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ICT Promotes Transparency in Freight Forwarding – Nweke

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Senator Ibikunle Amosun, Ogun State Governor,
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Eugene Nweke, is the new national president of National Association of Government Approved Freight Forwarders (Nagaff). A product Nagaff Academy with an advance diploma in international freight forwarding, Nweke, started his freight forwarding career in 1989 with Greenlight Limited and has been a member of the association from its inception in 1999. The new Nagaff boss in this interview with nkechi david –iwuchukwu, talked about the freight forwarding industry and ICT.

Nagaff
Nagaff is a professional association that took its root from freight forwarding. It came as a child of necessity, to change the perception of the general public on the activities and practices (services) of a freight forwarder. Before now there was an old nomenclature referred to as clearing and forwarding, which some members of the public believe is synonymous to 419, there by discrediting the noble profession of freight forwarding which is a global profession.
As such Nagaff carried out a vision with a mission statement to usher in a sustainable freight forwarding practice in Nigeria by institutionalizing ethics, code of professional conduct and respect to rule of law. In addition, to give a direction to a better way of settling trade disputes through dialogue, consultation, and communication, as opposed to confrontation, antagonism, strike actions and so on.
To achieve, we needed a pro-active public advocacy and that has been our tradition. This is what we have been doing for the past 10 years and we will continue to intensify our public advocacy.
Area of Courier Services
Freight forwarding covers so many areas, that is why one of our books published asked a question: A freight forwarder, what does he do?
International Federation of Freight Forwarders Association (Fiata) adopted a definition for freight forwarding and logistics services as : services of any kind relating to the carriage performed by single mode or multi-modal transport means ( consolidation, storage, handling, packing or distribution) of goods, as well as ancillary and advisory services, in connection, including but not limited to customs and fiscal matters, declaring the goods for official purposes, procuring insurance of goods and correcting or procuring payment or documents relating to the goods. Freight forwarding services also includes logistical services with modern information and communication technology (ICT) in connection with the carriage, handling or storage of the goods referred to a de facto total supply chain management. These services can be tailored to meet the flexible application of the services provided. Therefore, a freight forwarder can be defined as the party who ensures that international traded goods move freely from point of origin to point of destination to arrive; (i) at the right place (ii) at the right time (iii) in good condition (iv) at the most economic cost. If you look at this definition, you now see that a freight forwarder is a logistician, which means he maintains a close cooperation with other actors within the maritime chain, including transporter, negotiating freight rate, comparing cost, moving cargo along different routes, observing different modes, designing logistic infrastructure that provide the best compromise between cost, speed and reliability. With this, you see that a freight forwarder is a logistic officer and one adhering to and ensuring statutory compliance. A freight forwarder therefore carries out an aspect that is gratifying in the facilitation of trade through consultancy and networking. In summary the freight forwarding family comprises the following; packaging and warehousing firms, custom licensed agents, courier companies, global logistics and air freight companies, cargo brokers and consolidators and multimodal transport companies.
Changing Roles of Freight Forwarding
The traditional freight forwarding functions are divided into (i) documentation (ii) planning and costing routes (iii) booking  and coordinating freight, arranging and ancillary services such as; warehousing and packing, consolidation, paying charges and dues to carriers, ports, customs etc (iv) rendering  advices to shippers and providing information to help them prepare quotation, these are the activities that makes a freight forwarder to be portrayed as agent to the shipper.
Scope in Terms of Spread
Nagaff is in three zones of the federation; South- East zone, comprising; Onne, Port Harcourt area 1, Airport, Calabar and Warri. Northern zone, which comprises; Kano, Abuja and Kaduna-Katsina. Finally, the Western zone, comprising; Murtala Mohammed airport, Apapa port, Tincan Island port, Seme, Idiroko, Ikorodu, KLT, Port Terminal Management Limited (PTML), and Federal Operation Unit (FOU).
Major Focus as New Nagaff President
From all that I have said, you can see that freight forwarding is a gamut of activities, therefore in sustaining our passion at ushering in freight forwarding practice in Nigeria, the area of training and retraining of members in accordance with the Council for Regulation of Freight Forwarding in Nigeria (CRFFN) act number 16, 2007, is a primary area of focus in this administration, because there is an urgent need for skill acquisition and capacity building. Secondly, I will look at the area of intensifying on public advocacy, because the old orders, practices and procedure are still living with us. Finally, I will also look out to advise government on the consequence of inimical trade policies where and when the need arises.
Challenges Faced
Administering an association like Nagaff, which is a non-profit making organization,  yet committed to public advocacy, sustains itself through membership subscription. In this wise, the obligation of making members to be loyal and committed requires extra effort.
IT Impact on Service Delivery
Obviously, before now the World Trade Organisation (WTO) / World Custom Organisation (WCO), has been at the forefront of championing IT driven cargo clearance procedures and transactions, which culminated into simplification, harmonization of custom tariffs and clearance procedures with emphasis placed on elimination of cumbersome procedure and bottleneck in cargo clearance processes. Therefore, in pursuit of globalization and in compliance to IT driven trade transaction and facilitation the WTO is promoting a paperless shipping and trade environment. IT has also encouraged an “increased cargo through-puts “(influx of cargo) and enhanced “turn around time of vessel “(discharging time for ship).
ICT Growth
One important thing that has happened has to do with exchange of expertise between Nigeria and other nations, talking about globalization. And since Nigeria can not be isolated from the world, then obviously looking at our population, human resources and natural resources, Nigeria has between 1999 following the introduction of GSM and in compliance to Y2K (computerization), it is remarkable to note that Nigeria has been ICT compliance for over 20 years. Therefore, the growth of ICT in Nigeria is at a steady increase but there is still room for improvement, especially within our educational sector and some aspect of government dealings, because ICT has a place in promoting transparency.

