Business
Navy seeks sustainable maritime practice to realise blue economy
The Navy, yesterday, said that there was need for sustainable maritime safety and security practices.
It spoke at a five-day maritime security and blue economy workshop at NNS QUORRA, Lagos, by International Maritime Institute of Nigeria (IMION) with Sequential Development Solution (SDS).
The workshop, with maritime stakeholders, is to enhance understanding of the blue economy and its importance to Nigeria; improve capacity to support and protect sustainable maritime activities, and strengthen cooperation with national and international maritime stakeholders.
Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, noted that realisation of objectives of the blue economy was hinged on sustained maritime security.
Represented by Flag Officer Commanding Naval Doctrine Command (NAVDOC), Rear Admral Habila Zakaria, he said some maritime crimes threaten stability and development of the maritime sector.
Piracy, Illegal, Unregulated and Unreported (IUU) fishing, Crude Oil Theft and other transnational crimes threaten the maritime sector. “Therefore, ensuring safety and security of Nigeria’s maritime domain is critical for success of Blue Economy as well as the well being of Nigerians.
“This can be achieved through collaboration, shared knowledge and integration of technologies that can combat maritime crimes while promoting sustainable economic activities,” he said.
Ogalla noted sustainable use of the vast maritime resources for improved livelihoods and economic growth offers potentials for the Blue Economy.
“This will provide possibilities for Nigeria to diversify, boost foreign exchange earning and create jobs,” he said. Director General of IMION, Rear Adm. Thaddeus Udofia (rtd), said the workshop will raise participants’ compliance with environmental regulations and sustainable practice, as well as enable them contribute to sustainable development of our maritime resources.
▪︎The Nation
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Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
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