighbouring countries are very ready to capitalize on our inability to provide the required infrastructure to attract ship owners.
“Maintenance of ports, jetties and terminals is also capital intensive. Presently all the infrastructures in our Ports, Jetties and Terminals are in decrepit position, yawning for urgent repairs. How would they then look like when the Authority is denied 50 per cent of its internally generated revenue? The situation is better imagined than described.
“A healthy and well-trained workforce is a pre-requisite condition for improved productivity and efficient service delivery. Needless to say, port operations are specialised ones that require a well-trained workforce to compete favourably and take the lead to become the hub of maritime business in the West African sub-region. A 50 per cent deduction of NPA internally generated revenue will impede the attainment of this lofty dream.
“Nigerian Ports Authority operates in a hostile environment, especially in the Eastern axis (Niger Delta). Discharge of corporate social responsibilities over time has immensely doused their restiveness, and this has fostered a clement environment for the Authority and other stakeholders to operate.
“Automatic deduction of 50 per cent of its internally generated revenue shall leave the Authority, financially incapacitated to discharge these responsibilities to the host community which may lead them to resort to unhealthy activities.
“Staff welfare issues are issues that require urgent attention; failure of which usually leads to inclement industrial atmosphere. Automatic deduction of 50 per cent of revenue internally generated will incapacitate the Authority from prompt attendance to staff welfare matters which will lead to avoidable crises.
“Flowing from the above, we hereby reiterate our objection to the circular as it relates to the Nigerian Ports Authority.
“We recommend that 30 per cent of the revenue internally generated by the Authority could be automatically deducted whilst 70 per cent is left for the Authority to accomplish its overhead costs and statutory responsibilities, failure of which the Union would have no other option than to withdraw the services of its members from all port’s formations nationwide.”
By Adedapo Adesanya
Nigeria’s electricity distribution companies (DisCos) generated N196.13 billion in revenue in March 2026, despite billing customers a total of N246.43 billion during the month, according to the latest commercial performance report released by the Nigerian Electricity Regulatory Commission (NERC).
The figure represents a slight decline from the N196.68 billion collected in February, highlighting persistent challenges in revenue recovery across the power distribution segment, even as energy supplied to the grid continued to improve.
NERC’s March 2026 fact sheet showed that electricity billing rose by 1.71 per cent from N242.29 billion recorded in February, reflecting increased energy deliveries and customer charges. However, collection efficiency declined to 79.59 per cent from 81.17 per cent in the previous month, indicating that a significant portion of billed revenue remained uncollected.
The regulator disclosed that DisCos received 293.76 million kilowatt-hours of electricity during the review period, representing a 6.02 per cent increase compared to February. The development suggests a modest improvement in power availability across the distribution network.
Despite the increase in energy supplied, revenue recovery remains uneven across the industry. NERC reported that the average approved tariff for March stood at N124.30 per kilowatt-hour, while actual collections averaged ₦100.75 per kilowatt-hour, resulting in an overall revenue recovery efficiency of 81.05 per cent.
Among the eleven DisCos, Ikeja Electric emerged as the strongest performer, posting a revenue recovery efficiency of 99.30 per cent. Eko Electricity Distribution Company followed with 95.73 per cent, while Benin DisCo recorded 85.18 per cent.
At the lower end of the performance table, Kaduna Electric recorded the weakest recovery rate at 35.65 per cent. Jos DisCo and Yola DisCo also struggled, achieving recovery efficiencies of 53.53 per cent and 58.58 per cent, respectively.
Ikeja Electric also led in collection efficiency with 96.38 per cent, ahead of Benin DisCo at 90.97 per cent and Eko DisCo at 87.68 per cent. Kaduna, Jos and Yola remained the poorest performers in this category, underlining the persistent commercial and operational challenges facing power distributors in parts of northern Nigeria.
In terms of billing efficiency, Eko DisCo ranked first with 92.30 per cent, followed by Port Harcourt DisCo at 90.36 per cent and Ikeja Electric at 87.76 per cent. Yola DisCo recorded the lowest billing efficiency at 58.68 per cent.
