General News
NIMASA, Others Sign 4 yrs Performance Bond
In what could be described as a joint commitment to turn around the socioeconomic fortune of the country, the newly-created Federal Ministry of Marine and Blue Economy, has signed a performance bond with the heads of agencies and departments under the ministry for Ministerial Deliverables from 2023-2027.
The minister, Adegboyega Oyetola, signed for the ministry while the chief executives of the respective agencies signed on behalf of their agencies.
Oyetola said that the document will drive the much needed strategies and policies in institutionalizing the concept of the Blue Economy as an important pillar of economic growth.
He stated: “This document will drive our carefully thought out strategies and robust policies in line with the renewed hope agenda of President Bola Ahmed Tinubu. Our mandate is to institutionalize Blue Economy as an important pillar for economic sustenance and growth diversification.”
Dr Bashir Jamoh, the Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, who signed for the Agency, after making a presentation on how to deploy an effective security architecture for the Exclusive Economic Zone to sustain harnessing the Blue Economy potentials of the country assured of steady and measurable progress within the period covered by the Bond.
Jamoh said: “Now all hands must be on deck to deliver. We have a clearer understanding of the direction of the Ministry and we will ensure Nigerians benefit from Mr President’s vision in creating the Ministry”.
The NIMASA boss also said that the agency will effectively monitor the implementation of the Cabotage Act, expansion of the domestic fleet, sustaining the Deep Blue Project and developing a national policy on marine and blue economy.
Speaking at the meeting, Oyetola, who personally supervised the NIMASA Bond signing ceremony urged the Management of the Agency to key into the vision of the Ministry in achieving its mandate as set by President Bola Ahmed Tinubu.
Giving details of the deal, the minister’s spokesperson, Ismail Omipidan, in his X (Twitter) handle, explained that the initiative is aimed at strengthening efficiency, proficiency and effectiveness for the overall development of the marine and blue economy sector.
He said the signing of the bond followed a fruitful and resourceful two-day retreat, organized by the Ministry in Lagos, to chart a new course towards actualizing its objectives.
He stated further, “With this development, the Ministry becomes the first to cascade the Performance Bond initially signed with President Bola Ahmed Tinubu to its Directors and Chief Executive Officers (CEOs).
“The Ministry of Marine and Blue Economy is prepared and set to actualise its deliverables and contribute to the delivery of Mr President’s Renewed Hope Agenda”.
Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.
Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
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