The Federal Executive Council has approved the reintroduction of toll collections on some selected dual carriageways across the country.
This is as it exempted diplomatic, military, para-military vehicles, tricycles, motorcycles from the scheme.
Minister of Works and Housing, Babatunde Fashola, disclosed these on Wednesday while briefing the State House correspondents at the end of the weekly meeting of the Federal Executive Council presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
The decision was made almost two decades after the Olusegun Obasanjo’s administration dismantled all toll plazas on federal roads across the country in 2003.
Fashola said his ministry presented a memo which the council approved to reintroduce tollgates on dual carriageways of the 35,000km federal roads.
These roads, he explained, amounted to only 14.3 per cent of the entire 35,000km stretch of federal roads that were dual carriageways and would be eligible for tolling with vehicles paying between N200 and N500 toll per trip, depending on their brand while diplomatic, military, para-military as well as tricycles and motorcycles would be exempted.
The minister added that dual carriageways represented only 5,050km out of the total 35,000km.
He said, “So the total network of roads today, assuming we wanted to start today, which we’re not, that will be eligible for tolling on the federal network will be 14.3 per cent of the total network. So, 85.27 per cent will not be eligible for tolling.
“We have seen that most of those dual carriageways also have alternative roads, but they are single carriageways; that’s why we left them. So, the only exception to single carriageway are some bridges and they are listed in the regulation.”
The minister said with the FEC approving the reintroduction of toll plazas on selected roads, it was now working modalities to determine how soon the tolling system would take off.
He said, “The Ministry of Works and Housing presented a policy memorandum for the approval of federal roads, bridges, tolling policy, and also a regulation that will provide a legal framework for the tolling policy.
“So, we have taken another step. So let me be clear, tolls are not going to start tomorrow. So let us be clear about that.”
Fashola stressed that the open tolling system to be introduced would not commence until the affected roads were motorable while operational agreements would have to be negotiated with relevant government agencies.
The Minister also said the toll collected would not only be used to maintain the roads but would also be used to construct new ones while the toll system would be electronically driven for transparency.
Fashola noted that FG consulted widely with public and private sector stakeholders before agreeing to reintroduce toll on federal highways.
Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, has said the price of petrol in the country should be N256 per litre and not the current selling price of N162 per litre.
This was made known by Mr. Kyari while speaking at a stakeholders meeting organised by the NNPC to stop fuel smuggling.
Commenting on the current PMS and subsidy payment, Mr Kyari noted that the petrol pump price should be N256 per litre given the current exchange rate.
“If we are to sell at the market today at the current exchange rate, we will be selling the product at about N256 to a litre. What we sell today is N162, so the difference is at a cost to the nation,’’ he said.
According to him, the country cannot sustain subsidy payment with the high volume of daily consumption, pointing out that the country coughs up N150 billion every month on subsidy.
The NNPC boss further explained, “As long as we don’t regulate volume until we are able to exit this current level, which I know so much work is going on, then we have to manage the volume that we are exposed to between this price of N162 and N256. The difference comes back to as much as N140 billion to N150 billion cost to the country monthly.
“As long as the volume goes up, that money continues to increase, and we have two sets of stress to face: the stress of supply and stress of foreign exchange for the NNPC. We may not see foreign exchange cheque taking place for importation.’’
Meanwhile, despite an upswing in the global price of crude oil and attendant blessings for oil-producing countries, the price of aviation fuel has spiked nationwide and much to the pains of airlines and travelers in Nigeria.
A fact-check showed that aviation fuel, also called Jet A-1, has lately sold for between N215 at airports in the South and N300/per litre in low traffic aerodromes in the Northern region of the country.
The price had risen in April 2021 to between N250 and N275 per litre, which was about a 200 per cent increase from 2016, when it was sold at N110. It rose to N200 in 2018, hovering around N160 and N170 in 2019.
An average 50 per cent surge in fuel cost, a critical component of airlines’ operation, has also forced airlines to increase airfares with an average Economy Class ticket on less than an hour flight selling for over N65,000.
