Business
Who is Afraid of a Maritime Regulator?* By Philip Agbese
In the vast expanse of commerce and industry, the term regulation elicits a multifaceted response, precipitating a dichotomy of opinions. On one hand, regulation is perceived as a vital mechanism to ensure a level playing field, safeguard consumer interests, and maintain market integrity. Conversely, it is often met with trepidation and apprehension, particularly by those who fear the potential consequences of increased costs, bureaucratic red tape, and interference with business operations.
This dichotomy is presently unfolding in Nigeria’s maritime industry, where the proposed Nigeria Shipping and Port Economic Regulatory Agency Bill has sparked a contentious debate among stakeholders. The maritime industry, aptly referred to as the lifeblood of global trade, is characterized by its intricate complexity, involving a diverse array of stakeholders, including shipping companies, port authorities, and regulatory bodies. As a critical component of Nigeria’s economy, it facilitates international trade and contributes substantially to the country’s Gross Domestic Product (GDP).
Notwithstanding its importance, the maritime industry operates in the absence of a dedicated regulator, raising concerns regarding the standardization of practices, safety protocols, and environmental sustainability. Moreover, the industry is not immune to challenges such as unfair pricing practices, arbitrary charges, and inefficiencies in port operations, underscoring the need for effective regulation.
However, the question remains: who is afraid of a maritime regulator, and why? Is it the fear of increased costs, the potential for bureaucratic interference, or the apprehension of change in a traditionally unregulated industry? As the debate rages on, it is essential to consider the benefits of regulation, including enhanced safety standards, improved efficiency, and a level playing field for all stakeholders. Only then can we address the concerns of those afraid of a maritime regulator and chart a course for a more robust and sustainable maritime industry.
To provide a comprehensive response to this query, it is essential to elucidate the role of a regulator. In its essence, a regulator serves as a vigilant watchdog, ensuring that industry participants conform to established rules and standards, thereby maintaining a level playing field and promoting a culture of compliance. This function is crucial in any industry, but it assumes even greater significance in sectors like maritime, where the stakes are exceedingly high and the potential for malpractice is substantial.
A maritime regulator can play a pivotal role in ensuring fair and transparent pricing practices, safeguarding shippers from arbitrary and exorbitant charges, and promoting efficiency and productivity in port operations. These outcomes can, in turn, lead to reduced shipping costs, stimulate trade, and ultimately drive economic growth and development.
The recent proposal for a bill to regulate shipping in Nigeria has sparked anxieties and apprehensions among some stakeholders regarding the creation of a new agency and the potential for increased governance costs. While these concerns are understandable, they belie the significant economic benefits that a well-designed regulatory framework can bring to the maritime industry, including enhanced safety standards, improved efficiency, and increased investor confidence.
However, this fear is misplaced and stems from a lack of understanding of the critical role regulators play in fostering economic growth and development. By establishing clear rules and standards, regulators can promote competition, innovation, and investment, ultimately leading to a more robust and sustainable industry.
Regulators play a vital role in any industry, and their presence has been instrumental in promoting economic efficiency, safety, and innovation across various sectors. To fully appreciate the significance of a maritime regulator, it is essential to examine the economic benefits that regulatory oversight has yielded in other industries. Across various sectors, the presence of regulators has proven instrumental in fostering transparency, enhancing consumer confidence, and mitigating systemic risks, thereby contributing to the overall stability and growth of industries.
By ensuring compliance with established standards and regulations, regulators have played a crucial role in attracting investments, stimulating economic development, and promoting market integrity. In the financial sector, for instance, regulatory authorities have been instrumental in upholding banking and investment standards, thereby bolstering market integrity and minimizing the occurrence of fraudulent activities. The Central Bank of Nigeria (CBN), for example, has ensured stability and soundness in the financial system through its regulatory actions.
Similarly, in the telecommunications industry, the Nigerian Communications Commission (NCC) has played a pivotal role in regulating the sector, leading to increased competition, improved service delivery, and significant economic growth. The presence of regulators in these industries has not only enhanced consumer protection but also promoted innovation, efficiency, and competitiveness, ultimately contributing to the overall development of the economy. Also, in the healthcare industry, regulatory bodies have played a vital role in ensuring the quality and safety of pharmaceutical products, thereby inspiring consumer trust and fostering innovation. The regulatory framework has created an environment where manufacturers are held to high standards, resulting in improved product reliability and effectiveness. This, in turn, has boosted consumer confidence and driven innovation, leading to the development of new and improved treatments.
Likewise, the Nigerian Electricity Regulatory Commission (NERC) has played a crucial role in the power sector, ensuring that operators adhere to stringent safety standards and promoting investment in the industry. NERC’s regulatory oversight has created an environment conducive to growth, attracting investors and driving innovation in the sector.
These examples highlight the positive correlation between effective regulatory oversight and economic prosperity, emphasizing the need for a similar framework in the maritime industry. The maritime industry is not immune to the benefits of regulation, and the need for a regulator is long overdue. The industry has been plagued by inefficiencies, corruption, and a lack of standardization, leading to increased costs and reduced competitiveness. The introduction of a regulator will help address these challenges, promoting economic efficiency and growth in the industry.
