The Nation Newspaper

Author: The Nation

COP28 climate summit kicks off in Dubai
- Early disaster fund breakthrough achieved
The 28th United Nations climate summit, known as COP28, kicked off in Dubai yesterday with an early breakthrough on a key agenda item: the establishment of a disaster fund for poor countries hit hardest by climate disasters such as flooding, droughts and extreme heat.

COP28 president Sultan Al Jaber hailed the agreement as “the first time a decision has been adopted on day one of any COP” and announced that host country, the United Arab Emirates, would contribute $100 million to the fund.

Several other countries announced commitments, including Germany, which also pledged $100 million.

Dr. Rachel Cleetus, policy director for the Climate and Energy Programme at the Union of Concerned Scientists, called the fund a “significant step forward in the fight for climate justice.”

“Low- and middle-income nations are suffering from billions of dollars of damage and an immense human toll from increasingly severe climate impacts,” she said in a statement. “There’s simply no time to wait.”

The urgent need for climate action across a range of areas will be a theme at the two-week COP28, which is expected to be attended by 70,000 participants.

The event – officially the Conference of Parties – comes at the end of a year that saw scorching heat waves and extreme weather from flooding to wildfires around the globe.

Yesterday, the United Nations released its latest global climate report, which concluded that 2023 was “virtually certain” to be the warmest year in the 174-year observational record.

The U.N. World Meteorological Organisation said in its provisional assessment that global temperatures rose 1.4 degrees Celsius above pre-industrial levels.

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“We are living through climate collapse in real time and the impact is devastating,” United Nations Secretary-General António Guterressaid in a video statement accompanying the launch of the report on COP28’s first day.

“This year, we have seen communities around the world pounded by fires, floods and searing temperatures,” he said. “Record global heat should send shivers down the spines of world leaders.”

Guterres called on countries to “triple renewables, double energy efficiency… and phase out fossil fuels.”

The future of fossil fuels looms as one of the key debates in COP28 discussions, with participants such as the European Union expected to push for a full phaseout, while others — including the United Arab Emirates, one of the world’s largest oil producers — have called for a more gradual “phase down.”

The controversy around an oil giant hosting the climate meeting was intensified this week whendocuments leaked to the Center for Climate Reporting and the BBC suggested that COP28 president Al Jaber planned to use the summit to lobby for oil and gas deals with foreign government officials.

Al Jaber, who is head of the Abu Dhabi National Oil Company, denied the allegations on Wednesday, calling them “false, not true, incorrect and not accurate.”

In his opening remarks after formally accepting the COP28 presidency yesterday, Al Jaber stressed an ambitious but pragmatic approach that included the fossil fuel industry, saying that it is “essential that no issue is left off the table.”

“We must look for ways [to] ensure the inclusion of the role of fossil fuel,” Al Jaber said.

“I ask you all to work together,” he said. “Be flexible. Find common ground. Come forward with solutions and achieve consensus.”

Another key item for this year’s COP28 will be the first ever “global stocktake,” a scorecard for countries and other stakeholders to measure progress toward the goals of the Paris Agreement, which aims to keep global warming well below 2 degrees Celsius (3.6 degrees Fahrenheit) and preferably below 1.5 degrees.

The U.N.’s Intergovernmental Panel on Climate Change has found that greenhouse gas emissions must peak before 2025 at the latest and decline 43% by 2030 to limit global warming to 1.5 degrees Celsius.

High-profile attendees at COP28, which runs through Dec. 12, include Britain’s King Charles III and Prime Minister Rishi Sunak, as well as the leaders of France, Germany, Japan, Brazil, India and the European Union.
December 1, 2023
Political solution only way out of Israel-Hamas crisis, says envoy
- Judgment reserves in Sokoto governorship dispute
Palestinian Ambassador to Nigeria Abu Shawesh has declared that only a just political solution based on international law will end the Israel-Palestinian crisis.

Shawesh made this known while addressing the media in commemoration of International Day of Solidarity with the Palestinian People.

The day, marked on Nov. 29 annually, was set aside by the United Nations General Assembly.

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“Only a real and just political solution based on the international law facilitated by decent and honest moderators and not completely complicit on the current situation in Gaza.

“This will lead to the embodiment of the State of Palestine on the June 1967 boarders with East Jerusalem as its capital.

“And a fair solution to the Palestine refuges based on the UNGA Resolution 194, is the only way out,“ he said.

