Vanguard, WEDNESDAY, APRIL 23, 2014 — 21
Master mariners express concern over incessant boat mishaps By GODWIN ORITSE
M
ASTER Mariners Association of Nigeria (MMAN) has expressed concern over the incessant boat accidents in Lagos and called for more regulation on water transportation in the state. Disclosing this to newsmen in Lagos, the group’s President, Captain Ade Olopoenia, said that the association has plans to meet with both the Lagos State Waterways Authority (LASWA) and other relevant agencies to reverse the trend. Olopoenia said that inasmuch as water transportation is considered to be one of the safest mode of transportation, the need to imbibe a culture of safety cannot be overemphasized, adding that every measure must be put in place to ensure safety. The retired ship Captain also said that besides the issue of boat mishaps in the state, the group will look at the Cabotage regime From right: Norbert Chukwumah, Managing Director/CEO- Nigeria Machine Tools; Ikemefula Chikwendu, and its implementation. He explained that Projects Head- Nigeria Machine Tools; Ugo Nwanze, Total E&P Nigeria Limited; Ray Regan, Chief Operating Nigerians are yet to maximize the benefit of Officer-Nigeria Machine Tools discussing at the NMT stand at the NOG 2014 in Abuja. the Act due to its faulty implementation. The former Director in charge of Maritime safety at the Nigerian Maritime Administration and Safety Agency noted that until the Cabotage Act is properly implemented, the benefits will continue to elude indigenous players in the maritime industry. ther decline in external reserves to $37.8 naira in the current year given that the By YINKA KOLAWOLE Already, the group has met with billion at the end of March 2014 from nation’s foreign reserves will be further the management of the Nigeria $43.6 billion in December 2013; increased depleted if current exchange rate stabilShippers’ Council, (NSC) just as funding of the foreign exchange market ity strategies are maintained. Our view is INANCIAL analysts at plans have been concluded to by the CBN to stabilize the naira also defirmly supported by the commitment of the Dunn Loren Merrifield (DLM) meet with managements of the pleted reserves; while the Excess Crude MPC to aggressively pursue the price stahas said that the demand pressure in the Nigerian Ports Authority, (NPA) Account (ECA) rose by $1billion during bility and exchange rate objective. The foreign exchange market will occasion the National Inland Waterways the quarter to close in March at $3.5 bilerosion of the fiscal buffers through the depreciation of the naira. Authority, (NIWA) and Nigerian lion. We express our concern on the dedepletion of the external reserves raises Speaking at a roundtable to review the Maritime Administration and cline in external reserves as we re-iterate significant concerns as the economy is performance of the economy in the first Safety Agency, (NIMASA). the need to rebuild the nation’s fiscal bufffurther exposed to vulnerabilities. quarter of the year, they noted that efforts ers. The weakening of fiscal buffers in“For producers with exposure to imof the Central Bank of Nigeria to firm up creased the economy’s reliance on portported raw materials, the risk of naira dethe naira has caused the external reserves folio flows which is a key driver of risk of preciation, although not a certainty but to decline by 22.2 percent from $48.6 bilexchange rate stability.” likely, and raw material price volatility in lion at the end of the first quarter of 2013 14.65 200.6 They further noted: “Recent pressure on the commodities markets may expand to $37.8 billion at the end of the first quarexchange rate further strengthens our production costs.” ter of 2014. 3,000.00 +44.00 position of a possible depreciation of the Mr. Tola Odukoya, Managing Director, Dunn Loren Merrifield 16.68 -0.24 Asset Management and Research Company, who led other DLM research analysts – Moses 109.76 +0.16 Ojo, Jide Nwaogwugwu, and Abdul Garba, at the roundtable, 104.59 +0.54 said that even the Acting CBN Governor, Dr Sarah Alade, alHE National Insurance Commission intermediaries and legal practitioners, CURRENCY BUYING CENTRAL SELLING luded to this in the minutes of (NAICOM) says it assisted in settling while the cases settled ranged from the last MPC meeting. He said insurance products disputes worth N2.2 vehicle, life, fire, death, among others. DOLLAR 154.73 155.23 155.73 Alade noted that continuing ef“These disputes were resolved through POUNDS 260.1166 260.9572 261.7977 forts to defend the naira is not billion in 2013. EURO 214.5022 215.1953 215.8885 Head, Corporate Affairs of the correspondences, adjudication meetings sustainable, asking that the curFRANC 176.1498 176.719 177.2883 rency be allowed to find its level. commission, Mr Salami Rassaq, disclosed and direct contact with the insurance YEN 1.5141 1.519 1.5239 CFA 0.3067 0.3167 0.3267 It was however agreed at the this to the News Agency of Nigeria (NAN) companies. The settled cases amounted to N2.2 billion,” he said. WAUA 238.7745 239.5461 240.3177 roundtable that depreciation in Abuja. RENMINBI 24.8781 24.959 25.0398 Rassaq said that the remaining cases Rassaq said that the amount was from 61 may not be politically expedient RIYA 41.2569 41.3903 41.5236 would be resolved soon. “The commission disputes out of the 193 complaints before the 2015 general elecKRONA 28.7234 28.8162 28.909 NAICOM received in 2013. He said that in the first quarter of this year has also tions. SDR 240.0017 240.7773 241.5528 successfully settled a total of 15 complaints The analysts said among other some of the complaints were from CBN Exchange rate as at 22/04/2014 things in the first quarter: “Fur- insurance companies, insurance which are yet to be paid,” he added.
Operators predict naira depreciation by year end F
NAICOM resolves N2.2bn insurance disputes
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