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NIMASA: Ghana Understudies Nigeria’s Cabotage Success

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The Ghanaian Maritime Authority, GMA, has commenced a 10- Day programme to understudy the implementation of the Coastal and Inland Shipping Act also known as the Cabotage Law in Nigeria under a collaborative arrangement with the Nigerian Maritime Administration and Safety Agency, NIMASA.

The Director General of NIMASA, Dr Bashir Jamoh, while addressing the Ghanaian delegation, expressed delight at the opportunity to share knowledge on Cabotage implementation noting that it will not only enhance regional collaboration, but also have a multiplier effect of increasing local participation in the regional maritime industry.

“As a regulatory and enforcement agency, we are committed to ensuring that our core mandates are accomplished in such a manner that will provoke economic development for Nigeria, while growing indigenous capacity in line with international best practices.

Since the advent of the Cabotage Act in Nigeria, about 68 percent of vessels trading within the country’s maritime space are now Nigerian-flagged. We have also made progress in the area of placement of Nigerian seafarers on board Cabotage vessels, as well as building vessels from the keel, particularly smaller crafts.

He also spoke about the Cabotage Vessel Financing Fund, CVFF, introduced to offer financial assistance to operators, stating that the fund is obtained through the collection of a 2% surcharge from the total contract sum performed by any vessel engaged in Cabotage trade. Jamoh expressed optimism that the amended Cabotage Act will be signed into law very soon.

”The Cabotage Act, was signed into law in 2003 after two decades of implementation and reality on ground, it is now clear that the law requires amendment and the Nigerian National Assembly have made tremendous progress towards having the revised Cabotage bill assented to by Mr. President”

On her part, the Director, Legal/ Board Secretary of Ghana Maritime Authority, GMA, Mrs. Patience Diaba expressed delight at the opportunity to learn from the Nigerian experience in its implementation of the Cabotage law.

Diaba opined that Ghana is privileged to have an opportunity to learn from the experience of Nigeria; stressing that the valuable insights would ensure Ghana avoids the pitfalls and challenges that plagued Nigeria at the initial stage.

Her words: “We appreciate the time and efforts of the NIMASA team who will be sharing their insights and expertise with us over the next few days. We look forward to a fruitful discussion and site visits, especially the visit to Port Harcourt and other activities that have been planned for us.”

“We are confident that our time will be rewarding and we will return to Ghana better informed and equipped to implement the Cabotage regime in our nation. We are excited to begin this 10-day study tour.”

In his welcome address earlier, the Executive Director, Maritime Labour and Cabotage Services, NIMASA, Engr. Victor Ochei observed that Nigeria’s Cabotage achievements did not come without pitfalls and struggles that were surmounted through consistency.

“Our achievements, processes, knowledge acquired and experience are what we will be sharing with you within this short period of time. Luckily, you will be gaining these set of skills without the inclusion of the pitfalls we had to learn from to attain our current level.”

“In the course of this under-study, we intend to chronologically take you on a historical sojourn and enlighten you on our famous “4 Pillars of Cabotage”. We shall put you through the enabling legislations and instruments that empower us to operate as well as our enforcement procedures amongst others,” Ochei said.

Rivers: Mixed Reactions As Tinubu Vows To Fight Corruption

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President-elect, Bola Ahmed Tinubu has assured Nigerians that his government will fight corruption.

Tinubu is expected to take power on May 29, 2023, and according to him, fighting corruption is a cardinal part of his policy think-thank.

The former governor of Lagos made this known in Port Harcourt, Rivers state while commissioning the new Magistrate court built by the state government.

He explained that one of the ways to fight corruption is to ensure that the judiciary workers are well-taking care off so that they can dispense justice without fear of favour.

“You don’t expect Judges to dispense justice in squalor, fight corruption in squalor,’ the president-elect said while he was guest of Governor Nyesom Wike, during a two day project commissioning visit to the state.

Meanwhile, not a few Nigerians have opined that the incoming administration will require courage to fight graft in the country.

This is because Tinubu has been accused of corrupt practices while he was the governor of Lagos state. He has denied the allegation.

