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Genting Hong Kong to Delist from Singapore Exchange

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  • As Seven Islands Shipping Files for IPO

Genting Hong Kong, a part of Genting Group, has received a green light from the Singapore Exchange Securities Trading Limited (SGX-ST) for its proposed voluntary delisting from the Main Board of the SGX-ST.

Genting Hong Kong has a primary listing on the Main Board of the HKSE, and a secondary listing on the SGX-ST. Following the proposed delisting, the company will continue to maintain a primary listing on the Main Board of the HKSE.

The company said that the move is in line with its strategic focus on its cruise ship business in Asia, in particular, North-Asia, as the company continues to undertake initiatives to tap the burgeoning growth potential in the Chinese market.

“Genting Hong Kong’s proposed delisting from the SGX-ST comes after careful consideration and is in line with our growth strategy and plans to enhance value for all our shareholders in the long term. Maintaining a single primary listing on the Main Board of the HKSE will potentially increase the trading of the company’s shares on the HKSE, which will enhance the Company’s profile amongst North-Asian investors,” Tan Sri Lim Kok Thay, Chairman and Chief Executive Officer of Genting Hong Kong, said.

“The consolidated trading of the company’s shares on the HKSE arising from the proposed delisting is also expected to increase the liquidity of such shares on the HKSE, thereby improving the effectiveness of any future capital raising activities to be undertaken by the company.”

After the delisting, shares will only be traded on the HKSE, the company said, adding that the voting rights and entitlement to dividends of shareholders will not be affected by the proposed delisting.

In the meantime, Mumbai-based Seven Islands Shipping (SIS) is to make a stock market entry as the tanker shipping company has filed draft offer documents with Securities and Exchange Board of India (SEBI) to raise INR 4.5 billion (USD 69.2 million) via an initial public offering (IPO).

The IPO comprises a fresh issue of up to INR 2 billion and an offer for sale amounting to INR 2.5 billion, the Draft Red Herring Prospectus shows.

The face value of equity shares is INR 10 per share. As disclosed, the price band and minimum bid lot will be decided by SIS and the selling shareholders in consultation with the book running lead manager (BRLM).

The shares are to be listed on the BSE Limited (BSE) and the National Stock Exchange of India (NSE).

SIS intends to use the net proceeds from the fresh issue for the acquisition of a very large crude carrier (VLCC) and for other general corporate purposes.

Currently, SIS owns a fleet of eleven ships – three crude oil tankers and eight product carriers.

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CUSTOMS: Nigeria Adopts Advanced Tech, Improves Capacity For Data Analytics, And Service Delivery

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CUSTOMS: Nigeria Adopts Advanced Tech, Improves Capacity For Data Analytics, And Service Delivery

…Adeniyi says strengthening relations with Korea has enhanced the nation’s alignment with the World Customs Organization standards

The Nigeria Customs Service NCS is quietly strengthening the bilateral relations between Nigeria and the Republic of Korea, and this has resulted in Nigeria recording several gains, including NCS’s capacity to adopt advanced technologies, in addition to engagement in data analytics programmes.

The Maritime First learnt that an impressed Korean Embassy on Thursday, 31 October 2024, hosted a formal dinner in honour of the Comptroller-General of Customs (CGC) Adewale Adeniyi and members of his management team at the Embassy in Abuja.

“Learning from global leaders, like Korean Customs, has empowered us to adapt and refine our data-driven strategies,” the CGC stated, adding:

“It is due to our dedicated partnerships that the NCS is now engaged in data analytics programmes, in alignment with World Customs Organization standards,” CGC Adeniyi stated. 

“Learning from global leaders, like Korean Customs, has empowered us to adapt and refine our data-driven strategies”

The event underscored the strengthening of bilateral relations and the shared objectives of the Nigeria Customs Service (NCS) and the Korean authorities.

The CGC Adeniyi who was accompanied by senior officers including Deputy Comptroller-General (DCG) of Human Resource Development, Greg Itotoh, DCG of Tariff and Trade, Caroline Niagwan, and DCG of ICT-Modernisation, Kikelomo Adeola, expressed his appreciation for Korea’s commitment to partnership. 

