Headlines

Shipping companies jittery over higher freight costs due to carbon tax

The Global Shippers Forum (GSF), is a global business organization that represents cargo owners exporting and importing to international supply chains is jittery over a possible increase in freight cost as a result of the new carbon tax that will be discussed at this week’s meeting of the Marine Environment Protection Committee (MEPC) at the International Maritime Organisation (IMO).

It seems that it will increase freight costs for shippers beyond the already record levels.

After decades of efforts by the IMO to reach an agreement on the so-called IMO 2023, a set of energy efficiency measures for existing ships, which will take effect next year, MEPC will now consider a further proposal for the introduction of a carbon tax on bunker fuel.

Such a tax will be imposed as an incentive to switch to fuel options with lower carbon emissions and could eventually double the current price of traditional fuels.

GSF, in trying to mitigate the effects, urges regulators to ensure that the ability of shipping lines to remove older capacity from the market, which they consider uneconomical to upgrade to progressively more demanding levels of performance, is not used as a disguised means for capacity management resulting in higher freight rates.

James Hookham, GSF director said “Shippers will be forgiven for thinking that the proposal and its consideration at the IMO will inevitably result in still higher freight rates.

”That’s because the shipping industry has a very efficient mechanism for passing through higher fuel costs in the form of BAF; a surcharge to cover variations in fuel price. There are few reassurances in the existing proposals that a Carbon Tax won’t just be passed through as an added cost for shippers.”

Customs

Group confers “continental” award on Adeniyi over customs’ phenomenal revenue record

Adeniyi, CGC

Funso OLOJO

The Comptroller General of the Nigeria Customs Service, C.G.C Adewale Bashir Adeniyi, has been nominated and approved to be honoured with “The Continent Man of The Year 2024” Award by Board of Editors and Publishers of Continent magazine.

This resolution was announced by the spokesman of the group, Mr David Oladimeji, at the end of group’s meeting held on Friday, September 13th, 2024 in Abuja.

The meeting was organized by” The Continent “Magazine to deliberate on a personality and organisation deserving of the Award.

The Board’s attention was drawn to the statement made recently by former governor of the Central Bank of Nigeria (C.B.N) and sitting Governor of Anambra state, Prof Chukwuma Soludo,who told his constituents in Awka that the Customs and F.I.R.S have sustained the nation’s economy from collapse since February this year, when the NNPCL stopped remittance of statutory revenue to the Federation Account for onward disbursements to the three tiers of governments.

Oladimeji said “the Board noted that this is not an easy task to be achieved under the astute and dedicated leadership of C.G.C Adeniyi, considering the fact that the Customs and it’s officers have been perceived by the public as corrupt and fraudulent”

” In a bid to commend and encourage leaders of the customs and F.I.R.S as well as their lieutenants not to rest on their oars, the Board resolved to honour the C.G.C, his Command Controllers and Revenue Collectors who had made significant sacrifices and excelled in their national anti-smuggling, revenue collection assignments with “The Continent Man of The Year” and “Pillars of Nigerian Economy 2024″ Awards”

As plans are geared towards the celebration of the international and national icons at a date to be announced soon, “The Continent” special edition will publish the profile and achievements of the deserving recipients that earned them recognition and honour.

Headlines

NIMASA secures support of Bank of Industry for enhanced capacity building in maritime industry

Funso OLOJO

The Nigerian Maritime Administration and Safety Agency (NIMASA) has broker a partnership with the Bank of Industry (BOI) to enhance its capacity building effort in the maritime industry.

The Director General of NIMASA, Dr. Dayo Mobereola, represented by the Executive Director of Maritime Labour and Cabotage Services, Mr. Jibril Abba, made this disclosure during a visit by the Management of the Bank of Industry, led by Executive Director of Large Enterprises, Mrs. Ifeoma Uz’Okpala.

He stated, “In addition to safety, security, and maritime labor, the Agency’s mandate encompasses capacity development aimed at growing the sector.”

He also reaffirmed the Agency’s commitment to collaboration as a vital tool for achieving its mandate.

“The aim is to actualize the vision of the Federal Government to reposition the maritime sector, especially with the creation of the Ministry of Marine and Blue Economy”, he said.

On her part, the Executive Director of Large Enterprises at BOI, Mrs. Uz’Okpala, affirmed the Bank’s readiness to support NIMASA.

She also emphasized the importance of collaboration in implementing a robust capacity-building initiative that will contribute to economic growth in Nigeria.

Bank of Industry Limited is Nigeria’s oldest and largest Development Finance Institution (DFI) currently in operation.

It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%)

Headlines

NIMASA secures support of Bank of Industry for enhanced capacity building in maritime industry

Funso OLOJO

The Nigerian Maritime Administration and Safety Agency (NIMASA) has broker a partnership with the Bank of Industry (BOI) to enhance its capacity building effort in the maritime industry.

He stated, “In addition to safety, security, and maritime labor, the Agency’s mandate encompasses capacity development aimed at growing the sector.”

He also reaffirmed the Agency’s commitment to collaboration as a vital tool for achieving its mandate.

“The aim is to actualize the vision of the Federal Government to reposition the maritime sector, especially with the creation of the Ministry of Marine and Blue Economy”, he said.

On her part, the Executive Director of Large Enterprises at BOI, Mrs. Uz’Okpala, affirmed the Bank’s readiness to support NIMASA.

She also emphasized the importance of collaboration in implementing a robust capacity-building initiative that will contribute to economic growth in Nigeria.

Bank of Industry Limited is Nigeria’s oldest and largest Development Finance Institution (DFI) currently in operation.

It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%).