The federal government has indicated an intention for an upward review of mining licenses rates and other sundry fees payable by mining operators in the country.
The minister of solid minerals development, Dr. Dele Alake, who announced this during a consultative meeting with stakeholders in the mining industry, stressed the imperative of the review to boost the capacity of the government to effectively reposition the mining sector.
In a statement by Segun Tomori, the minister’s special assistant on media on Thursday, Alake enumerated efforts being made to reposition the mining industry, and revealed that asides from on-going reforms, the federal government is sanitising the mining environment through the newly unveiled mining marshals, which he affirmed had been conducting operations in parts of the country to protect legitimate miners and combat illegal mining.
He solicited the support of stakeholders for the impending increase in fees for mining licenses and other sundry fees, and added that this move had become inevitable if government was to effectively fulfil its obligations of providing an enabling environment for mining operations whilst also raising more revenue for government.
“For us to continue to ensure that we secure the mining environment and keep putting in place measures that will ease the operational difficulties and challenges that confront miners, we need to review the rates of mining licenses and other sundry fees. We felt that we can’t just do this without letting you know because, invariably, you are the players in the industry,” the minister added.
On the recent revocation of dormant mining licenses, the minister noted that the government followed due process and extant laws guiding the action, emphasising that a 30-day restitution window still exists for affected operators.
The minister had recently announced a restitution fee of N10m, N7.5m, N5m and N2.5m for mining leases, small scale mining licenses, exploration licenses and quarrying licenses respectively for revoked dormant licenses.
The same rule applies to those earlier revoked for default in payment of annual service fees.
In his submission, the director-general of the Mining Cadastral Office, Engr. Obadiah Nkom, who also chaired the fees review committee, stated that the committee recommended new rates that are affordable and will enhance the competitiveness of the fiscal regime of the mining sector in comparison with regional and global standards.
President of the Miners Association of Nigeria (MAN), Dele Ayanleke, who spoke on behalf of the stakeholders, commended the minister for his efforts to put the mining sector on the global front burner, expressing support for ongoing reforms and plans to review fees payable by operators.
He urged the minister to consider challenges faced by miners and ensure the rates are affordable.
Other stakeholders in attendance were representatives of Women In Mining (WIN), Gemstone Miners Association (GMA), top officials of the ministry and a host of others.
The United Nations (UN) is ready to collaborate with President Bola Ahmed Tinubu administration to attain Sustainable Development Goals (SDGs) in Nigeria.
The global body said it is of the conviction that the success or failure of Africa depends on Nigeria. The UN, in a statement released yesterday by presidential spokesman, Stanley Nkwocha, said the progress of Nigeria translates to the development of Africa because if the country does not make it, there is no chance for any nation on the continent to make it.
UN resident and humanitarian coordinator in Nigeria, Mohammed Fall, stated this yesterday in Abuja when he led a delegation from the UN system in Nigeria to visit Vice President Kashim Shettima at the Presidential Villa, Abuja
Proposing a humanitarian response plan for Nigeria, Fall said, “If Nigeria doesn’t make it, there is no chance for any country to make it. If Nigeria lifts it here, not only our sub-region but the entire continent and the world at large will be on track for the SDGs.
“If we succeed in Nigeria today, the whole of the continent succeeds, but if we have challenges or difficulties to succeed in Nigeria, I am sure it is all of our continent that will be pulled down,” he maintained.
On the proposed Humanitarian Response Plan for Nigeria, Mr Fall said, “The plan is beyond helping those who are in need but to set the ground for a transition towards medium and long-term development. We need to act now. It is the only way to sustain the successes recorded by the government and other partners to reduce vulnerability in society.”
While commending the measures so far taken by the Tinubu administration to reposition the economy, the UN official emphasised that Nigeria is critical to the progress of Africa and must be supported to succeed.
Mr Fall pledged the UN system’s support for the reforms undertaken by the Tinubu administration, just as he sought the partnership of the Federal Government to initiate a social safety programme that will mitigate the impact of the reforms on the most vulnerable in the society.
“Your decision is commended everywhere but we (at the UN) felt that before we get the results, there is a high risk that it impacts the most vulnerable segments of our community. And at the UN, we stand next to you to try to look for solutions on how we can mitigate those impacts on the most vulnerable people.