There are fears of fuel contamination in some quarters, which experts say, could threaten flight safety. Engr. Femi Adeniji of Tropical Arctic Logistics, a helicopter operator, said any jet fuel cheaper than N270 could have been contaminated.
Chairman and CEO of United Nigeria Airlines, Dr. Obiora Okonkwo, decried the development, which he said, has added to the cost of operation.
Okonkwo, whose airline debuted about four months ago, said: “We started operations at N160 per litre barely four months ago and when you move from that price to over N270 within two months, you should expect whatever we are experiencing now. Aviation fuel alone takes between 30 to 40 per cent of airlines’ costs. This is cause for grave concern to everyone.”
It was learnt that the extra burden on end-user airlines and travelers alike is not unconnected with the naira-to-dollar exchange rate, logistics hiccups of importing the product through chaotic Apapa ports, and more expensive distribution to nationwide airports by road.
Aside from the multiple taxes and charges on the product, the monopoly of marketers at less viable airports has also raised the price by some notches – making the product one of the most expensive in the West African region.
Indeed, aviation fuel is the oxygen of the airline business. Though an oil-producing nation and the sixth largest producer in the world, Nigeria’s perennial inability to refine the product locally has made jet fuel susceptible to dictates of the exchange rate, and therefore expensive, accounting for between 30 to 40 per cent of airlines’ operating cost.
Of dire consequence is the recent appreciation of crude oil price to $73.5 per barrel in the world market, and Naira’s free-fall to N500/$1 at home. At these rates, the landing cost of all imported products, including aviation fuel, could only reach for the rooftop.
But the dynamics of aviation fuel is more complicated. As a deregulated arm of the dollar-dependent aviation industry, jet fuel price is directly proportional to the price of crude oil. However, during the plunge of crude oil price late last year, aviation fuel prices did not fall accordingly.
Chief Operating Officer of CITA Petroleum, a major marketer in local aviation, Olasimbo Betiku, said Nigeria is a “situational economy” where pricing is heavily hinged on logistics cost elements.
Betiku said besides the dollar and liquidity constraints, transporting the product through poor infrastructure readily keeps the price comparatively high.
He explained that the product, like others, comes into the country through the Lagos ports, while intractable congestion at Apapa causes a delay in cargo clearance of between four and seven days or more.
Stakeholders were unanimous that for each idle day, an importer pays between $10,000 to $25,000 extra charter cost per vessel. At more efficient ports, like Cotonou in Benin Republic where clearance takes between three to four hours, such add-on costs do not apply.
The risk of conveying the product in trucks remains a challenge in the sector. Since the early 90s, moving aviation fuel from the Mosimi pipeline to Lagos airport has been abandoned for more expensive road transport. While the cost of transportation within Lagos is about N3 per litre, it is about N15 per litre travelling up North as far as Maiduguri.
The United State Diplomatic Mission in Nigeria on Saturday issued a statement concerning the Twitter ban. This came on the heels when the Minister of Information and Culture, Alhaji Lai Mohammed, announced the suspension in a statement issued in Abuja on Friday, citing the persistent use of the platform for activities that are capable of undermining Nigeria’s corporate existence.
However, the US government opined through the Mission’s statement that the ban is undermining Nigerians ability to exercise their fundamental human right.
Nigeria’s constitution provides for freedom of expression. The Government’s recent #Twitterban undermines Nigerians’ ability to exercise this fundamental freedom and sends a poor message to its citizens, investors and businesses.
Banning social media and curbing every citizen’s ability to seek, receive, and impart information undermines fundamental freedoms. As President Biden has stated, our need for individual expression, open public conversation, and accountability has never been greater. The path to a more secure Nigeria lies in more, not less communication, alongside concerted efforts toward unity, peace, and prosperity
The CBN has sacked the entire members of the board of First Bank of Nigeria.
The Governor of the Central Bank of Nigeria, Godwin Emefiele has announced the sack of the entire board of directors of FBN Holdings Plc and its subsidiary First Bank of Nigeria Ltd. The announcement was made via a television broadcast in the early evening of Thursday, April 29.
