Category: Economy

  • YULETIDE SEASON: NNS BEECROFT Thwarts Illegal Bunkering, Intercepts Over 43,000 Litres of PMS, Worth Over N26 Million In Swift Maritime Operation

    YULETIDE SEASON: NNS BEECROFT Thwarts Illegal Bunkering, Intercepts Over 43,000 Litres of PMS, Worth Over N26 Million In Swift Maritime Operation


    “Oguntuga advised perpetrators to desist from illegal bunkering activities stressing the Nigerian Navy’s commitment to come heavy on them”

    L-R: Base Information Officer, Sub-Lieutenant Happiness Collins, Base Operation Officer, Commander Linus Osuman, NNS BEECROFT Commander, Commodore Kolawole Oguntuga, and NNS BEECROFT Staff Officer, Capt Christian Akokoti, during the press conference at NNS Beecroft command on Monday 13th November, 2023.

    In a proactive move to safeguard Nigeria’s maritime environment, the Nigerian Navy Ship (NNS) BEECROFT, in collaboration with the Maritime Component of Operation AWATSE, successfully intercepted and thwarted illegal bunkering activities at Folu Village in Ibeju Lekki, a town along the boundary between Lagos and Ogun States.

    Acting on credible intelligence received at 03:00 AM, Commodore Kolawole Oguntuga, Commander NNS BEECROFT, promptly deployed his team to the scene. Upon arrival, the perpetrators fled the area, leaving behind evidence of their illicit activities – hoses connected to pumping machines and jerrycans siphoning Automotive Gas Oil (AGO) into an 18,000L truck.

    Swift and decisive action ensued, with the Naval patrol team confiscating both the equipment and the truck. Currently, these items are in the custody of the base for further investigation in line with standard procedures.

    Commodore Oguntuga emphasized the commitment of the Nigerian Navy, under the leadership of Vice Admiral Emmanuel Ikechukwu Ogalla, to upholding maritime security and combatting activities that pose a threat to the nation’s economic prosperity.

    In a same vein within the ongoing Operation Water Guard, the NNS BEECROFT’s patrol team successfully intercepted and seized a large fibre boat carrying illegally obtained Premium Motor Spirit (PMS) in the early hours of November 11, 2023.

    Commander NNS BEECROFT, Commodore Kolawole Oguntuga, reported that the operation was executed based on credible intelligence, leading the team to discover the vessel abandoned near Ijegun community. Upon sighting the naval team, the perpetrators fled the scene. 

    The confiscated boat revealed over 90 drums, each containing 250 liters of PMS, totaling approximately 22,500 liters and valued at around 15 million naira at the current pump price.

    Oguntuga however warned perpetrators to desist from these illegal bunkering activities stressing the Nigerian Navy’s commitment to come heavy on them particularly as the yuletide season approaches.

    This proactive operation not only curbs economic sabotage but also prevents the potential outbreak of fires, which could have dire consequences on life and property.

    The Nigerian Navy, under the leadership of Vice Admiral Emmanuel Ikechukwu Ogalla, Chief of the Naval Staff, demonstrates an unwavering commitment to safeguarding the nation’s petroleum resources for the benefit of Nigerians. The prevention of the illicit acquisition of such volatile products aligns with the Navy’s dedication to national security and economic prosperity.

    This successful operation not only demonstrates the effectiveness of the Nigerian Navy in responding to imminent threats but also underscores the dedication of maritime forces to maintaining the integrity of Nigeria’s waters.

    The confiscated equipment and truck will undergo thorough investigation to ensure that legal procedures are followed, and the perpetrators are held accountable for their actions.

    The Nigerian Navy remains resolute in its mission to secure the maritime environment and contribute to the overall safety and economic well-being of the nation.

  • Unity Bank MD Tasks Students On World Savings Day Training

    Unity Bank MD Tasks Students On World Savings Day Training

    The Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs Tomi Somefun has charged parents to take greater responsibility in supporting early child adoption of Banking and savings culture as the bedrock for forging sustainable wealth creation for Nigerian Child.

    Mrs. Titilayo Abraham, the representative of the MD/CEO of Unity Bank Plc, Mrs. Tomi. Somefun facilitating a financial literacy training at Kabayi Secondary School, Mararaba, Nasarawa State, as part of the activities to mark 2023 World Savings Day

    Somefun gave the charge while facilitating training for students of Kabayi Secondary School, Mararaba, Nasarawa State as a part of activities to mark this year’s World Savings Day.