In his address, CGC Adeniyi highlighted the progress achieved through collaboration with the Embassy of Korea and other allied agencies, noting how these relationships have enhanced the NCS’s capacity to adopt advanced technologies.

“It is due to our dedicated partnerships that the NCS is now engaged in data analytics programmes, in alignment with World Customs Organization standards,” CGC Adeniyi stated. 

 “We are honoured by the comptroller general’s presence here tonight, and we look forward to further strengthening ties with the Nigeria Customs Service”

He elaborated on how these analytics enable the Service to make informed decisions, benefiting from predictive, descriptive, and prescriptive insights.

The Korean Ambassador, His Excellency Kim Pankym, in response, commended the CGC and his team for their dedication and expressed optimism about continued collaboration.

 

“We are honoured by the Comptroller-General’s presence here tonight, and we look forward to further strengthening ties with the Nigeria Customs Service,” Ambassador Pankym said. He emphasised the Embassy’s commitment to supporting the growth and modernisation of the NCS.

In his remarks, DCG Greg Itoto expressed the Service’s appreciation for Korea’s proactive engagement with NCS initiatives.

 

“The Embassy’s support and willingness to partner with us are instrumental in driving our Service to greater heights. We look forward to continued growth through these collaborations,” Itotoh stated.

The evening reflected the deepening relations between the two nations and affirmed Korea’s dedication to Nigeria’s customs modernisation and capacity-building efforts.

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NCS, WCO Launch Gender Diversity Workshop To Strengthen Inclusivity

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NCS, WCO Launch Gender Diversity Workshop To Strengthen Inclusivity

…As Management works at fostering a workplace that offers every Customs officer equal opportunities for growth and success

The Nigeria Customs Service (NCS), in collaboration with the World Customs Organization (WCO), has launched a workshop on “Gender Diversity” at the Old Federal Secretariat in Garki, Abuja.

The event, which commenced on Monday, 28 October 2024, reaffirmed the Comptroller-General of Customs, Bashir Adewale Adeniyi’s commitment to creating a work environment where every officer is empowered to thrive, regardless of gender.

The workshop was officially declared open by the Deputy Comptroller-General of Customs for Tariff and Trade, DCG Caroline Niagwan, represented by the NCS’s National Contact Point, Chief Superintendent of Customs Zara Musa.

Addressing attendees, CSC Musa underscored the workshop’s importance in fostering a workplace that offers every Customs officer equal opportunities for growth and success.

CSC Zara stated, “This workshop will allow officers to contribute fully to the Service’s success, regardless of gender. CGC Adeniyi remains committed to nurturing a gender-inclusive environment within the NCS.”

It is worth noting that the workshop follows a previous capacity-building session hosted by the NCS in April 2024 on gender inclusivity at Wells Carlston Apartments in Abuja.

The National Contact Point stated, “These initiatives form a series of efforts under CGC Adeniyi’s tenure aimed at advancing gender equality across the Service, promoting a culture where diverse perspectives contribute to enhanced Customs operations.”

Jennifer Goistene Burs, a resource person with the WCO from Botswana, addressed participants, highlighting the strategic impact of gender inclusivity on service delivery.

“We are committed to supporting the Nigeria Customs Service in finalising the draft action plan on Gender Equality and Diversity (GED), which was developed following the sub-regional workshop organised in April,” she said.

Burs noted that the implementation of this action plan would be instrumental in embedding diversity within the Service’s operations.

Additional experts included Sendra Chihaka from Zimbabwe and Johanna Tornstrom, both of whom contributed insights on strategies for fostering a workplace culture that values and supports the contributions of all officers.

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NIMASA FLOATING DOCK: Born By Good Intention; Wrecked By Good Intentions! 

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NIMASA FLOATING DOCK: Born By Good Intention; Wrecked by Good intentions! 

…As Industry watchers gravely worry that, Mobereola’s ‘good intention’ may finally seal its fate!

