News
Red Star Boss Commends FG On Currency Swap

Mr. Sule Bichi, group managing director of Red Star, one of Nigeria’s logistics company, has commends the Federal Government of Nigeria for its currency swap policy of Naira to Yuan, pointing out that this will help boost the logistics industry, as well as other sectors of the economy.
He stated this at the just concluded Institute of Directors’ 2016 ADC conference in Abuja.
Bichi, explained that the swap is a smart idea simply because a large chunk of the Nigeria’s import comes from China and South East Asia.
“The swap is a smart idea simply because a large chunk of the Nigeria’s import comes from China and South East Asia, so if we can eliminate changing our naira to dollars or pounds sterling and using the Yuan as a means of transaction with the Chinese, this will reduce our cost. What we want is the availability. Nigerian banks can open letters of credit denominated in the Chinese currency, it cuts the third party currency exchange requirement and the cost of transaction will be lower”, he noted.
The Group Managing Director who recently emerged as one of the top 25 CEOs whose stock did exceptionally well on the stock market last year disclosed that the scarcity of foreign exchange at this period has even necessitated the deal because it will open up business between the two countries and stimulate movements from China easily while eliminating the third party currency that has made procurement of raw materials from different destinations a hard nut to crack.
“China remains the top import location for Nigeria in the past 10 years. Chinese companies can get their materials from Nigeria and we can easily get our materials from China. This will help the economy to come up. China is a major buyer of our crude oil and with that the exchange is even further facilitated. So the logistics side of it is that once there are things to move, then the logistics industry will receive a boost. That is when the market will have an improvement”, he stated.
Bichi also noted that the courier and logistics industry in Nigeria use, to a large extent products from China and other parts of South East Asia for its consumables and work materials. “For example, most of the motor bikes that are used now in Nigeria, especially for courier business are coming from South East Asia, with most of them produced in China. Secondly, even the common materials used in the industry like flyers and bar-coded airway bills mostly come from China. So the availability of the Yuan will make it easy to bypass the dollar and we can purchase the materials directly”.
He insisted that the Forex situation has affected the logistics industry just like every other business in the country because it has become very intricate to source for dollars to make payments for foreign deliveries and facilitate import and export. “We have to pay for our foreign deliveries in dollars. We have been looking for foreign exchange for the last six months from the Central Bank at the official rate but we could not get it. If we have to source for the foreign exchange through the autonomous market at more than N350 per dollar, this will almost double the cost of delivery of international packages”.
This, he said has doubled the cost of delivering international packages and also compounded the challenges faced by most companies as they grapple with the dilemma of making a decision whether to pass the seemingly additional costs to clients or continue to bear the sudden increase in operation cost.
“If you look at the import into Nigeria in the last six months and compare with the same period last year, you will see that it has dropped by almost 50%. So there are fewer things to move. Even the ports, both sea and air, are no longer as congested as they use to be. Our foreign exchange earnings has dropped, exchange rate has gone up and we now have imported inflation”, he noted.
“We were exporting at the rate of 2.2m barrels per day, and we were selling for about $110 per barrel. Suddenly it crashed. As at today we are exporting about 1.5m barrels per day and we sold at about $50 now. It was below $30 in January and February. So the amount of money in terms of foreign exchange and earnings that is coming to the Federal government has drastically gone down, so there is no other way. If people that were used to eating well, full bread now get half bread, there will be hunger. This is what is manifesting. The government is trying so much to keep the critical sector of the economy moving”, he said.
Red Star Express Group is a premium logistics solution provider in Nigeria with an unrivalled local network coverage and a large market share in the domestic and international market.
It enjoys a domestic strength of over 240 offices in Nigeria, delivers to additional 1,800 communities, with over 2,400 highly trained personnel and over 600 delivery vehicles in its fleet. The company has four business units including The Red Star Express which is a licensee of FedEx, the world’s largest express transportation company. There is the Red Star Freight, Red Star Logistics and Red Star Support Services.
News
FG Mandates Shared Funding for N1.98trn Electricity Subsidy

Federal Government has directed state governments to begin sharing the cost of electricity subsidy alongside the Federal Government.

