The linkage of Bank Verification Number (BVN) to bank accounts has increased to 62.7 million in July, compared to 61.87 million recorded in early May, 2024, the Nigeria Inter-Bank Settlement System (NIBSS) has disclosed.
This indicates that a total of 854,267 account owners have registered for the BVN in the last two months, NIBSS in its recent BVN data revealed.
NIBSS data shows that as of December 2023, there were 60 million BVN registered. This indicates that this year’s database has grown by 2.7 million.
Recall that the Central Bank of Nigeria (CBN) instructed all banks to freeze any account not linked to the BVN by April 2024. This directive, which was issued in December 2023, may have caused the spike in BVN registration.
Although BVN is now required in order to register an account, the number of active bank accounts in the nation indicates that there is still a significant discrepancy between the number of accounts and the number of BVN.
According to Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report, five per cent (3 million) of banked adults do not have a BVN or NIN.
According to the recent banking data released by NIBSS, the number of active bank accounts in Nigeria stood at 219.6 million in March 2024. Meanwhile, only 62.7 million have BVN.
Going by the current number of BVNs, there is still a wide gap between the number of accounts and the registered BVNs.
The Federal Mortgage Bank of Nigeria, (FMBN) has delivered about thirty nine thousand (39, 000) new homes with about twenty five thousand five hundred (25, 500) mortgages since its establishment in 1993.
The managing director/chief executive officer of the FMBN Shehu Osidi who was speaking at the 18th Edition of Africa International Housing Show, also revealed that the Bank within this period has issued over one hundred and twenty thousand (120, 000) micro housing loans, all within a single-digit interest rate.
Osidi said under the National Housing Fund (NHF) Scheme, his Bank has registered about 26,350 organisations and over 5.8 million cumulative contributors with over 1 million accounting for the self-employed sector.
He revealed that the FMBN has so far also disbursed the cumulative of N440 billion under its various loan windows to drive affordable housing finance for the Nigerian economy. Adding that to its record, the sum of N84.8 billion has been refunded to 492,604 contributors who exited the Scheme in line with the provisions of the National Housing Fund (NHF) Act.
While reiterating that the occasion of the Africa International Housing Show, presents the FMBN the opportunity to showcase its invaluable historic contributions to affordable housing in Nigeria over the years, Osidi stressed that it will also unveil the potentials and strategic re-direction of the Bank to meet the growing challenges of housing in Nigeria under the Management led by him.
Under the Renewed Hope Cities and Programmes anchored by the Federal Ministry of Housing and Urban Development, the managing director revealed that his Bank extended about N100 billion off-taker guarantee to a consortium of developers.
“To support Mr President’s Housing Agenda, the Bank extended a N100 billion off-taker guarantee to the consortium of developers undertaking the Renewed Hope Cities & Estates Programme which commenced with the groundbreaking of the 3,112-housing unit Renewed Hope City in Karsana, being part of the 100,000 housing units to be built nationwide”, he said.
In a move to combat the persistent issue of crude oil theft and boost federal government revenue, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has kickstarted two key projects aimed at enhancing transparency and accountability in the upstream oil and gas sector.
The chief executive of NUPRC, Engr. Gbenga Komolafe, announced the implementation of these projects at the inauguration of the Metering Audit and Advance Cargo Declaration Project Teams, on Wednesday, in Abuja.
Recall that the Federal Executive Council (FEC) had approved a $21 million contract to audit metering and measurement equipment in the 187 oil flow stations in the country and also put in place an advance cargo declaration solution. These initiatives as earlier announced by minister of state for Petroleum Resources Heineken Lokpobiri, aims to enhance monitoring and accountability in crude oil production and distribution, addressing rampant oil theft.
Speaking during the inauguration of the project monitoring teams, Engr. Komolafe, who announced a four-month deadline for the completion of the projects, emphasised that these initiatives are in line with the Commission’s mandate to ensure optimal government revenues from upstream petroleum operations, as specified in the Petroleum Industry Act (PIA) 2021.
The projects would be executed by two firms namely: PE Energy Limited and P-Lyne Energy.
According to him, the “Audit of Upstream Measurement Equipment and Facilities” project aims to establish reliable baseline data for all measurement points, identify gaps in production and allocation measurement, and implement targeted interventions to enhance metering infrastructure.
