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Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, has refuted claims made by the Central Bank of Nigeria regarding the alleged outflow of $26 billion from the country through the crypto exchange platform.
Gambaryan, who was arrested in February 2024 on charges of money laundering and tax evasion, spent eight months at the Kuje Correctional Center in Abuja. The charges were dropped and left Nigeria in October 2024, following concerns about his deteriorating health and diplomatic considerations.
In a post on X (formerly Twitter) on Friday, Gambaryan stated that the $26bn figure quoted by the CBN was misleading, emphasising that it represented a cumulative trade volume, not actual funds leaving Nigeria.
“The $26bn figure they kept pushing publicly as some mystery money escaping Nigeria is complete “bullshit.” This information was provided in response to their request and was simply cumulative trade data for Nigerians on the platform,” he stated.
“This money didn’t leave Nigeria—it was just people buying and selling crypto. For example, if you trade $100 a hundred times, that’s $10,000 in trade volume, but in reality, you only used $100. Again, just another example of them lying to cover up their “bullshit” investigation.”
In February 2024, CBN Governor Olayemi Cardoso claimed during a press briefing after the CBN’s Monetary Policy Committee meeting that Binance Nigeria had been involved in suspicious financial flows amounting to $26bn in transactions from unidentified sources.
“We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows. In the case of Binance, in the last year, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify,” Cardoso said at the time.
The Binance executive further criticised Nigerian authorities for blaming Binance for broader economic problems, including the devaluation of the naira.
“They all knew that the naira’s devaluation was a direct result of Tinubu’s monetary policy, which depegged the naira from the dollar. I’m not saying this policy decision was wrong, but everyone understood that removing government intervention would lead to extreme devaluation. Instead of acknowledging this, they used Binance as a scapegoat,” Gambaryan stated.
Binance exited the Nigerian market in March 2024, following significant regulatory scrutiny and accusations. The CBN had expressed concerns about crypto exchanges handling illicit transactions, and there were calls for a ban on Binance and other platforms.
Gambaryan was arrested in Nigeria alongside his colleague, Nadeem Anjarwalla, a British-Kenyan dual national. Both were detained after arriving in Nigeria for meetings with government officials regarding Binance’s operations.
[Punch]
Valentine’s Day is finally here! While some will go all out with luxury gifts and getaways, not everyone has the budget to splurge—especially with rising living costs in Nigeria.
But love isn’t about how much you spend.
Here are five thoughtful, budget-friendly last-minute gifts to make your partner feel special:
'We aren't just a band of blind musicians; we have journalists, teachers and computer...
Chocolates & a Handwritten Note
You can never go wrong with chocolates. Whether it’s Ferrero Rocher, Lindt, or a budget-friendly local brand, a sweet treat paired with a heartfelt note makes a simple but romantic gift.
Perfume
A good fragrance is always a winner. You don’t need designer brands—affordable, long-lasting scents from local perfume houses work just as well.
Movie Date
Skip the stress of shopping and enjoy a cozy night at the movies. Tickets range from N6,000–N9,500 per person, making it a fun and affordable Valentine’s plan.
Data Subscription
In today’s world, gifting data is the ultimate love language. With plans starting from N5,000, you’re giving the gift of seamless communication—because nothing says “I care” like staying connected.
Dinner at Home
Instead of an expensive restaurant, why not cook together? A home-cooked meal, good conversation, and a movie night can be just as romantic—without the hefty price tag.
At the end of the day, it’s the thought that counts. Choose a gift that speaks from the heart, and your partner will surely appreciate it!
[Vanguard]
Tigran Gambaryan, an executive of Binance Holdings Limited, has accused three federal lawmakers of demanding $150 million bribe during the conflict between Nigeria and the cryptocurrency firm.
Gambaryan alleged that the legislators demanded that the kickback be paid into their personal digital wallets.
The executive was detained by the Nigerian government from February 2024 to October 2024 over the activities of Binance in the country.
Gambaryan and Nadeem Anjarwalla, Binance regional manager for Africa, were arrested in Nigeria in February 2024.
The federal government had accused the cryptocurrency firm of manipulating FX rates in Nigeria and destroying the country’s economy.
Both men were arrested after they travelled to Nigeria for a meeting with officials of the federal government.
A month later, Anjarwalla escaped from custody, leaving Gambaryan to face prosecution.
