Business

CBN Demands Monthly Credit Facility Update

Published

13 years ago

September 18, 2013

In a view to adhere to
the regulations in line with the cashless policy implementation in the country, the Central Bank of Nigeria (CBN) has directed all banks to ensure monthly update report of their credit facilities.
This was made known in the apex banks’ circular sent by the Director of Banking Supervision, Mrs Tokunbo Martins and made available to The Tide.
Martins noted the imprtance of reporting all credit facilities of N1 million and above in the banks’ Credit Risk Management System (CRMS).
She also directed that the report should include the credit facilities given to bank boards and staff.
The circular explained that the CRMS is established as a central database for borrowers.
According to the circular, CRMS, as amended under the CBN Act No 24 of 1991 (section 28 and 52), is mondatory for all banks to render returns to it.
She warned against furher default in this area, adding that further failure to update this report would attract sanctions from the apex bank.

Business

Nigeria, Netherlands Partner To Boost Trade And Border Security

Published

14 seconds ago

June 29, 2026

The Tide

The Nigeria Customs Service (NCS) and the Customs Administration of the Kingdom of the Netherlands have signed a joint declaration to strengthen cooperation on trade facilitation, border security and the fight against transnational organised crime.

Comptroller-General of customs , Adewale Adeniyi, and Nanette Van Schelven, director-general (DG) of Netherlands Customs, signed the declaration in Brussels.

The Agreement follows a series of high-level engagements between both customs administrations, including the NCS’ working visit to the Netherlands in October 2025 and a return visit by a Dutch customs delegation to Nigeria in March 2026.

According to a statement by National Public Relations officer of the NCS, Abdullahi Maiwada, the partnership is aimed at enhancing customs modernisation, intelligence sharing, compliance management and enforcement cooperation.

The statement said both countries had identified opportunities for collaboration in risk management, cargo clearance systems, border control, supply chain security, capacity development and the fight against illicit trade.

The two Customs Administrations also acknowledged Nigeria’s strategic role as one of West Africa’s leading economies and an important trading partner of the Netherlands.

“The declaration highlighted growing concerns over trafficking in narcotic drugs, psychotropic substances and their precursors, counterfeit goods, wildlife products, and weapons, noting that these threats require coordinated international responses,” Maiwada said.

Speaking shortly after the signing Adeniyi said the partnership underscores the importance of international cooperation in addressing emerging trade and border management challenges.

“The partnership will strengthen intelligence sharing, enhance capacity building, improve enforcement effectiveness, and support the collective efforts to secure international supply chains while facilitating legitimate trade,” he said.

NCS boss described the declaration as a significant milestone in the service’s international cooperation agenda and a reflection of the growing relationship between the two customs administrations.

Also speaking, Van Schelven said both countries face similar challenges in an increasingly interconnected global trading environment.

She added that closer collaboration would improve operational capabilities and efforts to combat transnational organised crime while promoting efficient and transparent trade processes.

Under the declaration, both customs administrations agreed to deepen collaboration through the exchange of expertise, training and knowledge sharing, while developing structured cooperation frameworks.

According to the statement, the agreement also provides a basis for a joint work plan and future cooperation mechanisms aimed at improving border efficiency, promoting fair trade practices, strengthening supply chain security and addressing challenges associated with both legal and illegal cross-border movement of goods.

CHINEDU WOSU

Business

NIWA Concessions Waterways Clean-Up to Indigenous Coy

Published

18 seconds ago

June 29, 2026

The Tide

Nigeria’s inland waterways Authority (NIWA) has concession, a multi sectorial indigenous Environmental company, Parts Central Limited to provide strategic oversight and implementation support for a comprehensive clean-up initiative designed to restore the nation’s waterways and to enhance their economic potential.

The project was initiated during the administration of the former Managing Director, National Inland Waterways Authority (NIWA), Asiwaju Bola Oyebamiji, which represents a major step towards achieving a cleaner, safer, and more investment-friendly inland waterways ecosystem in Nigeria.

