Business

Nigeria formally Accepts WTO’s Agreement on Fisheries Subsidies

Published

3 years ago

June 13, 2023

441 Views

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.

Business

Nigeria Customs Service to retire 1,516 officers

According to the documents, officers across all cadres, from the rank of Deputy Comptroller-General to Customs Assistant II, will exit the service in line with statutory retirement provisions.

Published

1 hour ago

June 22, 2026

OCHEFA

4 Views

The Nigeria Customs Service will disengage 1,516 officers nationwide over the next two years.

The retirement notices were contained in two circulars issued by the Service’s Human Resource and Development Department and signed by the Comptroller, Establishment, A.A. Bazuaye, on behalf of the Deputy Comptroller-General, Human Resources and Development.

According to the documents, officers across all cadres, from the rank of Deputy Comptroller-General to Customs Assistant II, will exit the service in line with statutory retirement provisions.

The first document, Circular No. HRD/2025/048 dated September 19, 2025, contains the final list of 825 officers scheduled to retire in 2026.

A second Circular No. HRD/2026/020 dated May 26, 2026, forwarded a draft list of 691 officers due for statutory retirement in 2027.

In both circulars, the Service directed affected officers to proceed on mandatory pre-retirement leave in accordance with Public Service Rule 100238 and Federal Government Circular No. 63216/S.I/X/T; CR 1/2001/5 of March 20, 2001.

The officers were further directed to ensure compliance and forward their three-month pre-retirement notice to the Comptroller-General of Customs accordingly.

Business

Naira Today Rates To Foreign currencies Monday, 22 June 2026

Black Market:
US DOLLAR (USD) ₦1, 400

Published

2 hours ago

June 22, 2026

OCHEFA

11 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,370.46

GREAT BRITISH POUND (GBP) ₦1,814. 76

EURO (EUR) ₦1,571.50

SWISS FRANC (CHF) ₦1,699.68

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦202.43

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,852.57

SAUDI RIYAL (SAR) ₦365.10

SOUTH AFRICAN RAND (ZAR) ₦83.11

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,860 Sell: ₦1,880

EURO (EUR) Buy ₦1, 585 Sell ₦1, 605

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Business

UPDATE : Polaris Bank Debunks Reports of 34 Deaths in Lagos Branch Fire

Published

3 days ago

June 19, 2026

Charles Flames

56 Views

Polaris Bank has strongly dismissed as false and misleading social media reports claiming that over 34 people died in a fire incident at its Broad Street branch on Lagos Island.

In an official statement, the bank confirmed that there were no casualties or fatalities recorded during the Thursday fire outbreak.

“The reports claiming that over 34 persons were feared dead are false and misleading. We confirm that there were no casualties or fatalities,” the bank stated.

The fire, which reportedly started from a vehicle in the building’s parking area, was swiftly contained by the Lagos State Fire Service with minimal damage to the facility. Operations at the branch are expected to resume normally soon.

The bank urged the public to rely on verified official information and disregard unconfirmed rumours circulating on social media.

This incident follows heightened public sensitivity to fire outbreaks in Lagos following previous tragic events in the area. Authorities have not yet disclosed the exact cause of the fire, but investigations are ongoing.