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Usman Shares OGFZA’s Ambitious Expansion Plans

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The Oil and Gas Free Zones Authority (OGFZA), is primed for an audacious global expansion plan, said to be in line with President Bola Ahmed Tinubu’s economic agenda.

Managing Director, OGFZA, Bamanga Usman, disclosed this in Abuja, on Wednesday when he took over from the former MD Sen. Tijjani Kaura.

According to him, he envisions establishment of OGFZA offices in every state of the federation regardless of their oil producing status.

Usman maintained that the expansion initiative was aimed at providing new investment opportunities and addressing the saturation of existing zones.

Under his leadership, the new MD said, OGFZA, would introduce offshore banking services to help it harness the potentials of its global clientele.

This would be done, he pointed out, to facilitate seamless international financial transactions and solidify OGFZA’s position as a global industry leader.

He said, “Having served as the sole OGFZA’s in West Africa and the Gulf of Guinea for over two decades, OGFZA is preparing for a transformative rebranding.

“This rebranding is strategic in nature, focusing on engaging multinational stakeholders and reflecting the authority’s global ambitions.”

The new MD added that as part of the transformation, foreign investment offices would be established to enhance accessibility for potential investors and improve coordination.

The key dimensions of OGFZA’s strategic approach, Usman pointed out, would include efficiency and trust.

He expressed optimism that his strategy would elevate infrastructure to international standards and address challenges including deteriorating roads and inconsistent power supply.

Another area of focus, Usman, disclosed would be the regulatory framework. He hopes to update this to align with industry needs and global best practices.

Focus would also be on technology transfer, skills acquisition, and supporting local businesses in line with the Nigerian Content Act, Usman noted.

He said he would create an investor-friendly environment and capitalising on Nigeria’s gas reserves for refining and development.

Usman added that his tenure would prioritise the welfare of staff and foster an environment of collaboration, innovation and dedication.

He promised to engage stakeholders and implement these strategic initiatives with the support of the community, aiming for a more result-driven and efficient OGFZA

On his part, the Sen. Kaura, described the task ahead of the new leadership of the agency as daunting.

Sen. Kaura called on the staff members to extend the same level of support, understanding and loyalty that they showed him during his 14-month tenure to his successor.

He expressed optimism that with perseverance and energy, the new MD would overcome the challenges bedeviling the agency and succeed in leading the organisation to achieving its vision.

Maritime

Maritime Governance: Minister Deposits Three Accession Instruments At IMO

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The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola has deposited three Instruments of Accession to IMO Conventions signed by President Bola Ahmed Tinubu with the global body.

He did so on Tuesday, at the headquarters of the International Maritime Organization (IMO), which acts as the repository for these conventions.

This move, coming a few weeks after Nigeria declared its intention to contest election for a seat on the IMO Council, is expected to enhance Nigeria’s maritime governance and align its practices with international standards, promoting maritime safety, security, and environmental protection.

Shortly after the presentation ceremonies, Oyetola informed the IMO Secretary General, Arsenio Dominguez, of the President’s commitment to ensuring that Nigeria aligns with international maritime standards regarding maritime safety, security, and sustainable marine practices.

ALSO READ: NNPCL Launches Utapate Crude Oil Blend, Eyes Production Expansion In 2025

He also called on the IMO to extend technical support to Nigeria.

In his words, “These instruments, duly acceded by His Excellency, the President of the Federal Republic of Nigeria, signify Nigeria’s continued commitment to aligning with international maritime standards, ensuring maritime safety and security, and promoting sustainable marine practices.

“We hereby request tailored technical cooperation under the Integrated Technical Cooperation Programme (ITCP) to enhance Nigeria’s compliance with IMO conventions and improve our maritime governance and implementation of the instruments we submitted today.”

On his part, Dominguez, acknowledged with appreciation the formal deposition of the Instruments of Accession, stating that it underscores Nigeria’s steadfast commitment to aligning with global maritime standards.

