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Red Star Boss Commends FG On Currency Swap

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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.

 

 


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Okonjo-Iweala Urges Nigeria to Shift from Importing Tech to Local Manufacturing

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Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation, WTO, has urged Nigeria to move decisively beyond importing technology to manufacturing it locally, warning that sustained dependence on foreign technology weakens the country’s industrial base and constrains job creation in the digital economy.

Speaking at Ahmadu Bello University, ABU, Zaria, Okonjo-Iweala said the current disruption of the global order, driven by technology, geopolitics and climate pressures, presents both serious risks and unprecedented opportunities for Nigeria and Africa, if they are prepared to act strategically.

“It is always a pleasure to come home to Nigeria, but it is particularly special to be here at one of the country’s most important seats of learning,” she said, stressing that universities such as ABU must remain central to Africa’s technological, industrial and economic transformation.

Tracing Nigeria’s post-independence journey, Okonjo-Iweala recalled that at independence in 1960, the country had only one degree-awarding institution, making the rapid expansion of universities a critical pillar of nation-building.

She noted that institutions such as ABU laid the foundation for Nigeria’s scientific, technological and entrepreneurial capacity.

Founded in 1962 as the University of Northern Nigeria, ABU has evolved into a multidisciplinary institution producing graduates across engineering, medicine, sciences, ICT, public administration and the humanities.

“Research conducted here has advanced the frontier of knowledge and offered practical solutions to real-world problems, from animal feed innovations during dry seasons to wind power generation in rural areas,” she said.

Turning to global trends, the WTO chief identified technology, particularly the internet and artificial intelligence, AI, as one of the most disruptive forces reshaping trade, production and employment worldwide.

“The technological shift we are experiencing has made it easier to communicate, produce and trade, but not everyone has shared equally in the gains,” she said, warning that automation and AI could deepen inequality if not properly managed.

She stressed that multilateral institutions and global trade rules must evolve to respond to emerging technologies such as AI and quantum computing.

“We need a new kind of multilateralism, one that is nimble, responsive and capable of addressing new global opportunities,” she said.

Okonjo-Iweala said Africa stands to benefit from what the WTO now describes as “re-globalisation”, the diversification of global supply chains away from over-dependence on a few countries.

She identified opportunities in labour-intensive manufacturing, critical minerals processing, renewable energy technology, pharmaceuticals, agro-processing and electric vehicle, EV, supply chains.

“Africa has the capacity to process its critical minerals all the way to EV battery manufacturing,” she said, pointing to Nigeria’s emerging lithium processing investments and vast renewable energy potential.

Reinforcing her call for local technology production, she said Nigeria must stop importing technologies it can manufacture domestically.

“Instead of importing solar panels, we should be manufacturing them here. That is how we create jobs, build resilience and grow our economy,” she said.

Okonjo-Iweala warned that Nigeria’s projected economic growth of 4.4 percent remains insufficient once population growth is factored in, calling for sustained growth of 6 to 7 per cent driven by productivity, technology and value addition.

She said achieving this would require strong digital infrastructure, skills development and innovation-friendly policies, alongside full implementation of the African Continental Free Trade Agreement, AfCFTA.

“Technology-enabled trade and deeper regional integration could increase intra-African trade by up to 45 per cent and lift millions of people out of poverty,” she said.

With Africa projected to account for about 25 per cent of the global working-age population by 2050, Okonjo-Iweala described Nigeria’s young population as one of its greatest technology assets.

“On an ageing planet, Africa’s youth represent the world’s future talent pool,” she said, urging universities, policymakers and the private sector to better align education, innovation and industrial strategy.

She, therefore, called for stronger collaboration between academia, industry and government to ensure Nigeria does not miss the opportunities created by global technological disruption.

“This country has what it takes. What we need is urgency, coordination and the courage to invest in our people and our ideas,” Okonjo-Iweala said.


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Stanley Amandi, Nollywood Actor Arrested over Alleged Coup Plot against Tinubu

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Stanley Amandi, veteran Nollywood actor and filmmaker, has been arrested by the Nigerian military over his alleged role in a foiled coup plot to overthrow President Bola Tinubu’s government, according to an exclusive report by Premium Times.

