Connect with us


Weekend Ginger: Masses: No Salvation In Sight, As Market Goes Into Disequilibrium



Nigerians, beginning from this week, courtesy of the classical economics theory which stipulates price rise whenever demands exceeds supplies, will start to buy almost all items at costlier prices!

The A4 paper for instance which sold N550 per ream on June 1, 2015, three days after President Muhammadu was sworn in, freely sold for N850 in early December 2015. As at Friday January 29, 2016; the same item was N1,250 in Lagos. Sadly enough, the progression, like that of amphiclox, a medication item, is predicted to adopt another 10 percent rice, this week.

President Muhammadu Buhari

President Muhammadu Buhari

A country generally acknowledged as import dependent, Nigeria’s inward cargo, courtesy of a warped Central Banks of Nigeria (CBN) forex restrictions policy has been on the decline, until last weekend, when it slide to 60 percent.

Subsequently, with a rise as already witnessed in common A4 paper, printing at business/ cyber cafe is expected to shoot up, photocopying would climb upwards, and those going to State Secretariats or police stations to either write reports or obtain documents, would be made to pay more.

Asiwaju Bola Tinubu

Asiwaju Bola Tinubu

Sadly enough, Nigeria on matters of cargo imports has no alternatives. We import, from staple pins, needles to electronics, motor spare parts to toothpicks!

The salvation for the masses, ironically may not be in sight! The Presidency is busy, running after looters. The Military is running after Boko Haram. The para-military groups are insufficiently funded, and therefore mostly perform their statutory functions, with less than 60 percent effectiveness.

The salvation of the masses may, honestly speaking, not be within the immediate consideration. The national lawmakers, whose oversight functions should have protected the masses was last week, accused of blackmailing and massive corruption, by a man who knows them, former President Olusegun Obasanjo. Unfortunately, one of them who anchored the opinions of the generality, instead of denying the allegations, only worsened the situation, by merely confirming, that the former President actually introduced the perceived corruption into the National Assembly, while he was a second term President, futily seeking an illegal third term!

In order words, going by such porous defences, the former President may indeed, be correct on the Senate, in terms of corruption. Senator Dino Melaye failed to absolved the Senate of Obasanjo’s allegations. He merely corroborated it; thereby creating new fears in the electorate, on how a corrupt and blackmailing Senate could protect their welfare, let alone, advance it.
Sadly enough, the proverbial King’s men, Buhari’s henchmen who should understand better, have not. They neither read the President’s body language, nor understand the simple English meaning of Buhari’s maiden speech: I belong to none, I belong to all…!
They see the President as their PROPERTY, to be owned, and to be shielded from everyone else. Consequently, plagued by insecurity and fears of loosing their ‘hold’ on their PROPERTY, they have started fighting everyone else, including Obasanjo and Asiwaju Bola Tinubu of becoming too close to Mr. President.
Some, repeating a similar mistake made by former president, Goodluck Jonathan’s kiths and kins, some of them have even begun to pressure Buhari, not only to distance himself from the duo, but to unleash the EFCC operatives on them!

Pray! Who would save Buhari, from the warped, selfish and thoughtlessness of the King’s men?!

By February 1, precisely Monday, the tariff on NEPA or PHCN, a body that supplies the country with more of darkness than electricity would rise. The reverberating effects would tinker, adversely with the prices of whatever the country still ‘manufactures’ or assembled.

The price shift would coincide with the continuing rising prices of goods, following the CBN restrictions inadequacies, to create another price disequilibrium in the market, totally unfavourable to the masses!
But then, who is thinking of the masses?!

We prayed for Change. God, in HIS Infinite Mercies has bestowed Change on us. But then, in the euphoria of Change, we may also have lost some focus.

Crimes, induced by unmitigated needs are on the increase. Prostitution is worse hit, as the cost of sleeping with women of easy virtues, having been compounded by a growing stiff competition from wives and daughters of newly retrenched (sacked) men, is on the slide. Add these to women who are working but haven’t been paid for months and you begin to understand why prostitution is most hit.

