Connect with us

Business

Experts Ponder on the Proposed Shipping Regulatory Bill

Published

on

*Experts Ponder on the Proposed Shipping Regulatory Bill

 

 

The Nigerian Shipping and Port Economic Regulatory Agency bill has undergone multiple revisions, with the 2024 iteration duplicating the powers and functions of the Nigerian Maritime Administration and Safety Agency (NIMASA) and other Ministries, Departments, and Agencies (MDAs) under the Ministry of Marine and Blue Economy. This proposed shipping regulatory bill has sparked intense debate and discussion among stakeholders in the maritime industry, with concerns raised regarding potential increases in governance costs. Nevertheless, numerous experts believe that a regulatory framework is essential for the industry’s growth and development.

In a public hearing that was held this year, stakeholders convened to share their perspectives on the bill, and the consensus was clear: the Shippers’ Regulatory Bill is the preferred option. The crux of the debate centers on whether the proposed bill will usher in a new era of streamlined governance and enhanced regulatory oversight or burden shippers with exorbitant costs. Proponents of the bill argue that it represents a long-overdue modernization of the regulatory framework, designed to address the evolving needs of the shipping industry in response to rapid global trade changes and technological advancements.

One of the bill’s sponsors and Chairman of the House Committee on Shipping Services and Related Matters, Hon. Abdussamad Dasuki, quoting a gazette, said the Nigerian Shippers’ Council was made the port economic regulator in 2015 by the Federal Government, a status that needed to be formalized through legislation. “The Federal Government noted that the objective of the regulation is to create an effective regulatory regime for the Nigerian ports after the concession of the ports. Port does not mean the Nigerian Ports Authority alone. It also means all the stakeholders in the ports, for the control of tariffs, rates, charges, and other related economic services,” Dasuki.

Experts from various sectors of the maritime industry presented their views on why they believe the bill holds the key to a more efficient and competitive shipping landscape. A prevailing argument put forth by stakeholders is the need for a robust regulatory framework that can adapt to the rapid changes in global trade and technological advancements. However, a key concern raised by stakeholders is the potential for the bill to establish a new agency with overlapping responsibilities with existing bodies, leading to inefficiencies and increased government spending. Furthermore, stakeholders point out that the bill appears to contradict the Oronsaye Report, a government-commissioned study that recommended consolidating agencies to streamline governance, thereby minimizing bureaucratic redundancy and enhancing the overall efficiency of regulatory oversight.

According to industry experts present at the public hearing, the proposed bill presents a strategic opportunity to harmonize regulatory standards and practices, thereby fostering a more cohesive and responsive ecosystem for shippers. This harmonization, they emphasize, will not only enhance operational efficiency and resilience in the face of global economic fluctuations but also attract investment, promote economic growth, and ensure safety, security, and efficiency.

Dr. Okonji, a renowned maritime expert, opined, “The industry has long awaited a regulatory framework, which will boost investment, economic growth, and overall development by ensuring safety, security, and efficiency.” Mr. Adekola, another expert, added, “The Shippers’ Council will establish a level playing field, curtail unfair practices, and safeguard the interests of shippers, leading to a more equitable and competitive industry.”

Mrs. Uche, a shipowner, expressed her support for the bill, stating, “Regulation will standardize operations, reduce administrative burdens, and enhance Nigeria’s maritime industry reputation globally, making it more competitive and attractive to investors.” Mr. Hassan, a representative of the Nigerian Shippers’ Council, emphasized the need for a regulatory framework that aligns with international best practices, dispelling rumors of contradictions with the presidential policy. Instead, he affirmed that the bill complements the policy, providing a framework for economic regulation that contributes to the sector’s overall development and efficiency.

Proponents of the bill also highlighted its potential to improve transparency and accountability, mitigating risks and enhancing trust in the regulatory process. They argued that the bill’s provisions for clearer guidelines and oversight mechanisms are essential for promoting fair competition and safeguarding shippers’ interests in a rapidly evolving global market. By fostering a more transparent and accountable regulatory environment, the bill aims to protect shippers’ interests, promote fair competition, and enhance the overall efficiency of the maritime industry.

Moreover, the proposed bill has garnered support from experts who emphasize the necessity of harmonizing regulatory frameworks with international best practices. They argue that the bill’s provisions for greater alignment with global standards will enhance the industry’s reputation on the international stage, potentially leading to new opportunities for collaboration and trade partnerships.

It is also noteworthy to state that, various groups and organizations believe that it is imperative for Nigeria to end the dominance of critical sectors by powerful individuals hiding behind organizations to block reforms necessary to align the country with global best practices. They urge the House of Representatives to remain resolute and not be swayed by veiled blackmail and threats disguised as expert opinions during the consideration of this strategic bill.

