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Experts Ponder on the Proposed Shipping Regulatory Bill

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*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.

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Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

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Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

In spite of the challenging economic conditions and their adverse effects on businesses nationwide, Nigeria’s commercial banking, insurance, and telecommunications sectors have consistently maintained robust media relations, marketing strategies, and public awareness initiatives. Their success has been bolstered by the impressive data shared with the media in the second quarter, which has helped sustain positive public perception and confidence in these industries. An independent analysis of the media performance and prominence of the CEOs of Nigerian Commercial Banks, Insurance Companies and Telecommunication Providers for the second quarter was conducted by the leading Media Intelligence and Public relations audit agency, P+ Measurement Services. 

Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

This media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata was extracted, including the sentiment of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.

Through detailed media data gathering, analysis, and audit of salient valid PR metrics of 27 Commercial Banks, top 10 leading Insurance companies, and top 4 Telecommunications Providers. The reports ranked the top CEOs (Commercial Banks, Telecommunication, and Insurance) prominent in the Online and Print media.


According to the analysis, Yemisi Edun of First City Monument Bank (FCMB), led the leaderboard with a 23% share of media coverage, indicating a strong media presence and influence in the banking sector. Closely behind were Oliver Alawuba of United Bank for Africa (UBA) with 22% and Nneka Onyeali-Ikpe of Fidelity Bank capturing 22% of media coverage, demonstrating significant visibility and engagement within the industry. Moruf Oseni of Wema Bank came in next with 18% and Wole Adeniyi of Stanbic IBTC Bank rounded out the chart with 16%, showing a notable but comparatively lower media presence. This distribution of media coverage highlights the competitive landscape and varying levels of media engagement among top banking executives.

In the insurance sector, the media performance audit report revealed that Akinjide Orimolade of Stanbic IBTC Insurance Limited had the most media exposure at 73%. Lesi Gboyega of Leadway Assurance with 15% and Kunle Ahmed of AXA Mansard Insurance followed closely with 9%. Eddie Efekoha of Consolidated Hallmark Insurance with 2% and Andrew Ikehua of NEM Insurance with 1% media exposure. This distribution highlights a competitive media landscape among insurance executives, with varying levels of visibility and engagement reflecting their influence and presence in the sector. Comparing both sectors, it is evident that top executives in banking and insurance are actively working to maintain significant media profiles to enhance their brands’ visibility and market influence.

In the telecommunications sector, Karl Toriola of MTN Nigeria led the media performance with 67% share of media coverage, highlighting MTN’s dominant presence and influence in the industry. Carl Cruz of Airtel Nigeria followed with 31%, indicating substantial visibility and engagement. In contrast, Mike Adenuga of Globacom had lower exposure, with only 2% media coverage.

This distribution underscores the disparity in media engagement among telecommunications executives, with MTN and Airtel maintaining strong media profiles. Comparing the telecommunications sector to the banking and insurance sectors reveals that media coverage is highly concentrated among a few key players, highlighting the varying strategies and successes in maintaining media presence across different industries.

Overall, the analysis reveals significant disparities in media engagement across the banking, insurance, and telecommunications sectors. Key executives like Yemisi Edun, Akinjide Orimolade, and Karl Toriola have successfully maintained strong media profiles, highlighting their influence within their respective industries. This highlights the importance of strategic media engagement for maintaining visibility and influence in a competitive landscape.

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UN, Columbia University, New York To Headline ASIS 2024

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UN, Columbia University, New York To Headline ASIS 2024

 

UN, Columbia University, New York To Headline ASIS 2024

 

 

The Africa Social Impact Summit (ASIS) 2024 is set to be an extraordinary gathering of influential leaders, Amina Mohammed, Deputy Secretary General of the United Nations, and Jeffrey Sachs, of the world-acclaimed Columbia University, New York, are set to headline the event.

 

 

UN, Columbia University, New York To Headline ASIS 2024

The summit, co-convened by the Sterling One Foundation and the United Nations, is scheduled for July 25th and 26th at the Eko Convention Centre, Lagos. It promises to be a pivotal platform for addressing Africa’s critical social and economic challenges under the theme “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa.”

Jeffrey Sachs, renowned economist and director of the Center for Sustainable Development at Columbia University, is known for his extensive work in global economic development and poverty alleviation. His expertise in sustainable development will provide a vital framework for the summit’s discussions on creating economic opportunities and reducing inequalities.

Amina Mohammed, Deputy Secretary-General of the United Nations, has a rich history of leadership in international development and environmental sustainability. Her participation is expected to drive crucial conversations on achieving the Sustainable Development Goals (SDGs) across Africa, focusing on inclusive growth and environmental stewardship.

Abubakar Suleiman, CEO of Sterling Bank, is celebrated for his innovative approaches to banking and his strong commitment to corporate social responsibility. His insights into sustainable business practices and economic development will be instrumental in shaping the summit’s agenda.

Olapeju Ibekwe, CEO of the Sterling One Foundation, expressed her excitement for the event: “ASIS 2024 represents a unique opportunity for global leaders and innovators to converge and create sustainable solutions for Africa’s most pressing challenges. We are honored to have such distinguished speakers and partners joining us in this transformative journey.”

ASIS 2024 will bring together leaders from the private sector, public sector, tech ecosystem, non-profit organizations, and government to collaborate on initiatives that drive social impact. The summit will focus on key areas such as universal health access, education, equality, food security, and climate action.

Interested participants can register for the summit at  www.theimpactsummit.org.

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Minister of State Petroleum Resources [Oil] Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership

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Minister of State Petroleum Resources [Oil] Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership

Minister of State Petroleum Resources [Oil] Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership

 

 

Distinguished Senator Heineken Lokpobiri @senlokpobiri, the Honourable Minister of State Petroleum Resources [Oil], convened a high-level meeting with key stakeholders to address and resolve the ongoing issues surrounding the Dangote Refinery.

 

Minister of State Petroleum Resources [Oil] Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership

Present at the meeting were:

Mr. Aliko Dangote, Chairman and CEO of @DangoteGroup
Mr. Farouk Ahmed, Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (@NMDPRA_Official)
Mr. Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (@NUPRCofficial)
Mr. Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (@nnpclimited)

The stakeholders expressed their gratitude to the Honourable Minister for his exemplary leadership and timely intervention in facilitating this crucial dialogue. The meeting focused on finding a sustainable and lasting solution to the current impasse affecting the Dangote Refinery, with all parties demonstrating a commitment to collaborative and proactive problem-solving.

The Honourable Minister emphasized the importance of cooperation and synergy among all stakeholders to ensure the success and optimal performance of the Oil and Gas sector, which is pivotal for Nigeria’s economic growth and energy security.

This meeting marks a significant step towards resolving the challenges and underscores the Minister’s dedication to fostering a conducive environment for Nigeria’s oil and gas sector.

— Nneamaka Okafor

Special Adviser Media and Communication to Minster of State for Petroleum Resources (Oil)

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