General News
Full Potentials of FTZs Unharnessed Inspite Lofty Largesse-Agents
Freight Forwarders alleged that from the vintage point and reports available, the full potentials of the Free Trade Zones (FTZs) in Nigeria have not been fully harnessed, especially in the areas of qualitative and efficient infrastructures, in spite various inceptives given by the government.
Speaking under the auspices of National Association of Government Approved Freight Forwarders (NAGAFF), the agents are of the view that the FTZ policies and principles need to contain provisions that would compel investors to see as an obligation to develop the centres for the interest of all parties involved.
Dr. Boniface Aniebonam, founder of the Association in a statement made available to Nigeria CommunicationsWeek identified, at the same time, that there must be incentives like electricity, good roads, access to raw materials and labour etc that would encourage and attract foreign direct investment to the Zones.
“Above all, Government at all levels should strive to guarantee peace and stability which are the two major attractions for FDI,” he said.
Aniebonam also frowned at unprofessional conducts of some Agents at the Zones admonishing them that Free Trade Zones should be regarded as a country within a country.
He said: “It is important that practitioners should know that Free Trade Zones are regarded as a country within a country. The essence of Free Trade Zone is to bridge the distance between the foreign manufacturers and the consuming nations. It is also expected to generate employment for the local nationals and equally transfer technology.
“Operations at free trade zones are expected to save cost in freight charges in a country like Nigeria whose import is based on cost, insurance and freight. Free Trade Zones are expected to accommodate semi-finished products, raw materials and machineries only.
“It is most unfortunate that information reaching NAGAFF Headquarters indicate that some freight forwarders may be acting in ignorance by involving themselves in clearing goods like rice, wine, furniture and car battery into the free zones without payment of Customs duty. This is very wrong and should have to stop immediately.
“We want to emphasise that one of the major problems in our seaports and border station operations has to do with the non-compliant attitude of the importers and freight forwarders. It has not been easy with the Nigeria Customs Service to contend with this unprofessional act. Free trade zone operation in Nigeria is becoming a factor in our foreign trade and it is our belief that we should not allow what is happening at the ports and border locations to rear their ugly head in that virgin area.
“We want to state clearly that any attempt to take into Free Trade Zones finished products in contravention of Customs laws is an act of smuggling and the law is very clear in that regard. It is equally important to note that goods manufactured in the Free Trade Zones are expected to pay
Customs duty before they could be allowed by Customs to enter Nigeria. It is either way for all finished products in the Free Trade Zone operation”.
The NAGAFF founder also enjoined all practitioners to ensure due compliance and they should not allow anybody to use them to flout the laws governing Free Trade Zone operations.
“We will not fail to mention that we have noted some sort of blackmail against the Nigeria Customs Service in ensuring best practices in the Free Trade Zones in some parts of the country and we are monitoring the situation.
“It is on record that Nigeria Customs Service may have impounded about 52,000 bags of rice, 80 x 40’ containers of wine, 90 x 40’ containers of furniture and 7 x 20’ containers of motor battery entering into the Free Trade Zones without payment of Customs duty. It is our belief that the management of Free Trade Zones should ensure the rules of engagement to avoid putting our members in problem.
“It shall therefore be an act of sabotage to do otherwise to the contrary. At the moment only Calabar Free Trade Zone and Onne Oil and Gas Free Trade Zone are operating at 80% capacity. Others like Kano, Banki and Lekki Export Processing Zone etc are under construction,” he added.
It is on record that the Federal Government had enabled incentives to Free Trade Zone operators which shall include but not limited to; exemption from payment of all federal, state and local taxes, levies; rates, and Customs duties on semi finished goods, raw materials and
machinery; repatriation of foreign capital investment in EPZs at any time with capital appreciation on the investment; no import or export licence; rent free land during construction of factory space and services such as warehousing, standard pre-built factories, transportation, sanitation, canteen, etc, are available within the zones.
There are also unrestricted remittance of profits and dividend earned by investor in the zone; 100% foreign ownership of enterprises in the EPZ allowable and sale of up to 25% of production permitted in the domestic market, however, the Zones have not yielded expected results.
MTN Nigeria Communications Plc held its 2025 Annual General Meeting (AGM) in Lagos today, where shareholders reviewed the company’s full-year financial performance and endorsed its strategic priorities for the future.
The AGM came on the heels of a strong first quarter in 2025, during which MTN Nigeria invested a record ₦202.4 billion in capital expenditures and posted ₦133.7 billion in profit after tax, marking a major turnaround from a ₦392.7 billion loss in Q1 2024.
This 159% year-on-year surge in Q1 CAPEX—the company’s highest-ever quarterly investment—has gone into expanding network capacity, boosting data speeds, and enhancing service quality nationwide, in response to rising demand for digital services.
The Chairman of the Board, Dr. Ernest Ndukwe (OFR), addressed shareholders, saying: “On behalf of the MTN Nigeria family, I am proud to affirm that our business remains deeply rooted in strength and resilience.
“Our foundation remains solid, and our role within the broader economic landscape is unwavering, even amidst the challenges we encountered over the past year.
“As we reflect on this journey, I am inspired by the resilience of the Board, management, and staff of our Company, backed by the unwavering confidence of our shareholders, the valued support of our customers, and the immense potential of our nation, Nigeria.”
Dr. Karl Toriola, chief executive officer stated: “The year 2024 undoubtedly tested our resilience as we navigated a challenging operating environment marked by severe macroeconomic conditions.
“At MTN Nigeria, we viewed these challenges as catalysts for innovation and decisive action.
“We focused on what mattered most, strengthening the resilience of our network, prioritising customer experience, and accelerating the growth of our commercial operations through our customer value management initiatives.”