In a post published via X on Friday, Gambaryan said he and Anjarwalla met with some officials of the Department of State Services (DSS) in January 2024.
The Binance executive said the meeting was a prerequisite to the planned meeting with members of the house of representatives.
He added that the DSS officials asked them to comply with whatever the federal lawmakers asked them to do.
“At the House meeting, there were three members present. They set up fake cameras and media to make the meeting appear official, but the cameras weren’t even plugged in,” he wrote.
“As you may already know, this ended with them asking for a $150 million bribe, paid in cryptocurrency into their personal wallets. A Mickey Mouse operation at its best.”
Some Unknown Facts- you can read the rest in the Wired article and the NPR story.
The DSS was involved in the House of Representatives matter. We met with them at their office on Friday, January 5, 2024, as a prerequisite to our meeting with the House of Representatives. They…
— Tigran Gambaryan (@TigranGambaryan) February 14, 2025
In May 2024, Richard Teng, the firm’s chief executive officer (CEO), alleged that some unknown persons in Nigeria demanded $150 million in digital currency to make their problems in the country “go away”.
Reacting to the allegation, the federal government accused Binance of blackmail.
[TheCable]
Blue Origin, the space exploration company backed by Amazon founder Jeff Bezos, is laying off 10% of its workforce as part of a significant restructuring aimed at cutting costs and sharpening focus.
The decision, which affects over 1,000 employees, was announced during an all-hands meeting Thursday morning with CEO Dave Limp.
The workforce reduction, first reported by Bloomberg, follows years of rapid expansion and development within the company.
Blue Origin did not share detailed employment figures during Thursday’s announcement but has been reported to employ between 11,000 and 14,000 workers, with more than 4,000 based in Washington state.
In a memo to employees, Limp explained that the company’s growth had led to “more bureaucracy and less focus” than necessary, particularly after a hiring spree over the last few years.
Blue Origin is now taking steps to reduce its management ranks and streamline operations in an effort to clear about $10 billion in launch contracts. The company will also eliminate positions in engineering, research and development, and project management.
The layoffs come at a time when Blue Origin is still recovering from a series of delays and challenges in its quest to build a competitive space launch system. The company’s flagship New Glenn rocket, for example, was delayed multiple times before its long-awaited debut last month. Despite these setbacks, Blue Origin remains committed to a wide-ranging space portfolio, including space tourism, lunar exploration, and the development of a space station and rocket engines.
What we know
Founded by Bezos in 2000, Blue Origin has grown rapidly in recent years, reaching a peak workforce of approximately 14,000 employees. Its headquarters are located in the Seattle area, with major manufacturing and launch sites in Florida, Texas, and Alabama.
- While the company has good plans, including a lunar lander and a major role in supporting future missions to the Moon, it has often been compared unfavorably to Elon Musk’s SpaceX, which has emerged as the most prolific rocket launcher in the world.
- In response to these challenges, Blue Origin hired Limp in 2023, a former Amazon executive, to help bring the company out of a prolonged R&D slump and refocus on its core mission. Limp, who previously led Amazon’s hardware division, is now tasked with guiding Blue Origin through a critical phase.
Looking ahead, Limp outlined the company’s goals for the future, including plans for an uncrewed lunar landing in 2025 and ramping up the launch cadence for its New Glenn and New Shepard rockets. Despite the workforce reduction, Blue Origin remains focused on its vision for the future of space exploration.
[Nairametrics]
Veteran Nollywood actor, Patrick Doyle, has knocked Nigerians who engage in public marriage proposals.
Naija News reports that the thespian, in a post via his Facebook page on Thursday, asserted that engaging in a public proposal with an entourage of cameras streaming live is imbecilic.
Patrick Doyle noted that the epidemic of narcissism and approval addiction consuming many people makes him wonder if some of them ever had any home training.
He wrote, “Asking a woman to marry you is perhaps the most intimate experience any 2 persons can be engaged in outside of actual copulation.
“This new unwholesome trend of having an entourage on hand with video cameras live streaming the act is, in my view, imbecilic.
“The epidemic of narcissism and approval addiction consuming many makes me wonder if some people ever had any home training at all.”
Meanwhile, Patrick Doyle has praised Afrobeats superstar, David Adeleke, popularly known as Davido, for his ability to remain composed in the face of criticism.
