Business

Nigerian Students Laud FG’s Seafarers Programme

Published

11 years ago

March 30, 2015

Locked up shops on Ahmadu Bello Way during Presidential National Assembly elections in Lagos on Saturday.

Nigerian students undergoing seafarers training in the Philippines have commended the Federal Government for instituting the National Seafarers Development Programme (NSDP).
A total of 153 Nigerian students are undergoing training at the University of Perpetual Help in the Philippines.
They gave the commendation on Wednesday when a delegation of the management of the Nigerian Maritime Administration and Safety Agency (NIMASA) paid a courtesy visit on the authorities of the university at Pamplona in Las Pinas City. The Tide source reports that some members of management of NIMASA are currently in the Philippines on a tour of institutions training Nigerian cadets undergoing the NSDP.
“I have never heard or witnessed in my life an administration which has supported parastatals like President Goodluck Jonathan,” the leader of the students, Mr Raphael Eguagie, told the delegation.
He also commended the Director-General of NIMASA, Mr Patrick Akpobolokemi, and the management of the agency for their efforts in making the scholarship scheme successful.
Eguagie expressed the gratitude of the students for being selected, after a rigorous process that ensured that the best were chosen from different states of the federation.
“At the end of the programme it is expected that more than 5,000 students would have received world-class training in the maritime sector and they will resurrect the maritime industry in Nigeria.
“Two weeks ago, the school introduced enhancement classes for deck and engine cadets on how to handle Bridge and Engine Simulators as well as operating and maintaining other equipment in the department.
“Just two weeks ago, we were at sea for a week on-the-job training and we were posted to different departments to enable us to familiarise ourselves with our duties and responsibilities,” he stated.
The President of the university’s council, Mr Anthony Tamayo, in a message, commended the management of NIMASA for choosing the University for the Programme.
Tamayo was represented by his son, Dr Antonio Tamayo, who is the Chief Executive Officer of the university.
Tamayo urged the Nigerian Government not to relent in promoting collaboration, mutual understanding and solidarity with the university to strengthen the relationship between Nigeria and the Philippines.
He said the Nigerian cadets were passionate to learn, noting that they were also respectful and were taking the training serious. The chief executive said the university had been able to know some Nigerian cultures, assuring that “as time goes on, the two countries will learn more about each other.
“Philippines and Nigerian bilateral relations had been strengthened, particularly in educational areas, due to the fact that both nations were able to exchange students.
“Nigerian scholars after the three years study will be helpful and would have acquired the appropriate skills to practise the profession.
“Since English is the medium of our instructions here in Philippines because both Nigeria and Filipinos speak English, this has reduced the level of language barrier,” Tamayo said.
Also speaking, Mr Callistus Obi, Executive Director, Maritime Labour and Cabotage Services of NIMASA, said that President Jonathan had mandated NIMASA to continue with the NSDP.
He told the students to be disciplined, adding that their commitments to the programme would determine government’s willingness to continue sponsoring the scheme.
Obi said that Nigeria had started building a maritime university, the first Maritime University in West Africa.
“We the staff of NIMASA are making sacrifices to ensure that you (cadets) continue to enjoy the benefits of the training.
“We have to cut foreign trips by staff as well as expenses to ensure that you complete your education.
“We expect that you will also make sacrifices so that others who are not privileged to be here can also benefit wherever they are in Nigeria.”
He commended the management of the institution for making students to imbibe not only intellectual capacity but also morals.
A marine engineering student, Miss Rita Idonor, said that the students were initially having communication barrier, noting however, that they had adapted to Filipino ways of life.
Idonor said that the school’s management was also teaching them Philippines’ language to enable them blend with the Filipino ways of life.
Mr Perekeme Odofori, another marine engineering student, said he had undergone a lot of practical training but needed to improve on theoretical aspects.
Odofori said that the Nigerian ambassador in the Philippines had promised to compel the management of the university to assist the Nigerian students to improve on the theoretical aspect of the training.
He, however, said that he was fully prepared to come and impact his knowledge to other Nigerians, who had yet to undergo the training.
Teports say that the students are also undergoing studies in mandatory basic trainings such as Elementary First Aid, Fire Prevention, Personal Safety, Social Responsibility and Personal Survival Techniques.

Business

FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions

Published

1 day ago

December 5, 2025

The Tide

The Federal Inland Revenue Service has said that Nigeria’s newly enacted tax laws are designed to strengthen economic competitiveness, attract investments, and improve long-term fiscal stability.

The agency also clarified that the much-debated four per cent development levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several existing levies.

According a statement released Wednesday, one of the most misunderstood elements of the new tax framework is the four per cent development levy with the agency explaining that the levy replaces a range of fragmented charges — such as the Tertiary Education Tax, NITDA Levy, NASENI Levy and Police Trust Fund Levy — that businesses previously paid separately.

