Nigeria News (Standard)
Lagos Importers Lose ₦3.5m Per 40ft Container to Off-Dock Cargo Transfers
Sea Empowerment and Research Centre warns of rising costs as shipping firms relocate containers from ports to private terminals
Sea Empowerment and Research Centre warns of rising costs as shipping firms relocate containers from ports to private terminals
Importers operating through Lagos ports are now losing up to ₦3.5 million for every 40-foot container due to the increasing transfer of cargo from official ports of discharge to off-dock facilities, according to findings released on Monday by the Sea Empowerment and Research Centre (SEREC). The centre said this practice, driven by commercial arrangements between shipping companies and private terminal operators, is placing a heavy financial burden on cargo owners and disrupting supply chains across Nigeria’s busiest port city.
Industry sources revealed that shipping lines have been moving large volumes of import-laden containers from Lagos seaports to selected off-dock terminals under opaque agreements. Stakeholders allege that these operational decisions are made without adequate transparency or input from affected importers, leading to unexpected charges and delays in clearing goods.
The practice has raised serious concerns among importers, freight forwarders, manufacturers, and other stakeholders who depend on efficient cargo movement for their businesses. According to SEREC’s Head of Research, Eugene Nweke, engagements with these groups show widespread worry about additional expenses tied to terminal transfers, repositioning fees, handling charges, administrative costs, and prolonged truck journeys—all of which add up to an average extra cost of ₦3.5 million per 40-foot container.
SEREC warned that these increased costs could have far-reaching implications for competition within the maritime sector as well as the broader Nigerian economy. The centre highlighted risks including reduced supply chain efficiency, threats to contractual integrity between shippers and cargo owners, and overall negative impacts on economic sustainability. “Stakeholders expect greater transparency from shipping lines and terminal operators so importers are not left shouldering hidden costs,” Nweke noted in a written statement.
With concerns mounting over rising inflation and naira depreciation already squeezing margins in the import sector, experts say urgent intervention is needed. SEREC called for an expanded review of off-dock cargo relocation practices by regulatory agencies and industry leaders to ensure fair competition and protect the interests of Nigerian importers going forward.
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.
Yobe Police Arrest Two for Alleged Killing of Newborn, Recover Evidence in Damaturu
CBN Governor Cardoso Flags ₦5.19trn Cash Hoarding Despite Push for Digital Payments
US Sanctions Lagos BDC Operator and Firms Over Alleged Terrorism Financing
Witness Testifies on Bank Account in Malami’s Alleged ₦8.7bn Fraud Case in Abuja Court
NIA Chair-Elect Ebelechukwu Nwachukwu Backs Insurance Reform Act for Sector Growth in Lagos
Delta State Sponsors 15 U.S.-Based Athletes for Commonwealth Games Trials in Lagos
Lagos Sports Trust Fund Launches Rehabilitation of Rowe Park Indoor Hall and Squash Courts in Yaba
LAWMA, ZoomLion Begin Stabilisation of Olusosun Refuse Facility to Boost Lagos Waste Evacuation
Favour Ashe Sets National Record, Wins 100m Title at Lagos Commonwealth Trials
AU Peace and Security Council Approves Maritime Task Force to Tackle Piracy in Gulf of Guinea
Environment Minister Urges Increased Investment in Nigeria’s Green Economy Ahead of Global Climate Summit
Gọvanmenti Nigeria Kwupụtara 53 Orù Anyanwụ Maka Ike Ọhụrụ N’iru Afọ 2050
Moniepoint Graduates Second DreamDevs Cohort in Lagos to Strengthen Nigeria’s Engineering Workforce
Lagos FMCG Giants Record ₦18.9bn Rise in Production Costs, Earnings Hit by Inflation in Q1
FG Launches $500m Abuja Formula 1 Bid, Targets Africa’s First Grand Prix Since 1993
Lagos Residents Spend Over ₦50bn on US Visa Applications Amid Tighter Entry Rules
Fresh Romance Rumours Trail Lando Norris as Alix Earle Sparks Drama in Monaco
Lagos Court Declares National Assembly’s ₦110bn Vehicle and Allowance Spending Unlawful
Lagos Police Arrest Doctor, Birth Attendant Over Alleged Sale of Newborn for ₦2.5m
