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Last-mile project equipment face auction in tax row

More than 1,700 packages of power line hardware, accessories, and meter boxes imported by a contractor on behalf of Kenya Power and Lighting Company (KPLC) risk auction due to a tax standoff with the taxman.

The packages, contained in some seven containers held at the Syokimau Inland Container Depot, are meant for use in the Last Mile Connectivity Project (LCMP), targeted at improving inclusion of households in the national grid and ultimately achieving universal access.

The Kenya Revenue Authority (KRA) said the goods, which arrived in the country in April 2026, have overstayed at its depot and will be auctioned next month to reclaim unpaid customs taxes if not cleared within the stipulated deadline.

KPLC, however, claims the goods are tax-exempt, as they’re meant for a last-mile electrification project it is executing on behalf of the government, and is funded through donors.

‘The goods listed in the KRA notice could have been imported by an Engineering, Procurement, and Construction (EPC) contractor engaged to implement a last-mile project,’ a KPLC spokesperson told Business Daily in an emailed response.

‘Under the terms of the project, the contractor bears sole responsibility for the procurement, supply, and installation of all materials necessary for the execution and completion of the works. This includes clearing of the goods from the port upon issuance of the exemption letter by the government.’

According to the spokesperson, the exemption letter, issued by the National Treasury, has already been provided to KRA for the commodities, but the taxman is yet to release the goods.

KRA did not respond to questions on why the goods continue to be withheld, nor did it confirm whether the exemption letter for the KPLC consignment has been received.

Items used for grid connection under the project, including metre boxes and transformers, are exempt from customs and value-added taxes.

KPLC, therefore, seeks exemption letters from the National Treasury for its contractors under the project, to facilitate duty-free importation of materials.

Typically, KRA holds imported goods deposited at its customs warehouses for 90 days pending payment of taxes, after which it publishes a notice alerting owners to collect them.

If the goods remain uncollected 30 days after the notice, KRA is allowed by law to dispose of the items at a public auction to recover unpaid customs taxes. The uncollected KPLC consignment could face a similar fate if the tax standoff isn’t resolved soon.

KPLC is currently executing the sixth phase of the last-mile connectivity project, which is financed by the African Development Bank.

The government has been implementing the project through Kenya Power and the Rural Electrification and Renewable Energy Corporation.

Under the programme, households close to or within 600 metres of an earmarked transformer are connected to power at subsidised rates of an average Sh15,000.

Beneficiaries initially paid Sh30,000 for the job. In the year ended June 2025, Kenya Power reported 163,092 last mile customers.

The first phase, funded by the AfDB, connected 314,200 customers in all 47 counties and was completed in 2020.

The second and third phases, funded by the World Bank and AfDB, respectively, were completed in 2022 and added a further 598,500 connections across 46 counties.

Ongoing phases launched in 2023 are targeting an extra 260,000 customers through funding from the European Union, European Investment Bank, French Development Agency and Japan International Cooperation Agency, with a combined investment of Sh24.2 billion.

A sixth phase funded by the AfDB started in 2025 and focuses on strengthening electricity network through substations and medium-voltage lines, while benefiting an estimated 150,000 customers.

Separately, the Government of Kenya, through Kenya Power and Rerec, has connected more than 163,000 customers under an ongoing programme covering all 47 counties.

Cyprus Department of Meteorology – Forecast for the Sea Area of Cyprus (C)

FOR THE PERIOD FROM 1800 30/07/2026 UNTIL 1800 31/07/2026

Atmospheric pressure at the time of issue: 1003hPa (hectopascal)

Seasonal low pressure is affecting the area. The weather will be mainly fine.

