Business

Multimillion Naira Gunboat Sinks, NIMASA Denies Responsibility

Published

3 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 Depreciates Against Dollar

Published

5 hours ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

2 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.