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OCEANS’ WEALTH: SOAN To Go For Nigeria’s Fair Share -Onyung



…As FG tasks IOCs to Play by the Rule, Prioritise Maritime Workers*** 

The President, Ship Owners Association of Nigeria (SOAN), Dr. McGeorge Onyung at the weekend observed that the fortunes of the earth are deeply buried in the Oceans, and assured Nigerians, that SOAN, come 2023, would leave no stone unturned, to earn Nigeria, significant revenue gains.

Dr. Onyung highlighted this in Lagos, at the SOAN GALA NIGHT, an End of Year event, for the Association’s stocktaking and stakeholders’ appreciation.

 The group’s Arrowhead stressed that the Ship Owners Association of Nigeria is in good partnership with humanity; and would, therefore, do its best, to create prosperity and tilt the balance of global monetary value, in favour of Nigeria.

President, Ship Owners Association of Nigeria, Dr. McGeorge Onyung (middle), flanked by his wife and the NIMASA Director General, Dr. Bashir Jamoh

Providing an emphatic breakdown of what the global shipping industry is generating annually, daily and hourly, Dr. Onyung zeroed in, on what Nigeria, particularly the Nigerian Ports Authority NPA was currently earning; and pledged that the nation’s ship owners, would definitely, change the narrative, in 2023.

Onyung Insists that the country is earning far less than it should.

He assured that the group, by next year, following the current efforts and ongoing synergy with relevant stakeholders like the Nigerian Maritime Administration and Safety Agency NIMASA; NNPCL and the International Oil Companies IOCs, SOAN would grow stronger, bolder and more pragmatic enough, to properly possess its possession.

 He commended the NIMASA for synergizing with the Nigerian Navy, to entrench sanity, security and guarantee that shipping within the nation’s waters, can be done, without pronounced risks to either operators or vessels.

Specifically noting that without the security of waters, prosperity would flee, he moved from the Navy to the Nigerian Shippers Council, for its yeoman’s efforts at tackling the Apapa gridlock, while advancing the expected gains of Inland Container Depots.

He particularly appreciated the NNPC leadership, its vision and its positive paradigm shift while lauding the IOCs, especially, Shell Nigeria, for the observed collaborative disposition.

“Shipping has the capacity to unlock the economic potentials of this country” highlighted Dr. Onyung, stressing that earnings that are obtained from crude oil lifting, directly fall under non-oil earnings.

He applauded the Seafarers for their dedicated commitment to the cause of national and international trade; describing the workers as earth’s most important, and noting that 90 percent of global cargo movement was done by water.

Consequently, the Arrowhead of the SOAN, Dr. McGeorge Onyung counseled Nigerians, to approach year 2023 with greater hope, because it would open up new and inspiring business development opportunities, during which Ship Owners would begin to employ more Nigerians.

Nigerian Shippers Council NSC Executive Secretary, Hon. Emmanuel Jime at the SOAN GALA NIGHT in Lagos, at the weekend.

In the meantime, the Minister of Transportation, Mu’azu Jaji Sambo has assured the nation’s ship owners, that Government would go the extra mile, henceforth, to demonstrate total and unspared support, to boost their success.

“We want to say we are very proud of you, for what you do, and for growing our economy”, Mu’azu Sambo, who was ably represented by the Permanent Secretary, Federal Ministry of Transportation, Dr. Magdalene Ajani, quipped.

Calling attention to the recent approval of President Muhammadu Buhari for immediate disbursement of the Cabotage Vessels Financing Fund CVFF, as Government’s unhidden support for the success of indigenous shipping, the Minister pledged that the CVFF would soon be disbursed and more Nigerian vessels would berth and operate in Nigerian waters. 

Thereafter, the Minister pounced on the IOCs, and the NNPCL, stressing that they must play by the rules, if they truly want peace, with Nigerians.

He maintained that the NNPCL is now a private liability company; and therefore, must conform, alongside the IOCs, on ethics of good business relations.