This project is crucial in addressing issues such as the presence of obsolete equipment, lack of a comprehensive database, and absence of real-time production measurement across many locations.
He also said the “Advance Cargo Declaration Solution” complements the metering audit by establishing a robust system for declaring and tracking crude oil transportation and exports from Nigeria.
Komolafe emphasised the importance of these technologically driven initiatives in minimising waste and optimising government revenues, as mandated by the PIA.
He said the audit aims to establish reliable data for measurement points and improve production measurement, while the cargo declaration solution will enhance tracking of crude oil movements, preventing theft and ensuring accurate revenue calculations.
“This project will monitor and account for the movement of crude oil within the country, prevent disruptions, theft, and under-declaration, and ensure that only certified production is exported. It will also enable real-time tracking, reconciliation, and reporting of crude oil exports to facilitate accurate revenue billing and generation.”
“For a very long time as a nation we have suffered from the menace of crude oil theft, and there have been contentions as to the accuracy in terms of our hydrocarbon accounting in Nigeria in a manner that has impacted our federal revenue unfavourably.
So what has happened is that the commission, within its assumption of office, has been able, as a regulator, to take a very bold measure to address this issue.
“The implementation of this very important aspect of the regulation that will carry out an effective audit of the existing metering systems in 187 flow stations in Nigeria. You recall we have 31 crude oil loading terminals. So what we are trying to do is to ensure that we are able to put in place a framework where the nation will be able to accurately determine and measure the volume of crude that is loaded from these terminals.
He charged the carefully assembled teams, comprising experts from various departments within the Commission, to discharge their duties diligently and professionally.
Komolafe said the projects would be delivered within four months, and made it clear that any request to extend the timeline will not be entertained.
Engr. Komolafe expressed confidence in the successful implementation of the projects, stating his personal commitment to the initiative.
The CCE said each project has a dedicated team, led by Engr. Enorense Amadasu, executive commissioner for Development & Production, with strict timelines for completion and urged stakeholders to cooperate for successful implementation, highlighting the projects’ potential to combat illegal crude oil exports and promote transparency in the sector.
He expressed gratitude to President Bola Ahmed Tinubu and the Federal Executive Council for their support, reinforcing the Commission’s commitment to regulatory excellence and sustainable development in Nigeria’s oil and gas industry.
The NUPRC CEO also requested the cooperation of all relevant stakeholders, including the contractor, industry operators, and Commission staff, to ensure the successful implementation of the projects. He extended his gratitude to President Bola Ahmed Tinubu and the Federal Executive Council for approving the projects, which align with the Commission’s Regulatory Action Plan and ease of doing business.
Members of the team for “Audit of Upstream Measurement Equipment and Facilities in the Nigerian Oil and Gas Industry” project are as follows: Manuel Ibituroko – deputy director, Facilities Engineering & Optimization; Mohammed Sirajo – manager, Facilities Engineering; Ike Chidi – manager, Facilities Engineering; and Bashir Shariff – principal regulatory officer
For the “Advance Cargo Declaration Solution” project, the members include: Bello Shehu – assistant director, Crude Oil & Gas terminal Operations; Abdulrahman Idris – manager, Petroleum Accounting; Omeje Desmond – deputy manager, COTO PHC; Dimkpa I. H. – PRO, COTO Warri andOlatunji Babatunde – NDR.
According to the NUPRC boss, their duties shall include liaising with the Contractor to ensure the fulfilment of the Commission’s specified obligations and monitoring the implementation of the projects to ensure alignment with the scope and specifications.
Responding, one of the two contractors, chief executive officer, PE Energy Ltd, Daere Akobo, said, “I am very happy that we are taking a pragmatic look at hydrocarbon accounting. It is clear that there is no way that a country can develop without proper plan and foresight, and foresight and planning also requires a lot of data. For the setting of the robust solution that will help us to account for our hydrocarbons right from the beginning to the end, and we will be able to have real-time monitoring of what transpires within the downstream sector.”
On his part, director, P-Lyne Energy, Tomi Ogunwole, assured that the company will surpass the four-month deadline set by the commission,
“I want to also give you the confidence of my company that we will meet and surpass the four-month deadline that you are committing to us with the support of every single person here,” he said.
The unveiling of these innovative solutions comes at a critical time when Nigeria, Africa’s largest economy, is working to ramp up crude oil output and attract investment into its beleaguered oil industry.
