Business
NSC Wants Law For Impounded Ships’ Release
The Nigerian Shippers’ Council (NSC), has advised the Federal Government to enact a law that would make it mandatory for owners of arrested ships to secure their release within a time-frame.
The Executive Secretary of NCS, Capt. Adamu Biu, gave the advice at the 12th Maritime Seminar for Judges on Thursday in Abuja.
He said that such a law was necessary to enable a court of competent jurisdiction to order the sale of a ship if the owner failed to protect or secure its release.
Biu said that such law would reduce the cost incurred by a cargo-interest claimant in terms of the expenses incurred during the period of keeping a ship.
He said that from the cargo interest perspective, judicial arrest and detention could have very serious consequences on the economy.
Biu said that although arrest of a ship could be a very useful tool to a cargo-interest claimant for securing his claim, the same can also bring untold hardship to an innocent cargo-interest claimant.
“Additionally, cargo-interest claimants may incur costs in damages and expenses in case of wrongful arrest. As such, the authorities should use the weapon of ship arrest wisely.
“They (authorities) should consider the cases carefully before venturing into arresting the ship to avoid liability for what is termed needless arrest”.
Justice Mohammed Liman of the Federal High Court said that the practice and procedure relating to ship arrest was a complex and compounding one.
Liman said that the practice and procedure could give rise to conflict of laws.
He said that for a long time, the nation might continue to rely on the English law and several other jurisdictions for guidance, except the trend was checked.
Liman said that he was happy that there was already an evolving body of admiralty law that was distinctly domestic.
The jurist suggested that lawyers should develop a more robust, analytical approach to admiralty law and practice so that within a short time those grey areas of the law would be better explored.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