    “The government and parents must make it a priority to start nurturing Nigerian Child for financial responsibility, savings culture and investment, This is the best approach to raising a generation of financially literate society with individuals who are disciplined, wealth creators to drive social and economic changes,” Somefun said.

    Some Unity Bank representatives and a cross section of the participants of the World Savings Day training

    Represented by the Group Head, Customer Engagement, Unity Bank Plc, Mrs. Titilayo Abraham, Mrs. Somefun also advocated for government-backed initiatives that aim to encourage parents to commit to inculcating a savings culture in their children.

    She trained the students on the importance of savings and how to cultivate good financial habits that will lead to a rewarding and financially secure future.

    A cross section of participant of World Savings Day training at Ted Spectacular School, Barnawa Kaduna.

    The training, which was aimed at imparting the skills and knowledge of savings among the students, was also held across 31 other secondary schools across Nigeria, with Unity Bank’s representatives facilitating the training aimed at encouraging students to embrace savings culture from an early age.

    World Savings Day is celebrated on October 31 every year and it is intended to promote the importance of savings while increasing public awareness on the importance of savings.

    This year’s World Savings Day, observed on October 31st, 2023 was themed “Conquer your Tomorrow” to emphasize the role of savings in a financially secure future.

    Some of the participants of World Savings Day training at Cedars Schools, Awka

    In Nigeria, the Central Bank of Nigeria, Banker’s Committee and Money Deposit Banks in concert with Junior Achievement Nigeria, coordinates the activities for World Savings Day to engage the participation of Pupils and Students across primary and secondary schools nationwide.

  • Unity Bank Posts N38.2 Billion Gross Earnings In Q3’23

    Unity Bank Posts N38.2 Billion Gross Earnings In Q3’23

    Retail lender, Unity Bank Plc, has reported gross earnings of N38 billion for the nine-month period ending on September 30, 2023. During this time, customer deposits appreciated by 5%, reaching N344.4 billion, signaling both business growth and customer trust in the bank.

    Unaudited nine-month results disclosed to the Nigerian Exchange Group Limited demonstrated that Unity Bank continued to adhere to its expansion-oriented and customer-focused model. Total loans and advances increased to N222.8 billion, while interest and similar income reached N33 billion. These figures underscore the bank’s strategic dedication to revitalizing and sustaining asset creation aimed at providing returns to its shareholders.

    Other significant highlights from the nine-month financials include total assets amounting to N423.4 billion and net fee and income commission totaling N4.4 billion. However, recent foreign exchange regulations impacted the bank’s bottom line, a situation expected to be rectified as the Naira appreciates.

    Commenting on the results, Mrs. Tomi Somefun, the Managing Director/CEO of Unity Bank Plc, affirmed the bank’s commitment to recapitalizing the institution, driving asset creation, innovating products to compete effectively in new markets, and relentlessly pursuing digital banking innovation to reverse negative positions.

    She mentioned that despite the challenging operating environment, the deposit position continues to witness steady growth, reflecting market confidence. This confidence will enable the bank to thrive in the months ahead, driving increased business conversion, profitability, and sustainable returns.

    Furthermore, Somefun highlighted the encouraging adoption of the bank’s digital banking services, with expansion planned in the pursuit of enhanced retail franchise, fintech partnerships, consumer banking, innovative retail loans, and portfolio investment diversification. This optimistic outlook signals a renewed engagement with the market in the short and medium term, aimed at boosting market share and financial standing.

    Analysts expressed confidence that Unity Bank’s strategy to deepen its retail sector will result in multiple income streams, enhancing both its market presence and financial position in the future.

  • NIMASA ACT Amendment Bill Passes First Reading At The Senate

    NIMASA ACT Amendment Bill Passes First Reading At The Senate

    …As Jamoh Pledges continuous industry Capacity Building.

    L-R: Chairman, Senate Committee on Marine Transport, Senator Wasiu Eshinlokun; Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh OFR; Member, Senate Committee on Marine Transport, Senator Mpigi Barinda and Vice Chairman, Senate Committee on Marine Transport, Senator Sunday Karimi during an Oversight visit by the Senate Committee on Marine Transport to NIMASA in Lagos.

    The bill to amend the Nigerian Maritime Administration and Safety Agency NIMASA Act has passed the first reading on the Floor of the Nigerian Senate.