Visibility: Good

Sea surface temperature: 28°C

Warnings: NIL

AREA

PERIOD

WIND

STATE OF SEA

West Coast

Night

Northwest to Northeast 3, locally at first West to Northwest 4

Smooth to Slight, locally at first Slight

Morning

Variable 3, gradually Southeast to Southwest 3 to 4

Smooth to Slight, gradually Slight

Afternoon

South to Southwest 3 to 4, gradually Southwest to West

Smooth to Slight

South Coast

Night

Southwest to Northwest 3, later locally Variable

Smooth to Slight

Morning

Variable 3, gradually Southeast to Southwest 3 to 4

Smooth to Slight

Afternoon

Southeast to Southwest 3 to 4, later Southwest to West 4

Smooth to Slight

East Coast

Night

West to Northwest 3

Smooth to Slight

Morning

Northwest to Northeast 3, at times locally Northwest to North 4

Smooth to Slight, at times locally Slight

Afternoon

Southeast to Southwest 3 to 4, locally 4

Smooth to Slight

North Coast

Night

Southeast to Southwest 3

Smooth to Slight

Morning

Variable 3, gradually Northwest to Northeast

Smooth to Slight

Afternoon

Southwest to Northwest 3 to 4, locally 4

Smooth to Slight

Mitsubishi Motors to invest ?7B in manufacture of HEVs

Mitsubishi Motors Philippines Corp. (MMPC) said it will align its planned P7-billion investment in local hybrid electric vehicle (HEV) production with the government’s newly launched Electric Vehicle Incentive Strategy (EVIS).

The company said the issuance of Executive Order (EO) 121, which establishes the EVIS program, provides a framework to encourage investments in electric vehicle production while strengthening the country’s automotive manufacturing base.

‘In line with this national direction, MMPC will participate in the program through Mitsubishi Motors Corp.’s P7-billion investment to locally produce hybrid electric vehicles in the Philippines,’ the company said in a statement.

MMPC Chairman Noriaki Hirakata said the investment will support the government’s objective of expanding local vehicle production while improving the country’s manufacturing competitiveness.

‘Backed by Mitsubishi Motors Corp.’s P7-billion investment commitment, we are ready to support the government’s vision through the local production of hybrid electric vehicles, further enhancing the country’s manufacturing capabilities and competitiveness.’

Signed by President Ferdinand Marcos Jr., the EVIS executive order allocates up to P60 billion in fiscal support for EV manufacturing projects.

Under the program, participating companies may register up to two EV models, with fiscal support capped at P15 billion per enrolled model.

Projects must invest at least P5 billion, target production of 10,000 units per model, and bring their products to the domestic or export market within three years of registration.

Instead of cash incentives, qualified participants will receive non-transferable tax payment certificates, which may be used to settle corporate income tax, value-added tax, excise tax and import duties.

The program also provides fixed investment support covering expenditures on tooling, equipment, engineering and research and development, excluding land acquisition. HEVs qualify for government support equivalent to 30 percent of eligible capital investments, while battery electric vehicles are entitled to 40 percent.

Participants are likewise required to maintain after-sales service and spare parts support for at least 10 years, alongside a battery recycling or disposal plan.

MMPC said its planned hybrid vehicle production marks another phase of its manufacturing operations in the Philippines, where it has operated since 1963.

The company currently manufactures the Mirage G4 and L300 at its 23-hectare production facility in Sta. Rosa, Laguna, which has an annual production capacity of 50,000 units.

According to MMPC, local hybrid vehicle production is expected to support the expansion of domestic manufacturing capabilities, encourage further development of the automotive supply chain and contribute to the country’s transition toward electrified transportation.

‘Through this investment, we look forward to creating greater value for the Philippine economy, supporting the country’s sustainability objectives, generating opportunities across the automotive ecosystem, and contributing to the continued growth of local vehicle manufacturing,’ Hirakata said.

’Slim chance’ of huge BSP rate hike lifts stocks

The local stock market bounced back as investor sentiment got a boost from the Bangko Sentral ng Pilipinas (BSP)’s indication that there is only a small chance of it going aggressive on its policy tightening.

The benchmark Philippine Stock Exchange index (PSEi) capped off yesterday’s session at 6,353.04, up by 0.78 percent or 49.01 points.