This consolidation, it said, reduces compliance costs, eliminates unpredictability and ends the era of multiple agency-driven levies. The law also exempts small businesses and non-resident companies, offering protection to firms most vulnerable to economic shocks.

Another major clarification relates to Free Trade Zones. Earlier commentary had suggested that the government was rolling back the incentives that have attracted export-oriented investors for decades. However, the reforms maintain the tax-exempt status of FTZ enterprises and introduce clearer guidelines to preserve the purpose of the zones.

“Under the new rules, FTZ companies can sell up to 25 per cent of their output into the domestic market without losing tax exemptions. A three-year transition period has also been provided to allow firms to adjust smoothly.

“Government officials say the reforms aim to curb abuses where companies used FTZ licences to evade domestic taxes while competing within the Nigerian market”, it said.

With the new measures, Nigeria aligns with global FTZ models in places like the UAE and Malaysia, where the zones function primarily as export hubs for logistics, manufacturing and technology.

The introduction of a 15 per cent minimum Effective Tax Rate for large multinational and domestic companies has also been met with public concern. But the FIRS notes that this policy aligns with a global tax agreement endorsed by over 140 countries under the OECD/G20 framework.

Without this adoption, Nigeria risked losing revenue to other countries through the “Top-Up Tax” mechanism, where the home country of a multinational collects the difference when a host country charges below 15 per cent. By localising the rule, Nigeria ensures that tax revenue from multinational operations remains within its borders.

Business

CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation

Published

1 day ago

December 5, 2025

The Tide

The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.

In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.

However, with time, the need has arisen to streamline these provisions to reflect present-day realities.

The statement said the new set of cash-related policies is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.

“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

“With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,”

“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.

According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.

Daily withdrawals from Automated Teller Machines (ATMs) would be capped at N100,000 per customer, subject to a maximum of N500,000 weekly stating that these transactions would count toward the cumulative weekly withdrawal limit.

The special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly has been discontinued.

The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.

Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.

They must also create separate accounts to warehouse processing charges collected on excess withdrawals.

Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.

However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.

The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.

Business

Shippers Council Vows Commitment To Security At Nigerian Ports

Published

1 day ago

December 5, 2025

The Tide

The Nigerian Shippers Council (NSC)has restated its commitment towards ensuring security at Nigerian seaports.

Executive Secretary/Chief Executive Officer of the Council, Dr Pius Akuta, said this in Port Harcourt, while declaring open a one day workshop organized by the Nigerian Shippers Council in collaboration with the Nigerian police( Marin Division).

Theme for the workshop was ‘Facilitating Port Efficiency; The strategic Role of Maritime police “

Akuta who was represented by the Director, Regulatory Services, Nigerian Shippers Council, Mrs Margeret Ogbonnah, said the workshop was to seek areas of collaboration with security agencies at the Ports with a view to facilitating trade

Akuta said the theme of the workshop reflects the desire of the council and the Nigerian police to build capacity of police officers for better understanding and administration of their statutory roles in the Maritime environment.

He said Nigerian seaports has constantly been reputed as one of the Port with the longest cargo dwell in the world, adding,”This is so, because while it takes only six hours to clear a containerized cargo in Singapore Port, seven days in Lome Port, it takes an average of 21 days or more in Nigerian Ports” stressing that this situation which has affected the global perception index on Ease of Doing Business in Nigerian seaports must be addressed.

Akuta said NSC which is the economic regulator of the Ports has the responsibility of ensuring that efficiency is established in the Ports inorder to attract patronages.

“Pursuant to its regulatory mandate, the NSC has been collaborating with several agencies to ensure the facilitation of trade and ease of movement of cargo outside the Ports to avoid congestion”he said.

Also speaking the commissioner of police, Eastern Port Command, Port Harcourt, CP Tijani Fakai, said Maritime police has played some roles in facilitating Ports efficiency.

He listed some of the roles to include ensuring security and crime prevention at the Ports, checking of illegal fishing activities at the Ports, checking of human trafficking and drug smuggling and prevention of fire incident at the Ports.

Represented by ACP, Rufina Ukadike, the CP said police at the Ports have also helped in the decongestion and prevention of unauthorized Anchorage.

He commended the Nigerian Shippers Council for the workshop and assured of continuous collaboration.

Speaking on the dynamics of cargo handling, Deputy Controller of customs, Muhydeen Ayinla Ayoola, said the launching of electronic tracking system and dissolution of controller General Taskforce has helped to ensure efficiency at the Ports.

Ayoola who represented the custom Area Controller Port Harcourt 1 Area command, however raised concerned over rising national security threat , which according to him has affected efficiency at the Ports.

John Bibor