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NIMASA Seeks More Judicial Collaboration as Nigeria Exits IMO Piracy List

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From Anthony Nwachukwu, Lagos

Satisfied with Nigeria’s efforts at curtailing piracy and maritime criminalities, and its progress in the quest for security in the Gulf of Guinea, the International Maritime Bureau (IMB) has removed the country from its list of piracy hotspots, the Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr.

Bashir Jamoh, has said.
   

Jamoh, who disclosed that this happened earlier this month, commended the judiciary for their role in achieving the feat and called for more collaboration from them and other stakeholders to enable the country improve its recent successes in maritime security infrastructure, as well as the legal background against piracy and other maritime crimes.

   

In his welcome address to eminent jurists and distinguished experts at the 2nd Nigerian Admiralty Law Colloquium in Lagos, Jamoh stated that for the agency to keep sailing, both with and against the winds till it gets to its desired destination of maritime security, safety and shipping development, “the cooperation and support of the judiciary is crucial.   Speaking on the theme of the colloquium, “Maritime Safety, Security and Shipping Development: Reflections and the Way Forward,” he said “it is imperative that all hands are on deck to ensure the success of Tripod “S” as its benefits to the nation cannot be overstated.”   

He added that to maximise the nation’s maritime resources to facilitate development, the bills on NIMASA Act and other laws that also govern the “Tripod S” such as Merchant Shipping Act and Cabotage Act have been amended and were presently before the National Assembly in line with current realities and international best practices. “The theme of this year’s colloquium requires collaboration, cooperation, coordination and communication. It calls for general participation, for in togetherness we can gain efficiency, rationalise, join forces and create economies of scale that will make Nigeria more visible, credible and resourceful.   

“Hence, we can safeguard our interests and value cooperatively with our international partners to make Nigerian maritime space attractive to foreign investors. This forum presents another opportunity for reviewing the steps so far taken with a view to achieving a more comprehensive policy for adjudicating admiralty conflicts.”   

He commended the judiciary for the recorded convictions of criminals and their sentencing since 2021, which he said has sent a clear message to all would-be practitioners of piracy and sea criminality that Nigerian waters will never again be a safe haven for them, for “they now know that if they do the crime they will serve the time.”   

These victories in the courts have rippled across the waters to help reduce piracy to a 27-year low. Additionally, Nigeria has become the judicial benchmark for the entire Gulf of Guinea in admiralty matters as other member-countries are now using the SPOMO Act as their model.   Meanwhile, the Nigerian Institute of Advanced Legal Studies (NIALS) noted that the choice of this year’s theme “was necessitated by the obvious fact that in February 2020 we x-rayed the first stand-alone anti-sea piracy and maritime crimes law in the entire Gulf of Guinea (Nigeria’s 2019 Suppression of Piracy and Other Maritime Offenses Act – SPOMO Act).”   

NIALS Director-General, Prof. Muhammed Ladan, stated: “We identified the loopholes in the infant law and concluded that despite its teething problems, it remained a vital tool for accelerating and achieving safe and secure shipping in Nigeria.“In April 2021, the maiden colloquium explored the critical role of the judiciary and law enforcement agencies in achieving NIMASA’s Tripod-S initiative (Maritime Safety, Security and Shipping Development) within its Deep Blue project in Nigeria and the Gulf of Guinea, and concluded that, unless member-states step up prosecution efforts and bring suspected pirates to justice, the region will remain the world’s piracy hotspot.”   

Citing the IMB’s report on continuous reduction in reported cases, Ladan stated that compared to 2020, 2021 was much better for both Nigeria and the Gulf of Guinea as well as the global maritime community in dealing with piracy and other maritime crimes, with the numbers dropping to seven attacks and 20 kidnapping in Q4 of 2021- the lowest. 

