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NIMASA: FEC Approves 3 PPP Projects, targets $1.1bn revenue



Maritime Security Depends On Inter-Agency Collaboration - Jamoh

…ICRC says projects are the Floating Dry Dock; Eastern; Central/Western Offshore Waste Reception Facilities***

The Federal Executive Council (FEC) has approved three Public Private Partnership (PPP) Projects to be executed by the Nigerian Maritime Administration and Safety Agency (NIMASA).

 Mrs. Manji Yarling, Acting Head, Media and Publicity, Infrastructure Concession Regulatory Commission (ICRC), confirmed this, highlighting that the projects, under the regulatory guidance of the ICRC, have been projected to generate over 1.1 billion dollars to the Federal Government during the concession period.

NIMASA: FEC Approves 3 PPP Projects, targets $1.1bn revenue
ICRC: Michael Ohiani

She said the projects included the Eastern Offshore Waste Reception Facility, Central/Western Offshore Waste Reception Facility and a Floating Dry Dock.

Yarling said the projects were approved by FEC following the issuance of Full Business Case Certificate of Compliance (FBC) by the PPP regulatory body, the ICRC.

She said the Director-General, ICRC, Michael Ohiani issued the FBCs for the Offshore Waste Reception Facilities (OWRF) projects.

NIMASA: FEC Approves 3 PPP Projects, targets $1.1bn revenue

According to her, Ohiani said the move demonstrated the commitment of President Muhammadu Buhari’s administration to the environmental well-being of coastal communities and offshore fishermen.

“The essence of the approvals by FEC is for the OWRF to put in place a standard facility for use in Nigeria’s international waters, in compliance with the International Convention for the Prevention of Pollution from Ships (MARPOL) 1973/1978.”

Ohiani said the goal of the proposed partnership was to protect the offshore environment and provide a visible deterrent for offshore polluters from a surveillance point of view.

He said it was also to reduce the current level of pollution to the benefit of offshore fishermen and coastal communities.

The director-general said the OWRF projects would essentially help keep the seas and oceans clean.

“Each facility, when completed, would be adequate to fully meet the needs of ships and other installations, regularly making use of the facilities, and contributing to the improvement of the marine environment.

”They will allow for the ultimate disposal and discharge of wastes from ships and other installations in an environmentally friendly way,” Ohiani said.

He said more details on the Eastern OWRF showed that the Design, Finance, Build, Operate, Maintain and Transfer (DFBOMT) PPP model would be adopted with XPO Marine Services Limited as the concessionaire for an initial period of 10 years.

“The projected total revenue from Eastern OWRF for the entire concession period due to Federal Government based on revenue sharing ratios is 279.4 million dollars.

“The projected total revenue for the entire concession period from the Central and Western zones due to Federal Government, based on the revenue sharing ratios, is 765.2 million dollars.

“The concessionaire for the Central and Western OWRF is African Circle Pollution Waste Management Limited and the concession period is also 10 years.”

He said, also approved by FEC was the management contract to Operate, Maintain and Transfer (OMT) the Floating Dry Dock (FDD) of NIMASA.

”The FDD is for the repair of cabotage vessels.

“The concessionaire, J. Marine Logistics Limited, is to manage the Modular/Floating Dry Dock for 15 years.

“Total revenue accruing to NIMASA for the 15 years concession period is 65.6 million dollars (N27.2 billion).

When fully implemented, the project is expected to create over 800 direct and indirect jobs.”

Ohiani said beyond revenue generation, the project was also expected to create jobs, develop capacity and provide maintenance facilities for ships and boats.

He said FEC also approved a PPP project in Ikeja Lagos, for the Federal Radio Corporation of Nigeria (FRCN) to develop a commercial mixed-use complex.

Ohiani said that the complex would comprise houses, hotels, recreational facilities as well an office complex.

‘The FRCN PPP project was approved for a concession period of 55 years with expected revenue for the period put at N14.9 billion while the concessionaire is Fish Valley Investment & Property Limited“.


Children’s Day: London Academy Business School Celebrates Nigerian Children



…Reiterates commitment to provide high-quality education to Nigerian Child***

Dr. Larry Jones- Esan, the Director of London Academy Business School (LABS), joined other Nigerian leaders from other industries to celebrate children on Children’s Day. In his words, Dr. Larry stated that children remind us of the future.

While speaking to reporters, he emphasized the aura of love that children create in the homes and throughout society, Also that “the joy and happiness from children are amazing, sufficient enough to drive energy for nation building.”

Children's Day: London Academy Business School Celebrates Nigerian Children
Dr. Larry Jones-Esan

Dr. Larry also advocated for effective child protection policies and implementation, urging all critical stakeholders, including parents, teachers, and the government, to protect and celebrate children.