After a thorough and meticulous analysis of the bill’s provisions, Dr. Ahmed, a renowned expert in the field, was in complete concurrence with the prevailing sentiment, and in his esteemed opinion, he articulated the following: “The overwhelming consensus among experts and stakeholders is that the bill will effectively tap into the Nigerian Shippers’ Council’s vast reservoir of expertise and resources in the transportation sector, thereby ensuring a regulatory framework that is both efficacious and impactful. By leveraging the council’s extensive knowledge and experience, the bill is poised to introduce comprehensive and well-informed regulatory measures, culminating in a significantly enhanced economic landscape that fosters sustainable growth, improved market dynamics, and increased competitiveness within the industry. The bill provides a clear, comprehensive, and well-structured economic framework for the transport sector, laying the groundwork for a transformative shift in the industry, ultimately contributing to the nation’s economic development, prosperity, and overall well-being. This thoughtful and meticulous approach to regulation is a testament to the bill’s potential to drive meaningful change and promote a more robust and resilient economy.”

In summary, the Nigerian Shippers Council Bill is poised to bring about transformative changes in the transportation sector, promoting efficiency, aligning with global best practices, leveraging existing resources, and enhancing the economic framework of the transport sector. By doing so, the bill will have a profound impact on the industry, fostering a more robust, competitive, and sustainable transportation system that supports the nation’s economic growth and development.

While the proposed bill has raised concerns about potential increases in governance costs, proponents are quick to highlight the long-term benefits of a more robust and adaptive regulatory framework. They argue that the bill’s provisions for stakeholder engagement and feedback mechanisms will ensure that the regulatory framework remains responsive to the evolving needs of shippers, thereby offsetting initial implementation costs with sustained long-term gains. By fostering a more inclusive and responsive regulatory environment, the bill aims to promote the overall development and efficiency of the industry.

In conclusion, stakeholders are unanimous in their conviction that the Shippers’ Council is the most viable solution for the advancement of Nigeria’s maritime industry. With a meticulously designed regulatory framework, the industry is poised to become a significant driver of economic growth and development, as aptly emphasized by Mr. Adekola: “Regulation is not a burden but a necessary step towards a sustainable and prosperous maritime industry.” As the maritime industry navigates the complex waters of regulatory reform, the collective voices of experts and stakeholders converge on the belief that the proposed Shipping Regulatory Bill represents a pivotal step towards a more resilient, competitive, and globally integrated shipping landscape, characterized by enhanced efficiency, sustainability, and prosperity.

While the ultimate fate of the proposed bill – whether it is enacted, amended, or rejected altogether – remains uncertain, the public hearing process presents a crucial opportunity for stakeholders to articulate their concerns and ensure that any new regulations are effective, efficient, and aligned with the industry’s aspirations.

As the debate continues to unfold, it is evident that the bill has become a focal point for the industry’s collective aspirations, reflecting a shared commitment to charting a course towards a brighter future for shippers and the maritime ecosystem as a whole. The bill’s existential significance is undeniable, as it holds the key to unlocking a more sustainable, resilient, and competitive maritime industry, poised to make a meaningful contribution to the nation’s economic growth and development.

Continue Reading
Advertisement

Bank

Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025

Published

on

Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025

Lagos, Nigeria – May 1, 2025 – Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.

The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year. Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.

Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”

Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits. Local currency deposits increased by 2.0% ytd while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn.

Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Continue Reading

Business

GTCO vs. Very Dark Man: Why Nigerians Must Stop the Judgment of Emotions

Published

on

*GTCO vs. Very Dark Man: Why Nigerians Must Stop the Judgment of Emotions*

By Osho Oluwatosin

The internet has literally been on ‘fire’ since Friday following the arrest of self-acclaimed Nigerian activist, Martins Vincent, also known as Very Dark Man. He was reportedly picked up by the Economic and Financial Crimes Commission (EFCC) for reasons yet unknown.

While it’s not the first time VeryDarkMan or any prominent Nigerian would be arrested by the EFCC — a government agency not under the authority of any private organization — it seems some Nigerians are passionately trying to push a narrative that his arrest was orchestrated by one of Nigeria’s biggest financial institutions, Guaranty Trust Holding Company (GTCO).

Although this narrative isn’t far-fetched — VDM had criticized the bank due to ‘mysterious’ deductions from his mother’s bank account for unjustifiable reasons. He approached the bank’s branch in Abuja to make an official complaint and, afterwards, he was picked up by the EFCC. But what many Nigerians have failed to realize is GTCO may not even be involved in his arrest.

