Business

Multimillion Naira Gunboat Sinks, NIMASA Denies Responsibility

Published

4 years ago

April 5, 2022

The Nigerian Maritime Administration and Safety Agency has denied responsibility for a gunboat that reportedly sank in Lagos on Sunday.

The NIMASA/Barugu, a gunboat reportedly in the fleet of Global West Vessels Specialists, was alleged to have been parked at the Kirikiri Terminal, behind the NIMASA Resource Centre.

In a video circulating online, seafarers onboard the adjoining vessels blamed NIMASA for negligence, they had reported the impending disaster to NIMASA for a long time.

However, the Assistant Director, Public Relations of NIMASA, Osagie Edward, said both the boat and the management had remained a subject of litigation.

According to him, the affected boat has been under the custody of the Economic and Financial Crimes Commission. He said, “Collectively, the boats and their management have remained a subject of litigation and under the custody of the EFCC for years.

“While this is an unfortunate development, it is important to bring to the attention of all that this vessel under reference here is one of Global West boats that were in service with the Agency years ago. This boat has the name NIMASA-Barugu right from the days of the contract. There are also other boats in this contractual category in Warri.”

Osagie added that the agency had made efforts to reactivate some of the boats but has been constrained by legal encumbrances.

He stated, “For the avoidance of doubt, it is on record that NIMASA recently made concerted efforts towards reactivating a few of the serviceable boats in this fleet but was constrained by the legal encumbrances due to the nature of the case in court. As a law-abiding entity, we approached the matter under sound legal advisory.

“Finally, it must be stated that this vessel was not in our jetty and under our management at the time of the incident. The crew onboard does not report to NIMASA but to Global West management, its owners. NIMASA remains committed to her statutory responsibility of administering safety and regulating the industry within the ambit of every lawful framework.”

Attempts by The PUNCH to reach the spokesperson of the EFCC, Mr Wilson Uwajeren, were not fruitful.

A former Director, Shipping Development at NIMASA, Enisouh Warredi, claimed Global West was taken to court but not found guilty.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

16 hours ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

17 hours ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.