Stanley Amandi, Nollywood Actor Arrested over Alleged Coup Plot against Tinubu

Stanley Amandi, Nollywood Actor

The filmmaker, also a former chairman of the Actors Guild of Nigeria (AGN) Enugu State chapter, was reportedly detained in September 2025 alongside several military officers accused of planning a violent overthrow, including potential assassinations of top officials, according to the newspaper’s sources.

Reports indicated that the coup plotters planned to wholesale assassination of top government officials including President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, and Speaker of the House of Representatives Tajudeen Abbas, among others.

On Monday, the Defence Headquarters confirmed the plan to illegally oust the Tinubu administration, saying the indicted officers will be arraigned before military judicial panels.

In its statement, the Defence Headquarters said the investigation has been completed and forwarded to “appropriate superior authority in line with extant regulations.”

According to the military, the investigation was “comprehensive” and conducted in line with established procedures, examining “all circumstances surrounding the conduct of the affected personnel.”

The military disclosed that the findings identified “a number of the officers with allegations of plotting to overthrow the government,” describing such conduct as “inconsistent with the ethics, values and professional standards required of members of the Armed Forces of Nigeria.”

Mr Amandi has featured in many Nollywood movies and is known for his work as an actor, production manager and director.

His notable works include “The Album,” where he served as director; “Tiger King,” where he also served as director and produced in 2008; “Cornerstone,” produced in 2019; and “Once Upon a Dream,” in which he appeared as an actor in 2024.

Mr Amandi’s last Instagram post was on 19 September 2025, shortly before his arrest.


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Firms Commit to Boost African Robotics Market

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AfricAI and Micropolis Robotics have signed a multi-year exclusive distribution and deployment agreement, which marks one of the continent’s most significant robotics market entries.

Micropolis AI Robotics is a United Arab Emirates-based robotics manufacturer operating in autonomous systems, while AfricAI is a company building practical, revenue-driven artificial intelligence (AI) systems for African businesses, governments, and global partners operating in emerging markets.

According to the agreement, Micropolis Robotics named AfricAI as its exclusive continental partner, prohibiting direct sales, alternative distributors, and third-party agents from operating in the territory.

The partnership establishes AfricAI as the primary execution, localisation, and go-to-market platform for intelligent robotics in Africa’s industrial, security, logistics, and infrastructure sectors.

AfricAI said this exclusive mandate positions the company as the gateway for advanced autonomous systems entering African markets, ensuring regulatory compliance, local capacity building, and sovereign control over deployment frameworks.

The partnership, according to the two parties, moves beyond software- based AI into the realm of physical AI — intelligent machines capable of operating in complex, real-world African environments.

“This is not a collaboration, it is a market-shaping mandate,” said Fareed Aljawhari, CEO of Micropolis Robotics. “AfricAI now represents the exclusive gateway through which Micropolis technologies enter Africa. Their sovereign AI vision, operational reach, and regulatory fluency make them the only partner capable of executing at a continental scale.

Furthermore, the agreement enables AfricAI to integrate Micropolis’ autonomous robotics systems with AfricAI’s sovereign AI stack, resulting in AI-powered security and surveillance platforms, robotics-enabled logistics and port operations, industrial automation, smart infrastructure, and municipal robotics tailored to African operating conditions.

Initial deployments will commence in security, smart infrastructure, and logistics, with phased expansion across multiple African states as part of AfricAI’s broader continental AI, data, and intelligent infrastructure strategy.

The agreement also includes long-term performance-linked expansion rights, automatic renewals, and a defined localisation framework to support robotics deployment, workforce training, and skills transfer across Africa.

Prince Malik Ado-Ibrahim, executive chairman of AfricAI, said: “Africa does not need imported automation — it needs sovereign, context-aware intelligent systems. This exclusive mandate allows AfricAI to industrialise robotics deployment at scale while retaining control, compliance, and value creation on the continent.”

 


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