Business
BoI, FCMB Unveil New Vessel In Lagos
The Bank of Industry (BoI), in partnership with the First City Monument Bank (FCMB) last week, unveiled an 80-tonne vessel jointly financed on behalf of C&I Leasing Ltd.
The BOI Managing Director, Mr Kayode Pitan, said at the inauguration of the vessel tagged: “MV Bello” in Lagos, that the joint financing demonstrated their supports for deepening the country’s local content policy.
Pitan, represented by the General Manager, Large Enterprises, BoI, Mr Joseph Babatunde,said that the financing was to generate employment and grow the country’s economy.
“The vessel is the first vessel supported by BoI.
“The aim is not to leave the oil and gas industry to all comers; we need more indigenous companies to be able to take our destiny in our hands.
“For us at BoI, we like ventures that will create employment and add value to the economy of the country.
“We will do more to support many industries that need long term financing.
“The loan will be paid over a period of six to nine years with reasonable moratorium period that allows the company to stabilise and take the benefits to expand its operations,” he said.
Pitan said that financing of the vessel had created 220 jobs and would gradually attract all other services rendered in the value chain.
“Today, BoI is also signing an MoU of 200 million dollars local content development fund in Abuja for the oil and gas sector; I see a bright future for the industry,” he said.
Also, the Managing Director of FCMB, Mr Adam Nunu, said that the bank would continue to provide solutions and financial support to different sectors of the economy.
“We have demonstrated how local players can help to support the larger marine industry which is hugely dominated by foreign companies,” Nunu said.
He said that FCMB would continue to invest in various specialised industries to boost economic growth.
In his remarks, the Managing Director, C & I Leasing Ltd., Mr Andrew Otike-Odibi, said that the vessel was the biggest addition to its fleet of vessels.
Otike-Odibi said that the financing revealed Federal Government’s commitment to boosting its local content policy in the oil and gas sector.
He said that the acquisition of the vessel would reduce foreign exchange demand, increase human capacity development and the number of vessels in the company’s fleet.
Business
NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products
Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.
The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.
The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.
“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.
NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.
