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Business

U.S Government hands over equipment to Nigerian Navy to combats threats in Gulf of Guinea

The US government has handed over maritime equipment to the Nigerian Navy to secure maritime threats in the Gulf of Guinea.

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U.S Government hands over equipment to Nigerian Navy to combats threats in Gulf of Guinea

The United States of America has handed over maritime equipment to the Nigerian Navy to secure maritime threats in the Gulf of Guinea and also promote bilateral relations between both nations.

This was disclosed by Claire Pierangelo, Consular General, U. S. Embassy, and Rear Adm. Oladele Daji, Flag Officer Commanding (FOC) Western Naval Command (WNC) represented by Rear Adm. Tanko Pani, the Chief Staff Officer, during the handover ceremony on Friday.

READ: Innoson reacts to FG order to relocate manufacturing plant to Lagos, Kaduna in order not to lose license 

What they are saying

Rear Adm. Tanko Pani, the Chief Staff Officer, said:

  • “Today, we are witnessing the ceremonial hand over of Regional Maritime Awareness Capability (RMAC) equipment and spares to the NN, as part of measures to re-activate and sustain the operations of the RMAC facilities donated to the NN some years ago. This will greatly mitigate the operational deficiencies occasioned by lack of spares in the recent past.
  • “It is pertinent to state that the introduction of the RMAC facilities in the NN has greatly assisted in enhancing our maritime policing efforts through intelligent based patrols. It reduces the cost of logistics, which hitherto was the case when we go on blind patrols looking for targets of opportunity.”

READ: Insecurity: We are investing heavily in weapons and equipment for our military – Buhari

He also said that the U. S. had supported in enhanced human capacity development of personnel of Armed Forces with various courses and training in U.S. institutions amongst others, stating that the U.S Military had worked with the Nigerian Armed Forces in various courses and training in U.S. institutions.

  • In the areas of support to the NN, the U.S. has assisted as follows: Transfer of 4 x US CG Buoy Tenders under the transfer of excess defence article from 2003 – 2004. Transfer of 2 x USCG Cutters between 2011 – 2014 and establishment of RMAC centres across the 3 operations commands of the NN amongst others.”

READ: The implications of India’s recent ban of its seafarers off Nigeria’s waters

Claire Pierangelo, Consular General, U. S. Embassy, said the US Government is supporting the Nigerian Navy with equipment to secure the threats in the Gulf of Guinea, especially with rising piracy.

  • “This event signifies the strong and enduring relationship that our nations have. The equipment that we have here today is just part of it. It’s part of the regional maritime capability or the Ramack that began in 2006. It is aimed at enhancing the navy to monitor and respond to diverse maritime threats in Nigerian waters and in the Gulf of Guinea.
  • The U. S. is committed to supporting the navy and its effort to secure its territorial waters but also the larger Gulf of Guinea. You are uniquely placed here and your responsibilities are greater than many of your neighbouring countries.

READ: Nigeria is now the piracy capital of the world

What you should know 

  • The ICC International Maritime Bureau (IMB) reported a rise in piracy and armed robbery on the world’s seas in the first nine months of 2020, with a 40% increase in the number of kidnappings reported in the Gulf of Guinea.
  • IMB’s latest global piracy report details 132 attacks since the start of 2020, up from 119 incidents in the same period last year.
  • Of the 85 seafarers kidnapped from their vessels and held for ransom, 80 were taken in the Gulf of Guinea – in 14 attacks reported off Nigeria, Benin, Gabon, Equatorial Guinea and Ghana.
  • The Nigerian Air force has also been on an acquisition mission lately with the recent announcements of Air Force joining China and the UAE to announce the acquisition of 2 WingLoong II Unmanned Combat Aerial Vehicle (UCAV).
  • The Nigerian Air Force also said that six of the twelve A-29 Super Tucano fighter jets had been produced and a were being employed for the conversion training of six NAF pilots who are in the USA.

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Business

Osinbajo reveals what Nigerians in diaspora asked for to make more investments in the country

Osinbajo has disclosed that the Nigerians in diaspora seek an enabling business environment in order to make more investments.

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Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

Nigeria’s Vice President, Yemi Osinbajo, has revealed that the Nigerians in diaspora asked for improvement in the enabling business environment in order to make more investments into Nigeria in specific engagements with investment opportunities.

This follows the conduct of a study by the Federal Government with stakeholders, which found out that many Nigerians have a keen interested in investing in the country.

This disclosure was made by Osinbajo while speaking at a webinar organized by Fidelity Bank Plc, entitled, ‘The New FX Policy, Implications and Positive Impact on Diaspora Investments’

Osinbajo, who was represented by the Executive Secretary/Chief Executive Officer of Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, commended the new CBN FX policy, ‘Naira 4 Dollar Scheme,’ an initiative aimed at incentivising senders and recipients of international money transfers, saying it would aid more investment from Nigerians living abroad.

