Business
Nigeria formally Accepts WTO’s Agreement on Fisheries Subsidies
Nigeria has deposited its instrument of acceptance for the World Trade Organisation’s ((WTO) Agreement on Fisheries Subsidies.
The Agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks, and ends subsidies for fishing on the unregulated high seas.
Ambassador Adamu Mohammed Abdulhamid presented Nigeria’s instrument of acceptance to WTO Director-General, Ngozi Okonjo-Iweala in Geneva, Switzerland, yesterday.
Ambassador Abdulhamid said: “The Agreement on Fisheries Subsidies presents a unique opportunity for Nigeria to promote sustainable use of ocean resources for economic growth and the improvement of livelihoods while preserving the health of ocean ecosystem, believing that the Agreement shall put a stop to all harmful fisheries subsidies such as illegal, unreported, and unregulated fishing activities by all WTO members.”
“By this instrument of acceptance, Nigeria reassures its commitment to a rule-based multilateral trading system by guaranteeing its compliance with the Agreement as well as refraining from introducing any new subsidies that harm the marine environment while recognizing the need for appropriate and effective special and differential treatment for developing and least developed countries which can be achieved through adequate policy space to develop its fisheries sector and technical assistance and capacity building in order to implement the discipline.
Nigeria calls on other WTO members who are yet to ratify this agreement to do so as soon as possible so as to contribute to our global effort of preservation of the global fish stocks,” he said.
DG Okonjo-Iweala said: “I am profoundly grateful to Nigeria for formally accepting the WTO Agreement on Fisheries Subsidies.
I am proud to see the country’s continued commitment to sustainable development and its vote of confidence in the work of the WTO.
Nigeria’s acceptance adds to our growing tally of members that have accepted the Agreement — we have received about one-third of the total that we need for the Agreement to enter into force.
I hope that Nigeria’s action serves as an inspiration to other governments in Africa and the rest of the world to move swiftly to implement the Agreement and foster global cooperation for the benefit of our shared future.”
Nigeria is the fifth-largest African fishing nation and is estimated to lose about USD70 million each year to illegal, unreported, and unregulated fishing.
The sector accounts for as much as 5 per cent of Nigeria’s GDP and supports the livelihood of about 24 million people.
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Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,600 Sell ₦1,620
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦190 Sell ₦205
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
Central African CFA Buy ₦2,150 Sell 2,250
Australian Dollar Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.78
EUR / NGN ₦1604.54
Sterling Bank
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USD / NGN₦1350.00 ₦1370.00
GBP / NGN ₦1800.68 ₦1868.46
EUR / NGN ₦1539.16 ₦1603.07
ZAR / NGN ₦82.44 ₦87.16
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Great British Pound (GBP) ₦1,838.50
EURO (EUR) ₦1,571. 10
Swiss Franc (CHF) ₦1,680.85
Japanese Yen (JPN) ₦8.56
Chinese Yuan (CNY) ₦201.61
West African CFA (XOF) ₦2. 40
West African Union Account (WAUA) ₦1,864.27
Saudi Riyal (SAR) ₦362.22
South African Rand (ZAR) ₦84.07
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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