News
Nigeria Loses $1.5Bn Monthly to Sea Pirates, Fuel Fraud
Nigeria is losing about 1.5 billion dollars a month to piracy, armed robbery at sea, smuggling, and fuel supply fraud, a U.S. official said.
Amb. Michele Sison, U.S. Deputy Representative to the UN, made this known in New York at the UN Security Council Open Debate on Peace Consolidation in West Africa with the theme “Piracy and Armed Robbery at Sea in the Gulf of Guinea.’’
Sison said illegal, unreported, and unregulated fishing also generate a sizeable income loss in the hundreds of millions of dollars a year, for many countries and communities that depend on this sector to survive.
She said that earlier this month on April 11 at 7.56 p.m., pirates attacked a cargo vessel off the coast of Nigeria.
She added that the pirates waited for darkness before ambushing the vessel and boarded with force.
“The captain and crew sounded the alarm and hid in a protected space on the ship only to discover when they emerged the following day that two of their crew were missing. A second officer from the Philippines and an electrician from Egypt; both are still missing.
“This was neither the first pirate attack of the year, nor even the first attack that day. Earlier on April 11, the very same day, pirates had attacked a Turkish cargo ship off the coast of Nigeria, kidnapping six of the crew, including the vessel’s captain.
“Those men are also still missing. Piracy and armed robbery in the Gulf of Guinea are increasing at an alarming rate, with some industry experts recording at least 32 attacks off the coast of Nigeria alone in 2016, affecting many Member States, including the U.S.
“The economic consequences for the people of the region are devastating. According to a Chatham House report, as much as 400,000 barrels of crude oil are stolen each day in the Gulf of Guinea,’’ she said.
She further said: “We have spoken many times in this chamber about the root causes of piracy, ineffective governance structures, weak rule of law, precarious legal frameworks and inadequate naval, coast guard, and maritime law enforcement.
“The absence of an effective maritime governance system in particular hampers freedom of movement in the region, disrupts trade and economic growth, and facilitates environmental crimes.
“We have also acknowledged in our resolutions and in the presidential statement adopted this morning that the solution to these root causes lies in greater African stewardship of maritime safety and security at the continental, regional, and Member State level.
“Strong political will from African governments and leaders is needed to pursue and prosecute crimes at all levels within criminal enterprises”.
She said that maritime crime flourishes under ineffective or complicit governance structures, but was diminished when rule of law was effective.
She said that with the absence of African ownership and action from national and local governments to tackle maritime security challenges, there was little reason to believe that attacks in the Gulf of Guinea would decline.
In this regard, she welcomed the Yaoundé Summit documents, which articulated a comprehensive view of maritime safety and security, including combating illegal fishing; trafficking of arms, people, drugs, and maritime pollution.
She commended the UN offices of West and Central Africa for providing capacity building and technical assistance to governments in the region.
As well as sub-regional organizations, including the Gulf of Guinea Commission, the Economic Community of Central African States, ECCAS, and the Economic Community of West African States, ECOWAS.
Sison urged the Member States of the regional and sub-regional organisations to make the Inter regional Coordination Centre fully operational.
She also said the U.S. was doing its part to support the efforts of its African partners in the Gulf of Guinea.
Sison explained further that the U.S. approach was based on three guiding principles: the prevention of attacks, the response to acts of maritime crime, and enhancing maritime security and governance.
“On prevention, we are supporting ECOWAS and ECCAS efforts to strengthen regional maritime strategies, including the completion of their Memorandum of Understanding and Code of Conduct for Central and West Africa.
“We are also encouraging nations to fully implement the Yaoundé Code of Conduct and the 2050 AU African Integrated Maritime Strategy.
“We encourage states in the region to further enhance security by establishing pilot maritime Zone ‘E’ covering the coasts of Nigeria, Niger, Benin, and Togo, an area where the majority of attacks occur,” she added.
She said that the establishment of the Zone, would provide the means for an integrated approach to coordinating joint patrols, naval drills, training programs, and intelligence sharing among the naval forces of countries in the zone.
On responding to acts of maritime crime, she said, the U.S. trains, equips, and conducts exercises and operations with African maritime forces through its African Partnership Station.
To enhance maritime security and governance, she added that the U.S. is assisting with strengthening the judicial sectors of Gulf of Guinea nations and regional capacity to address impunity for piracy and related maritime crime.
She also said that Technical assistance helps these countries put in place the necessary criminal laws to effectively prosecute armed robbery at sea and piracy cases.
Sison underscored the importance of a comprehensive regional approach to addressing maritime insecurity.
A comprehensive approach, she said, would help to reduce the loss of national revenue, support socioeconomic development and expand environmental protection in the region.
CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.
This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward shareholders for their continued trust and support while reaffirming its commitment to creating long-term value.
Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”
This increase in dividend payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.
As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.
CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.
Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.
This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.
The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.
According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.
He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.
“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.
A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.
He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.
Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.
He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.
Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Participants at the event
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
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