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Who is Afraid of a Maritime Regulator?* By Philip Agbese

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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.

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Obastallion Group Launches New Subsidiary: ObaStallion Luxury Collectors

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2 days ago

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June 28, 2024

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Obastallion Group Launches New Subsidiary: ObaStallion Luxury Collectors

 

 

ObaStallion Group proudly announces the launch of its latest subsidiary, ObaStallion Luxury Collectors, on Friday, June 28th, 2024. Dedicated to curating the finest selection of vintage and exclusive items, ObaStallion Luxury Collectors promises to be your dependable source to acquire anything vintage—dream it; we bring it to you!

 

About ObaStallion Luxury Collectors

 

 

At ObaStallion Luxury Collectors, we specialize in offering a diverse range of products that cater to connoisseurs of fine art, collectors of classic automobiles, aficionados of exclusive homewares, and lovers of timeless fashion. As a proud subsidiary of the renowned ObaStallion Group, we uphold the highest standards of quality and excellence in all our offerings.

 

*We help you acquire your dream vintage piece*

 

*Our Offerings:*

 

– *Arts*: Discover a curated collection of exquisite artworks that span various periods and styles. Each piece in our acquisition process is known for its beauty, authenticity, and unique story.

– *Autos*: Indulge in the allure of vintage automobiles. Our acquisition process of classic cars is meticulously restored to their original glory, ensuring that each vehicle not only looks stunning but also performs impeccably.

– *Homewares*: Enhance your living space with our exclusive range of homewares. From antique furniture to rare decorative pieces, our acquisition process adds a touch of elegance and sophistication to any home.

– *Fashion Items*: Step out in style with our aquisition of vintage and exclusive fashion items. We source high-quality pieces that stand the test of time, offering a wardrobe that is both stylish and timeless.

 

 

 

*Why Choose Us?*

 

– *Quality Assurance*: Each item in our collection is carefully vetted to ensure it meets our high standards of quality and authenticity.

– *Expert Knowledge*: Our team consists of experts in art, automobiles, homewares, and fashion, ready to assist you in finding the perfect piece.

– *Legal Binding*: We provide a legal contract containing terms and conditions that is completely binding.

– *Exclusive Access*: As a client of the ObaStallion Group, we offer you exclusive access to rare and one-of-a-kind items.

 

*How It Works:*

 

1. Pre-order your item.

2. Sign the legal contract (terms and conditions).

3. Receive your products.

 

Contact Us

 

For inquiries, please contact us at:

 

Phone: 07086528395

Media Contact:. Obasegun Micheal Soyebo

Founder, ObaStallion Group

 

*Arts | Autos | Homewares | Fashion Items

 

 

ObaStallion Group is a conglomerate of diversified business divisions dedicated to providing top-tier services in media, public relations, lifestyle, hospitality, real estate brokerage, construction, business facilitation, reputation/crisis management, and political support.

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Wema Bank Donates Brand-New Car to Winner of Outstanding MSME Clinic of the Year at National MSME Awards 202

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2 days ago

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June 28, 2024

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Wema Bank Donates Brand-New Car to Winner of Outstanding MSME Clinic of the Year at National MSME Awards 202

 

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, donated a brand-new car to Desoor Bags, the winner of the Outstanding MSME Clinic award—female category, at the National MSME Awards Night 2024. This Award Ceremony was held at the Presidential Villa in Abuja on Thursday 27th June 2024, to commemorate World MSME Day.

 

 

