News
National Shipping Line Underway, says Amaechi
Chibuike Rotimi Amaechi, minister of Transportation, has said that the federal government is marshalling out ways of encouraging the establishment of a National Shipping Line to ensure maximum exploitation of the potentials in the maritime industry.
Amaechi also said, the Federal government is making efforts at improving business in the country’s maritime sector especially in the areas of establishing a deep sea port for modern mega ships as well as the establishment of dry ports such as the Kaduna inland dry port among others.
Amaechi spoke in a keynote address he delivered at the 14th Maritime Seminar for Judges organized by the Nigerian Shippers’ Council (a parastatal under his ministry), in collaboration with the National Judicial Institute(NJI).
According to the Minister, “The present administration is looking into ways of encouraging the establishment of a national shipping line to ensure maximum exploitation of the potentials in our maritime sector”.
“The Federal Government is doing a lot towards improving on the ease of doing business in Nigeria especially in the maritime sector. The Federal Government effort towards trade facilitation includes modernization of transport infrastructure such as establishment of deep sea ports to attract the patronage of our seaports by modern mega ships and the establishment of dry ports such as the Kaduna inland dry port and others all over the country to decongest the seaports and facilitate expeditious evacuation of cargo from the seaports among others,” he said.
While also suggesting that maritime laws should be made compulsory courses in tertiary institutions, Amaechi called on the chief Judge of the Federal High court to consider the creation of a maritime or admiralty division in the federal high court to specially handle maritime cases.
Also, Considering the crucial role of the maritime sector in the development of the economy, Amaechi said “May I remind you of the need for capacity building in the maritime industry. It is of general knowledge that most of our maritime trade is carried by foreign ship owners, thereby limiting the economic benefits accruable to the nation such as creation of jobs, freight and insurance earnings”.
Amaechi said the maritime seminar will equip the judges and Justices of superior courts of record as well as relevant stakeholders in the maritime industry.
In his own address, ustice Mahmud Mohammed, chief justice of Nigeria and chairman Board of Governors of the National Judicial Institute, said the seminar has contributed immensely to deepening the synergy between the judiciary and the maritime sector.
“The Nigerian judiciary stands ready to deepen this synergy as part of our wider reform efforts that will reposition our judiciary for better justice delivery and retain our place as one of the best judicial institutions in the world”.
“In furtherance of its drive to ensure a quick dispensation of justice, the Nigerian judiciary remains similarly committed to the use of a multi-track, multi-modal justice delivery system that will include a more robust adoption of alternative dispute resolutions as a veritable medium of settling dispute”, he said.
“It is important for us to ensure that this seminar continues to provide a platform for introducing new concepts and refreshing our minds on novel areas of law that govern shipping international trade and admiralty matters,” he said.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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