Tinubu who won the presidential election on February 25, and is set to succeed the incumbent in a matter of weeks, has been accused of acquiring a vast portion of Lagos’ state assets, either in his name or his cronies.

For instance, Alpha Beta, a tax firm linked to him has been granted  exclusivity to collect billions of naira in tax on behalf of the state, with an alleged 10 percent cut.

This is considered outrageous by not a few in the state, even though other insist that it is normal for the consultancy firm to have a contract with the state.

The former administration of Goodluck Jonathan had dragged him to the Code of Conduct Tribunal over alleged corruption.

Till date, Tinubu has not been convicted for allegations bordering on corruption.

GTCO Positioned to Overcome ‘Uncertainties Ahead’- Agbaje Assures Stakeholders

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Segun Agbaje, the Group Managing Director, Guaranty Trust Holding Company Plc has warned of the challenges ahead in the global economy.

The company’s chief executive however assured its customers and other stakeholders that the bank is positioned to weather the storms of the economic headwinds ahead.

In spite of the economic headwinds, Agbaje said, the Group has performed in key metric lines due to its diversified investments and quality decisions by the management.

Agbaje’s assurance came on the back of the release of the Group’s Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2023, to the Nigerian Exchange Group, NGX, and London Stock Exchange, LSE.

According to him, “Our first quarter results reflect the strength of the GTCO franchise, the quality of our decision making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa. Despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines.

“We are also not relenting in our resolve to better outcomes for people and businesses within our financial ecosystem.

“2023 is shaping up to be another interesting year. Some of the challenges from the past few years are still lingering, and uncertainties ahead would test the resilience of most economies and businesses.

“We are confident in our positioning as a thriving financial services company underpinned by strong business fundamentals and will continue to benefit from a well-diversified earnings base,” he stated.

The Group’s report indicates profit before tax, PBT,  of ₦74.1billion, representing an increase of 36.5 percent over ₦54.3billion recorded in the corresponding period ended March 2022.

The Group’s loan book (net) dipped by 1.5 percent from ₦1.88trillion recorded as at December 2022 to ₦1.86trillion in March 2023, while deposit liabilities increased by 9.9 percent from ₦4.61trillion in December 2022 to ₦5.07trillion in March 2023.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦6.7trillion and ₦975.6billion, respectively. Full Impact Capital Adequacy Ratio, CAR, remained very strong, closing at 23.2 percent, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk, COR, closed at 5.4 percent and 0.2 percent in March 2023 from 5.2 percent and 0.6 percent in December 2022, respectively.

The statement indicates further a Pre-Tax Return on Equity, ROAE, of 31.1 percent, Pre-Tax Return on Assets, ROAA, of 4.5 percent, Full Impact Capital Adequacy Ratio, CAR, of 23.2 percent, and Cost to Income ratio of 43.1 percent.

Meanwhile, a summary of the statement, according to financial experts indicates clearly that the Group best other banks regarding its performance in key metric areas.

Appointments: I Will Not Behave Like Buhari- Tinubu

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Bola Ahmed Tinubu has disclosed that his style of governance will be different from the outgoing president Muhammadu Buhari.

He said he will ensure that each zone gets what is entitle to it, as his government will not marginalise any part of the country.

His comment, according to those watching the polity, is a veil reference to the Buhari administration which has been accused of favouring a section of the country with government appointments and provision of infrastructure.

Tinubu spoke on Wednesday in Port Harcourt, Rivers state while he was a guest of Nyesom Wike, the state governor.

The president-elect who is billed to take power on May 29 said he will try as much as possible to avoid the mistake of Buhari, who has been accused of marginalizing some parts of the country in terms of appointments into government.

After taking power in 2015, President Buhari famously said his government will focus more on the parts of the country that gave him more votes in terms of government appointments and development.

“I hope you have a copy of the election results. The constituents, for example, gave me 97% [of the vote] cannot, in all honesty, be treated on some issues with constituencies that gave me 5%,” the president said while answering questions At The US Institute Of Peace.

Not a few Nigerians condemned the President for making what they described as divisive comments.