The regulator will establish clear guidelines and standards, ensuring that operators comply with safety protocols and environmental regulations. This will create a level playing field, promoting competition and innovation, and driving economic growth in the industry. Moreover, the regulator will provide a framework for dispute resolution, protecting the interests of consumers and operators alike. By establishing a regulatory framework, the maritime industry can unlock its full potential, contributing significantly to Nigeria’s economic development.
Across a wide range of industries, regulators play a vital role in fostering economic growth and stability. They establish clear rules of the game, ensuring fair competition and protecting consumers from bad actors. In the maritime sector, effective regulation is essential for:
The establishment of a robust regulatory framework can markedly enhance maritime safety by setting and enforcing stringent standards for ship construction, maintenance, and operation. This significantly reduces the risk of accidents and environmental damage, thereby protecting precious lives and property. Moreover, regulations can effectively address security concerns, such as piracy and terrorism, by implementing measures to prevent and respond to such threats.
Efficiency and Productivity:
Regulations can play a vital role in streamlining operations and improving efficiency in the maritime industry. By establishing standardized procedures and documentation, regulators can substantially reduce administrative burdens, expedite the movement of goods, and facilitate the seamless execution of maritime transactions.
Investment and Innovation:
A clear, predictable, and well-defined regulatory environment can attract significant investment to the maritime sector. Investors are more likely to be willing to invest in an industry where the rules are transparent, well-defined, and enforced, thereby fostering a climate of confidence and stability. This, in turn, can lead to innovation and the development of new technologies that can further improve efficiency, safety, and environmental sustainability in the maritime industry.
The establishment of a maritime regulator has the potential to transform the industry’s dynamics, cultivating a culture of accountability, compliance, and innovation. By establishing clear guidelines for vessel operations, cargo handling, and environmental protection, a maritime regulator can significantly enhance operational efficiency, reduce the incidence of maritime accidents, and minimize environmental degradation. Furthermore, regulatory oversight can create a level playing field for industry participants, curbing unfair practices and promoting healthy competition, ultimately benefiting consumers and the global economy at large.
If, as some stakeholders claim, the proposed maritime regulatory bill is merely a bureaucratic exercise with no tangible benefits, then their concerns are understandable. However, the potential benefits of a well-designed regulatory framework are substantial and cannot be overstated. The question that arises, therefore, is who is truly afraid of a maritime regulator?
The development of a maritime regulatory framework is a complex and intricate undertaking, requiring careful consideration and expertise. It is crucial to get it right, as a poorly designed regulatory framework could have the unintended consequence of stifling growth and innovation, while a well-designed framework can deliver significant economic benefits, driving growth and development in the industry.
In order to effectively address the concerns of stakeholders, the Nigerian government can adopt a transparent and inclusive approach to developing the regulatory framework, affording stakeholders the opportunity to provide input on the proposed regulations. The government should also clearly articulate the objectives of regulation and the enforcement mechanisms, ensuring transparency in decision-making and implementation.
To mitigate the risks of corruption, the regulatory agency should be established with robust governance structures and clear lines of accountability, ensuring transparency in decision-making and enforcement. By weighing the potential costs of a new maritime regulatory agency against the potential benefits, it becomes evident that the benefits of improved safety, security, efficiency, investment, and innovation far outweigh the costs, leading to increased economic growth and prosperity for Nigeria.
The fear of a maritime regulator is misplaced, and the industry requires regulation to promote economic efficiency, safety, and innovation. The implementation of a maritime regulator is not a cause for fear; rather, it represents a crucial step towards ensuring the sustainability and integrity of the global maritime industry. By drawing parallels with the economic benefits of regulatory oversight in other sectors, it becomes evident that a maritime regulator can catalyze positive transformation, fostering a conducive environment for growth, innovation, and responsible practices.
In conclusion, the Nigerian government should not be swayed by the anxieties of some stakeholders, as the potential benefits of a well-designed maritime regulatory framework far outweigh the costs. The industry will experience significant growth and development with the presence of a regulator, and the Nigerian maritime industry has the potential to be a major driver of economic growth. Therefore, we must embrace the proposed shipping regulatory bill and support the establishment of a maritime regulator. Embracing the presence of a maritime regulator is not just a regulatory imperative; it is a strategic investment in the future of maritime trade, one that holds the potential to yield far-reaching economic and societal benefits.
Agbese is the Deputy Spokesman, 10th House of Representatives writing from Abuja.
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
Business
A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test
*A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test*
By Deji Johnson and Mustapha Bello
t begins with a pipeline that should have been completed by June 2026. It widens into a regulatory dispute. And it now risks becoming a defining test of Nigeria’s gas reforms under President Bola Ahmed Tinubu.
At the center is a stalled 80 kilometre gas pipeline from Sagamu to Ibadan, a project backed by over 100 million dollars in investment and built on a protected Gas Distribution Licence issued under the Petroleum Industry Act 2021. The licence granted NGML–NIPCO exclusive rights to distribute gas within Ibadan for 25years based on Nigeria’s Petroleum Industry Act.
On paper, the law is clear. On the ground, the situation is anything but.
