Ship owners call for release of $100m Cabotage Fund

The President, Nigerian Shipowners Association, Aminu Umar, has called on the Federal Government to intervene in the delayed disbursement of the Cabotage Vessel Financing Fund to sustain shipping business.

Umar made the call in an interview with the News Agency of Nigeria in Lagos. NAN reports that ship owners have been worried over the non-disbursement of the sum of more than $100 million being administered by the Nigerian Maritime Administration and Safety Agency.

Shipping lines blamed for aiding arms importation

The Nigerian Customs Service (NCS) has accused shipping lines of aiding importation of arms into the country.
Comptroller General,  Col Hameed Ali (rtd), who accused the liners at stakeholders meeting  in Lagos, explained that one of the biggest problems the country was  currently facing is illegal importation of arms.
He called on stakeholders to join hands in identifying loopholes necessitating the proliferation of arms into the Nigerian shores.

Amaechi rallies support for Shippers' Council

Nigeria’s transportation minister, Chibuike Amaechi has challenged stakeholders in the Nigerian maritime industry to bring about improvements up to international best practices.

In a speech presented on his behalf by the director of Maritime Services of the Ministry of Transportation, Alhaji Sani Galadanchi, Amaechi said that stakeholders in the maritime industry should collaborate with the Nigerian Shippers’ Council (NSC) as well as the Federal Ministry of Transportation in bringing this about.

1% Funding: Navy fails in attempt to amend NIMASA Act

The Nigerian Navy will have to wait a while longer to realize it's statutory objectives of providing security and defending Nigeria's territorial waters against external aggression insurrection.

This was the reality when stakeholders in the Nigerian maritime industry opposed moves by the Nigerian Navy seeking amendment to the Nigerian Maritime Administration and Safety (NIMASA) Act to contribute 1% of its revenue to the Nigerian Navy.

ICT: SmartFlow, Energy360Africa set to redefine forecourt management

Forecourt management for petroleum products retailers in Nigeria will never be the same again with the latest cutting-edge technologies and solutions introduced by SmartFlow Technologies Limited, a leading indigenous technology and business solutions company, at the launch of her sister company and business solutions provider, Energy360Africa.

NNPC defends 2.3mbpd for 2018 Budget

The Nigerian National Petroleum Corporation (NNPC) has said the Federal Government’s 2.3 million barrels per day crude oil projection for the 2018 Budget is achievable and realistic.

Group General Manager, Corporate Planning and Strategy, Mr. Bala Wunti, made this submission on Monday during a presentation to the House of Representatives Joint Committee on 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) at the National Assembly Complex in Abuja.

NCDMB backs downward review of free zone tariffs

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engineer Simbi Wabote has thrown his weight behind the move by the Oil and Gas Free Zones Authority (OGFZA) to reduce tariffs and cut the cost of doing business in the nation’s Oil and Gas Free Zones.
Speaking during the week when the managing director of OGFZA, Mr Umana Okon Umana, paid him a courtesy call in his office in Yenegoa, Wabote commended the initiative by OGFZA on the downward review of tariffs in the oil and gas free zones.

NNPC to select Core Investor for Benue Bio-Fuel Project

The Nigerian National Petroleum Corporation (NNPC) is set to conclude on the choice of a core investor for the proposed Bio-fuel plant in Agasha Guma area of Benue State.
Speaking at the end of a follow-up meeting with a Benue State delegation led by Deputy Governor, Engr. Benson Abounu, the Group Managing Director of the Corporation, Dr. Maikanti Baru, said that arrangements have been finalized to name the prospective investor in the weeks ahead after a painstaking due diligence exercise.

Nigeria emerges new Chair of GGC

Nigeria has emerged as the new Chair of the Gulf of Guinea Commission (GGC) at the 4th Assembly of Heads of State and Government of the GGC, Vice President Yemi Osinbajo called on member states to urgently address the socio-economic and security challenges facing the commission.
He said the members would achieve this by collectively taking measures to check violations of domestic and international treaties in the Gulf.

Nigeria’s active oil rig count remains low

The number of active oil rigs in Nigeria rose in October by one to 28, compared to 38 in January 2015, data from Baker Hughes Incorporated and the Organisation of Petroleum Exporting Countries showed.
It rose to 26 in February this year from a record low of 23 in December last year.
The reduction in the rig count was mostly triggered by the slump in global crude oil prices since mid-June 2014 as oil companies were forced to slash their capital budgets and suspend some projects.