Latest news with #Lagos-based
TimesLIVE
3 days ago
- Business
- TimesLIVE
Nigeria to introduce real-time tracking for oil export shipments
Nigeria's oil regulator is set to bring in a new rule that requires oil producers to obtain an export permit, vessel clearance and a unique identification number to enable real-time tracking of cargoes, based on regulations seen by Reuters. The government said the updated regulations are designed to enable real-time monitoring of oil cargo exports, aiming to combat theft and under-declaration at export terminals, and thereby significantly enhance government revenue. The new rules mark a significant departure from the previous system which only required producers to declare cargoes to customs authorities for export permit issuance. "The new guidelines represent a significant step toward a more transparent, accountable and efficient oil export regime in Nigeria," the spokesperson for the regulator said. Reinforcing the necessity of these changes, Ayodele Oni, an energy lawyer at Lagos-based Bloomfield law firm, said the previous system was not equipped for real-time tracking.
Yahoo
12-06-2025
- Politics
- Yahoo
In Nigeria, the juntas are history, but street names live forever
As President Bola Tinubu praised his country's quarter century of democratic rule Thursday, many of the streets around the Nigerian capital carried a different, perhaps less-inspiring message. To name a few: Sani Abacha Way takes commuters into downtown Abuja. Ibrahim Babangida Way meanwhile cuts through upscale Maitama. Murtala Muhammed Expressway passes next to the presidency and the National Assembly, where Tinubu delivered his Democracy Day speech. All three are named after the heads of military juntas. As other countries in west Africa have gone on a renaming spree -- mostly throwing out roads named for colonial figures -- Nigeria's strongmen have survived this final, symbolic purge. All eight of Nigeria's military leaders have at least one street named after them in the capital -- a fact that's often met with a shrug, even as Thursday's holiday celebrates the transition to civilian rule in 1999 after decades of coups and military rule. "Some leaders, because of their stature, a road can be named after them," said Ibrahim Hassan, 45, an employee at a corner store. "It's not about whether you've done the best for Nigeria." A woman ringing up her groceries, who gave her name only as Adekemi, chimed in with an indifferent laugh: "Right now I'm focusing on how to afford this." - 'House the military built' - Abuja -- a planned city that became Nigeria's capital in 1991 under Babangida -- "is the house that the military built, so naturally they paid homage to themselves" said Ikemesit Effiong, a partner at SBM Intelligence, a Lagos-based consultancy. While data from pollster Afrobarometer has shown consistent public support for democracy in Nigeria, "the military is still a formidable, well-regarded institution, seen by many as comparatively disciplined and well run" after 26 years of often chaotic civilian rule. Former military chiefs have also entered civilian politics, rehabilitating their image -- including Olusegun Obasanjo and Muhammadu Buhari, both elected president in the democratic era. In the United States and Europe, activists in recent years clamoured to have streets renamed to address colonial or racist legacies -- though those moves weren't always without pushback. In west Africa, including in Senegal and Ivory Coast, governments have ditched boulevards named after French leaders and renamed them after their own countrymen. "We have not fully grasped what democracy is about," lamented Edwin Ajibola, 42, who as an Uber driver, makes his living plying roads named after strongmen. Tinubu too, while praising in his speech "how far we had come as a nation", acknowledged that "we still have so much, and a lot, for that to go." Earlier this week, he found himself directly facing his predecessors' infrastructural legacy when the minister of the Federal Capital Territory renamed Abuja's International Conference Centre after the president. Amid the political squabbling in the aftermath, one former lawmaker suggested the move would unfairly obscure the head of state who oversaw its building: junta head Babangida. nro/tba/srg/cw
France 24
12-06-2025
- Politics
- France 24
In Nigeria, the juntas are history, but street names live forever
To name a few: Sani Abacha Way takes commuters into downtown Abuja. Ibrahim Babangida Way meanwhile cuts through upscale Maitama. Murtala Muhammed Expressway passes next to the presidency and the National Assembly, where Tinubu delivered his Democracy Day speech. All three are named after the heads of military juntas. As other countries in west Africa have gone on a renaming spree -- mostly throwing out roads named for colonial figures -- Nigeria's strongmen have survived this final, symbolic purge. All eight of Nigeria's military leaders have at least one street named after them in the capital -- a fact that's often met with a shrug, even as Thursday's holiday celebrates the transition to civilian rule in 1999 after decades of coups and military rule. "Some leaders, because of their stature, a road can be named after them," said Ibrahim Hassan, 45, an employee at a corner store. "It's not about whether you've done the best for Nigeria." A woman ringing up her groceries, who gave her name only as Adekemi, chimed in with an indifferent laugh: "Right now I'm focusing on how to afford this." 'House the military built' Abuja -- a planned city that became Nigeria's capital in 1991 under Babangida -- "is the house that the military built, so naturally they paid homage to themselves" said Ikemesit Effiong, a partner at SBM Intelligence, a Lagos-based consultancy. While data from pollster Afrobarometer has shown consistent public support for democracy in Nigeria, "the military is still a formidable, well-regarded institution, seen by many as comparatively disciplined and well run" after 26 years of often chaotic civilian rule. Former military chiefs have also entered civilian politics, rehabilitating their image -- including Olusegun Obasanjo and Muhammadu Buhari, both elected president in the democratic era. In the United States and Europe, activists in recent years clamoured to have streets renamed to address colonial or racist legacies -- though those moves weren't always without pushback. In west Africa, including in Senegal and Ivory Coast, governments have ditched boulevards named after French leaders and renamed them after their own countrymen. "We have not fully grasped what democracy is about," lamented Edwin Ajibola, 42, who as an Uber driver, makes his living plying roads named after strongmen. Tinubu too, while praising in his speech "how far we had come as a nation", acknowledged that "we still have so much, and a lot, for that to go." Earlier this week, he found himself directly facing his predecessors' infrastructural legacy when the minister of the Federal Capital Territory renamed Abuja's International Conference Centre after the president. Amid the political squabbling in the aftermath, one former lawmaker suggested the move would unfairly obscure the head of state who oversaw its building: junta head Babangida.
