Maritime Agencies
MARAN Breakfast Meeting: Nigeria – China Currency Swap Deal Will Favour Trade, says CBN.
By Izuchukwu Ozoemena
The Central Bank of Nigeria (CBN) says a Nigeria-China currency swap deal has the potential to impact on Nigeria’s maritime industry by reducing shipping costs, enhancing trade efficiency, and easing foreign exchange pressure.
CBN Governor, Mr. Olayemi Cardoso, stated this in Lagos, Tuesday, while speaking at a stakeholders’ breakfast meeting organized by the Maritime Reporters’ Association of Nigeria (MARAN).
He explained that the agreement originally signed in 2018 and renewed in December 2024 enables Nigerian and Chinese businesses to conduct trade directly in Naira and Yuan (the Chinese currency), thus, bypassing the U.S. dollar.
Cardoso who was represented by Anthony Ogufere, the Special Adviser on Finance and Strategy, stated: “The swap agreement simplifies the settlement of trade transactions in local currencies and reduces the pressure on Nigeria’s dollar reserves. This, in turn, lowers the cost of doing business and enhances the competitiveness of Nigerian trade.”
The CBN Governor informed that by the end of 2024, China had become Nigeria’s largest trading partner, accounting for about 35% of total imports and reaching a trade volume of $11.58 billion. He added that the maritime sector, which handles the majority of Nigeria’s import and export activities, stands to benefit immensely through faster port clearance, improved trade finance instruments, and direct shipping links such as the Lekki Deep Sea Port—a Chinese-backed infrastructure project under the Belt and Road Initiative.
The CBN Governor, however, acknowledged that several challenges still hinder the full potential of the currency swap framework. Chief among them is Nigeria’s significant trade imbalance with China and the limited adoption of yuan-denominated transactions by Nigerian businesses. He called for greater sensitization, policy coordination, and efforts to expand non-oil exports to China.
Also speaking at the event, Mr. Martins Olajide, a representative of the Nigeria-China Strategic Partnership, offered a more cautious outlook. He noted that while the swap deal provides short-term relief and smoother trade operations, it is not a sustainable solution to the naira’s persistent depreciation.
Describing the swap arrangement as “swapization,” Olajide warned that Nigeria’s economic vulnerability and dependence on imports—especially from China—undermines the true impact of the agreement. He emphasized the need for structural reforms, particularly in industrialization, value addition, and local production.
“Without these changes, the swap deal may only reinforce economic dependence on China without solving the underlying issues,” he warned.
In his opening remarks, the Chairman of the event and Chairman of the Customs Consultative Council (CCC), Aare Akeem Olarenwaju, decried the volatility of the naira-dollar exchange rate as a major cause of the skyrocketing cost of goods in Nigeria. He called for greater public awareness of alternative currency options like the Chinese yuan.
“You can’t determine the price of goods within a few hours due to constant exchange rate changes. Today it’s ₦1,600 to a dollar, and in the next few hours, it could be ₦1,700 or ₦1,500. It’s the common people who suffer the most,” Olarenwaju lamented.
He commended the organizers for opening up conversations around trade, currency, and maritime development, urging media professionals to help educate the public on alternatives that could reduce the nation’s dependence on the U.S. dollar.
Earlier in his welcome address, MARAN President, Mr. Godfrey Bivbere, reaffirmed the association’s commitment to promoting dialogue on key economic issues. While acknowledging the swap deal’s promise in reducing transaction costs and enhancing trade efficiency, Bivbere stressed the need for a balanced discourse.
“We are not only here to applaud progress but also to interrogate policy. We must understand both the positive impact and the underlying risks associated with China’s expanding economic footprint in Nigeria,” he said.
Bivbere urged stakeholders across the maritime, trade, and financial sectors to approach the Nigeria-China currency swap with critical insight, noting that sustainable benefits would only come through policies that protect national economic interests while encouraging growth and competitiveness.
Customs
NSC Boss, Akutah, Speaks At Maritime Journalists’ Seminar, Harps on Developing Trends the Press Cannot Overlook.
By Izuchukwu Ozoemena
It has been canvassed that as the maritime industry grows in complexity, driven by digitalization, new trade realities, regulatory reforms and global logistic shifts, journalism practice within the space should toe the same line.
Dr Pius Ukeyima Akutah, the Executive Secretary/CEO of the Nigerian Shippers’ Council (NSC) stated this in a keynote address he delivered in Lagos, Thursday, during the 10th Anniversary Annual Seminar for Maritime Journalists hosted by First Mediacon Network Ltd, publishers of Shipping Position Daily.