However, the company reported a ₦400.4 billion net loss for the year, largely due to ₦740.4 billion in foreign exchange losses from the devaluation of the naira, alongside elevated operating costs, and higher interest expenses. Due to negative retained earnings, the Board was unable to recommend a final dividend for FY 2024, consistent with regulatory requirements.
Looking ahead, MTN Nigeria remains optimistic, citing tariff increases, currency stabilisation, and easing inflation as key factors that will support the company’s return to positive equity in 2025.
Chief Financial Officer, MTN Nigeria, Modupe Kadri, commenting on this optimism said, “Our Q1 2025 results reflect strong operational execution and financial discipline, with service revenue up 40.5% and EBITDA growing by 65.9%.
“We delivered N133.7 billion in profit after tax, marking a significant turnaround from the prior year, while maintaining a healthy cash position and robust balance sheet metrics.”
During the AGM, all resolutions were passed by shareholders, including the adoption of the 2024 financial statements, the re-election of directors, and approval of remuneration policies.
The Q1 2025 report shows the company has returned to profitability and remains committed to strengthening network investments, accelerating digital inclusion, and delivering sustained value to its customers and shareholders.
Nigeria has taken a bold step toward deepening its innovation ecosystem with the official launch of the Start-up Consultative Forum, an initiative designed to accelerate the implementation of the Nigeria Start-up Act (NSA) and strengthen the country’s tech startup ecosystem.
While addressing the forum, NITDA’s Director General, Kashifu Inuwa CCIE, who was represented by Barrister Emmanuel Edet, the Ag. Director, Regulation and Compliance described the platform as more than just a stakeholder meeting.
“It is a commitment to building a stronger tech ecosystem through collaboration, inclusion, and data-driven governance, marking a new phase in the implementation of the Nigeria Startup Act,” he said.
He noted that the Nigeria Startup Act is more than legislation—it is a framework for national development. “Startups are not fringe players. They are central to Nigeria’s economic future,” he asserted.
Inuwa further mentioned that over the past eight months, NITDA has driven key activities under the Act. These include stakeholder workshops across 10 states, roadshows at tech events like Lagos Tech Week, the Omniverse Summit, Moonlight Conference and the Akwa Ibom Tech Week, and awareness campaigns through digital and direct engagement.
The forum, according to Inuwa, will serve as a feedback engine, spotlighting regulatory gaps, guiding policy improvements, and shaping a startup-friendly environment.
Under the Renewed Hope Agenda and the guidance of the Federal Ministry of Communications, Innovation and Digital Economy, NITDA continues to support startups through initiatives like the Startup Portal, tech infrastructure deployment, and digital skill training across the country.
The DG emphasised that for startups to thrive, policies must be inclusive and responsive. “Inclusion is not charity. It is a strategy,” he said, calling for equal representation across gender, region, and sector.
While inaugurating the members if the Conservative Forum on behalf of the Director-General, the Director of IT Infrastructure Solutions, Oladejo Olawunmi, ignited the forum with a call to action, envisioning it as a vital nexus for collaborative breakthroughs.
He inspired the members, saying, “We remain deeply committed to nurturing a space where innovation can flourish, and I call upon each of us to embrace the task ahead by shaping ideas into concrete policy and outcomes that leave a lasting impact.”
Earlier, Victoria Fabunmi, National Coordinator of the Office for Nigerian Digital Innovation (ONDI), in her opening address called the Forum, a “structured dialogue between those building the future and those enabling it.”
She outlined five key pillars for success: access to funding, capacity building, supportive policy, inclusive innovation, and global competitiveness.
She urged startups to speak boldly, private sector players to offer more than capital, development partners to scale what works, and government to harmonize efforts. “This Forum must be a problem-solving platform, not another talk shop,” she concluded.
With the Startup Consultative Forum now launched, NITDA aims to turn policy into action, ensuring startups are no longer on the sidelines, but at the center of Nigeria’s innovation journey.
The virtual event was attended by private sector players, development agencies, verified Ecosystem Support Organisations (ESOs), angel investors, venture capital firms, and labelled startups from across the country.
The Nigerian Financial Intelligence Unit (NFIU) issued a detailed advisory on yesterday, warning Nigerians about the growing threat of Ponzi schemes and unregulated crowdfunding scams, particularly in digital assets, agriculture, and real estate.
These sophisticated scams, often disguised under appealing brand names, promise unrealistically high returns, exploiting vulnerable citizens facing economic hardship between 2022 and 2025.
Digital asset scams, like Crypto Bridge Exchange (CBEX) and Chinmark Group, leverage cryptocurrencies’ anonymity and limited regulation. CBEX, promising 100% returns in 30 days, collapsed with over ₦1.3 trillion in losses, using blockchain to obscure funds.
Chinmark, posing as a conglomerate, defrauded investors of over ₦10 billion via social media and religious endorsements. “We are committed to saving Nigerians from the troubles associated with Ponzi schemes,” the NFIU stated, pledging to pursue major actors.
Agricultural Ponzi schemes, such as Farmforte Ltd and Green Eagles Agribusiness, promise unsustainable farming returns, with one Lagos operator collapsing after processing ₦400 million with 16% monthly return pledges. Red flags include guaranteed high returns, unlicensed operations, and reliance on referrals.
The Investment and Securities Act (ISA) 2025 imposes fines of ₦20 million and up to 10 years’ imprisonment for promoting Ponzi schemes, empowering the Securities and Exchange Commission (SEC) to regulate digital assets. The NFIU urged licensing for Virtual Asset Service Providers, advanced fraud detection, and stronger KYC/AML compliance by financial institutions.
It advised the public to verify platforms with the SEC, question return mechanisms, and report suspicious schemes promptly.
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