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PORTS CONCESSION: Sambo Gives Conditions For Renewal Of Agreements, Promises Quick NSC Bill-Passage

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PORTS CONCESSION: Sambo Gives Conditions For Renewal Of Agreements, Promises Quick NSC Bill- Passage

The Minister of Transportation, Mu’azu Sambo has spelt out conditions that must be met by respective companies before the port’s concession agreements with them could be renewed.      

Sambo said companies seeking renewal of ports concession agreements must show satisfactory evidence of performance in terms of fulfilling the agreements, meeting key performance indicators and other obligations incumbent upon them.  

The Honourable Minister, who made this known during an official visit to the Nigerian Shippers Council (NSC) in Lagos, said ports reforms were meant to achieve efficiency in ports operations, increase cargo traffic and improve revenue; adding that these would be key considerations in renewing concession agreements. 

PORTS CONCESSION: Sambo Gives Conditions For Renewal Of Agreements, Promises Quick NSC Bill- Passage
L-R: Mu’azu Jaji Sambo, Honorable Minister of Transportation in a warm handshake with Rt. Hon. Emmanuel Jime, Executive Secretary/CEO, Nigerian Shippers’ Council. 

While placing the responsibility of approving ports concession agreements renewal on the Nigerian Shippers Council, the Minister charged the Agency to be meticulous in the screening process and to drop any company that could not satisfy the conditions for renewal of the agreements. 

PORTS CONCESSION: Sambo Gives Conditions For Renewal Of Agreements, Promises Quick NSC Bill- Passage
PORTS CONCESSION: Sambo Gives Conditions For Renewal Of Agreements, Promises Quick NSC Bill- Passage
*Engr. Mu’azu Jaji Sambo, the Minister of Transportation, Alhaji Lawal Sama’ila Abdullahi, Chairman, Governing Board, Nigerian Shippers’ Council and Hon. Emmanuel Jime, Executive Secretary/CEO, Nigerian Shippers’ Council addressing the minister and his entourage 

“The renewal of the concessions should be based on the performance of the company that was handling it. Get the ports concession agreements that were signed in 2006, identify all the key performance indicators (KPIs) for each terminal that is due for renewal, and look at their performance in terms of meeting these KPI’s including development plans, cargo traffic, revenues and other obligations that were incumbent upon them”.  

“Where a terminal operator’s concession should not be renewed, you must be bold enough to say it should not be renewed because they have not been able to match the target that was set for them and we will look for other companies that will meet the conditions”, he said 

On the Nigerian Shippers Council Amendment Bill, the Minister charged the Ministerial Committee set up to review the document to expedite work on the assignment and promised to put in his utmost effort to ensure that the Bill is passed into law before the end of his tenure as Minister.  

The Minister, exercising the powers conferred on him by all extant laws, directed the Nigerian Shippers Council, as the regulators of the ports, to establish a port community system in the country.  

“Even other neighboring countries, like the Republic of Benin, have a port community system working for them. The responsibility is on the Nigerian Shippers Council to get the Ports community system working. Get a working model from another country and replicate it here. We must have a Ports community system working in Nigeria before the end of this administration”,  he said. 

The Minister recalled the significant achievement so far recorded in the implementation of the dry Ports projects and urged the Shippers Council to work towards the successful take-off of the dry Ports in other designated areas of Jos, Aba, and Ibadan. 

He said the President has approved that oil cargo tracking should be handled by the Ministry of Transportation,  as the traditional role holders of cargo tracking, adding that this responsibility falls on the Nigerian Shippers Council. He advised the Agency to justify the confidence that the President has placed in the Ministry.  

On the issue of terminal charges, Sambo said there have been complaints of high terminal charges by terminal operators. He advised that the approved template for terminal charges should be adhered to and that the NSC should embark on massive enlightenment on the approved charges and should provide a platform through which importers can report terminal operators that charge beyond the approved rates. 

In his remarks, the Executive Secretary of the Nigerian Shippers Council, Emmanuel Jime commended the Minister for his leadership excellence, noting that the Minster has promoted cooperation, collaboration and synergy amongst all the Agencies in the Ministry of Transportation.  

He appreciated the  Minister for constituting a Ministerial Committee to review the NSC Act and expressed optimism that the Bill would be passed into law before the end of the Minister’s stay in office. 

He said the recent commissioning of the Dala Dry Port in Kano State and the declaration of the Funtua Dry Port in Katsina State as port of origin and destination attest to the competence of the Minister.

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

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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

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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

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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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