Business

A’Ibom Microfinance Bank Sacks 40 Employees

Published

9 years ago

February 22, 2017

The Akwa Savings and Loans Limited, owned by the Akwa Ibom Government, said it had disengaged about 40 employees.
The bank’s Managing Director and Chief Executive Officer, Mr Ebong Bassey, disclosed this at an interactive session with newsmen in Uyo on Monday.
“We have disengaged 40 of our staff and very soon more than 50 others will also be disengaged. This is in a move to aggressively restructure the bank and reposition it for global competitiveness,” he said.
Bassey said that the move would also strengthen the capital base of the bank.
He also said that some branches of the bank would be shut to enhance productivity and quality control.
According to him, some of the employees of the bank who have been indicted by a special panel on various cases of fraudulent practices, are being interrogated by the police and the Economic and Financial Crimes Commission.
He, however, said that the previous management of the bank had deviated from the core mandate and vision of the founding fathers of the struggling bank.
Bassey blamed the previous management for running the bank as a charitable organisation, adding that his management team inherited N1.8 billion debt and within five months of his assumption of office, recovered N1.4 million
“ We are doing everything within our power to ensure that we recover all the money,” Bassey said.
The managing director promised to publish names of the bank’s debtors as soon as the external auditors submitted their report in March.
He said that many debtors had written and submitted post-dated cheques to the bank to prevent their names from being published.
The managing director assured esteemed customers that the new management was resolute to reposition the bank to meet modern banking standards.
Council Calls For More Deep Seaports
The Chairman, Nigerian Ports Consultative Council (NPCC), Chief Kunle Folarin, has said that more deep seaports with natural deep draught are critical to the development of the Nigerian maritime industry.
Folarin said this in a paper titled: “Overview of the Nigerian Maritime Sector’’, presented at a two-day retreat organised by the House Committee on Ports, Harbour and Waterways, the Federal Ministry of Transportation and its agencies.
According to him, with the continued increase in the volume of global trade, most shipping lines and main line operators seek to achieve economies of scale.
“This is why the deployment of large capacity deep sea and mother vessels to serve their trunk trade routes,’’ he said.
“Presently, Panama vessels can load up to between 8,000 to 15,000 TEUS (containers) with draught of between 13 to 15.5 metres.
“Consequently, this has precipitated the demand for deep seaports to accommodate these vessels for the purpose of transhipment,’’ The Tide source quotes Folarin as saying.
He suggested that a deep seaport should be strategically located in an area where security and safety would not be compromised.
Folarin said major ports with the right depth and facilities were being favoured as transhipment hub due to the enormous amount of money generated from the plethora of cargo handled.
He said, “There is a compelling need for strong and durable strategic alliances between the Federal Ministry of Transportation and key Federal Government Ministries, some of whose functions inter-phase with those of the ministry.’’
Folarin said that there were critical issues in the maritime domain like: piracy and armed robbery; effects of macro-economic policies; free trade zones restrictions; and excessive port charges.
“Other issues are: multiple intervention in clearing processes; difficulties in export documentation and contracts; prohibition of imported items; and parallel tariffs and duplication of charges,” Folarin said.
Folarin mentioned commercial industrial and oil and gas cargo operations; limitations and barriers in claims administration; and unfavourable commercial trade terms option.
He said other issues included: foreign exchange inaccessibility by shippers; ratification and domestication of international conventions and compliance with World Trade Organisation (WTO) and EU protocols.

Business

Customs Seek Support To Curb Smuggling In Ogun

Published

12 hours ago

February 13, 2026

The Tide

The Nigeria Customs Service(NCS), Ogun 1 Area Command, has solicited support in fighting smuggling and other economic crimes at the Nations border.

The Area Comptroller, Olukayode Afeni made the appeal in an interview with Newsmen in Idiroko, Ogun.

The comptroller stressed the need for the public to provide timely and reliable information to the Service, saying noting that fighting smuggling is a collective effort

“I urge the general public to join hands with NCS by providing timely and credible information that would help toward suppressing smuggling and other economic crimes.”

“Together, we can build a prosperous nation where compliance is the norm, and criminality has no place,” he said.

Afeni reiterated the command’s commitment to combat smuggling, and facilitating legitimate trade, as well as generate revenue for national development.

Chinedu Wosu

Business

IFAD: Nigeria Leads Global Push For Youth, Women Investment In Agriculture

Published

13 hours ago

February 13, 2026

The Tide

The 49th Session of the International Fund for Agricultural Development (IFAD) Governing Council has concluded in Rome, with Nigeria taking a prominent leadership role in advancing global agricultural development priorities, particularly strategic investment in youth and women.

The biennial meeting, themed “From Farm to Market: Investing in Young Entrepreneurs,” underscored the growing recognition of young people as critical drivers of job creation, innovation, and inclusive economic growth across global food systems.

The session opened with the election of Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, as Chairperson of the IFAD Governing Council.

Having previously served as Vice Chair, his emergence as Chairperson reflects the strong confidence reposed in Nigeria by Member States, recognising the country’s constructive engagement and leadership in promoting global food security.