The International MSMEs Day and MSME Awards Night 2024 is a twofold event organised by the Federal Government of Nigeria through the Office of the Vice President, to celebrate the successes in the Nigerian MSME Sector and develop sustainable solutions for the continuous growth and development of the sector, to ultimately boost the Nigerian economy. The first part of the event convened top reputable institutions and entities including Wema Bank, to brainstorm and proffer sustainable financial solutions to not only provide affordable loans and funding for MSMEs, but to also ensure that these financial solutions are easily accessible and available to MSMEs. The concluding part of the Event was the National MSME Awards 2024; the sixth edition of the annual celebration.
The Award Ceremony celebrated top performing MSMEs across various categories from different parts of the country, awarding them with gifts and cash prizes in show of support and in advancement of their businesses. Wema Bank, reputed for its positive impact across various areas including MSMEs and Women, not only contributed immensely to the solutions garnered in the daytime event but also sealed its commemoration of World MSME Day 2024 at the National MSME Awards 2024 by gifting a car to Desoor Bags, the winner of the Outstanding MSME Clinic award (female category). This remarkable gesture simultaneously reinforced the Bank’s role as an enabler for MSMEs and its reputation for championing women empowerment and promoting gender inclusion in Nigeria.
Presenting the award and car gift in representation of Moruf Oseni, the MD/CEO of Wema Bank, Tunde Mabawonku, the Bank’s Executive Director of Retail and Digital Business, highlighted the impact of the World MSME Day 2024 events, emphasising the need to provide tailored support for MSMEs and advocating for a seamless synergy of capacity development, financial and material empowerment, collaboration, as well as leveraging technology and digital, to build a supportive ecosystem for MSMEs to thrive. “First, I would like to congratulate Adesola, the Outstanding MSME Clinic Award winner in the female category of the 6th National MSME Awards. It should come as no surprise that we choose to reward a woman today, as Wema Bank has always demonstrated a strong commitment to empowering women and provided tailored solutions for them to thrive in their personal and professional endeavours. We continue to do it through our women-focused proposition, SARA, and today, we have chosen to support this outstanding woman-owned business with a car to reduce stress and increase efficiency for her as she continues to grow her business”.

 

 

 

“As we commemorate World MSME Day today, it is important that we set our sights forward on the future of MSMEs in Nigeria. This is why the conversations we’ve had today are very important and Wema Bank is more than glad to be part of it. As the Bank that is committed to empowering lives through innovation, we are dedicated to not only providing innovative solutions and resources for customers to thrive but also empowering them to make the most of these solutions we provide. Technology and digital are the future, and intelligence is here to stay so beyond providing financial resources for MSMEs, we are also focusing on empowering them with digital skills to ensure they are not left behind in this digital evolution. The goal is digital empowerment for scale. To maximise our impact, we will continue to innovate and collaborate to drive capacity development, financial and material empowerment, as well as technology and digital empowerment for MSMEs, to build an enabling environment for these MSMEs to thrive”.

 

 

 

Expressing irrepressible gratitude to Wema Bank for the remarkable show of support, Adesola Adedoyin, CEO Desoor Bags and Winner of Outstanding MSME Clinic Award (Female category) at the National MSME Awards 2024, added, “I cannot find the words to express how I feel right now. My business has been recognised on such a huge platform and on top of that, I am going home with N2,000,000 and a brand-new car, it feels so unreal. Thank you, Wema Bank, for supporting me and my business with this car. I can now transport myself and the resources Desoor Bags needs without struggling to ‘jump bus’ multiple times when I can fit it all in the car at once. I am beyond grateful. Thank you to the Federal Government for the opportunity and thank you, Wema Bank for all you do”.

 

 

 

In its authority as Nigeria’s most innovative bank, Wema Bank continues to prove its mettle not just as an enabler for MSMEs but also as the partner of choice for all. With the Bank’s diverse range of tailored solutions and its success in already providing single-digit loans for female MSMEs, among others, Wema Bank continues to push boundaries for the best and redefine standards in the banking and financial services industry.

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ILÉ IYÁN NIGERIA EMPOWERS UNIVERSITY OF LAGOS STUDENTS WITH ACADEMIC SCHOLARSHIPS

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3 days ago

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June 27, 2024

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*ILÉ IYÁN NIGERIA EMPOWERS UNIVERSITY OF LAGOS STUDENTS WITH ACADEMIC SCHOLARSHIPS

 

 

ILÉ IYÁN, the renowned Nigerian restaurant known for its celebration and promotion of the Nigerian African culture through serving authentic Nigerian cuisine, proudly announces its collaboration with Madam Tinubu Hall, University of Lagos to host a cooking competition aimed at promoting culinary excellence and supporting higher education among Nigerian youth.