The country has been grappling with supply disruptions, crude theft, and vandalism, which have hindered its ability to meet the quotas approved by the Organisation of Petroleum Exporting Countries (OPEC).
The NUPRC’s projects are expected to contribute significantly to this effort by combating oil theft and boosting government revenue.
The Ministry of Petroleum Resources, Federal Republic of Nigeria, in collaboration with Great Minds Events, is set to commence the inaugural Africa Oil & Gas Digital Transformation Conference 2024, set for September 3-4, 2024, in Lagos, Nigeria.
This event will be pivotal in driving the digital transformation of Africa’s oil and gas sector.
Underscoring the essence of the event, Sen. Heineken Lokpobiri, Hon. Minister of State Petroleum Resources (Oil), said: “The Government of President Bola Ahmed Tinubu is committed to ensuring a conducive business environment for National Oil Companies (NOCs) and International Oil Companies (IOCs) by tackling issues of pipeline vandalization and oil theft.”
He added that, “This conference is not just about increasing production but also ensuring the benefits are felt by all Nigerians.
The Petroleum Industry Act (PIA) has revolutionised the energy sector with a friendly regulatory framework, ensuring transparency and stimulating investment. Our shared responsibility is to protect our environment, our resources, and the livelihoods of those in oil-producing regions.”
This conference will address the dynamic challenges and opportunities presented by digital transformation in the oil and gas industry. It will feature keynotes and panel discussions from industry experts, including leaders from ExxonMobil Nigeria and KPMG.
Attendees will benefit from networking sessions, one-on-one meetings with key opinion leaders, and an exhibition showcasing cutting-edge solutions.
Overtime, Great Minds Events has built strong partnerships and consistently delivers impactful industry conferences.
The organisation believes collaboration with forward-thinking companies will drive the necessary digital transformation in Nigeria’s oil and gas sector and further shape the future of Africa’s oil and gas industry.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), yesterday raised its interest rate to 26.75 per cent, a 50 basis point increase aimed at combating soaring inflation, which reached 34.19 per cent for core inflation and 40.87 per cent for food inflation in June.
This decision, announced by CBN Governor Olayemi Cardoso, marks the fourth rate hike since his appointment in September 2023 and reflects ongoing economic pressures despite previous increases not significantly cooling inflation.
This is as experts have commended the CBN for a moderate interest rate hike.
Chief Executive OfficerCentre for the Promotion of Private Enterprise (CPPE) Dr Muda Yusuf, who described the 50 basis points increase as tolerable, called for urgent implementation of fiscal policies to stabilise the economy.
Governor, CBN, Yemi Cardoso, who doubles as the Chairman of the MPC, made this known while presenting the communique from the 296th meeting of the committee.
Cardoso also announced that the MPC adjusted the asymmetric corridor around the MPR to +500/-100 from +100/-300 basis points; retained the Cash Reserve Ratio (CRR) of commercial banks at 45 per cent.
The committee also retained the CRR and Liquidity Ratio of merchant banks at 14 per cent and 30 per cent, respectively.
Cardoso said that the meeting, which had 11 members of the MPC present, reviewed recent economic and financial developments, and assessed risks to the outlook.
According to him, the committee was mindful of the effect of rising prices on households and businesses, and also expressed its resolve to take necessary measures to bring inflation under control.
“It re-emphasised its commitment to the CBN’s price stability mandate and remained optimistic that despite the June uptick in headline inflation, prices are expected to moderate in the near term.
“This is hinged on monetary policy gaining further traction, in addition to recent measures by the fiscal authority to address food inflation.
“In its consideration, the committee noted the persistence of food inflation, which continues to undermine price stability.
“It was observed that while monetary policy has been moderating aggregate demand, rising food and energy costs continue to exert upward pressure on price development,” he said.
The governor said that the prevailing insecurity in food producing areas and high cost of transportation of farm produce were also contributing to this trend.
According to the CBN governor, members were, therefore, not oblivious to the urgent benefit of addressing these challenges as it will offer a sustainable solution to the persistent pressure on food prices.
Cardoso said that the MPC also had in consideration the increasing activities of middlemen who often finance smallholder farmers, aggregate, hoard, and move farm produce across the border to neighbouring countries.
He said that the committee suggested the need to put in check such activities to address the food supply deficit in the Nigerian market to moderate food prices.
