General
Nigeria Loses $500m Annually to Non-Implementation of ICTN
By Adedapo Adesanya
The Shippers Council of Nigeria says Nigeria has lost approximately $2.5 billion over the past five years, translating to $500 million annually, due to the non-implementation of the International Cargo Tracking Notes (ICTN).
The Executive Secretary of council, Mr Pius Akutah, disclosed this during an investigative hearing on the circumstances surrounding the non-implementation of the ICTN and identifying the challenges faced by the NSC, organised by the House of Representative Committees on Shipping, Excise, Customs, Ports and Harbor and Maritime Safety, Education and Administrations.
“Nigeria has lost almost $2.5 billion over the last five years due to the failure to implement this system. There were investigations, including those conducted by the EFCC, which contributed to the delay. The system was in place for only two years before it was halted and since then, we have incurred these losses.
“Over the past five years, we have not implemented the ICTN, resulting in a loss between $1 billion and $5 billion. If we had implemented it, that is the amount we could have contributed to the economy within two years. Although the period of implementation was short, it generated significant income for the country, illustrating just how much Nigeria is missing out,” he said.
The Minister of Marine and Blue Economy, Gboyega Oyetola, who was represented by the Director of Maritime Services, Mr. Babatunde Sule, said that though the Federal Executive Council in the administration of Muhammadu Buhari approved the contract, the process of the award was wrong.
The Minister’s representative stated: “Last year, the FEC approved a contract. At the tail end of the last administration, the government approved five companies. I know there was a fake approval, regarding this contract. I am also aware that it was given to five companies.
“I also learned that four of the companies signed an agreement, with the fifth not signing. I think that was what stalled this whole process. The process was wrong.
“At the assumption of the office of the minister, he made frantic efforts to resuscitate this contract. We had several stakeholders’ meetings, we even invited the lead partner for a meeting, we had several discussions on this issue. All has not yet been decided. Time will not let me say what the Minister has continued to do in his efforts to see that this deal is actualised.
Meanwhile, the Chairman of Shipping lines Association of Nigeria, Mr Boma Alabi, has kicked against the proposed Cargo Tracking Bill, describing it as an unnecessary burden in a sector already overwhelmed by bureaucratic regulations, adding that the bill would not improve the ease of doing business in Nigeria.
“The shipping industry in Nigeria is already overburdened with red tape and certainly does not require another layer of bureaucracy which is what the proposed Cargo Tracking Bill will result in.
“All exporters and importers can track their goods on the website of the shipping lines generally speaking. In addition, the shipping lines have to upload their manifest to the Customs portal which is connected to the Central Bank of Nigeria single window.
“The ICTN without streamlining the existing process will only result in further delays and congestion.”
The chairman of the House Committee on Shipping Services and Related Matters, Mr Abdussamad Dasuki, said the ICTN is not just an administrative requirement but an essential tool designed to bring transparency, security, and operational efficiency to the movement of cargo across borders.
“Despite its approval and the commitment of various stakeholders, progress towards implementing the ICTN has been hampered by significant challenges. Among these challenges we believe are the bureaucratic delays and competing interests among agencies, limited coordination between key stakeholders and the duplication of contracts awarded for its implementation.
“Today’s gathering is an opportunity to tackle these issues head-on. Our goal is to identify the root causes of these delays, address conflicted interests, improve revenue generation by plugging the loopholes that allow illicit cargo, such as arms and drugs, to slip through our ports, and ultimately unlock the potential of the ICTN to bring Nigeria’s maritime industry in line with global best practices.”
By Aduragbemi Omiyale
On Monday, January 26, 2026, President Bola Tinubu will leave Abuja for Türkiye for a state visit aimed at “strengthening the existing cordial relations between the two countries and exploring further areas of cooperation in security, education, social development, innovation, and aviation.”
This is according to a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
The president’s spokesman disclosed that the visit is to reciprocate an official two-day visit of Turkish President, Mr Recep Tayyip Erdogan, to Nigeria on October 19, 2021.
Mr Tinubu, according to the statement, will be going to European nation along with other senior government officials, including the Minister of Foreign Affairs, Mr Yusuf Tuggar; the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN); the Minister of Defence, Mr Christopher Musa; and the chairman of the House Committee on Defence, Mr Jimi Benson.
Others on the entourage of the president are the Minister of Women Affairs and Social Development, Ms Imaan Suleiman-Ibrahim; the Minister of Interior, Mr Olubunmi Tunji-Ojo; the Minister of Culture and Creative Economy, Ms Hannatu Musawa; the National Security Adviser (NSA), Mr Nuhu Ribadu; and the Director-General of the National Intelligence Agency (NIA), Mr Mohammed Mohammed.
