Maritime

Senate Passes Asset Management Corporation Bill

Published

15 years ago

May 6, 2010

The Senate on Wednesday passed the Asset Management of Nigeria Corporation (Establishment) Bill, 2010, after adopting the report of its joint committee on Banking, Finance and Capital Market.

The corporation, when established, is to cater for the non-performing loan assets of banks in Nigeria and also assist banks to efficiently manage and dispose of eligible bank assets.

It will also issue bonds or other debt instruments as consideration for acquisition of banks, non-performing loans and outsource asset management and debt recovery agents.

The corporation is also expected to act as or appoint a receiver/manager for a debtor company whose assets have been pledged as collateral for an eligible loan.

According to the bill, the corporation has also been empowered to require a bank to stop further transactions on the account of a debtor if “there is fund therein.

“A debtor may be declared bankrupt under the Act and the corporation will be appointed trustee of the debtor’s property,” the bill added.

Senators who contributed to the debate on the committee’s report unanimously agreed that the corporation would serve as a vehicle for resolving the huge non-performing assets of deposit money banks.

“It will clean up the balance sheets of the deposit money banks; hence their business operations will progress profitably and will be strengthened towards facilitating credit role of provider of capital to the real sector of the economy,” said Senate Leader Teslim Folarin.

Briefing newsmen, the Chairman Committee on Banking, Insurance and Financial Institutions, Sen. Nkechi Nwaogu, described the passage of the bill as a “landmark in revamping the banking sector”.

“The bill seeks to assist banks in providing liquidity for non-performing loans, thereby reducing their debt overhang,” she said.

Nwaogu said that the corporation when established would be funded by the Federal Government through the CBN and issuance of bonds.

She disclosed that the committee was in the process of amending the Nigeria Deposit Insurance Corporation Act to increase payment of depositors fund from the present N200, 000.

Maritime

Customs To Scan 200 Containers Per Hour At Apapa Port

Published

4 days ago

September 29, 2025

The Tide

The Nigerian Customs Service (NCS) says it’s new scanner machine is capable of examining over 200 containers per hour at the Apapa Port

NCS said the scanners, which are part of the ongoing Trade Modernisation Project (TMP), are expected to speed up cargo clearance, tighten security, and reduce congestion at the port.

Customs Area Controller of the command, Comptroller Oluwadare Oshoba, stated this during an inspection of the sites designated for the equipment.

He said the scanners would be strategically positioned close to the berthing area to ensure that all containers arriving at the port are subjected to high-tech, non-intrusive checks.

“No consignment will escape inspection as the scanners will be examining 200 containers per hour,” Oshoba said.

“This is a major step that will save time, increase revenue, enhance national security, promote trade and prevent port-related crimes right from the point of entry.”

Oshoba commended the Comptroller-General of Customs, Bashir Adewale Adeniyi, for driving the modernisation programme

. He explained that the installation is to be handled by the Trade Modernisation Project in partnership with APM Terminals, will last about 45 days.

“Two scanners will come from the TMP while APM Terminals will provide an additional unit, with a mobile scanner on standby to prevent downtime”.

Oshoba urged officers to get ready for intensive “train-the-trainer” sessions and capacity building for ICT staff who will handle first and second-level maintenance of the scanners, which he described as the first of their kind in West and Central Africa

Oshoba called on Port users and stakeholders to support the project to ensure its success.

“All hands must be on deck to see this dream through, saying this is the beginning of a new era in customs operations.”

The installation of the scanners is part of a wider modernisation plan aimed at automating customs processes and aligning Nigeria’s trade practices with global standards. Similar upgrades are expected to be introduced at other major ports and border locations once the Apapa pilot is completed.

The Area Controller warned importers, exporters and agents to make honest declarations, noting that the technology will expose concealments and false documentation.

Speaking at the event, TMP Team Leader at the site, Aliyu Suleiman, said the scanners are the NUCTECH FS6000 model from China.

He explained that they use high-penetration dual-energy X-ray transmission technology to inspect trucks and containers in one pass at speeds of up to 15 km/h, providing detailed images that can reveal concealed contraband and dangerous materials.

Suleiman added that the system’s modular design allows integration with other tools such as License Plate Recognition (LPR) and Radio Frequency Identification (RFID).

The Apapa Command handles the largest volume of container traffic in Nigeria and has for years faced delays caused by manual cargo checks.

Stakeholders believe the deployment of the scanners would cut clearance times, boost revenue and make Apapa a benchmark for other ports in the country.

By: Chinedu Wosu

Maritime

Blue Economy: FG Targets Lower Logistic Costs, Trade Competitiveness

Published

4 days ago

September 29, 2025

The Tide

The Federal Government says its new National Marine and Blue Economy policy is designed to cut logistics costs.

