Business
Suez Canal blockade: Fears mount over calamity worsening
A huge container ship blocking the Suez Canal like a “beached whale” may take weeks to free, the salvage company has said, as officials have stopped all ships entering the channel in a new setback for global trade.
But there are fears of rising piracy among others as efforts at dreading have been slow and tortuous and the calamity may get even worse.
Every day, there is another backlog; these ships are sitting there at risk, says the International Maritime Bureau.
The Suez Canal is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea to the Red Sea through the Isthmus of Suez and dividing Africa and Asia.
The Suez Canal handles about 10 per cent of international maritime trade and is one of the world’s busiest waterways, providing a crucial link for oil, natural gas and cargo shipping between the Atlantic Ocean and the Pacific Ocean.
The 400 metre EverGreen, almost as long as the Empire State Building is high, blocking transit in both directions through one of the world’s busiest shipping channels for oil and refined fuels, grain and other trade linking Asia and Europe.
Dredgers late on Thursday were still working to remove thousands of tonnes of sand from around the ship’s bow.
The Suez Canal Authority said earlier that nine tugs were working to move the vessel, which got stuck diagonally across the single-lane southern stretch of the canal on Tuesday morning amid high winds and a dust storm.
“We can’t exclude it might take weeks, depending on the situation,” Peter Berdowski, CEO of Dutch company Boskalis, one of two rescue teams trying to free the ship, told the Dutch television programme “Nieuwsuur”.
A total of 206 large container ships, tankers carrying oil and gas, and bulk vessels hauling grain have backed up at either end of the canal, according to tracking data, creating one of the worst shipping jams seen for years.
The blockage comes on top of the disruption to world trade already caused in the past year by COVID-19, with trade volumes hit by high rates of ship cancellations, shortages of containers and slower handling speeds at ports.
The world’s number one line AP Moller Maersk said it was considering diverting vessels around Africa’s Cape of Good Hope, adding five to six days to the journey between Asia and Europe.
It said time-sensitive cargo could be sent on trains and airplanes, although no decisions had yet been made.
The SCA, which had allowed some vessels to enter the canal in the hope the blockage could be cleared, said it had temporarily suspended all traffic on Thursday.
Maersk said in a customer advisory it had seven vessels affected.
Berdowski said the ship’s bow and stern had been lifted up against either side of the canal.
“It is like an enormous beached whale. It’s an enormous weight on the sand. We might have to work with a combination of reducing the weight by removing containers, oil and water from the ship, tug boats and dredging of sand.”
Dredging work to remove 15,000-20,000 cubic metres of sand surrounding the bow continued after dark on Thursday, in coordination with the team from Boskalis subsidiary Smit Salvage, the SCA said.
The dredging work, which began on Wednesday evening and has involved two dredgers, aims to return the ship to a draft of 12-16 metres at which it could be refloated, the authority said.
Japanese shipowner Shoei Kisen apologised for the incident and said work on freeing the ship, which was heading to Europe from China, “has been extremely difficult” and it was not clear when the vessel would float again.
Another official with knowledge of the operation said that was likely to take days. “If you end up in the scenario that you have to remove cargo then you are looking at a time consuming exercise,” he said, declining to be named.
A higher tide due on Sunday may help the rescue efforts.
However, the Egyptian meteorological authority is also warning of a “disruption of marine navigation” due to an expected sea storm on Saturday and Sunday, with winds forecast to reach up to 80 kph (50 mph) and waves up to 6 metres high along the Red Sea and the Gulf of Suez.
About 30 per cent of the world’s shipping container volume transits through the 193 km (120 mile) Suez Canal daily, and about 12 per cent of total global trade of all goods.
“Every port in Western Europe is going to feel this,” Leon Willems, a spokesman for Rotterdam Port, Europe’s largest, said. “We hope for both companies and consumers that it will be resolved soon.”
Consultancy Wood Mackenzie said the biggest impact was on container shipping, but there were also a total of 16 laden crude and product oil tankers due to sail through the canal and now delayed.
The tankers were carrying 870,000 tonnes of crude and 670,000 tonnes of clean oil products such as gasoline, naphtha and diesel, it said.
Russia and Saudi Arabia are the top two exporters of oil through the canal, while India and China are the main importers, oil analytics firm Vortexa said.
“The biggest fear of any vessel is remaining static. That’s going to start raising huge concerns for these shipping companies,” Joshua Hutchinson, general manager at ARX Mouldings said.