The News Agency of Nigeria (NAN) reports that the truce on the current Israel-Hamas war has been extended by a day for humanitarian purposes after the expiration of the six-day ceasefire.
December 1, 2023
Donald Trump gag order reinstated in New York civil fraud trial

A United States (U.S.) court has reinstated a gag order that prevents Donald Trump and his team from criticising court personnel in his ongoing civil fraud trial in New York.

Judge Arthur Engoron, who is presiding over the trial and claims his chambers have been “inundated” with threats, had issued the limited order in October.

But it was put on hold two weeks ago by an appellate judge, who said he had concerns over free speech rights.

Trump’s attorney said it marks “a tragic day for the rule of law”.

“In a country where the First Amendment is sacrosanct, President Trump may not even comment on why he thinks he cannot get a fair trial,” Christopher Kise told the BBC’s US partner CBS News yesterday.

“Hard to imagine a more unfair process and hard to believe this is happening in America.”

Judge Engoron imposed the gag order after Trump posted disparaging remarks about the judge’s principal law clerk, with her name, photo and a link to her social media, as he sat in court on the trial’s second day.

Following the order, Trump’s lawyers sued the judge and called for a mistrial over “astonishing departures from ordinary standards of impartiality”.

An appeals court judge in New York temporarily lifted the gag order over “the constitutional and statutory rights at issue”.

But a four-person appeals court panel upheld Judge Engoron’s limited gag order.

“I intend to enforce the gag orders rigorously and vigorously, and I want to make sure counsel informs their client,” Judge Engoron said in court.

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But how he will do so is less clear. He has already fined Trump $15,000 (£12,000) over violations and even extended the order to include his attorneys.

In a trial that poses a threat to his real-estate empire, the former president has argued that Judge Engoron is “biased” and will likely rule against him in the end anyway.

Mr Trump is closely following the court proceedings, in person on some days and with critical online commentary on others.

“Judge Engoron’s Trump Hating wife, together with his very disturbed and angry law clerk, have taken over control of the New York State Witch Hunt Trial aimed at me, my family, and the Republican Party,” he alleged in a Wednesday post on his Truth Social platform.

The judge and lead prosecutor, New York Attorney General Letitia James, “should be impeached and removed from office”, he argued in another post.

The former president, his two adult sons and the wider Trump Organisation are accused of massively inflating the value of their properties by over $2bn (£1.65bn), in order to secure favourable loans.

Should they lose, the Trumps face $250m (£201m) in fines and the possible dissolution of their New York real estate empire.

Defence lawyers are currently making arguments, with the former president expected to return to the stand in December before his lawyers rest their case.

The high-profile trial in Manhattan, which has also seen three of Mr Trump’s adult children testify, is not expected to conclude until January.

Trump, the Republican frontrunner for president, is also fighting a gag order in the federal case in Washington DC that charges him with meddling in the 2020 election.

That limited order, which bars him for targetting court staff, prosecutors or potential witnesses, is currently under appeal.

December 1, 2023
How to prevent banks from distress, by NDIC

Nigeria Deposit Insurance Corporation (NDIC) has reiterated that timely and effective resolution of issues leading to distress in banks is imperative to maintaining the banking system’s stability.

The corporation, which is responsible for preventing bank depositors from losing their monies, emphasised that the success of any resolution option depends to a large extent on how promptly the problem of the bank is identified and addressed by the bank and the regulators.

NDIC has paid over N1.6 billion to over 40,000 depositors of recently-failed banks besides over N45.4 billion paid in June 2023 to depositors of 20 banks that collapsed, with another N16 billion liquidated dividend waiting to be paid.

While presenting a paper on ‘Recent Developments in Banks Distress Resolution: Lesson for Nigeria,’ NDIC’s Deputy Director, Bank Examination Department, Daniel Udechukwu, during the 20th edition of the NDIC Finance Correspondents Association of Nigeria (FICAN) Workshop in Owerri, Imo State, noted that industry players, regulators, and supervisory agencies must pay attention to causes to put in place preventive mechanisms.

According to him, internal factors that contribute to banks’ failure are mostly linked to failures arising from banks’ policies; weak risk management; weak credit policies; connected lending and insider loans; credit concentration; loan/deposit mismatch.

Others are ineffective and inadequate recovery optimistic assessment of borrower’s prognosis, ability, and character; weak human resource and capacity, among others.