The Event took place at the University of Lagos on Wednesday the 26th June, 2024. The cooking competition showcased the culinary talents of students from the University of Lagos. The Participants competed preparing traditional Nigerian dishes, judged by a panel of esteemed chefs and culinary experts.

In an innovative move to foster education and reward talent, ILÉ IYÁN Nigeria awarded scholarships to the outstanding participants; Winner Ms. Kenneth Mary Anuoluwapo who won Academic Scholarship plus cash prize, 1st runner up Ezeanowi Maryjane won Academic Scholarship and 2nd runner up Nwachukwu Kamsi Adaobi won cash prize. These scholarships underscore ILÉ IYÁN’s commitment to nurturing the next generation of culinary leaders and supporting educational opportunities in Nigeria. This will enable the participants /winners to pursue their academic ambitions at the University of Lagos.

“This competition is not just about cooking; it’s about recognizing and nurturing talent,” “We believe in the potential of the Nigerian youth and we are excited to support their educational journey through this initiative.” This is also where I started my journey as a Restauranteur and Entrepreneur 15 years ago said the Founder/CEO of ILÉ IYÁN Nigeria, Mr Sanni Sheriff who’s also an Alumnus of The University of Lagos. The Award was presented by the ILÉ IYÁN Team led by Mr Sanni Afeez also in attendance Ms Paulina Legba.

ILÉ IYÁN invites the public to join in celebrating the rich culinary heritage of Nigeria and the academic achievements of its youth at this prestigious event. The competition was a vibrant display of creativity and skill, showcasing the diverse flavors and traditions that define Nigerian cuisine.

About ILÉ IYÁN

ILÉ IYÁN also known as “Home of Pounded Yam “ is a Nigerian African Restaurant that offers original Nigerian African dishes made using traditional cooking techniques to produce dishes with original African flavors. The brand is positioned as the pride of Nigeria as we promote the tourism and beautiful culture in Nigeria through our cuisine.

ILÉ IYÁN immerses patrons in a sensory journey that through Nigeria’s diverse traditions. The restaurant’s interior, adorned with authentic artifacts and traditional motifs, creates an ambiance that transports diners to different regions of the country. The staff, dressed in traditional attire, adds an extra layer of authenticity to the experience.

 

Culinary offerings at ILÉ IYÁN showcase the country’s diverse culinary heritage, featuring a carefully curated menu that highlights delicacies from various ethnic groups. From our flavourful soups to the succulent pounded yam to village rice, each dish is a culinary masterpiece, meticulously prepared to capture the essence of Nigerian flavors.

OUR VISION: To be the biggest African restaurant brand selling the authentic Nigerian African culture across the globe.

OUR MISSION: is to promote and preserve Nigeria’s rich cultural heritage and diversity through our delicious Nigerian cuisine.
To bridge the cultural gap between the several generations of Nigerians living home and abroad .

VALUES:
In terms of tourism, ILÉ IYÁN becoming a must-visit destination for both domestic and international travelers seeking an authentic Nigerian experience.

Our popularity will not only boost local tourism but also contribute to changing perceptions about Nigeria, showcasing the country’s cultural richness and hospitality.

As ILÉ IYÁN continues to flourish, we will serve as a beacon of cultural pride, fostering a sense of unity and appreciation for Nigeria’s diverse heritage. Our restaurant stands as a shining example of how a traditional-themed establishment can be a catalyst for cultural preservation, community engagement, and tourism promotion in the heart of Lagos. Nigeria

For ILÉ IYÁN dining experience and food delivery kindly visit or contact

📍ILÉ IYÁN LEKKI
Plot 6 Dr Muiz Banire Street Lekki phase 1 . Same street with Imax Film house Cinema.
The street is off Bisola Durosinmi Street Lekki Phase 1

For online orders kindly call 09024475402

For media inquiries, please contact:
Follow ILÉ IYÁN on Social Media: please visit follow us on social media

Instagram: @ileiyan_ng
Facebook: ILÉ IYÁN NG
Twitter: @ileiyan_ng

www.ileiyan.ng

 

ILÉ IYÁN NIGERIA EMPOWERS UNIVERSITY OF LAGOS STUDENTS WITH ACADEMIC SCHOLARSHIPS

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