The broader All Shares index also went up by 0.59 percent or 20.30 points, finishing at 3,447.34.

RCBC chief economist Michael Ricafort said the PSEi advanced after BSP Governor Eli Remolona Jr. signaled intervention and possible BSP rate hike, likely 25 basis points instead of 50 basis points.

Ricafort said the market likewise got a boost from mostly better, or at least decent, net income results of local listed companies that have reported so far.

‘The local bourse ended higher as investors welcomed the BSP’s view that the likelihood of more aggressive monetary tightening this year remains low, supporting risk appetite,’ Luis Limlingan of Regina Capital said.

Limlingan said bargain hunting in blue-chip stocks ahead of the second quarter earnings season also lifted the benchmark index.

‘Optimism over a potential second half economic recovery further underpinned market sentiment despite lingering external risks,’ Limlingan said.

All sectors were in the green, except for mining and oil, which shed 0.73 percent. Holding firms led the charge with a 2.72-percent surge, followed by property, which jumped by 1.45 percent.

Trading strengthened further, with total turnover value improving to P7.44 billion from P6.67 billion the previous day.

Advancers squashed decliners, 117 to 75, while 56 issues were unchanged.

ICTSI remained the top traded stock, closing the session lower by 0.20 percent to P980 per share. It was followed by BDO Unibank, which fell by 1.26 percent to P125.40, and Aboitiz Equity Ventures, which soared by 6.73 percent to P36.50.

Keep off poll or be dealt with, AIG warns Amotekun, vigilantes

The Assistant Inspector General of Police in charge of Zone 11 Headquarters, Osogbo, has banned the Western Nigeria Security Network, Amotekun, vigilante groups and other quasi-security outfits from participating in security operations for the August 15 governorship election.

He warned them to keep off poll or be dealt with, saying peace and respect for the rule of law are critical to the success of the election.

The AIG, in a press statement signed by the Zonal PPRO, SP Ojedele Olanrewaju Tunji, on Tuesday in Osogbo, warned that only constitutionally recognised security agencies are authorised to provide security before, during and after the election.

‘Western Nigeria Security Network (Amotekun), vigilante group, quasi-security outfit, political organisation, neighbourhood watch group, or any other unauthorised body ARE NOT eligible to perform security functions, provide crowd control, or interfere with the electoral process,’ the statement read.

He further warned that any individual or group found engaging in unauthorised security activities or attempting to intimidate voters, electoral officials, or other stakeholders «will be dealt with in accordance with the law.’

The AIG added that all security personnel deployed for election duties must be properly identified and appropriately dressed in their approved official uniforms to ensure accountability and prevent impersonation. He said the Force will deploy identified and properly uniformed personnel to polling units, collation centres and other strategic locations across the 30 LGAs of the state.

The AIG called on political parties, candidates, supporters and the general public to remain law-abiding and cooperate fully with security personnel and officials of the Independent National Electoral Commission, INEC. He urged citizens to report any act of violence, voter intimidation or breach of the peace to security agencies, warning that anyone found violating the Electoral Act or other extant laws will be arrested and prosecuted.

‘The Nigeria Police Force, Zone 11 Headquarters, remains committed to safeguarding the electoral process and providing a secure environment that will enable eligible voters to exercise their constitutional rights without fear or intimidation,’ the AIG said.

One year T-bills oversubscription drives down government borrowing costs

Investors maintained an aggressive appetite for Nigeria’s one-year Treasury bills at Wednesday’s primary market auction, allowing the federal government to borrow at a slightly lower rate even as there were no maturing Treasury bills to provide reinvestment liquidity.

Results of the Treasury Bills Primary Market Auction showed the 364-day bill closed at a stop rate of 17.35 percent, down from 17.70 percent at the previous auction, translating to a true yield of about 20.99 percent.