For more than three months, construction has been halted following a stop work order issued by the Oyo State Government led by former Shell Contractor and engineer, Governor Seyi Makinde. No detailed public justification has been provided that aligns with existing federal approvals already secured for the project.
What might have remained a quiet regulatory disagreement has now escalated into something far more politically charged. How?
In recent remarks, Nigeria’s Minister of the Federal Capital Territory, Nyesom Wike, who is of the same political party as Governor Seyi Makinde, made a pointed allegation that has since rippled across political and industry circles. He suggested that the Governor of Oyo State and Shell were in what could be described as an “unholy alliance.”
It is a serious claim. One that, if substantiated, would raise profound questions about the intersection of corporate influence, state level action, and federal law.
Neither Shell nor the Oyo State Government has publicly responded in detail to the allegation.
But the silence is now part of the story.
*THE SHELL QUESTION*
For Shell, this moment carries particular weight.
The company has operated in Nigeria for decades, building one of its most significant global portfolios in the Niger Delta. But that history is not without controversy. From corruption claims to environmental damage claims and community disputes amongst others, Shell has faced years of litigation and, in several high profile cases, adverse rulings tied to its operations in the region.
Those cases, many adjudicated in foreign courts, have shaped a negative reputation that continues to follow the company.
Now, a new question emerges.
Is Shell once again operating at the edge of Nigeria’s regulatory framework seeking to exert undue influence in circumventing Nigeria’s petroleum laws, or firmly within it?
Industry sources including a widely reported meeting between their representatives, Oyo State Government representatives and the newly appointed midstream and downstream chief executive, indicate that engagements involving Shell and the Nigerian Midstream and Downstream Petroleum Regulatory Authority could enable the company to enter a gas distribution zone already licensed to another operator in breach of the PIA.
If true, the implications are immediate and far reaching.
A licence meant to protect investors and investments in Nigeria’s gas space ceases to be exclusive against the dictates of the guiding laws. A framework begins to look flexible, and a reform risks appearing reversible.
To many, it seems more than just a commercial dispute and is not just about one company versus another.
Nigeria is in the middle of an energy transition where gas is expected to play a central role in powering industries, stabilising electricity supply, and reducing reliance on expensive diesel. President Bola Tinubu has emerged as a global champion of using gas as a transition fuel in Nigeria and Africa whilst rolling out elaborate but clearly defined plans to achieve it. Yet gas availability remains inconsistent, constraining power generation and limiting industrial output.
Projects like the Sagamu to Ibadan pipeline are designed to close that gap. To halt such a project is to delay not just infrastructure, but impact. To undermine its legal basis is to question the system that enabled it and to introduce competing claims within the same licensed zone is to risk regulatory confusion at a time when clarity is most needed.
This is where the issue moves from commercial to national because at stake is not only an investment, but the credibility of the reform architecture itself.
*OYO STATE AND THE FEDERAL QUESTION*
The role of the Oyo State Government adds another layer of complexity.
Energy regulation in Nigeria, particularly in the gas sector, is governed by federal law. Yet implementation often intersects with state authority, creating spaces where jurisdiction can blur.
The stop work order issued on the pipeline has become the clearest manifestation of that tension. Was it a regulatory necessity?
A precautionary measure? Or, as alleged by Minister Wike, part of a broader alignment with external interests? Without transparency, speculation fills the vacuum and the regulator must avoid finding itself mired in such allegations.
*QUESTIONS THAT WILL NOT GO AWAY*
For Shell, the questions are now direct and unavoidable:
Is Shell, a global energy giant, seeking to operate within the Ibadan gas distribution zone already licensed to NGML–NIPCO?
What assurances, if any, has it received from regulators or state actors?
How does it reconcile such actions with the exclusivity provisions of the PIA?
For the regulator, NMDPRA:
Can a Gas Distribution Licence be effectively shared, diluted, or overridden after issuance? According to Nigerian laws, the answer is No.
What precedent does this set for Nigeria’s gas infrastructure market?
For the Oyo State Government:
On what legal grounds does the stop work order stand, given federal approvals already in place?
And how does this action align with national energy priorities or the state’s gas needs?
Nigeria has spent the last two years telling a new story to the world. A story of reform, of discipline, of a country ready to compete for global capital. And it has worked so far with stability returning to Nigeria’s economy and over $20bn of energy investments looking to enter the country in the short to midterm.
But reforms are not tested in policy papers. They are tested in moments like this.
Moments where law meets influence, investment meets interference and promise meets pressure.
For Shell, long mired in issues surrounding ethical operations in Nigeria, this is more than a business decision. It is a reputational crossroads.
For Nigeria, it is something even larger. Whether the country’s laws will hold when they are most challenged or Whether its reforms will stand when they are most inconvenient or even whether Nigeria’s energy investments future will be shaped by the rules of law, adherence to regulatory protections and provisions or by unethical and corrupt relationships.
Until those questions are answered clearly, publicly, and decisively, the pipeline in Ibadan will remain more than steel in the ground.
It will remain a symbol of a country still deciding which path it truly intends to follow. Nigeria must act quickly and decisively because the world is watching.
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