Economy
NPA to Clamp Down on Illegal Container Stripping
The Nigerian Ports Authority (NPA) has issued a stern warning against the illegal stripping of containers along the port access road.
The Managing Director of NPA, Mr Mohammed Bello-Koko, in a statement in Lagos on Sunday, noted that the authority would deal decisively with perpetrators of the unwholesome practice.
Bello-Koko made this known when he paid an unscheduled visit to Tin-Can Island Port where he inspected designated container stripping yards and the port access roads to ensure trucks are not loitering.
“Truckers caught in the act stand the risk of being delisted from the Electronic Call-up System (Eto) platform managed by the Truck Transit Park (TTP) limited,” he said.
The NPA boss also said that NPA had rolled out Standard Operating Procedure (SOP) for barge operators adding that the SOP would serve as a guideline to all operators.
Speaking further on concerns surrounding container stripping also known as ‘devanning’, Bello-Koko emphasised that stripping constituted a menace when undertaken outside designated yards.
“This provides a platform for trucks loitering around the port access roads which results in traffic disruptions and attendant chaos.
“NPA will intensify its vigilance and monitoring to nip the negative trend in the bud,” he said.
On the scarcity in some of the stripping yards, he acknowledged the impact of global economic upheavals on cargo flow and reiterated that low business downturn could not constitute a justification for illegality.
He revealed that proposals for well-equipped stripping yards, referred to as devanning yards, are receiving accelerated attention, signaling a shift from illegal roadside stripping.
He noted that on sustainability of the measures, NPA would collaborate with other government agencies and the Lagos state government to ensure that such unhealthy practices no longer took place along the port access road.
“This unannounced spot visits will become more frequent and will be followed by regular stakeholder engagements to continuously improve the seamless operations of the Eto platform.
“Stripping yards that violate the operational rules will face temporal shutdowns for first-time offenders, and the possibility of non-renewal of land leases for recalcitrant offenders.
“Stringent measures are geared towards maintaining orderliness and safety within the port environment,” he said. (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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