Maritime

Maritime Stakeholders Want Reduction Of Interest, Exchange Rates

Published

12 years ago

June 6, 2014

Some operators in the mari
time industry on Wednesday advised the CBN Governor, Godwin Emefiele, to reactivate activities in the sector by reducing banks’ interest and naira exchange rates.
They told our correspondent in Lagos that more friendly rates would improve the nation’s economy.
Chairman, Lagos and Niger Shipping Agency, Mr Okorie Obioma, said that the banking sector’s high interest rates had been a challenge to the maritime sector.
According to him, an importer’s priority is to make quick returns, but the interest rates are high.
“It is true business operators want the new governor to reduce interest rates and other things, but there is a regulatory policy that he must adhere to.
“But the higher the exchange rate, the more difficult it is for importers to make profit because it reduces patronage.
“Importers want exchange rate that can easily be planned before money is invested into any business,’’ Obioma said.
Obioma appealed to the new governor to create the means for people to buy goods on credit because it would enhance government’s cashless policy.
He also said that efforts should be made to forestall ATM frauds.
Chief Executive Officer, Toners Computer Accessories Ltd, Lagos, Mr Prince Nwokedi, advised Emefiele to create opportunity for banks to facilitate importers’ international businesses.
According to Nwokedi, with a guarantee from the bank as well as a good policy, a Nigerian importer can buy goods from a foreign firm, sell it and repay the money.
He said that Lebanese companies established companies easily in other countries because many of them got guarantees from their local banks to transact businesses in other countries.
Also, Mr Emmanuel Imoh, Manager, City Services Company called on Emefiele to increase the period of repaying a loan.
According to him, many importers are indebted because banks do not give a year to repay a loan.
A former president of Federation of Shippers, Mr Ahmad Rabiu, advised the CBN to adopt the global trend in developing its policies.
Rabiu said that some of the CBN’s policies had affected the cost of doing business.
“Many people encountered difficulties from using ATM and POS (Point of Sale machines) due to poor internet services,“ Rabiu said.
He called on the Apex bank to regulate currency control, adding that because high interest rates affect trade because importers impose cost, which in turn affect the society at large.
Dr Ayo Omotoso, President of Oyo State Shippers Association, urged the CBN to give support that would facilitate trade.
Omotosho said that importers needed financial support to buy ships to export locally made goods to other countries in West Africa.

Maritime

NSC Decries Police Interferences With Cargoes At Seaports

Published

3 weeks ago

November 24, 2025

The Tide

The Nigerian Shippers’ Council (NSC) has decried interferences with cargoes by police at the seaports.

NCS said such action has disrupted cargo dwell time, increased demurrage and storage charges payable by consignees.

Executive Secretary, NSC, Dr Pius Akutah, made this known at a one-day training programme for officers of the Maritime Police and other security stakeholders, in Lagos.

The training with the the theme: “Facilitating Port Efficiency: The Strategic Role of the Police,” was organised by the NSC in collaboration with the Maritime Police Command of the Nigeria Police Force.

Represented by the Director, Regulatory Services Department, NSC, Mrs Margaret Ogbonnah, Akutah said that police interference with cargoes had also led to increase in the cost of doing business in Nigerian ports.

He noted that several reports brought to the attention of the NSC by stakeholders pointed to incessant interference in the cargo clearance processes, placement of detention orders on duly cleared cargoes, thereby barring its exit from the port terminals.

Akutah said that port operators, especially personnel of shipping line agencies and terminals, also complained of intimidation by the police officers, who, in turn, claim that they are acting on intelligence reports.

The Secretary explained that the council had on several occasions carried out investigations on the matter to ascertain the veracity or otherwise of the claims.

He said that intimidation of ports operators had in most cases been confirmed, adding that these practices were carried out by various police formations without the knowledge of the Assistant Inspector General of Police (AIG).

“This development, therefore, led to robust engagement by the council with the Inspector General of Police (IGP) to put a stop to these practices and to ensure adherence to process in matters of container detention and other port related issues.

“As a result, the Assistant Inspector General AIG, Maritime Police Command notified key stakeholders vide a letter dated Dec. 11, 2018 about its decision to collectively streamline the plethora of letters being issued by various un-authorised persons on behalf of the Police.

“The IGP also directed all key stakeholders to disregard any correspondence without the signature of the AIG or officers nominated by him.

“Together, we have achieved quite a lot, although we cannot rest on the past achievements because some of these infractions still occur either deliberately or due to ignorance on the part of the officers involved.

” Our main focus has to be firmly on attaining international best practices”.

“In essence the meeting between the NSC and the Inspector General of Police; the issue of capacity building for officers of the maritime police was discussed in order to enlighten and educate them on the nitty-gritty of port operations and the role of the police,” Akutah said.

Also Speaking, Assistant Inspector General of Police, Chinedu Oko, represented by the Assistant Commissioner of Police Administration, Ports Authority Police (Western) Command, Olufikayo Fawole, explained that the Maritime Police, was a specialised arm of the Nigeria Police Force.

Fawole said that the maritime police played a critical role in securing maritime assets, mitigating threats, combating cargo-related crimes, preventing pilferage and vandalism, and ensuring the smooth flow of legitimate trade.

“Our mandate is not just to enforce the law but also to protect the economic lifeblood of our nation.