Despite the lower yield, the instrument attracted subscriptions of N3.38 trillion against an offer of N500 billion, while the Central Bank allotted N1.02 trillion, underscoring sustained investor demand for longer-dated sovereign securities.

‘The one-year bill continued to dominate investor interest, with subscriptions exceeding N3.3 trillion,’ said Ayodeji Ebo, an investment professional.

‘The exceptionally strong demand enabled the stop rate to decline by 31 basis points despite the absence of Treasury bill maturities, suggesting improved market liquidity and investors’ willingness to accept slightly lower returns,’ Ebo explained

Demand also strengthened across the shorter maturities. The 91-day bill attracted subscriptions of N135.74 billion against N100 billion offered, with N130.72 billion allotted. The 182-day instrument also recorded healthy demand, receiving N104.74 billion in bids against N100 billion on offer, while N99.18 billion was allotted.

Stop rates on both shorter tenors were unchanged at 16.30 percent and 16.50 percent, respectively, indicating that borrowing costs at the short end of the curve remained stable.

The latest auction suggests investors remain comfortable locking funds into longer-dated government securities even as yields begin to moderate. The one-year stop rate had climbed from 16.15 percent in May to 17.70 percent earlier this month before easing to 17.35 percent, reflecting improving funding conditions for the government without significantly reducing the attractiveness of Treasury bills.

The outcome comes despite the absence of Treasury bill maturities during the week, meaning the auction resulted in a net liquidity mop-up of N700 billion. Typically, auctions held without maturing securities require fresh liquidity from investors rather than recycled proceeds, making strong subscription levels a key indicator of market demand.

Ahead of the auction, analysts at Meristem Securities had projected that stop rates would remain broadly stable with a slight downward bias, particularly on the one-year tenor, citing falling secondary market yields and moderating inflation.

The firm pointed out that average Treasury bill yields in the secondary market had eased to 18.26 percent from 18.32 percent, reflecting sustained investor demand. It added that inflation’s moderation to 15.91 percent in June and stable rates at recent bond and Open Market Operations auctions supported expectations that primary market rates would remain largely unchanged.

‘We expect clearing rates to remain broadly stable, with a downward bias, particularly on the 364-day tenor,’ Meristem said in its pre-auction note.

The investment firm also observed that while the absence of Treasury bill maturities removed reinvestment demand from the market, it simultaneously reduced the government’s immediate refinancing pressure, limiting the need to offer higher rates to attract subscriptions.

The auction outcome reinforces that view. Investors continued to channel funds toward the one-year bill despite accepting a lower return, suggesting liquidity remains ample and confidence in sovereign securities remains firm.

Analysts say the result points to improving funding conditions for the federal government in the domestic debt market. Although the one-year bill still offers an attractive yield of about 21 percent, the lower stop rate indicates investors are increasingly willing to sacrifice part of that return in exchange for the safety and certainty of government securities.

The auction also signals that, for now, robust system liquidity is sufficient to absorb the government’s domestic borrowing program, even in weeks without reinvestment flows from maturing Treasury bills. If inflation continues to moderate and liquidity remains strong, analysts expect Treasury bill yields to remain broadly stable or ease gradually over the coming auctions.

Poland’s Tusk talks missile defense with Zelensky

Polish Prime Minister Donald Tusk said on Wednesday that he held a meeting with Ukrainian President Volodymyr Zelensky, during which they discussed ballistic missile defense, among other issues, AzerNEWS reports.

“President [Zelensky] informed me about the progress of the talks in Washington. We also discussed the issues of Polish investments in Ukraine, anti-ballistic cooperation, and support for Ukraine in its fight against the Russian aggressor,” Tusk said in a post on X, following the two leaders’ meeting in the Polish city of Lublin.

Meanwhile, the Ukrainian president previously revealed that he asked United States President Donald Trump for 300 Patriot interceptors to be delivered before next winter.