Acknowledging that the Nigerian Shippers’ Council has benefitted immensely from the sustained and professional coverage offered by the maritime press, more collaborative efforts is needed to enhance efficiency and competitiveness in the port environment. He was represented by the agency’s Director of Special Duties, Mr Moses Abere.
”This decade-long journey affirms a simple truth: no maritime sector can advance without a strong, knowledgeable and committed media community.” Akutah added.
Strengthening maritime journalism for the future, he noted, requires technical accuracy, understanding of global practices and an appreciation of regulatory frameworks.
The journalist should also be equipped to interrogate data, utilize digital tools and apply emerging technologies such as Al in research, storytelling and analysis.
He added that in a sensitive sector such as maritime, misinformation can undermine policy, investor confidence and national economic stability.
”At the Nigerian Shippers’ Council, we remain committed to open communication and structured engagement with the media to enhance mutual understanding and sectoral development.”
Akutah assured that the NSC would continue to partner with the press through knowledge-sharing, capacity-building collaborations and joint initiatives that support a more informed and capable maritime media landscape.
”As the Port Economic Regulator, the Nigerian Shippers’ Council remains committed to promoting efficiency, transparency and competitiveness within the maritime sector.”
”We consider the media as essential partners in informing stakeholders, shaping public understanding and strengthening accountability.”
”We will continue to support credible and responsible maritime journalism and are open to meaningful engagements that enhance professionalism and knowledge within the press community.”
Dr Akabogu (left) presenting a souvenir to Dr Maiwada, National PRO, Nigeria Customs Service.
As the press celebrates
a 10-year milestone, Akutah advised, there should be a commitment to build a stronger future, one defined by accurate information, robust collaboration and shared progress.
Unveiling the Centre for Maritime Media & Capacity Development at the event, Mr Sesan Onileimo, CEO First Mediacon Network Ltd stressed the need to future-proof maritime reporting in Nigeria. The new Centre, he said, was created to respond to rapid changes reshaping journalism and the maritime sector.
“The maritime media space is evolving rapidly under the pressure of digitalisation, artificial intelligence and social media. This Centre is our bold response to ensure journalists remain knowledgeable, relevant and impactful, regardless of how long they have been on the beat,” Onileimo explained.
The Centre, he added, would not only take over the organisation of the annual seminar but would also deliver continuous, year-round manpower development programmes for maritime journalists and content creators.
“What we are doing is moving from an annual event to a permanent structure for capacity development. The Centre is also open to partnerships with industry stakeholders who share our vision of a stronger and more professional maritime media,” Onileimo added.
Dignitaries at the event included Mr Babandede, ACG Zone ‘A’ of the Nigeria Customs Service accompanied by the National Public Relations Officer, Dr Aliyu Maiwada, notable maritime lawyer Dr Emeka Akabogu (SAN) and Dr Kayode Farinto, former Acting National President of ANLCA.
Maritime Agencies
NIGERIA’S IMO FEAT: NIMASA Hails Media Contributions, Seeks Support For Sustained Momentum.
By Izuchukwu Ozoemena
The Nigerian Maritime Administration and Safety Agency(NIMASA) has acknowledged the invaluable support and contributions of Nigerian journalists, especially the maritime media, to the recent success of Nigeria at the International Maritime Organization(IMO) elections.
It could be recalled that Nigeria won the elusive category C council election at the IMO after 14 years of failed attempts.
Receiving the new leadership of the Maritime Reporters Association of Nigeria (MARAN) led by Mr Tunde Ayodele at the Headquarters of NIMASA, Edward Osagie, the Deputy Director and Head of the Public Relations Department of the agency noted that maritime media complemented the untiring efforts of the Ministry of Marine and Blue Economy and NIMASA to showcase the enormous maritime potentials of Nigeria and its capacity in maritime administration that eventually won the country the coveted global seat.
The NIMASA Chief spokesman highlighted the importance of developmental journalism to nation’s building while admonishing the media, especially maritime media, to guard against reportorial styles that could de-market the country.
”The international community is taking note of every single report we write as journalists about the country and it’s what they use to assess us as a nation.