Godwin Emefiele cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the sacking of the board of FBN Holdings, Nigeria’s largest bank. The CBN governor further announced the reinstatement of Dr Sola Adeduntan as the Managing Director of the interim Board after he was removed by the now sacked board of First Bank Plc.
According to the Governor, “First Bank of Nigeria is one of Nigeria’s systemically important banks given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers.”
Following the sacking of the board, the CBN appointed the following people as directors of the holding company, FBNH, Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke (Managing Director) as Directors of FBN Holdings Plc. Remi Babalola was appointed as Chairman.
For First Bank Ltd, Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo were appointed directors while Tunde Hassan-Odukale was appointed Chairman.
The CBN also confirmed the reinstatement of Sola Adeduntan as Managing Director; Gbenga Shobo as Deputy Managing Director; and Remi Oni and Abdullahi Ibrahim as Executive Directors of First Bank of Nigeria Limited. Gbenga Shobo was just yesterday announced as MD/CEO of First Bank setting the stage for the CBN intervention; while Remi Oni would soon proceed on terminal leave having been appointed Chairman of PENCOM.
In the press briefing, Mr Emefiele stated that the apex bank had been keeping close tabs on First Bank over the past 5 years having discovered that the bank was in “grave financial condition with its Capital Adequacy Ratio (CAR) and Non-Performing Loans ratio (NPL) substantially breaching acceptable prudential standards.”
According to Emefiele, “The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank. The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders. The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives.”
Emefiele also reassured First Bank of Nigeria depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system insisting that it acted to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd.
On Wednesday, the Board of Directors of First Bank of Nigeria Limited announced it had appointed Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO). The appointment was disclosed in a statement made by the bank’s Chairman, Ibukun Awosika
However, in an apparent leak, a letter from the central bank to First Bank revealed a query from the former to the latter expressing concern that the appointment of Shobo was done without the approval of the apex bank.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports that the Board of Directors has approved the removal of the current Managing Director of the bank, Dr. Sola Adeduntan, and appointed a successor to replace him. The CBN notes with concern that the action was taken without due consultation with the regulatory authorities, especially given the systemic importance of First Bank Ltd.”
The CBN also claimed that the tenure of Mr. Adedutan was yet to expire (bank MD’s have a maximum 10 years) and that they were also not aware of any misconduct of the former MD and as such there was no justification for his removal.
Given that the tenure of Dr. Adeduntan is yet to expire and the CBN was not made aware of any report from the Board indicting the Managing Director of any wrongdoing or misconduct, there appears to be no apparent justification for the precipitate removal.”
Full statement of Emefiele’s sacking of FBN Holdings Board
CBN GOVERNOR’S STATEMENT ON THE PURPORTED MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD
1.0 Good afternoon ladies and gentlemen.
2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions.
3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank.
It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities. The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank.
4.0 As you may be aware, FBN is one of the systemically important banks in the Nigerian banking sector given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, amongst others. By our last assessment, FBN has over 31m customers, with deposit base of N4.2trn, shareholders funds of N618bn and NIBSS instant payment (NIP) processing capacity of 22% of the industry.
To us at the CBN, not only is it imperative to protect the minority shareholders, that have no voice to air their views, also important, is the protection of the over 31m customers of the bank who see FBN as a safe haven for their hard-earned savings.
5.0 The bank maintained healthy operations up until 2016 financial year when the CBN’s target examination revealed that the bank was in grave financial condition with its capital adequacy ratio (CAR) and non-performing loans ratio (NPL) substantially breaching acceptable prudential standards.
6.0 The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans and poor corporate governance practices. The shareholders of the bank and FBN Holding Plc also lacked the capacity to recapitalize the bank to minimum requirements. These conclusions arose from various entreaties by the CBN to them to recapitalize.