Tinubu said he will not thread this path after becoming president later this month.

He said his government will enthrone equity, fairness, and justice, necessary to unite Nigerians to move the country forward.

I will not marginalise any region, but will leave legacy projects across the length and breadth of Nigeria,” Tinubu said during the two day visit to the state.

CBN: Knocks As Senate Restructures Over N22trn Loans To FG

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Godwin Emefiele

The Nigerian Senate has approved the federal government’s request to restructure N22. 7 trillion borrowed from the Central Bank of Nigeria, CBN.

The Buhari administration borrowed the funds from the apex bank through the Ways and Means, W&M window as provided in the CBN Act, to fund budget deficits.

The only snag, according to experts is that the administration violated the Act which specifies that advances from the CBN must not exceed five percent of the annual Budget. The Act also stipulates that such advances must be repaid within the budgetary year.

Obviously, none of these has been done and not a few insist that the National Assembly should have raised questions with the FG on why the violation happened by way of its oversight function as provided in the constitution.

“It is ridiculous and creates room for suspicion. We don’t think this is necessary, especially on the eve of this administration’s departure. This leaves us with the question of whether governance is a continuous exercise or not,” Secretary General, Trade Union Congress, TUC, Nuhu Toro, said:

But justifying the Senate approval on Wednesday, Senate Leader Ibrahim Gobir, disclosed that a huge part of the loan was given to state governments as loans.

Gobir also stated that the approval was done after the recommendation by a committee set up by the senate received submissions from the Ministry of Finance and Budge and the Central Bank of Nigeria, CBN

Giving a breakdown, the Senate Leader said the panel discovered that the Ways and Means balance was initially N19,326,745,239,660.20 as of June 30, 2022, but later grew to N22,719,704,774,306.90 as of 19th December 19, 2022, as a result of financial obligations to on-going capital projects and additional expenditures which include domestic debt service gaps and interest rate.

He said the Senate on Wednesday, 28th December 2022, approved the sum of N819, 536,937,813 from the N1 trillion additional request made by Mr. President, Commander-In-Chief of the Armed Forces leaving an outstanding balance of N180, 463,062,187 being the accrued interest on the sum;

He explained that the House of Representatives had earlier approved the additional N1 trillion Ways and Means advances requested by the president to enable the smooth implementation of the supplementary budget.

According to him, “Part of the Ways and Means monies were given to state governments as loans to augment budgetary shortfall in their various States. Most of the requests for funds for an increase in Ways and Means were made to Mr. President on the need to finance the budget due to revenue shortfall. Such requests were either made by the Hon. Minister of Finance, Budget, and National Planning or the Central Bank Governor.

“The federal government as a result of revenue shortfalls, occasioned by the COVID-19 pandemic and low oil prices, relied heavily on the Ways and Means to finance its budget deficit to keep the country working for the people,” he said, adding that the monies received by the federal government were actually used in the funding of critical projects across the country.

Gobir, said the federal government had to borrow the funds to support its spending as a result of a shortfall in government revenue, which could have led to the collapse of the economy.

“That the federal government through the Ministry of Finance, Budget, and National Planning has concluded plans to convert the CBN loans to tradeable securities such as treasury bills and bond issuance,” the Senate Leader said.

Tinubu Shuns Wike, Amaechi Absent, Governor Under Attack For Shutting Down Rivers State

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By Charles Igbo

Rivers State Governor, Nyesom Wike, has come under attack over his declaration of Public Holidays in the State because of the visit of Presidential-elect, Asiwaju Bola Tinubu, to the State.

Wike had, in a broadcast on Tuesday, 2nd May, informed the people of the State that Tinubu would visit the State on Wednesday, 3rd May to commission two projects- the 12th flyover and a Magistrate Court.

In order to give Tinubu a rousing welcome, Wike had, surprisingly, shut down the State by not only declaring a public holiday, but shut down business premises and shops until 3pm on Wednesday.

Both former Senator Shehu Sani and Dr Soni Amadi,  criticized Wike for shutting down social and economic activities in the State over Tinubu’s visit.

