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Nigeria Loses $500m Annually to Non-Implementation of ICTN

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Cargo Clearing Rate

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.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Egbin Power Commissions 80 New Staff Housing Units

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Egbin Power 80 New Staff Housing Units

By Modupe Gbadeyanka

In further demonstration of its unwavering commitment to its workforce, Nigeria’s foremost power generation company, Egbin Power Plc, has unveiled 80 new residential housing units for employees within its plant premises in Egbin, Lagos State.

This comprises 40 fully furnished three-bedroom apartments and 40 furnished studio apartments, all designed to contemporary standards.

The units feature modern infrastructure and thoughtfully planned utilities, creating a safe, comfortable, and conducive living environment that supports both employee productivity and family well-being.

This strategic investment underscores the company’s philosophy that a well-supported workforce is fundamental to sustained operational excellence.

The new housing units are part of a holistic strategy to cultivate a stable, motivated, and future-ready workforce.

This strategy extends beyond infrastructure to encompass robust career development and recognition. Over the past three years, Egbin Power has promoted 112 employees across various cadres, reinforcing a culture that rewards merit, performance, and long-term dedication

“At Egbin Power, our people are our most valuable asset. Even amidst the prevailing liquidity and operational realities within the broader power sector, our focus on employee welfare has remained deliberate and consistent.

“This significant expansion of our residential estate is a tangible expression of that commitment.

“It is one of several key initiatives aimed at ensuring our employees feel genuinely supported, allowing them to thrive both personally and professionally,” the chief executive of Egbin Power, Mr Mokhtar Bounour, said.

Initiated in 2025 and completed in January 2026, this project is the latest milestone in Egbin Power’s structured and ongoing approach to enhancing employee welfare. It reflects the energy firm’s dedication to fostering a culture where every team member feels valued, secure, and motivated.

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NGX Group, CSCS, WIMBIZ to Ring Bell for Gender Equality

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Ring Bell for Gender Equality

By Aduragbemi Omiyale

On Tuesday, March 10, 2026, at the Nigerian Exchange Group House in Lagos, the role of capital markets in promoting gender equality will be reemphasised through the closing gong ceremony in commemoration of International Women’s Day 2026.

The ceremony is part of the global Ring the Bell for Gender Equality campaign, which mobilises stock exchanges worldwide to expand women’s participation in the economy and advance gender-inclusive practices.

In Nigeria, the NGX Group is partnering with the Central Securities Clearing System (CSCS) Plc and Women in Management, Business and Public Service (WIMBIZ) to make it memorable under the theme Rights. Justice. Action. For ALL Women and Girls.

Dignitaries expected at the ceremony include the Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu; the First Lady of Imo State, Mrs Chioma Uzodimma; the Executive Commissioner for Legal and Enforcement at the Securities and Exchange Commission (SEC), Ms Frana Chukwuogor; foremost actor, Ms Funke Akindele; a Director at the NGX Group, Ms Ojinnika Olaghere; and another staffer of NGX Group, Mrs Fatima Wali-Abdulrahman, alongside board members of NGX Group, regulators, capital market stakeholders, and industry leaders.

NGX Group is joining other exchanges worldwide in sounding the NGX Gong to underscore the importance of inclusive leadership, equal opportunities, and stronger market accountability in advancing gender equality.

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IWD: Dolapo Akanbi-Alade of Pathway Holdings Urges Stronger Inclusion of Women in Finance

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Dolapo Akanbi-Alade Pathway Holdings

By Adedapo Adesanya

The Executive Director/GCOO of Pathway Holdings Limited, Mrs Dolapo Akanbi-Alade, has called for increased inclusion of Nigerian women in finance as the world marks International Women’s Day 2026.

International Women’s Day 2026 is marked every March 8, and this year’s theme is Give To Gain.

In a statement shared with Business Post, Mrs Akanbi-Alade noted that while International Women’s Day highlights the need for gender equality, significant progress requires deliberate policies and systems that expand women’s access to finance and leadership opportunities.

She emphasised that many Nigerian women and women-led businesses still face limited access to finance, highlighting the urgent need for targeted inclusion initiatives.

“At Pathway Holdings, we empower women and give access to investment advisory, asset management, and lending solutions for institutions, high-net-worth individuals, and businesses. Ensuring that women and women-led enterprises can access these opportunities is critical to building a more inclusive financial system,” she added.

Mrs Akanbi-Alade said, “Women’s access to finance is not only a social responsibility but essential for national productivity and economic growth’’. She co-founded the following companies:

Pathway Asset Management Limited is registered and regulated by the Securities and Exchange Commission, Nigeria, as a Fund and Portfolio Manager. The product range includes Pathway Fixed Deposit Notes, Privately Managed Notes, Pathway Private Portfolio Management, Investment Advisory, and Mutual Funds, which will be launched soon.

Pathway Advisors Limited is registered and regulated by the Securities and Exchange Commission (SEC) as an Issuing House and financial adviser. Pathway Advisors’ services cover Mergers and Acquisitions (M&A), Capital-Raising, Financial Advisory, Rating Advisory, and Project and Structure Finance.

Fundbox Financial Services Limited is a wholly owned micro-lending company providing short-term personal and SME finance loans to salaried individuals, self-employed personnel, and small businesses. They offer services which include Cars4Cash, SME Loans, Personal Loans, and Group Employee Loans. Fundbox has successfully disbursed a wide range of loans to both corporate and individual clients, supporting their financial needs and business growth.

Pathway Holdings Limited is a notable investment holding firm focusing on private market investments, including private equity, private credit, and infrastructure. Pathway creates customised investment solutions for institutional investors and individuals, leveraging its extensive experience and local footprint.

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