“This is what we want and that is our first initiative – how can we do and work together to step up our work on the social protection front? To make sure that a safety net is in place, bring coherence, bring consistency in a way that helps us address vulnerability that is still prevailing in the country,” he emphasized.
In his response, Shettima said Nigeria would work closely with the UN to address the country’s challenges.
He said removing fuel subsidy and unifying exchange rates were tough but necessary decisions to rescue Nigeria from an economic “cul de sac.”
Shettima said the Tinubu administration inherited a dire situation when it took over the government last year.
“Fuel subsidy has been an albatross around the neck of successive governments in Nigeria. We had two options – either we got rid of subsidy or subsidy will get rid of the Nigerian nation. We have to be our brother’s keeper, but we were literally subsidising the fuel of the entire West African sub region,” he said.
The staff of the Securities and Exchange Commission were in great jubilation as newly appointed director-general Dr. Emomotimi Agama assumed office in an acting capacity pending confirmation by the Senate of the National Assembly.
Agama who resumed at the Commission’s head office yesterday and was received by excited members of staff, promised to ensure that the capital market is well regulated and developed in a bid to contribute to the nation’s economy.
Agama said, “I have come here today to serve you and the institution by sheer providence, we should work together to meet the yearnings and aspirations of the capital market, let us make this institution better and greater knowing that it is a place that feeds and gives us succour, united we stand, and divided we fall.”
According to him, we are grateful to President Bola Tinubu for finding us worthy of this opportunity and we know that expectations of the market and the country are huge, it is our utmost determination to work together with the staff of the Commission to ensure that we deliver on this assignment. The acting DG also commended the staff of the Commission on their commitment to the SEC and assured that the incoming Management will work with the staff union to ensure all lingering staff issues are resolved
“I have come here as your colleague because without you this institution won’t get anywhere. This institution has been built by you, your resilience even in trying times has brought us thus far. All of you have been symbols of hard work.
“It has been a wonderful journey knowing every one of us here. I have had the pleasure of being involved in people’s career here for the last 20 years. We have crossed many rivers, but each of us has added some value to this institution. When we leave we should be able to look back with joy at what we have done. I therefore solicit your support and cooperation to ensure that we all succeed.”
Both the top executives and junior staff who spoke at the meeting pledged their commitment to support the DG to achieve the lofty goals of making the Nigerian capital market better and greater.
It would be recalled that President Bola Tinubu recently approved the appointment of a new Board for the SEC. This was contained in a statement issued by Ajuri Ngalale, a spokesperson to the President.
The President also appointed the following professionals to the board of the Commission: Mr. Mairiga Aliyu Katuka as Chairman, Frana Chukwuogor – Executive Commissioner (Legal and Enforcement), and Mr Bola Ajomale as Executive Commissioner (Operations)
Japan Tobacco International Nigeria (JTI), celebrates this year’s International Workers’ Day, felicitating its workforce across the globe for their steadfastness, pursuit of excellence and innovation, which has engendered the company’s growth trajectory. The company, which is a member of JTI Worldwide with personnel in over 130 countries across the world, has attained excellence in its employee experience strategies and won the prestigious ‘Top Global Employer’ award for 10 consecutive years including regional certifications in Europe, Africa, Asia Pacific, North America, and the Middle East.
With this year’s International Workers’ Day theme ‘Social Justice and Decent Work for All,’ JTI Nigeria said it is committed to creating a working environment that enables brilliant people to be creative, nurture the best possible culture that embraces diversity and individual development thereby allowing them to reach their full potential.
The company’s sustainability target is to be a certified employer of choice every year in at least 60 locations, by focusing on talent management, rewards, and empowerment. JTI Nigeria offers long-lasting careers with inspiring prospects and promotes gender equality in its operations.
This is why it set up the platform, To get HER- an Employee Resource Group (ERG) which helps foster women empowerment and equal opportunities. It is a safe environment to talk, challenge, and grow on our journey towards gender equality..
The general manager of JTI Nigeria, Thomas Adams, said as a company that operates in line with global best practices, JTI delivers on its objectives of making progress in improving employees’ well-being, supporting greater diversity and inclusion wherever it operates, and giving its personnel equal opportunity to develop their career.
He stated that, while JTI is a relatively young company, it operates at the forefront of the tobacco industry with its employees at the core of its mission, and this is responsible for its certification as a “Great Place to Work”
Ethnic Youth Leaders have poured encomium on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the Executive Vice President (Downstream) of the company, Adedapo Segun, for their relentless efforts towards clearing the current fuel supply disruption.