What Nigeria’s Vice President is saying

Osinbajo pointed out that for several years, the remittances from Nigerians in diaspora exceeded Nigeria’s oil revenue, adding that the country is interested in finding out how to translate this potential to investments.

He said, “Nigerians in diaspora represent an indomitable force, they are flag bearers of Nigeria’s image, Nigeria entrepreneurial energy and Nigeria’s incredible can-do attitude. In business, politics, education, sports, entertainment, science, medicine, and arts, Nigerians have demonstrated across the world what Nigerians represent in Nigeria. We realise the role of the diaspora and the potential that they represent.

“For several years, the remittances from Nigerians in diaspora exceeded Nigeria’s oil revenues, which translated sometimes as high as six per cent of GDP. We are interested in understanding exactly how to translate this potential to investments.

“So, the office of the VP working with stakeholders, including NIPC, worked on a study and we found that many Nigerians, particularly first-generation males, have a keen interest in investing in their country.”

Going further, Osinbajo added, “We noticed that 70 per cent of remittances go into family support and only 30 per cent of the inflows go into investments and in that 30 per cent, a bulk of it goes into real-estate.

“But what Nigerians in the diaspora indicated would be useful for them is to undertake more investments into Nigeria in specific engagements that promote investment opportunities led by the private sector. From government, what they asked for was improvement in the enabling business environment.

“The effort of government in recent years has been on improving the business environment and initiatives, such as this, driven by the private sector, to attract investment from the diaspora is one of the key things they asked for,’’ he said.

The Vice President expressed delight with the new CBN policy that makes it easier for Nigerians in diaspora not just to transfer funds to Nigeria but to have greater control over the funds they transfer to Nigeria.

He said that he is confident that when statistics would be released, there would be a material impact on the diaspora remittances from Nigerians to Nigeria.

What you should know

  • It can be recalled that the CBN in an earlier circular dated March 5, 2021, stated its new forex policy initiative that all recipients of diaspora remittances through the apex bank’s licensed IMTOs shall henceforth be paid N5 for every $1 received as remittance inflow as an incentive.
  • This means for instance if an individual sends you $10,000, you will get an additional special credit alert of N50,000.
  • The new policy initiative which is with effect from Monday, March 8 and end on Saturday, May 8, 2021, states that this incentive is to be paid to recipients whether they choose to collect the US dollar as cash across the counter in a bank or transfer same into their domiciliary account. In effect, a typical recipient of diaspora remittances will at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.”

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BUA commences legal action over allegations of involvement in $20 million bribe scandal

BUA has urged stakeholders and the public to disregard malicious, baseless allegations circulating in some news media concerning its OML 110.

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Kabiru Rabiu, BUA Group

The management of BUA Group has commenced legal actions against parties involved in spreading spurious allegations of corruption and involvement in a $20 million bribe scandal.

The leading conglomerate revealed that the corruption allegations which were published by some Nigerian news channels allegedly attributed to a purported statement by Alhaji Ibrahim Mai Deribe and Cavendish Petroleum with respect to BUA’s OML 110 as false, defamatory, malicious and libellous.

According to the statement published by the management of BUA, the Group had been duly contacted by Cavendish Petroleum as well as the alleged writer of the statement, Alhaji Ibrahim Mai Deribe and both parties have told BUA on the record that neither Cavendish, the Mai Deribe Family nor any of its Executives put out such a malicious statement.

The Group noted that the statement was made with the clear intent to impugn the integrity and reputation of BUA Group and its Chairman, Alhaji Abdul Samad Rabiu.

BUA fingers Kainos MD as instigator of false allegations, commences legal action

An inhouse investigation conducted by the Group revealed that the source of the fraudulent news is Mr James Onyejekwe, the MD of Kainos Exploration and Production.

In reaction to this, BUA has therefore instructed its legal team to immediately commence criminal defamation proceedings against the MD of Kainos, the said originator of the malicious letter fraudulently attributed to Alhaji Ibrahim Mai Deribe, with damages.

The legal action will also extend to the online blog, blazenews.com.ng – which first published the unsubstantiated malicious news without a careful fact check in their duty of journalistic care, to confirm and clarify the source of such a weighty allegation.

The Group believes these actions are necessary, in order to protect the name and reputation of the manufacturing conglomerate, noting that there is no reason why Mr. James Onyejekwe of Kainos Exploration and Processing would single out BUA in a supposed business dispute which had no link to the BUA Group in its entirety.

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