” That is why it is imperative for us as journalists to allow patriotism and commitment to nation building guide the way we write”
He however frowned at attempt by few journalists to push wrong narrative over the recent incident of the arrest of a vessel, MT SKIPPER , detained by the United States Coast Guard (USCG)over alleged crude oil theft and other transnational crimes.
Osagie reiterated the fact that the detained vessel was neither flying Nigerian flag nor its purported owners, Thomarose Global Ventures Limited, registered with NIMASA as a shipping company.
He said that what identifies a vessel is the flag it flies and since the detained vessel did not carry Nigeria’s flag, those who tried to ascribe its ownership to Nigeria did so either out of sheer mischief or ignorance.
Osagie however lauded MARAN for its responsible journalism, acknowledging the support of its members to NIMASA despite the agency’s perceived shortcomings in their expectations.
” Despite the fact that the agency may not have met all the expectations of members of MARAN, they haven’t written negative reports on our activities and operations” Osagie noted.
” MARAN brand is a brand I am proud of and we are also proud of in the
industry. MARAN has not done badly in its reportorial duties.
”At NIMASA here, we will support anything you request and in any area we are able to support, we will support the administration for a smooth management of the association.
”And by the grace of God, we will not let you down. God bless you.God bless MARAN” NIMASA Chief image maker declared.
Ayodele has led his caretaker committee members to NIMASA to consolidate on the long-standing relationship between the agency and MARAN.
Leading his PR team to receive the MARAN leadership, Osagie expressed happiness on the visit which he believed will further boost the cordial relationship between the two parties
”I am glad that you’re here today. It’s a special day. I’m glad to have you in our midst today” Osagie enthused.
The two parties engaged in frank discussions aimed at enhancing their operations and further boost their shared values and partnership.
Ayodele informed his hosts that MARAN will continue to practise responsible journalism that will enhance the operations of NIMASA in particular and boost the credibility of the country to the outside world.
He therefore asked NIMASA to reciprocate this gesture through actions that will enhance the professional integrity and impact the welfare of his members.
Osagie however pledged the support of the agency for the new caretaker committee and the MARAN as a whole, a situation he said is in alignment with the belief of NIMASA’s management in the values which the agency shares with the association.
Maritime Agencies
OGUN 1 CUSTOMS: No Hiding Place for Smugglers, D.C.Afeni Pledges, Confiscates Exotic Cars, 2bn Worth of Contrabands in 11 Days.
By Izuchukwu Ozoemena
Barely taking over the mantle of leadership in the Ogun 1 Customs Area Command of the Nigeria Customs Service (NCS) following the transfer of Comptroller Godwin Otunla to the Murtala Muhammed Airport Command, the ‘brand new’ Acting Customs Area Controller (CAC), Deputy Controller O. O. Afeni, within 11 days, confiscated smuggled items valued at over ₦2 billion. These include exotic cars worth over N28 million. It is recalled that D.C. Afeni mounted the saddle on December 4, 2025 when he was appointed a CAC on acting capacity.
Addressing journalists at the Ogun 1 Area Command, Idiroko , Wednesday, the acting Area Controller declared a renewed crackdown on smuggling activities. He sounded a note of warning to smugglers saying that with him in charge, there will be no hiding place for perpetrators within the Command’s jurisdiction.
Different illicit items the Command intercepted include 16 parcels of heroin (16kg) valued at ₦240 million, 3,355 wraps of Cannabis Sativa worth ₦435.08 million, 2,200 kegs of foreign groundnut oil valued at ₦264 million, and 5,417 cartons of foreign spaghetti estimated at ₦162.51 million. The seizure, the Acting CAC observed underscores the command’s intensified efforts to curb the influx of illicit drugs and smuggled goods through Nigeria’s southwestern border corridors.
Also confiscated were narcotics which were handed over to the National Drug Law Enforcement Agency (NDLEA). Accepting the narcotics, the Idiroko Area Commander of NDLEA, Ekundayo Williams commended DC Afeni for what he described as spectacular seizures.
NSC Boss, Akutah, Speaks At Maritime Journalists’ Seminar, Harps on Developing Trends the Press Cannot Overlook.
NIGERIA’S IMO FEAT: NIMASA Hails Media Contributions, Seeks Support For Sustained Momentum.
OGUN 1 CUSTOMS: No Hiding Place for Smugglers, D.C.Afeni Pledges, Confiscates Exotic Cars, 2bn Worth of Contrabands in 11 Days.
Lekki Deepsea Port Set to Achieve Full Capacity Before Expectations, Deepens Barge Operations, among others.
