Business – Page 2 – Shipping World News Magazine

Jan162018 by Asu BeksNo Comments

Indigenous Shipowners May get NNPC, NIMASA Nod To Lift Crude

… As Dakuku Champions New Trade Terms to Boost Indigenous Shipping … Kachikwu, Baru Weigh Options Shipowners and other stakeholders in the maritime sector are on the verge of getting the desired change in trade terms from Free On Board (FOB) to Cost Insurance and Freight (CIF) which would enable them to begin to lift Nigeria crude and ultimately boost indigenous capacity. This new encouragement was a fall out from the stakeholders’ engagement on changing Nigeria’s crude oil affreightment trade term from FOI to CIF which was organised by Nigerian National Petroleum Corporation (NNPC) and the Nigerian Maritime Administration and Safety (NIMASA) held on Tuesday at the NNPC towers in Abuja. The Minister of State For Petroleum Dr. Ibe Kachikwu who declared the event open welcomed the de...

Jan162018 by Asu BeksNo Comments

Nigeria Customs Service: Murtala Muhammed Airport Command Records N48 billion in 2017

Business, Maritime

The Murtala Muhammed Airport Area Command of the Nigeria Customs Service generated a total of forty eight billion naira (N48b) as against a target of sixty nine billion (N69b), recording a shortfall of about twenty two billion (N22b) at the close of business in 2017. This figure represent 69 per cent of the target given for the preceding year. Alas, in the first two weeks of 2018, the command made impressive revenue of about one billion, one hundred and eighty eight million, five hundred and sixty thousand naira. Compared to year 2016 figure of fifty five billion naira, the 2017 figure records a shortfall of N7,464,805,321. According to the Customs Area Comptroller, Edede I. Emmanuel, the command made remarkable progress in revenue generation, trade facilitation and anti- smuggling a...

Jan82018 by Asu BeksNo Comments

Gelegele seaport development to begin as Obaseki signs MoU with China Harbour

Business, Port News

The Governor of Edo State, Godwin Obaseki, has signed a Memorandum of Understanding (MoU) with China Harbour Engineering Company Limited (CHEC), for the development of the Gelegele Seaport and other transport infrastructure in the state. The landmark event which held in China today, will see China Harbour Engineering Company, the biggest infrastructure company in China, with a robust portfolio covering the broad infrastructure spectrum, lead the development of the seaport that will serve as the gateway for exporting manufactured goods from the Benin Industrial Park under construction and other manufacturing companies in the region. The MoU signing is the result of series of engagements between Governor Obaseki and the Chairman of China Harbor Engineering Company (CHEC), Lin Yicho...

Jan82018 by Asu BeksNo Comments

FOU Zone “A” Nets N5.9 billion in 2017…179 Arrested for Smuggling

Breaking News, Business, Port News

The Federal Operations Unit (FOU) Zone "A" Ikeja of the Nigeria Customs Service, NCS, made the highest revenue ever in its anti-smuggling operations by generating N5.9 billion in 2017, despite the harsh economic environment. This figure included the sum of N1.9 billion from duty payments and demand notices on general goods at seaports, airports and bordet stations in the South West of Nigeria. Most importers and customs agents often try to short- change the Federal Government through wrong classification of goods, transfer of value and other deliberate schemes to evade duty payment. During the year under review, the unit made a total of 1046 seizures and 179 suspects arrested for smuggling parboiled rice, frozen poultry products, vegetable oil, Indian hemp, arms and fake pharmace...

Jan52018 by Asu BeksNo Comments

Nigeria Customs Service: How We Hit the Hit Trillion Naira Mark

Breaking News, Business, Port News

The Nigeria Customs Service says it generated the sum of one trillion naira in revenue as against the target of N770, 573, 730, 490 due to measures put in place by the Col. Hammed Ali management. At a breakfast meeting with maritime journalists in Lagos, the National Public Relations Officer, DC Joseph Attah, stated that, although analysts have concluded that the revenue generated for 2017 was inferior to the figure for 2014, they were not conversant with the following economic indices. For instance, in 2014 experienced with 41 items removed from accessing forex. Rice, which raked in N56.8 bullion could not even contribute up to half a billion in 2017. Besides, the volume of imports declined considerably owing to government policy such that in 2014, the duties collected were N122...