I have visited Opebi Allen, Ikeja axis to study the prostitutes and juxtaposed it with reports my men brought from Ayilara at Ojuelegba and Apapa, to know the illicit trade is also currently, going through hell!

In the meantime, let us leave you with a few newspapers headlines, as sourced from the Twitters handles:

1.Removal of fuel subsidy (including KEROSENE?) would save Government N6bn
2. Non-oil export revenue drops by $5.9 bn in 2years;
3. Buharinomics is height of foolishness;
4. Human Rights Group raises alarm over FG efforts to arrest (former President) Jonathan;
5. Akpabio denies owing properties / accounts in Dubai;
6. Obasanjo introduced Corruption to NASS;
7. Boko Haram (clinically) dead-FG;
8.  Five dead, four injured as CJTF vehicles step on Boko Harams land mines in Borno
9. Heavy gun fire, as Boko Harams moves to storm Maiduguri.

With issues as volatile as these, pray, how can the masses and their inconsequential ‘headaches’ ever get a proper attention!

May the President live, Forever!

Continue Reading
Advertisement Simply Easy Learning
1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

seven + seventeen =


WAIVER CESSATION: Igbokwe urges NIMASA to evolve stronger collaboration with Ships owners



…Stresses the need for timely disbursement of N44.6billion CVFF***

Highly revered Nigerian Maritime Lawyer, and Senior Advocate of Nigeria (SAN), Mike Igbokwe has urged the Nigeria Maritime Administration and safety Agency (NIMASA) to partner with ship owners and relevant association in the industry to evolving a more vibrant merchant shipping and cabotage trade regime.

Igbokwe gave the counsel during his paper presentation at the just concluded two-day stakeholders’ meeting on Cabotage waiver restrictions, organized by NIMASA.

“NIMASA and shipowners should develop merchant shipping including cabotage trade. A good start is to partner with the relevant associations in this field, such as the Nigeria Indigenous Shipowners Association (NISA), Shipowners Association of Nigeria (SOAN), Oil Trade Group & Maritime Trade Group of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

“A cursory look at their vision, mission and objectives, show that they are willing to improve the maritime sector, not just for their members but for stakeholders in the maritime economy and the country”.

Adding that it is of utmost importance for NIMASA to have a through briefing and regular consultation with ships owners, in other to have insight on the challenges facing the ship owners.

“It is of utmost importance for NIMASA to have a thorough briefing and regular consultations with shipowners, to receive insight on the challenges they face, and how the Agency can assist in solving them and encouraging them to invest and participate in the maritime sector, for its development. 

“NIMASA should see them as partners in progress because, if they do not invest in buying ships and registering them in Nigeria, there would be no Nigerian-owned ships in its Register and NIMASA would be unable to discharge its main objective.

The Maritime lawyer also urged NIMASA  to disburse the Cabotage Vessel Financing Fund (CVFF)that currently stands at about N44.6 billion.

“Lest it be forgotten, what is on the lips of almost every shipowner, is the need to disburse the Cabotage Vessel Financing Fund (the CVFF’), which was established by the Coastal and Inland Shipping Act, 2003. It was established to promote the development of indigenous ship acquisition capacity, by providing financial assistance to Nigerian citizens and shipping companies wholly owned by Nigerian operating in the domestic coastal shipping, to purchase and maintain vessels and build shipping capacity. 

“Research shows that this fund has grown to about N44.6billion; and that due to its non-disbursement, financial institutions have repossessed some vessels, resulting in a 43% reduction of the number of operational indigenous shipping companies in Nigeria, in the past few years. 

“Without beating around the bush, to promote indigenous maritime development, prompt action must be taken by NIMASA to commence the disbursement of this Fund to qualified shipowners pursuant to the extant Cabotage Vessel Financing Fund (“CVFF”) Regulations.

