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Real Estate Developers Fault CBN’s Withdrawal Policy 

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2 years ago

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Real estate developers have picked holes in the cash withdrawal policy of the Central Bank of Nigeria (CBN), saying the policy, if implemented, will lead to a rise in the price of housing units.
They also urged the Federal Government to have a quick rethink on the plan, which they said might make or mar government’s commitment to reduce the housing deficit.
Although the CBN, in a memo in November, had announced a cash withdrawal limit to be made by individuals and organisations with effect from 9 January, 2023, where they pegged individuals and corporate entities withdrawal limit on N100,000 and N500,000, respectively, per week, this has not gone down well with so many Nigerian public.
It also directed that the maximum cash withdrawal per week via ATM should be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
Reacting to this while speaking to journalists at the weekend in Port Harcourt, a real estate developer, Richard Adebanjo, said such policy would make life unbearable for the over 36 million unbanked adults of Nigerian population.
Adebanjo, a member of the Real Estate Developers Association of Nigeria (REDAN), said it would be serious task for the unbanked persons, if the Central Bank goes ahead to implement such policy without having a rethink.
“The policy to pay processing fees will increase our cost of production, as business in real estate is garbage in, garbage out.
“If I have to go to the bank every day and they will charge me 10 per cent for my withdrawals and this happens for 30 days, it will definitely affect my selling price.
”Real estate construction involves direct labour and its workers are people who work on daily pay. So, you work with them and pay. So, imagine you have 20 houses under construction with not less than 10 labourers on each site. Even if you are paying them N3,000 per day, that will be N600,000 in total, how much are you expecting me to withdraw to pay them?
“Most of our construction is with direct labour and direct labour requires someone to work for you and you pay him there and then. Also, most of these bricklayers and labourers don’t even have a bank account. So, it is mind-boggling for us”, he explained.
On his part, an Estate Surveyor, Mr Bennett Akolam, called the Federal Government to review the policy , not only because of the developers, but for those in the rural areas who don’t even know what a bank is all about.
Akolam, an estate surveyor and valuer, noted that such moves would affect the labourers who are largely unbanked and rely on daily payments for work done.
He said, “Most of our workers are roadside people; we pick them along the way. So 80 to 85 per cent of the labourers don’t have bank accounts, so they depend on cash.
“Now, if I have up to 30 workers that I want to pay and each of them will receive at least N50,000, if we do the calculation, that is N180,000, but CBN tells me that I cannot only withdraw N100,000 per day”.

By: Corlins Walter

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NIMASA Commits To Creating Enabling Environment For Maritime Business 

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7 days ago

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March 5, 2025

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The Nigerian Maritime Administration and Safety Agency (NIMASA) has affirmed that it is taking strategic steps to enhance local participation and encourage investment in the maritime sector under the supervision of the Ministry of Marine and Blue Economy.
The Director General of NIMASA, Dr. Dayo Mobereola, who disclosed this recently while receiving the Executive Members of the Nigerian Merchant Navy Officers and Water Transport Senior Staff Association, reaffirmed the Agency’s  commitment to fostering a level playing field and creating an enabling environment for businesses in Nigeria’s maritime sector.
Dr. Mobereola revealed that NIMASA is deepening its collaboration with the Nigerian Content Development and Monitoring Board (NCDMB) to explore policies that will boost indigenous involvement and strengthen Nigeria’s maritime sector.
“The Honourable Minister of Marine and Blue Economy is committed to encouraging indigenous players to invest more in Nigeria’s maritime industry. Issues such as national carriers and trade terms remain top priorities under this administration.
“Our focus is to create an enabling environment where private investors can thrive. In this regard, we have initiated discussions with the NCDMB and NNPC Limited to address these critical matters”, he stated.
He said NIMASA remains committed to fostering strategic partnerships that will enhance local investment, create jobs, and drive sustainable growth in the maritime sector.
In response, Comrade John Aleakhue Okpono, Secretary General of the Merchant Navy Officers and Water Transport Senior Staff Association, emphasized the need for closer collaboration between NIMASA and the Merchant Navy.
He also urged the Agency to review waiver clauses to ensure more opportunities for Nigerian seafarers.
Stories by Nkpemenyie Mcdominic, Lagos
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FG Inaugurates Special Committee Against Boat Accident 