According to the International Maritime Bureau, politically motivated attacks on both sides of the Suez are a grave concern.
“Piracy is not an issue in that part of that world; terrorism is probably the biggest threat,” said Chris Long, intelligence director for Neptune P2P, a security consultancy focused on maritime safety.
Business
MTN Nigeria Suspends Airtime Loan Service
MTN Nigeria Suspends Airtime Loan Service
MTN Nigeria Communications PLC has temporarily suspended its airtime and data credit service, Xtratime, following new regulatory requirements governing digital consumer lending services in Nigeria.
The company disclosed the development in a corporate filing to the Nigerian Exchange Limited (NGX) on Thursday, stating that the suspension was necessary to comply with the 2025 Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations issued by the Federal Competition and Consumer Protection Commission (FCCPC).
According to MTN, the Xtratime service—which allows prepaid subscribers to borrow airtime or data and repay on their next recharge—falls under the expanded scope of the new regulatory framework and now requires additional compliance and licensing processes before it can resume.
In the regulatory notice signed by Company Secretary Uto Ukpanah, MTN said:
“MTN Nigeria Communications PLC hereby notifies the Nigerian Exchange Limited and the investing public that the company has temporarily suspended its airtime and data credit advance service (‘Xtratime’).”
The telecom operator added that the suspension is tied to ongoing implementation of the FCCPC’s updated rules, which introduce stricter compliance, registration, and licensing obligations for all providers of digital or non-traditional credit services.
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MTN stressed that despite the suspension, customers can still purchase airtime and data through other available channels, including banking platforms, USSD services, and mobile apps, assuring that the decision is not expected to significantly affect earnings.
“Given the scale within the revenue mix, we do not expect the temporary suspension to have a material impact,” the company said, adding that updates would be provided in its Q1 2026 financial report.
The development highlights the widening reach of Nigeria’s consumer credit regulations, which now extend beyond banks and fintech loan apps to include telecommunications companies offering airtime advances.
The FCCPC had earlier introduced a framework for digital lending in 2022 but strengthened enforcement with the 2025 regulations, requiring all operators in the sector to register and obtain approval before continuing operations.
Under the new rules, companies offering short-term digital credit services must meet stricter standards on consumer protection, transparency, data governance, and ethical debt recovery practices. The commission has reportedly set an April 2026 deadline for full compliance by existing operators.
Industry analysts say the move reflects a broader effort by regulators to bring order to Nigeria’s fast-growing digital credit ecosystem, where airtime loans have become a key financial support tool for millions of low-income mobile users.
For now, MTN has not announced a timeline for restoring the Xtratime service, stating only that it will resume once full regulatory compliance is achieved.
MTN Nigeria Suspends Airtime Loan Service
Business
Dangote Named Only Nigerian on TIME100 2026 Global Influence Ranking
Dangote Named Only Nigerian on TIME100 2026 Global Influence Ranking
Nigerian business magnate Aliko Dangote has been named among the TIME100 Most Influential People in the World for 2026, as TIME Magazine released its latest list recognising individuals shaping global politics, business, technology, and culture.
Dangote, Africa’s richest man and founder of the Dangote Group, is the only Nigerian featured in the 2026 edition. He appears in the Titans category, recognised for his decades-long push to industrialise Africa through investments in cement, sugar, fertiliser, and the landmark Dangote Refinery—one of the largest single-train refineries in the world.
This marks Dangote’s second appearance on the TIME100 list, following his first inclusion in 2014, further cementing his status as one of Africa’s most globally recognised industrialists.
A key highlight of this year’s recognition is the tribute written by fellow Nigerian billionaire Tony Elumelu, who praised Dangote’s entrepreneurial journey and continental impact. Elumelu described him as “indefatigable, resilient, and foresighted,” and lauded him as “one of the greatest African entrepreneurs of our time.”
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He added that Dangote’s work demonstrates that Africans can create large-scale value “with our own resources, on our continent,” reinforcing the philosophy of economic self-reliance that has shaped both businessmen’s careers.
Interestingly, the gesture reflects a role reversal from previous years, as Dangote once wrote Elumelu’s TIME100 tribute when the UBA chairman appeared on the list in 2020.
The 2026 TIME100 list, now in its 23rd edition, features global figures across multiple categories, including Titans, Leaders, Innovators, Icons, Artists, and Pioneers. High-profile names this year include U.S. President Donald Trump, Chinese President Xi Jinping, and major technology leaders such as Google CEO Sundar Pichai and YouTube CEO Neal Mohan.
