Economy

NIMASA Wants Fixed Fire-Fighting Systems on Fishing Vessels

Published

7 years ago

17/03/2019

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.

Economy

PenCom Extends Deadline for Pension Recapitalisation to June 2027

Published

6 hours ago

19/12/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The deadline for the recapitalisation of the Nigerian pension industry has been extended by six months to June 2027 from December 2026.

This extension was approved by the National Pension Commission (PenCom), the agency, which regulates the sector in the country.

Addressing newsmen on Thursday in Lagos, the Director-General of PenCom, Ms Omolola Oloworaran, explained that the shift in deadline was to give operators more time to boost the capital base, dismissing speculations that the exercise had been suspended.

“The recapitalisation has not been suspended. We have communicated the requirements to the Pension Fund Administrators (PFAs), and we expect every operator to be compliant by June 2027. Anyone who is not compliant by then will lose their licence,” Ms Oloworaran told journalists.

She added that, “From a regulatory standpoint, our major challenge is ensuring compliance. We are working with ICPC, labour and the TUC to ensure employers remit pension contributions for their employees.”

The DG noted that engagements with industry operators indicated broad acceptance of the policy, with many PFAs already taking steps to raise additional capital or explore mergers and acquisitions.

“You may see some mergers and acquisitions in the industry, but what is clear is that the recapitalisation exercise is on track and the industry agrees with us,” she stated.

PenCom wants the PFAs to increase their capital base and has created three categories, with the first consists operators with Assets Under Management of N500 billion and above. They are expected to have a minimum capital of N20 billion and one per cent of AUM above N500 billion.

The second category has PFAs with AUM below N500 billion, which must have at least N20 billion as capital base.

The last segment comprises special-purpose PFAs such as NPF Pensions Limited, whose minimum capital was pegged at N30 billion, and the Nigerian University Pension Management Company Limited, whose minimum capital was fixed at N20 billion.

Economy

Three Securities Sink NASD Exchange by 0.68%

Published

6 hours ago

19/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Thursday, December 18.

According to data, Central Securities Clearing System (CSCS) Plc led the losers’ group after it slipped by N2.87 to N36.78 per share from N39.65 per share, Golden Capital Plc depreciated by 77 Kobo to end at N6.98 per unit versus the previous day’s N7.77 per unit, and FrieslandCampina Wamco Nigeria Plc dropped 19 Kobo to sell at N60.00 per share versus Wednesday’s closing price of N60.19 per share.

At the close of business, the market capitalisation lost N16.81 billion to finish at N2.147 billion compared with the preceding session’s N2.164 trillion, and the NASD Unlisted Security Index (NSI) declined by 24.76 points to 3,589.88 points from 3,614.64 points.

Yesterday, the volume of securities bought and sold increased by 49.3 per cent to 30.5 million units from 20.4 million units, the value of securities surged by 211.8 per cent to N225.1 million from N72.2 million, and the number of deals jumped by 33.3 per cent to 28 deals from 21 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

Similarly, InfraCredit Plc ended as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units exchanged for N524.9 million.

Economy

NGX Index Crosses 150,000 points as Market Cap Nears N96trn

Published

6 hours ago

19/12/2025

Dipo Olowookere

By Dipo Olowookere

The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited has again crossed the 150,000-point threshold on Thursday as the demand of for local intensifies.

The market was up by 0.35 per cent during the session, with the NGX index inching higher by 520.23 points to 150,363.05 points from the previous day’s 149,842.82 points and the market capitalisation climbed by N332 billion to N95.857 trillion from N95.525 trillion.

During the session, the consumer goods index grew by 1.23 per cent, the banking counter expanded by 0.56 per cent, and the energy sector appreciated by 0.05 per cent.

However, the insurance industry went down by 0.23 per cent, while the commodity and the industrial goods sectors closed flat.

Nestle Nigeria gained 10.00 per cent to trade at N1,958.00, Guinness Nigeria improved by 9.98 per cent to N289.70, Aluminium Extrusion Industries rose by 9.76 per cent to N11.25, DAAR Communications soared by 9.20 per cent to 95 Kobo, and Mecure Industries surged by 9.13 per cent to N55.00.

On the flip side, Stanbic IBTC lost 9.33 per cent to settle at N95.20, Lasaco Assurance went down by 9.09 per cent to N2.50, Africa Prudential slipped by 8.82 per cent, Austin Laz depreciated by 8.82 per cent to N12.40, and Sterling Holdings crashed by 6.12 per cent to N6.90.

There were 35 price gainers and 26 price losers yesterday, implying a positive market breadth index and bullish investor sentiment.

During the session, a total of 839.8 million equities valued at N32.8 billion exchanged hands in 23,211 deals compared with the 5.9 billion equities worth N216.2 billion traded in 25,205 deals a day earlier, indicating a decline in the trading volume, value, and number of deals by 85.77 per cent, 84.83 per cent, and 7.91 per cent apiece.

The day’s busiest stock was First Holdco with a turnover of 385.6 million units sold for N15.6 billion, FCMB traded 76.0 million units worth N805.3 million, Lasaco Assurance exchanged 43.6 million units valued at N111.8 million, Access Holdings transacted 29.6 million units worth N616.8 million, and Chams sold 24.8 million units valued at N75.4 million.