7.0 The CBN stepped in to stabilize the bank in its quest to maintain financial stability, especially given FBN’s systemic importance as enumerated earlier. Regulatory action taken by the CBN in this regard included:
i. Change of management team under the CBN’s supervision with the appointment of a new Managing Director/ Chief Executive Office in January 2016.
ii. Grant of the regulatory forbearances to enable the bank work out its non-performing loans through provision for write off of at least N150b from its earning for four consecutive years.
iii. Grant of concession to insider borrower to restructure their non-performing credit facilities under very stringent conditions.
iv. Renewal of the forbearances on a yearly basis between 2016 and 2020 following thorough monitoring of progress towards exiting from the forbearance measures.
8.0 The measures had yielded the expected results as the financial condition of FBN improved progressively between 2016 when the forbearance was initially granted to the current financial year. For instance, profitability, liquidity and CAR improved whilst NPL reduced significantly.
9.0 Notwithstanding the significant improvement in the bank’s financial condition with positive trajectory of financial soundness indicators, the insider related facilities remained problematic.
10.0 The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank.
The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders. The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives.
11.0 Following further review of the situation and in order to preserve stability of the bank, so as to protect minority shareholders and depositors, the Management of the CBN in line with its powers under BOFIA 2020 has approved and hereby directs:
i. Immediate removal of the all directors of FBN Ltd and FBN Holdings Plc.
ii. The appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc
Chairman – Remi Babalola
Dr. Fatade Abiodun Oluwole
Dr Alimi Abdulrasaq
Sir Peter Aliogo
UK Eke – Managing Director
Chairman – Tunde Hassan-Odukale
Ishaya Elijah B. Dodo
Sola Adeduntan – Managing Director
Gbenga Shobo – Deputy Managing Director
Remi Oni – Executive Director
Abdullahi Ibrahim – Executive Director
12.0 The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.
Some marketers have said that the price of fuel in Nigeria may hit N190 or above following the current realities in the global crude oil market.
Petrol in Nigeria is currently sold at between 160 and 165 naira per litre at many filling stations across the country. But according to the marketers, the pump price of petrol may fall between 185 and 200 per litre.
It is one thing to make money and another to invest your money wisely, but in this part of the world, only very few people truly understand the latter hence the unending sad stories of investment scheme scams. Investment as we all know is a great way to wealth building and pathway to generational wealth if executed wisely and as a shrewd and cautious business owner or individual, before you invest in any platform or scheme you must first of all, perform thorough research about the platform to get to know how they work, their terms and conditions and other necessary information. This is to avoid “stories that touch the heart” as there are a lot of fraudulent platforms, groups, individuals masked under the umbrella of Investment platforms yet their major aim is to swindle innocent people of their hard-earned money.
Recently, a Nigerian took to Twitter to publicize after months of fighting depression how he allegedly lost the whopping sum of 150 million Naira to an investment platform which according to him is owned by one Mr. John Okechukwu from Abia State. Narrating his ordeal, the Twitter user who is identified as Samuel Daniel on the bird app stated that he met John Udochukwu Akokwu in July 2019 at Federal Government NPower NCreative Scheme where he tutored over a hundred students on 3D animation for a month. According to him, John Udochukwu was one of his students back then so they exchanged contacts and became friends. Narrating further, he revealed that In May 2020, Udochukwu approached him and made him believe he was a Forex trader while promising him a certain interest in weekly investments.
“I started investing with him, and also got friends to send me their money so I could help them invest. These friends also collected money from their friends and so the chain grew” he said. Fast forward to things, at the end of August, John Udochukwu Akokwu started giving excuses about his bank account being frozen which I announced to the investors numbering about 500 of them. According to him, after some days Udochuchukwu gave that claim, he got friends to check his bank account and they found out that his account is very fine and nothing is wrong with it as he had claimed. Sensing a possible scam tactics from Udochukwu he had to report the case at State CID, Alagbon Police Station, Antifraud department, where he was charged a lot of money to sign a petition against John and for numerous bank freezing court orders, yet nothing significant has been done about the case till date.