“Much as we want to support you, we also want to beg you: please, kindly play by the rules!”, stated Mu’azu Sambo, tasking the IOCs to abide by the Constitution and Government’s body language.

“We insist that you support our agencies and pay them for the services they rendered.

“There is no way we can continue to support you if you don’t pay us for the services we have rendered”, the Minister indicated further, adding that the Federal Government is determined to support the IOCs, through desirable, enabling policies; but such support would not come, at the expense of the country.

“But, more importantly, you need to prioritise the welfare of the Nigerian Maritime workers” explained Sambo, stressing that the authorities could not afford to have them down tool, as such would create a very negative backlash.

“So please, IOCs, NNPCL, kindly follow the footsteps of SOAN, by trying to make sure that the welfare of the Maritime workers is prioritised!”, Sambo further said.

  • 9th African Shippers’ Day holds 16th - 18th January

    Nigerian Shippers Council NSC Executive Secretary, Hon. Emmanuel Jime at the SOAN GALA NIGHT in Lagos, at the weekend.

  • President, Ship Owners Association of Nigeria, Dr. McGeorge Onyung (middle), flanked by his wife and the NIMASA Director General, Dr. Bashir Jamoh

  • OCEANS' WEALTH: SOAN To Go For Nigeria's Fair Share -Onyung

  • 9th African Shippers’ Day holds 16th - 18th January
  • OCEANS' WEALTH: SOAN To Go For Nigeria's Fair Share -Onyung

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Super Eagles beat hosts Guinea Bissau, to reclaim Group ‘A’ leadership



Super Eagles beat hosts Guinea Bissau, to reclaim Group 'A' leadership

The Super Eagles on Monday in Bissau beat hosts Guinea Bissau 1-0 to reclaim leadership of Group A in the 2023 Africa Cup of Nations (AFCON) qualifiers.

Moses Simon’s penalty kick after 29 minutes gave the Nigerian senior men’s football team the needed win to move to nine points after four matches.

They have now upstaged from the apex position Guinea Bissau who toppled them on Friday in Abuja with a 1-0 win.

Guinea Bissau is with seven points from four matches and in second place, ahead of Sierra Leone who has five points from four matches.

Nigeria is expected to now face the Leone Stars of Sierra Leone in a Match Day 5 fixture.

 Details later  

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Banking & Finance

NGX: Investors Lose N622bn, as NCR Nigeria, Unity Bank lead Losers’ chart



NGX: Investors Lose N622bn, as NCR Nigeria, Unity Bank lead Losers’ chart

The domestic stock market on Nigeria Exchange Ltd. (NGX) continued on a negative note as the market capitalisation on Monday dropped by N622 billion amid sustained profit-taking activities.

Accordingly, investors lost N622 billion in value as market capitalisation declined to  N29.281 trillion from N29.903 trillion recorded at the previous session.

The All-Share Index (ASI) fell by 1,141.76 points, representing a decline of 2.08 percent, to close at 53,750.77 points as against the 54,892.53 posted on Friday.

Consequently, the ASI’s year-to-date (YTD) return fell to 4.88 percent.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Airtel Africa, Seplat Energy, MTN Nigeria Communications (MTNN), Nigerian Breweries and Lafarge Africa.

“We expect risk-on sentiments to be sustained in the equities markets even as the depressed interest rate environment will continue to favour the local bourse in line with our expectations for Q1, 2023.

“Taking positions in stocks with solid valuations and dividend yields ahead of the dividend-paying season remains the choice strategy.

“However, we see room for extended profit-taking activities,” Analysts at United Capital Plc said.

The market breadth was negative as 21 stocks lost relative to five gainers.

Courteville Business Solutions recorded the highest price gain of 6.67 percent to close at 48k per share.

NPF Microfinance Bank followed with a gain of 2.7 percent to close at N1.90 and AIICO Insurance up by 1.75 percent to close at 58k per share.

