Business
Militants Are Pirates, JTF Tells Court
The former Sector III Commander of the Joint Military Task Force (JTF) in Rivers State, Col Mutia Adeyemi Yekini, has told a Port Harcourt High Court presided over by Justice Boma Diepiri that the 57 militant suspects standing trial before the court were responsible for various criminal activities on the Bonny waterways.
Col Yekini made the revelations while testifying before the court last Friday in Port Harcourt.
Col Yekini disclosed that prior to the arrest of the accused persons in November 2010, intelligence report reaching the security outfit revealed that the group led by one Otonyeme Kuna, alias Obese” was responsible for criminal activities off the Bonny coast.
The JTF sector commander stated that an order was given by the headquarters to dislodge the gang, adding that during one of the reconnaissance exercise conducted by JTF, the hideout of the accused was located at Borokiri.
The Borokiri camp, according to him, was located 21 nautical miles off the coast of Bonny and 1.5 kilometres from Ke community.
Col Yekini stated that after 14 reconnaissance operations by the security outfit, the gang was dislodged on November 18, 2010 as about 63 members of the gang were arrested.
Though he did not give figures of casualties, the army officer disclosed that during the operations, members of the taskforce carried out under ground fire from the camp, resulting in an exchange of gunfire for three days.
Col Yekini further stated that after the camp was overran in the early morning hours of 18 November, 19 hostages being held by the accused persons were released including eight foreigners and 11 Nigerians.
Besides, he told the court that huge cache of arms and live ammunition including other military kits and equipment were equally recovered from the Borokiri militant camp.
But during a cross examination by the accused counsel, Barrister Ogbuawa argued that the witness did not arrest any of his clients with arms neither were the ammunition recovered from Borokiri camp.
Barrister Oguawa submitted that there were no marks to show that the accused were the owners of the arms.
Another defence counsel, Barrister Fortune Amachree argued that against the claims made by Col Yekini, casualties would have arisen from the JTF operation, adding that if there were no casualty, then all the witness claims were false.
Barr Ken Asuete represented by Barrister T.G.Wokoma in the defence was of the view that the said camp was a fishing settlement in Kalabari land and had no links with militant activities.
State counsel,, Barrister Otoyetari Okoye pleaded the court to admit the photographs taken by the JTF commander during the operation, after admitting the photograph based on their relevance to the matter, Justice Boma Diepiri adjourned further cross examination to 8th of July.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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