“The MPC, therefore, resolved to sustain collaboration with the fiscal authority to ensure that inflationary pressure is subdued.
“In addition, the committee expressed optimism with the recent stop gap measures by the Federal Government to bridge the food supply deficit.
“In particular, the 150-day duty free import window for food commodities will moderate domestic food prices.
“It is noteworthy that these measures will not lead to direct injection of liquidity into the economy as to cause further inflation,” he said.
He said that the measure was a welcome development and might prove effective in the short run.
He, however, advised that it was expedient that it should be implemented with a defined exit strategy to avert a possible rollback of the recent gains in domestic food production.
“To support these initiatives, the CBN is already engaging development finance Institutions like the Bank of Industry (BOI) to ensure adequate support to industries with a focus on Small and Medium Scale Enterprises (SMEs),” he said.
Cardoso said that the committee also took cognisance of developments in the foreign exchange market.
“The MPC noted the narrowing spread between the various foreign exchange segments of the market, an indication of price discovery and improved market efficiency, thus reducing opportunities for arbitrage and speculation.
“The committee noted that the increase in the level of external reserves would further build confidence for a more stable exchange rate.
“It, thus, urge the apex bank to explore available avenues to improve inflows, especially through
diaspora remittances,” he added.
He said that members of the committee also noted the effort of the federal government and private sector towards improving domestic refining capacity.
“This is expected to reduce foreign exchange, currently being expended on the importation of refined petroleum products,” he said.
Meanwhile, the CPPE, in a statement on Tuesday, said the moderate increase showed that the CBN was listening and responding to the suggestions of financial stakeholders to stop aggressive tightening measures.
He explained that, although he preferred a pause on rate increases because of the challenges businesses were facing.
“The marginal increase marks a softening of the tightening stance. It is tolerable,” Yusuf said.
The CPPE boss, however, called for speedy implementation of fiscal policy measures to tackle inflation.
“Already, the economic stabilisation plan contains some laudable fiscal policy measures that could reduce production costs in the economy.
“It is also important and urgent for the government to adopt and quickly implement the recommendation of the Presidential Committee on Fiscal and Tax Reforms on the Customs duty exchange rate, which proposed N800 per dollar.
“The adoption of this recommendation would have a considerable impact on the cost of goods and services in the country,” he said.
The minister of finance and coordinating minister of the economy, Wale Edun, has announced that the federal government of Nigeria injected N1 trillion worth of palliatives into the manufacturing sector over the past year.
This initiative aims to revitalise the sector and has already shown positive outcomes, the chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, also emphasised the importance of legacy projects and infrastructure development in making the manufacturing sector more viable.
These statements were made during a public hearing on the Finance Act (Amendment) Bill 2024, organised by the National Assembly joint committee on Finance.
In response to a request to include the manufacturing sector as a beneficiary of the proposed tax on banks’ foreign profits (windfall tax), the minister assured that the sector has already been taken care of through the injection of N1 trillion worth of palliatives.
Adedeji further explained that the proposed one-time windfall tax is intended to redistribute wealth and benefit various sectors.
He highlighted that the strategic programs of President Bola Tinubu’s federal government are focused on rejuvenating the manufacturing sector.
These initiatives include the accelerated stabilisation fund and a series of strategic projects aimed at enhancing infrastructure and vibrancy in the sector.
Examples of such projects are the Badagry-Sokoto Highway, which will significantly reduce travel time from Badagry to Sokoto to 11 hours, and the Lagos-Calabar Coaster Highway, which will improve connectivity and support the revitalisation of the manufacturing sector.
Adedeji lauded President Tinubu’s robust plan for the economy, manufacturing sector, and overall development.
The specific sharing percentage of the one-time windfall tax between the federal government and banks is yet to be agreed upon, as discussions were ongoing when the Minister, the FIRS boss, and the representative of the Governor of the Central Bank of Nigeria (CBN) were excused from the meeting.
President Tinubu proposed a 50 per cent sharing formula, but some committee members suggested upward review.
A Federal High Court of Nigeria, Kano Judicial Division in Kano, had, on Friday 19th July quashed judgement on the enforcement of electricity tariff against Kano Electricity Distribution(KEDCO), on the grounds that the suit lacks merit and therefore dismissed it without any cost.