“Nigeria’s competitiveness in the global maritime economy is influenced greatly by the level of safety, predictability, and confidence that stakeholders experience at our ports.

“This is why continuous training is essential. The operational landscape is evolving, new technologies, changing criminal patterns, multimodal logistics, and international compliance requirements all demand that our officers become smarter, more proactive, better informed, and better equipped.

“Through this programme, participants will gain valuable insights into modern port operations, cargo handling procedures, supply-chain vulnerabilities, and best practices for promoting trade facilitation while maintaining robust security,.

The AIG pledged the police’ continuous commitment in ensuring secure port system, adding that the force would contribute more to national prosperity, economic stability, and Nigeria’s overall competitiveness in global trade.

Maritime

NIMASA :FG Appoints Iyelolu As Registrar Of Ships

Published

3 weeks ago

November 24, 2025

The Tide

The Minister of Marine and Blue Economy, Chief Adegboyega Oyetola, has approved the appointment of Barrister Adenike Adeyele Iyelolu as the Registrar of Ships

for the Federal Republic of Nigeria.

Her appointment, which is for a four-year tenure, follows the recommendation of the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola.

In line with the NIMASA Act 2007, the Registrar of Ships will report directly to the Director General for the effective administration of the Nigerian Ship Registry.

The Act provides that “the Registrar of Ships shall, with the approval of the Minister, be appointed by the Director General from among the staff of the Agency.”

According to a press statement issued by the Head of Public Relations, NIMASA, Edward Osagie, the new Registrar who is currently a Deputy Director in the employ of NIMASA is an accomplished legal and maritime governance professional with over twenty-five (25) years of post-call experience spanning maritime and legal practice, arbitration, procurement, contract administration, corporate governance, and institutional leadership amongst others.

Barr. Iyelolu’s appointment comes following the retirement of the former Registrar of Ships, Barr. Tajudeen Giwa, after years of commendable service.

Maritime

Cargo Tracking System’ II Save Nigeria N900bn In Revenue Leakages ……SEREC

Published

3 weeks ago

November 24, 2025

The Tide

The Sea Empowerment and Research Centre (SEREC) says implementing the International Cargo Tracking Note (ICTN) will save Nigeria an estimated N900 billion annually in revenue leakages.

Head of Research at the Centre, Dr Eugene Nweke, stated this in a document on its policy commentary on

the Urgent Imperative of Implementing the ICTN in Nigeria, and made available to newsmen.

Nweke said that the system, when implemented, could cut cargo clearance time by 25 to 35 per cent and curb trade malpractices by 40 per cent within 18 months, boosting Nigeria’s competitiveness and credibility in the regional maritime economy.

The Director described ICTN as a trade facilitation system aimed at improving transparency, security and efficiency in Nigeria’s ports.

According to him, it enables pre-arrival processing of cargo data for faster clearance, reduces demurrage and documentation time, curbs illicit trade, closes revenue leakages and enhances Nigeria’s competitiveness in global maritime trade.

He disclosed that the Nigerian Shippers’ Council (NSC), under the supervision of the Federal Ministry of Marine and Blue Economy, is the lead agency implementing the ICTN.

“The NSC would do it in collaboration with the Nigeria Customs Service (NCS), the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA)”

He expressed concern that in spite of the Federal Executive Council approval of the implementation of the ICTN in 2023, it was yet to be implemented.

“Without this pre-verification system, Nigeria’s trade regulators would continue to operate in a reactive intelligence model, allowing room for cargo concealment, under-declaration and falsified manifests.

“Experts estimated that the delay in implementation could lead to an estimated annual loss from non standardised cargo declarations and transshipment concealment between N800 billion and N1.2 trillion.

“Ghana, Senegal, Ivory Coast, and Angola recorded an 18 to 22 per cent rise in customs revenue and a 30 per cent drop in port clearance delays within two years of adopting ICTN.

“The countries also saw a 40 per cent fall in false declarations during the same period.

“The delayed implementation could also affect the smooth implementation of the National Single Window (NSW) projected for the first quarter of 2026 and the modernisation drive of the Nigerian Customs Service,” he explained.

Nweke added that with customs modernisation advancing rapidly and the NSC approaching rollout, Nigeria must not operationalise these systems without ICTN integration or risk reinforcing data fragmentation.

“Government must recognise ICTN not as a competing system, but as a strategic enabler of all other reforms.

“The ICTN should serve as the data feeder layer into the National Single Window, Customs modernisation and port efficiency frameworks,“ he stated.

The Director also noted that although various digital modernisation efforts were underway in the maritime sector, the ICTN remained the key missing link needed to fully integrate trade intelligence across the system.

He emphasised that the continued delay in ICTN deployment poses critical national risks, including revenue leakage, national security exposure, reputational deficit and a fragmented digital ecosystem.

“The absence of verifiable pre-shipment data weakens Nigeria’s ability to detect high-risk or illicit consignments (arms, drugs, waste cargo, etc.) before arrival.

“Nigeria remains among the few major trading nations in West and Central Africa without an operational electronic cargo note system, affecting investor confidence in its maritime sector.

“It has also impacted the country’s compliance ratings under the World Customs Organisation (WCO) SAFE Framework of Standards and the International Maritime Organisation (IMO) International Ship and Port Facility Security (ISPS) guidelines”, Nweke said.

By: Chinedu Wosu