Business
Senate Passes Financial Intelligence Agency Bill
The Senate has passed the Nigerian Fmanclal lntelligence Agency Bill as a central body in Nigeria responsible for receiving, requesting, analysing and disseminating financial intelligence reports and other information to law enforcement agencies.
This followed the consideration of the report of the Committee on Anti-Corruption and Financial Crimes presented to the Senate by its chairman, Sen. Chukwuka Utazi during plenary.
The BIll, which was only read for the first time on Thursday July 20, passed second readmg on Tuesday and was approved by the upper legislative chamber on Thursday, exactly one week after.
With the passage of the Bill, the risk of Nigeria being expelled from the Egmont Group has been reduced by half as the bill is just waiting for presidential assent to become law.
The Egmont Group is a network of national financial intelligence units and the highest intergovernmental association of intelligence agencies in the world, with 154 member countries including Britain and the U.S.
Nigeria is currently serving a suspension from the group arising from the non-establishment of the NFIA as a unit standing autonomously.
The group accused the Acting Chairman of EFCC, Ibrahim Magu, of interfering with the affairs of the unit and sharing information that should be confidential to the unit with others including the media.
The group had also threatened to expel Nigeria permanently by January 2018 if the Nigerian government failed to grant the unit the autonomy it required to be a member of the EGMONT group.
It is in a bid to save Nigeria from being expelled that the Senate gave accelerated passage to the Bill without conducting a Public Hearing.
The Tide source reports that the NFIA if given the Presidential assent would act as the central body in Nigeria responsible for requesting, receiving, analysing and disseminating financial information to law enforcement agencies.
Speaking further on the Bill, Sen. Chukwuka Utazi, said the proposal sought to make the unit, which is currently domiciled under the EFCC an autonomous and independent body.
He said that the unit was the backbone of the EFCC but had to be made autonomous as prerequisite of being a full member of the Egmont Group.
Under the passed Bill, the NFIA would now be domiciled in the Central Bank of Nigeria (CBN) and also report to the National Assembly.
The unit, which represents Nigeria at the global body, is charged with tackling money laundering and monitoring financial flows, a task made easy by its membership of the EGMONT Group.
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
-
Oil & Energy4 days ago
NNPCL Lists Transparency, Accountability, Others, As Transformation Drivers
-
News4 days ago
Trafficking: Beware Of Fake $900 Jobs, NAPTIP Warns Nigerians
-
Focus4 days ago
Reminisces On Tributes To Mrs Adeline Ndalu Jaja
-
Nation2 days ago
Ododo Applauds Security Agencies Over Rescue Of 43 Bus Passengers
-
Opinion3 hours ago
Good Friday: Timeless Message Of Sacrifice, Redemption
-
Education4 days ago
Bill To Increase UBEC Funding Passes Second Reading
-
News4 days ago
Food Prices Rise In February 2024 -NBS
-
Niger Delta2 days ago
Bayelsa Community Set For Youth Election, Inaugurates Eleco