The Ethnic Youth Leaders in a statement jointly signed by their spokesperson, Malam Kabiru, and deputy acting president, NG Emmanuel, on Wednesday, said Kyari was committed to ensuring downstream energy stability in line with Renewed Hope Agenda of the President Bola Tinubu.
They, therefore, faulted the National Association of Nigerian Students (NANS) for calling for the resignation of the the NNPCL GCEO, saying he has not rested on his oars but working round the clock to ensure adequate supply and availability of fuel despite daunting challenges, urging the students who are future leaders to appreciate and support his efforts in addressing the energy challenges.
They reminded NANS that the Kyari-led NNPCL was not complacent in addressing the situation and has already assured Nigerians that the ongoing fuel scarcity and queues will be cleared out by this Wednesday.
“Just when NANS is threatening mass protest NNPCL under Kyari has given Nigerians its words that the company currently has an availability of products exceeding 1.5 billion litres, which can last for at least 30 days.
“Like we and other Nigerians already know, the three-day disruption in distribution being experienced is due to logistical issues, which has since been resolved by resolved by NNPLC but doing that ideally requires more time to return to normalcy. And unfortunately, however, some persons in the business are taking advantage of this situation to maximise profits.
“And fortunate enough, the Independent Petroleum Marketers Association of Nigeria (lPMAN) concurred that with intervention of the NNPCL, the queues will disappear from filling stations as more products will be available for lifting by marketers and the supply will be stabilised,” they stated.
Mr. Oluwole Adeosun is President of Chartered Institute of Stockbrokers (CIS), the largest self-regulated professional group in the capital market. A highly versatile and experienced financier, Adeosun is a chartered stockbroker, accountant, tax expert, banker and director. In this panel interview with select senior journalists, Adeosun speaks on wide ranging issues on the economy, financial markets and stockbroking. Deputy Group Business Editor, Taofik Salako, was there
What’s your view on the Central Bank of Nigeria (CBN)’s directive on new banking recapitalisation?
The action of the Central Bank of Nigeria (CBN) was both necessary and overdue, especially when considered in the context of global trends.The developmental needs of Nigeria haves substantially increased since the last banking recapitalisation exercise that was initiated about 20 years ago. The country’s population as well as the serviceable market for financial transactions, have substantially grown. With the advent of the African Continental Free Trade Area (AfCFTA), Nigeria must enhance and modernise its financial system to stay competitive. Various external and domestic factors have significantly impacted the economy, necessitating an increase in minimum capital requirements for banks. So, the recapitalisation essentially aims to fortify banks’ capital base, enabling them to absorb unforeseen losses and sustain their role in fostering the growth and development of the economy as we aim for the $1 trillion economy, achievable by 2026.
From the perspective of an insider and operator, what are the most viable options for the banks in meeting the new minimum capital requirements, especially in the light of current macroeconomic environment?
Yes, most of the plans we have seen so far are considering rights issue alongside other options. I think that is the logical, and the right thing to do. Businesses would naturally want to give their existing shareholders the privilege of enhancing their shareholdings, before reaching out to outsiders. If the rights issue succeeds, it means that the company was able to raise capital without changing the shareholding structure or diluting the proportionate stake of existing shareholders who choose to participate in the offering. Nevertheless, past occurrences suggest that following the rights issues, numerous companies may opt for a public offering to raise additional capital and attract more shareholders. This trend is especially probable given that many Nigerian banks have expanded into international markets, necessitating substantial capital to operate on a larger scale.
From a strategic standpoint, engaging in a public offering can also significantly elevate a bank’s visibility and reputation within the market landscape. This move has the potential to attract fresh investors, thereby amplifying its market capitalisation. With an augmented capital base, the bank gains enhanced financial prowess and adaptability to seize growth prospects and extend its footprint. Leveraging public offerings grants banks access to a vast reservoir of potential investors, facilitating swift accumulation of substantial capital. Moreover, it ensures transparency and regulatory adherence, as banks must conform to stringent disclosure standards mandated by regulatory bodies such as the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX).This transparency not only fosters investor trust but also solidifies the issuing bank’s credibility.
In addition to rights issues and public offerings, banks may also diversify their capital-raising strategies by exploring avenues such as private placements or strategic investments from institutional investors. These alternatives furnish banks with supplementary pathways to fortify their capital base and advance their growth objectives within the dynamic capital market milieu.
