Business
Amaechi Hails Navy, King Princewill
Rivers State Governor, Rt. Hon Chibuike Rotimi Amaechi has commended the Nigerian Navy and other security agencies for their role toward ensuring the prevailing peace in the State.
Governor Amaechi stated this yesterday, when the Minister of State for Defence, Erelu Olusola Obada paid him a courtesy visit in Government House, Port Harcourt.
Amaechi said, the Navy had been of immense support to his administration and citizens of the state particularly in the area of crime control on the waterways.
According to him, “the Nigerian Navy has been of tremendous help to the citizens of the state especially as it affects coastal activities. Bunkering and kidnapping used to be very high, the Navy has been able to reduce it .”
“There were periods when our brothers in Bonny couldn’t go home. There were periods that oil companies couldn’t move their goods, but now at least they can.
“On our part, the Rivers State government will continue to assist the navy and other security agencies.” “When I became governor, we knew they (Navy) lacked gunboats, so we bought six make-shift gunboats, they were fabricated by a local company and they were armed by the Navy”, he said.
Earlier, the Hon. Minister of State for Defence Erelu Olusola Obada thanked the governor for his prompt assistance to the Navy in the State.
She said, although, the country was faced with security challenges, the Nigerian Navy and other Military Personnel were ready to fight crime.
“I want to thank you for the great things you have been doing for the lives of the Navy in Rivers State. We thank you for the provision of vehicles for NNS Pathfinder, the construction of a Guest House, the Perimeter Fencing and provision of products”.
Meanwhile, the Governor has expressed happiness over the vision of the present leadership of the state Traditional Rulers Council in ensuring that a befitting residential lodge is provided for whoever occupies the position of chairman of the traditional institution in the state.
Governor Amaechi gave this hint yesterday during the commissioning of the Rivers State Traditional Rulers Council chairman’s lodge in Port Harcourt.
Represented by the state commissioner for Housing, Mr Marshal Uwom, the governor said that the traditional rulers council chairman, His Majesty King Theophilus Princewill has demonstrated purposeful leadership in conceiving the project aimed at enhancing his performance and that of his successors, without initial government support.
Governor Amaechi commended King Princewill for ensuring the completion of the building inspite of the fact that it would be handed over to his successor at the end of his tenure, lauding him for funding the project from the council imprest, and assuring that the request of the monarchs would be met in due course.
Earlier, the chairman of Rivers State Council of Traditional Rulers, His Majesty King Theophilus Princewill explained the need for a permanent accommodation for the council chairman, stressing that it would address the challenges of administering the council affairs from a long distance.
He disclosed that his administration decided to embark on the project in order to reposition the traditional institution in the state and to have a legacy for others to inherit.
The monarch then enjoined the state government to furnish the accommodation, rehabilitate the access road to the building, secure its certificate of occupancy and expand the secretariat auditorium.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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