General News
NIMASA Outlines Measures for Cabotage in Oil & Gas Sector
Nigerian Maritime Administration and Safety Agency (NIMASA), has come out with a raft of new measures to boost the country’s shipping tonnage.
The measures will also address concerns that majority of the vessels providing marine services to International Oil and gas Companies (IOCs) in their upstream and down stream operations are neither registered with NIMASA nor compliant with requirements under the Cabotage Act
Mr. Temisan Omatseye, director general of the agency who spoke at OTL Africa Downstream Conference in Lagos called on all the IOCs to immediately review their marine service contracting process in a manner that ensures that only fully compliant cabotage vessels are contracted to provide marine services.
He also directed all vessels already in the service of the oil companies but not duly registered as required by the Act to immediately do so within a reasonable time frame from now.
The NIMASA boss specifically noted that by the requirement of the Act, all Floating Production and Storage Offshore vessels (FPSOs), Drilling Rigs and Mobile Production Platforms operating in the Nigeria waters are all required to be registered with NIMASA by virtue of Section 44 of the NIMASA Act.
Omatseye reminded all IOCs operating FPSOs, Rigs and Platforms that are not registered that they are doing so in contravention of the extant law of the land advised them to without further delay, bring them in full compliance with the requirements of the Cabotage Act.
The Agency therefore made the following declarations, which he stated would immediately be followed by formal marine notices: all vessels currently engaged in cabotage trade in Nigeria but are not duly registered in the special register for cabotage vessels are in the main, contravening Section 22 of the Caboatge Act and are therefore liable on conviction to the sanctions stipulated in Section 35 of the Act, including ultimately, forfeiture of the vessel. Owners of such vessels are hereby strongly advised to take immediate steps to comply fully with all relevant provisions of the Act, as the Agency shall henceforth commerce full enforcement of its powers under the Act; shipowners, shipping companies and shipping agents are hereby advised that vessels involved in the importation of petroleum products into Nigeria should henceforth desist from discharging their cargo to non-Cabotage compliant vessels for onward delivery to various points and ports in Nigeria. Such ship to ship transfer contravenes sections 5 and 22 of the Cabotage Act, and is liable to the sanctions stipulated in Section 35 of the Act. All foreign vessels involved in the importation of petroleum products are hereby strongly advised to henceforth deal only with Cabotage compliant vessels. Similarly, all lighter vessels wishing to be engaged in such operations are advised to comply fully with all relevant provisions of the Cabotage Act 2003.
The NIMASA boss also outlined key new areas of focus for the achievement of increased maritime industry value, including a scheme for accelerated acquisition of Cabotage service trading assets, provision of critical maritime infrastructure to domesticate asset maintenance services, and mass production of human capital to meet manning demand and other technical skills.
The statement however said that in the event of unforeseen equipment breakdown during the period, management appeals for calm and understanding, as there would be quick response to fault complaints.
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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