Osun guber: Adeleke accuses Police of transferring Accord Party members out of state

Osun State Governor, Senator Ademola Adeleke, has alleged that members of the Accord Party arrested by the Osun State Police Command were transferred to Abuja and Nasarawa State for detention instead of being prosecuted in Osun State.

Speaking at the National Peace Committee stakeholders’ meeting in Osogbo on Thursday, Adeleke questioned the transfer of the detainees, arguing that both the Federal and State High Courts in Osun were competent to handle any criminal prosecution.

He appealed to the National Peace Committee to prevail on the Inspector-General of Police to ensure that those in custody are returned to Osun if they are to face trial.

The governor also urged the committee to engage President Bola Tinubu on what he described as the need to halt escalating political violence ahead of the August 15 governorship election in the state.

Adeleke further appealed to the peace committee to intervene in what he described as growing politically motivated violence, warning that the situation could worsen if urgent measures were not taken.

He alleged that some leaders and members of the Accord Party were being targeted through what he described as a collaboration between the Osun State Police Command and the opposition All Progressives Congress (APC).

According to the governor, several members of his party had allegedly been killed or injured in attacks over the past three months, while many others had been arrested and transferred outside the state.

He called on the police to remain neutral in the discharge of their constitutional responsibilities, adding that other security agencies operating in the state had demonstrated greater professionalism and impartiality.

Adeleke maintained that his administration remained committed to peace and the rule of law, noting that Accord Party supporters had refrained from retaliation despite the alleged attacks.

He stressed that the people of Osun deserved a peaceful, credible and transparent governorship election in which the will of the electorate would prevail.

The governor urged all stakeholders, including security agencies and the Independent National Electoral Commission (INEC), to ensure a level playing field before, during and after the election.

The meeting was attended by members of the National Peace Committee led by former Head of State, Gen. Abdulsalami Abubakar, represented by former Chief of Army Staff, Lt.-Gen. Martin Luther Agwai (retd.). Also in attendance were Bishop Matthew Kukah, Cardinal John Onaiyekan, traditional rulers, security chiefs, political leaders and civil society organisations.

Adeleke maintained that despite the committee’s efforts to promote peaceful elections, political violence had continued in the state and called for urgent intervention to safeguard the electoral process.

Also, the Ooni of Ife, Oba Enitan Ogunwusi, has called on political actors in Osun State to shun violence and allow the people to decide the outcome of the August 15 governorship election, saying ‘Osun is bigger than all of us..

The monarch commended the Chairman of INEC, Prof. Joash Amupitan, SAN, for his consistency and commitment to electoral independence. He also applauded the Chairman of the National Peace Committee, Bishop Matthew Hassan Kukah, for his nationwide peace efforts.

‘Professor Joash Amupitan. Like I said in the palace, you are the umpire now and we know that we are all looking up to God, and we are looking up to you,’ the Ooni said. ‘You are opposing every nefarious activities, vote buying, every other thing that will not be very good and what will sustain the independence of INEC is what you stand for.’

He noted that President Bola Tinubu had recently affirmed INEC’s independence during a meeting with clergymen, adding that ‘everything INEC needs, he has provided for INEC. So the ball is in our hands because power belongs to us.’

The Ooni warned political leaders against inciting violence, saying the political tension in the state is high because the election is coming ahead of the 2027 general elections.

Zimbabwe star Sikandar Raza joins Dambulla Sixers as LPL 2026 confirms key player replacements

The Lanka Premier League (LPL) 2026 has welcomed Zimbabwe all-rounder Sikandar Raza to the Dambulla Sixers, headlining a series of player changes across the tournament as franchises strengthen their squads for the business end of the competition.

Raza joins the Dambulla Sixers as a replacement for Afghanistan fast bowler Fazalhaq Farooqi, who has been called up for national duty. One of the world’s leading white-ball all-rounders, Raza brings a wealth of international and franchise cricket experience to the Sixers as they continue their push for the LPL 2026 title.

The Colombo Kaps have also announced two changes to their squad. Ashen Bandara has been drafted in to replace Kusal Mendis, who has been ruled out of the remainder of the tournament due to injury.