    Chairman Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun, who announced this during a working visit by the committee to NIMASA operational offices in Lagos  noted that the senate of the tenth assembly is committed to formulating policies that will ensure Nigerians enjoy the benefits of the blue economy.

    L-R: Member, Senate Committee on Marine Transport, Senator David Jimkuta; Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh OFR; Chairman, Senate Committee on Marine Transport, Senator Wasiu Eshinlokun; Senator Hashiru Oyelola; Senator Biyi Fadeyi and Clerk of the Committee on Marine Transport, Dauda Bukat during an Oversight visit by the Senate Committee on Marine Transport to NIMASA in Lagos.

    Speaking further, the Committee Chairman averred that a constructive evaluation of the existing maritime legal framework was necessary to ascertain gaps for possible review, pledging that the Senate under the leadership of Senator Godswill Akpabio was committed to supporting the maritime sector, in line with the vision of the President of the Federal Republic of Nigeria, His Excellency, Bola Ahmed Tinubu, GCFR.

    “Let me inform you that the bill seeking amendment of the NIMASA Act has passed first reading on the floor of the senate.

    R-L: Chairman, Senate Committee on Marine Transport, Senator Wasiu Eshinlokun; Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh OFR and Vice Chairman, Senate Committee on Marine Transport, Senator Sunday Karimi during an Oversight visit by the Senate Committee on Marine Transport to NIMASA in Lagos.

    I have to say on behalf of my colleagues that we are with you on this journey, and we will not hesitate to support your vision, in as much as such is geared towards enhancing the potential of the maritime sector for national growth and development. 

    With the creation of the Marine and Blue Economy Ministry by Mr. President, a message has been passed to all stakeholders that the maritime industry has a huge role to play in our nation building. We must align with the vision of the President, and we must support the government to achieve a better country for all Nigerians”, Sani said.

    L-R: Member Senate Committee on Marine Transport, Senator Asuquo Ekoenyong; Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh OFR; Chairman, Senate Committee on Marine Transport, Senator Wasiu Eshinlokun; Senate Committee on Marine Transport, Senator David Jimkuta and other members of the Senate Committee on Marine Transport during an Oversight visit by the Committee on Marine Transport to NIMASA in Lagos.

    The Committee members unanimously acknowledged NIMASA’s investment in acquisition and building of a strong safety and security architecture, reiterating that such effort was a confirmation that NIMASA was conscious of its mandate and strategic status as one of Nigeria’s major contributors to the country’s sustainable development. 

    A member of the Committee, Senator Abdul Ningi, commended NIMASA Management stating that much progress has been made over the years. I have visited this Agency over the years, and must note that much progress hasbeen made over the years. You have done very well. He said.

    R-L: Member Senate Committee on Marine Transport, Senator Abdul Ningi; Chairman, Senate Committee on Marine Transport, Senator Wasiu Eshinlokun; Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh OFR and other members of the Senate Committee on Marine Transport during an Oversight visit by the Committee on Marine Transport to NIMASA in Lagos.

    In his welcome remarks, the Director General of NIMASA, Dr. Bashir Jamoh OFR, noted that the Agency is committed to both human capacity and infrastructural development to grow the Nigerian blue economy.

    Speaking further, Jamoh stated that a well-developed marine and blue economy would be strong enough to service Nigeria’s annual budget because it encompasses all economic activities associated with the oceans and seas. 

    Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh OFR (left) and Chairman, Senate Committee on Marine Transport, Senator Wasiu Eshinlokun during an Oversight visit by the Committee on Marine Transport to NIMASA Lagos.

    According to Jamoh, “NIMASA is working tirelessly to secure our waters and  by extension, the Gulf of Guinea. The time has come for us as a nation to build on the recent gains in the area of safety and security of our waterways. Rest assured that NIMASA is utilizing appropriated funds judiciously, evident in our investment in infrastructure. We will continue in the direction President Bola Ahmed Tinubu has pointed with the creation of the Marine and Blue Economy Ministry.

  • Ecobank Announces Back-To-School Packages For Customers

    Ecobank Announces Back-To-School Packages For Customers

    Ecobank Nigeria is offering special loan packages for parents and guardians to enable them pay school fees for their children and wards ahead of resumption for the 2023/2024 school year. In another master stroke, the bank is making special infrastructure loans available to educational institutions. This, according to the bank, will equip them adequately for the new session. The bank also said it has optimised its digital platforms to make them convenient for school fees and other education-related payments.

