General News
Portfolio Courier Firms Fingered in Arms Smuggling
Illegal courier operators are aiding the ever increasing trend in the smuggling of small arms and light weapons, exposing the dangerous complexity of the illicit trade of the tools of violence in parts of the country, Nigeria CommunicationsWeek can now reveal.
There are an estimated 10 million illicit small arms and light weapons in circulation in West Africa with about 3 million of them in Nigeria alone.
Small arms are classified as hand guns, pistols, sub-machine guns, mortars, landmines, grenades and light missiles.
Also, Europol Report, has warned that the use of courier service as a legitimate business structure for drug trafficking is one of the specialized areas utilized by organized criminal groups around the world today.
Dr. Simon Emeje, senior assistant postmaster general and head of the Courier Regulatory Department (CRD) of Nigeria Postal Service (Nipost) said that some of the crimes perpetuated in Nigeria are consequences of some compromised individuals.
Speaking on the sidelines after sealing an office belonging to a transport company found to be conducting courier business without registration, Emeje added, “What we did today, the company involved is a transport company; people go to them in their garage, give them parcels and they take the parcels to certain destinations for a fee. It is illegal. We are saying that if a company is not licensed and they forcefully and illegally go into what others licensed are supposed to do, they are defaulting.
“Even security wise, we are talking about-gun, ammunitions smuggling, call it anything, unregistered courier companies can do anything, because nobody queries them. They are not on our list and they fashion out different crooked measure to perpetuate such illicit business. That is what we are fighting”
He said: “Such companies are loose ones that people can easily liaise with to do anything with, both at international and national fronts. From our borders, these people bring goods from foreign countries”.
CRD, an arm of Nipost is the apex regulatory body of the courier industry in the country. Nipost is also an operator in the industry.
But the Association of Nigerian Courier Operators (ANCO) said that the lax regulation of the sector lends the industry to abuses.
Toyin Olufade, president of ANCO in an earlier chat with Nigeria CommunicationsWeek admitted that one of the greatest challenges facing the postal industry is illegal courier operators.
He urged the government to set up an independent regulatory body for the sector adding that Nigeria is losing some $6 million annually because of the seemingly unorganized nature of the business.
Emeje said that his CRD has made a lot of progress despite its limited roles.
“We have carried out several sensitization programmes, even engaged on visitations, written to several of them, but they would not comply. They do not want to be regulated. We have records of culprits that have pleaded for leniency and later registered. Our aim is not to kill businesses, but to ensure the industry and the nation at large is protected,” the CRD boss said.
“In January this year, CRD released two categories of courier licences comprising National and International operators. We have looked into the turnover of the companies and know what they make. So, the licenses or the renewal fees are not the problem for them refusing to register. Some may just decide not to register thinking they can avoid the wraths of the law.
Describing the decision of some companies not register as “economic sabotage” Emeje said that “unlicensed operators are worth an average of N20 billion. These companies are doing businesses. You can imagine if we are to realize like N10 billion from them and now they are operating from the back door, automatically Nigeria is losing. The worth of the unlicensed companies is from the income of Nigeria”
“From our borders, these people bring goods from foreign countries. They are capable of freighting anything into the country. And since they are not licensed and they operate from the back-door that is why we call them portfolio operators. They are dangerous to the Nigeria’s economy. That is why we are working seriously to track them door and make sure the companies and their excesses are curbed”. He added.
He called on unregistered corporate bodies that undertake delivery of items for a fee or commission, which are considered to be illegal courier service to register such or contract the delivery to recognized (permitted) companies.
Central Bank of Nigeria (CBN) has yet to publish its annual financial statements beyond the 2022 financial year, despite legal provisions requiring the apex bank to release its audited accounts annually.
An annual report is a comprehensive report on a company’s activities throughout the preceding year.
Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.
The most recent annual report and financial statements of the CBN available to the public remain those for the 2022 financial year.
Under Section 50 of the Central Bank of Nigeria (CBN) Act, the bank is required to prepare, submit and publish its audited annual financial statements.
Section 50(1) stipulates that the CBN must transmit its annual accounts, certified by an external auditor, to the President and the National Assembly within two months after the end of each financial year.
Section 50(2) further provides that the annual report submitted to the President and the National Assembly should be published in a manner determined by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure the accounts are published in the Federal Government Gazette as soon as possible.
Despite these statutory requirements, the apex bank has not made public any annual financial statements after the 2022 reporting year.
