Business
Maritime Industry, Admiralty Law, Key To Dev – CJN
The Chief Justice of the Federation, Justice Aloysius Katsina-Alu, said the development of the maritime industry and admiralty law were key ingredients to the development of a nation.
The chief justice made the remark in Abuja on Tuesday at the opening of the 11th Maritime Seminar for Judges, where he was represented by Justice Dahiru Musdapher of the Supreme Court.
Katsina-Alu said that for a sustainable maritime industry worldwide, there was a need for Nigeria and other maritime nations to collaborate in order to encourage research and creditably adapt to new challenges.
He, however, acknowledged the immense contributions of the seminar to the development of jurisprudence in admiralty law and the development of the judiciary as a whole.
“The seminar series have helped in expanding and updating the knowledge of the judicial officers in this special area of the law.
“This makes adjudication of admiralty matters brought before the courts both at the trial stage and appellate level much less cumbersome,” Katsina-Alu said.
He expressed happiness over the growth maritime law, which he said, had witnessed gradual improvement in its development as a specialised area of law.
The chief justice said the maritime industry was a cornerstone of transportation in international commerce and stressed the need to address the problems facing the industry.
Katsina-Alu urged all stakeholders and participants to take active part in the seminar as critical issues relating to their various fields would be discussed.
In his address, retired Justice Umaru Eri, the Administrator of National Judicial Institute (NJI), said the seminar was predicated on the need to ensure that judicial officers were charged with sacred duties of dispensing justice.
He said the judicial officers should be vibrant in their knowledge of the law and should be kept abreast of developments in maritime law.
According to Eri, admiralty law and maritime practice play key roles to the development of the national economy and advancement of international trade.
He said that the collaboration had made it possible for Nigerian universities, especially in the faculties of law, to offer admiralty or shipping law as part of their curricula at undergraduate and postgraduate levels.
“In order to ensure positive impact of the maritime seminar series on the development of the economy, there should be a greater emphasis on practical rather than theoretical issues,” Eri said.
The administrator said it was essential for heads of courts and judges of the state courts to participate in the maritime seminar series rather than restricting the seminar to the High Court Judges, Appeal and Supreme Court Justices.
Eri called on participants to take active part in discussing and the brainstorming on various issues relating to the development of the law and practices in the maritime industry.
Reports say that the seminar series, which started in 1995, was jointly organised by the Nigerian Shipper’s Council (NSC) and the National Judicial Institute (NJI).
NAN also reports that not less than 200 participants are attending the three-day seminar including Justices of the Supreme Court and Appeal Court as well as High Court Judges and the Chief of Army Staff, among others.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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