During the visit, both countries will engage in strategic political and diplomatic discussions on shared values in finance, communication, trade and investment.
The agenda will include meetings between high-ranking officials of both nations and the signing of memoranda of understanding (MoUs) in scientific research, energy, technical cooperation, media and communications, military cooperation and protocol, among others.
A business forum will bring together investors from both countries to explore areas of interest during the visit, with Mr Tinubu expected to return to Nigeria afterwards.
By Aduragbemi Omiyale
Over 120 malnourished children in Alimosho Local Government Area of Lagos State have been given nutritional support, medical screening, and caregiver education.
This was made possible through an initiative known as the Project BLOOM (Bringing Life to Our Overlooked Minors) put together by the Nigerian Exchange (NGX) Group Plc in partnership with the Lagos State government and the Health Emergency Initiative (HEI).
NGX Group staff volunteers worked alongside Lagos State health workers and HEI facilitators during the outreach, assisting with screenings and data recording. Structured follow-up visits are scheduled after four weeks to monitor recovery and provide extended care where necessary.
The Alimosho programme was the third under the initiative. The beneficiaries were hosted at the Lagos State Health District I.
Earlier, the initiative benefitted residents of Yaba and Ajegunle. Over 320 children and 300 caregivers were reached, with monitoring data showing that more than 50 per cent of beneficiaries in the first two phases entered recovery.
The chief executive of NGX Group, Mr Temi Popoola, linked the initiative to broader economic resilience, saying, “Sustainable capital markets are built on strong social foundations. The recovery rates we see with Project BLOOM prove that targeted, collaborative action between the public sector, civil society, and the private sector can deliver tangible impact.”
Also, the Executive Director of HEI, Achunine Pascal, said child malnutrition remains a major contributor to under-five mortality in Nigeria, adding that Project BLOOM is designed to go beyond immediate food support through structured follow-up and continued care.
On his part, the chairman of Alimosho Local Government Area, Mr Akinpelu Ibrahim Johnson, said the initiative supports the council’s long-term strategy for improving child nutrition through early detection, prevention, and effective management of malnutrition.
Representing the Permanent Secretary, Lagos State Health District I, Dr. Solomon Adeyanju commended NGX Group for its commitment to child health, describing Project BLOOM as a valuable complement to the state’s primary healthcare efforts.
With additional outreaches planned, the partners reaffirmed their commitment to reducing preventable child mortality while strengthening the social foundations required for sustainable economic growth.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Minister of Power, Mr Adebayo Adelabu, and the Nigerian Bulk Electricity Trading (NBET) Plc before a Federal High Court in Abuja over their failure to account for an alleged missing N128 billion public funds.
The group in a statement on Sunday by its Deputy Director, Mr Kolawole Oluwadare, said the suit, marked FHC/ABJ/CS/143/2026, was filed last Friday following allegations contained in the Auditor-General of the Federation’s report published on September 9, 2025.
In the lawsuit, SERAP is seeking an order of mandamus compelling Mr Adelabu and NBET to account for what it described as “the missing or diverted N128bn from the Ministry of Power and NBET.”
The organisation is also asking the court to direct the defendants to disclose “details of how the missing or diverted N128bn was spent, including the dates of disbursement and the purported beneficiaries or contractors who received the money.”
SERAP further urged the court to compel the disclosure of “the full names, official designations and offices of all public officers who authorised, approved or otherwise participated in the release of the missing or diverted N128bn.”
According to the group, Nigerians have continued to suffer the consequences of corruption in the electricity sector, particularly amid recurring grid collapses and erratic power supply.
“Nigerians continue to pay the price for the widespread and grand corruption in the power sector,” the group said, adding that “there is a legitimate public interest in ensuring justice and accountability for these grave allegations,” arguing that granting the reliefs sought would help tackle systemic failures in the sector.
“Granting the reliefs sought would contribute to tackling corruption in the power sector and addressing the persistent breakdown of transmission lines in the country, as well as improving access of Nigerians to regular and uninterrupted electricity supply,” it stated.
The group further warned that corruption has deepened hardship for electricity consumers, noting that “ordinary Nigerians continue to pay the price for corruption in the electricity sector—staying in darkness, but still made to pay crazy electricity bills.”
The suit, filed by SERAP’s lawyers, Mr Kolawole Oluwadare, Ms Kehinde Oyewumi and Mr Andrew Nwankwo, relied heavily on findings from the Auditor-General’s 2022 audited report, which detailed multiple alleged financial irregularities involving the Ministry of Power and NBET.
The organisation stressed that public institutions are legally bound to ensure transparency, accountability, and the abolition of corrupt practices.
No date has been fixed for the hearing of the suit.
Business Post had reported earlier that Mr Adelabu claimed that the missing money happened prior to his appointment as the minister of power.
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