The initiative is expected to tackle the persistent problems of waste pollution, indiscriminate dumping of refuse, oil spillage and environmental degradation across Nigeria’s vast inland waterways through a structured and sustainable approach.

The project will deliberately identify major sources of pollution, facilitate systematic waste removal, and promote innovative waste-to-wealth solutions capable of creating employment opportunities for communities situated along the waterways.

Beyond environmental restoration, the project is designed to improve navigational safety by removing obstacles that hinder the smooth movement of vessels and other watercraft.

It is also expected to support the conservation of aquatic resources, strengthen the fisheries value chain, and contribute significantly to the realization of the Federal Government’s Renewed Hope Agenda of President Bola Ahmed Tinubu for the Marine and Blue Economy sector.

As part of its broader objectives, the initiative seeks to reposition Nigeria’s inland waterways as attractive destinations for local and foreign investment by promoting environmental sustainability and enhancing the overall efficiency of water transportation.

Stakeholders believe that cleaner waterways will stimulate economic activities, encourage tourism, boost commerce, and unlock the enormous untapped potential within the nation’s blue economy.

Speaking on the project, Managing Director, Part central, Henry Olaoluwa Onifade, assured Nigerians that every aspect of the programme would be professionally executed to deliver lasting results.

He noted that the initiative marks a historic intervention in the management of Nigeria’s inland waterways and reaffirmed the commitment of the project team to ensuring transparency, sustainability, and measurable environmental impact.

Onifade called on government agencies, private sector operators, host communities, environmental groups, and all stakeholders within the maritime sector to support the initiative, stressing that collective participation would be crucial to its success.

He expressed confidence that with sustained collaboration, Nigeria would soon witness cleaner, safer, and more productive inland waterways, setting a new benchmark for environmental stewardship and waterway management in the country.

CHINEDU WOSU

Business

Navy Hands Over Five Suspected Stowaways to NIS

Published

4 minutes ago

June 29, 2026

The Tide

The Nigerian Navy Ship (NNS) Beecroft has handed over five suspected stowaways to the Nigeria Immigration Service (NIS)

The suspects were discovered aboard a merchant vessel, MT Chinafrie Happiness, in an attempted illegal voyage out of the country.

This was contained in a statement issued by Sub Lieutenant A.O. Ajayi, Naval Assistant to the Commander, NNS Beecroft.

The statement said the Handover is part of ongoing inter-agency collaboration aimed at strengthening maritime security, curbing illegal migration, and enhancing safety within Nigeria’s maritime environment.

According to the statement, the suspects were discovered on Wednesday, June 17, 2026, concealed inside the rudder compartment of the vessel while it was berthed at Tin Can Island Port in Lagos.

The five suspects were safely evacuated by Naval Personnel’s and taken to NNS Beecroft for preliminary investigation, profiling, and documentation before being transferred to immigration authorities for further action.

The statement gave their identity as Segun Samuel Boyewa (31), Kingsley Chukwu (43), Joseph Judge (33), Moses Aletor (24), and Abdullahi Danlami (31).

Preliminary findings indicated that the individuals allegedly boarded the vessel while it was docked at Tin Can Island Port with the intention of stowing away to India without valid travel documentation or authorisation.

The statement also noted that stowaway attempts pose significant risks to human life and maritime safety, as individuals often hide in hazardous compartments of vessels under extreme conditions that could lead to injury or death.

The Naval statement warned that illegal boarding of ships remains a serious maritime security challenge and called on parents, guardians, and community leaders to discourage youths from engaging in such dangerous and unlawful acts.

The statement reaffirmed the commitment of NNS Beecroft to sustained maritime security operations in line with the mission of the Chief of the Naval Staff, Vice Admiral Idi Abbas, aimed at maintaining a professional and effective naval force capable of safeguarding Nigeria’s maritime interests and supporting joint operations for national security.

Chinedu Wosu