29-05-2025
- Business
African Development Bank elects top economist as president to face funding challenges
ABIDJAN, Ivory Coast -- The African Development Bank elected Mauritanian economist Sidi Ould Tah as its next president on Thursday to steer the region's top development finance institution through difficult times amid funding cuts from the U.S. and other key partners. Tah, 60, was elected by the bank's board of governors, which includes finance ministers and central bank governors from its 81 regional and non-regional member countries. He will take over on Sept. 1 for a five-year term, succeeding Nigeria's Akinwumi Adesina, who is stepping down after two terms. The election took three rounds of voting to decide between the five candidates in the contest. Tah won with 76.18% of the vote, ahead of Zambia's Samuel Maimbo (with 20.26%), who is a vice-president of the World Bank, and former Senegalese economy minister Amadou Hott (3.55%). The vote came during the bank's annual meetings in Abidjan, Ivory Coast, where economic headwinds — from debt distress to climate shocks — have dominated discussions. Observers see Tah's leadership as pivotal in steering the institution through a period of rising pressure on African economies and tightening global development finance. 'The AfDB's role is now more critical than ever,' said Bismark Rewane, an economist and chief executive of Lagos-based Financial Derivatives Co. He called for 'African resilience" at a time when 'no one is going to pick the chestnut out of the fire' for African countries. "Africa has to look more inwards and be innovative in its thinking to thrive,' Rewane said. Since 2015, Tah has been managing the Arab Bank for Economic Development in Africa, based in Khartoum, Sudan. He has formerly held senior government roles in Mauritania, including minister of agriculture and minister of economy and rural development, and was an economic advisor to the president. —-
Yahoo
29-05-2025
- Business
- Yahoo
African Development Bank elects top economist as president to face funding challenges
ABIDJAN, Ivory Coast (AP) — The African Development Bank elected Mauritanian economist Sidi Ould Tah as its next president on Thursday to steer the region's top development finance institution through difficult times amid funding cuts from the U.S. and other key partners. Tah, 60, was elected by the bank's board of governors, which includes finance ministers and central bank governors from its 81 regional and non-regional member countries. He will take over on Sept. 1 for a five-year term, succeeding Nigeria's Akinwumi Adesina, who is stepping down after two terms. The election took three rounds of voting to decide between the five candidates in the contest. Tah won with 76.18% of the vote, ahead of Zambia's Samuel Maimbo (with 20.26%), who is a vice-president of the World Bank, and former Senegalese economy minister Amadou Hott (3.55%). The vote came during the bank's annual meetings in Abidjan, Ivory Coast, where economic headwinds — from debt distress to climate shocks — have dominated discussions. Observers see Tah's leadership as pivotal in steering the institution through a period of rising pressure on African economies and tightening global development finance. 'The AfDB's role is now more critical than ever,' said Bismark Rewane, an economist and chief executive of Lagos-based Financial Derivatives Co. He called for 'African resilience" at a time when 'no one is going to pick the chestnut out of the fire' for African countries. "Africa has to look more inwards and be innovative in its thinking to thrive,' Rewane said. Since 2015, Tah has been managing the Arab Bank for Economic Development in Africa, based in Khartoum, Sudan. He has formerly held senior government roles in Mauritania, including minister of agriculture and minister of economy and rural development, and was an economic advisor to the president. —- Adebayo reported from Abuja, Nigeria.
