Business
FG Saves N31.1 Billion Through Electronic Regulatory Port Portal in Six Months
The Nigerian Shippers’ Council (NSC) has achieved a significant financial milestone by saving the Federal Government N31.1 billion in the first half of 2024, thanks to its Electronic Regulatory Port Portal (ERPP). Developed in partnership with the Central Bank of Nigeria (CBN), the ERPP is an innovative platform that verifies the reasonableness of Charter Party fees and enhances operational transparency.
During a recent visit by the Managing Director of the News Agency of Nigeria (NAN), Malam Ali Ali, to the NSC headquarters in Lagos, the Executive Secretary, Mr. Pius Akutah, highlighted the impressive outcomes of the portal’s deployment. Between January and June 2024, the NSC reviewed demurrage applications totaling N50.8 billion and determined that N19.6 billion of these requests were reasonable. This meticulous evaluation resulted in savings of N31.1 billion, marking a 400% increase over the N6.7 billion saved in the same period the previous year.
Akutah attributed this notable improvement in savings to the advanced automation solutions implemented by the NSC, stating, “The ERPP has not only improved operational efficiency but also helped curb financial leakages and minimize capital flight. By leveraging this technology, we anticipate up to an 80 percent reduction in outflows from the Nigerian economy.”
The ERPP enhances transparency and streamlines regulatory processes within the port sector by centralizing and monitoring key performance indicators for regulated service providers, handling annual tariff filings, managing voyage data, and facilitating online submissions for tariff reviews. It also integrates with other NSC systems, such as the CRD portal, to verify demurrage, freight rates, and Charter Party payments.
The platform complies with the Central Bank of Nigeria’s revised Foreign Exchange (FOREX) manual and Memorandum 13, Article 3.3, which requires the NSC to confirm the reasonableness of fees before granting foreign exchange approvals, thereby ensuring rigorous oversight and accountability.
The development of the ERPP underscores the NSC’s commitment to modernizing regulatory practices, optimizing port operations, and fostering economic growth in Nigeria’s maritime sector. Through these advancements, the NSC continues to play a crucial role in enhancing the efficiency and integrity of the nation’s maritime industry.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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