Connect with us

Business

Why African Nations Must Explore Deep-seabed Minerals

Published

on

Statistics have revealed that African Coastal states have actually not taken any remarkable steps (s) towards realising the benefits derivable from the abundant potential of marine mineral resources which include noduiles sulptrides,   phosphorites and cobalt rich ferromanganese crust within the area of national jurisdiction, even in area between states bordering the south Atlantic ocean.

This to some extend have become a source of concern to maritime experts, and of course notable authorities that are interested in African countries waking up to exploit as well as benefit in the abundance of mineral resources in the deep sea marine environment.

As part of this efforts to encourage African nations to explore the deep seabed mineral resources, the Secretary General of the international Seabed Authority (ISA) His Excellency, Nii Allotey Odunton has been scheduled to address the next Heads of State Meeting of the African union on the marine mineral resources and the need for the region to be actively engaged in the exploration and exploitation of the deep seabed mineral resources in the area.

The move was as a result of recommendation put forward by participants at an international sensitisation seminar on the works of the International Seabed Authority (ISA) in Abuja.

ISA Secretary General read the decisions and the 12 point recommendation reached at the seminar, and also announced that Africa member states of ISA should facilitate the immediate development of Intra-African and International cooperation to promote as well as develop marine exploration and exploitation.

Several players in the transport and indeed the maritime sub-sector have expressed the need for African countries to actually wake up to the challenge of exploiting the deep seabed mineral potentials, even though it has lagged behind in the past.

The Nigerians transport minister, Alhaji Ibrahim Isa Bio has opined that the inability of African countries and indeed government to explore the vast resources has contributed to underdevelopment of the region over the years, and has urged scientist to join other countries in exploring the seabed recourses, and also assured of governments readiness to support ISA towards ensuring that deep sea exploration mining licenses in the area are issued as soon as possible.

 The minister stated “it is a known fact that in spite of all the challenges facing Africa, it is richly endowed on land and sea. That these natural resources have remained largely untapped is a great source of concern and part of the reasons for Africa’s underdevelopment.”

Also, the Nigeria’s permanent representative at the ISA, Ambassador Peter Oyedele has noted that the advances made in technological development in recent times, that mining of the nodules deposit in deep seabed will soon became  a commercial reality and that African continent can not afford to be left out in this regards.

It is on record that the United Nations (UN) General assembly in 1970, adopted a resolution declaring the resources of the seabed and ocean floor beyond the limits of national jurisdiction to be “common heritage of mankind” for which no state or person could rightfully claim.

The time has now ripen for Nigerian Scientists, and indeed other scientist in African region to showcase their skills and ingenuity in exploring and exploiting the rich deep seabed mineral resources for the development of the region.

Going by the UN resolution of 1970, no nation can make claim to ownership of the seabed. It is our common wealth, and African should partake in the deal.

 

Corlins Walter

Continue Reading

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase 

Published

on

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.
Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.
The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.
PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.
He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.
“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.
Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.
“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.
“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.
“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.
“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.
Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.
“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.
“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.
“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.
Continue Reading

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

on

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.
The Commission disclosed this in a statement posted on its website.
According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.
The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.
According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.
“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.
The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.
Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.
“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.
The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.
It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.
Continue Reading

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products 

Published

on

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.
The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.
NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu
Continue Reading

Trending