Business

Oyetola commissions seven NPA patrol boats to boats maritime security

Published

2 months ago

February 23, 2024

By Seun Ibiyemi

The Honourable Minister of Marine and Blue Economy on Thursday revealed that the $800 million needed for rehabilitation of the nation’s ports is almost ready.

Speaking during his commissioning of seven patrol boats by the Nigerian Ports Authority (NPA), Oyetola said that the commissioned boats are expected to improve efficiency at Nigerian ports.

According to the Honourable Minister of Marine and Blue Economy, “I commend the management of the NPA for taking the initiative to strengthen safety in the maritime space.

“Security is very important and we need to give it the kind of attention it deserves. We cannot be talking of trying to get the full potential of the Blue Economy without strengthening the security aspect of our ports.

“I am delighted to be here and very much believe we are going to have more of these boats.

“It is deliberate on the part of Mr. President to have created the Marine and Blue Economy ministry. Blue economy has always been there, but not as structured as to generate the kind of revenue a maritime nation like Nigeria should be earning.

“So part of what we are trying to do is to first ensure maritime security. Secondly we will be talking of automation of the ports to make it more efficient. Just two weeks ago, I received the report of the consultant of the Port Community System. Part of that is to drive efficiency at our ports.

“Again, we are modernising the ports. We want to be able to compete with any port in the world. We want to ensure that the vessel turnaround time is reduced to four days as opposed to about six to 10 days that we currently have.

“We must commend Mr. President for taking the initiative of creating the Ministry of Marine and Blue Economy and for supporting us all the way.

“I can tell you that the fund for the Port rehabilitation is almost ready and we are going to commence rehabilitation anytime from now.”

Also speaking during the patrol boats commissioning, the Managing Director of the NPA, Mohammed Bello-Koko explained that the procurement of the seven Security Patrol Boats was preceded by a robust needs assessment process undertaken by a highly experienced team drawn from the agency’s Security and Marine Operations Divisions and the Vessel Management Department, who were painstaking and followed through with the product output specification including necessary sea trials.

In the words of the NPA MD, “This event today is another testament to our commitment to continuous improvement in the journey towards transforming our strategic intent of ‘becoming the maritime logistics hub for sustainable Ports services in Africa’ from potential to actualities.

“Enhanced Maritime Safety, Security & Compliance to global acceptable standards is one of Nigerian Ports Authority’s Deliverables under the Presidential Priorities of the Federal Government of Nigeria.

“What we are witnessing today therefore, is pursuant to achieving these deliverables and aligns with the presidential directives regarding performance of MDAs.

“In addition to positioning us to fulfil the fundamental requirement of security which constitutes a critical success factor in fulfilling two crucial aspects of our post-concession statutory mandates of ‘regulating maritime business and promoting ports security and safe haven for ships’ and ‘safeguarding and securing assets of the Authority while maintaining their optimal use,’ the deployment of these state-of-the-art Security Patrol Boats takes us a notch higher in our compliance with the dictates of International Ship and Port Facility Security (ISPS) code of the International Maritime Organization.

“I therefore want to on behalf of the Management and Staff of the Nigerian Ports Authority commend and appreciate our amiable Minister for his tireless endorsement of our efforts at enhancing the competitiveness of our Ports.

“Our profound appreciation also goes to our highly valued security partners; the Nigerian Navy, Nigeria Police Force, Nigerian Army, the DSS and the Lagos state government whose collaborations continue to enhance our ability to detect, deter and respond to security threats and incidents before they fester.

“The procurement of the seven Security Patrol Boats we are commissioning today, was preceded by a robust needs assessment process undertaken by a highly experienced team drawn from our Security and Marine Operations Divisions and the Vessel Management Department, who were painstaking and followed through with the product output specification including necessary sea trials, and I will like to seize this moment to commend their professionalism and dedication to duty.

“The distinctive features and multiple functionalities of these marine crafts and the game changing effect they bring to bear on our security preparedness and capacity to respond to emergent threats are enormous. I have chosen to refrain from mentioning those superlatives here because of the security implication of doing so.