How can banks tap to the bounteous potential of youths in attracting required capital, considering the relatively low participation in capital market?
To entice Millennials, Gen Z, and Gen Alpha under the recapitalisation programme, banks must adopt a multi-faceted approach that resonates with the preferences and values of these diverse generations. Banks should prioritise digital innovation and convenience. Millennials, Gen Z, and Gen Alpha are digital natives who prefer seamless online experiences and mobile banking solutions. By investing in user-friendly mobile apps, banks can cater to the tech-savvy preferences of these generations. This happened three years ago when a major telecommunication company floated its initial public offering in Nigeria.
Emphasising sustainability and social responsibility can also appeal to younger generations. Millennials, Gen Z, and Gen Alpha are known for their environmental and social consciousness. Banks can attract them by aligning with sustainable practices, such as offering green investment options, supporting community development projects, and promoting financial literacy initiatives. Moreover, personalised, and customised services are essential for engaging younger customers. Banks can leverage data analytics and AI technologies to offer tailored financial products and services that meet the unique needs and preferences of Millennials, Gen Z, and Gen Alpha. Personalised recommendations, budgeting tools, and educational resources can enhance their banking experience and foster long-term loyalty. Furthermore, transparency and authenticity are key factors in building trust with younger generations. Banks should communicate openly about their values, fees, and policies to establish credibility and integrity. Engaging in transparent communication through social media channels, blogs, and community events can help banks connect with Millennials, Gen Z, and Gen Alpha on a deeper level.
What’s your general assessment of the capital market, especially in the light of the roles you had highlighted?
I think the market is vibrant, it has not only fully recovered from the 2008 global shock, but it has surely become one of the solid pillars of economic recovery in the country. Investor confidence is significantly restored, even though we still expect more faith from our local investors. Market regulation has been substantially tightened, and you hardly get to hear of market infractions anymore.
Compared to 2010, the capital market has witnessed monumental expansion. We have five thriving securities exchanges in the country, in contrast to only one then, and three of these are, we didn’t have before. The equities market has been on an upward trajectory since the entry of the administration of President Bola Tinubu), due to proactiveness in implementing reforms such as the removal of fuel subsidy and the liberalisation of the foreign exchange (forex) market. The stock market has recorded significant growth as the All Share Index (ASI) successively broke barriers at 70,000 points in October 2023 and crossed the historic 100,000 mark in January 2024.
Our market had emerged as one of world’s best-performing stock markets and as number one exchange in Africa.
The fixed income securities market has so blossomed that Nigeria is today about the leading debt capital market (DCM) in Africa. Investment product has increased and investors today can seamlessly choose between the traditional equities, mutual funds, exchange traded funds (ETF) fixed income securities and derivatives amongst others.
In terms of professional development, the Chartered Institute of Stockbrokers (CIS), has implemented specialised qualifications and shifted examinations to remote settings. Nigerian stockbrokers now have a seamless path to practise in the advanced countries due to the institute’s international collaborations. The current leaders shaping Nigeria’s financial system—the Minister of Finance and Coordinating Minister of the Economy along with the CBN Governor are seasoned members of our institute. Their extensive experience and the commendable work they’ve undertaken underscored the caliber of professionals the institute produces.
For the first time in Nigeria you have chartered stockbrokers at the helms of the national economic and financial management, what does this really mean for the institute and the economy?
I will say it is a testament to the rich intellectual content of CIS’ membership and the growing profile of the institute, that her members currently heads the two most important positions in the Nigerian financial system, and probably the entire economy as well. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, a Fellow of the institute, is a well-known and long-standing member of CIS. Similarly, Mr Olayemi Cardoso, another fellow of the institute, the CBN Governor is also a long-standing career member of the institute. It is important to draw your attention to the fact that these two gentlemen were appointed because they had been tried and tested, and passed the test of excellent performance. They worked with President Bola Tinubu when he served as Governor of Lagos State and performed satisfactorily. Secondly, both are stockbrokers-cum-bankers. They have full and comprehensive knowledge of the entire financial system, not just one segment as we had with others in the past. So, it bodes well for the country. In fact, as you can see, there has been seamless synergy between the money and capital markets since they took over, and the economy is the better for it.
