Business
NIMASA Rescues Distress Voyage Vessel
As part of efforts to demonstrates its commitment toward safe navigation on Nigeria territorial waters, the Nigerian Maritime Administration and Safety Agency (NIMASA) has successfully intervened in a rescue mission involving a Sao Tome&Principe flagged vessel which was on voyage from Gabon to Cotonou.
Source from NIMASA zonal office in Port Harcourt has informed The Tide that the vessel, “MV AL SALAM” which is a small general cargo vessel built for coastal trading, developed engine problems off Nigerian water and was adrift on the high sea for nine days with over 160 passengers on board, before calling for help.
It was gathered that shortly after receiving the distress call signal, the Regional Maritime Rescue Coordination Centre (RMCC) located at the NIMASA Resource Development Centre in Lagos, relayed the distress signals to all vessels in the region, in other to locate and rescue the stranded vessel.
The effort paid off as “MV AL SALAM” was sighted and guided to Calabar breakwater
Under two by MT Mother Benedicta.
The rescued vessel was eventually docked at the former Dry-Dock Jetty of the Nigerian Ports Authority (NPA) in Calabar, shortly after which the officials of NIMASA collaborated with officials of NPA, Immigration Service and Rescue clinic of NIMASA, evacuated over 160 passengers, including children and pregnant women, who were apparently weak and dehydrated.
NIMASA officials, according to source provided First Aid services to the very weak passengers, food for the starved and water for the thirsty. The agency also provided all logistics required to convey the stranded passengers by road from Calabar in Cross Rivers State, to Cotonue in Benin Republic.
Shortly after rescue operations of the passengers were completed, “MV AL SALAM” was detained in Calabar for Port State Inspection to be conducted on the vessel by the NIMASA district Surveyor in Calabar to determine her compliance with International Maritime Organisation, (IMO) regulation for Deep-Sea sailing and trading.
An interim investigation conducted by officials of the agency revealed that the vessel was unsea worthy, as it was loaded heavily with hundreds of bags of chewing Lumbers, personal luggage and over 160 passengers and 12 crew members, despite being a 276.16 gross tonnage vessel, the source said.
Meanwhile, NIMASA management has commenced the process of liaising with other member state in the SAR region on the need to increase inspections process on both port and flag state control measures.
Corlius Walter
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