It also said the policy is designed to boost trade competitiveness and attract private sector investment into the transport and maritime sectors.

Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, disclosed this at the 2025 Transportation Correspondents Association of Nigeria (TCAN) Annual Summit, in Lagos.

Represented by the Director, Maritime Services, Department of Marine & Blue Economy, Dr Mercy Ilori, Oyetola explained that the policy would provide a framework for seamless intermodal integration across road, rail, barge and pipeline channels.

He added that the policy was aimed at transforming Nigeria into a logistics hub for West and Central Africa.

“By lowering the cost of doing business, improving turnaround times and creating an enabling environment for private capital, we are positioning Nigeria as a preferred logistics destination in Africa,” Oyetola said.

Oyetola highlighted key interventions already underway to include the operationalisation of the Lagos–Ibadan Standard Gauge Rail line.

The Minister said that the rail line was to enable port cargo evacuation, expansion of barge operations at Lagos and Onne ports and the completion of the Apapa–Oshodi Expressway.

He included the commissioning of the 27 kilometers Lekki Port Access Road as another intervention.

Oyetola identified the development of inland dry ports in Ibadan, Kaduna, Kano and Funtua, to ease pressure on seaports and support regional economies.

He stressed that the success of the reforms depended on collaboration among shipping lines, terminal operators, freight forwarders, investors and regulators.

Oyetola insisted that Nigeria must adopt digital, green and climate-resilient logistics solutions, to remain globally competitive.

Also Speaking, Minister of Transportation, Sa’idu Ahmed Alkali, stated that government had recently approved the National Land Transport Policy after decades of futile struggle.

Represented by the Managing Director, Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, Alkali said that the policy would undoubtedly serve as a veritable tool to facilitate all developments in the land transport sub-sector.

The minister appreciated President Bola Tinubu for spearheading the National Transport Sector Reform project through laudable policies, initiatives and commitments.

He said these commitments would aid the actualising of the Renewed Hope Agenda, by making public transportation efficient, effective, safe, secure, integrated and affordable.

Earlier, Chairman, TCAN , Tola Adenubi, regretted that Nigeria is yet to have an acceptable protocol to guide the entire transport system, leaving the space open to all comers.

Adenubi added that though transportation addressed challenges of moving from one point to another, doing so seamlessly had remained man’s major headache.

“While Nigeria is grappling with the absence of a national transport policy that should guide her modes of transport, the pressure exerted on the roads by petroleum tankers and trucks have left many roads in sorry state.

“Also, the remaining modes rail, air and waterways have their own share of challenges and there should be solutions to them,” he said.

By: Chinedu Wosu

Maritime

Customs Wives Donate Mosquito Nets, Bedsheets To Hospitals In Ogun

Published

4 days ago

September 29, 2025

The Tide

The Customs Officers’ Wives Association (COWA), Ogun I Command Chapter, Idiroko, has donated mosquito nets and 50 pieces of bed sheets to General Hospital and Medical Center in Idiroko.

The Command’s Public Relations Officer (PRO), Zakari Chado, who disclosed this in a Statement made available to newsmen, said the initiative was part of its Corporate Social Responsibility (CSR) to give back to the society.

Speaking during the exercise, COWA Chairman, Mrs. Fausat Otunla emphasised that the initiative was part of COWA’s commitment to community development and the well-being of families within and around Idiroko.

Otunla reiterated the Association’s resolve to continually support health institutions and enhance the living conditions of the people.

“This CSR activity underscores the compassionate vision of COWA and its contribution to the health and welfare of communities,” she said.

The statement noted that, Chairman of COWA, Mrs. Fausat Otunla was received by the Chief Medical Director (CMD), Dr Kilanko Margaret, chief matron and other members of staff, who took the visitors on a tour of the hospital.

“The visitors were taken on a guided tour of the hospital wards where patients and pregnant women attending antenatal clinics were presented with mosquito nets.

“In addition, the Association also donated 50 pieces of bed sheets to the hospital,” he said.

Responding, the Chief Medical Director CMD Dr. Kilanko Margaret, expressed gratitude for the benevolence of COWA, saying that the donations would go a long way in improving patients’ welfare.

She assured the association of the hospital’s readiness to extend medical outreach to COWA members and their spouses.

Also Speaking, Mrs. Sodiq Ola, who spoke on behalf of pregnant women, thanked COWA for the thoughtful gifts and offered prayers for the continued success and well-being of the association.

Similarly, COWA donated mosquito nets and customised bed sheets at Customs Medical Center, Idiroko

The items were received with great appreciation by Superintendent of Customs (SC) Dr. Abdulmalik Zakariyyah on behalf of the medical staff, who conveyed their appreciation to the association for impactful support.

By: Chinedu Wosu