However, if Wike went all that stretch to please the President-elect in order to curry favours from him, he failed in his first attempt. Tinubu denied Wike of his first request and told him that he owed him nothing.

While welcoming Tinubu, Wike had told the President-elect that the flyover he was commissioning is on a Federal road, and therefore, the responsibility of the FG. He, in advance, before Tinubu’s inauguration as President, requested a refund from the incoming Tinubu Government.

Wike: “These projects ought to be Federal Government projects because they are Federal roads. Since we have said we don’t want our people to suffer, I also believe that the Federal Government should  say, look, you have done well for us. These are projects we should be doing. Can you bring your bill let us refund you the money with which you have done these roads?

“I am not asking for what we are not entitled to. The Federal Government should say you are a true son of this Government, you have removed shame from us.

But the President-elect was not moved. He told Wike: “The 12th flyover and the demand you made for refund, I owe you nothing. It is your road.

“You can’t chuckle at me and make a demand. You are the one living on this road. I commend your effort. You have to lobby me to collect it.”

Tinubu had earlier acknowledged that Wike was responsible for his Presidential victory, an acknowledgement that did not go well with members of the Labour Party who insist that their Candidate, Peter Obi, clearly won the election in Rivers State.

Conspicuously absent at Wike’s reception of Tinubu were the immediate past Minister for Transportation, a chieftain of Tinubu’s party, APC, Chibuike Amaechi, and many top APC chieftains in the State. Absent, too, were many chieftains of Wike’s Party, the PDP, who Wike has rendered politically irrelevant in the State.

Present, however, were a number of APC Governors. Seyi Makinde, PDP Oyo State Governor was also present.

It is strongly being speculated that Wike could get a Ministerial appointment in Tinubu’s Government.

Why Obaseki Sacked Political Appointees

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Godwin Obaseki

By Ayodele Oni

The Edo State Governor, Mr. Godwin Obaseki, has dissolved the State Executive Council, expressing appreciation to members of the council for their service to the government and people of the State.

The Governor said the dissolution of the council takes immediate effect.

The State’s Cabinet was dissolved during the Weekly Executive Council meeting on Wednesday.

The Governor also said that, beginning from Wednesday, all Special Assistants (SAs) and Senior Special Assistants (SSAs) have been relieved of their appointments.

No reason was given for the action as Obaseki’s tenure is expected to end in 2024.

However, political watchers believe the action of the Governor could be one of the fallouts of primary elections which produced Houses of Assembly and Representatives Members, as well as Senators.

The ruling People’s Democratic Party (PDP) in the state was divided into factions with each producing candidates and subsequent Litigations.

Wike Facilitated My Victory In Presidential Election – Tinubu Reveals

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By Ayodele Oni

The President–elect, Bola Ahmed Tinubu has said one of the factors for his victory in the February election was as a result of resilence of Governor Nyesome Wike on the emergence of a southerner as successor to President Mohammadu Buhari.

He lauded the support and principle of the Rivers state Governor during the presidential election, noting that the governor promoted unity and fairness during the election.

Wike and four other governors of the People’s Democratic Party (PDP) had dumped the Presidential candidate of their party, Atiku Abubakar, faulting his emergence which runs counter to principle of power rotation.

They insisted on the resignation of Dr Iyorcha Ayu as national chairman and replaced by a southerner.

Tinubu, who spoke during the commissioning of the Raumuokwuta/Rumuola flyover bridge in Port Harcourt, on Wednesday, noted that he wouldn’t have won if not for Wike’s support.

His words: “I went through a gruesome campaign, fought hard, supported by many of you and I won. Fair and square.

“Nyesom, I say thank you for your contribution to my victory. I couldn’t have done it without some structural support as not describable in a flyover.

“In his Excellency, I see a man of principle. He took a principled stance that the Presidency must come to the South and he had the courage to stand by his own conviction not minding whose ox was gored.

“He is indeed a man of great integrity, he didn’t choose to serve his own interest, not about him but the interest of the nation. You promoted unity, you promoted fairness, you championed justice. Thank you.”