To ensure that high-quality education is available to children in Nigeria, London Academy Business School has established a Lagos Study Centre with state of the art facility and modern technology with plans to expand across all cities in Nigeria.

Dr. Jones-Esan, who has big plans to change the face of education in Nigeria, has also urged the government and private stakeholders to work with him and his team of professionals to change the face of education in Nigeria. He claims that many children have big potentials but can’t realise them because they’re not in school.

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Tinubu To Adopt Price Control Mechanism For Agro Products



… Vows to Defend Nigeria From Terror, Criminality – Tinubu***

President Bola Tinubu says he will take steps to ensure price control for agricultural products.

Tinubu said this in his inaugural address on Monday in Abuja.

According to him, rural income shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products.

He said that agricultural hubs would be created throughout the nation to increase production and engage in value-added processes.

“The livestock sector will be introduced to best modern practices and steps taken to minimise the perennial conflict over land and water resources in the sector.

“Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less,” he said.

On foreign policy, Tinubu said that the crisis in Sudan and the turn from democracy by several nations in “our immediate neighbourhood were of pressing concern”.

He said that his primary foreign policy objective would be the peace and stability of the West African continent.

“We shall work with ECOWAS, the AU, and willing partners in the international community to end extant conflicts and to resolve new ones.

“As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity, ” he said.

The President called on all Nigerians, irrespective of political affiliations, to support his government in his bid to take Nigeria to greater heights.

“Our administration will govern on your behalf but never rule over you.

“We shall consult and dialogue with, but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

“We are here to further mend and heal this nation not tear and injure it,” he said.

In the meantime, President, Bola Tinubu, has promised to defend Nigeria from terror and all forms of criminality threatening the peace and stability of the country and the sub-region.

Tinubu said this in his inaugural address after he was sworn in as the 16th democratically elected president of Nigeria on Monday in Abuja.

He said that security shall be the top priority of his administration, saying that neither prosperity nor justice could prevail amidst insecurity and violence.

“To effectively tackle this menace, we shall reform both our security Doctrine and its Architecture.

“We shall invest more in our security personnel, and this means more than an increase in number.

“We shall provide, better training, equipment, pay and firepower,” he said.

Tinubu said his mission was to improve the lives of Nigerians in a manner that nurtured humanity, encourage compassion toward one another, and duly rewards collective effort to resolve the social ills that sought to divide the nation.

“Our constitution and laws give us a nation on paper, saying we must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding,” he said.

He called for the development of a shared sense of fairness and equity, adding that the South must not only seek good for itself but must understand that its interests were served when good come to the North.

“The North must see the South likewise.

“Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people.

“As your president, I shall serve with prejudice toward none but compassion and amity towards all.

“In the coming days and weeks, my team will publicly detail key aspects of our programme,” he said.

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Fuel Subsidy Removal: Don Predicts Reduction In Fuel Price



Prof. AbdulGafar Ijaiya of the Department of Economics, University of Ilorin, has expressed optimism at President Bola Tinubu’s inaugural remarks on the removal of fuel subsidies, saying this may reduce prices at the long run.

Ijaiya, who spoke on Monday in Ilorin, observed that with commitment from the Federal Government in revamping existing refineries alongside Dangote refineries, will increase the availability of petroleum products.

The expert who however explained that though such effect may not be felt immediately, noted that the present pump price is about N200, depending on filling stations across the country.

He questioned if the present fuel price at about N200 was as a result of the subsidy removal, adding that if it is not, then fuel may likely increase with about 50 per cent rate after the removal.

“But the thing is that very soon, what has gone wrong with the refineries will be corrected and Dangote refineries will commence by July/August,” he said.

Ijaiya, who teaches in the Faculty of Social Sciences of the university, pointed out that in the beginning there might be an increase in the prices of foods and services.

He however asserted that in a society like Nigeria where people are used to hike in prices, it would not mean much to the citizens.

“By Economics principle, we have adjusted our expenditure profile consumption to particular items. We have moved from consuming luxury and unnecessary items to necessary items.

“This means people go for what is necessary and do away with those that are not,” he said.

Ijaiya affirmed that in the long run, the fuel pump price will adjust downward and there would be more supply of the products.

He further added that when there are more supply of a particular product in the market, it will automatically reduce the price.

“If we have enough supply, with time and there are no other man-made distortion that has to do with our behaviour, I see us buying it between N80 and N100 per litre,” he predicted.

The economist also foresee filling station advertising and competing for sales, saying it will be good for the nation.

He, however, cautioned that “we are in an uncertain world”, but maintained that fuel subsidy removal would be good for the country eventually as only a minority are benefiting from it.

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