The latest figures underscore the mixed realities within Nigeria’s power sector. While electricity supply and customer billing continue to improve, revenue collection remains a major obstacle to the financial sustainability of the industry.
Analysts note that stronger metering penetration, improved customer confidence, reduction in energy theft and more efficient collection systems will be critical if DisCos are to close the widening gap between electricity supplied, billed revenue and actual collections.
The March performance report comes as regulators and industry stakeholders intensify efforts to strengthen the commercial viability of the electricity market, attract fresh investment and improve service delivery across the country.
By Adedapo Adesanya
Interswitch has entered into a partnership with Geneva-headquartered banking software provider Temenos to offer managed banking services to financial institutions across the continent, deepening its push into banking technology.
The partnership will see Interswitch adopt Temenos’ banking technology across core banking, digital banking, payments, wealth management, and financial crime management.
This will enable the firm to provide cloud-hosted and on-premises managed services to lenders on the continent. The service will initially target Nigeria, Ghana, Côte d’Ivoire, Kenya, and other African markets.
“This is a pivotal moment for Interswitch as we accelerate our expansion beyond payments and reimagine digital banking for Africa,” Mr Jonah Adams, managing director for Digital Infrastructure and Managed Services at Interswitch, said in a statement.
By combining Temenos’ software with its existing footprint across the continent, Interswitch is positioning itself as a technology partner that can help banks upgrade critical systems without having to manage the complexity of large-scale technology deployments.
“By adopting Temenos’ cloud-native, composable platform, Interswitch gains the flexibility and scalability to accelerate its next phase of growth and deliver banking services that meet the needs of African markets,” Mr Adams added.
For Temenos, the deal strengthens its presence in Africa through a partner with deep relationships across the banking sector. It lost one of its banking customers, Sterling Bank, in 2024 after the tier-2 Nigerian bank switched to SEABaaS, a new custom-built core banking application.
“Interswitch is an important new customer and partner for Temenos in Africa,” said Mr William Moroney, Chief Revenue Officer at Temenos. “Interswitch’s strong presence across the continent also extends our reach and further strengthens our ecosystem and partner network.”
Founded in 2002, Interswitch built its reputation as one of Africa’s largest payments companies through products such as Quickteller and Verve, its domestic card scheme.
By Adedapo Adesanya
Tropical General Investments (TGI) Group and Singapore-based Wilmar International have agreed to combine their Nigeria and Republic of Benin operations into a 50:50 joint venture aimed at building a dominant integrated food and agribusiness platform across West Africa, targeting a market estimated at $12 billion.
The proposed merger will consolidate operations across several value chains, including agriculture, oil palm plantations, edible oils, edible nuts, rice, food manufacturing, and distribution, creating one of the region’s largest end-to-end food production and supply chains.
Under the arrangement, both firms will integrate their complementary strengths, with Wilmar contributing global expertise in palm oil, speciality fats, and large-scale agribusiness operations, while TGI brings established local manufacturing capacity, consumer brands, and an extensive distribution network across Nigeria and neighbouring markets.
Chairman and Chief Executive Officer of Wilmar International, Mr Kuok Hong, said the partnership would enhance both firms’ ability to serve Africa’s expanding consumer base, describing Nigeria and Benin as strategic growth markets.
“For more than four decades, TGI Group has built a leading position in Nigerian food manufacturing and distribution. This partnership will leverage Wilmar’s global scale and expertise as well as TGI’s local knowledge to deliver innovative food solutions across Africa,” added TGI Group founder and chairman, Mr Cornelis Vink.
On his part, Vice Chairman of TGI Group, Mr Farouk Gumel, said the deal reflects confidence in Nigeria’s long-term economic prospects, adding that it would deepen domestic value addition, strengthen food security, support smallholder farmers, and create jobs.
Adding his input, Wilmar’s Africa Head, Mr Santosh Pillai, described the transaction as a strategic fit, noting that the combined entity would have the scale, local insight, and operational depth needed to better serve consumers in the region.
The companies said the transaction is expected to be completed in the 2026 financial year, subject to regulatory approvals and other customary conditions.
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