Economy

Stakeholders Back Joint Vessel Inspection to Boast Ease of Doing Business

Published

8 years ago

23/09/2018

By Dipo Olowookere

Acting Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Usman Abubakar has stressed the need for all government agencies in the maritime sector to carry out joint inspection of vessels at the ports in order to fully actualize the Ease of Doing Business initiative of the federal government.

Mr Abubakar, who made this known when he led a joint team from the Nigerian Shippers Council (NSC) and the Commission on a courtesy visit to the management of the agency, noted that it will aid the turn-around-time of vessels calling at our part and also bring about efficiency.

The ICPC boss, who was represented by the Director, Public Enlightenment and spokesperson of the commission, Mrs Rashidat Okoduwa, stated that activities in the ports will no longer be business as usual for operators and others who are yet to comply with the ease of doing business initiative, hence the reason they are seeking partnership with NIMASA and other agencies to join in the resolve to ensure a business friendly and conducive maritime sector in Nigeria.

While welcoming the delegation, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Mr Dakuku Peterside, stated that transparency and integrity are crucial elements that must be put in place in order to realize a robust maritime sector in line with the Ease of Doing Business initiative of the federal government.

“We must be conscious of our international image because people who do business in our ports have alternatives. We must strive to make our ports user friendly and competitive; to achieve this, we need the support of all Stakeholders in the maritime sector,” Mr Dakuku said.

He further said NIMASA has fully keyed into the initiative of the ease of doing business and will continue to partner other relevant government bodies in the ports in order to fully realize the essence, which is geared towards making the nation’s ports competitive, adding that it will in turn bring about more employment opportunities and also generate more revenues to add to the nation’s Gross Domestic Product (GDP).

Mr Dakuku called for sanctions to erring port operatives, stating that it will serve as deterrent to others. He said, “Where there are no consequences for offences, people will continue to err; therefore the need to make people face the consequences for their actions or inactions is not negotiable.”

The NIMASA DG noted that the agency has reviewed its Standards Operational Procedures (SOP) manual and made the operational departments sign a service level agreement whereby boarding any vessel and other transactions will be done in record time, with a view to reducing delay in turn-around-time of vessels and to enhance trade facilitation. This he explained is in order to ensure full compliance to the Federal Government’s Ease of Doing Business agenda.

Executive Secretary of the NSC, Barrister Hassan Bello, who was represented by the Director, Legal Services of the NSC, Mr Samuel Vongtau appealed for more collaborative efforts by all the various agencies in the ports in order to realize an economically viable maritime sector in Nigeria.

The federal government’s Ease of Doing Business initiative is geared towards ensuring faster processes and procedures in ports activities in the country, whereby vessels calling at the nation’s ports get good time value for their businesses, thereby allowing for an improved turn-around-time in all forms of port transactions. To achieve this, all agencies in the ports are expected to collaborate and ensure seamless transactions in line with global best practices.

Economy

NASD Bourse Edges Up 0.23% as NSI Nears 3,970 Points

Published

12 hours ago

24/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.

The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.

Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.

During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

Economy

Naira Weakens to N1,353/$ at Official Market

Published

12 hours ago

24/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.

It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.

But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.

FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.

Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.

Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.

As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.

Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.

The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.

Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.

However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

Economy

NB Plc’s Strong Recovery, Improved Profitability Excite Shareholders

Published

14 hours ago

24/04/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.

Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.

At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.

“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.

Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.

“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.

Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.

She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.

“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.

Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.

“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.

She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.