    Announcing the various ‘back to school’ initiatives of the bank in Lagos, Head, Consumer Banking, Korede Demola-Adeniyi, said it is in line with the bank’s overall strategy to support the development of the nation’s education sector, adding that Ecobank’s digital offerings are targeted at reducing the financial burden on parents, students and schools, and also facilitating the ease of payment of fees without hassles. She listed the digital offerings to include Ecobank Mobile App, EcobankPay and Ecobank Online for contactless fees payment; personal loans and salary advance packages at competitive interest rates, international transfers for offshore school fees payment and affordable remittance offerings. She also noted that families abroad who wish to send money home to help with fees can do so at zero charges on the Rapidtransfer app. 

    The bank has also provided the Banking-for-School pack for educational institutions to access working capital and loans. The features of this pack include easy fee collections, zero charges on collection accounts with EcobankPay, secure online banking with Omni Lite and cards for easy payments. Speaking specifically on the loans available for the educational institutions, she noted that they could be accessed without bottlenecks as the bank has taken into cognisance the country’s current economic realities.

    According to her, “As a bank that is passionate about education, we are prioritizing the pedagogical needs of our customers at this period when schools resume. Children deserve to go to school and we are making it easy for parents to provide them this basic right.” Mrs. Demola-Adeniyi urged schools to appoint the bank as their preferred financial institution for payments and collections, noting that Ecobank has demonstrated pedigree and expertise in fees collection, locally and internationally. She encouraged schools and individuals that are yet to open Ecobank accounts to do so in order to access the offers available.

  • Nigerian Navy Partner HMS Trent On Maritime Security Mission To West Africa

    Nigerian Navy Partner HMS Trent On Maritime Security Mission To West Africa


    …Offshore Patrol Vessel HMS Trent Strengthens UK-Nigeria Maritime Security Synergy

    …The HMS Trent, a state-of-the-art British Royal Navy ship, is on a month-long assignment in the Gulf of Guinea

    The offshore patrol vessel HMS Trent, operated by the Royal Navy of the United Kingdom, has made a significant return to Lagos, Nigeria, marking the second visit in recent years.

    Commander Langford, leading his crew on this mission, expressed the honour and pleasure of being alongside their Nigerian counterparts during this visit, emphasizing the importance of cooperation in addressing maritime insecurity in the Gulf of Guinea and the broader West African region.

    Commander Langford highlighted the continuity of purpose, as a few members of his ship’s company had participated in the 2021 visit.

    In his words: “This visit provides an opportunity for the UK and Nigeria to collaborate closely with the Nigerian Navy to counter maritime insecurity, including piracy, counter-narcotics activities, and combating illegal fishing”

    Also speaking, Mr. Johnny Baxter, the Deputy British High Commissioner based in Lagos, extended a warm welcome to Commander Langford and his crew aboard HMS Trent.

    He underlined the significance of the UK’s relationship with Nigeria and praised the vital support provided by the Nigerian Navy during the visit.

    The Deputy High Commissioner emphasized the need for stability, safety, and prosperity in Nigeria, as it plays a pivotal role in Africa, boasting the continent’s second-largest economy and its largest population.

    Baxter pointed out that the UK-Nigeria trade relationship is thriving, with a current value of €7.6 billion pounds, and expressed optimism about further economic collaboration.

    When asked about the activities planned for the visit’s initial days, Commander Langford discussed collaborative efforts with the Nigerian Navy on various fronts, with a focus on countering piracy, narcotics, and other illicit maritime activities.

    He stressed the importance of nations working together to address the rising piracy threats in the Gulf of Guinea.

    Regarding the nature of this visit compared to the previous one in 2021, Commander Langford clarified that it is indeed a routine exercise conducted with friendly nations.

    He emphasized that Nigeria remains a preferred partner for the UK, with historical ties, and expressed regret that the pandemic had delayed their return.

    In response to whether this visit is aimed at boosting Nigeria’s security, Commander Langford emphasized that it presents an opportunity for both navies to identify solutions to maritime insecurity collectively.

    He highlighted the importance of sharing lessons learned and working together at sea and in training exercises.

    Finally, Commander Langford revealed that this marks only the second visit of HMS Trent to Nigeria for this purpose, with a brief hiatus due to the global pandemic.

    The visit of HMS Trent to Lagos underscores the commitment of the United Kingdom to strengthening maritime security and cooperation with Nigeria, ultimately contributing to stability and prosperity in the Gulf of Guinea and the wider West African region.