In his judgement, the presiding Judge, Hon. Justice Simon. A. Amobeda also ordered that the three questions endorsed on the plaintiffs’ originating summons, challenging the credibility, validity, and legality of the April 2024 Supplementary Order are resolved in the negative and against the plaintiffs. He further adjudged that contrary to the arguments of the plaintiffs, the April 2024 Supplementary Order was validly made pursuant to the Multi-year Tariff Order (MYTO) 2024, which was made after stringent compliance with the provision of section 116 (6), (7), (8), (9), and 10 of the Electricity Act.
Justice Amobeda also ruled that the plaintiff failed to produce any cogent, credible, and convincing evidence before the Court that shows Band A customers were treated worse than other categories, therefore, it is only justifiable that Band A users pay more than other category of customers, being the ones entitled to more electricity supply per day; therefore, dismissed the plaintiffs’ claim that the April 2024 Supplementary Order to the MYTO 2024 was discriminatory, unlawful, and unconstitutional.
The KEDCO board and management believes manufacturers are very important and have affirmed that they will continue to support them with improved supply and cost efficiencies in the Kano DISCO franchise area.
KEDCO Plc, however, urged the Manufacturers Association of Nigeria (MAN) and other aggrieved customers to consider a peaceful and amicable way of settling its differences with the company. In a statement made available to LEADERSHIP by the DisCo’s head, Corporate Communications,Sani Bala Sani, KEDCO called and pleaded with all its customers to show some understanding as it operates under strict regulations and promised to remain customer-centric at all times.
The KEDCO was, therefore, calling for a round-table reconciliation with the aggrieved parties after its triumph in court against the MAN, Nigeria Association of Small-Scale Industrialists (Kano State Chapter), Tofa Textile Limited, Dala Foods Nigeria Ltd., Mama Sannu Ind. Ltd., BBY Super Sack Ltd., and Super Sack Co. Ltd. which dragged it to Court in May, 2024, seeking to stop the implementation of April 2024 Supplementary Order on Band A tariff increase.
A financial expert and chairperson of the Board of Doje Microfinance Bank, Olamiposi Alao, has said that exceptional leadership was one of the major ways the nation’s financial sector can prosper.
Alao premised her opinion on her experience, saying being a transformative force, leveraging strategic financial leadership and practical technology solutions, she was able to revolutionise the bank’s operations and significantly enhance access to financing for small and medium enterprises (SMEs), which are the major economic backbone of the Nigerian economy.
Speaking with journalists, Olamiposi highlighted how her innovative style of leadership drove the bank’s growth and development.
She said as chairperson of the Board, she championed the implementation of advanced financial systems tailored to the Nigerian context, saying the strategic initiatives led to a huge improvement in financial reporting accuracy and reduction in operational costs. By driving the integration of AI-driven credit scoring, she improved SME loan approvals by 80% and significantly reduced processing times, underscoring her commitment to operational efficiency and innovation, traits which are rare in the nation’s financial landscape.
She went further to say that under her leadership, the Microfinance Bank expanded its market reach and market base, demonstrating her exceptional capacity to navigate complex financial landscapes and drive sustainable growth.
Highlighting some viable initiatives, she said the “One Local Government One Product” project, had significantly contributed to local economic development, enhancing the bank’s community impact within the Ogun state capital, Ibadan and in other local governments within the state such as ogbomosho, Saki, Iseyin, Oyo and others.
She said her expertise in governance and compliance has been instrumental in achieving a total compliance rate with new financial regulations from the Central Bank of Nigeria.
Employing her skills in crisis management, according to her, reduced operational recovery times by 60%, ensuring resilience and stability during the COVID-19 pandemic, which left many Nigerian commercial and microfinance banks stranded and in debt.
Through strategic planning and commitment to sustainable practices, Olamiposi said she has set new standards for financial services, supporting significant investments in SME growth and economic diversity.
She told journalists that her innovative leadership at Doje Microfinance Bank was a testament to her exceptional ability to drive innovation, foster community development, and promote financial inclusion.
How Exceptional Leadership Can Drive Financial Sector To Prosperity — Alao
Stunned by thousands of storks flying over the sky in Gia Viễn dike, Ninh Bình – Nếm TV
A financial expert and chairperson of the Board of Doje Microfinance Bank, Olamiposi Alao, has said that exceptional leadership was one of the major ways the nation’s financial sector can prosper.
