Maritime

Senate Passes Asset Management Corporation Bill

Published

16 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

NPA Vows To Sustain Sanity On Port Access Roads ……Deploys ETO To Enhance Truck Movement

Published

1 day ago

November 3, 2025

The Tide

The Nigerian Ports Authority (NPA) has reiterated it’s commitment to preventing a return to the severe Apapa gridlock that previously plaqued the Lagos ports access roads.

It said the electronic truck call- up system ( ETO) has been recently reviewed and enhanced to integrate terminal gates directly with the ETO platform.

Speaking in reaction to media reports on the resurgence of gridlock on port access roads, Port Manager, Lagos Port Complex, Adebowale Lawal, said the NPA, in line with its mandate to ensure the smooth operation of port activities and the free flow of traffic around the Apapa Port Complex corridor, remained fully committed to maintaining order and preventing any reoccurrence of the gridlock previously experienced along the access roads.

“We have recently undertaken a review and enhancement of the ETO system, which now integrates Terminal Gates directly with the ETO platform.

“This integration is designed to provide a structured sequencing of truck movements, both inbound and outbound within the Apapa Port Complex.

“The objective of this initiative is to ensure transparency, improve traffic efficiency, and maintain a sustainable operating environment around the ports.

“However, the success of this system depends largely on the cooperation and compliance of all Stakeholders, including Terminal Operators, Transport Unions, Drivers, Clearing Agents, and Government Agencies (Both Federal and State).

“Sequencing truck entry and exit is not rocket science. With sincerity of purpose and commitment from all concerned, we can achieve and maintain orderliness and prevent a return to the chaotic conditions of the past.

“It is in our best interest, because smooth Ingress and Egress of Trucks will, in the long run, bring about high turnover for all stakeholders,” he stated.

Maritime

DANTSOHO Calls For Synergy In Revamping Nation’s Ports

Published

1 day ago

November 3, 2025

The Tide

The Managing Director, Nigeria Ports Authority(NPA), Dr Abubakar Dantsoho, has called for synergy in revamping the nation’s ports.

Dantsoho made the call shortly after the second meeting of the Ports and Customs Efficiency Committee held at the Presidential Villa, Abuja.

He insisted that without collaboration amongst major actors little or nothing would be achieved in revamping the ports

“Until there is collaboration and partnership you cannot achieve efficiency at the ports”, he said.

Dantsoho highlighted steps taken by the Ports Authority to address bottlenecks faced by importers and exporters at the nation’s ports.

The MD said the Customs and Ports Efficiency Committee established by the NPA is recording huge successes through the joint inspection and boarding by relevant agencies operating in the area.

He identified adoption of technology, improvement in infrastructure, human capacity building, equipment and tools, as areas that could be improved to enhance port efficiency.

This, according to him, would ensure that Nigeria remains competitive and relevant in the sub-region, continent and beyond.

Speaking at the event, the Director – General, Presidential Enabling Business Environment Council (PEBEC), Zahrah Audu, called for collective resolve among stakeholders to improve port operations, making cargo clearance faster and more efficient.

While acknowledging the efforts of the Customs and Ports Efficiency Committee, Audi however, decried the losses incurred as a result of the inefficiency at the nation’s ports,

Audu described the committee as a platform that represents not only interagency collaboration but a shared commitment to making Nigeria’s ports globally competitive, transparent, and efficient.

By: Chinedu Wosu

Maritime

Customs To Partner NAPTIP On Human Trafficking Menace

Published

1 day ago

November 3, 2025

The Tide

The Nigeria Customs Service(NCS) said it will collaborate with the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) in combating human trafficking and the illegal trade in endangered species.

The Comptroller General Cust oms, Adewale Adeniyi stated this while playing host to the Courtesy Visit by a delegation from NAPTIP, in his office, in Abuja.

He noted that Nigeria’s security challenges require joint action, as the Service does not view crimes solely through the lens of smuggling but through broader national security implications.

Adeniyi said “We believe in the power of collaboration,We can achieve more with less when we work together.”

The Comptroller General revealed that the Service has intensified its work on environmental sustainability and the enforcement of international conventions regarding flora and fauna, assured the delegation that Customs will fully collaborate on the upcoming national dialogue on human trafficking and stowaway incidents, scheduled for February 2026.

He pledged to provide technical expertise, intelligence sharing, and access to the Service’s training curriculum to strengthen inter-agency understanding of trafficking dynamics.

“We will accept your request for partnership unconditionally”

” We will work with your designated officials on the February summit and explore wider interventions that reinforce national security”, he stated.

Adeniyi commended the delegation for their continued service to the country and assured them of Customs’ unwavering support.

Earlier, the Director General, NAPTIP, Binta Adamu, expressed delight at securing formal engagement with the Customs Service.

She stated that NAPTIP was eager to strengthen operational partnerships, particularly in areas such as intelligence exchange, policy development, and cross-border enforcement.

In her words, “I am happy today that I finally made it here and held this discussion with the Comptroller-General. We are a law enforcement agency with mandates to prevent, prosecute and protect as partnership with Customs is essential for our work”

She noted that human trafficking continues to evolve, requiring close coordination among agencies operating at Nigeria’s multiple entry and exit points.

Also Speaking former Director with NIMASA; Hajia Lami Tumaka, said the visit was to seek Customs’ partnership for a one-day national policy dialogue on human trafficking by sea and stowaway incidents.

Tumaka described Customs as a “strategic player in border management and maritime enforcement,” adding that its involvement is critical to the success of the dialogue.

“Your officers are often the first line of defence against illicit movement of goods and persons. Your expertise and nationwide presence are indispensable”, she said.

By: Chinedu Wosu