He noted: “The region recorded 34 incidents of maritime piracy and armed robbery at sea in 2021, a sharp drop from 81 in 2020, and while kidnappings at sea dropped by 55 per cent in 2021, the region continues to account for all kidnapping incidents globally, with 57 crew taken in seven separate incidents. “The decline of piracy incidents in the Gulf of Guinea also led to the overall global reduction in reported incidents in 2021, with 132 incidents of piracy and armed robbery against ships across the globe, the lowest recorded level since 1994. “However, the Gulf of Guinea which remains the world’s privacy hotspot, is home to Nigeria, whose economy generates over 70 per cent of the seaborne trade in West Africa and Gulf of Guinea because about 90 per cent of global trade is carried out by the international shipping industry for import/export of goods.”   

Going forward, “through this strategic colloquium, we wish to enhance the capacity of, and remind our justice sector actors that we will all prosper when the seas around us are safe, secure and free for all to use and exploit natural resources, promote trade and investment, tourism, marine science and technology, maritime transport and infrastructure development to sustain fisheries and protection of the marine environment. “Through this colloquium we hope to build greater understanding of the common challenges of maritime safety and security and how SPOMO Act 2019 seeks to promote synergy among the justice sector.”

Economy

Infrastructure Devt.: ICRC to Issue Approval Certificates Within 7 Days – DG

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By Tony Obiechina, Abuja

The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.

President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days.
This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.

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Economy

VAT revenue increases by 9% to N1.56 trillion in Q2 2024

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By Tony Obiechina, Abuja 

The federal government in the second quarter of 2024 generated a total of N1.56 trillion from Value Added Tax. This is a 9.11 percent increase from the N1.43 trillion in Q1 2024.

According to the National Bureau of Statistics report, local payments recorded were N792.

58 billion, foreign VAT payments were N395.
74 billion, while import VAT contributed N372.
95 billion in Q2 2024.

“On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture, forestry and fishing with 70.26%, and water supply, sewerage, waste management and remediation activities with 59.

75%,” NBS reported.

“On the other hand, activities of households as employers, undifferentiated goods and services producing activities of households for own use had the lowest growth rate with 46.84%, followed by Real estate activities with 42.59%.

“In terms of sectoral contributions, the top three largest shares in Q2 2024 were

manufacturing with 11.78%; information and communication with 9.02%; and Mining and quarrying with 8.79%.

“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organisations and bodies with 0.01%; and Water supply, sewerage, waste management and remediation activities with and real estate services 0.04% each. 

“However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.”

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BUSINESS

Richway MfB Wins DBN’s Highest Impact on Start-ups Award

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By Tony Obiechina, Abuja

Development Bank of Nigeria (DBN) has conferred its 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups on Richway Microfinance Bank in recognition of its unwavering commitment to fostering entrepreneurship in the country.The award also attests to the micro lender’s dedication to empowering small businesses and driving economic growth through innovative financial solutions.

Since its inception, Richway Microfinance Bank has been at the forefront of providing accessible financial services to underserved communities.
The bank’s focus on start-ups, particularly in the challenging economic landscape of Nigeria, has set it apart as a leader in the microfinance sector.
By offering tailored loan products, savings and investments products with high returns, and business advisory services, Richway has enabled countless entrepreneurs and business owners to turn their ideas into thriving businesses.In 2023, the bank’s impact on start-ups was particularly profound. Through strategic partnerships and an in-depth understanding of the unique challenges faced by new businesses, Richway Microfinance Bank extended its reach, offering critical support to over 500 start-ups.These initiatives not only provided much-needed capital but also helped entrepreneurs and business owners build sustainable business models, manage risks, and scale their operations.Speaking on the award, the Managing Director of Richway MfB, Adenrele Oni, said the “DBN’s award represented a significant milestone for Richway in its sustained efforts to boost Nigeria’s economy and reflected the bank’s role in driving innovation and entrepreneurship, which are key drivers of Nigeria’s economic diversification efforts.”According to him, the award also underscores the importance of microfinance institutions in bridging the financial inclusion gap, particularly for small businesses that often struggle to access traditional banking services.While thanking the DBN’s management on the recognition of the micro lender’s support for MSMEs in 2023, Oni reiterated the bank’s commitment to continuing its mission of empowering entrepreneurs and contributing to Nigeria’s economic development.He assured: “As Richway Microfinance Bank celebrates this achievement; it remains focused on the future, with plans to expand its offerings and reach even more start-ups in the coming years.”

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