In addition, Bangladesh fast bowler Hasan Mahmud has returned home for national duty, with fellow Bangladeshi Ripon Mondol joining the Colombo Kaps as his replacement.

The Kandy Royals have signed Kavija Gamage to replace Vishen Halambage, who has been ruled out of the remainder of the tournament through injury.

Earlier, the Jaffna Kings confirmed that Bangladesh pacer Taskin Ahmed would not travel to Sri Lanka after receiving a national team call-up. The franchise has named Tawhid Hridoy as his replacement, with the Bangladesh batter already having joined the squad.

IPG Group Founder and Chairman Anil Mohan said, ‘The arrival of a player of Sikandar Raza’s calibre further enhances the quality of this year’s tournament. Alongside the other squad additions, these changes demonstrate the depth of talent available to the franchises and ensure fans can continue to enjoy highly competitive cricket throughout the remainder of LPL 2026.’

As the tournament enters its decisive phase, the latest squad updates ensure all five franchises remain well-equipped to compete for the LPL 2026 title, with an exciting mix of Sri Lankan talent and international stars continuing to showcase high-quality T20 cricket.

Insecurity: Ribadu reassures of FG’s commitment as centre destroys 2,819 illicit small arms

The National Security Adviser (NSA), Mallam Nuhu Ribadu, has said the Federal Government and security agencies remain resolutely committed to its constitutional responsibility to secure lives and property in all parts of the country.

Ribadu spoke at the public destruction of illicitly acquired, decommissioned and unserviceable small arms and light weapons by the National Centre for the Control of Small Arms and Light Weapons at the General Muhammadu Buhari Cantonment, Abuja, on Thursday.

At the event, approximately 2,819 illicit decommissioned and unserviceable small arms and light weapons were destroyed, bringing the cumulative total to 19,000 destroyed since the centre’s inception.

Ribadu, who was represented by the Administrator of the Presidential Amnesty Programme (PAP), Dr Dennis Brutu Otuaro, noted that availability of illegal arms could fuel terrorism, insurgency, banditry, kidnapping and communal conflict, stressing that every weapon recovered and destroyed by the security agencies ‘represents a threat permanently neutralized’.

The NSA in a statement signed by Otuaro’s Special Assistant on Media, Igoniko Oduma, said his office had worked with President Bola Tinubu’s full support to drive a security strategy premised on intelligence-led precision, inter-agency harmony, the disruption of the financial networks that sustain criminal and terrorist groups, and a renewed, pragmatic engagement with international partners.

He said: ‘This approach has yielded results across the country, from degrading terrorist networks to strengthening our border security architecture, and it continues to evolve to meet new and emerging threats.

‘The control and destruction of illicit small arms and light weapons is an essential, and sometimes underappreciated, pillar of this strategy. It complements our kinetic operations by steadily shrinking the pool of weapons available to those who would sow terror or violence in our communities.’

Ribadu said the destruction exercise reflected institutional commitment, which deserves the recognition of every Nigerian concerned about the security of the nation.

He commended the Director-General of the Centre, Johnson Kokumo, Deputy Inspector-General of Police (retd) and his team for the discipline and consistency they have brought to their task, working closely with the Nigeria Police Force, the Armed Forces, the Department of State Services, the Nigeria Customs Service and other sister agencies whose recovery efforts contributed to the exercise.

He reiterated that security was not the responsibility of government and security agencies alone, urging the public, particularly traditional and religious leaders and ordinary citizens, to play their role to guarantee a better society.

The NSA added: ‘Let me reassure all Nigerians that our security agencies, under the coordination of this office, remain resolute and united in the constitutional duty to protect lives and property across every part of this county.

‘Exercises such as this, conducted openly and transparently, are proof of consistent follow-through, not mere ceremony. Government understands that public confidence is earned through sustained, visible action, and we remain committed to earning it, one milestone at a time.’