Not a few people allege that the Presidential election was brazenly compromised in Rivers State in favour of Tinubu and that victory in the State, actually, belonged to the Candidate of the Labour Party, Peter Obi

Dwindling Revenue; Edo Beams Searchlight On Councils, Set To Invite EFCC To Probe Finances

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Philip Shaibu

By Ayodele Oni

The Edo State Government has threatened to invite anti graft agency to probe finances of local governments in the state.

The state deputy Governor, Philip Shaibu explained that any Head of Local Government Administration, (HOLGA), or council personnel involved in shady deals, resulting in the declining Internally Generated Revenue, (IGR) will be probed, arrested and dismissed from service.

The Deputy Governor, made the declaration in Benin City, during a meeting with HOLGAs and Local Government Liaison Officers. Also in attendance were leaders of the three recognized transport unions in the state.

According to Shaibu, the Economic and Financial Crimes Commission, (EFCC), may be invited by Edo State Government to look into affairs of the Councils.

“Only incompetence, abuse of office, lack of accountability and truancy, among others, can result in the 18 Local Government Councils generating a paltry sum of three million naira monthly as internally generated revenue.

“The IGR profile of Egor Local Government alone is one million naira, while the remaining 17 Local Government Councils generated N2 million monthly. This is criminal and unacceptable to government.

“It is also impossible for motorcycles and tricycles to generate more revenue than cars and buses put together.

“We will invite EFCC to investigate your activities for the period under review and whoever that is culpable of any mismanagement be sacked, arrested and be made to face prosecution in a competent court of jurisdiction.”

The Deputy Governor directed the council heads and Laison Officers to immediately constitute a credible revenue task force across the 18 councils to ensure proper collection of revenue for the purpose of accountability forthwith.

Edo PDP Takes Up Tinubu, Says State Can’t Be Traded Off To Loyal Supporter

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Bola Ahmed Tinubu

By Ayodele Oni

People of Edo state have taken up the President elect, Bola Tinubu over a statement credited to him that he would give the state to former Governor Adams Oshiomole and the All Progressives Congress, (APC).

The statement,which was credited to Tinubu was said to have been made before the February election, and is coming as the state is warming up for another governorship election next year.

Incumbent Governor of the state Godwin Obaseki, a former deputy to Oshiomole, had to decamp to the People’s Democratic Party (PDP) for him to win his election  in 2021.

The state chairman of the Peoples Democratic Party, (PDP), Dr. Tony Aziegbemi described the statement as “unpresidential and not good enough to be heard from a statesman, let alone a presidential hopeful now elect, as it were.”

Dr. Aziegbemi, who spoke in Benin- city with newsmen said “for as much as many would say campaign statements may not be binding, but for a supposedly reliable politician, campaign promises are bound to be kept.

“As such, we as a people are not seeing this as a mere campaign statement but a grand plan to gift us as political compensation to a friend for supporting your campaign to be president.

“Edo people are more and better enlightened to know what is good for them as against been treated as an article for compensation.

The PDP chairman further said that ” Edo state fared better in opposition under a PDP government in the last few years when compared to some other APC states. What we need as a people is good leadership that is people rooted and focused.

He called on the President-Elect, APC chieftains and their party to “wake up to the reality of the fact that as Edo People, we are proud of our valued independent mindedness and would resist any attempt by anybody, no matter how highly placed, to turn us to mere article of trade or materials to be gifted to friends as compensation.

“They should be reminded that the blood of our fathers that built The Great Benin Moat in the 14th century still flows in our veins.”

Aziegbemi then called on Edo people, within and in Diaspora to “shine your eyes and defend your state against political invasion aimed at milking our collective resources and wealth to create a business empire for an individual.

“There is no doubting the fact that our party, the PDP, has been so committed to a remodelled, rebranded and refocused Edo state, which must be sustained.

“We have never gifted you to any individual and we don’t intent to do that. Rather, we have always worked with you, showing a direction towards a better state for our future generation.

“I make bold to tell you that as the party steering the ship of Edo state, we remain focused and committed to serving you better so that the dividend of democracy currently provided by our amiable governor and leader, Mr Godwin Obaseki will not be derailed or truncated.”