My advice to the two city gentlemen is that they continue to abide by our dictum: my word is my bond. Trust and Integrity have always been our watchword, and we are confident that Edun and Cardoso will always live by the dictum. Secondly, the gap between the money market and capital market in Nigeria is abnormally wide, in terms of development and utilisation. So, they should do their best to develop the capital market and create a fair balance in the utilisation of both markets, so that the overall performance of the economy can be faster and greater.
Talking about deepening the market and youth engagement, what efforts is the institute making to attract more youths into stockbroking?
As we have reiterated numerous times, youth engagement stands as our utmost priority. Tertiary institutions and schools serve as the primary focus of our annual capital market literacy campaign. Each year, we conduct career talks across multiple institutions and partner universities and polytechnics to initiate capital market studies.
In fact, we have extended our efforts by granting CIS Diploma scholarships to several financially disadvantaged youths, many of whom have shown enthusiastic participation. We organise the inter-school capital market quiz and, more recently, introduced an essay competition to further foster financial literacy and engagement among the younger generation. So, we are doing a lot in this direction and we expect to continue to see the gains in terms of enrollment and participation overtime.
How would you rate the performance of the institute in recent years?
The CIS has undoubtedly continued to contribute its own quota to the resurgence and development of the Nigerian capital market in the last decade, and we have to thank our past presidents, Governing Council members and management for the commitment and immense work that they all put in.
In the last two years, the profile of the institute has risen very fast, and as I said, it’s an accumulation of work done by the past and present councils and office holders. We’ve seen a record number of new membership intakes, new Fellows and new life members. The National Universities Commission (NUC) has approved the Benchmark Minimum Academic Standard (BMAS) for Securities and Investment/Capital Market Studies in the country.
Full remote, online, examinations for our Level One Professional Examinations, as well as Diploma students, including those in the Diaspora, has been introduced. We have a full-fledged training arm, CIS Academy, and last year, CIS Academy held two high-profile executive courses, in collaboration with the Lagos Business School. The CIS Academy has also strengthened its relationship with Chartered Institute for Securities and Investment, United Kingdom. Through this initiative, more members of the institute have become members of CISI, UK without writing any examination.The Academy has organised training programmes for over 2000 participants so far, including training on Islamic finance, green finance and derivatives among others.
Also, the first official district society of the Chartered Institute of Stockbrokers, the FCT & Northern Zone District Society was inaugurated in December 2023. The institute now has a world class electronic library in place. Perhaps our greatest area of achievement has been in advocacy. We held a high impact national workshop in Abuja and the annual stockbrokers conference in Abeokuta. In 2022, the conference was hosted by the Edo State Government in Benin City. The CIS secretariat in the last one year, has hosted several important visitors who came on courtesy visits and these include the Securities and Exchange Commission, the Nigeria Exchange (NGX), Pension Fund Administrators Association, CISI United Kingdom and the Central Bank of Gambia, to mention a few.
The CIS has leveraged on its unique position as the chartered body in the industry to rally other stakeholders for joint discussions on submissions on key industry matters like, margin lending, capital gains tax and so on, as the needs arise.
What would you like to be remembered for as a president of the institute?
I have worked with my team in the Governing Council and we put in our best to maintain the pace of growth and development set by our predecessors and projecting the image of the institute to significantly higher levels pan-Nigeria and internationally. We have established new partnerships and collaborations. I think I will always cherish the rich memories of the CIS@30 celebrations which was held in two phases between November 2022 and February 2024. The project was historic with a grand set of events to commemorate the 30th anniversary of the establishment of our institute, The extensive array of events provided by the CIS@30 project offered the institute a rare opportunity to further enhance its brand value, and attract immense goodwill.
The history of the capital market – book and documentary, project was launched, as part of the CIS@30 celebrations. The book is based on the first-hand memories of the then Doyen of Stockbrokers (now the late) Otunba Olasubomi Balogun, the most senior Past President, Mr Olutola Mobolurin, former long-serving Director -General of the Nigerian Stock Exchange, Prof Ndi-Okereke-Onyuike and other eminent personalities in the capital market, including the immediate past Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda.
We also achieved a lot of milestones in terms of internal operations and protocol, but those will be outlined in detail in the institute’s annual report and milestones compendium 2022-2024. So, to the glory of God, I wish to thank my fellow office holders, our team in the governing council, as well as management and staff for the various milestones achieved. I assure you that the institute will continue to soar even beyond these achievements.
