Economy

Maritime Safety Key to Economic Growth—Dogara

Published

8 years ago

24/07/2018

By Modupe Gbadeyanka

Speaker of the House of Representatives, Mr Yakubu Dogara, has said maritime safety is key to economic growth, especially in light of the huge contributions made by the sector to economic development. He said this at a public hearing by the House Committee on Maritime Safety, Education and Administration on a bill seeking to establish the Maritime Security Agency.

Speaking to members of the committee and stakeholders in the maritime sector, Mr Dogara stressed the importance of the maritime sector to revenue generation in the country and highlighted the importance of the Bill being considered.

“You will agree with me that the Maritime Sector is key to the success of the Federal Government’s Economic Recovery and Growth Plan (ERGP) that was launched in March, this year.

“This is because a lot of revenue needed to revamp our economy can easily leak away if our Maritime environments are not properly managed or policed.

“To this end, the proposed Bill seeks to establish an Agency charged with the mandate to provide maritime security and communication in our maritime region as a separate entity from NIMASA. This is to further fortify the security arrangements in the Sector.

“It is pertinent to note that Nigerian Maritime Administration and Safety Agency (NIMASA) was established in 2007 following the passage of the NIMASA Act No 17 of 2007 by the National Assembly, which saddles the Agency with the Promotion of Maritime Safety and Security and, indeed, the protection of marine environment among others.

“In an effort to curb the menace and recurring security issues on our maritime domain, NIMASA was mandated to take up a primary role and finance a new Maritime Security Architecture project of the Federal government,” he said.

This was also as he acknowledged efforts made by NIMASA so far, and cooperation with the Nigerian Navy.

“I have been made to realize that the Agency has stepped-up significantly the deployment of satellite surveillance Infrastructure to enable the agency monitor shipping activities and the marine environment in real time for safety, security and administration of the maritime domain of the nation.

“This package essentially exposes all illicit activities of operators while also aiding the agency in providing the required assistance in the event of maritime distress call. It is note-worthy that the Nigerian Navy also compliments the efforts of NIMASA in ensuring that our territorial waterways are secured and free from criminal activities.”

He further stated that subjecting the bill to public discourse is necessary, especially as there are concerns about duplication and additional expenditure incurred in setting up new agencies.

“In view of these facts, it has become very imperative to subject this Bill to public discourse, considering the obvious facts that the Nation is grappling with the shrinking of the already lean resources available for delivering on core social infrastructure. This is more so, as some observers have argued that establishing another agency charged with same mandate as NIMASA and Nigerian Navy will ultimately translate to duplication of functions in an era when Government is finding ways to reduce the cost of administering our bureaucracy.”

The Speaker revealed that the House takes matters relating to the maritime sector very seriously, as five of the 154 bills so far passed by the House are targeted at strengthening the sector. The bills are; Nigeria Maritime University, Okerenkoko Bill, the National Transport Commission Bill, Coastal & Inland Shipping (Cabotage) Amendment Bill, National Inland Waterways (Amendment) Bill, and the Maritime Operations Coordinating Board (Amendment) Bill.

The bill presently being considered is a Bill For an Act to Establish The Maritime Security Agency to Promote Maritime Security and to Provide Among Other Things, for the Establishment of the Maritime Security Agency Charged With the Responsibility of Providing Security and Safety Information and Communication Facilities for All Categories of Users of the Nigerian Maritime Industry and for Related Matters

Economy

Wems BO Plans Personal Finance Retreat to Empower Nigerians

Published

11 hours ago

24/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Financial educator and coach, Mrs Wemimo “Wems BO” Bolu-Opaniran, is set to host the maiden edition of the Wems BO Personal Finance Retreat 1.0, a weekend event aimed at helping participants improve their financial literacy and develop practical money management skills.

According to a statement, the retreat is designed to make personal finance engaging and accessible through interactive sessions, games, networking opportunities, and one-on-one coaching sessions.

The organisers said the event will focus on providing attendees with practical and actionable financial knowledge rather than conventional lecture-style teaching.

“Come and unravel financial wisdom and leave with a practical and concrete action plan,” the organisers stated in a statement.

Activities lined up for the retreat include interactive finance sessions, networking opportunities, personal finance workbooks, games and activities, food and souvenirs, as well as three months of exclusive access to the event replay.

Speaking on the rationale for organising the event, Wems BO noted that lack is primarily not always the reason people have bad finances, but often, money culture is.

