Liberia Seeks Nigeria’s Support to Establish Stock Exchange, Finance Minister Visits NGX – Nigeria Updates- Breaking News, Nigerian News, Politics, Sports, Entertainment and Business – Nigeriaupdates.com
Connect with us

Business

Liberia Seeks Nigeria’s Support to Establish Stock Exchange, Finance Minister Visits NGX

Published

on

The Honourable Minister of Finance of Liberia, Hon. Augustine Ngafuan, has visited the Nigerian Exchange (NGX) to seek strategic support in establishing a stock exchange and developing Liberia’s capital market infrastructure.

Ngafuan, who was in Nigeria to speak at a colloquium, expressed deep appreciation for Nigeria’s support during Liberia’s civil war and emphasized the strong historical and diplomatic ties between both nations.

“Nigeria played a vital role in supporting Liberia during the civil war, accepting our refugees. My younger brother was one of them—he got educated here in Nigeria,” he shared.

On the main purpose of his visit, the Minister stated:

“We want to develop our capital market and financial sector. We believe Nigeria’s NGX has the capacity to assist us, and we will invite you to Monrovia to explore a collaboration to establish a Liberian Stock Exchange.”

He further underscored the importance of African integration through financial cooperation:

“In a time when major global powers are retreating, African nations must activate the vision of the OAU and actualize the AfCFTA goals.”

Receiving the delegation, Mr. Jude Chiemeka, CEO of NGX, reiterated the Exchange’s commitment to regional collaboration and financial market expansion:

“The Nigerian Exchange is the hub of capitalism in Nigeria, facilitating capital for governments, industries, and investors. We are excited about cross-border activities and integrating African markets.”

Mr. Olufemi Shobanjo, representing NGX Regulation Ltd, detailed NGX’s regulatory responsibilities and its pan-African vision:

“We regulate listed companies, issue trading licenses, and have supported other African countries in setting up capital market structures. We’re open to deeper cooperation with Liberia.”

Mr. Oluropo Dada, 13th President of the Chartered Institute of Stockbrokers, emphasized the importance of capacity building:

“Our Council Charter certifies securities professionals across asset classes—equities, risk, income—and contributes to Nigeria’s ambition of a $1 trillion economy.”

Front Row L-R:Wife of the Liberia Minister of Finance, Mrs Ngafuan, Liberia Minister of Finance, Hon. Augustine Ngafuan and the Representative of the Nigeria Exchange Group during his visit to the organisation yesterday.

From the Central Securities Clearing System (CSCS), Mr. Adeyinka Shonekan highlighted their role in post-trade services:

“CSCS, 40% owned by NGX, keeps digital records of over 14 million securities worth over ₦6.6 trillion. We also support other exchanges including commodities and FMDQ.”

Abimbola Babalola, NGX Head of Trading and Product Function, said:

“We list new instruments, provide democratized access to capital, and innovate to meet investor needs.”

Mr. Afeez Ramoni, Head of Data and Digital Innovation, added:

“We distribute NGX market data globally and are driving the digital transformation of our services.”

Mr. Tola Ajayi, Head of Technology Operations, emphasized infrastructure support:

“Our responsibility is to ensure a stable and confidential trading platform with high availability.”

During the Q&A session, Architect Ayodele Omogbehin inquired about equity financing for SMEs. Mr. Chiemeka responded:

“We have processes to help SMEs raise capital. Last year alone, Nigerian banks raised over ₦2 trillion following recapitalization requirements.”

Also present was Pastor Jeremiah Akinsele, part of the Liberian delegation, who expressed Liberia’s firm interest in creating its own capital market:

“We look forward to partnering with the Nigerian Exchange to build a stock exchange in Liberia. This will help Liberians invest in Nigeria and vice versa. We appreciate NGX’s openness to this partnership.”

Business

Nigeria Customs Seizes Cannabis, Codeine Syrups and Smuggled Goods Worth N500m at Seme Border

Published

on

The Nigeria Customs Service (NCS) says it has seized suspected cannabis, codeine-based syrups and other smuggled goods worth more than N500m during a renewed anti-smuggling operation at the Seme border corridor.

Speaking during a press briefing on Monday, the Customs Area Controller of the Seme Area Command, Comptroller Abdullahi Kaila, said the seizures were made through intelligence-led surveillance operations conducted within the past two months.

The controller, who assumed office on 18 March 2026, said the command also generated nearly N9.8bn in revenue during the period, a sharp increase compared with the same period last year.

According to Customs figures presented at the briefing, the command generated N9.79bn between March and May 2026, compared with N2.18bn during the corresponding period in 2025.

Officials said the increase represented a 448% growth rate.

Cannabis and pharmaceutical products intercepted

Among the major seizures announced were 800 parcels of suspected cannabis sativa, which Customs said were smuggled into Nigeria from Ghana through the Seme border corridor.

The controller said the drugs were intercepted following intelligence gathering and sustained surveillance operations.