    The Royal Navy is here because the UK is a committed partner for Nigeria and the wider West African region.”

    “We will continue to work with the Nigerian authorities to address illegal activity; improve maritime security; counter-piracy and tackle the Illegal Wildlife Trade.”

  • Fidelity records PBT of N76.3bn for H1 2023

    Fidelity records PBT of N76.3bn for H1 2023

    …Declares interim dividend of 25 kobo Per Share

    Leading financial institution, Fidelity Bank Plc has recorded an impressive 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result.

    A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria. Gross earnings for the period grew by 59.6% to ₦247.1billion from ₦154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0% over ₦23.3billion recorded in the corresponding period. This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.

    The Bank’s balance sheet remained strong with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.

    On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.

    Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.

    The Bank’s impressive H1 2023 results comes to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.

    Similarly, the bank recently emerged the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.

    To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.

    “We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders”, stated Onyeali-Ikpe.

    Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023; and the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

  • NIMASA Fostering Growth Of Nigerian Seafarers Through Cabotage Implementation

    NIMASA Fostering Growth Of Nigerian Seafarers Through Cabotage Implementation

    Central to the Cabotage regime is the principle of enhancing local involvement in the crewing of vessels operating within Nigerian waters.

    NIMASA has been dedicated to ensuring that Nigerian seafarers are placed on board Cabotage vessels, aligning with its role in placements and the provisions of the Cabotage Act of 2003.

    A significant stride has been made in this regard, as applications for Cabotage crew placements now come with the stipulation that all foreign crew, particularly Ratings on vessels, must be replaced with Nigerian seafarers or cadets within a period of two to three weeks of commencing operations. As a result, a total of 539 Nigerian seafarers have been recommended for such replacements in the initial quarter of 2023.

    Under the leadership of Dr. Bashir Jamoh, NIMASA, in the current administration, achieved the placement of 3,705 seafarers on Cabotage vessels in 2021, followed by 7,238 seafarers in 2022, and an additional 1,013 seafarers from January to July 2023. This cumulative effort has led to the successful placement of 11,956 Nigerian seafarers on Cabotage vessels between January 2021 and July 2023.

    Streamlining administrative processes, NIMASA has digitized the registration and documentation procedures. The establishment of the e-registration platform facilitates the online and real-time registration of maritime labor participants such as seafarers, dockworkers, maritime labor employers (including shipping companies, manning/crewing agents, stevedoring companies, and terminal operators), as well as various operators in the maritime sector. This digitalization aims to enhance efficiency and accuracy while also serving as a valuable database for statistical analysis, national planning, policy formulation, and research purposes. The intention is to host this e-registration platform on the NIMASA website.

    In addition, the years 2021 and 2022 saw the registration of 3,219 and 3,619 seafarers, respectively, with 1,176 registrations recorded from January to July 2023. In the same timeframe, the issuance of MLC, 2006 certificates amounted to 24 in 2021, 49 in 2022, and 63 from January to July 2023. Consequently, a total of 8,014 seafarers were registered from 2021 to 2023 (January to July), with 136 MLC, 2006 certificates issued after inspections during the same period.

    Furthermore, a total of 65 stevedoring companies, 26 terminal/jetty operators, and 1,395 dockworkers were duly registered between 2021 and 2023 (January to July).

    In 2008, NIMASA initiated the Nigerian Seafarers Development Programme (NSDP) with the primary objective of training Nigerian youths as seafarers and Naval Architects, contributing to the enhancement of maritime capacity. This program was designed to provide comprehensive education up to degree level in Marine Engineering, Nautical Sciences, and Naval Architecture at select Maritime Training Institutions (MTIs) abroad.

    The aim was to equip beneficiaries with the skills to effectively compete in the global maritime industry and contribute to the growth of Nigeria’s maritime sector.

    Notably, in December 2022, NIMASA sent off 235 Nigerian youths to India and Greece as Batch B of a total of 435 young Nigerians to be trained under the NSDP as Licensed Deck and Engine Officers, including Naval Architects. This batch followed an earlier sponsorship of 200 individuals under Batch A.

    During this initiative, NIMASA Director-General Dr. Bashir Jamoh, highlighted the importance of mutual recognition of Certificate of Competency (CoC) in collaboration with countries that support this understanding, which influenced the selection of training institutes for beneficiaries. It’s also noteworthy that NIMASA has succeeded in providing “seatime” experience for all NSDP beneficiaries, laying the foundation for them to earn foreign currencies and contribute to the nation’s remittances.