Mike Igbokwe (SAN)

“Indeed, as part of its statutory functions, NIMASA is to enforce and administer the provisions of the Cabotage Act 2003 and develop and implement policies and programmes which will facilitate the growth of local capacity in ownership, manning and construction of ships and other maritime infrastructure. Disbursing the CVFF is one of the ways NIMASA can fulfill this mandate.

“To assist in this task, there must be collaboration between NIMASA, financial institutions, the Minister of Transportation, as contained in the CVFF Regulations that are yet to be implemented”, the legal guru highlighted further. 

He urged the agency to create the right environment for its stakeholders to build on and engender the needed capacities to fill the gaps; and ensure that steps are being taken to solve the challenges being faced by stakeholders.

“Lastly, which is the main reason why we are all here, cessation of ministerial waivers on some cabotage requirements, which I believe is worth applause in favour of NIMASA. 

“This is because it appears that the readiness to obtain/grant waivers had made some of the vessels and their owners engaged in cabotage trade, to become complacent and indifferent in quickly ensuring that they updated their capacities, so as not to require the waivers. 

“The cessation of waivers is a way of forcing the relevant stakeholders of the maritime sector, to find workable solutions within, for maritime development and fill the gaps in the local capacities in 100% Nigerian crewing, ship ownership, and ship building, that had necessitated the existence of the waivers since about 15 years ago, when the Cabotage Act came into being. 

“However, NIMASA must ensure that the right environment is provided for its stakeholders to build and possess the needed capacities to fill the gaps; and ensure that steps are being taken to solve the challenges being faced by stakeholders. Or better still, that they are solved within the next 5 years of its intention to stop granting waivers”, he further explained. 

Continue Reading


Breaking News: The Funeral Rites of Matriarch C. Ogbeifun is Live



The Burial Ceremony of Engr. Greg Ogbeifun’s mother is live. Watch on the website: and on Youtube: Maritimefirst Newspaper.

Continue Reading


Wind Farm Vessel Collision Leaves 15 Injured



…As Valles Steamship Orders 112,000 dwt Tanker from South Korea***

A wind farm supply vessel and a cargo ship collided in the Baltic Sea on Tuesday leaving 15 injured.

The Cyprus-flagged 80-meter general cargo ship Raba collided with Denmark-flagged 31-meter wind farm supply vessel World Bora near Rügen Island, about three nautical miles off the coast of Hamburg. 

Many of those injured were service engineers on the wind farm vessel, and 10 were seriously hurt. 

They were headed to Iberdrola’s 350MW Wikinger wind farm. Nine of the people on board the World Bora were employees of Siemens Gamesa, two were employees of Iberdrola and four were crew.

The cause of the incident is not yet known, and no pollution has been reported.

After the collision, the two ships were able to proceed to Rügen under their own power, and the injured were then taken to hospital. 

Lifeboat crews from the German Maritime Search and Rescue Service tended to them prior to their transport to hospital via ambulance and helicopter.

“Iberdrola wishes to thank the rescue services for their diligence and professionalism,” the company said in a statement.

In the meantime, the Hong Kong-based shipowner Valles Steamship has ordered a new 112,000 dwt crude oil tanker from South Korea’s Sumitomo Heavy Industries Marine & Engineering.

Sumitomo is to deliver the Aframax to Valles Steamship by the end of 2020, according to data provided by Asiasis.

The newbuild Aframax will join seven other Aframaxes in Valles Steamship’s fleet. Other ships operated by the company include Panamax bulkers and medium and long range product tankers.

The company’s most-recently delivered unit is the 114,426 dwt Aframax tanker Seagalaxy. The naming and delivery of the tanker took place in February 2019, at Namura Shipbuilding’s yard in Japan.

Maritime Executive with additional report from World Maritime News

Continue Reading

Editor’s Pick