Alao premised her opinion on her experience, saying being a transformative force, leveraging strategic financial leadership and practical technology solutions, she was able to revolutionise the bank’s operations and significantly enhance access to financing for small and medium enterprises (SMEs), which are the major economic backbone of the Nigerian economy.
Speaking with journalists, Olamiposi highlighted how her innovative style of leadership drove the bank’s growth and development.
She said as chairperson of the Board, she championed the implementation of advanced financial systems tailored to the Nigerian context, saying the strategic initiatives led to a huge improvement in financial reporting accuracy and reduction in operational costs. By driving the integration of AI-driven credit scoring, she improved SME loan approvals by 80% and significantly reduced processing times, underscoring her commitment to operational efficiency and innovation, traits which are rare in the nation’s financial landscape.
She went further to say that under her leadership, the Microfinance Bank expanded its market reach and market base, demonstrating her exceptional capacity to navigate complex financial landscapes and drive sustainable growth.
Highlighting some viable initiatives, she said the “One Local Government One Product” project, had significantly contributed to local economic development, enhancing the bank’s community impact within the Ogun state capital, Ibadan and in other local governments within the state such as ogbomosho, Saki, Iseyin, Oyo and others.
She said her expertise in governance and compliance has been instrumental in achieving a total compliance rate with new financial regulations from the Central Bank of Nigeria.
Employing her skills in crisis management, according to her, reduced operational recovery times by 60%, ensuring resilience and stability during the COVID-19 pandemic, which left many Nigerian commercial and microfinance banks stranded and in debt.
Through strategic planning and commitment to sustainable practices, Olamiposi said she has set new standards for financial services, supporting significant investments in SME growth and economic diversity.
She told journalists that her innovative leadership at Doje Microfinance Bank was a testament to her exceptional ability to drive innovation, foster community development, and promote financial inclusion.
The newly appointed managing director of the Nigerian Ports Authority (NPA), Abubakar Dantsoho, on Monday, said his main goal as the head of the Authority was to reposition the organisation for increased productivity and greater efficiency for improved revenue generation to the authority and country.
Speaking during the inaugural address at the handing-over and taking over of the mantle of leadership at the Authority’s headquarters in Lagos, Dantsoho said the Authority under him would rise up to the intense competition from neighbouring countries.
According to him, NPA would work tirelessly to improve efficiency, reduce costs and enhance the overall user experience in at the nation’s ports.
“As we embark on this journey together, I wish to seize this opportunity to state that our main goal is to reposition the organisation for increased productivity and greater efficiency for improved revenue generation to the Authority and country. We must rise up to the intense competition we face from our neighbors, we must work tirelessly to improve efficiency, reduce costs and enhance the overall user experience in our ports.
“I am confident that our predetermined objectives can be achieved through our collective efforts, therefore, collaboration and teamwork will be the cornerstone of our success. I challenge you to come with me on this journey. Let me assure you that we will aim to pay closer attention to staff welfare by ensuring timely payment of emoluments, compensations and addressing issues of training & capacity development particularly for deserving employees who add value in their areas of deployment.”
Dantsoho, however, disclosed that he will continue the digital transformation of the Authority and reinforce the current efforts at deploying the Port Community System (PCS).
He further disclosed that the Authority will pay attention to the logistics that surround the arrival of cargoes along the port corridor.
“We will reward hard work and develop leadership for the future stability of the Nigerian Ports Authority. We will continue the digital transformation of the Authority and reinforce the current efforts at deploying the Port Community System (PCS) which we believe is key to our dream of total automation of our processes, thereby eliminating leakages and corruption.
“The current efforts towards infrastructural renewal and development will be enhanced.
“In particular, we will drive, Port Rehabilitation and Modernization, we will pay attention to the logistics that surround the arrival of cargoes along the port corridor, their receipt at the terminals and loading onboard ships in the most efficient way and also cargo evacuation from our ports, Deep sea Ports Development, in order to unlock the full potential of the Nigerian economy.
“Promotion of transparency, accountability and Ease of doing business in our ports, we shall enhance collaboration and communication between sister agencies and promote stakeholder engagement.
“In this regard, we will begin engagement with Terminal Operators and Shipping lines as primary recipients of our services to feel their pulse and thereafter other stakeholders to seek greater cooperation and collaboration,” he stated.
