Economy
Greenpeace Advises West Africa on Ways to Stop Illegal Fishing
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By Dipo Olowookere
After two months of joint surveillance with local authorities in West African waters, Greenpeace has completed its mission and has recommended ways governments of the region can tackle the issue of illegal fishing.
Greenpeace says an effective regional fisheries management body should be established and national fisheries policies harmonised.
Transparency, including bilateral fisheries agreements, the sharing of resources to optimise Vessel Monitoring Systems for tracking fishing vessels, and the setting up of a black list of IUU vessels and non-cooperating captains in the region must be adopted by all countries, it further suggested.
Greenpeace noted that there was an urgent need to establish a committee to monitor stock assessment and catches to bring fisheries capacity in balance with available resources.
In addition, the voices of local fishing communities, those hit hardest by industrial fishing in the region, must be made central to the planning and implementation of fisheries management. With West African fish stocks plummeting, the need for such a system is urgent.
It said in just three weeks of joint surveillance with local authorities in West African waters, 11 arrests of vessels fishing illegally occurred.
This, it said, is out of 13 fishing regulation infractions identified during the two month ‘Hope in West Africa’ ship tour, which also included fisheries monitoring and civil society and political engagement in a total of six countries.
The results of Greenpeace’s ship tour, which ends this weekend in Dakar, have been compiled in a preliminary report released today. The findings are symptomatic of West African fisheries’ desperate need for effective regulations at a regional level.
In total, Greenpeace and inspectors from Guinea, Guinea Bissau, Sierra Leone and Senegal boarded and inspected 37 industrial fishing vessels in the region.
In Mauritania Greenpeace conducted its own monitoring and presented the findings to the Minister of Fisheries, Mr Nani Chrougha. The 13 infractions included shark finning, incorrect net mesh sizes, transshipment at sea, lack of documentation and fishing outside of permits. The infractions were committed by fishing vessels with Chinese, Italian, Korean, Comoros and Senegalese flags.
According to Hope in West Africa project leader, Pavel Klinckhamers, “After two months at sea documenting and inspecting industrial fishing vessels in the waters of West Africa, it is clear that illegal fishing is worryingly common.
“We also found an eagerness among local fishermen, civil society and governments across the region to address the situation and move towards a sustainable fisheries system. The next step is for these stakeholders to show real commitment in working together towards that goal. We look forward to supporting that process.”
Without decision making powers current managing bodies for the seas, from Cabo Verde to Sierra Leone, including the Sub-Regional Fisheries Commission (SRFC) and the Fishery Committee for the Eastern Central Atlantic (CECAF), can only perform insufficient advisory roles. A lack of transparency on fisheries policies and practices also blights the region. Fisheries authorities’ vessel lists are often incomplete or inaccurate, and the numbers and details of joint venture companies and fisheries access agreements in the region remains opaque.
Also, Ahmed Diame, Greenpeace Africa Oceans campaigner, said “with West African fish stocks already in free-fall, governments must act right now to ensure food security is no longer threatened by overfishing and illegal fishing.
“Fish stocks are not restricted to national boundaries, and that is why the solutions to end the overfishing of West Africa’s waters can only come from joint efforts between the countries of this region.
“Governments must work together to set up and implement an effective regional fisheries management system to safeguard these precious resources now and for generations to come.”
In the latest round of joint surveillance, in Senegal, from 25 to 29 April, Greenpeace and inspectors from the Office of Fisheries Protection and Surveillance (DPSP) identified two cases of illegal fishing. The Marcantonio Bragadin, owned by a Senegalese-Italian joint venture, and Kanbal III, owned by a Senegalese-Spanish joint venture, were both caught using methods to constrict the mesh size of their nets, effectively making the net mesh smaller than the permitted size. The Marcantonio Bragadin reportedly paid a deposit of West African CFA 30 million (€45,700) one day later in order to continue fishing. The Kanbal III will be further investigated by the DPSP.
Greenpeace is handing its report to government representatives from Cape Verde, Mauritania, Guinea Bissau, Guinea, Sierra Leone and Senegal with strong recommendations as to how West African governments can live up to their responsibility and jointly manage both foreign and local fishing activities in order to safeguard their waters and ensure a fair and sustainable distribution of resources at sea. In the coming months, Greenpeace will also share its findings concerning the poor working conditions on board many foreign fishing vessels, where drinking water is often in scarce supply and many local crew are left to sleep, eat and wash outside.
By Adedapo Adesanya
Nigeria’s maiden shipment under the African Continental Free Trade Area (AfCFTA) has successfully arrived at the Mombasa Port in Kenya.
According to the Nigeria AfCFTA Coordination Office in a statement, the development marks a historic moment for Africa’s trade landscape.
The Senior Trade Expert at the Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, said in line with its mandate under the leadership of the National Coordinator, Mr Olusegun Awolowo, the office had coordinated the landmark event.