VeryDarkMan was seen in the bank, quite alright, but in a CCTV released by the bank, he was seen moving out of the bank when he finished. He even had a celebrity moment with some of his followers who took pictures with him before he was arrested. So I’m wondering, what has GTB got to do with his arrest? That someone got knocked down by a vehicle after leaving church, does it mean the church orchestrated the accident? That someone got attacked after leaving a lecture room, does it mean the lecturer orchestrated it? That someone even got attacked in a courtroom, does it mean the judge orchestrated it? Absolutely not.

Although it would have been better if the EFCC had come out to clear the air regarding the reason for VDM’s arrest, because in the absence of information, rumours are bound to thrive. In fact, the commission should have actually released a statement regarding these rumours, not to vindicate GTB, but to keep Nigerians informed.

Let’s even think about it logically: what can warrant GTCO to order VDM’s arrest by the EFCC? Did he defraud GTCO? Did he steal from a GTB customer? Did he launder money through a GTB account? These are questions that should be asked before passing judgments. But Nigerians are always emotional when it comes to issues like this, and that’s why people who are culpable in serious crimes get away with anything as long as they get involved in charity or activism.

GTCO has been a very friendly organization, and in 2024 alone, the bank paid a record dividend of N8 per share. The bank is happy, shareholders are happy, customers are happy — who is Very Dark Man?

Osho Oluwatosin is a Nigerian journalist and writes from Lagos.

Continue Reading

Business

Can We Have More Bankers Like Victoria Mulero? An epitome of ‘omoluabi’

Published

on

Can We Have More Bankers Like Victoria Mulero? An epitome of ‘omoluabi’

In February of this year, I needed to open a new bank account for salary purposes, as required by the management of the new company I had just joined.

I considered First Bank, Access Bank, and Sterling Bank. After some thought, I chose Sterling Bank—not because I found them superior—but because I believed they had fewer customers, which I hoped would save me from long queues and unnecessary delays.

I visited the Sterling Bank branch at Akowonjo to open the account. Unfortunately, the staff member who attended to me didn’t inspire confidence. She appeared distracted—smiling at her phone, clearly engrossed in a private chat—far from the level of professionalism one would expect in a bank setting. I had a feeling this would lead to problems down the line.

 

When my first salary was paid into the account, my suspicion was confirmed. Sterling Bank restricted access to my funds—I couldn’t transfer money or make withdrawals at the counter. I visited their Fatai Atere branch at Ladipo, Mushin to complain, where I was informed that the account opened for me was a “Kaikai” account—a type I had never heard of. Apparently, this account type is meant for individuals who lack the required documents during account creation. But I had submitted all necessary documents, so why was such an account opened for me?

Can We Have More Bankers Like Victoria Mulero? An epitome of 'omoluabi'

At the Fatai Atere branch, I was attended to by a remarkable banker named Victoria Mulero. She requested my NIN, which I didn’t have on me at the time. Rather than send me back home, she asked if I had a digital copy. I did, and she graciously gave me her email address so I could forward it to her. With that, she resolved the issue promptly and professionally.

However, the following month, in March, the same restriction happened again. I returned to the Fatai Atere branch, and once again, Victoria Mulero handled my complaint with efficiency and kindness, resolving it without delay.

I hoped the matter was finally settled, but when my April salary arrived, the restriction was imposed yet again. This time, I was beyond frustrated and ready to replace Sterling Bank as my salary account. Still, I visited the Fatai Atere branch one last time. Once more, Victoria Mulero resolved the issue with grace and determination.

This write-up is a tribute to Victoria Mulero of Sterling Bank, Fatai Atere branch. She is a rare gem—respectful, diligent, and genuinely customer-focused. She went above and beyond, following up with the Akowonjo branch through calls and emails until the matter was fully resolved. She handled every situation with patience and empathy, treating the job as if the bank belonged to her family.

To be honest, I’ve had unpleasant experiences with many bankers, especially female staff. Too often, they carry personal frustrations into the banking hall and take it out on customers. But Victoria is different. She exemplifies what true customer service should be.

We may not all be the same, but treating people with respect and kindness is a skill that can be learned—and Victoria clearly has. Let’s celebrate her for being a model professional and a beacon of hope in an industry that too often lacks empathy.

Without any fear of contradiction, I say boldly that Victoria Mulero is a good ambassador of Sterling Bank and her parents too deserve encomium for raising a well trained daughter and impacting an attitude of ‘ omoluabi’ in her. We need more of Victoria Mulero in our banking industry.

Seun Jacob Ogunbiyi
Known as Olùkọ́, the therapeutic writer and Lagos based journalist

Continue Reading

Cover Of The Week

Trending