He asserted that Davido is the least arrogant among his peers, and likened the artist’s path to a philosophy by the late Obafemi Awolowo.
Speaking via a Facebook post on Sunday, Doyle explained that Awolowo had shared how, throughout his life, adversities and criticisms often aimed at discrediting him would eventually transform into blessings.
[NaijaNews]
With possible political realignments and potential coalitions ahead of the 2027 elections, the leading regional bodies of the North and the South West have restated their positions on the issue of rotational presidency and power shift.
The northern apex socio-cultural organisation, Arewa Consultative Forum (ACF), has faulted the notion that the region was the ultimate kingmaker which could give victory to any presidential candidate of its choosing.
ACF further traced former President Goodluck Jonathan’s defeat in the 2015 presidential poll to his policies, rather than a gang-up by the North as widely speculated in certain quarters
On its part, the pan-Yoruba socio-cultural and socio-political organisation, Afenifere, has disclosed that there was an understanding for rotation of presidency between the North and the South.
It, however, noted that the spate of defections from the opposition does not indicate that the incumbent, President Bola Tinubu, will lose the presidency in 2027.
The All Progressives Congress (APC) national chairman, Dr Abdullahi Umar Ganduje, had on Tuesday reignited the perennial debate about power shift and rotational presidency when he told the North to forget about contesting the 2027 presidential election.
Ganduje, while receiving a delegation of President Bola Tinubu Media Centre and Tinubu Northern Youth Forum at the party’s national secretariat in Abuja, said: “Our president has come from the South and is going, Insha Allah, for a second term come 2027. And after that, it will be the turn of the northern part of this country.”
Interestingly, a former Kaduna State Governor Mallam Nasir El-Rufai had shared a write-up by an APC member, who warned that President Tinubu may be given the ‘Goodluck Jonathan treatment’ ahead of the next presidential election.
The former Kaduna State governor, who has been one of the leading figures in the gathering of politicians opposed to the Tinubu administration, was a key advocate for power shift to the South in the 2023 election which saw President Bola Tinubu, from the South West emerge president. Tinubu took over from Muhammadu Buhari, a Northerner who was in office for eight years.
Ganduje’s call to the North was preceded by a similar declaration, last year, by secretary to the government of the federation, Senator George Akume, who said the North should wait till 2031 to contest for the top seat which it vacated in 2023.
Akume was opposed by former vice president Atiku Abubakar, who stated that President Tinubu’s performance showed he did not deserve another term, saying, “God forbid.”
The power rotation agreement between the North and the South is one of the most contentious political debates, and it played a key role in the defeat of the former ruling People’s Democratic Party (PDP).
But speaking exclusively with LEADERSHIP Friday in Kaduna, ACF spokesman, Prof. T.A Muhammad Baba, said El-Rufai and Ganduje were expressing their personal opinions as politicians.
He, however, disproved the notion that the North would decide the outcome of the presidential election, describing it as an exaggerated position.
He nonetheless noted that the North had learnt its lessons with the last three presidential elections.
ACF said, ”Former Governors Nasir El-Rufai and Abdullahi Ganduje, as politicians, were expressing their opinions. Let them continue talking, but when the time comes, the voters will make decisions based on the government’s policies.
“To me, it is not enough to say the North caused former President Jonathan’s defeat; his policies caused his defeat and not the North.
“I think to keep saying the North will decide presidential elections is an exaggerated position because the North alone cannot decide or give any presidential candidate victory. For you to win presidential elections, you must have 3As, which are: available, agreeable and accessible.”
According to him, in the 2027 election, “when the time comes, Nigerians will decide, not only the north. The North has learnt its lesson in 2015, 2019, 2023.”
There Is Understanding For Rotation Of Presidency Between North, South – Afenifere
The pan-Yoruba socio-cultural and socio-political organisation Afenifere has restated that there was an understanding for rotating the presidency between the North and the South.
When contacted, Afenifere spokesman, Comrade Jare Ajayi, stated that El Rufai and Ganduje, as politicians of stature, were expressing divergent views that align with their present political divide.
He said “Although the two of them are known as members of the ruling party, the All Progressives Congress (APC), it is common knowledge that former Kaduna State Governor, Nasir El Rufai, has, of late, been talking more as a member of the opposition party.
“His view that the North may not vote for President Bola Tinubu in 2027 if he (Tinubu) decides to run for a second term should be viewed from that lens – that of a person who is talking from an opposition perspective.