Failures arising from banks’ operations are also fast means to distress in banks where laissez-faire credit review procedures; failure of information technology; ineffective; and poor strategic planning and implementation are rampant.

Given the above, Udechukwu noted that to avoid banks going into distress that might lead to a collapse, which may in turn impact heavily on the industry and the nation’s economy, several steps must be taken, and not in isolation from each other, which includes the need to strengthen the resolution and recovery plan framework to include all banks and not only Domestically Systemically Important Banks (D-SIBs).

Saying that basic risk management practices and governance arrangement must be ensured, Udechukwu added: “The first and most important source of operational and financial resilience lies on the banks’ own risk management and governance arrangement.

“There is need for supervisors to robustly assess banks governance and risk management practices as well as ensure strong supervisory approach for liquidity risk management.

“To stem distress in D-SIB, there is a need for public sector support to ensure financial stability and to protect the economy.

“There is the need for supervisors to continually and comprehensively assess the viability/sustainability of banks’ business models, and for supervisors to proactively engage with outlier banks.

“Supervisors should assess the impact of changes in the external environment on banks.

“Supervisors should assess banks’ business models in a forward-looking manner, taking into account potential changes in their operating environment over a medium/long term. Liquidity risk supervision needs to be enhanced in the light of recent experience.

Udechukwu further said specific features of a bank’s business model or asset/liability structure should be adequately taken into account, both by the bank and by the supervisory authorities in liquidity risk management.

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He also said liquidity stress testing conducted by banks should be supplemented by supervisory stress testing of liquidity, adding that banks should have sufficient tools to ensure appropriate action to remediate supervisory concerns with respect to liquidity risk management and funding profile.

“They should ensure that the tools can be deployed sufficiently quickly. Rules-based approach on its own is unlikely to appropriately identify, assess and allow the timely mitigation of key risks to a bank’s safety and soundness and broader financial stability.

“It should be complemented with supervisory authorities exercising judgments. Supervisory authorities should review the supervisory toolkits to ensure they are sufficient to drive concrete actions on banks,” the NDIC Deputy Director added.

Continuing, he stated: “There is a need for timely and effective cross-border supervisory cooperation to ensure global financial stability, monitor and manage risks at both consolidated group and legal entity level.

“The is the need for supervisory authorities to take into account possible limitations in transferring capital and liquidity resources within banking groups, which may arise from national laws, supervisory approaches or banks’ internal managerial practices.

“The liquidity regulations alone cannot prevent all liquidity runs on banks in an age characterized by easy access to information as well as banking services via various digital tools”.

December 1, 2023
Nigeria scales through EITI validation assessment

Nigeria has scaled through the final global assessment of the implementation of the Extractive Industries Transparency Initiative (EITI) in the country.

The result of the assessment was announced yesterday by the International Board of the EITI at its 58th Board meeting coordinated from the international headquarters in Oslo, Norway and presided over by the Rt. Hon. Helen Clark, former Prime Minister of New Zealand.

Nigeria recorded an overall score of 72 points in the international assessment which lasted over a period of 11 months.

The country was assessed on three major thematic areas of transparency, stakeholders’ engagement and outcomes and impacts.

Head, Communications & Stakeholders Management, NEITI, Obiageli Onuorah made this known in a press statement issued from Abuja yesterday.

The statement noted that in these three major areas, Nigeria recorded her highest score of 92 points on outcomes and impacts, 71.5 points on implementing transparency driven reforms in the extractive industry and 52.5points on stakeholders’ engagements.

In arriving at the decision for Nigeria’s rating of 72 points over 100, the Board particularly noted NEITI’s effective implementation of EITI in the country with “Visible and tangible impacts on extractive industry governance”.

The international board noted that the score of 92 points recorded in the area of outcomes and impacts reflected what the global EITI calls “NEITI’s robust system for developing workplans for implementation, monitoring and evaluation, dissemination and outreach.

The twenty-member Board chaired by the former Prime Minister of New Zealand, Ms Helen Clark applauded the visible and tangible impacts of NEITI in leading extractive industry reforms and governance in the oil, gas and mining sectors.

The global Board added that data integrity and access as contained in NEITI’s reports also recorded 90 points which reflected that information and data from NEITI reports are not only credible but globally acknowledged to be comprehensive.