The Twitter user further revealed that he has been getting a lot of threats and facing attacks even with cultists and soldiers since the incidents and thus he had to flee to an unknown location for the safety of his life. According to him, he’s currently going through depression and considering suicide.
“The case seems impossible to solve, I’m just tired. Suicidal thoughts have taken over me, I cry every single day. Please, help retweet till someone that can help sees this. Thank you, ” he added in the tweet.
The controversy surrounding the loans obtained by Nigeria from China assumed a disturbing dimension as the House of Representatives on Wednesday uncovered N5bn waiver illegally obtained by a Chinese firm.
Oke said that the waivers had a huge negative impact on the economy as it has left it bleeding. He urged the House’s various standing committees to step up their oversight functions to prevent such aberrations.
He said, “The solution is that we should step up our oversight and ensure that nobody is undermining the revenue accruing to this country, either through these schemes I’ve mentioned or fraudulently.
“Like in the case of China Harbour, China Harbour got a contract in Nigeria through contract financing and then you are claiming Duty Waiver of over N5 billion on items and materials that are available in Nigeria. They are importing them; they kill local industries, you are injuring us from both ends.
” We have to resolve that the MD of China Harbour should make an appearance. All they are trying to do is to cover-up. When it comes to capital flight, they don’t mind, but they are running away when it comes to accountability.
“And those who granted the Duty waiver, we must ask them, and that’s why we invited the Ministry of Finance to defend the duty waiver they gave to you.
Due to the different degree of insecurities in some South western state, most especially in Ondo and Oyo State. The Governor of Ondo State, Rotimi Akeredolu had came out in the beginning of this month to give a 7 days Ultimatum to Fulani Herdsmen in the forest reserve area of the state to vacate the place or face it’s consequences. While, Sunday Igboho as well had given ultimatum to some Fulani men in Ibarapa, another area of Oyo state to vacate the area or have him to deal with.
But it seems like the issue is already taking another turn as some group of people seems to be against the Ultimatum given by both Governor Rotimi Akeredolu and Sunday Igboho. Concerned Nigerians and legal bodies are already reacting to the Ultimatum and also giving their stand on the issue.
The new group that came out to give their opinion is a Fulani Congress known as Fulani Nationalist Movement (FUNAM).
A representative or coordinator of the Fulani Nationalist Movement (FUNAM) has passed strong message to Ondo State Governor, Akeredolu letting him know that he should be ready for war if the Fulani will leave the forest by all means.
In the report that was released by the West Africa Regional Coordinator of Fulani Nationally Movement, Baadu Saalisu Ahmadu, he had come out to warn Sunday Igboho and Rotimi Akeredolu to reverse their plan of evicting the Fulanis out of their State or face the consequences which could be a war.
He also stated that, the Fulani has every right to live anywhere they like since they are doing their business legitimately and the only institution that can send them out can be the National assembly or the President himself but not some political thugs like Sunday Igboho. See what he said below:
What’s your opinion about this article? Let’s hear from you in the comment section . Thanks!!
Source: Official Facebook Page Of Femi Fani Kayode
Fuel Subsidy: Open market price of petrol hits N183 per litre
The increment in the price of crude oil at the international market has pushed the price of Premium Motor Spirit (PMS) landing cost to N160 per litre.
Our correspondent learnt in Abuja that the landing cost was N160 as at Thursday , the open market price has also jumped to N183 per litre.
The open market price is the expected price at the pump stations. The additional N23 is the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing template component.
With payment of additional N23 as contained in the PPPRA pricing template and national consumption figure of about 50 million litres daily, the Federal Government now offsets about N1.1 billion on consumption of petrol in the country daily if the situation remains the same going forward.
Meanwhile, a source in the petroleum industry has called for the establishment of a special account in the Central Bank of Nigeria (CBN) for the importation of petroleum products.
He argued that such a special fund would make foreign exchange readily available to marketers that want to import the product as a smart move of breaking the state monopoly the Nigerian National Petroleum Corporation (NNPC) has assumed.