Six suspects were arrested in connection with the seizures, although Customs said they were later released on administrative bail pending further investigations.

The seized cannabis is expected to be handed over to the National Drug Law Enforcement Agency for further investigation and prosecution.

Customs also announced the interception of unregistered pharmaceutical products, including codeine-based cough syrups and sexual enhancement drugs allegedly brought into the country without approval from the National Agency for Food and Drug Administration and Control.

The products seized included:

55 bottles of Ultimate Plus Maker Syrup

88 packs of 99 Bullet herbal medicine

10 cartons of Ultimate Plus Maker Sedal

14 cartons each of Super Sexy, Machine Man and Citrate 200mg

100 packs each of Tramartine and Campendol

Officials said the pharmaceutical products would also be transferred to NAFDAC for regulatory action.

Rice, spaghetti and used shoes seized

The command further disclosed that officers intercepted:

2,000 bags of foreign parboiled rice

993 cartons of foreign spaghetti

250 bags of used clothing

Vegetable oil and premium motor spirit products

Customs placed the total duty-paid value of all seized items at more than N500m.

The controller described the operations as part of the agency’s “zero-tolerance stance against smuggling”.

“These seizures underscore the command’s zero-tolerance stance against smuggling and reaffirm determination to protect the nation’s economy, support local industry, preserve public safety, and enforce compliance,” he said.

Why the seizures matter

The Seme border is one of Nigeria’s busiest trade corridors, linking the country to neighbouring West African states under the Economic Community of West African States trade framework and the African Continental Free Trade Area (AfCFTA).

Security experts say the corridor remains strategically important because it serves both legitimate trade and illegal cross-border trafficking routes.

The latest seizures also highlight growing concerns over the smuggling of narcotics and unregulated pharmaceutical products into Nigeria.

Public health experts have repeatedly warned about the dangers of unregistered medicines, particularly codeine-based products, which authorities say are frequently abused.

Customs highlights trade facilitation efforts

Despite the enforcement operations, the controller said the command remained committed to facilitating lawful trade.

He said Customs had intensified engagement with freight forwarders, transport unions, importers, exporters and other stakeholders to reduce bottlenecks and improve compliance.

“Compliance remains the safest, fastest and most cost-effective pathway for conducting international trade,” he said.

The command also said it was working closely with sister security agencies and the Western Marine Command to strengthen surveillance along land and maritime routes.

Revenue growth linked to reforms

Customs attributed the increase in revenue collection to tighter compliance mechanisms, anti-revenue leakage measures and the deployment of the B’Odogwu Unified Customs Management System.

The agency said improved collaboration with stakeholders and enhanced operational efficiency also contributed to the growth.

Analysts say stronger border enforcement and digital customs systems could improve government revenue generation, especially as Nigeria seeks to diversify its economy away from oil dependence.

What’s next?

The seized cannabis and pharmaceutical products are expected to be formally transferred to the NDLEA and NAFDAC for further investigation.

Customs officials also signalled that anti-smuggling patrols along the Seme-Badagry corridor would intensify in the coming months.

Authorities say enforcement operations will continue alongside efforts to improve legitimate regional trade under AfCFTA and ECOWAS trade agreements.

Continue Reading

Business

AfCFTA Gains Momentum as Togo Removes Visa Rules, Nigeria Urges Startups to Drive African Trade

Published

on

African leaders and policymakers are being urged to move beyond trade agreements and focus on practical implementation as momentum builds around the African Continental Free Trade Area (AfCFTA).

The latest signal came from the Government of Togo, which announced the removal of visa requirements for African passport holders and investors travelling into the country for short stays.

The move was highlighted during discussions at Biashara Africa 2026, where Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, called on African governments to tackle the barriers slowing intra-African trade.

“As discussions continue at Biashara Africa 2026, one message remains clear: Africa has negotiated, signed, and agreed. Now, Africa must trade,” the statement said.

Dr Oduwole, who currently serves as Incoming Chair of the AfCFTA Council of Ministers, praised Togolese President Faure Gnassingbé for what she described as “decisive action” supporting African economic integration.

She said the visa policy strengthens Africa’s ambition to create a unified market of more than 1.4 billion people.

Why It Matters

The AfCFTA is regarded as one of Africa’s most ambitious economic projects, aiming to increase trade between African countries by reducing barriers such as tariffs, border restrictions, and complex regulations.

Economists and business groups have repeatedly argued that slow visa systems, customs bottlenecks, and weak logistics networks continue to limit trade across the continent despite years of political agreements.

Togo’s latest decision is being viewed as a practical step toward easing movement for entrepreneurs, investors, and business travellers within Africa.

For Nigerian businesses, particularly startups and small enterprises, easier movement across borders could open new opportunities in sectors including technology, agriculture, logistics, manufacturing, and digital commerce.

Nigeria Pushes Startups to Lead Trade Expansion

At the event, Dr Oduwole also announced the launch of the AfCFTA Startup Acceleration Programme 2026, developed under the AfCFTA–Korea Africa Foundation partnership.