Reacting to the global assessment report, the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji said that “As an agency, NEITI expected a higher overall score for Nigeria given government’s support, stakeholders’ collaboration, the quantum and quality of work that NEITI has put in on behalf of the federal government in the past two years. Our expectation was an overall minimum score of 90 points in all the three major indicators”.

He however stated that “NEITI is happy that Nigeria recorded her highest score of 90 points in the area of quality, openness and integrity of data, outcomes and impacts in the NEITI report”.

The Executive Secretary added that NEITI remains fully committed to outcomes and impacts that translates to visible results that shape the ongoing reforms which will guarantee more revenues for government through the blocking of leakages to improve the lives of Nigerians.

Dr. Orji further remarked that the global EITI’s endorsement of Nigeria’s comprehensiveness and data integrity is very important for the work is doing in Nigeria, given the importance of credible information and data to support planning and national development.

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NEITI is equally delighted with the score of 90 points recorded on contribution to economic growth and development as this points to the fact that the agency’s work has been impactful and aligns to the national priorities of government.

The ES promised that “NEITI, working more closely with the government, civil society and extractive companies is fully set to mobilise more work towards addressing the areas that need improvement as clearly highlighted in the report. These include deepening engagements with government, companies, civil society and the citizens.

Other areas for improvement are priority attention to the development of the solid minerals sector, expanding beneficial ownership disclosures and all other emerging issues in the extractive sector as outlined in the EITI Board assessment for improvement.

The Executive Secretary however, expressed regrets that the absence of the NSWG as required by the EITI Standard to provide oversight adversely affected Nigeria’s overall performance in the international assessment.

Dr. Orji therefore renews the agency’s and stakeholders’ calls for the urgency to reconstitute the NSWG affected by the recent dissolution of all Boards of MDAs in Nigeria.

The Executive Secretary thanked the Federal Government of Nigeria, the civil society, oil, gas and mining companies and development partners for their support and valued contribution during the validation process of Nigeria coordinated by NEITI.

The global EITI has scheduled the 1 January 2026 for its next global assessment of Nigeria, during which it expects that all corrective actions should have been strengthened.

December 1, 2023
Improved power supply underway, says Adelabu

Minister of Power, Chief Adebayo Adelabu yesterday said the objective of making the 2023 Electricity Act is for improved energy supply. He vowed that the citizenry will soon record improved power supply nationwide.

He spoke at the 3rd Workshop of the Power Correspondent Association of Nigeria (PICAN) in Abuja.

The theme of the workshop was: “Resolving Nigeria’s Power Crisis: The Implication of the Electricity Act 2023.”

According to him, taking all factors into consideration, especially with the liberalization of the sector, Nigerians will soon start to experience the objective that led to the Act which is improved power supply across the country.

He noted that a key part of the 2023 Electricity Act is the development of the Integrated National Electricity Policy and Strategic Implementation Plan.

“On this, we are working with the National Council on Power (NCP) to develop and send the implementation strategy to the Federal Executive Council (FEC) for approval,” Adelabu said.

He revealed that part of the Federal Government’s in its roadmap, is the emphasis on the bottom-up approach, unlike the top-down approach of the past.

According to him, the implication, with the bottom-up approach is that we will prioritize Metering, Distribution and Transmission infrastructure.

He added that the administration will focus on Customers down to distribution and transmission infrastructure in the short term, this is to ensure that a significant portion of what is generated currently gets to the end users.

Adelabu also said “We will also pay attention to the generation segment particularly in areas of distributed (embedded) power from renewable energy sources, while at the same time, advancing base load power through thermal and hydro plants in the medium to long term.

“We will further explore our regional energy potentials. We will focus on solar energy in the North, mini hydro power plants in the Middle belt and the Southwest, hybridized with solar while our coastal States will be identified for wind energy utilization.”

He tasked the media to stress advocacy to emphasize against power theft, vandalization and educate consumers against sabotage.

He also charged them to amplify that the financial liquidity in the Nigerian Electtricity Supply Industry (NESI) is dependent on customers paying for electricity consumed.

He described the theme as quite apt, considering the President Bola Tinubu avowed desire to provide regular supply of electricity across the country by liberalizing the power sector through the enactment of the 2023 Electricity Act.

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He said the 2023 Electricity Act is a significant part of our country’s energy roadmap as it clearly signifies the present administration’s commitment to the transformation of the power sector as clearly stated in the agenda of Mr President as contained in the Renewed Hope Agenda.