“I congratulate Nigeria for its exceptional efforts in acceding to these six critical IMO instruments. I encourage continued momentum by securing presidential assent to additional key conventions. We at the IMO remains fully committed to supporting Nigeria through technical cooperation and capacity-building initiatives to ensure the successful implementation of these instruments,” he stated.

The instruments Oyetola handed over to Dominguez include the instrument of accession to the 2005 Protocol to the Convention for the Suppression of Unlawful Acts against the Safety of Fixed Platforms Located on the Continental Shelf (SUA Protocol 2005), the instrument of accession to the International Convention on Standards of Training, Certification, and Watchkeeping for Fishing Vessel Personnel (STCW-F), and the instrument of accession to the Protocol Relating to Intervention on the High Seas in Cases of Pollution by Substances Other Than Oil (Intervention Protocol 1973).

It was gathered that three other Instruments of Accession signed by President Tinubu are undergoing further steps to complete the processes for their deposit.

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Maritime

Capacity Dev’t: NIMASA Assures On Cabotage Vessel Financing Fund

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Funds accrued under the Cabotage Vessel Financing Fund (CVFF) are intact and currently held with the Central Bank of Nigeria (CBN) under the Single Treasury Account (TSA).

This assertion was made by the Nigerian Maritime Administration and Safety Agency (NIMASA), in a statement in Lagos on Tuesday.

The clarification became necessary to address “a misleading publication alleging that funds have disappeared from the CVFF account”.

ALSO READ: Okpebholo Hits Ground Running, Flags Off Edo’s 1st Flyover Bridge

The statement reads, in part, “The report of a missing money is both misleading and false.

“For the record, the Cabotage Vessel Financing Fund, securely held in the NIMASA account at the Central Bank of Nigeria (CBN), remains intact. There has been no disappearance of funds, and no illegal transactions, as the article suggests. This misinformation is a figment of the authors imagination, aimed at undermining NIMASA’s integrity, and mislead the public about the Agency’s operations.

“The Management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose. NIMASA Director General, Dr Mobereola has assured stakeholders of the safety of funds under the CVFF.”

The statement cited the DG thus, “Let us be clear that the CVFF account at the Central Bank of Nigeria is safe, intact, and secure. We at NIMASA will continue to manage it with the utmost responsibility, and there are no irregularities or illegal activities surrounding the funds. I urge the public to disregard this false narrative and to continue trusting the Agency’s ability to uphold the integrity of Nigeria’s maritime sector”.

It was gathered that the CVFF is a fund established under section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to promote the development of indigenous ship acquisition capacity and to provide credit facilities to local maritime operators.

The NIMASA, assured of its commitment “to transparency, accountability, and the advancement of Nigeria’s maritime sector.”

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Maritime

Okpebholo Hits Ground Running, Flags Off Edo’s 1st Flyover Bridge

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Edo State Governor, Senator Monday Okpebholo appears eager to deliver the dividends of democracy to his constituents.

This is discernible from the frenzy of activities being witnessed in his first few days on the job, including dissolution of boards, constitution of investigative panels, flagging off of infrastructure projects, among others.

In the bid to address the perennial road traffic congestion negatively impacting economic and social activities in Benin City, the state capital, Gov Okpebholo on Wednesday flagged off the construction of a flyover bridge.

Biztellers reports that the flyover bridge around the popular Ramat Park in the city centre is the first of such in the history of Edo State.

ALSO READ: Tinubu Seeks ₦1.767tn Loan to Tackle 2024 Budget Deficit

The Edo State Government made the disclosure in its verified handle on micro-blogging site, X, on Wednesday.

It wrote, “Traffic decongestion: Gov Okpebholo flags off first flyover in Edo.
“Edo State Governor, Sen. Monday Okpebholo has flagged off the construction of a flyover bridge at Ramat Park, Benin City, the State Capital, as part of immediate efforts to reduce traffic congestion in the city.”

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