The programme is designed to support 30 high-potential African startups seeking to scale internationally, particularly into Asian markets such as Korea.

According to the statement, startups operating in fintech, e-commerce, logistics, agritech, manufacturing, and digital platforms are expected to benefit from mentorship, international exposure, and market expansion opportunities.

“The future of the AfCFTA will not be built by policy alone,” the statement added. “It will be driven by enterprises, innovators, manufacturers, digital platforms, and entrepreneurs who are ready to trade.”

As Co-Champion of Digital Trade under AfCFTA, Dr Oduwole encouraged eligible Nigerian startups to apply for the programme before the 24 May 2026 deadline.

Applications are to be submitted through the AfCFTA support channel at:

SME.Support@au-afcfta.org

Industry and Public Perspectives

Trade analysts say implementation will determine whether AfCFTA succeeds where previous regional trade agreements struggled.

Business leaders across Africa have long argued that policy announcements must translate into easier travel, lower shipping costs, faster customs processing, and improved digital payment systems.

For many young African entrepreneurs, the success of AfCFTA could depend on whether startups are given access to financing, infrastructure, and regional markets.

Technology founders in Nigeria have also increasingly positioned themselves for continental expansion as Africa’s digital economy grows.

What’s Next?

Attention is now turning toward how quickly other African countries will introduce similar measures to simplify travel and trade across borders.

Observers say the coming years will test whether governments can align policy promises with implementation capable of boosting real economic activity across the continent.

With Africa’s population and digital economy expanding rapidly, policymakers are under increasing pressure to ensure the AfCFTA delivers measurable benefits for businesses and citizens.

Continue Reading

Business

SIFAX Group Chairman Urges African Businesses to Build Global-Scale Corporations

Published

on

SIFAX Group Chairman Dr. Taiwo Afolabi has urged African entrepreneurs and investors to focus on building large and sustainable corporations that can compete on the global stage, warning that fragmented small businesses are limiting the continent’s economic growth.

Speaking on the sidelines of the Africa CEO Forum in Kigali, Afolabi said Africa’s long-term economic transformation would rely heavily on strong indigenous companies capable of driving industrialisation, attracting foreign investment, and creating jobs across the continent.

He said discussions at this year’s forum highlighted the urgent need for African businesses to embrace regional integration, collaboration, and long-term expansion strategies.

“Africa cannot achieve its full economic potential with thousands of weak and fragmented businesses operating in silos. What the continent needs are strong institutions and large corporations that can survive beyond their founders, scale across borders, attract global capital, and compete with the best companies around the world.”

Why It Matters

Africa remains home to millions of small and medium-sized businesses, many of which struggle with limited access to finance, unstable infrastructure, regulatory bottlenecks, and restricted cross-border trade opportunities.

Economic analysts say stronger African-owned corporations could help reduce dependence on foreign multinationals while accelerating industrial growth and regional trade.

Afolabi noted that entrepreneurship remains essential to Africa’s economy but said the continent must move beyond “subsistence and lifestyle businesses” towards enterprises with stronger governance structures and innovation capacity.

“The conversations at the Africa CEO Forum clearly showed that Africa’s future lies in integration and scale. The African Continental Free Trade Area (AfCFTA) presents a historic opportunity for businesses to expand beyond national borders and build truly pan-African enterprises.”

The African Continental Free Trade Area agreement, which officially began trading in 2021, aims to create a single African market by reducing trade barriers among member states.

Push for Regional Expansion

Afolabi said governments, banks, and private sector institutions across Africa must create policies that support business scalability through improved infrastructure, easier access to funding, favourable regulations, and stronger intra-African trade systems.

He added that SIFAX Group’s long-term strategy is tied to supporting the implementation of AfCFTA through investments in logistics, ports, transportation, and digital finance services across Africa.

Industry observers say logistics and transport infrastructure remain central to the success of regional trade integration under AfCFTA, particularly in West and East Africa where cross-border trade delays continue to affect businesses.

Industry Perspectives

Business experts attending the forum noted that African firms often struggle to scale due to fragmented markets, currency instability, and inconsistent regulations between countries.

Some economists argue that regional economic integration could help African businesses compete more effectively with global corporations from Europe, Asia, and North America.

The Africa CEO Forum has increasingly focused on strategies for strengthening African private sector competitiveness amid global economic uncertainty and rising trade realignments.

What’s Next?

Analysts say the success of AfCFTA and Africa’s industrial ambitions will depend on whether governments can implement reforms that encourage investment, improve infrastructure, and reduce barriers to regional commerce.

For companies like SIFAX Group, the focus is expected to remain on logistics expansion, trade facilitation, and building cross-border business networks that align with Africa’s broader economic integration goals.

Continue Reading

← Back

Thank you for your response. ✨

Trending

Copyright © 2025 NigeriaUpdates.