According to him, the Electricity Act has liberalized electricity generation, transmission and distribution.

Adelabu noted that it has also empowered States, Organisations and even individuals to generate , transmit and distribute electricity. Under this Act, the minister said state government can issue licenses to private investors to operate power plants and mini grids, within the States.

He added that private investors can also obtain licenses for generation, transmission, system operations, trading, distribution and supply.

The Act, according to Adelabu, can also encourages the integration of renewable energy technologies into the existing grid system while licensees are expected to meet renewable energy obligations as stipulated by the Nigerian Electricity Regulatory Commission ( NERC).

He added that among others, the Act also introduced mechanism for incentives for investment in the sector.

He said such incentives include feed-in-tariffs which guarantees a fixed price for renewable energy fed into the grid and tax incentives for investors.

The minister said in order to ensure a level playing field for all players in the sector and prevent anti-competitive practices, the Act also provides clear guidelines for the licensing , monitoring and supervision for market participants.

He further noted that the Act guarantees assets protection by allowing investors to sell or transfer their undertakings in the event of revocation of licenses or compensation in the event of takeover of such undertakings.

Adelabu said, “Therefore, when we consider the totality of the re-enacted electricity Act, it has changed the entire landscape of the power sector.

“What this implies is that everyone involved in the power sector value chain must contribute meaningfully in ensuring the successes that is envisaged by the enactment of the Act.”

In his remarks, PCAN Chairman, Mr. Obas Esiedesa, recalled that

on November 1, 2013, the Federal Government handed over the distribution and most generation assets to the private sector, marking the beginning of private investment into the NESI.

According to him, since then, expectations raised by the entrance of private entrepreneurs into the sector have largely remained unmet.

He said 10 years down the line, the time has come for the Federal Government to take a holistic review of the entire Power sector privatization.

Esiedesa said what is now expedient is not necessarily taking away the assets from operators, but finding solutions to the huge challenges facing the industry.

December 1, 2023
UBA lights up Marina to kick off Yuletide season

United Bank for Africa (UBA) Plc has kicked off the beginning of the yuletide season in a grand ceremony marked with fireworks and melodious Christmas carols.

The ceremony attended by staff, customers and members of the general public was held at the well decorated UBA Foundation Garden in Marina, Lagos.

Through its corporate social responsibility arm UBA Foundation, the bank marked the start of a fun-filled festive season that will bring lots of cheer and touch the lives of its customers and the individuals around the communities where it operates.

The bank celebrated the UBA Foundation Garden Light Up Ceremony and Carol evening, where staff and customers alike joined in to spread hope and sing carols to usher in the Christmas and end of the year season.

Group Managing Director, United Bank for Africa (UBA) Plc, Oliver Alawuba, was joined by other management staff to officially light up the Head office and the UBA Foundation Garden, which according to him, signifies how the bank has been bringing light to the lives of the people and communities around it.

He said, “We are here to officially light up the season and as you know, UBA has been the light in the financial sector on the continent and beyond. Going by our performance and we will continue to ensure that we spread light and joy wherever we go. This is very symbolic for us all, and we want to take time to appreciate the staff and customers who have made us achieve great things this year. At UBA, we are all about spreading love and giving hope.”

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The Light-Up ceremony featured Christmas carols renditions by UBA’s Customer Fulfilment Centre Choir, a fun-filled guided tour around the beautiful UBA Foundation Garden and lots to eat and drink for every-one present.

UBA’s Group Head Marketing and Corporate Communications, Alero Ladipo, while talking on the essence of the annual event, said, “UBA is a bank that values its environment and as an organisation that is corporately responsible, we have taken it upon ourselves to beautify our environment and add colour, especially as the year comes to an end.”

Continuing, she said, “We want to let them know that all lives matter. I hope that as always, we will be able to make many smile and give a glimmer of hope during a special season like this.”

UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, Environment, Economic Empowerment and Special Projects.

December 1, 2023
Zenith Bank, CFA Institute sign MoU on manpower development

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to support the formation, training, and updating of human capital in finance and investment.

The pact was signed by Group Managing Director, Zenith Bank Plc, Dr. Ebenezer Onyeagwu; President, CFA Institute, Margaret Franklin; and President, CFA Society Nigeria, Ibukun Oyedeji. It is expected to promote the overall development of the Nigerian financial services sector.