“However, I am especially delighted to say that these Security Patrol Boats position us to achieve our set goal of driving increased vessel traffic to the Eastern Ports of Onne, Rivers, Warri and Calabar Port Complexes where four of the vessels to be commissioned today have been allocated. “Although Onne Port has in recent years witnessed increased vessel traffic, we cannot rest on our laurels. We will continue to push the advocacy and galvanise stakeholder opinion towards growing the fortunes of the Eastern Ports.”

Business

Stock market review: FBN Holdings leads 41 others as investors gain N811bn

Published

11 hours ago

May 5, 2024

NewsDirect

FBN Holdings Plc has topped 41 other advanced equities to pull the Nigerian Exchange Ltd. (NGX) market indices up by 1.46 per cent, week-on-week, making investors gain N811 billion.

The market, having opened for four days in the week, following the May Day holiday, had FBN Holdings leading the gainers’ table by 32.68 per cent to close at N27 per share.

Sterling Financial Holdings followed by 27.75 per cent to close at N4.88, while UACN gained 24.60 per cent to close at N15.45 per share.

Julius Berger added 23.76 to close at N72.40, while Flour Mills rose by 20.66 per cent to close at N36.80 per share.

Conversely, Nascon Allied Industries Plc led the losers’ table by 17.03 per cent to close at N43.60, University Press trailed by 16.67 per cent to close N2.05 per share.

Neimeth International Pharmaceuticals shed 14.14 per cent to close at N1.70, Berger Paints Plc declined by 9.87 per cent to close at N13.70 and Vitafoam Nigeria lost 9.81 per cent to close at N17 per share.

Meanwhile, 42 equities appreciated in price during the week, higher than 27 equities in the previous week.

Thirty-six equities depreciated in price, lower than 43 in the previous week, while 76 equities remained unchanged, lower than 84 recorded in the previous week.

Consequently, the All-Share Index and Market Capitalisation appreciated by 1.46 per cent to close the week at 99,587.25 and N56.323 trillion, respectively, in contrast to 98,152.91 and N55.512 trillion posted last week.

Similarly, all other indices finished higher with the exception of NGX Consumer Goods, NGX Oil and Gas and NGX Industrial Goods which depreciated by 0.26, 0.68 and 0.36 per cent, respectively, while NGX ASeM and NGX Sovereign Bond indices closed flat.

Meanwhile, a total turnover of 1.941 billion shares worth N32.644 billion in 35,807 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.839 billion shares, valued at N34.258 billion, that exchanged hands last week in 37,528 deals.

The financial services industry measured by volume led the activity chart with 1.496 billion shares valued at N22.453 billion traded in 19,225 deals, thus contributing 77.08 and 68.78 per cent to the total equity turnover volume and value, respectively.

The consumer goods industry followed with 144.722 million shares worth N5.063 billion in 4,966 deals.

In the third place was the conglomerates industry, with a turnover of 109.978 million shares worth N1.539 billion in 2,064 deals.

Trading in the top three equities, namely Abbey Mortgage Bank Plc, Guaranty Trust Holdings Company Plc and Access Holdings Plc, measured by volume, accounted for 898.940 million shares worth N14.314 billion in 5,518 deals.

These contributed 46.31 and 43.85 per cent to the total equity turnover volume and value, respectively.

Business

Caribbean PM, Sanwo-Olu mull partnership to boost economic prosperity

Published

2 days ago

May 4, 2024

NewsDirect

The Prime Minister of Antigua and Barbuda, Hon. Gaston Alfonso Brown and Lagos State Governor, Mr Babajide Sanwo-Olu are exploring areas of partnership to foster economic prosperity for their people.

Speaking during a courtesy visit to Lagos State Governor, Mr. Babajide Sanwo-Olu, at the Lagos House, Marina, the Caribbean PM said that his country is ready to partner with Lagos State and Nigeria in general in trade and investments.

The Prime Minister was accompanied by his wife, Maria Browne; Ambassador Davin Joseph; Chairman/CEO of Air Peace Limited, Dr. Allen Onyema; Nigerian Ex-International and Air Peace Ambassador, Chief Segun Odegbami and CEO of LIAT 2020 Airlines Antigua, Mrs. Hafsah Abdulsalam.