It is the simplest question in the world: ‘If your community has a N50 billion investment, what would you do with it; manage it well or honestly wreck it?’

The Maritime industry is a Community. It has enjoyed a leadership succession of highly credible, good-intentioned, competent Chief Executive Officers. Yet, it has abysmally suffered and incarcerated and laid prostrate, more from good intention, perhaps, far more than anything.

Now, how do you blame a man, with good intentions, until you are berthed at the Nigerian Maritime industry?

A former Director General of NIMASA, Dr Patrick Ziakede Akpobolokemi has very good intentions. He imagined what life could be if the incoming students of the Okerenkoko Maritime University could have a N50 billion modular floating dock to play with, in furtherance of gaining enviable practicals, while acquiring the skills required to meet the high seafaring certificates.

Pronto, he secured Abuja approvals, to dip hands into the Agency’s coffers and procured a N50 billion modular floating dock. 

However, before the brand new equipment could arrive on June 11, 2018, Akpobolokemi’s tenure had ended, alongside, both his good intention and the ‘myopic desire’ to take such gargantuan, multi-billion Naira equipment to a remote riverine village in the Niger Delta.

L-R: NIMASA DG, Dr Dayo Mobereola and Ewalefoh the ICRC Chief Executive Officer, a few days ago in Lagos.

The emergence of Dr Dakuku Peterside was a testament to another CEO, who was not only good intentioned, alongside his amiable Deputy, Dr Bashir Jamoh, but also, arguably, more ‘patriotic’!

Arguably, their patriotism, perhaps uncoordinated, however, spelt doom for the modular floating dock, and placed it on the travails into limbo!

First, they discovered that the floating dock could serve its original purpose of providing practicals for Okerenkoko Maritime University students, as well as generate money for Nigeria, whose economy had begun to show signs of serious cracks.

Consequently, their wiser decision and template therefore, resulted in the need to shop for a better location in Lagos, where the dock could be deployed to drydock local and foreign vessels and thus generate tens of billions monthly; even as students are opportune to come to Lagos, do their practicals and still get paid.

The agency is a regulatory concern. They should have handed it over to any indigenous operator, masters of the art like the STARZS Ship repair yard and set standards; but they decided to first look for a conducive location. 

Those who believe that the government has no business running business probably have seen it all.

First, they secured a temporary parking site, where the agency allegedly paid about $30,000 per night, and moored it there. Religiously, the agency allegedly began to pay bills as if they were settling hotel accommodation!

It was possible that the agency later forgot its floating dock was actually parked where, it continued to demolish dollars, like the barracuda demolishes smaller fishes. Within a short period of three years, the agency had paid the first instalment of the first N3bn…!

It was possible that, during that period, the members of the National Assembly, from both the Red and Green Chambers continued to come on oversight functions. It was also possible that, during the same period, the agency continued to go to Abuja for its ritualistic budget defences!

NIMASA FLOATING DOCK: Born By Good Intention; Wrecked by Good intentions! 
Nigeria’s modular floating dock, decaying, corroding, providing remarkable shelters for water hyacinth and other reptiles in Tin Can Island waters…!

Responding to inquiries, Enyeribe Anyanwu in Ships and Ports, some five years ago, wrote in pain, demanding apologies from Dr. Dakuku Peterside.

“Dakuku owes Nigerians apology over N50bn floating dock mess”, Anyanwu cried out thus:

‘At a recent press conference in Lagos, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, took time to explain the circumstances that have kept the modular floating dock the agency acquired at a whopping cost of N50billion idle since June 11, 2018, it arrived in Nigeria.

‘According to Peterside, the major reason why the floating dock has not commenced operation is because the agency has not secured an operational berthing space for the dock. 

‘He said where the floating dock is currently situated only serves as a storage berthing space where operation of a floating dock cannot be undertaken. 

‘He further explained that at the time the floating dock was acquired, NIMASA had intended to deploy it to Okerenkoko in Delta State but could not do so because of reports by experts coupled with security challenges in the region. Based on these factors, the agency decided to situate it in Lagos.