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7 days ago

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March 5, 2025

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Towards enhancing safety on Nigeria’s inland waterways, the Federal Government, through the Minister of Marine and Blue Economy, Adegboyega Oyetola, has inaugurated a Special Committee on the Prevention of Boat Mishaps in Nigeria.
According to a statement on by the spokesman, National Inland Waterways Authority (NIWA), Suleiman Makama, the event, which was held at the Ministry’s Conference Room in Abuja, confirmed crucial steps taken to address the recurring challenges of boat accidents across the country.
In his address, the Honourable Minister emphasized the urgent need to stem the tide of tragic boat mishaps, which have resulted in significant loss of lives and properties.
He described the country’s waterways as vital to commerce, transportation, and livelihoods, stressing that their safety and efficiency are paramount to the development of Nigeria’s blue economy.
He noted that the establishment of this committee aligns with the 2024 International World Maritime Day theme, “Navigating the Future: Safety First”.
“The task before us is daunting, but with unwavering commitment, we can eliminate boat mishaps and ensure that our waterways remain safe, navigable, and prosperous for generations to come”, Oyetola stated.
The committee comprises key stakeholders, including state government representatives, the Association of Boat Operators in Nigeria, marine safety experts, and academics.
It will be chaired by the Managing Director of the National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, while Mr. Adams Offie, Deputy Director of Inland Waterways at the Ministry, will serve as Secretary.
The committee is tasked with conducting an in-depth review of commercial boat operations in Nigeria, identifying the root causes of boat mishaps, and proposing sustainable solutions.
In his acceptance speech on behalf of the committee, Oyebamiji assured the Minister on the dedication of members to deliver on the assignment.
He emphasized that safety on Nigeria’s inland waterways is non-negotiable, adding that NIWA, under the leadership of the Honourable Minister, has been refocused to uphold its mandate without compromise.
Acknowledging the Honourable Minister of Marine and Blue Economy for his proactive leadership, Oyebamiji noted that the establishment of the committee represents a critical step in addressing the persistent safety challenges in inland water transport.
“This is another solution-driven initiative aimed at eliminating boat mishaps on our waterways. I assure you that the confidence reposed in this committee will not be misplaced.
“At NIWA, this is an opportunity for us to intensify our efforts in reducing marine accidents to the barest minimum. On behalf of my fellow committee members, we pledge to work diligently and with utmost focus on the assigned terms of reference.
“Safety on our inland waterways is non-negotiable. NIWA has been refocused to ensure the highest safety standards, and this committee will work diligently to address the causes of boat mishaps and find lasting solutions,” Oyebamiji said.
The committee has been tasked with evaluating the root causes of boat accidents and recommending lasting solutions to enhance safety and operational standards.
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LASG Arrests Illegal Dredgers  … Issues Stop Work Order

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7 days ago

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March 5, 2025

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The Lagos State Government, through the Ministry of Waterfront Infrastructure Development, has launched a massive clampdown on illegal dredgers operating in the State, ordering them to stop work immediately.
This exercise, which was carried out by the officials of the Ministry of Waterfront Infrastructure Development, is aimed at curbing environmental degradation and promoting sustainable development across the waterfront schemes located across the coastal regions of the metropolis.
According to a statement, the enforcement operation, led by the Commissioner for Waterfront Infrastructure Development, Hon. Ekundayo Alebiosu, alongside members of his team, raided several illegal dredging sites which were subsequently shut down by the officials of the Ministry.
Some suspected dredging operators were arrested and a stop-work order was served on erring dredgers for non-compliance with laid-down regulations of the State Government.
Alebiosu warned the operators that failure to comply with extant laws guiding dredging activities could have dire effects and will result in severe penalties, including total closure of the sites.
Reacting to the claim that Dredgers are the major cause of environmental degradation in the state, including erosion and flooding, the Commissioner emphasised the need for dredging activities to be conducted lawfully to preserve roads, public infrastructure, and wetlands.
He explained that the State Government has vowed to streamline the activities of dredgers in the state to meet acceptable international standards.
“The Lagos State Government’s clampdown on illegal dredgers is a significant step towards protecting the environment and promoting sustainable development in the state.
“We will continue to carry out surveillance and raids across the coastal areas to ensure that the activities of a few don’t impact the lives of law-abiding citizens negatively”, Alebiosu stated.
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