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NIMASA Allays Stakeholders’ Doubts on Concession
The Nigerian maritime industry is reaping bountifully from the application of ICT in coastal surveillance following the outsourcing of the specific function to a private firm. Nigeria CommunicationsWeek can report that the 2011 maritime security report indicates that incidents of piracy dropped about 80 per cent following concession. Ziakede Patrick Akpobolokemi, director-general and CEO of Nigerian Maritime Administration and Safety Agency, (NIMASA) said at a one-day stakeholders forum in Lagos that the economic benefits of the outsourcing programmes would soon blossom. He allayed fears expressed in some quarters of the outsourcing such sensitive economic sector to a private concern. He notes that the decision to outsource the maritime security surveillance was taken in the national interest and meets all relevant regulatory approvals. The idea he stated is a strategic concession that provides a platform for tracking ships and cargoes, enforce regulatory compliance and surveillance of the entire Nigerian maritime domain using hi-tech electronic devices. Industry watchers had expressed worries the new arrangement could further compromise the safety of the country’s maritime province. Some expressed the view that the Navy is better placed for such task. But the NIMASA CEO said outsourcing was one of the most effective platforms of achieving desired results which has been successfully tested in other industry sector. Akpobolokemi said the concession agreement will last for an initial 10 years period and gave the cheering news that the partnership had started yielding positive results, owing to reductions in the activities of pirates by over 80 per cent in the last one year. “The agency sought and secured the Ministry of Transport’s approval and support to exploit the opportunities offered by public-private partnership (PPP) in order to acquire the needed operational platforms.” the DG said. The Director-General explained that in the quest to protect Nigeria’s economic interest, its concession initiative was subjected to the rigorous scrutiny of both the Infrastructure Concession Regulatory Commission (ICRC) and Bureau for Public Procurement (BPP) whose statutory mandates were satisfied, as touching the elements of security implications involved. “In the process, the concessionaire is to supply the platforms with surveillance systems, operations crew and maintain them throughout the duration of the concession period,” highlighted the DG, emphasizing that the NIMASA has not relinquished its statutory functions to the concessionaire. “To perform her regulatory functions reasonably, NIMASA needs a mix of operational assets, especially platforms which need huge capital investment, as the level of funding needed to acquire, operate and maintain the requisite platform is enormous and far beyond the resources of the agency,” he stated. He also emphasized that the lack of such platforms has so far constrained the agency from performing the important functions of enforcing maritime safety, and regulations, resulting in the fast deterioration of the nation’s waters, to the point of being ranked, second to Somalia in terms of piracy attacks. Meanwhile, the NIMASA boss assured the gathering that the MoU signed between the Agency and the Nigeria Navy will be reviewed to intensify the safety of the Nigerian water ways. Chidi Ilogu, a maritime lawyer and chairman of the occasion said while NIMASA is strategic in the economic buoyancy of Nigeria, it also needs to placate concerns expressed by individuals and corporate concerns that it needs to do more. Ilogu noted that the concession programme is a welcome idea if it would solve the issue of public workers complacency for optimum results.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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