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Lagos Boat Operators Demand FG Disburse ₦14.6bn Vessel Fund Amid High Costs

Operators urge Marine and Blue Economy Ministry to release soft loans as economic challenges stifle waterways business

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Operators urge Marine and Blue Economy Ministry to release soft loans as economic challenges stifle waterways business

Boat operators in Lagos and other riverine states have called on the Federal Government to urgently provide direct financial support, following the recent approval of ₦14.6 billion for the procurement of modern boats and ferries. The operators made their appeal on Monday, stressing that harsh economic realities and rising operational costs are undermining efforts to expand water transport across key states like Niger, Benue, Kogi, Kwara, and Kebbi.

The Ministry of Marine and Blue Economy had earlier announced approval for the purchase of standard boats and ferries to enhance transportation of agricultural produce and passengers in states where waterways are vital for trade and daily commuting. Bola Oyebamiji, former Managing Director of the National Inland Waterways Authority (NIWA), said the government’s intervention is designed to boost commercial activities and improve safety standards on Nigeria’s inland waterways.

Despite this move, many boat operators lamented that they have not received any tangible financial assistance or access to soft loans from government. Several operators said acquiring new boats remains out of reach due to high costs of importation and maintenance, compounded by prevailing economic challenges. They warned that unless a portion of the approved ₦14.6bn is made available as low-interest loans or grants directly to genuine operators, the sector’s growth will remain stunted.

According to stakeholders in the waterways sector, increased investment is crucial for reducing congestion on Lagos roads and promoting safer alternatives for both goods and passenger movement. The operators added that empowering local businesses through accessible funding would help create jobs, encourage compliance with safety regulations, and improve overall service delivery.

Government officials have yet to disclose modalities for disbursement or timelines for vessel procurement. Industry players are now awaiting further directives from the Ministry of Marine and Blue Economy on how funds will be allocated. Boat operators say timely action is necessary if Nigeria is to fully harness its inland waterways potential for economic diversification.

Source: https://guardian.ng/business-services/maritime/boat-operators-seek-financial-support-await-fgs-n14-6b-vessel-purchase-plan/

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Nigeria News (Standard)

Federal Government Arraigns Five in Abuja Over Alleged Arms Smuggling to Boko Haram

Suspects charged with terrorism and attempted illegal arms supply as authorities intensify clampdown on insurgency financing

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June 11, 2026

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Suspects charged with terrorism and attempted illegal arms supply as authorities intensify clampdown on insurgency financing

The federal government on Thursday arraigned five men before a court in Abuja, accusing them of terrorism and attempting to supply smuggled weapons to Boko Haram. The arraignment marks a significant step in ongoing efforts by Nigerian authorities to disrupt the logistics and funding networks supporting armed insurgent groups operating mainly in the North-East.

According to the charges, the suspects were accused of conspiring to provide arms unlawfully, with the intent of aiding Boko Haram’s violent campaign against the state. The prosecution presented details of alleged attempts by the accused persons to facilitate illegal shipments, which were intercepted following joint operations by security agencies.

The case underscores Nigeria’s continued struggle with insecurity linked to terrorist groups like Boko Haram, which has carried out attacks across Borno, Yobe, and Adamawa states for more than a decade. Security analysts say that disrupting arms supply chains is critical to reducing the operational capacity of such groups and safeguarding communities in affected regions.

A government representative at the court proceedings stated that authorities remain committed to pursuing all those involved in terrorism financing and logistics. “These charges demonstrate our resolve to ensure that anyone who aids or abets terrorist activities faces the full weight of the law,” he said. There was no immediate response from defence counsel representing the accused men at Thursday’s hearing.

The arraignment comes as security agencies have ramped up investigations into suspected collaborators across various states. The case has been adjourned for further hearing, with officials indicating that more arrests could follow as part of broader counter-insurgency operations.

Source: https://www.premiumtimesng.com/news/top-news/887044-fg-arraigns-five-men-for-terrorism-attempted-supply-of-smuggled-arms-to-boko-haram.html

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Nigeria News (Standard)

Mexico Defeats Nine-Man South Africa 1–0 as Jiménez Scores in FIFA World Cup Clash

South Africa reduced to nine players after two red cards; Mexico secures narrow win to advance in group stage

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June 11, 2026

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South Africa reduced to nine players after two red cards; Mexico secures narrow win to advance in group stage

Mexico claimed a hard-fought 1–0 victory against South Africa in a dramatic FIFA World Cup match on Thursday, with striker Raúl Jiménez netting the decisive goal. The encounter, played at an international venue, saw the South African side finish with only nine players after two were sent off during the tense contest.

The match began with both teams searching for early opportunities, but momentum shifted after South Africa received their first red card midway through the first half. Despite being a man down, South Africa held firm until a second dismissal further weakened their defence. Mexico capitalised on their numerical advantage when Jiménez found the back of the net, putting his team ahead and ultimately sealing all three points.

This result has significant implications for both sides in the group standings. For Mexico, the win strengthens their bid to progress to the next round of the tournament, while South Africa now faces an uphill task to qualify after suffering defeat and losing key players to suspension. Nigerian football fans will be watching closely as these developments could shape potential opponents for the Super Eagles if they advance from their own group.

No official comments had been issued by either team’s coach as at press time. Football analysts have noted that discipline and player management will be crucial for teams hoping to go far in this year’s competition. Meanwhile, organisers are expected to review disciplinary actions following incidents of indiscipline on the pitch.

Both teams will return to action in their subsequent fixtures, with South Africa needing a win to revive their hopes and Mexico seeking another positive result to confirm qualification.

Source: https://www.premiumtimesng.com/news/top-news/887032-world-cup-nine-man-south-africa-crumble-as-jimenez-seals-mexico-victory.html

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Nigeria News (Standard)

CBN to Revise Guidelines for Financial Holding Companies in Abuja

Central Bank moves to update regulatory framework, aiming to strengthen oversight of Nigeria’s financial conglomerates

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June 11, 2026

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Central Bank moves to update regulatory framework, aiming to strengthen oversight of Nigeria’s financial conglomerates

The Central Bank of Nigeria (CBN) has announced plans to review the rules governing financial holding companies, signalling a fresh move to strengthen oversight of the country’s financial sector. The development was made public in Abuja on Thursday, 11 June 2026, as part of ongoing efforts by the apex bank to align regulations with evolving industry realities.

According to the CBN, the review will focus on updating existing guidelines that oversee how financial holding companies operate within Nigeria’s banking ecosystem. These companies typically control multiple subsidiaries across banking, insurance, asset management and other financial services. The new rules are expected to address operational risks and ensure that holding structures do not undermine the stability of individual subsidiaries or the wider financial system.

The move comes amid growing concerns over compliance gaps and risk management practices among some holding companies. In recent years, stakeholders have called for clearer boundaries and stricter supervisory mechanisms to prevent abuses such as regulatory arbitrage or concentration of risk. The CBN’s planned revision is seen as an attempt to address these issues before they escalate.

While specific details of the proposed changes have not yet been disclosed, industry experts expect tighter reporting requirements and improved corporate governance standards. The apex bank said it will engage with relevant stakeholders—including commercial banks and non-bank subsidiaries—before finalising the revised framework.

The CBN is expected to release a draft guideline for public input in the coming weeks. Observers say the updated rules could have significant implications for conglomerates operating under holding structures, as well as for investors seeking clarity on sector stability.

Source: https://www.premiumtimesng.com/business/business-news/887029-cbn-to-revise-rules-governing-financial-holding-companies.html

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