Speaking earlier, the immediate-past managing director of NPA, Mohammed Bello-Koko, said his administration repositioned the Authority for greater operational efficiency and unprecedented revenue generation and remittance to the Consolidated Revenue Fund (CRF) of the Federal Republic of Nigeria.
Bello-Koko, who applauded the administration of President Bola Tinubu, said he was able to position the Authority for improved efficiency, revenue generation, accountability, and adherence to international best practices in port management and operations.
“Firstly, by working with all of you here, we have repositioned the Authority for greater operational efficiency and unprecedented revenue generation and remittance to the Consolidated Revenue Fund (CRF) of the Federal Republic of Nigeria. Secondly, my sense of fulfillment derives from the fact that we have achieved a lot and have made the Authority far better than we met it, and now handing over to a management team of distinguished professionals with the requisite character, competence, and capacity to sustain and indeed surpass the current performance trajectory.
“As most of us are aware, the Authority under the management team I was privileged to lead was able to position the Authority for improved efficiency, revenue generation, accountability, and adherence to international best practices in port management and operations. For us to succeed as a nation, we must learn from the mistakes of others and evaluate their success stories.
“For us, we hit the ground running with the necessary approvals to get the Lekki deep seaport fully operational to retake the lost transit and transshipment cargo, promoted the non-oil export drive of the President by setting up 10 Export Processing Terminals (EPTs), mainstreaming it to the NXP and e-call up system to facilitate exports, and the result is evident in the attainment of a foreign trade surplus, as highlighted in the NBS report for Q1 2024,” Bello-Koko said.
He also stated that the Authority upgraded its Data Center, Servers, Storage, and Business Continuity and also established a data recovery and protection unit with an up-to-date data protection audit certification.
“Digitized staff attendance for accountability and improved productivity, ensured the sustainability and free flow of cargo by clearing the decade-long traffic gridlock menacing the Apapa and Tincan Island port complexes, and its environs.
“Provided aids to navigation such as buoys, fenders, and bollards across all the ports, and also enhanced seaside operations by providing marine crafts, pilot cutters, tugboats, mooring boats, etc to improve port efficiency.
“These led to a reduction in both vessel and truck turn-around times. The vessel TAT went down from an average of 6.5 days to an average of 5 days, while truck TAT went from an average of 10 days to a few hours.
“We recorded an unprecedented growth in revenue generation and remittances to the Consolidated Revenue Fund (CRF) from Revenue of N381 billion in 2022 and ₦501 billion in 2023 to N541 billion in the first half of 2024 and remittances to CRF increasing from N93.4 billion in 2022 to N206 billion in 2023 and to N255 billion in the first half of 2024—surpassing our year-on-year total revenue generation and remittances in any year.
“Unprecedented tax remittances to the Federal Government ranging up to N60 billion in the period of my stewardship. We raised the bar higher. Our hope and prayers are for the new management to continue on this trajectory and surpass it,” he stated.
The Nigerian Meteorological Agency (NiMet), has signed a memorandum of understanding (MoU), with the Ogun State government to build a weather station at the Ogun state cargo airport located in Sagamu. Signing the memorandum of understanding on Monday, July 22, 2024, the director general and chief executive of the Nigerian Meteorological Agency, Prof. Charles Anosike said that the partnership with Ogun state government is in line with International Civil Aviation Organization (ICAO), protocols which states that member states must establish and maintain meteorological services provided by national meteorological offices.
“Prince Adedapo Abiodun is serious about the strategic relationship with NiMet. He personally called as this MoU signing was going on. I want to assure him and the people of Ogun State of our full support. NiMet approaches every project with professionalism because aeronautical meteorology contributes to the guarantee of safety standards, economy and efficiency of flights as stipulated by the International Civil Aviation Organization (ICAO), and the World Meteorological Organization (WMO)”, Prof. Anosike said.
The Ogun State Commissioner for Transportation, Engr. Gbenga Dairo, signed on behalf of the state and was accompanied by Alhaji I.O. Saka, Permanent Secretary in the Bureau of Cabinet and Special Services, Ogun State government.
He praised the DG/CEO of NiMet Prof. Anosike and the NiMet team for the professional way the process leading to the MoU signing was handled. Barr. Shola Gabriel, Director of Legal Services, NiMet, witnessed the MoU signing.
