News
Unreported Acts of Piracy Distort overall Figures
Figures showing a reduction in Somalian piracy mask the threat that plagues the Gulf of Aden because Somalian piracy still poses a significant threat as numbers remain high and criminals remain heavily armed, said experts.
While International Maritime Bureau (IMB) statistics covering the 2012 depict a reduction in Somalian piracy, now relegating the country to second place in number of acts of overall piracy, the Danger faced from Somalian Pirates in the Gulf of Aden are as potent as ever.
The country’s pirates are still responsible for around 2/3 of the world’s hijackings, and attack more steaming ships than any other pirates in the world.
According to maritime security experts Typhon, the statistics that show a fall in the region are somewhat misleading. With the cost of piracy to business rocketing, companies are now finding ways to avoid the costly reporting process that takes place when an act of piracy has been endured.
Ant Sharp, CEO of Typhon Maritime Security explained, ”Ships who report acts of piracy are then required to dock for long periods lasting up to a year to undergo investigation. This means severe disruption at a high cost to ships carrying valuable cargo. A third of the ships hit by pirates are tankers carrying crude oil or chemical products.
“Added on to these delays is the hike in insurance premiums then suffered by the shipping company, who see their profits hit from two angles despite being the victims. This has lead to a situation where if an act of piracy takes place where no injury or heavy duty damage is sustained, it is becoming an increasingly common practice to deal with the incident internally”
Added to this issue, is that even organisations showing a decrease in piracy in the area acknowledge the importance of the anti-piracy measures undertaken by Navies.
The IMB explained the “vital presence’s of navies, and the increase in piracy that would result in its withdrawal. This warning comes simultaneously with the news that several of the worlds leading navies are likely to be withdrawing or reducing their anti-piracy measures in the area.
“It is undisputable that the imminent reduction of Naval presence around the Gulf of Aden will quickly result in increased levels of piracy. Typhon’s unique model will fill the void left by naval withdrawals as we offer a convoy system that will avoid many of the dangers associated with on board armed guards. Supported by on-shore surveillance and a mothership, fast patrol boats will meet and greet pirate ships before they reach the convoy, removing the risk of ships taking fire. As piracy diversifies, we will also offer off shore protection to rigs and port protection”
News
Coronation Report Reveals Key Role of Private Sector to Nigeria’s Infrastructure Funding
The maiden edition of Coronation group infrastructure report has revealed that the private sector has a critical role to play in infrastructure funding in Nigeria.
The report stated that the key to private-sector infrastructure investment is for dealmakers to structure transactions that offer attractive returns combined with an acceptable degree of risk, the risk often being eased by agreements supplied by infrastructure investment vehicles such a Infracorp.
The report said that the investor base can play its part, providing liquidity as part of its own efforts to create long-term returns with low relationship with public markets.
The report noted that Nigeria’s future infrastructure development depends on private capital, including capital allocated to Public Private Partnership (PPP) ventures, given the huge amounts of money required and the inability of government to provide it.
The report explained that the record of the federal government in capital expenditure over several decades highlighted the need for increasing private-sector investment, adding that public expenditure on transportation, education, hospitals, power, housing, and other essential infrastructure has not kept up with the needs of a population growing at a long-term rate.
The report said Public-private partnership differs from government capital expenditure in that it must pay for its capital, noting that it must attract private sector capital and therefore provide better returns than the risk-free returns of government debt.
According to the report, “Inflows of petro-dollars into government coffers did not translate into proportionately more being spent on capital expenditure, surely a missed opportunity. Still worse was to follow in the period 2011-2020 when the average level of public sector capital expenditure fell to 1.1 percent of Gross Domestic Product (GDP).”
News
DLM Asset Management Set to Host Webinar to Discuss Financial Stability in Times of Economic Distress
DLM Asset Management Limited, a subsidiary of DLM Capital Group, is hosting a webinar with the theme, “Maintaining financial stability in times of economic distress.” The much-awaited webinar, slated for Thursday, March 28, 2023, at 11 a.m., is going to cover the essential strategies to navigate through economic challenges and safeguarding one’s financial future.
Hosted by industry experts, the webinar will delve into the following key topics and teach attendees:
- How to adopt a proactive, knowledgeable, and adaptable approach to risk assessment and mitigation.
- How to thrive in this present economy and remain financially resilient.
- Financial planning and discipline
During its interactive Q&A session, attendees will have the opportunity to ask questions and learn more about the subsidiary’s services from the hosts and speakers of the webinar. This includes the DLM fixed income fund, which Nairametrics identified as one of the top-performing Nigerian mutual funds in 2023.
This webinar is designed for investment savvy individuals Income earners, institutional and corporate investors, high net worth individuals, and the mass retail market.
Interested parties can register for the webinar by using this link, which is currently active. Seize the opportunity to gain experience on insightful things and get ready for a rewarding encounter.
News
Firm Canvasses Affordable Technology to Drive Business Efficiency
Information Communication Technology (ICT) service provider, Thamani Consulting, has stressed the need to make technology much affordable so as to make businesses seamless and efficient.
Olubunmi Abegunde, Managing Partner of the company, averred that making technology access affordable would enhance its penetration and increase uptake of digital technologies to drive employment growth of more than 22 million Africans joining the workforce each year.
He explained that the organisation remained committed to empowering businesses to thrive in Nigeria’s dynamic environment, hence churns out innovative solutions to address business problems across disciplines.
“Leveraging 20 years of combined market experience executing successful IT Projects with local and multinational organisations, we aim to capitalise on this to improve strategic utilisation of technology in Africa and support capacity building through access to requisite information technology,” he said.
He explained further that the African region more than others need increased usage of digital technologies to level-up globally, noting that polices to drive low-end technology access must be prioritised.
“This is why we do not compromise the balance of quality, standard professionalism and yet affordability in the choice of solutions we offer to clients which include: SAP training and Implementations, Software Asset Management, Plant Maintenance Process Automation and Automation for manufacturing Industries, amongst others.”
- News2 days ago
NCC Harps on Need for Fair, Responsible AI @ World Consumer Rights Day
- News2 days ago
Firm Canvasses Affordable Technology to Drive Business Efficiency
- Telecom2 days ago
Glo 1 Runs Smoothly as Others say Normal Internet Services May Take 5 Weeks
- Telecom2 days ago
NDPC Orders Investigation into Alleged Privacy Breach at NIMC
- Telecom2 days ago
Flutterwave Taps Dipo Fatokun, former CBN Director as Board Chair
- Broadcasting1 day ago
NBC Approves First Children’s TV in Nigeria
- E-Financial2 days ago
Moniepoint Emerges Lead Sponsor of Payments Forum Nigeria – PAFON 1.0
- Telecom2 days ago
NIMC, NCC Partner to Enhance NIN-SIM Linkage Processes