Onyeagwu lauded the CFA Institute and the CFA Society, Nigeria for their laudable programmes in developing finance and investment professionals in Nigeria.

According to him, the institute’s Women in Investment Management Initiative, CFA Institute Research Challenge, CFA Society Nigeria Ethics Challenge and University Affiliation Programme are laudable.

He said Zenith Bank would continue to partner with the CFA Institute and the CFA Society Nigeria to ensure that young finance and investment professionals get the needed support for their career development.

“As a good corporate citizen, Zenith Bank remains committed to furthering the economic, cultural and social development of the society. As such, we continue to support projects and initiatives that have long-term social and economic benefits for our various publics and stakeholders. Partnering with the CFA Institute and the CFA Society Nigeria is therefore a demonstration of our commitment to building professional excellence in the finance services industry in Nigeria,” Onyeagwu said.

    At the CFA Institute Africa Investment Conference, during the ‘Journey to the Top: A Discourse with CEOs’ segment, Onyeagwu inspired future finance and investment professionals to uphold the highest standards of integrity. He stressed the importance of making difficult yet high-quality decisions, building robust networks, and dedicating themselves to hard work for career success.

    In his words, “as upcoming professionals, the opportunities are immense for you. Africa doesn’t get bigger than Nigeria. There is scarcity of the right kind of people that have the talent, that have the character and the leadership to provide leadership in organizations. Make a decision to be one of those, make a decision to be different. You must be driven by your passion; you must delay gratification. In Zenith what is driving us is the strive for excellence. It is not about who you are and where you come from. We have the best class of talents you can think of anywhere in the world.” He assured the young finance and investment professionals that Zenith Bank will offer immediate employment opportunity to CFA Charter Holders and those who qualify as Chartered Accountants.

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    Also speaking on the MoU, the President/CEO, CFA Institute, Margaret Franklin reiterated the Institute’s commitment to the professional development of students and upcoming professionals. In her words, “there are many things that we do for students, we invest heavily in students and why is that? Because they are our future. The mission of the CFA Institute is to lead the investment industry with the highest standards of ethics, education and professional excellence for the ultimate benefit of society and that starts with our CFA programme”.

    She commended Zenith Bank for its continued support to the CFA Society Nigeria and sponsorship of the CFA Institute Research Challenge over the years. She also commended the bank for being one of the top employers of CFA members in the country. She expressed her admiration of the culture of excellence in Zenith Bank. Also speaking at the MoU signing ceremony, the President of CFA Society Nigeria, Ibukun Oyedeji commended Zenith Bank for its partnership with CFA Society Nigeria and its commitment to the development of young finance professionals in the country.

    The the CFA Institute Africa Investment Conference is being hosted by the CFA Institute and CFA Societies from Ghana, East Africa, South Africa and Mauritius. The conference has representatives from over 20 universities in Nigeria (members of their investment clubs being supported by CFA Society).

December 1, 2023
Investments in berthing facilities to boost economy, says NPA

Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello-Koko has said that investments in berthing facilities for ships and ongoing collaborations with critical government and non-government stakeholders like the Nigeria National Petroleum Company Limited (NNPCL) would boost the economy.

He said NPA’s investments make its vessel pilotage regime very efficient to support the oil, gas and allied sectors of the nation’s economy.

Bello-Koko disclosed this yesterday in Lagos, while delivering a paper on Port Strategies to Promote Seamless Import of Petroleum Products, at a forum organised by Lagos Chambers of Commerce and Industry (LCCI).

Bello Koko, who was represented by the General Manager, Office of the Managing Director, Ayodele Durowaiye,, said the pilotage, towage and mooring services represent some of the major areas it is supporting the oil industry, even in a post subsidy removal regime.

    According to him, the NPA has invested heavily in the provision of berthing facilities directly for ships while working with critical government and non government stakeholders like the Nigeria National Petroleum Company Limited (NNPCL)

    The NPA MD added that the authority has continually invested in equipment to support it’s operations across various pilotage districts.

    Giving a breakdown of NPA interventions across various operational areas comprising four pilotage districts, Bello-Koko said in addition to existing platforms, the NPA acquired two units of 80 Bollard Pull Tugs to support it’s operations at Dangote and Pinnacle Oil while reassuring that more are expected as the authority’s assessment shows greater porentials for increased oil related maritime operations in the Lekki axis in future.