The development comes after the CBN, on August 11, 2023, released its consolidated financial statements covering seven years the first such publication since 2015.
President Bola Tinubu appointed Olayemi Cardoso as Governor of the CBN on September 15, 2023, following the removal of former Governor Godwin Emefiele in June of the same year.
Emefiele is currently facing trial over alleged corruption-related offences.
Last week, the Supreme Court ordered the final forfeiture of several of Emefiele’s properties, along with $2.045 million in cash.
Dangote Petroleum Refinery and Petrochemicals has successfully completed a landmark US$2.5 billion private equity placement, in what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
This marks a major milestone in the company’s long-term expansion strategy.
In a statement issued on Thursday, the company said the offering was 3.7 times oversubscribed relative to its initial offer size, reflecting strong investor confidence in the refinery’s growth prospects and resulting in the issuance and allotment of approximately US$2.5 billion in new equity.
The fundraising follows the recent equity capital raise in which existing investors expanded their holdings alongside new institutional investors, strengthening the refinery’s capital base to support its next phase of growth.
According to the company, proceeds from the private placement will finance the continued expansion of its refining and petrochemical operations, reinforce its capital structure and enhance financial flexibility for future investments.
The transaction attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-term strategic partners.
Among the key investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank). The offering also drew participation from a diverse mix of institutional and individual investors, underscoring strong market confidence in the refinery’s long-term strategy.
Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the successful capital raise as a strategic move to deepen and institutionalise the company’s shareholder base while complementing internal cash flows and external financing.
“This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security,” Dangote said.
Managing Director and Chief Executive Officer of the refinery, David Bird, attributed the strong investor response to the company’s operational performance and leadership.
“The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership,” he said.
Following the completion of the transaction, the company said it is well positioned to continue executing its long-term growth strategy by expanding world-class refining and petrochemical capacity while strengthening Africa’s energy security.
Once again, The Gathering on 100 Pitchathon has rewarded some of Nigeria’s most promising young entrepreneurs, with three startups sharing ₦5 million in funding.
Pitchathon
The pitchathon took place at the Abuja edition of the Gathering on 100 held between July 18 and 19, at This Day Dome, Central Business District, Abuja.
The competition brought together founders from different sectors to pitch their businesses before a panel of judges.
The Pitchathon remains one of the most sought after experiences at The Gathering on 100, an MTN Nigeria initiative that connects young Nigerians with opportunities for entrepreneurship, innovation and personal development.
Omolola Rebecca, founder of Agrovest, emerged overall winner, receiving ₦2.5 million for her agritech solution, which provides funding for farmers to improve access to capital and boost agricultural productivity.
Reacting to her victory, Rebecca said the recognition would give her business greater visibility and open doors to more investors. “Winning this competition means more people will notice what we’re building.
“It puts Agrovest in front of potential investors and partners, and gives us the opportunity to grow our impact by supporting even more farmers,” she said.
The second prize of ₦1.5 million went to Agbo Obinnaya, founder of Case Radar, a legal technology platform that uses generative artificial intelligence to simplify access to legal services in Nigeria.
The platform enables users to obtain legal guidance, understand legal documents and connect with legal professionals through a single digital platform.
Abdulmuiz Adam secured third place and ₦1 million with WaveBudget, a fintech platform that combines savings and responsible financing.
The platform allows users to save towards financial goals, access buy now, pay later services through partner merchants with a 50 per cent down payment, and manage their savings in one place.
Presenting the prizes to the winners, Lanre Coker, Manager, Customer Acquisition and Compliance, North-West, MTN Nigeria, said the initiative reflects MTN’s commitment to supporting young Nigerians with the resources they need to grow their ideas into sustainable businesses.
“The Gathering on 100 is about helping young Nigerians achieve the height of their endeavours, whatever they may be.
“We know there are brilliant ideas across the country, and through initiatives like the Gathering on 100, we are creating opportunities for innovators to access funding and the confidence to keep building,” he said.
The Abuja edition builds on the success of previous Pitchathons held during The Gathering on 100 across the country.
In Lagos, eight startups received a combined ₦45 million in funding, while three startups shared ₦5 million at the Aba, Enugu, and Kano editions. With the Abuja winners now joining the growing list of recipients, the Pitchathon continues to position itself as a platform for discovering and supporting the next generation of Nigerian entrepreneurs.
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