News
FG May Lose $9Bn to UK Firm over Alleged Contract Breach

Nigeria is on the verge of losing over $9 billion owing to a ruling by a UK Arbitration Tribunal which found the federal government culpable of breaching an agreement it signed with a gas recycling firm, Process & Industrial Development Limited in 2010.
The plaintiff is seeking redress for the payment of $6.6 billion in damages, including a staggering $2.3 billion in accumulated interest, totaling $9 billion. The debt is a fallout of Nigeria’s alleged non-compliance with its contractual obligations under a gas supply and processing agreement it signed with P&ID.
The case is up for further hearing at a UK court on February 15, where it is expected that the plaintiff might push for the enforcement of the earlier ruling awarding judgement against the Federal Government. Should this happen, Nigeria’s foreign assets will clearly be at risk of seizure in any part of the world.
Nigeria’s foreign reserve has been on a downward spiral in recent years, and a negative outcome of the February 15 ruling will have serious adverse effect on the oil dependent economy. The ruling comes a day before Nigeria’s presidential election.
The judgment sum reached $9 billion due to interest calculated at seven per cent from the date the decision was taken by the arbitration tribunal in the United Kingdom (UK). The interest figure currently stands at over $1.2 million daily
Documents of the UK Tribunal ruling reveal the contract agreement was reached between P & ID and the Ministry of Petroleum Resources on behalf of Nigeria’s Federal Government on January 11, 2010, to refine associated natural gas (also known as wet gas) into non-associated natural gas for Powering Nigeria’s national electric grid.
More details show the tribunal found Nigeria had reneged on the agreement by not honouring its contractual obligations and ultimately neglecting the project, causing the British firm to lose substantial profits it would have earned over the 20-year tenure of the contract.
Under the agreement, the P&ID project would have generated 3,000 megawatts of electricity for Nigeria.
Also, the natural gas that was being flared off would instead have been processed and used to generate electricity for Nigerians.
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
E-Business3 days agoNIPOST Plans Digital Postcodes for Every Building in Nigeria
Broadcasting3 days agoNigeria Launches FreeTV Nationwide
E-Financial2 days agoFG Issues Transition Guidelines for Tax Acts 2025
Telecom2 days agoTelecom Regulator, NCC, Digital Encode, AfriGoPay Support eBusinesslife Girls In ICT Campaign
E-Financial2 days agoHow Fraudsters Stole N134Bn from Banks, Customers in 6 Years – CBN
Telecom3 days agoEnugu to Host The Gathering on 100 as MTN-Backed Youth Movement Expands Across Nigeria
Telecom2 days agoMobile Technologies Boost Africa’s Economy by $240B in 2025, Commences a New Phase of Digital Transformation
Telecom3 days agoFG Debunks Claims of Plans to Introduce Telecoms, Fuel Taxes