“Alhaji Ganduje, on the other hand, is not just a member of the ruling party; he is the national chairman. On the issue at hand, the APC chairman appears to be on point.”
The Afenifere chieftain, however, asserted that “there seems to be a gentleman’s understanding between politicians in the North and those in the South for the Presidency to rotate between the two zones. It is expected that a southerner occupying the position presently in the person of Asiwaju Ahmed Bola Tinubu will spend two terms like former Presidents Olusegun Obasanjo and Mohammadu Buhari.”
As for El-Rufai’s claim that Tinubu’s influence is waning in the North, Ajayi said it is the election that will really determine that.
“But if we go by the rate at which politicians in the opposition parties are defecting into the APC, it may be a bit difficult to agree with the former Kaduna State governor on this score.
“Also, the situation that prevented former President Goodluck Jonathan from getting a second term in 2015 may not necessarily be the same in 2027,” the Afenifere spokesman said.
[Leadership]
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has renewed calls for deeper backward integration in the telecommunications sector, emphasising the need to localise key supply chains while expanding financial services to benefit ordinary Nigerians.
Speaking in Abuja on Wednesday, February 12, 2025, during a courtesy visit to CBN headquarters by Airtel Africa’s management team, led by Group Chief Executive Officer Mr. Sunil Taldar, Cardoso stressed the need to reduce the sector’s reliance on foreign exchange.
He noted that the CBN has spent the past 16 months stabilising the foreign exchange market, strengthening the Naira’s competitiveness, and boosting investor confidence in the Nigerian economy.
With these gains, he said, telecom firms must now embrace backward integration by producing essential components such as SIM cards, cables, and towers locally. This shift, he argued, would not only ease dollar demand but also create jobs and strengthen the economy.
Beyond industry reforms, Cardoso highlighted the CBN’s broader vision of deepening financial inclusion and enhancing digital payment solutions for everyday Nigerians. He announced plans for a high-level summit where the Apex Bank will collaborate with key industry stakeholders to develop strategies that promote accessible, efficient, and innovative financial services.
“The CBN is committed to ensuring that financial services reach more Nigerians, especially in rural and underserved communities. Through collaboration with relevant agencies and industry players, we aim to build a more inclusive and digitally-driven financial ecosystem,” Cardoso said.
In response, Airtel Africa’s Group CEO, Mr. Sunil Taldar, commended the CBN’s reforms and voiced support for backward integration, emphasising that reducing reliance on the dollar was in the mid to long-term interest of telecom operators. He was accompanied by CEO, Airtel Nigeria, Mr. Dinesh Balsingh; Group CFO, Mr. Jaideep Paul; and Director of Corporate Communications & CSR, Mr. Femi Adeniran.
[DailyTrust]
United States of America billionaire and lead of the Department of Government Efficiency, Elon Musk, has come hard on US federal judge who temporarily blocked President Donald Trump’s order ending all federal funding or support for healthcare that aids gender transitions for people younger than 19.
Musk made his stand known via a statement on X on Thursday in reaction to the judgement.
DAILY POST reports that US District Judge, Brendan Hurson in Greenbelt, Maryland, issued a temporary restraining order in response to a lawsuit by families of transgender teens and LGBT advocacy groups.
The judgement became a blow to Trump’s order restricting healthcare for youths transiting to LGBTQ.
Reacting, Musk wrote on X, “If ANY judge ANYWHERE can stop EVERY presidential action EVERYWHERE, we do NOT live in a democracy.”
Recall that on January 28, 2025, President Trump signed an executive order, noting that “the policy of the United States is that it will not fund, sponsor, promote, assist, or support the so-called ‘transition’ of a child from one sex to another, and it will rigorously enforce all laws that prohibit or limit these destructive and life-altering procedures.”
As a follow-up, the order directed the US Department of Health and Human Services to “take all appropriate actions to end the chemical and surgical mutilation of children.”
[DailyPost]
Rose Idibia, the mother of veteran singer Innocent, popularly known as 2face, has raised the alarm that Nigerians should help her beg Edo State lawmaker, Natasha Osawuru, to leave her son.
She made the appeal in a video that went viral on Thursday evening.
According to Mrs Idibia, 2face is presently not in his right frame of mind due to the divorce proceedings with his estranged wife, Annie.