He said: “The creation of this special fund will ensure that the NNPC is no longer bogged down by importation of petroleum products which is not its core business. There are very serious businesses that the corporation should be engaging in that can benefit Nigeria as a country more than importing products, which the private sector is most suited to do. NNPC engaging in petrol importation is not without some underhand practices that are draining the country.
“The time has come for the NNPC itself to push for its exit from importation of petroleum importation business to boost efficiency in its core business areas. The creation of a special fund will encourage more marketers to come into the fray and that is most likely to lead to reduction in the pump price.”
Indeed, from August 2020, there was a Federal Gazette that forbade the PPPRA from interfering in the prices of petroleum products. However, the gazette stated the role of the PPPRA to include intervention where the agency finds the prices too high and unjustifiable.
This scenario presents where all operators including marketers are able to defend their prices in clear manner to avoid sanctions by the PPPRA.
PPPRA’s PMS pricing is made up of two parts. The first part is the product/importation cost (cost, insurance and freight) and the second aspect is the local distribution margins (cost of distribution and return on investment).
Product cost is the cost of one metric tonne of petroleum product in US Dollars as quoted on Platts (S&P Global Platts). Freight is the average cost of transporting (30kt) cargo from North West Europe (NWE) to West Africa (WAF).
Lightering is the ship-to-ship local freight charge incurred on the trans-shipment of imported petroleum products from the mother vessel into daughter vessel to allow for the onward movement of the vessel into the jetty.
The Nigeria Port Authority (NPA) charges cargo dues (harbor handling charge) for use of its port facilities, while the Nigerian Maritime Administration and Safety Agency (NIMASA) charges for marine pollution prevention and control, and cabotage enforcement.
Jetty Throughput Charge refers to the tariff paid for the use of facilities at the jetty by marketers to move products from the jetties to storage depots. Storage charge is for depot operations covering storage charges and other services rendered by the depot owners.
Financing refers to stock finance (cost of fund) for the imported product. It includes cargo financing based on 25 per cent of landing cost details of the distribution margins on the PPPRA pricing template. These include Transporters Allowance (NTA), which entails the contribution to/reimbursement from the fund to defray the cost of local transportation of petroleum products within the same zone.
Local delivery is based on a transportation differential zone map and retailer is the allowable margin to retailers of petroleum products after considering the overhead cost and other running costs, while wholesale refers to the allowable margin to importers of petroleum products after considering the overhead cost and other running costs and administration charge goes to the PPPRA as payment for its interventions.
Maiden ship assembled in Akwa Ibom is expected to be ready come January 23, 2021.
With maritime development as part of the crux of the Completion Agenda of Governor Udom Emmanuel. The Liberty Free Trade Zone licence and the Ibom Deep Seaport licence recently acquired through the ingenuity of Mr Emmanuel, attest to the readiness of the state to become a melting point in marine transport business.
Subsequently, berthing in Akwa Ibom is the first ship manufacturing yard in Oruk Anam, with capacity to produce security vessels, cargo ships, ferries and barges.
Norfin Offshore Shipyard, located at Oruk Anam local government, is ready to launch its first Nigerian produced vessel on the January 23, 2021. His Excellency, Mr Udom Emmanuel will be on ground to flag it open and further open the vista to more opportunities for the teaming youths of the state.
Charles Udonwa, an Akwa Ibom born ship merchant, is the chairman of the ship manufacturing factory has assured that in the next three years, the factory which is currently engaging 85 will have well over 3,000 young people in its workforce.
Members of Government House Media Team, including the Governor’s Special Assistant on Media (Research and Documentation), Mr. Essien Ndueso, visited the Shipyard to assess the progress of work at the factory.
Conducting the team round the facility, the Chairman and CEO of the company, Engr. Udonwa explained that finishing touches were being put to the vessel by the technical unit of the company, assuring that by next week, the vessel would wear a new look in readiness for its launch into the sea.
Also in the team were the Special Assistant to the Governor on ICT, Engr. Solomon Eyo and the Special Assistant on Project Monitoring to the Governor, Mrs. Josephine Bassey as well as members of the Research and Documentation Team.