Business
Piracy Rise In GOG Worries IMB
The International Maritime Bureau (IMB) has expressed worry over rise in reported incidents of piracy, kidnapping and all forms of criminality in the Gulf of Guinea (GOG).
The increase, as stated in the Bereau’s report, showed that there was 21 incidents recorded in the first nine months of 2023, compared to 14 incidents during the same period in 2022.
Among these incidents, 17 were classified as armed robberies and four as piracy.
IMB said the safety of crew members is a mounting concern, as 54 were taken hostage, 14 were kidnapped, and two others were injured.
The Director, IMB, Michael Howlett, expressed concern over the rise in reported incidents in the Gulf of Guinea.
“The Gulf of Guinea stands as a region of concern with a rise in reported incidents, as opposed to the downward trend we have seen in the past two years.
”The Bureau sees regional ownership as critical to safeguard shipping and trade and to address these crimes”, Howlett said.
The Singapore Straits also raised concerns, with 33 reported incidents in the first nine months of 2023, compared to 31 incidents during the same period last year.
“Out of these incidents, 31 vessels were boarded, five crew members were taken hostage, and two were threatened.
“The majority of incidents were reported in July, with ship stores or properties being the primary target for theft”, the report stated.
The Navigational challenges of the Singapore Straits further compound the risks posed by these incidents, potentially affecting safe navigation in these congested waters.
The IMB’s report also highlighted an increase in the number of incidents in the Indonesian archipelagic region, with 12 incidents reported during the first nine months of 2023, compared to 10 incidents during the same period in 2020 and seven incidents in 2021. Knives were sighted in five out of the 12 reported incidents.
Furthermore, reports from Callao Anchorage in Peru increased to 13 incidents from eight during the same period in 2022.
These incidents included nine crew members being taken hostage, one member being threatened, and another member being assaulted.
According to the report, there were 99 incidents of piracy and armed robbery against ships in the first nine months of 2023, marking an increase from 90 incidents during the same period in 2022.
Among the reported incidents, 85 vessels were boarded, nine had attempted attacks, three were hijacked, and two were fired upon.
The perpetrators successfully boarded 89% of the targeted vessels, with most incidents occurring at night.
While the reported violence towards crew members is relatively low compared to the past three decades, there remains a real risk to crew safety.
In the first nine months of 2023, 69 crew members were taken hostage, 14 were kidnapped, eight were threatened, three were injured, and one was assaulted.
IMB emphasized the importance of early reporting of incidents, even low-level opportunistic ones, to protect seafarers and ensure the safety of regional and international shipping and trade.
The organization commended local authorities for their efforts in investigating nearly all reported incidents.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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