“Good evening, Nigerians. My name is Mrs Rose Idibia, the mother of 2face. This message is for Miss Natasha Osawaru of Edo State. I’m calling on all mothers in Nigeria to help me beg her to free my son.
“My son is going through a divorce process, and he is clearly not in his right senses now. I know my son well. That is not him.
“Please Natasha, the beads you put on his hand and on his neck, remove them and free him,” she said.
The PUNCH reports a viral video on Thursday that captured the moment 2face proposed to Osawaru.
In the video, the singer and the lawmaker were seen dancing together to the admiration of some of their friends.
2face later proceeded to present Osawaru with a ring, after which they were locked in a long embrace.
This comes just a day after the musician publicly confirmed his romantic relationship with Osawaru, setting social media abuzz.
The revelation follows his recent separation from his wife, Annie Idibia, with the singer expressing his intention to take things further with Osawaru.
Speculations about their relationship had been growing after 2face was seen at the Edo State Assembly and a video surfaced showing the two together at a Lagos club.
Addressing the rumours, the African Queen crooner took to Instagram on Tuesday to set the record straight.
In the video, he said in part, “Allegedly, I have seen so many things, so many people coming up with their own false narratives and malicious nonsense after I posted that stuff that I posted. Yes, I posted what I posted.
“Hon. Natasha has been dragged, she has been called all sorts of names, she has been labelled as a home breaker.
“She is a young, brilliant, amazing woman, and she had nothing to do with what is happening between me and Annie in our marriage. Yes I love her, she is amazing, she is cool, I want to marry her.”
[Punch]
Nigerian media personality Chinedu Ani Emmanuel, popularly known as Nedu Wazobia, has announced his departure from The Honest Bunch podcast.
His exit follows controversy surrounding a recent episode featuring comedian and reality TV star Deeone, who alleged that social media critic VeryDarkMan (VDM) was attracted to men.
In response, VDM accused Nedu of persistently requesting his appearance on the podcast since 2024 and allegedly offering to buy him a car as an incentive. He further claimed that Nedu had reached out multiple times, suggesting this was the reason behind the allegations made against him by Deeone.
VDM also warned Nedu against further communication through his lawyer, Deji Adeyanju, threatening to expose alleged dealings involving female celebrities if the matter persisted.
In a statement released on Instagram on Friday, Nedu said his decision to step down was influenced by growing scrutiny and accusations, which he described as baseless.
“The past week has brought a lot into perspective for me. Hosting The Honest Bunch Podcast has been an incredible journey—one built on open conversations, bold perspectives, and the willingness to tackle difficult topics. But with that responsibility has come an overwhelming level of scrutiny, antagonism, and unfounded accusations that have now begun to take a personal toll,” he stated.
Nedu added that his exit was necessary for his well-being, family, and the integrity of the podcast, expressing hope that the decision would bring an end to the controversy.
“In light of recent events, I have made the difficult decision to step away from the podcast. This is not a decision I take lightly, but one I believe is necessary—for my peace of mind, for my family, and for the integrity of the show itself. I have always been committed to honest conversations, but when those conversations lead to relentless attacks and misrepresentation, it becomes clear that stepping back is the best path forward.”
“I sincerely hope this decision brings an end to the negativity surrounding my name and allows The Honest Bunch Podcast to continue thriving. I remain committed to fostering dialogue in ways that encourage meaningful engagement and growth, and I look forward to new opportunities that align with that vision.”
“I wish the show continued success and thank everyone who has supported me throughout this journey,” the statement concluded.
[Vanguard]
More...
The Central Bank of Nigeria (CBN) has clarified the newly reviewed N100 charge on withdrawals at another bank’s ATM (Not-On-Us Transactions), stating that the fee applies whether or not the withdrawal amount is up to N20,000.
In a Frequently Asked Questions (FAQs) document on the review of ATM transaction fees seen by Nairametrics, the CBN explained that the reason for applying the fee for every N20,000 withdrawal is to prevent customers from being compelled to break their withdrawals into smaller amounts.
“Yes, the fee of N100 will apply if you withdraw less than N20,000 from another bank (a bank other than the one that issued your payment card). The reason for applying the fee for every N20,000 withdrawal is to prevent customers from being compelled to break their withdrawals to less than N20,000 per transaction.