      


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Dangote Refinery’s Private Placement Reportedly Hits $2.5Bn

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Dangote Petroleum Refinery is reportedly nearing completion of a $2.5 billion private placement that values the company at about $40 billion ahead of its planned public listing.

Dangote Refinery’s Private Placement Reportedly Hits $2.5Bn

Private placement is the direct sale of company shares or bonds to pre-selected investors instead of the general public and it is used to raise money quickly while avoiding strict public reporting rules.

People familiar with the transaction said investors acquired as much as 6 per cent of the refinery, according to a BusinessDay report.

The reported terms would value the business at approximately $40 billion.

Neither Dangote Group nor the refinery has publicly announced the final amount raised, the identities of most subscribers or the precise percentage sold.

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The figures should therefore be treated as transaction details supplied by unnamed sources rather than confirmed company disclosures.

The reported $2.5 billion total is nevertheless significant as it indicates strong demand for exposure to a privately controlled refinery that has rapidly become central to Nigeria’s fuel supply and an increasingly important exporter of petroleum products.

The placement was said to have attracted more demand than the available shares, allowing the company to secure substantially more than the amount initially associated with the fundraising exercise.

Femi Otedola, chairman, First HoldCo, is the only major participant publicly identified in the report.

He reportedly committed $100 million to the transaction and sold his investment in Geregu Power Plc to finance the acquisition.

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Nigeria’s pension industry was also reportedly cleared to participate.

Access to more than $17 billion in retirement assets would broaden the refinery’s potential investor base beyond wealthy individuals and conventional institutional buyers.

Participation by Pension Fund Administrators would, however, require careful attention to valuation, liquidity and portfolio-concentration limits.

Retirement funds must balance the attraction of a large Nigerian industrial asset against their responsibility to protect contributors’ savings.

The implied $40 billion valuation represents investor expectations about the refinery’s future earnings rather than only the physical cost of constructing the facility.

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Its ability to process 650,000 barrels of crude daily gives it a central role in supplying Nigeria and other markets, but its commercial performance remains connected to crude availability, product prices, exchange rates and regulation.

