Business

Procurement Process For Ibom Deep Seaport Begins

Published

8 years ago

January 17, 2018

There are indications that the construction of the Ibom Deep Seaport (IDSP) will soon start following the advertisement of the Request for Qualification (RFQ) from reputable private sector port operators in partnership with the Akwa Ibom State Government and the Federal Government.
The RFQ is a major step critical towards the implementation of the IDSP project, apparently one of the most promising Public- Private Partnership (PPP) initiatives in Africa because of the several multiplier effects it will create in Nigeria and other African nations. The company disclosed on its website that: “The Akwa Ibom State Government, as part of its industrialisation plans, is very keen on implementing the Ibom Deep Seaport project as part of the Ibom Industrial City development through a PPP arrangement. The deep seaport, although a part of the industrial city, is treated as a separate project. The Ibom Deep Seaport will be owned by the Federal Government of Nigeria through the Nigeria Ports Authority in partnership with Akwa Ibom State Government and private investors. ‘’On the other hand, the Ibom Industrial City project will be solely owned by Akwa Ibom State Government. Both projects will utilise the state’s unique location to promote industrialisation in the region by developing a modern state-of-the art industrial city which will include a deep sea port. ‘’The Ibom Deep Seaport is in line with the Federal Ministry of Transportation’s (FMoT) plans to augment port capacity in Nigeria and a key component of Akwa Ibom’s economic empowerment plans. The project has the full support of the Akwa Ibom State Government, the Federal Government through the Federal Ministry of Transportation and the Nigerian Ports Authority (NPA).” “The Ibom Deep Seaport will occupy 2,565Ha of land area of the 14,517Ha available for the industrial city project.
The approximate location of the project site scaled from the British Admiralty Chart No. 1387 is Latitude 04 32’ 35″ N: Longitude 080 14’ 07″ E. and UTM coordinates 415168 m E; 502,199 m N (UTM Zone 32N).
“The project site is strategically located and accessible through major existing and planned transport infrastructure such as airport, railway lines and federal and state road networks.’’ It indicated that the Ibom Deep Sea port project is one the Federal Ministry of Transportation’s initiative to augment port capacity in Nigeria and aligns with the aggressive industrialization project being carried out by the Akwa Ibom State Government. The company stated that the seaport will form part of an integrated industrial city to help foster economic development of the country, state as well as drive economic empowerment of the citizens. It stated that this will be achieved by developing industries adjacent to the deep seaport and within the Ibom industrial city, adding that the implication is that the development of the deep sea port will be carried out in such a way that the synergies of having it within the Ibom industrial city can be fully optimised. The company stated that identified industries that will be developed in the industrial city include agriculture, petrochemicals, marine related industries, auto assembly plants, power plants, as well as real estate developments etc. ‘’The design of the Ibom Deep Seaport has provided an additional 1,565Ha of land area for future expansion of the port taking cognizance of projected growth in cargo volumes.

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

2 weeks ago

December 8, 2025

The Tide

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.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

2 weeks ago

December 8, 2025

The Tide

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.

Business

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

Published

2 weeks ago

December 8, 2025

The Tide

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