Jan22018 by Asu BeksNo Comments

Buhari to commission Kaduna dry port on Thursday

Breaking News, Business

President Muhammadu Buhari will on Thursday commission the Kaduna Inland Dry Port in Kakuri, Kaduna. A statement signed by the Director, Special Duties of the Nigerian Shippers Council (NSC), Ignatius Nweke, said the port which is among the seven dry ports being promoted by the Council was built by Kaduna Inland Dry Port Limited and has the capacity to handle 29,000 tonnes of cargoes yearly at the first phase of operation and likely to double when fully completed. “The Kaduna Dry Port, which is the first of its kind in Nigeria would receive cargo from Apapa Port in Lagos, through the railway or by road and also export goods through the same channel,” Nweke said. According to him, the establishment of inland container depots in the hinterland was informed by the need to reduce...

Jan12018 by Our EditorNo Comments

NIMASA: A revolving door no godfather can shut

Business, Misc

By Pius Mordi In its 30-year history since the National Shipping Policy Decree 10 of 1987 set up the National Maritime Authority, over 12 substantive directors general have been appointed to head the agency that in August 2007 became the Nigerian Maritime Administration and Safety Agency (NIMASA). Within the period, about four people had run the agency in acting capacity. Invariably, at less than 30 months actual time spent in office, it enjoys the unenviable reputation of having the highest turnover of chief executives among all agencies of the federal government. A common feature of the parastatal is that the number of its substantive directors general is directly proportional with the number of ministers of transport appointed over the period. Every new minister of transport always...

Dec312017 by Asu BeksNo Comments

Celebrating Failure?

Business, Opinion

You were appointed to change the fortunes of NIMASA by President Muhammadu Buhari in May 2016, having lost the Governorship Election in Rivers State to Mr Project. Rather than do the job for which you were appointed, you decided to embark on a global jamboree unprecedented in the history of any government CEO. As at the last count you have made no fewer than 50 foreign trips in your 18 months in office. Put that in financial context ,and we should be talking about millions of dollars of tax payers money in estacodes, flight tickets and other incidentals. Is that how you would have governed Rivers State if you had been elected Governor? You lost IMO Council seat as a sitting AMAA Chair after an over N300m expenditure by the Nigerian delegation. You also in May this year blew N500m...

Dec262017 by Our EditorNo Comments

NIMASA set to release maritime industry forecast by first quarter 2018 – Dakuku Peterside

Breaking News, Business, Maritime, Press Release

As part of the initiative to reposition the maritime sector for greater efficiency in line with International best practices, the Nigerian Maritime Administration and Safety Agency (NIMASA) will release the empirical forecast that will determine the outlook of the industry in Nigeria by the first quarter of 2018. The Director General of NIMASA Dr. Dakuku Peterside who disclosed this in Lagos recently further stated that the Nigeria forecast will deal with how developments on the international scene will affect the industry in Nigeria, which will also serve as a guide for investors and Stakeholders in the maritime sector. Dr. Peterside noted that the forecast will be released from a holistic perspective in order to know areas of advantage that will be of immense benefit to Stakeho...

Dec212017 by Our EditorNo Comments

Customs Records Highest Revenue, Hits N1.1 Trillion In 2017

Breaking News, Business

The Nigeria Customs Service (NCS) has surpassed itself by recording a revenue of one Trillion, one hundred billion naira, barely nine days to the end of the year. This spectacular performance in revenue collection this year is above the figure for 2016 to the tune of N241, 685, 276, 289.74 At a media parley in Abuja, the nation's capital, the National Public Relations Officer of the Service, DC Joseph Attah, said despite the economic recession, with low volume of imports and restriction placed on 41 items from accessing forex, the Comptroller-General of Customs, Col. Hameed Ali (rtd) undertook some strategic measures which led to the historic revenue figure. The CGCs innovative measures include the redeployment of officers and men, the retraining of Customs Intelligence Unit, maximisi...