“In other words, ATM transactions will incur a base fee of N100 per transaction. It is also important to note that a tiered fee structure will apply for transactions exceeding N20,000, with an additional N100 charged for each subsequent withdrawal of N20,000 or portion thereof,” the document explains.
Sanctions await offenders
The CBN emphasized that banks are required to allow customers to withdraw up to N20,000 per transaction. “Any bank that compels a customer with sufficient funds in her account to withdraw less than N20,000 per transaction against the customer’s desire for a higher sum would be contravening this regulation’s spirit and sanctioned appropriately,” the CBN warned.
- The apex bank also encouraged consumers who are denied the right to withdraw up to N20,000 per transaction to file a complaint with the CBN via cpd@cbn.gov.ng.
- The CBN also provided an explanation of the difference between on-site and off-site ATMs: on-site ATMs are located within or directly affiliated with a bank branch, while off-site ATMs are found in locations such as shopping malls, fuel stations, or other public areas.
- The CBN noted that banks and other financial institutions are not allowed to charge more than the N500 per N20,000 surcharge for an off-site ATM withdrawal prescribed in the earlier circular. These fees will be displayed at the point of withdrawal, allowing customers to make informed decisions before proceeding with the transaction.
For withdrawals outside Nigeria, the CBN stated that banks will apply a cost recovery fee, meaning the exact charge imposed by the international ATM acquirer will be passed on to the customer.
What you should know
Nairametrics reported on Wednesday that the Central Bank of Nigeria (CBN) has announced a major revision to its Automated Teller Machine (ATM) transaction fees, effectively eliminating the three free monthly withdrawals previously granted to customers using other banks’ ATMs.
- This directive, outlined in a circular dated February 10, 2025, applies to all banks and financial institutions operating in Nigeria and is set to take effect from March 1, 2025.
- The circular was signed by John S. Onojah, Acting Director of the Financial Policy and Regulation Department, and released on the apex bank’s website on Tuesday.
According to the circular, the CBN has reviewed the ATM transaction fees stipulated under Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).
[Nairametrics]
[p
Tinubu: Presidency Faults Publication On Fela Durotoye’s Rejection Of ₦5 Billion Fraudulent Government Deal
Admin
The Presidency has frowned at a publication linking the fraudulent government deal statement of renowned leadership coach and former presidential candidate of the defunct Alliance for New Nigeria, Fela Durotoye, to President Bola Tinubu‘s government.
Naija News reports that Durotoye while speaking on Tuesday at the biannual conference of the Pentecostal Fellowship of Nigeria in Abuja, shared how he rejected an opportunity to siphon ₦5 billion in a fraudulent government deal despite immense pressure from an official who claimed to be a pastor.
According to a Church Times Nigeria report on Wednesday, he revealed that an official approached him with a lucrative training contract, assuring him that he had already been selected for the job.
The programme involved training people across all 774 local government areas of Nigeria within eight weeks, and Durotoye was told he fit the criteria perfectly.
He prepared an invoice upon request, ensuring that costs were strictly based on actual expenses. His team calculated a fair price of ₦1.3 billion for the training.
However, three days later, a call from the presidency changed everything.
Sharing a video of the interview via his X handle on Thursday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said Durotoye never accused anyone in Tinubu’s administration, as referenced by Daily Trust.
He wrote, “Daily Trust was caught lying again. I listened to Durotoye’s video. He never accused anyone in Tinubu’s administration. But the untrustworthy newspaper will always slant news and its headlines to tarnish the reputation of the Tinubu administration.”
[NaijaNews]
Just last week, the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, announced that it has secured necessary approvals for an upward review in its tariffs which was last reviewed in the year 1993.
The Managing Director took out time to explain the gains which the new tariff regime would bring to the nation’s port system.
The 15% increase which is to cut across all NPA Rates and Dues is premised on the urgent need to address the undesirable reality of aged and weak infrastructure, obsolete equipment and slow Port capacity expansion which has continued to diminish the performance and indeed competitiveness of Nigerian Ports.
The NPA boss explained that the Authority’s management was actually compelled by the exigency of bringing Nigerian Ports up to speed with those of its peers in terms of infrastructure and equipment.
It would be recalled that the Authority has been battling with aged port facilities and how to rehabilitate the existing ones to sustain operations at the nation’s seaports.
From its collapsing quay walls, the Authority feels that there is an urgent need to focus more on rehabilitating the quay walls of the port.
