Economy
NIMASA urges NLNG to use Nigerian Flag for Vessels
The Nigerian Maritime Administration and Safety Agency (NIMASA) has urged the Nigeria Liquefied Natural Gas (NLNG) to consider the Nigerian Flag as first option for its vessels.
The Director-General of NIMASA, Dr Bashir Jamoh, made the appeal in a statement on Wednesday in Lagos.
Jamoh said this during a courtesy visit by the management of the NLNG led by the Managing Director, Dr Philip Mshelbila, to NIMASA.
He added that both organisations agreed to set up a working committee meeting regularly to ensure improved relationship.
According to him, a better working relationship between NIMASA and the NLNG will greatly enhance operations in the maritime sector of the country.
He assured the NLNG management that NIMASA would extend the already existing working relationship the Agency had with the NLNG Ship Management Ltd. (NSML) to the parent body.
“This is a new beginning; our focus should be what is best for Nigeria and not just for the NLNG or NIMASA,” he said.
While commending the NLNG for providing platforms for Sea time to train Nigerian seafarers, Jamoh noted that the Agency was committed to attaining best global practice to ensure global recognition of certificates issued by Nigeria.
“We are working to ensure that the Certificates of Competency issued by the Nigerian Maritime Administration are of international standard, and this will make it easy for the NLNG and other international organisations to accept them,” Jamoh said.
He said that the Agency needed the NLNG to boost the nations tonnage.
“NIMASA needs the NLNG, we desire to have vessels of the NLNG fly the Nigerian flag, just imagine that vessels of the NLNG are on the Nigerian Registry, our tonnage will increase exponentially, the Nigerian flag will earn much more respect globally and we will get better recognition,” he said.
Responding, Mshelbila said that the management of the NLNG was committed to the deliberate indigenisation of the human component of its operation.
He added that they were ready to partner NIMASA to enhance safety and security of lives and assets in the Nigerian maritime domain.
He noted that they were on the same page with NIMASA in terms of capacity development and the quest to ensure Nigeria attains internationally acceptable standards in the maritime sector.
“We at NLNG have realised that for us to fulfill one of our key vision elements, which is helping to build a better Nigeria, it is important for us to work with all our stakeholders including NIMASA.
“We are aware that NIMASA and our subsidiary, NMSL are working hand in hand for the progress of this country and we desire that same spirit of partnership and collaboration should be extended to the NLNG.
“I believe that for the NLNG to fulfill its mission as a business it needs to partner with NIMASA,” he said.
Mshelbila said that they had various training programmes, and working closely with NIMASA, being explored by the NMSL to provide sea time training for seafarers had enabled the seafarer to fulfill their qualifications and get certifications.
He expressed appreciation to NIMASA for the active management of the activities in the Gulf of Guinea through the Deep Blue Project which was instrumental in attaining the success. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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