The refinery has struggled to obtain all the Nigerian crude it requires under the government’s naira-for-crude arrangement.

It has consequently purchased some feedstock internationally and recently moved local petroleum-product pricing into dollars to align sales revenue more closely with its foreign-currency expenses.

Those constraints will be important during any public offering.

Prospective shareholders will want greater clarity on crude-supply contracts, debt, operating margins, export revenue and the company’s relationship with Nigerian regulators.

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It is also unclear whether the private placement involved newly issued shares, a sale by existing owners or a combination of both.

That distinction determines whether the reported $2.5 billion becomes fresh capital for the refinery or proceeds received by selling shareholders.

The transaction could provide a useful price reference for the planned initial public offering.

 

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FG, UNODC Plan National Strategy against Organized Crime

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Federal government will next month launch Nigeria’s first national organized crime strategy to strengthen the country’s response to terrorism, cybercrime, human and drug trafficking, kidnapping, illicit financial flows, and other forms of organized crime.

FG, UNODC Plan National Strategy against Organized Crime

Major General Adamu Laka, national coordinator of the National Counter Terrorism Centre under the Office of the National Security Adviser, disclosed this in Abuja during the validation of the strategy document.

He said the strategy provides a coordinated national framework for tackling organized crime through improved intelligence sharing, stronger collaboration among security agencies, and closer cooperation with the criminal justice system, civil society organizations, and international partners.

Major General Laka explained that the document was developed through a partnership involving the Federal Government, the United Nations Office on Drugs and Crime (UNODC), the United States Government, and other stakeholders.

Speaking at the event, Cheikh Toure, UNODC representative, said the strategy would strengthen Nigeria’s capacity to combat transnational crimes, including drug trafficking, cybercrime, human trafficking, kidnapping, and illicit financial flows.

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Also speaking, Douglas Grane, acting director of the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, reaffirmed the U.S. government’s support for Nigeria’s efforts to tackle organized crime through stronger inter-agency and international cooperation.

Representatives of the National Institute for Strategic Studies, the Nigeria Financial Intelligence Unit, and the National Cyber Security Centre also endorsed the initiative, describing it as a major step towards improving Nigeria’s fight against organized crime.

 

 

 

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Foundations Launch Youth Entrepreneurship Incubation Programme

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FATE Foundation, with funding from the Citi Foundation, has launched the Youth Entrepreneurship Incubation Programme to equip young people in Nigeria with financial literacy and entrepreneurship skills.

Delivered through free, safe, and accessible platforms, the programme supports the incubation and scaling of youth-led enterprises, enabling income generation and job creation.

In October 2025, FATE Foundation was selected as a recipient of Citi Foundation’s 2025 Global Innovation Challenge to Accelerate Youth Employability. Joining the cohort of 50 organisations globally, the Foundation will receive $500,000 over two years to advance its youth employability initiative.

“We are excited to be selected for Citi Foundation’s 2025 Global Innovation Challenge,” said Ayomide Akindolie-Igwe, Executive Director of FATE Foundation.

“This support enables us to equip young entrepreneurs in Nigeria with the financial literacy and skills needed to build and scale sustainable businesses.”

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The programme addresses youth employability by tackling Africa’s growing jobs crisis. By 2030, the African continent will be home to 40% of the world’s youth, and with one in three under 35 already unemployed, this initiative will support Nigerian youth with a two-phase approach. It begins with financial literacy training before progressing to entrepreneurship development, incubation support, and access to tools needed to build viable, job-creating businesses.

“Through this innovative initiative, FATE Foundation is supporting low-income Nigerian youth to develop essential financial and entrepreneurial skills using accessible platforms.

“This support is not just helping individuals to succeed; it is building a solid foundation for sustainable enterprises that will drive job creation and contribute significantly to our nation’s economic vitality. This initiative is empowering and investing in the future of Nigeria, one youth at a time,” said Nneka Enwereji, MD/CEO Citibank Nigeria Limited.

 

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