Business
Association Wants Vessels’ Operators To Obey Safety Rules
The Okrika Speed Boat Owners Association (OSBOA) in Rivers State has called on the relevant government authorities, including the Nigerian Maritime Administration and Safety Agency (NIMASA) to caution owners of bigger vessels including Naval ship and vessels belonging to Nigeria Agip Oil Company over neglect to safety rules along Port Harcourt – Okrika Water Channels in the State.
This was contained in an open letter signed by the chairman of the Association, Mr Epeya Sunday to all relevant government authorities and agencies and made available to The Tide in Port Harcourt.
The Association in the letter condemned the reckless operation and high speed of some of the bigger vessels along the water ways, saying that most of the boat mishaps and accidents on the water ways was as a results of the high speed of the bigger vessels in the area.
According to the statement, the bigger vessels usually generated waves, which constitutes threat to other smaller boats operating along the water ways.
The statement also called Nest Oil Company and other multi-national oil companies to caution their vessels plying the route for safety noting that most captain of some ships were not comply with the safety rules on water ways.
Speaking with The Tide, the chairman of the Association, Mr Epeye Sunday added that there was an increase of wastes littering the water ways, which he said constitutes hazards for passenger boats in the area.
He called on the Waste Management Agency in Rivers State to rise up to the challenges by constantly distilling of drainages to stop drainage water from carrying such wastes to the water channels noting that some of the accidents on the water ways was caused by accumulation wastes on the river.
Sunday said members of the Association have lost several boats and passengers as a results of boat Mishap and accidents caused by either waves from bigger vessels or as a result of wreck metals and wastes along the water ways.
The Association chairman called on the State Government to call the Naval Command, Nest Oil and other Companies, whose vessels are plying the route to order, saying that several letters had been written to the companies in respect of the attitudes of their captains and ship operators but to no avail.
Enoch Epelle
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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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