It was gathered that payments for the subsidy will now be funded through the Power Assistance Consumers Fund (PCAF), a government-backed pool created to subsidise electricity bills for low-income and vulnerable consumers.
The fund is designed to replace blanket subsidies with targeted support, improve affordability amid rising tariffs and stabilise the power sector.
More than 18 states are already operating electricity regulatory agencies, while others are preparing to do so. The states include Lagos, Ondo, Osun, Ekiti, Edo, Delta, Bayelsa, Akwa Ibom, Cross River, Abia, Anambra, Imo, Kogi, Niger, Nasarawa, Plateau, Gombe and Jigawa.
The Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, disclosed this in Abuja at the opening of the 2026 Post-Budget Preparation workshop on the Government Integrated Financial Management Information System (GIFMIS).
Speaking in an address read on his behalf by the Director of Expenditure Social, Mr. Yusuf Muhammed, Yakubu said states that enjoy the political benefits of electricity subsidy must also contribute to covering the financial gap created by the policy.
“Mr. President has directed that we operationalise a clearer framework to share the cost of electricity across the federation, so the burden is not treated as an open-ended fiscal residual — I mean federal residual,” he said.
“If you want a stable power sector, we must pay for the choices we make. When tariffs are held low, a gap is created. That gap is a subsidy, and a subsidy is a bill.”
He added: “In 2026, we will stop pretending that this bill can be left to the Federal Government alone, especially where the policy choice or the political benefit is shared across tiers of government.”
According to him, the President has ordered the activation of the electricity sector’s legal framework to ensure subsidy burden-sharing is practical and transparent.
“This means subsidy costs must be explicit, tracked and funded, so they do not return as arrears, liquidity crises or hidden liabilities in the market,” Yakubu said.
“It also means that if any tier of government chooses affordability intervention, the responsibility must be clear, agreed and enforceable. This is not punishment. It is an alignment.”
He further warned MDAs to make subsidy-related costs visible in their planning.
“The implication is simple: make subsidy-related costs visible in your planning and submissions. Do not push liabilities into the market as arrears or unfunded commitments,” he said.
Yakubu also disclosed that President Bola Tinubu has directed a review of Nigeria’s Fiscal Responsibility Framework to make fiscal rules more dynamic and enforceable.
“Fiscal rules are not a slogan; they are the guardrails of government,” he said.
“Without guardrails, spending becomes impulsive, debt becomes casual, and the budget becomes a statement of intent rather than a tool of delivery.”
He added that capital projects in 2026 must be delivery-ready and properly financed.
“A long list of projects is not a development strategy. It is often a map of disappointment. What citizens feel is delivery, completed roads, reliable power, functional schools and working hospitals,” Yakubu said.
Reacting to the development, the Director of Media and Communications of the Nigerian Governors’ Forum, Mr. Yunusa Abdullahi, said: “We are reviewing the context and content of the information. We will not be making further comments on it.”
News
Spain Bars Under-16s from Social Media in Digital Safety Crackdown

Spanish Prime Minister Pedro Sánchez has unveiled plans to ban children under 16 from social media platforms, mandating robust age verification systems as part of a sweeping legislative package to curb toxic online content.

Speaking at the World Government Summit in Dubai, Sánchez declared platforms must erect “real barriers that work” beyond mere checkboxes, shielding minors from the “digital Wild West” where they navigate unprotected.
The proposal, set for approval by Spain’s Council of Ministers next week, amends a draft bill in parliament and holds social media executives legally accountable for illegal content like disinformation, hate speech and child pornography.
The measures introduce tools to track harmful material spread, while criminalising algorithm manipulation that amplifies such content for profit.
“Spreading hate must come at a legal, economic and ethical cost platforms can no longer ignore,” Sánchez emphasised, vowing governments would stop turning a blind eye.
Spain joins Europe’s hardening stance on youth online access, mirroring Denmark’s under-15 ban plans from last fall, France’s push for restrictions by September, and Portugal’s new bill requiring parental consent for under-16s.
The moves signal a continental shift to “regain control” of digital spaces amid rising concerns over youth vulnerability.
News
US Set to Deport 79 Nigerians on Criminal List

The United States Department of Homeland Security (DHS) on Monday, said that it will deport no fewer than 79 convicted Nigerians listed on its ‘worst-of-the-worst’ criminal list.

President Trump
According to the DHS website, 79 Nigerians were convicted of offences bordering on fraud, drug peddling, assault, manslaughter and robbery, among others.
An accompanying note showed that the convicts were arrested as part of the United States’ crackdown on criminal immigrants.
The note read, “The U.S. Department of Homeland Security is highlighting the worst of the worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement.
“Under Secretary Noem’s leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations, starting with the worst of the worst, including the illegal aliens you see here.”
The list showed that the convicted Nigerians include Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, and Oriyomi Aloba.
Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay and Joseph Ogbara.
Also listed are Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi, and Omotayo Akinto.
Others include Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonyе Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, and Henry Idiagbonya.
Further names on the list are Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba, and Akeem Adeleke.
Also included are Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, and Boluwaji Akingunsoye.
Others are Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.
Trump’s administration has continued to crackdown on criminal and illegal immigrants across the US with many Nigerians in the country affected by the policy.
Telecom2 days agoTelecom Operators Invest Over $1Bn on 2,850 New Sites in 2025 – NCC
E-Financial2 days agoIf Capital is the Answer, What Exactly is the Problem with First Holdco
E-Financial2 days agoAmaanah Finance to Unveils Non-Interest Banking Services Today
General News2 days agoFirst Trustees to Host 8th Islamic Estate Planning Clinic in Abuja
News2 days agoNSCDC Hands over Fake Crypto Currency Trader to EFCC
News2 days agoAlakija’s Flourish Africa Provides N300m Grants for Women Entrepreneurs
General News2 days agoSecurity Forces Probe Use of Drones by Terrorists
News1 day agoUngoverned AI is Quietly Scaling Risk in Nigeria – Dr. Naiho













