Nigeria’s data centre capacity is currently just 20 per cent of South Africa’s, a stark deficit that infrastructure experts warn could hamper the Central Bank of Nigeria’s (CBN) upcoming data localisation mandate. Speaking at a Lagos forum marking the 30th anniversary of Signal Alliance Technology Holding (SATH), Chairman Collins Onuegbu urged massive, immediate investment in local data infrastructure. His warning comes ahead of the CBN’s deadline ordering financial institutions to localise all payment-related data. Onuegbu commended the directive, noting that data sovereignty has become the “new real estate,” but warned that policy without capacity is unsustainable, especially as the global…
Author: Elvis Eromosele
First Bank of Nigeria Limited and Rotary International District 9111 have distributed vocational start-up kits worth ₦45 million to 140 vetted entrepreneurs across Lagos and Ogun states. The initiative aims to cushion economic pressures, foster financial inclusion, and accelerate grassroots growth among micro, small, and medium enterprises (MSMEs). The distributed toolkits included sewing machines, grinding machines, hair dryers, make-up kits, mechanics’ toolboxes, industrial mixers, and gas cylinders, everything required to immediately launch or scale an artisanal trade. Speaking at the Lagos event, Musiliu Olokodana, FirstBank’s Acting Head of Retail Business (SME Banking), emphasised that the bank’s support extends far beyond…
The Nigeria Customs Service (NCS) generated ₦3.35 trillion in revenue between January and May 2026, driven by a combination of streamlined trade processing, automated systems, and aggressive anti-smuggling operations across the country. Titus Omajali, Assistant Comptroller of Customs, disclosed the performance during a joint security briefing at the Office of the National Security Adviser (ONSA) in Abuja. Over the five-month period, the agency managed a high volume of trade logistics, processing nearly 700,000 import declarations and issuing more than 112,000 Pre-Arrival Assessment Reports (PAARs). Nigeria’s export sector also showed a strong rebound following a sharp dip early in the spring.…
The United States has announced it will not renew the United States-Mexico-Canada Agreement (USMCA) in its current form, raising fresh uncertainty over the future of one of the world’s largest free trade agreements covering about $1.6 trillion in annual trade. The announcement came just one day before the trade pact was due for its first mandatory joint review. In a statement on Wednesday, U.S. Trade Representative Jamieson Greer said Washington would not approve the trilateral agreement without significant changes. “The United States will continue to engage with Mexico and Canada to address the agreement’s shortcomings and our trade deficits with these…
WhatsApp is introducing a long-awaited usernames feature that will allow users to connect without revealing their phone numbers, marking one of the platform’s biggest privacy updates in years. The Meta-owned messaging service said the feature will be rolled out gradually over the next few months to its more than three billion users worldwide. Beginning this week, eligible users can start reserving unique usernames through the app, although using one will remain optional. Once fully deployed, users will be able to start conversations simply by exchanging usernames instead of phone numbers. Users will also retain the ability to block or report unwanted contacts.…
Singaporean authorities have seized a luxury mansion worth S$55 million ($42.5 million) as part of an investigation into the alleged smuggling of high-end Nvidia artificial intelligence (AI) chips in violation of U.S. export controls. Police said the property, located in one of Singapore’s most exclusive residential districts near the Botanic Gardens, was allegedly purchased with proceeds from criminal activities linked to the illegal trade in AI servers containing advanced Nvidia chips. According to investigators, at least S$38 million, about two-thirds of the property’s purchase price, was financed with illicit funds. A court order has been obtained to prevent the sale of the mansion…
United States President Donald Trump has unveiled the latest design of a limited-edition commemorative U.S. passport featuring his portrait as part of celebrations marking America’s 250th anniversary. Trump announced the new passport on his Truth Social platform, writing: “The U.S.A.’s New Passport, which says, ‘Welcome, but be good!'” The design includes a passport page bearing an image of Trump seated behind the Resolute Desk, with the text of the original Declaration of Independence in the background and his signature at the bottom. The facing page features John Trumbull’s iconic painting, The Declaration of Independence. The newly released rendering differs from an earlier…
The Independent Corrupt Practices and Other Related Offences Commission (ICPC), in partnership with the National Pension Commission (PenCom), has recovered more than N3 billion in un-remitted pension contributions from defaulting employers. The funds were retrieved through a joint enforcement initiative designed to tackle pension contribution defaults and safeguard the retirement savings of Nigerian workers. According to a statement issued by the commissions, the recovered amount, largely from employers in the electricity sector, has been fully remitted into the respective Retirement Savings Accounts (RSAs) of the affected employees, in line with the Pension Reform Act (PRA) 2014. “The recovery demonstrates the…
The Manufacturers Association of Nigeria (MAN) has called for an immediate end to the harassment of manufacturers by individuals allegedly acting as Local Government revenue agents. Dr. (Lady) Ada Chukwudozie, Chairman of MAN’s Anambra, Enugu and Ebonyi Branch, made the appeal during a stakeholders’ engagement with Local Government Authorities on taxation and ease of doing business in Anambra State. She urged the authorities to tackle the growing problem of multiple taxation and pledged MAN’s readiness to partner with the councils to improve tax compliance and promote greater transparency. Chukwudozie stressed that manufacturers are not opposed to paying legitimate taxes. However,…
Nigeria’s private sector sustained its growth momentum in June 2026, marking the fifth consecutive month of expansion as stronger customer demand and new product offerings continued to support business activity. According to the latest Stanbic IBTC Purchasing Managers’ Index (PMI), the headline index eased slightly to 53.4 in June from 54.1 in May. Despite the moderation, the reading remained comfortably above the crucial 50.0 threshold, signalling that business conditions continued to improve at the end of the second quarter. The report highlighted that improving demand drove further increases in output, new orders, and employment across most sectors. Business activity expanded…