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NIMASA Eyes Acquisition of 28 Vessels from $700m Cabotage Fund

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acquisition of 28 vessels

By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) is targeting the acquisition of 28 vessels with a total of $700 million through the Cabotage Vessel Financing Fund (CVFF).

This was disclosed by the Minister of State for Transportation, Mr Ademola Adegoroye, while speaking at the maiden annual lecture of the Institute of Maritime Studies at the University of Lagos (UNILAG).

He said that the government would do everything possible to make it easier for ship owners to acquire more ships with a view to growing the Blue Economy initiative.

Mr Adegoroye also said that the ministry is working hard to ensure that the CVFF is disbursed before the end of the current administration.

He expressed faith in the incoming administration of Mr Bola Ahmed Tinubu, adding that if the fund is not disbursed, the All Progressive Congress (APC) government will disburse the fund as the government will continue the efforts of President Muhammadu Buhari.

He also noted that another top priority in the Blue Economy agenda is the underexplored fishing sub-sector.

“The fisheries sub-sector is another area the government is working very to create jobs for our people and make water transport easier for Nigerians.

“Absolutely, that is what every responsible government would do but I can assure you that Government will do everything to make it easier for Ship owners to get more ships so that we can continue to grow our Blue economy. It makes sense for every responsible government to do that, once it gets too expensive, it becomes a problem even for our economy.

“We are hoping and praying that we disbursed the Fund before the end of the current administration, we have a short time, we have barely eight weeks, but I know they are working day and night to achieve this. It is possible good if not, the government is a continuum. It is a policy of the government, and nobody can do anything about it,” he stated.

On his part, the Director General of NIMASA, Mr Bashir Jamoh, said the agency already has a total of $350 million as its contributions to the fund while the Primary Lending Institutions (PLIs) and local ship owners that want to benefit from the fund will contribute 35 per cent and 15 per cent respectively so as to acquire the targeted number of vessels.

Mr Jamoh also said that from his calculations, a total of $700 million is expected to be expended on the acquisition adding that the loan will be given at a single-digit rate.

According to the agency boss, the number of jobs that will be created by the time the entire acquisition is completed, cannot be over00p emphasized.

“Besides using the Blue Economy to drive local shipping growth, the initiative will also awaken the nation’s dying marine insurance sub-sector.

“The Blue Economy initiative is everybody’s business as the benefits will also be for everybody. The ocean is a way of life, we need to exploit it in a sustainable manner for our economic benefits,” he said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Pastor Ogbueli’s Abuja Night of Glory Holds Today

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Abuja Night of Glory

By Blaise Udunze

Momentum is gathering for the Abuja Night of Glory taking place today, Friday, December 5, 2025, at the main bowl of the Moshood Abiola National Stadium.

The crusade is being hosted by Dominion City Church headed by Pastor David Ogbueli and it starts by 7pm.

The all-night programme will feature dynamic worship leaders like Nathanial Bassey, Dunsin Oyekan, Theophilus Sunday, Chioma Jesus, Kaestrings, Sunmisola Agbebi Okeleye, Minister GUC, Ebuka Songs, Anthony Kani, and DC Angels.

Reputed as a teacher of righteousness and anointed minister of the gospel, evidenced by the miracles that have trailed his ministry, and one who champions the cause of the poor through empowerment initiatives, Dr. David Ogbueli will be joined by renowned ministers from within and outside Nigeria, including Evangelist Andres Bisonni, Dr. Charles Ndifon, Evangelist Dan Scott, Apostle Ikechukwu Nnajiofor, and several others.

Night of Glory has, in previous editions held across Nigeria’s cities, recorded remarkable results, such as immediate healings and freedom from chronic ailments, recovery of vision and movement after many years of paralysis, along with liberation from dependencies and emotional distress. Numerous participants have also shared testimonies of breakthroughs and big personal changes after the experience. Organisers state that this year’s event, in Abuja, is anticipated to exceed previous editions.

The event is intended for all individuals trusting God for divine intervention in any area of life.

Understanding the role of faith in the destiny of individuals and nations, a dedicated prayer session for Nigeria will take place during the crusade to tackle some of the current challenges being faced in the country and also to uplift he leaders and institutions before God.

Attendance is free, and registration is encouraged via the QR codes on event banners. Organisers expect a massive turnout as worshippers travel from across the country for what is anticipated to be a transformative encounter.

Adequate security and free transportation have been put in place ALL over the city of Abuja, while those outside Abuja are expected to join online.

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Rivers Speaker, 15 Other Lawmakers Leave PDP for APC

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rivers speaker Martin Amaewhule defect

By Modupe Gbadeyanka

The Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, has defected to the All Progressives Congress (APC).

At the plenary on Friday, Mr Amaewhule joined the ruling party from the opposition Peoples Democratic Party (PDP), along with 15 other members of the state parliament.

This development comes some months after they had earlier declared their support for the APC in the wake of a crisis with the state governor, Mr Sim Fubura.

The lawmakers had an issue with Mr Fubura, which led to a state of emergency declared on the oil-rich state by President Bola Tinubu in March 2025.

This embargo was only lift in September 2025 after the duration of the six-month emergency rule in the state.

A few days ago, members of the Rivers Assembly passed a vote of confidence on President Tinubu, backing him to remain in office till 2031, when he would have spent eight years in office if re-elected in 2027.

Announcing their defection today, the lawmakers pinned their decision on the crisis rocking the PDP at the national level.

It is not certain if their political godfather, Mr Nyesom Wike, who is the current Minister of the Federal Capital Territory (FCT), will join them in APC.

Mr Wike, who governed Rivers State from 2015 to 2023, has been accused of instigating the crisis in the opposition PDP. He was expelled from the party last month at a national convention held in Ibadan, Oyo State.

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Nigeria Risks Brain Drain in Energy Sector—PENGASSAN

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energy sector

By Adedapo Adesanya

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.

The president of PENGASSAN, Mr Festus Osifo, said at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja that the industry was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.

Painting an example, he said, “A drilling engineer in Nigeria does the same job as one in the US or Abu Dhabi,” noting that the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.

“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.

According to him, PENGASSAN has recorded significant gains through collective bargaining across oil and gas branches.

“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.

He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.

Mr Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.

He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.

“This industry recruits the best. Companies must provide the best conditions,” he said.

On insecurity, Mr Osifo urged government to take decisive action against terrorism and kidnappings across the country.

“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.

He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.

Mr Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.

He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.

“Nigerians want to see food on the table, not macroeconomic figures,” he said, urging the government to coordinate fiscal and monetary policies to ensure economic gains reach households.

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