Business
Navy Extends Anti-Piracy Operations To Neighbouring Countries
The Chief of Naval Staff (CNS), Vice Admiral Awwal Zubairu Gambo, has disclosed plans by the Navy to extend its anti-piracy operations to neighbouring nations’ waters.
This move, according to the CNS, became necessary following cases of piracy and kidnappings perpetrated by some Nigerians in neighboring countries and as far as 100-200 nautical miles off the coast.
Gambo, who spoke at the 10th edition of the Securex West Africa, organised by Montgomery Group Afrocet in Lagos, however, noted that the move would place a huge burden on Nigeria, particularly the Navy, as more ships and logistics would be required for the extended patrols.
He said the Nigerian Navy’s swift response to illegal activities at sea has led to a reduced rate of successful attacks in the Nigerian domain.
“Unfortunately, recent observation has revealed the transnational nature and migrations trend of these criminals, especially pirates.
“Many pirates and kidnappings are now being perpetrated in the neighboring countries and as far as 100-200 nautical miles off the coast.
“It becomes necessary to extend Nigerian Navy anti-piracy operations to neighbouring nations’ waters.
“This places a huge burden on Nigeria, particularly the Navy, as more ships and logistics are required for these extended patrols,” he said.
Admiral Gambo reiterated that as the lead security agency responsible in the maritime environment, the Navy has been very consistent in its efforts at checking maritime crimes.
He said various operations launched by the Navy such as Operations Tsare Teku and DAKATAR Da Barawo led to the deactivation of 51 illegal refining sites, crushing of 563 metal storage tanks and the destruction of 341 dug out pits.
He added that the criminals were denied about 17,793,432 litres of stolen crude oil, 5, 490, 670 litres of refined AGO and 129,000 litres of DPK worth over N10.7 billion.
Such efforts, he said, were made possible by the Navy, which has continued to refine its procedures, strategy operations, concepts and doctrinal processes.
According to him, Nigerian waters have steadily witnessed decline in pirate attacks, hence seafarers have found the Nigerian Exclusive Economic Zone safe for their business and maritime activities.
“Only 11 cases of pirate attacks and three sea robberies were recorded in 2021 compared to 22 pirate incidents and 16 sea robberies in 2020,” he said.
By: Nkpemenyie Mcdominic, Lagos
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
-
News3 hours agoRSG Reiterates Commitment To Youth Dev
-
News3 hours agoKwankwaso Dumps NNPP, May Join ADC Today
-
News3 hours agoRadiographers Reject Bill To Scrap Profession
-
News3 hours agoPalm Sunday: CAN Decries economic hardship
-
News3 hours agoKaladokubo Challenges Ordu’s Inauguration As Rivers CAN Chairman
-
News3 hours agoFG Orders Telecoms To Compensate Subscribers For Poor Network Service
-
News3 hours agoNDLEA Seizes Cocaine Hidden In Dry Fish, Arrests Grandpa With Meth
-
News3 hours agoFubara Tasks APC Zonal Leadership On Unity