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Forex: Inter-bank market gets another $210m boost

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…As Skangas Inks Deal with Gothia Tankers to Supply New Tankers with LNG***

The Central Bank of Nigeria (CBN) on Tuesday allocated to authorised dealers, another $100 million as part of its intervention in the wholesale segment of the inter-bank foreign exchange market.

The CBN also allocated $55 million each to the Small and Medium Enterprises (SMEs) and the invisibles segments, comprising requests for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The Director, Corporate Communications, Mr Isaac Okorafor indicated this in a  statement in Abuja, saying that the intervention is to enable the market to meet the requests of its customers.

Okorafor said that the CBN would continue to intervene in the country’s interbank foreign exchange market, adding that the Bank’s management remained committed to ensuring stability in the market through liquidity.

The statement recalled that the Bank had made interventions totaling more than 547 million dollars in October in the wholesale and retail Secondary Market Sales (SMIS).

Okorafor also said that the Naira, on Tuesday,  exchanged at an average of N362 to one dollar in the Bureau De Change (BDC) segment of the market.

In the meantime, Norwegian LNG provider Skangas has entered into an agreement with parts of the Gothia Tanker Alliance for the supply of LNG as fuel.

The new agreement comprises current as well as new vessels with LNG propulsion soon to come.

Swedish shipping companies that will get the advantage of the supply agreement with Skangas are Furetank Rederi AB, Erik Thun AB and Rederi AB Älvtank. These shipping companies have invested in a total of six new LNG-fueled vessels and together with the existing Fure West, they are all jointly operated by the Gothia Tanker Alliance.

The Swedish Shipowners’ Association is contributing to reducing any negative environmental impact of the shipping industry. Their goal is zero emissions within 2050.

“Investing in LNG-fueled vessels contributes along these lines. For newbuilds we focus on energy efficiency and innovations. Together with our choice of cleaner fuel we are experiencing a major reduction in our CO2 emissions, not to forget the reductions in particulate matters and NOX,” Lars Höglund, Managing Director of Furetank, said.

As explained by Skangas, the delivery chain consists of trailer trucks, which are used for bunkering operations in ports, bunkering from terminals, as well as Skangas’ bunker vessel Coralius. The bunkering ship-to-ship operation involving Coralius may take place at anchorage off Gothenburg in Sweden, off Skaw in Denmark, offshore Norway or in ports during cargo operations.

“Skangas is very happy with the agreement and to continue our relationship with Furetank and the rest of the Gothia Tanker Alliance. Being trusted to supply LNG also for the future vessels is a confirmation that we are delivering as expected,” Tommy Mattila, Director Sales and Marketing in Skangas, commented.

LNG is the cleanest available marine fuel, one that is rapidly becoming more commonly used as a cost-effective alternative. LNG is suitable for all vessel types, including ferries, passenger ships, tankers, bulk, supply and containerships. It offers several benefits by reducing local and global pollution.

Additional report from World Maritime News

Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

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 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

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Economy

LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaningful

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LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaning

…NRC Boss, Engr. Okhiria is Pointman

The Town and the Gown will on Tuesday converge at the Lagos State University (LASU), in a mutual fusion of quality and sustainable ideas, as the Managing Director, Nigeria Railways Corporation speaks on where the eggheads necessarily need to intervene, for the overall benefit of the nation.

NRC Boosts Passenger- Safety With  Strong Armed Forces Collaboration 
Engr. Fidet-Okhiria

Prof. Bamidele Badejo who is now back in LASU, confirmed this to the Maritime First, highlighting that Engr. Freeborn Okhiria would meticulously dissect a critical issue, titled: ‘From Exclusive Clause To Concurrent List: Potency for sustainable rail infrastructure development in Nigeria and the Lagos State example.

Oluwaseun Osiyemi, the Lagos State Commissioner of Transport, will be in attendance; at an event which will flag off by noon prompt, Tuesday 16th, July 2024, at the Femi Gbajabiamila Conference Centre.

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Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

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Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria (CBN).

Also included in the probe are the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI) and other agencies.

The resolution followed the adoption of a motion by Rep. Chike Okafor (APC-Imo) on the floor of the House in Abuja on Tuesday.

Presenting his motion, Okafor linked the growing food scarcity and malnutrition in Nigeria to the alleged mismanagement of agricultural funds intended for agricultural development in the country.

He said the Federal Government had expended N8 trillion in 8 years on various schemes and interventions in the last eight years with the view of making food available for millions of Nigerians.

He added that the alleged mismanagement, misapplication of funds and abuse of the programmes had left Nigeria with the twin challenges of food scarcity and malnutrition.

Okafor said that funds advanced to end users of the various Federal Government interventions had also been allegedly misused, misapplied and channelled to non-farming and non-agricultural purposes.

This, he said, was responsible for the current acute scarcity of food in the country.

Adopting the motion, the House mandated the Committee on Nutrition and Food Security as well as the Committee on Agricultural Production and Services; Agricultural Colleges and Institutions and Finance, to probe

The Committees were mandated to thoroughly investigate CBN’s alleged mismanagement of the Anchor Borrowers Program (ABP) for which ₦1.12 trillion was to be disbursed to 4.67 million farmers.

The farmers were said to be involved in either maize, rice or wheat farming through 563 anchors.

The committees are to look into NIRSAL’s disbursement of ₦215,066,980,274.52, to facilitate agriculture and agribusinesses.

The House gave the committees four weeks to report back to the House.

The house also mandated the committees to equally assess how the Bank of Industry (BOI) disbursed N3 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing (AVCF) Programme.

The committee is also to investigate the handling of the N5 billion loan facility to the Bank of Agriculture (BOA) for livestock farmers across the country.

This will include the management of the National Agricultural Development N1.6 billion Recovery Fund for the Ginger Blight Epidemics Central Taskforce (GBECT).

This is for the control of Blight disease in Ginger, among other interventions. 

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ADEBAYO SARUMI: Doyen of Maritime Industry Marks 80th Anniversary, Saturday 

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