“Originally, it was designed to berth in Delta State but even at that time, there were lots of reports advising to the contrary. Those reports are still there to date. When we got here, we were forced to review all these reports and make a decision that we think will serve the best interest of the country and the shipping community,” said Dakuku.

L-R: NIMASA DG, Dr. Dayo Mobereola and Ewalefoh the ICRC Chief Executive Officer, a few days ago in Lagos.

But, if the Ships and Ports incisively provided an insight, the mmsplusng.com on 25 July 2021 alerted the industry: 

“N50bn NIMASA Floating Dock Loses Class, N21.6bn Potential Earnings”, calling attention to the fact that a management decay had become noticeable concerning the floating dock.

Three months earlier, primetimereporters.com on 18 March 2021 had mentioned this: NIMASA Floating Dock: Another conduit pipe to milk Nigeria’s scarce…”

But, while Dr. Dakuku was still explaining the situation, his tenure ended, and Dr. Bashir Jamoh took over.

Now, Jamoh happened to be both good-intentioned and enviably foresighted. 

He didn’t want to suffer the same fate as the Nigerian Ports Authority NPA Floating Dock V, which allegedly sank following neglect occasioned by mere faulty pumps and valves!

He therefore meticulously aimed for the best, involving the ICRC and the NPA. A portion of the Continental Shipyard Ltd was worked on until it was secured.

It was further learnt that a functional bidder, with the best intentions, by the name J MARINE was secured, to midwife the vision. Thereafter, bureaucracy took over.

Each time they promised to deploy the floating dock to the location where it would yield revenue and create employment for Nigerians, something was sure to change the date.

Never mind the fact that the ‘OnePage Africa (https://onepageafrica.com › nimasa…) had gleefully reported on 24 Mar 2021: NIMASA, NPA conclude arrangements for the deployment of … with Dr Jamoh stressing, “I am here to affirm that the modular floating dock has come to stay. We have concluded arrangements for its deployment…”

Yet, instead of making money, it was leaking money. 

*NIMASA’s N50 billion modular floating dock in its first baptism of fire state, before its painful, rapidly deteriorating travail began…!

In nature, just as in the global maritime industry, there is no room for stagnancy: equipment is either slowly appreciating or rapidly degenerating. 

By September 7, 2022, the Daily Trust story encapsulated it thus: “The Nigerian Maritime Administration and Safety Agency (NIMASA) has paid the sum of N13.5billion as wharfage charges for a floating dock, which it acquired three years ago, an investigation by Daily Trust on Sunday has revealed.

‘Wharfage is the fee charged to cover the cost of using a wharf. It includes the cost of nocking unto the dock electricity and maintenance service since a ship cannot be locked up and abandoned like a car.

‘A senior management source at the agency told our correspondent that they paid around $30,000 daily as wharfage charges and other expenses.

‘The source said the agency might have paid $32.9million in three years.

‘The claim is consistent with the disclosure of a former executive director, operations of the NIMASA, Rotimi Fashakin, who explained that insecurity in the Niger Delta region made it difficult for the agency to berth the dock at Okerenkoko as originally conceptualised.

‘He said, “Indeed, the floating dock was supposed to go to Okerenkoko in Delta State, but with the conditions that exist now, it is almost impossible. A dock is supposed to serve the shipping community as a commercial facility, but which company or vessel would be bold enough to travel to Delta State?”

‘The NIMASA is a regulator and not an operator, so giving the dock to an operator also needs to go through the bureaucracy of government”.

Seemingly seeking to get the best, the Dock wobbled into 2023, suffering one distraction after another. The agency was either trying to install a dolphin or a mooring pole or facing manmade obstacles from the NPA.

One day, nature got tired of it all; and by an act of the gods, a storm pounced on it, tore it out and dragged it out of its safe abode, until it became a threat to other costly equipment. 

Like a stray bull, by the time it was finally caught and restrained, it could not be said, that a few marine facilities had not been damaged.

*The nation’s floating dock, in its new, lonely location…

Now, when you catch a stray bull, hardly does it enjoy mercy. Needless to say, this has since become the painful fate of the Agency’s N50,000 modular floating dock. 