“The way one sees and treats money has been a development from years and decades past. So, what to do about money is not the solution. It is mindset, defaults and motivations shaping decisions.

The solution is an inner inquiring on why you do what you do, beyond money. Understanding who you are, then beginning to drive decisions that make you grow, manage and scale your finances in a way that aids the life you want,” she told Business Post.

Participants will also have the opportunity to receive one-on-one coaching with the finance guru.

The event is scheduled to be held from Friday, July 17 to Saturday, July 18, 2026, at an in-house venue on Lagos Mainland.

Ticket prices were pegged at N40,000 for individual attendees and N76,000 for duo tickets, with organisers noting that limited slots remain available.

Interested participants can register through the official registration link.

Economy

Unlisted Securities Index Rises 0.91%

Published

1 day ago

23/05/2026

Adedapo Adesanya

By Adedapo Adesanya

A 0.91 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 22, after the share prices of four securities ended in green.

According to data, FrieslandCampina Wamco Plc went up by N15.61 to N179.67 per share from N164.06 per share, Newrest Asl Plc grew by N6.11 to N67.26 per unit from N61.15 per unit, Food Concepts Plc appreciated by 17 Kobo to N2.75 per share from N2.58 per share, and Nitrox Industrial Gases Plc added 6 Kobo to sell at N25.50 per unit compared with the previous day’s N25.44 per unit.

At the close of business, the market capitalisation chalked up N23.22 billion to settle at N2.561 trillion versus Thursday’s N2.538 trillion, and the NASD Unlisted Security Index (NSI) increased by 38.81 points to 4,281.28 points from 4,242.47 points.

During the session, the price of Central Securities and Clearing System (CSCS) Plc was down by N3.13 to N71.07 per share from N74.20 per share.

The activity chart showed that the volume of securities transacted by the market participants decreased yesterday by 81.6 per cent to 590,339 units from the 3.2 million units recorded on Thursday, as the number of deals shrank by 28.6 per cent to 30 deals from the 42 deals recorded a day earlier, while the value of securities increased by 0.5 per cent to N95.3 million from the preceding session’s N94.8 million.

Great Nigeria Insurance (GNI) Plc closed the day as the most active stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units traded for N4.1 billion.

The most active stock by volume on a year-to-date basis was GNI Plc, with the sale of 3.4 billion units for N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.

Economy

Stock Investors Gain N344bn amid Decline in Transactions

Published

1 day ago

23/05/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange witnessed a decline in transactions on Friday despite closing higher by 0.22 per cent on the back of sustained bargain-hunting.

During the last trading session of the week, investors transacted 711.9 million equities valued at N29.1 billion in 62,386 deals compared with the 1.1 billion equities worth N31.0 billion traded in 62,448 deals in the previous day, indicating a decline in the trading volume, value, and number of deals by 35.28 per cent, 6.13 per cent, and 0.10 per cent, respectively.

Fidelity Bank closed the day as the most active stock with the sale of 198.1 million units for N4.6 billion, Access Holdings traded 69.7 million units worth N1.8 billion, Mutual Benefits exchanged 42.7 million units valued at N197.4 million, Japaul transacted 33.9 million units worth N134.4 million, and Zenith Bank sold 24.4 million units valued at N3.2 billion.

Yesterday, the industrial goods index rose by 0.53 per cent, the consumer goods sector jumped 0.28 per cent, the banking industry improved by 0.25 per cent, and the energy counter soared by 0.18 per cent, while the insurance space shed 0.18 per cent.

At the close of business, the All-Share Index (ASI) gained 536.98 points to finish at 249,712.37 points compared with the previous day’s 249,175.39 points, and the market capitalisation grew by N344 billion to N160.077 trillion from N159.733 trillion.

Aluminium Extrusion and DAAR Communications expanded by 10.00 per cent each to sell for N9.90 and N2.09, respectively, RT Briscoe surged by 9.93 per cent to N14.06, Learn Africa increased by 9.79 per cent to N12.90, and Red Star Express advanced by 9.56 per cent to N34.95.

On the flip side, Trans-Nationwide Express depreciated by 9.92 per cent to N5.72, Livestock Feeds dipped by 9.64 per cent to N8.90, The Initiates crashed by 8.65 per cent to N33.80, Ellah Lakes drowned by 8.64 per cent to N10.05, and Neimeth lost 6.36 per cent to trade at N10.30.