FBN Holdings (FBNH) rose by 0.92 percent to close at N11, while Zenith Bank gained 0. 2 percent to close at N25 per share.

Conversely, NCR Nigeria led the losers’ chart by 9.79 percent to close at N2.12, per share.

Unity Bank followed with a decline of 9.43 percent to close at 48k, while Prestige Assurance declined by 8.89 percent to close at 41k, per share.

SUNU Assurance declined 8.33 percent to close at 44k, while Multiverse Mining and Exploration and Airtel Africa shed 8.31 percent each to close at N2.98 and N1,420 respectively per share.

Also, the total volume traded decreased by 26.66 percent to 100.883 million units, valued at N4.342 billion and exchanged in 3,279 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 12.836 million shares valued at N318.513 million.

Zenith Bank followed with 11.920 million shares worth N297.982 million, while United Bank for Africa (UBA) traded 10.038 million shares valued at N80.242 million.

MTNN traded 8.264 million shares valued at N1.927 billion, while FBNH transacted 7.719 million shares worth N84.577.

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MARITIME SAFETY: NIMASA, NCC Close Ranks On Submarine Cable Regulation In Nigeria



MARITIME SAFETY: NIMASA, NCC Close Ranks On Submarine Cable Regulation In Nigeria

…Jamoh reiterates  commitment to Ease of Doing Business 

The Nigerian Maritime Administration and Safety Agency, NIMASA, and the Nigerian Communications Commission (NCC) have agreed to work closely with relevant stakeholders as the Agency inches closer to developing a regulatory framework to provide operational guidelines for Submarine Cable and Pipeline Operators in Nigeria. 

Officials of both organs of Government in Lagos reached this agreement at a pre Audit meeting on submarine cable regulation.

The Director General of NIMASA Dr. Bashir Jamoh, OFR, who chaired the meeting, which also had the Director General of Bureau of Public Service Reforms (BPSR) Mr. Dasuki Arabi in attendance, noted that the Agency is committed to the Ease of doing Business while implementing International Conventions which Nigeria has ratified and domesticated. 

He noted that with Nigeria now a destination for global communication players, the time has come to prevent unregulated underwater cable laying, which might become hazardous to shipping.

According to him, “It is worthy to note that marine cable laying has been ongoing for over two decades in Nigerian waters. Our focus is to ensure safety of navigation of shipping in Nigerian waters with all these underwater cables being laid.

NIMASA is actually developing the guidelines to regulate submarine cable operators in line with the provisions of the United Nations Convention on the Law of the Sea, UNCLOS; which we have ratified and NIMASA is the Agency of Government in Nigeria responsible for its implementation. We do not just implement laws; we consult. Where the responsibility of an Agency stops, that is where the responsibilities of another Agency start. Collaboration is a key component of ease of doing business in the best interest of the country and we will work closely with the NCC to achieve this”.

On his part, the Executive Vice Chairman of the NCC, Professor Umar Garba Danbatta who was represented by the Director, Compliance Monitoring and Enforcement, Efosa Idehen noted that the stakeholders’ dialogue strategy adopted by NIMASA in developing the guidelines would ensure a win-win situation urging NIMASA management to include the Ministry of Justice, a request NIMASA DG immediately granted.

Also speaking at the meeting was the Director General of the Bureau of Public Service Reforms Mr. Dasuki Arabi, who commended NIMASA and NCC for adopting effective Inter-Agency collaboration to avert a potential challenge for the country in the future.

NIMASA had notified submarine and cable operators in Nigeria of a soon-to-be-implemented regulatory guideline for submarine cables and pipelines in Nigeria, in line with the provisions of UNCLOS. NIMASA and the NCC agreed to identify and resolve areas of likely regulatory overlaps, ensuring a regulatory framework based on consultation to engender the attainment of Nigeria’s digital economy transformation.

Officials of the Federal Ministry of Environment and representatives of Submarine Cable operators in Nigeria were also at the meeting.

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