Economy
NIMASA Wants Fixed Fire-Fighting Systems on Fishing Vessels
By Dipo Olowookere
The Nigerian Maritime Administration and Safety Agency (NIMASA) has said it would recommend fishing vessels on the nation’s territorial waters to have fixed fire-fighting systems.
Head of Maritime Safety and Seafarers Standards Department at NIMASA, Captain Sunday Umoren, dropped this hint while reacting to reports that the agency failed to provide assistance to a distressed fishing vessel; MV ORC4, resulting in the sinking of the vessel and loss of lives.
In a statement issued on the matter, NIMASA said it actually saved the vessel through its Search and Rescue Operations alongside the Nigerian Liquefied Natural Gas company (NLNG).
According to NIMASA, the said fishing vessel did not sink and is currently at the ORC Jetty at Kirikiri Lighter Terminal in Lagos where it was safely towed after rescue.
The maritime regulatory agency explained that its Search and Rescue Control Room received a distress call at about 8pm on February 6, 2019 that a Vessel MV ORC 4 (ORC IV) was on fire at Bonny Anchorage and that the crew were abandoning the vessel.
It said the team swung into action and relayed the emergency call to shipping within the area in line with its statutory mandate as enshrined in SS.22(1) and SS.22(4) of the NIMASA Act 2007 and S.2(1) of the Merchant Shipping Act 2007 on Maritime Safety.
NIMASA said further that after preliminary investigation and assessment of the distress, it immediately sought collaboration with the NLNG whose fire-fighting tug was closest to the scene to assist in bringing the situation under control along with other neighbouring vessels, which collaborated in the rescue exercise, in line with global shipping standard.
Accordingly, the NLNG immediately swung into action by dispatching the fire-fighting tug boat named; CTOW ANN SOPHIE to the scene which was used to extinguish the fire.
It said the crew onboard were safely evacuated and the vessel safely towed to her owner’s jetty where she is currently undergoing repairs.
Mr Umoren, while commending the support of Atlantic Shrimpers’ vessels, his team and NLNG for the successful operation in saving the fishing vessel further, stated that, “There is a difference between emergency and salvage operations.
“Saving of lives is the mandatory action during an emergency and should be treated with top priority, but saving an asset is salvage, which is never free,” he stressed.
He also stated that usually, to save time, the salvor and the Master of the Vessel (to be salvaged) will agree for the operation to be under Lloyd’s Open Form (LOF), an international agreement which is a standard form contract for a proposed marine salvage operation which is aimed at eliminating pre-salvage negotiations deferring such to be decided by Arbitrators on completion of the salvage operation.
On the incident, Mr Umoren hinted that post incident analysis will be conducted and recommendations put forward especially on fixed fire-fighting systems on fishing vessels and that lessons learnt from the incident will be shared with stakeholders in the shipping industry.
Also, in a letter titled “Appreciation for Support During Fire Incident on Board ORCiv Trawler” addressed to the Director General Dr. Dakuku Peterside on February 11, 2019, the Group Managing Director of ORCiv Fishing and Food Processing Limited, Rahul Savara, thanked the agency for the rescue efforts.
In his words, “We would like to sincerely appreciate Maritime Rescue Coordination Centre (MRCC) for every assistance provided during the fire incident. Your timely support in dousing the fire aided in reducing the material loss that would have been incurred as a result of the incident. Please remain assured of our utmost regards and best wishes.”
It would be recalled that in a recent interactive session with journalists in Lagos, Mr Peterside had made it known that the agency will continue to engage relevant stakeholders on the need for a sustained collaboration to develop the sector.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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