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    On dredging to support vessel navigation, he said NPA dredging campaigns are regularly undertaken notably in Lagos where we have a joint venture (JV) relationship with the Lagos Channel Management (LCM) and Bonny Channel Management, for the Bonny /Port Harcourt axis.

    This is for both capital and maintenance dredging done to allow bigger draft ships to access the ports seamlessly and at cost saving amounts

    He said “In Warri Pilotage District, the restriction to the port in Warri, is that of cargo that can be loaded, not necessarily the size of the vessel. The authority is working hard to address the issue of collapsed beeakwater moles which causes serious siltation into the Escravos Channel. The consultancy service for the project has been completed and advert for bidding by contractors will soon be out

    “For the Calabar Channel Management, there is a Presidential directive that all court cases involving the parties should be suspended to pave way for take off of the Channel management company joint venture relationship. This is a good development that will eventually ensure dredging campaign that addresses the restrictions to the cargo volumes that can be loaded onboard vessels arriving the port” he said

    He added that his office has commissioned several study groups to look into tarrif on ship/harbour dues and the issue of payment in foreign currency but noted that the dredging cost, quay wall strengthening and other costs associated with the services NPA offers are denominated in US dollars.

December 1, 2023
NACCIMA woos cosmetic manufacturers

Director General, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Sola Obadimu has called on manufacturers of cosmetic, body and hair care products as well as other players in the beauty value chain to consider setting up production facilities in Nigeria as the as a way of creating jobs and contributing to the country’s economic development.

He said Nigeria is a huge market with increasing demand for goods and services that many manufacturers could not ignore with improving investors’ perception bordering on security.

    Obadimu disclosed this in Lagos, while declaring open the Beauty West Africa Conference and Exhibition put together by BtoB Events Limited.

    He said he was impressed with the turn out of the Beauty West Africa Conference and Exhibition, which provides a window for manufacturers, players and people in the value chain to consolidate partnership and develop the industry.

    The Chambers of Commerce and Industry from Benin Republic, Ghana, Cameroon and Gambia also attended the Beauty West Africa Conference and Exhibition.

    Obadimu said the way and manner players in the sector tuned out at the event shows Nigeria is a huge market in the sub – continent beckoning for investors to set up their businesses and add value to the economy.

    He commended the organisers for putting together an exhibition where many countries across the globe are showcasing their products and services.

    The NACCIMA Director General said : ” ” It’s a good development for us particularly when you know the kind of perception foreigners used to have about stories of insecurity. This shows that we can still host world class events. And also, it signifies that Nigeria still remains a strong market with a lot of demand for products and services. But what I would like more is to see some of this company opening an outlet in Nigeria so that some of our people can be employed. It’s a good story for us and I hope this continues.”

    Also speaking, Managing Director, BtoB Event, Jamie Hill said Beauty West Africa Conference and Exhibition aspires to seeing   more cosmetics manufacturers settle for Nigeria in order to develop the beauty market.

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    He, however, hopes the idea will expand exhibitors’ perception about the Nigeria market and other business areas capable of uplifting the country’s economy.

    He said : ” I can say to you I’m impressed with what I’ve always seen in Nigeria and I’m sure with time more companies will be here to manufacture goods on Nigerian soil. The significant takeaway from this event is massive and I think will help grow the cosmetics market in the country.

    “By 2026, the beauty market will be worth a huge amount of money that will charge entrepreneurship. Despite the economic hardship, we won’t relent and we’re glad top government officials from different countries are here to appreciate this show and find out what the beauty market has in store. It’s also a business to business platform which will help in cementing partnership. Chamber of commerce from Cameroon, Gambia, Benin and others are here for good and I think with time more investors will come and we’ll all get there,” he opined.

    In his remarks, the Exhibition Manager, Ken Baber urged   investors to consider setting up their companies in Nigeria, which remains the hub of Africa’s economy.

    He said : ” This event is also about encouraging manufacturers and Nigerians that this show is the hub of exhibition. We’re happy coming together, the market is growing so much and there is a lot of potential in the country. There’s a reason for choosing Nigeria. The market is growing very well and it will give manufacturers encouragement to do more. We have over three hundred and fifty companies and over five thousand exhibitors and I’m sure next year will be bigger than this. This is the message we want to pass out to Nigerians. We want the world to know we’re here for Nigerians and I believe we can both achieve amazing things.”

December 1, 2023