Nigeria News (Standard)
Lagos Ports Record $1.22m Demurrage as 18 Vessels Trapped at Anchorage
Maritime experts blame slow cargo evacuation for mounting costs; importers fear higher freight and supply chain disruptions
Maritime experts blame slow cargo evacuation for mounting costs; importers fear higher freight and supply chain disruptions
Prolonged delays in cargo evacuation and terminal operations at Lagos ports have left 18 vessels stranded at the outer anchorage, with demurrage charges estimated at $1.22 million as at Monday, according to maritime intelligence data released by Coastalynk Technologies Limited. The congestion has raised concerns among industry stakeholders about potential increases in freight rates, import costs and wider supply chain expenses across Nigeria’s commercial hub.
Coastalynk Technologies’ live monitoring via Automatic Identification System (AIS) revealed that the vessel with the longest wait has now spent over nine days at anchorage, with no departures recorded during the period and new arrivals adding to the backlog. This situation points to persistent bottlenecks in port logistics and has heightened fears among businesses reliant on timely cargo delivery through Apapa and Tin Can Island terminals.
Experts say the congestion is not caused by a shortage of berth space but rather by slow onshore cargo offtake that has outpaced terminal capacity. Founder and Chief Executive Officer of Coastalynk Technologies Limited, Yahaya Tijani, explained that ships are arriving faster than terminals and inland logistics systems can clear goods. He said: “The current vessel congestion is being driven by slow cargo offtake onshore and not at berth.”
Importers warn that continued delays could lead to higher demurrage bills passed on to consumers, further compounding inflationary pressures already affecting the economy. Freight forwarders are calling for urgent reforms in port management and inland transportation networks to address systemic challenges slowing down cargo movement.
Industry observers expect government agencies overseeing port operations to intensify efforts towards improving logistics efficiency and expediting cargo clearance processes. Without prompt intervention, experts caution that Nigeria risks losing competitiveness as a regional shipping hub while businesses grapple with escalating operational costs.
Nigeria News (Standard)
Yobe Police Arrest Two for Alleged Killing of Newborn, Recover Evidence in Damaturu
Command condemns spike in abandoned babies; pledges prosecution as investigation continues into Anguwar Boka incident
Command condemns spike in abandoned babies; pledges prosecution as investigation continues into Anguwar Boka incident
The Yobe State Police Command has arrested two suspects in connection with the alleged killing of a day-old baby and other offences in Damaturu, the state capital. The incident reportedly took place on 23 June 2026, prompting an immediate response from the Violent Crime Response Unit following a distress call from residents of Anguwar Boka area.
According to a statement released by Police Public Relations Officer, SP Dungus Abdulkarim, preliminary investigations revealed that a female suspect who had recently given birth was allegedly involved in strangling the newborn baby girl. The remains were subsequently concealed in a box and abandoned behind a mosque in the neighbourhood. Police operatives recovered the body and commenced further investigation.
The command expressed concern over the rising cases of abandoned newborns and reiterated that every child is entitled to protection, care, and dignity under Nigerian law. “Anyone found guilty of violating children’s rights will face the full weight of the law,” Abdulkarim stated.
Community members have expressed shock at the incident, calling on authorities to intensify public enlightenment on child protection and maternal support services. Meanwhile, police say efforts are ongoing to unravel all circumstances surrounding the case and any possible accomplices.
The Yobe State Police Command assured that both suspects are currently in custody and will be charged to court upon completion of investigations. Authorities also urged residents to promptly report suspicious activities and stressed their commitment to safeguarding vulnerable persons across the state.
Nigeria News (Standard)
CBN Governor Cardoso Flags ₦5.19trn Cash Hoarding Despite Push for Digital Payments
Currency held outside banks rises by ₦109bn in May as over 91% of naira circulation remains informal
Currency held outside banks rises by ₦109bn in May as over 91% of naira circulation remains informal
Currency hoarding outside Nigeria’s banking sector has reached a new high of ₦5.19 trillion as at May, according to latest data released by the Central Bank of Nigeria (CBN). The figures, announced by CBN Governor Olayemi Cardoso in Abuja on Monday, highlight a growing challenge for financial authorities pushing to shift economic activity onto digital platforms.
CBN’s updated Money and Credit Statistics revealed that the amount of cash held outside banks rose by ₦109.34 billion from April’s level of ₦5.08 trillion. Compared to May last year, this represents an increase of ₦559.16 billion, up from ₦4.63 trillion previously recorded. The apex bank stated that 91.27 percent of all currency in circulation was now outside the formal banking system, up from 90.03 percent a month earlier.
This trend comes at a time when government and financial institutions are intensifying efforts to promote cashless transactions through bank transfers, mobile money, agent banking and fintech platforms. However, the bulk of Nigeria’s naira supply continues to circulate within households, businesses and informal markets rather than being deposited in banks or channelled through digital payment systems.
Experts say persistent cash hoarding could undermine policy initiatives aimed at curbing inflation and improving transparency in financial transactions. The CBN has repeatedly urged Nigerians to embrace electronic payment options to reduce reliance on physical currency, citing benefits such as improved security and efficiency in commerce.
While the CBN continues its advocacy for a cashless economy, analysts note that building trust in digital payments and expanding access—especially in rural communities—remain critical to reducing high levels of cash held outside banks.
Nigeria News (Standard)
US Sanctions Lagos BDC Operator and Firms Over Alleged Terrorism Financing
Action targets financial network in Lagos; Nigerian government yet to issue official response to US Treasury measures
Action targets financial network in Lagos; Nigerian government yet to issue official response to US Treasury measures
The United States government has announced sanctions against a Bureau de Change (BDC) operator based in Lagos, along with several associated firms, citing allegations of financing terrorism. The development was made public on Wednesday, 24 June 2026, as part of a broader effort by the US Treasury to disrupt financial networks suspected of aiding terrorist activities.
According to the US authorities, the sanctioned entities are accused of facilitating transactions that support terrorist organisations. The names of the affected operator and companies were not immediately disclosed in the available information. The US Treasury stated that these measures are intended to curtail the flow of funds used for extremist operations both within and outside Nigeria.
Sanctions of this nature carry significant implications for Nigeria’s financial services sector, especially as BDC operators remain a critical part of the foreign exchange market. In recent years, international partners have repeatedly raised concerns over illicit financial flows through informal channels in the country. The latest action signals increased scrutiny on how money is moved within and beyond Nigeria’s borders.
As at press time, the Nigerian government has not issued an official statement addressing the US sanctions or outlining any local investigations into the matter. Security and finance experts have called for enhanced regulatory oversight and closer cooperation between Nigerian authorities and international counterparts to prevent abuse of financial systems.
The impact of these sanctions is expected to affect access to foreign exchange for some businesses operating in Lagos and could prompt further compliance checks on other BDC operators nationwide. Stakeholders await further clarification from both Nigerian regulators and the US government regarding next steps and any potential legal proceedings.
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