Other political figures featured include Israeli Prime Minister Benjamin Netanyahu and Canadian Prime Minister Mark Carney, alongside global leaders in health, finance, and multilateral institutions.
Analysts say Dangote’s inclusion carries strong symbolic significance for Africa, particularly at a time of economic restructuring and renewed calls for industrialisation and self-sufficiency across the continent. His multi-billion-dollar refinery project, in particular, is seen as a strategic asset aimed at reducing Nigeria’s reliance on imported refined petroleum products, boosting local production, and creating thousands of jobs.
The recognition also reinforces Dangote’s global reputation as a leading figure in African entrepreneurship, with his business empire spanning critical sectors of the economy and influencing industrial policy conversations across the region.
The TIME100 announcement precedes the annual TIME100 Summit scheduled for April 22 in New York, where selected honourees are expected to participate in discussions on global leadership and innovation.
The full list and tributes are available via TIME Magazine’s official platforms.
Dangote Named Only Nigerian on TIME100 2026 Global Influence Ranking
Business
Experts Reject World Bank Fuel Import Advice, Warn of Economic Setback for Nigeria
Experts Reject World Bank Fuel Import Advice, Warn of Economic Setback for Nigeria
Energy experts have strongly criticised recent recommendations attributed to the World Bank urging Nigeria to deepen fuel importation and further liberalise its downstream petroleum sector, warning that the proposal is economically risky, poorly timed, and inconsistent with Nigeria’s petroleum law.
The criticism comes amid growing debate over the findings of the World Bank’s latest Nigeria Development Update, which some stakeholders say suggests a return to higher fuel import dependence as part of broader market reforms aimed at stabilising prices and improving efficiency.
However, energy economist Prof. Ken Ife faulted the recommendation, arguing that it contradicts Nigeria’s long-term goal of energy self-sufficiency and undermines ongoing investments in domestic refining capacity.
“You cannot advise a country struggling to achieve economic self-reliance to return to fuel importation,” Ife said, warning that such a policy shift would reverse gains made under the Petroleum Industry framework.
He stressed that the proposal runs counter to the provisions of the Petroleum Industry Act, particularly the Domestic Crude Supply Obligation, which prioritises crude allocation to local refineries to support domestic production.
According to him, abandoning this structure would weaken Nigeria’s refining ambitions, increase exposure to global oil shocks, and worsen pressure on foreign exchange reserves.
“We are building capacity that could exceed domestic demand. Reversing course now would discourage investors and destabilise the downstream sector,” he added.
Ife further questioned the empirical basis of the recommendation, describing it as inconsistent with the broader analytical strength of the World Bank report.
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Other energy analysts echoed similar concerns, arguing that Nigeria is already at a critical stage of expanding domestic refining, including private-sector-led investments that are expected to reduce dependence on imported petrol in the coming years.
Energy analyst Kelvin Emmanuel also criticised the proposal, insisting that it is disconnected from current global pricing realities and supply chain risks.
He argued that landing imported petrol in Nigeria is already significantly expensive when freight, insurance, and exchange rate factors are considered, making large-scale import reliance economically unsustainable.
Emmanuel further noted that rising crude oil prices—driven partly by geopolitical tensions in the Middle East—have pushed global energy markets into volatility, reinforcing the need for domestic refining resilience rather than import dependence.
He also disputed claims that imported fuel could be cheaper than locally refined products, arguing that such assumptions ignore structural cost realities in the global supply chain.
On inflation and fuel pricing, Emmanuel maintained that Nigeria’s challenges are linked more to policy implementation gaps than production shortages, particularly in crude allocation to local refineries as outlined in the Petroleum Industry Act.
“If domestic supply obligations are properly enforced, price stability will improve and market volatility will reduce,” he said.
He also criticised proposals suggesting that Nigeria should expand social safety nets through borrowing, arguing that such measures could worsen fiscal pressure and contradict responsible debt management principles.
While acknowledging that social protection is important, he insisted that funding should prioritise grants or targeted revenue sources rather than additional debt obligations.
The debate highlights growing tension between international policy advice and Nigeria’s domestic energy strategy at a time when the country is attempting to stabilise fuel supply, reduce import dependence, and strengthen local refining capacity.
Industry observers say the outcome of this policy direction could significantly shape Nigeria’s downstream petroleum sector, foreign exchange stability, and long-term energy security.
Experts Reject World Bank Fuel Import Advice, Warn of Economic Setback for Nigeria
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