•Urges more predictable regulatory environment

By Yinka Kolawole 

The Lagos Chamber of  Commerce and Industry, LCCI, has warned that Nigeria risks losing its position as Africa’s leading technology hub unless the government accelerates policy reforms, expands digital infrastructure and creates a more predictable regulatory environment to attract investment.

Speaking at the opening of the 12th ICTEL Expo 2026 in Lagos, yesterday, LCCI President, Engr. Leye Kupoluyi, said although the country’s digital economy has become the fastest-growing driver of the non-oil sector, policy uncertainty and declining investor confidence are slowing its full potential.

According to him, the Information and Communication Technology, ICT, sector contributed 10.07 per cent to Nigeria’s real Gross Domestic Product, GDP, in 2025, up from 9.79 per cent in 2024, with telecommunications accounting for 7.29 percentage points of the contribution.

Kupoluyi noted that Nigeria recorded 154.7 million active internet subscribers, 188 million mobile connections and broadband penetration of 55.67 per cent as of April 2026, compared with 48.81 per cent a year earlier.

He, however, lamented that the country dropped from Africa’s top destination for startup funding to fourth place in 2025, behind Kenya, South Africa and Egypt.

“Our connectivity gains are real, but they are outpacing our ability to convert access into economic value,” he said, stressing that infrastructure alone cannot build globally competitive technology companies without access to capital and policy certainty.

The LCCI President urged the government to treat broadband infrastructure as a strategic public utility, accelerate last-mile connectivity and implement the Nigeria Startup Act to improve the investment climate.

He also called for greater regulatory coordination, warning that multiple taxes, inconsistent foreign exchange access for technology payments and overlapping regulations continue to increase the cost of doing business.

By Peter Egwuatu

AVA Capital Plc, an integrated financial services group with operations in investment banking, asset management, securities trading and trusteeship, is set to list on the Nigerian Exchange Limited (NGX) by way of Listing by Introduction on Friday.

According to a statement made available to Vanguard, the listing is a strategic transition into the public market aimed at strengthening the Group’s institutional profile rather than raising fresh capital.

Managing Director of AVA Capital Plc, Olukayode Fadahunsi, said: “Our admission to the Nigerian Exchange is a natural progression in AVA Capital’s evolution as a long-term institution. We’re stepping into the public market with a solid foundation, an established platform and a commitment to transparency.”

He added: “This is about cementing our place in Nigeria’s financial landscape and building a foundation for sustained growth. The public markets expect us to be open, disciplined and responsible, and we see these as strengths that help institutions grow stronger over time.”

Fadahunsi noted that the listing comes as Nigeria’s financial services industry places greater emphasis on corporate governance, transparency and broader participation in the capital market.

“AVA Capital already satisfies the Exchange’s free-float requirement, with about 20 per cent of its issued shares held outside the controlling shareholder structure. Our admission represents an institutional progression, aligning us more closely with the governance and disclosure standards expected of publicly listed companies while broadening access to investors,” he said.

He explained that because no new shares would be issued, the significance of the listing would be measured by the quality of market participation, investor engagement and the company’s ability to create long-term value.

“As Nigeria’s capital market continues to deepen, the listing of indigenous financial institutions such as AVA Capital reflects a broader shift towards stronger corporate governance, greater market formalisation and increased institutional participation in the economy,” he added.

By Godwin Oritse

Members of the Association of Nigerian Licensed Customs Agents (ANLCA) have threatened to stage a protest over the alleged manipulation of ship manifests by some shipping companies, warning that they will expose those responsible if urgent action is not taken.  The agents said the practice could disrupt port operations and further weaken the country’s fragile economy.

Former ANLCA Vice President, Kayode Farinto, accused the Mediterranean Shipping Company (MSC) and Hapag-Lloyd of engaging in practices that create serious challenges for importers and licensed customs agents while allegedly encouraging corruption in the cargo clearance process.

According to Farinto, the shipping companies submit electronic manifests indicating that all containers aboard a vessel will be discharged in Nigeria, whereas only a portion of the cargo is actually offloaded. The remaining containers, he alleged, are left at transshipment hubs such as Cotonou or Côte d’Ivoire for onward shipment.

He explained that when the outstanding containers eventually arrive in Nigeria on another vessel without the required amendments to the electronic manifest, the Nigeria Customs Service (NCS) treats them as overdue or abandoned cargo because the original manifest has already been processed.

“The bills of lading become blocked, making it impossible for importers or their agents to process declarations electronically. At that point, physical intervention becomes necessary, and that is where corruption begins to thrive,” he said.

Farinto urged the NCS to investigate vessels operated by the two companies, arguing that the Nigeria Customs Service Act, 2023 empowers the Service to sanction shipping firms that submit inaccurate or misleading manifests.

“If this issue is not addressed within two weeks, Nigerians will begin to see the other side of the story. I am tired of receiving complaints from our members about the level of extortion associated with this practice,” he warned.

Responding, MSC official Dimeji Gbadebo told Vanguard he was unaware of the allegations and requested details, assuring that the company would issue an official response after reviewing the matter. Efforts to obtain comments from Hapag-Lloyd were unsuccessful. A company official said he was not authorised to comment and referred enquiries to the company’s Managing Director.