FIGHT AGAINST FINANCIAL CRIMES: MMIA CAC Makes Huge Haul of Foreign Currencies, Hands Over To EFCC
WIKE AT 62: TSSL Celebrates Courage, Conviction and Unwavering Sense of Duty.
MARITIME SEMINAR FOR JUDGES: Group Urges Probe of Shippers’ Council Funds.
Industry Gurus Head To Badagry As BACCIMA, Portbizness Discuss Trans-Border International Trade.
OGUN 1 CUSTOMS: DC Oladapo Afeni Pledges Stronger Trade Facilitation, Border Security As He Becomes Acting CAC.
Shippers’ Council Boss, Akutah, Advocates Stronger Alternative Disputes Resolution, Bags Special Honours from NBA
MMA Customs Command Hits 100.1% of Annual Revenue Target 11 Months Before Year-End.
MARAN Dissolves Exco, Appoints An Interim Leadership.
ILLEGAL WILDLIFE TRAFFICKING: Seme Border Customs Nabs Traffickers of Lion Cubs, Patas Monkeys.
Oyetola, Iheanacho, To Lead Maritime Stakeholders To Launch MARAN’s New Book
IMPRESSIVE REVENUE DRIVE: Tincan Customs Generates ₦154.3Bn In October.
MAN, ORON: Minister, Governing Council, Celebrate Management and Cadets At 2025 Graduation Event
APFFLON Seeks Immediate Reform of CRFFN, Replacement of Registrar.
1. EXECUTIVE PLATFORM. AMES 2024: TIME TO CHANGE GOVERNMENT ATTITUDE TOWARDS SHIPPING DEVELOPMENT IS NOW, AMES President Charges FG.
2023 ELECTIONS：CILT Hosts Seminar on Logistics & Electoral Process
OMIS AWARDS, 2022: Greg Ogbeifun, Industry Gurus For Special Recognition.
FG Set To Re-establish National Shipping Line, To Take Advantage of $10 bn Annual Ship Charter Market.
B’ODOGWU TRADE PORTAL: Customs Consolidates, Pilots Form ‘M’ Processing.
INLAND WATERWAYS OFFERS NIGERIA ALTERNATIVE REVENUE SOURCE, Says Sambo
Photo News: Salah Celebration
MAN, ORON: It’s Encomiums Galore From International Seabed Authority (ISA).
WAR AGAINST OIL THEFT: Tompolo’s Company Nabs VLCC Laden With Crude Oil
PHOTO NEWS: Maritime Capacity Development
Lilypond Export Command Is Meeting Expectations, Handles 70% of Nigeria’s Total Tonnage of Export Cargo, says CAC Odusanya.
Sylvanus Ekpo, ex-Editor, Shipping World Magazine, loses Mum
BENIN SEAPORT UPDATE: Edo State Government, Host Communities, Conduct Bidders To Inspect Project Site.
MAN, Oron, Kick-starts Simulator-based Training, Commends FG, NIMASA.
SIFAX GROUP: Ojeniyi Becomes Sky Capital GMD, Omajuwa Strategy Director.
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Maritime Agencies2 weeks agoIndustry Gurus Head To Badagry As BACCIMA, Portbizness Discuss Trans-Border International Trade.
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Maritime Agencies5 days agoFIGHT AGAINST FINANCIAL CRIMES: MMIA CAC Makes Huge Haul of Foreign Currencies, Hands Over To EFCC
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Maritime Agencies2 weeks agoMARITIME SEMINAR FOR JUDGES: Group Urges Probe of Shippers’ Council Funds.
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Maritime Agencies2 weeks agoOGUN 1 CUSTOMS: DC Oladapo Afeni Pledges Stronger Trade Facilitation, Border Security As He Becomes Acting CAC.
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Maritime Agencies1 week agoWIKE AT 62: TSSL Celebrates Courage, Conviction and Unwavering Sense of Duty.
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Maritime Agencies4 days agoLekki Deepsea Port Set to Achieve Full Capacity Before Expectations, Deepens Barge Operations, among others.
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Maritime Agencies4 days agoOGUN 1 CUSTOMS: No Hiding Place for Smugglers, D.C.Afeni Pledges, Confiscates Exotic Cars, 2bn Worth of Contrabands in 11 Days.
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Maritime Agencies4 days agoNIGERIA’S IMO FEAT: NIMASA Hails Media Contributions, Seeks Support For Sustained Momentum.