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Nigerian Waters: Maritime Stakeholders Harp On Information Flow

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Stakeholders in the Nigerian Maritime Industry have met over the implementation of the International Maritime Organisation’s (IMO) convention on Long Range Identification and Tracking System(LRIT) in continuation of efforts to ensure a continous flow of information in the Industry. The meeting, which was hosted by the Nigerian Maritime Administration and Safety Agency (NIMASA), the apex maritime administration in Nigeria, was chaired by the former Director General (DG) of the agency, Dr Ade Dosunmu.

Stakeholders identified that the LRIT has the potential of curbing illegal trans-shipment activities on Nigeria waters, and harped on the support of NIMASA as the apex Nigeria maritime regulatory body in the implementation of International Conventions domesticated by the country.

The chairman of the occasion and the former DG of NIMASA explainedthat the LRIT system device has the  potential of alerting the Maritime administration of ships dumping potential harzardons materials carried by foreign ships.

In his words, “we will always inform you of IMO convention, the country domesticates and your cooperation is critical to sustaining Nigeria as a leader in the comity of maritime nations.”

On the issue of dependence on foreign service providers for the provision of accounting on maritime radio communication for the Nigeria maritime, Dr Dosunmu said that NIMASA will liaise with local operators to explore the possibility of enhancing the country’s radio communication.   

The chairman of the Indigenous Ship Owners Association of Nigeria (ISAN), Chief Isaac Jolapamo, who led his team to the meeting, commended NIMASA for collaborating with ship owners, and assured the agency of the association’s cooperation to ensure that Nigeria complies with the LRIT convention.

The Long Range Identification and Tracking of Ships Convention was adopted by the International Maritime Organisation in 2006, through amendments to chapter five of the safety of lives at sea.  It is a mandatory requirement for passenger ships, cargo ships, mobile offshore drilling units and all vessels involved in international voyages.  

 

Corlins Walter

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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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