What is next after you pass the baton at the institute?
It has been two years of hectic public service on the professional front. While the baton is passed to the next president of the institute, in line with the orderly succession arrangements, to continue the work he has been part of in the last four years of stepping into the presidential corridor, I will take some time off to rest and later continue in the role of Immediate Past President providing support for the new administration to conclude one or two unfinished projects of my tenure. Much more, I will focus on my firm’s business full time along with other service engagements.
Shareholders of Zenith Bank Plc have unanimously approved the restructuring of the bank to a holding company.
The approval was secured during a court-ordered Extraordinary General Meeting (EGM). The meeting held virtually at the weekend from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos.
In accordance with the Scheme of Arrangement, dated March 28, pursuant to Section 715 of the Companies and Allied Matters Act (CAMA), 2020 between the bank and the holders of the fully paid ordinary shares of 50 Kobo each in the bank, the shareholders voted to transfer 31,396,493,787 ordinary shares of 50 kobo each held in the issued and paid-up share capital of Zenith Bank Plc. to Zenith Bank Holding Company Plc. (the HoldCo).
The shares transfer will be in exchange for the allotment of 31,396,493,787 ordinary shares of 50 kobo each in the share capital of the HoldCo in the same proportion to their shareholding in the bank.
Similarly, the shareholders approved that each Existing GDR Holder receive, as consideration for each existing GDR held, one new HoldCo GDR.
The shareholders also approved that all of the shares held by the nominees of the bank in Zenpay Limited, a direct subsidiary of the HoldCo, together with all rights and liabilities attached to such shares, be transferred to the HoldCo.
The Board of Directors (BoD) was also authorised to delist the shares of the bank and the Existing GDRs from the Nigerian Exchange and the London Stock Exchange respectively, as well as re-register the bank as a private limited company under CAMA Act 2020.
In his remarks during the EGM, the bank’s Founder/ Chairman, Jim Ovia, thanked the shareholders for their unwavering commitment, which has been instrumental in the bank’s outstanding performance over the years. He expressed his delight at witnessing the transition of the Bank to a holding company, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives.
Group Managing Director/Chief Executive (MD/CEO) Ebenezer Onyeagwu, lauded Ovia for his pivotal role in creating an institution that has consistently been a trailblazer in the nation’s financial services industry.
nyeagwu expressed his optimism about the Bank’s growth trajectory in the coming years as it transitions into a holding company structure.
He said: “The HoldCo structure presents an opportunity for us to unlock value for shareholders in terms of opportunity in other sectors beyond banking. The first part is Fintech, where we have already received the approval and the license from the Central Bank of Nigeria (CBN), which we are launching soon.
“It is going to be focusing on an area that we know has not been touched on by anyone. So it is more like us finding an open wide space where we can begin to operate, and with a HoldCo, what that means is that we have an opportunity to diversify our investment. We can begin to look at other business verticals that were restrained by the kind of authorisation we have.
“So, it presents a big opportunity for us to have a wider lens and scope in terms of what we can do. It will also position us to think of opportunities beyond Africa. We will be looking at key business verticals that have the potential to enable us to create value for shareholders.”
The Onne Port Complex of the Nigerian Ports Authority (NPA), on Saturday, successfully berthed a container vessel, MV KOTA CEMPAKA, with Length over All (LOA) of 300 metres.
The berthing of the vessel has again demonstrated NPA’s capacity and readiness to berth large ships in the nation’s seaports.
LEADERSHIP reports that at Onne Port, NPA has successfully berthed Maersk Stadelhorn measuring 300 Meters LOA and MV Lady Jane with 295 Meters LOA.
However, according to a statement made available to LEADERSHIP, the vessel christened “KOTA CEMPAKA” with International Maritime Organization (IMO) number 9638965 that sailed under the flag of Singapore came into Onne Port with 566 laden containers.
Speaking on the development, the managing director, NPA, Mohammed Bello-KoKo, said the development showed that Onne Port is poised to sustain its growing fortunes.
The NPA boss further stated the authority will sustain its advocacy for the patronage of the Eastern Ports.