Speaking during the courtesy visit, Prime Minister Browne said the key objective of his country is to strengthen the relationship between Antigua and Barbuda and Nigeria, as well as the Caribbean and the rest of Africa.

He said, “I believe Africa has a significant amount of resources, and literally every African country can become a developed country. I am of the view that African countries can do even better than the Republic of China.”

“Our aspiration for Nigeria is to see Nigeria become a developed country within the next decade or two. And we want to make sure that we are an early mover in the Caribbean to establish close linkages with Nigeria to increase trade and investment. The Caribbean and Africa must unite and work together to bring prosperity to our people.”

Speaking during the courtesy visit, attended by Lagos First Lady Dr. Ibijoke Sanwo-Olu and some members of the Lagos State Executive Council, Governor Sanwo-Olu said his administration will partner with Antigua and Barbuda in entertainment, arts, culture, and technology.

He said, “We are building a bridge. The Caribbean is the sixth region of Africa. We can partner in the areas of culture, tourism, arts, and entertainment because we have a lot of things in common. We can quickly begin to ship between the two regions all of the things that are common to us.

“Our tourism potential, arts and culture, and the kind of music we listen to can infuse into our economy very quickly, and we will begin to see the benefits among us and the two regions.

“Technology is very important because it knows no boundaries. We say we are the tech hub of Africa. All of the unicorns in tech start-ups have their origins in Lagos. So, technology can also be the strong handshake that we require.

“The time is now, and we all need to seize the opportunity. Mr. President has laid the background for us. He has said that he wants Nigeria to have a one trillion GDP within the next couple of years, and that is the kind of thing we are saying.

“Nigeria cannot just sit back and be a developing country. We have to take that narrative up. If China and India can do it, Nigeria can do it. We need to take charge and let the world know that indeed we are our brothers’ keepers, and distance should not be a hindrance.”

Also speaking, Chairman/CEO, Air Peace Limited, Dr. Allen Onyema, commended Governor Sanwo-Olu for receiving the Prime Minister Browne and his entourage.

He said the Prime Minister of Antigua and Barbuda is in Lagos to address Nigerian investors, noting that Lagos will benefit a lot from the business discussions.

He said Africa is the next destination for the entire world, noting that there is a second scramble going on for Africa. “The West, Asians, and everybody else want a piece of Africa. We must have Africa for ourselves and accommodate others,” he said.

Business

Tinubu tasks automotive manufacturers to produce quality vehicles

Published

2 days ago

May 4, 2024

NewsDirect

…assures of passage of automotive bill

President Bola Ahmed Tinubu has tasked automotive manufacturers to produce quality vehicles that will stand the test of time.

The President made this known when he received a delegation of the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association led by the Minister of Industry, Trade and Investment, Ms. Doris Uzoka-Anite at the State House.

The delegation, which was received by the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, thanked the host for finding time to receive them and pledged their commitment to the Renewed Hope Agenda of the President.

The Delegation consisted of the Director-General of the National Automotive Design and Development Council (NADDC); representatives of the Nigerian Airspace Management Agency (NAMA), as well as Executive Directors of Stallion Group, Toyota/CEAO and NISSAN.

According to the spokesperson of one of the associations, the purpose of the visit was to apprise President Tinubu of the efforts being made to start manufacturing vehicle/spare parts in Nigeria. They informed the Chief of Staff to the President that a legislative bill to drive the automotive industry was being drafted and reviewed by the Federal Ministry of Justice.

They emphasized the need to develop the industry, which would create massive employment for Nigerian youths and ease the burden on the much-needed foreign exchange.

The Chief of Staff to the President, while thanking the delegation for the visit, assured them of the President’s commitment to Nigeria’s industrialization as evidenced by all of the policies being implemented under his administration.

He promised to assist in facilitating the speedy passage of the legislative bill. He, however, implored that locally-manufactured vehicles should be of the highest quality that will stand the test of time and complement the Federal Government’s efforts in revitalizing the industry.

He also urged the associations to look into producing vehicles that would be affordable for all categories of Nigerians at a time when President Bola Tinubu is set to provide consumer credit for millions of Nigerians to purchase vehicles and other important goods and services.