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

CUSTOMS BEGINS IMPLEMENTATION OF SAFE PASSAGE FOR PERSONAL VEHICLES UNDER TEMPORARY ADMISSION

Published

1 day ago

January 12, 2026

The Tide

The Nigeria Customs Service (NCS) has announced the commencement of procedures for granting safe passage to personal vehicles temporarily imported or transiting through Nigeria by international travellers.

The initiative is anchored on the Nigeria Customs Service Act, 2023, and relevant international conventions on temporary admission and transit of vehicles, according to a press statement issued by the National Public Relations Officer of the Service, Dr. Abdullahi Maiwada.

Part of the statement reads:

“The new framework covers all personal, non-commercial vehicles belonging to international travellers visiting Nigeria for tourism, diplomatic, business, or personal purposes. It seeks to ease cross-border movement, strengthen Nigeria’s compliance with international obligations, and reinforce the nation’s commitment to trade facilitation and regional integration.

“ It is pertinent to note that this implementation draws legal backing from Sections 142, 143, 144, and 245 of the NCS Act, 2023, as well as the Revised Kyoto Convention (RKC), UN TIR Convention (1975), Istanbul Convention (1990), and the ECOWAS Protocol on Free Movement of Persons, Residence, and Establishment. It also aligns with WCO Guidelines on Temporary Admission and the Carnet de Passages en Douane (CPD) regulations.

“ International travellers are required to present valid documents such as international passport, international driver’s license, vehicle registration, insurance, and CPD at the point of entry. Upon satisfactory inspection and verification, a Temporary Vehicle Admission Permit valid for up to 90 days will be issued and electronically recorded. Travellers may apply for an extension of up to 30 days, subject to approval by the relevant Customs Area Controller.

“ Vehicles admitted under this regime are free to move within Nigeria but cannot be sold, leased, transferred, modified, or used for commercial purposes. At the point of exit, travellers should present the vehicle and the approved customs Temporary Admission Declaration. In the event of an accident, theft, or breakdown, the nearest Customs office should be notified immediately for documentation and guidance.

“ The NCS, therefore, reaffirms its commitment to transparency and accountability while facilitating legitimate travel. This initiative strengthens h Nigeria’s role in cross-border cooperation and ensures compliance with existing regulations to enhance security and efficiency”.

By: Nkpemenyie Mcdominic, Lagos

Maritime

APAPA CUSTOMS RECORDS N2.9TR REVENUE IN 2025

Published

1 day ago

January 12, 2026

The Tide

The Apapa Area Command of the Nigeria Customs Service has generated a total revenue of ?2.93trn in 2025, representing a 24.32 per cent growth from the ?2,357 trillion collected in 2024, reinforacing it’s position as the nation’s leading revenue hub.

In a statement issued by the commands spokesman, Chief Superintendent of Customs, Isah Sulaiman, Controller of the command, Comptroller Emmanuel Oshoba, attributed the achievement to effective leadership, disciplined manpower and the strategic deployment of technology under the guidance of the Comptroller-General of Customs, Bashir Adewale Adeniyi.

He also commended compliant stakeholders whose lawful trade practices contributed significantly to the revenue growth. Oshoba noted that a major contributor to the success was the deployment of the Unified Customs Management System (UCMS), also known as B’Odogwu, which enhanced transparency, efficiency and accountability in cargo clearance processes.

He added that regular performance reviews and timely revenue recovery measures further strengthened collections.

In the area of trade facilitation, Oshoba said the Command intensified stakeholder sensitisation following the rollout of the Authorised Economic Operator (AEO) Programme and expanded the One-Stop Shop (OSS) initiative to ensure faster processing and release of compliant cargoes.

He said efforts are also at an advanced stage to deploy the FS6000 cargo scanning system, a non-intrusive technology capable of scanning up to 200 containers per hour. In the area of enforcement, Oshoba said the command intercepted 53 containers laden with illicit drugs and prohibited items, including cocaine, Canadian Loud, tramadol, and expired pharmaceuticals with a Duty Paid Value (DPV) of N12.6 billion. Some of the interceptions, he said, were handed over to relevant agencies such as NDLEA and NAFDAC for further investigation and possible prosecution. Looking ahead, Comptroller Oshoba expressed optimism that the Command would achieve more greater revenue milestone in 2026, driven by deeper implementation of B’Odogwu, AEO, and OSS, stronger intelligence-led enforcement, and expanded collaboration with sister agencies.

Comptroller Oshoba further assured stakeholders of enhanced engagement with terminal operators, shipping companies, licensed customs agents, freight forwarders, haulage operators and the media to promote transparency, compliance and seamless trade at the nation’s busiest port.

By: Nkpemenyie Mcdominic, Lagos

Maritime

MARITIME JOURNALISTS TO HONOUR EX-NIWA MD,OYEBAMIJI OVER MEDIA SUPPORT

Published

1 day ago

January 12, 2026

The Tide

A Coalition of Maritime Journalists has announced plans to pay a courtesy visit to the immediate past Managing Director of the National Inland Waterways Authority (NIWA) and All Progressives Congress (APC) gubernatorial candidate in Osun State, Mr. Bola Oyebamiji, by the third week of January 2026.

According to the Coalition, the visit is aimed at formally appreciating Mr. Oyebamiji for his remarkable support to the maritime media during his tenure as NIWA Managing Director, as well as to congratulate and wish him well on his recent political nomination.

The journalists disclosed that the visit will also serve as an opportunity to present a formal letter nominating Mr. Oyebamiji for the award of Most Media-Friendly CEO, in recognition of his consistent openness, accessibility, and commitment to strengthening media engagement within the maritime sector.

Discussions will also be held to agree on a mutually convenient date for the conferment of the award.

Members of the Coalition noted that Mr. Oyebamiji’s three-year tenure at NIWA marked a significant departure from routine media relations, as he deliberately encouraged journalists to go beyond desk reporting.

He consistently supported field coverage, enabling maritime reporters to visit project sites, waterways, jetties, and operational areas to gain first-hand understanding of industry issues. A senior maritime journalist, Frank Meke speaking on behalf of the Coalition, said Mr. Oyebamiji “believed that informed reporting comes from direct exposure,” adding that his administration ensured journalists were not confined to press statements but were actively exposed to real-time developments across Nigeria’s inland waterways.

The Coalition further recalled that part of Mr. Oyebamiji’s vision was to expand the exposure of the maritime press by facilitating visits to coastal states across the country.

This, they said, was designed to equip journalists with practical insights that would enable them to offer informed analysis and constructive advisory input to government and industry stakeholders. Maritime Journalists, Tola Adenubi, innocent Orok, Yusuf Babalola and Joshua Yousouph acknowledged Mr. Oyebamiji’s assurances that his cordial relationship with the maritime press would be sustained if elected Governor of Osun State.

They noted his recognition of Osun State as the custodial home of the globally celebrated Osun Festival and the Osun River, underscoring the continued relevance of environmental, cultural, and waterways-related reporting in the state.

“He understands the strategic role of the media, especially the maritime press, in shaping public understanding and policy direction.

He has assured us that the same openness, respect, and encouragement we enjoyed at NIWA will continue,” Frank Meke, a veteran journalist close to Niwa remarked.

The Coalition described the planned visit as both a gesture of gratitude and a reaffirmation of the vital partnership between public office holders and the media in promoting transparency, development, and informed governance.

Further details on the visit and the award ceremony will be communicated in due course, the coalition spokesman, Joshua Yousouph said.

By: Nkpemenyie Mcdominic, Lagos