Of course, it deservedly got punished: it was taken to and beached in pathetic loneliness, in a not-so-safe place, far from the media’s prying eyes!

Se eyi t’o se, ore mi ojo nlo. Eyi t’o ba se, la o royin…is a popular song in Osun State. Both the DG and the Minister of Marine and Blue Economy might have sung that song in the early 80’s.

Presently, mum is the word at the agency. No one wants to talk about it, particularly its location, its growing loneliness, as well as its rapidly depreciating state. Yet, the N50bn, excluding other avoidable expenses, does belong to all Nigerians!

WORLD MARITIME DAY: We'll Adhere To Global Safety Standards, says Oyetola 
Minister of Marine and Blue Economy, Chief Adegboyega Oyetola

Ever since then, the agency has deliberately kept the media perpetually in the dark, panning fielding questions in ways that provided false hopes and optimism, creating dreams which consistently tilt to be a mirage.

Perhaps, this was the major reason which guaranteed the wholesome euphoria which welcomed Dr. Dayo Mobereola’s announcement, as the Director General.

Mobereola came in with stupendous academic certificates and an enviable wealth of experience, garnered from the Lagos Metropolitan Transport Authority LAMATA. He fielded the questions beautifully, each time he addressed the press. He says all the right words. He wonderfully says the hard words, softly. No wonder he enjoys the confidence and hearty goodwill of core industry operators which included Capt Emmanuel Ihenacho and Engr. Greg Utomwen Ogbeifun, amongst others!

However, weeks have grown into months since he assumed office; and industry watchers are sadly watching what remains of the NIMASA modular floating dock, sadly, finally turning into a wreck!

The ICRC Chief Executive Officer, Ewalefoh only a few days back was a hallowed Guest of the DG; pledging the assurances of the ICRC to go in search of Investors, to promote a Public Private Partnership PPP climate.

He probably does not know the current, wasting state of the Agency’s gold mine!

An industry watcher pointedly asked Maritime First: “What else did they discuss? Or, did they deliberately sweep the floating dock issue under the carpet?”

At this point again, one cannot but remember to ask that simplest question before NIMASA Director General, Dr Dayo Mobereola: ‘If your community has an N50 billion investment, what would you do with it as a CEO; manage it well or honestly wreck it?’

 The National Assembly may have forgotten about the NIMASA’s floating dock. But industry watchers are aware that the Senate Committee Chairman on Marine Transport, Distinguished Senator Eshilokun has not been so far from Lagos, not to understand that if the floating Dock is deployed tomorrow, a good fraction of those who will be employed there would be the good people of Lagos State!

Someone had expressed concern that the Minister of Marine and Blue Economy, Adegboyega Oyetola had not shown adequate interest in the welfare and deployment of the modular floating dock. But, his apathy can be understood, he had never been a maritime person in the real sense… and so, may not see the dire economic importance of a floating dock, especially in terms of employment and revenue generation!

Perhaps, Nigerians should by now be asking too, how the NIMASA’s modular floating dock unfortunately became an orphan: even after the Federal Executive Council FEC officially handed it over to a preferred bidder. 

The DG should confirm to Nigerians, the name of the preferred bidder and what the bidder has contributed, even if lamely, to the rapid development or deterioration of the floating dock!

Perhaps, President Bola Tinubu was 100 per cent correct, when he recalled the old national anthem!

Industry watchers are not expecting the NIMASA to be professionally administered like the Nigeria Customs Service, whose leadership, and CGC not only was grown through the ranks but was adequately prepared before the appointment. Yet, they do not anticipate a regime that like Nero, would diddle with flute and trumpet, while Rome burns!

The Yoruba adage succinctly says it with meaning: Se eyi t’o ba se ore mi ojo nlo. Eyi t’o ba se la o royin… (Do that which is needful, quickly; for time waits for no one!)

Mobereola is perhaps at the threshold of history: he will Save Or Sink the nation’s floating dock, along with its unrealized dreams, failed prayers and a plethora of good intentions!

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