When Dantsoho became the MD of NPA, he undertook a holistic review of the decaying parts of the ports.
Right from the beginning, Dantsoho did not hide his desire to make the nation’s seaports work.
If anything should happen as a result of its inability to rehabilitate the quay, the impact of its collapse will affect its adjourning communities such as Snake Island, Niger Dock, and Takwa Bay.
Globally, Port Authorities depend on revenue from operations to stay alive to their responsibilities which include construction and maintenance of Port infrastructure, dredging of channels, provision of aids for safe navigation, provision of modern marine crafts for efficient harbour services, automation and digitization of port transactions, port security, energy efficiency and training and retraining of its employees.
The global index of Port rating and competitiveness which the international trade community relies on for its choice of countries to do business with, derives its data from how well the aforementioned responsibilities are addressed.
Coming at this period of global economic upheaval and scramble for markets, the belated Tariff review, according to the authority, is borne out of necessity.
Maritime experts strongly believe that tariff hike constitutes a critical success factor in Nigeria’s quest to win back cargo handling business and its accompanying benefits including job opportunities it had lost to its maritime neighbors.
Contrary to the popular but erroneous notion that attributes high Port costs to NPA relative to its peers, verifiable data shows NPA Tariffs are amongst the lowest in the region.
The high incidence of un-receipted costs due to unduly high human interface, bureaucratic bottlenecks, functional overlaps resulting from absence of a Port Community System (PCS) and its corollary, the National Single Window (NSW) are responsible for this contrived falsehood.
Highlighting some of the quick wins of the tariff review, Dantsoho states that although it is long overdue, it will become a quick win benefits for stakeholders.
“Some of the immediate boost it will give to the Authority is that it would fast track the commencement of actual works on its concluded Port reconstruction and modernization plans.
“Secondly, the Tariff review provides the necessary guarantees to fund the acquisition and urgent deployment of the Information Communications Technology (ICT) backbone of the PCS which is the precursor to the implementation of the NSW.
“Furthermore, the increased revenue generation arising from the review buoys the Authority’s capacity for critical maintenance works to open up the Eastern Ports for increased vessel and cargo traffic such as the reconstruction of collapsed Escravos Breakwaters and challenged aspects of Rivers, Onne and Calabar Ports respectively,” he added.
Speaking at the meeting, Joshua Asanga, a stakeholder agreed with the increase, adding that the value of NPA present tariff has since been suppressed by Inflation which is at about 35% .
Asanga listed port management liabilities like wages, fuel and other areas of expenditure as having adjusted upwards without a commensurate rise in NPA charges for over thirty years.
He added that NPA needs funds for improved port infrastructure, robust ICT for Port Community System, procurement of tug boats and other operational platforms to achieve efficiency
Another stakeholder, Demian Ukagu, who spoke at the event spoke on the need to apply more NPA funding to outer port facilities and jetties like the Kirikiri Lighter Terminal and development of other critical port facilities across the country.
He added that NPA rates should be able to cover these cost that would guarantee minimum return on investment and promote sustainable trade.
The meeting agreed that existing tariffs were set devoid of capital cost, labour cost, consumables and overhead expenditures needed to run the ports.
They feared that keeping the ports on the old tariff would promote consequences like poor service, inadequate infrastructure, poor remuneration, obsolete critical port facilities, equipment and infrastructure.
[DailyTrust]
The Managing Director of TVC Entertainment Channel and host of the ‘Your View’ program, Morayo Afolabi-Brown, has shared her thoughts on the ongoing divorce drama between singer 2Face and his wife, Annie.
DAILY POST reports that 2Face, in a viral video, confirmed his relationship with his new lover, Natasha Osawaru. He further announced his plan to marry her.
The development came two weeks after announcing his separation from his wife, Annie.
Reacting to the controversy sparked by the news, Morayo, during the ‘Your View’ program on Wednesday, opined that the singer should not go scot-free for the damage caused by his divorce decision.
While questioning the point at which he fell out of love with Annie, Morayo said, “I think he should not go scot-free for what he has done. I think he has probably damaged this woman (Annie).
“Maybe it is societal pressure that has caused him to stay with this young woman. Maybe, for whatever reason, he needs to tell us because society was there when they were getting married. At what point did you say you are no longer with Annie?” she asked.
[DailyPost]