  • BEECROFT: Nigerian Navy Foils Illicit Pipeline Activities, Safeguards Critical NNPCL Facility

    BEECROFT: Nigerian Navy Foils Illicit Pipeline Activities, Safeguards Critical NNPCL Facility



    In an impressive show of vigilance and commitment, the Nigerian Navy’s NNS BEECROFT patrol team led by its Commander, Commodore Kolawale Oguntuga has effectively thwarted the efforts of vandals and economic disruptors to unlawfully drain valuable products from pipelines.

    The incident transpired at the Single Buoy Mooring (SBM) situated offshore near Atlas Cove in Lagos, a pivotal installation overseen by the Nigerian National Petroleum Company Limited (NNPCL). This facility serves as a key point for vessels to unload refined products, which are then distributed for public consumption.

    As a result of the timely intervention, ten suspects have been apprehended and subsequently handed over to the NSCDC for thorough investigation and eventual prosecution. The SBM’s intricate structure demands meticulous attention due to the potential fire hazards it poses. A mishap at this facility could lead to dire consequences, including catastrophic explosions.

    The SBM holds a significant position in ensuring Nigeria’s energy security, being instrumental in facilitating the widespread distribution of products across the southwestern region of the country. The culprits, engaged in acts of vandalism and oil theft, surreptitiously attach hoses and pumping machinery to pipelines using an assortment of tools.

    Oguntuga said, “This not only compromises the quality of intended products but also elevates the risk of fire outbreaks. Moreover, such unscrupulous activities enable wrongdoers to obtain products without cost, thus potentially fueling criminal activities and undermining national security.

    The rapid response of the NNS BEECROFT patrol team was achieved through the utilization of cutting-edge technology known as Falcon Eye Alignment. This advanced technological solution highlights the Nigerian Navy’s steadfast commitment to harnessing innovations for the protection of the nation’s economic interests.

    According to Commodore Kolawale Oguntuga, under the guidance of Vice Admiral Emmanuel Ogalla, the Nigerian Navy remains resolute and unwavering in its determination to combat all forms of economic sabotage. This dedication ensures the sustainable growth of the nation’s blue economy, fostering prosperity and progress.

  • Fidelity Bank Proposes Solutions to Address E-Fraud Concerns

    Fidelity Bank Proposes Solutions to Address E-Fraud Concerns

    The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, has urged the Nigeria Electronic Fraud Forum (NeFF) to devise solutions for the issues presented by electronic fraud within the financial system.

    As reported by Vanguard Newspaper, she delivered this message during a gathering in Lagos, addressing NeFF’s 3rd quarter general meeting. Nneka Onyeali-Ikpe emphasized that electronic fraud involves online activities aimed at exploiting individuals and businesses for financial gain.

    During her speech, she provided examples of electronic fraud, including Phishing, Advanced Fee Fraud (419), Online Auction Fraud, Identity Theft, Tech Support Scams, Online Romance Scams, Investment Scams, Business Email Compromises, Ransomware, Online Rental Schemes, Pyramid Schemes, and Click Fraud.

    Drawing attention to the escalating prevalence of electronic fraud in the nation and the resultant challenges, the leader of Fidelity Bank underscored, “NIBSS’s data reveals a staggering 298% Year-on-Year increase in the value of electronic payment transactions in Nigeria, rising from N34.04 trillion in Q1 2022 to N135.52 trillion in Q1 2023.”

    “As technology continues to advance at an unprecedented pace, our reliance on digital transactions has grown exponentially. However, with this rise in digital interactions, the threat of e-fraud has become a significant challenge affecting individuals, businesses, and industries alike.

    “The banking industry lost a total of N14.3 billion to electronic fraud in 2022, up from the N12.7b reported in 2021. As at Q1 2023, the total fraud loss was N5b according to the NIBSS Annual Fraud Landscape reports.

    “The Mobile channel is the most exploited channel by fraudsters in 2021 and 2022 with 42,821 and 45,090 reported fraud records respectively. Total fraud count in 2021 was 123,918 and 101,668 in 2022.

    “E-fraud has permeated multiple industries, spanning from banking and finance to e-commerce and beyond. These cybercriminals leverage advanced methods to exploit vulnerabilities, gaining unauthorised access to crucial data and funds. The repercussions of e-fraud are not limited to financial losses; they also extend to eroding trust and eroding brand reputation.

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