“This is a confirmation of the capacity and readiness of Eastern Ports for vessel traffic. This also shows that our investments in channel navigability and security are yielding results. We will sustain our advocacy for the patronage of the Eastern Ports”
“Also, coming after the berthing of Maersk Stadelhorn also measuring 300 Meters LOA and MV Lady Jane with 295 Meters LOA , this development showed that Onne Port is poised to sustain its growing fortunes,” the NPA boss stated.
President Bola Tinubu has secured an investment of $600 million from Danish shipping and logistics company, A.P Moller-Maersk, to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, disclosed the decision during a meeting with President Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday
President Tinubu in a statement by his spokesman, Ajuri Ngelale on Sunday noted that this investment will complement the administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.
The President added that it would further support the country’s port modernisation efforts and port process automation through his administration’s implementation of the national single window project, which is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.
“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted. A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.
“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimise trans-shipments from larger ships to smaller ships,” he said.
The President assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.
He cited Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.
Highlighting Maersk’s long standing engagement in Africa’s most populous nation and his belief in the future of Nigeria, Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla said his company had made significant investments of over $2 billion in Nigerian ports and other activities.
He emphasised the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand while reducing the cost of logistics.
”We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria. To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify.
”We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.
”In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest, and we will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,” the Maersk Chairman said.
The Economic Commission for Africa (ECA), has challenged African youth to raise their voices in shaping the future development of the continent ahead of the Summit of the Future. The executive secretary of ECA, Claver Gatete, said this in a statement issued on the commission’s website.
Gatete, while opening the African Youth Consultative Forum on the UN Summit for Future held in Addis Ababa, emphasised the importance of investing in the ‘youth divided’.
He challenged young people to amplify their voices and participate in global affairs in shaping the future of Africa.
“Youth must participate in the issues that matter to the Common Agenda of the United Nations which has 12 commitments from where the issues are.
“Being drawn for the Summit of the future in September as well as the Social Summit in 2025, where the youth must be involved,” Gatete said.
According to the ECA boss, about 70 per cent of the population in Africa are young people and that by 2030, 42 per cent of the global youth will be from Africa. He said this dynamic was reflective of how the youth should be treated.
“You cannot have the future without developing the youth of today and the youth of tomorrow.
“Youth have to participate in all spheres of the implementation of the SDGs by 2030 and should be involved in achieving the targets,” he said.
Gatete acknowledged the multiplicity of challenges faced by African countries, including the cascading impact of COVID-19, debt servicing, access to affordable financing among others.
“It is therefore critical for the youth to have a say in these discussions so that their ideas are considered in the Summit of the Future in September 2024.
“We need your voice and your contribution. This is the time to make your contribution.
“Of the 12 commitments in our Common Agenda, the 11th commitment is about listening and working with the youth,”Gatete said.
The ECA Director of Strategic Planning, Oversight and Results Division (SPORD), Said Adejumobi said you could not have a summit of the future without the people of the future.
According to him, the future can only be defined in the context of the present, you (youth) are not only leaders of tomorrow but leaders of today.
Mutetsi Oliver, the Vice-President of Eastern Africa, Pan African Youth Union said young people were eager to participate in shaping the future of Africa.
Oliver, however, reiterated the need for them (youth) to be supported to thrive on the continent.
She said that insecurity was a major challenge on the continent as was rising unemployment and lack of access to education, health, and social services to young people.
“We employ young people to put their government to task to give them start-up capital just like others do with investors as well as access to land and loans.
“I, therefore, call for the prioritisation and provision of sexual, reproductive, and mental health services to young people,” Oliver said.
Assistant secretary general and director of United Nations Development Programme, (UNDP) Africa Bureau, Ms Ahunna Eziakonwa, said the Africa Youth Forum was a pivotal moment for young people.
Eziakonwa, represented by Mr Matthias Naab, the Director, UNDP said this was as Africa reiterated its dedication to multilateralism to pave the way to a promising future for the youth.
“The world is far from achieving the SDGs, and as Africa races to achieve Agenda 2030 and the SDGs, the Summit of the Future is a beacon of hope.
“While the Youth Forum offered an opportunity to articulate the positions, thoughts, priorities, and urges of young Africans toward the Summit of the future.
“Youth empowerment is both a goal and mission and the young people represent great minds with a potential to transform Africa,” he said.
Meanwhile, Daniel Adugna from the African Union Commission (AUC), said Africa was already the youngest continent and it must invest in developing its young people.
He said the integration of Africa was at the forefront of Agenda 2063 and would unlock economic opportunities for the continent.