He said the achievement marked a significant milestone for Nigeria in realising the vision of increased intra-African trade and economic integration championed by the agreement in line with the decision of the AU Assembly at the 31st Ordinary Session of the Assembly.
“In times of escalating geopolitical tension and looming geo-economic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties.
“This is a historic moment, a realisation of the vision of our continent’s founding fathers and mothers.”
He also said the first consignment which was a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.
Mr Olutayo lauded the bold economic reforms of President Bola Tinubu, emphasising their catalytic role in enabling the country’s active participation in AfCFTA, fostering continental economic integration and industrialisation goals.
He also commended the seamless cooperation and commitment from Kenyan authorities, which exemplifies the true spirit of AfCFTA.
He acknowledged the pivotal leadership role of the AfCFTA Secretariat in fostering the success and emphasised the collaborative efforts of the Kenya AfCFTA Implementation Committee and the Kenya Revenue Authority (Customs).
According to him, the shipment, exported under AfCFTA preferential trade terms, underscores partnership, shared vision, the agreement’s potential to transform Africa’s economic landscape and pave the way for a new era of trade-driven prosperity.
The AfCFTA seeks to create a single market across Africa by reducing barriers to trade, investment, and labour.
The agreement’s goal is to increase socioeconomic development, reduce poverty, and make Africa more competitive globally.
On March 21, 2018, the AfCFTA agreement was adopted and opened for signature in Kigali, Rwanda. The agreement entered into force on May 30, 2019 and officially commenced on January 2021
Former President Muhammadu Buhari established the National Action Committee on AfCFTA (NAC) in December 2019.
By Adedapo Adesanya
The Nigerian Securities and Exchange Commission (SEC) has fixed January 31 as deadline for all Capital Market Operators (CMOs) to renew their operating licence.
In a circular to the operators on Sunday, the apex regulatory agency in the country’s capital market said the annual registration renewal would last between January 1 and 31, 2025.
SEC said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market, warning that CMOs without valid registration will be penalised and may be excluded from capital market activities.
”This is to inform all CMOs and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 01.
“All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.
“In line with the commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31 via registration renewal portal at www.eportal.sec.gov.ng,” it said.
The commission added that CMOs desiring to make enquiries or get support to complete the process should contact [email protected].
The regulator said it had in 2021 re-introduced periodic registration renewal by CMOs to create a reliable active operators’ data bank in the country’s capital market.
It said the renewal arrangement aimed at updating operators information on capital market for official use by local and foreign investors, other regulatory agencies and the public.
The agency added that the renewals would drastically reduce incidences of unethical practices by CMOs which may affect investors’ confidence and impact the capital market negatively, noting that the exercise will strengthen supervision and monitoring of CMOs by the commission.
By Adedapo Adesanya
The third trading week of 2025 ended on a positive note at the NASD Over-the-Counter (OTC) Securities Exchange, with seven equities on the platform inspiring a 1.24 per cent growth.
Consequently, the market capitalisation of the bourse increased by N21.56 billion during the five-day trading week to N1.075 trillion from the N1.053 trillion quoted in the preceding week (Week 2) as the NASD Unlisted Security Index (NSI) expanded by 37.98 points to 3,111.91 points from the 3,073.93 points it ended in the preceding week.
In the period under review, the volume of transactions went down by 42.1 per cent to 9.45 million units from the 16.30 million units in the previous week, as the value of trades declined by 53.1 per cent to N48.4 million from the N104.11 million, with these transactions completed in 122 deals involving 15 different stocks.
Industrial and General Insurance (IGI) Plc gained 50 per cent in the week to close at 36 Kobo per share versus 34 Kobo per share, Mixta Real Estate Plc increased by 20 per cent to end at N2.58 per unit compared with the previous week’s N2.15 per unit, and Okitipupa Plc rose by 10 per cent to N39.59 per share from N35.99 per share.
Further, UBN Property Plc grew by 10 per cent to N2.20 per unit from N2.02 per unit, Newrest Asl Plc jumped by 9.9 per cent to N31.38 per share from N28.53 per share, FrieslandCampina Wamco Plc surged by 3.7 per cent to N39.65 per unit from N38.22 per unit, and 11 Plc advanced by 0.3 per cent to N256.00 per share from N255.31 per share.
FrieslandCampina Wamco Plc topped the activity chart last week by value with with N0.030 billion, 11 Plc recorded N0.009 billion, Central Security Clearing System (CSCS) Plc raked in N0.004 billion, IGI Plc followed with N0.002 billion, and Geo-Fluids Plc recorded N0.002 billion.
However, IGI Plc was the most traded instrument by volume with 7.5 million units, FrieslandCampina Wamco Plc transacted 0.77 million units, UBN Property Plc recorded 0.38 million, Geo-Fluids Plc traded 0.37 million units, and CSCS Plc posted 0.16 million units.
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