In his acceptance remarks, Senator Kyari expressed deep appreciation to Member States for the trust placed in him, pledging to serve with humility, diligence, and a strong commitment to improving the livelihoods of rural women and men across the world.

Addressing delegates during the session, the Chairperson emphasised that prioritising youth and women in agriculture is key to unlocking economic opportunities, accelerating innovation, and driving inclusive growth.

He noted that such investments would ultimately strengthen global food systems while helping to reduce hunger and poverty.

Senator Kyari also commended President Bola Ahmed Tinubu for placing food security at the centre of Nigeria’s national priorities.

He noted that Nigeria’s leadership role at IFAD aligns with the President’s directive to boost agricultural productivity, expand economic opportunities for youth and women, and build resilient food systems capable of withstanding climate and market shocks.

The Minister further praised the IFAD Nigeria Country Office, led by Country Director Ms Dede Ekoue, for translating global development commitments into measurable outcomes for rural communities.

He highlighted the office’s role in strengthening agricultural value chains, empowering youth and women, and improving resilience among smallholder farmers nationwide.

Business

Expert Tasks FG On Food Imports To Protect Farmers

Published

14 hours ago

February 13, 2026

The Tide

The Federal Government has been urged to balance consumer protection with farmers’ sustainability by ensuring timely food imports, input subsidies expansion and price stabilisation mechanisms to secure investments across the agricultural value chain.

An agriculture expert, Dr Fatai Afolabi, gave the advice at a forum organised by the Plantation Owners’ Forum of Nigeria (POFON), in collaboration with the Oil Palm and Other Oil Seeds Value Chain, themed ‘Current Government Food Strategy, the Concomitant Effects and Implications for Food Security in Nigeria’, and held in Lagos, Wednesday.

Afolabi cautioned that the recent food import policies, while easing consumer prices, could undermine local farmers and long-term food security if not carefully managed.

He noted that Nigeria’s food system was navigating an exceptionally difficult period, marked by inflationary pressures, climate variability, insecurity in major food-producing regions, and rising energy and logistics costs.

He said the Federal Government’s decision to temporarily relax restrictions on selected food imports was understandable, noting that the market had responded swiftly with a reduction in prices of major staples.

However, the convener observed that while the policy had brought much-needed relief to consumers, it posed significant challenges for local farmers and agriculture value chain investors.

“While output prices have fallen, the cost of producing food in Nigeria remains stubbornly high.

“Farmers continue to contend with expensive fertilisers, rising transport costs, costly improved seeds and agrochemicals, limited access to affordable credit, poor electricity supply, weak road infrastructure, and inadequate storage and processing facilities, which result in significant post-harvest losses.

“This situation, where farmers sell produce at declining prices while production costs remain elevated, has created widespread distress across agricultural ecosystems,” he said.

Afolabi said the effects were being felt across all segments of agriculture, with rice farmers among the hardest hit.

He said reports from producing states indicated that about 3,500 rice farmers were considering exiting rice cultivation after incurring estimated losses of over N93 billion.

He added that cassava farmers were selling produce at prices that barely covered harvesting costs, leaving them unable to recover their investments.

According to him, vegetable and edible oil producers are also under pressure as imported vegetable oil brands reduce demand for locally processed alternatives.

He added that cocoa farmers continue to battle price volatility in international markets amid rising domestic labour and maintenance costs.

Afolabi noted that tree crops such as oil palm and cocoa, which require long gestation periods, were particularly vulnerable to sudden market disruptions that undermine investor confidence and discourage new investment.

He said the effects extended downstream to agro-processing and value addition, with soybean farmers supplying vegetable oil processors experiencing reduced demand and lower prices.

He said the development threatened not only farm incomes but also rural employment and agro-industrial growth, raising concerns about national food security.

According to him, sustained losses could force farmers out of production, increasing Nigeria’s dependence on food imports and exposing the country to global supply shocks, foreign exchange pressures and long-term vulnerabilities.

Afolabi cited India and the Netherlands as countries offering useful lessons in balancing consumer protection with farmer sustainability.

He said India deploys food imports strategically during shortages, while complementing them with strong domestic support systems.

He added that the Netherlands, despite being one of the world’s leading agricultural exporters, supports farmers through input subsidies, tax incentives, affordable energy, strong cooperatives, and close integration with research and extension services.

He said agricultural students in both countries also benefit from subsidised tuition, transportation and meals, as well as grants and start-up support for farm enterprises.

“This approach ensures generational continuity and innovation in the agricultural sector,” he said.

Afolabi said Nigeria’s current food import policy could play a stabilising role if complemented by deliberate measures to protect local producers.

He recommended carefully timed imports to avoid peak harvest periods, strengthened price stabilisation mechanisms, aggressive subsidies for critical farm inputs, and support for agro-processors to remain competitive.

He also called for clear communication of policy intentions to reassure farmers that import measures were strategic and temporary.

“Food imports should function as a strategic shock absorber rather than a permanent market feature.

“Government should develop and publish a national crop production and harvest calendar for major staples and align import decisions with documented supply gaps.

“Affordable food and profitable farming are not mutually exclusive goals. With thoughtful coordination and sustained support for farmers, Nigeria can achieve both,” he said.