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
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.”
