Sack Fever Grips Maritime Agencies Officials As Oyetola, Asks, Jamoh, Others To Sign Performance Bond; Why CBN, Failed Under Emefiele  – Cardoso

By Stephen Ubanna

 Adegboyega Oyetola, a former governor of Osun state, formerly controlled by the ruling All Progressive Congress, APC, but now in the hands of the Opposition People’s Democratic Party, PDP, and now minister of Marine and Blue Economy, carved out from the old ministry of Transportation, appears to have used the last three months to understudy the nation’s maritime Industry and the agencies Chief Executive Officers, CEOs.

Aware that some of the CEOs of the maritime agencies who are   still occupying their positions   in the the maritime agencies, particular, the Nigerian Maritime Administration and Safety Agency, NIMASA and the Nigerian Ports Authority, NPA, were appointed by former President Muhammadu Buhari on the recommendation of Rotimi Amaechi, a former governor of Rivers state and then minister of Transportation, Oyetola had accommodated them inn the new ministry.

The minister may have shown that he can bark and bite the appointment of  Murudeen Oyebamiji, to replace George Moghalu,  as the Managing Director of Nigerian Inland Water Ways, NIWA and  Akuta Ukeyima, who took from Emmanuel Jime, as the Executive  Secretary of Nigerian Shippers Council.

He may not have pushed for the removal of Bashir Jamoh, the Director General, NIMASA, described in maritime circles and a workaholic, who had popularised the blue economy model in Nigeria and Mohammed Bello-koko, who had replaced Hajia Hadiza Bala Usman, as the Managing Director of NPA, in 2021, and now Special Adviser on Policy Coordination to President Tinubu.

The minister may have known that he needed the support of the duo to succeed in the new ministry because of their vast experience in Maritime Administration sign the performance bond to accommodate them in the new ministry, waiting for an opportunity to bite.

He may have created the opportunity to sack non-performing maritime agencies officials by asking Jamoh, the NIMASA, Director Genral and Mohammed Bello-koko, his counterpart in NPA and others to sign a ‘’performance bond  for ministerial deliverables  between now and 2007.. Tinubu, the incumbent  Nigerian President is expected to seek a re-election bid, in 2007. and the ministry of marine and Blue economy which has the support of the President has no reasomn not to deliver on its mandate.

Jamoh, DG, NIMASA, signs performance bond under the supervision of Oyetola, minister of marine and blue economy

The former Osun state governor   was said to have personally supervised the NIMASA performance bond signing ceremony at the ministerial retreat at Abuja, the Federal Capital Territory, FCT, to ensure that the right thing was done.

Given his determination to deliver on his Presidential mandate, the immediate past Osun state governor who had said that the marine and blue economy annually is estimate at more than $1.5 trillion, which may have informed why it has come with loads of responsibilities.

The minister who had told those that cares to listen that the ministry of marine and blue economy will play a key role in Tinubu’s Administration quest to earn foreign exchange to strengthen the naira which had continued to witness a free fall at the official foreign exchange market and Investment and Export window including the parallel, popular, black-market rate was said to have read the riot Act to Maritime Regulatory agency. He was said to have urged the Management of the agency to key into the vision of the ministry in achieving its mandate as set by the President.

Oetola. minister of marine &blue economy, Jamoh, DG, NIMASA,& others In A Group Pix, At Abuja ministerial Retreat

 He was said to have made it clear to Jamoh, the NIMASA boss and his Management Team that the performance bond document is what will drive ethe ministry’s carefully thought- out strategies and robust policies of the government which is in line with the present’s renewed hope Agenda.   

It was not surprising why he had said that his mandate which is to institutionalise the blue economy project, described as an important pillar for the country’s economic sustenance and growth diversification must be met.

Jamoh, the NIMASA boss was said to have given his words ‘’to deploy an effective security architecture for Surveillance of Nigerian Exclusive Economic Zone. The agency which is relying on the government procured $195 million maritime security assets which includes, 17 Fast Interception Boats, for Coastal Patrol ,16 Armoured vehicles, and Two Special Mission Vessels, operated and maintained by the Nigerian Navy. This is in addition to Two Special Mission aircrafts, three Special Helicopters and four Unmanned Aerial vehicles that are manned by the Nigerian Air Force to boost the activities of the country’s blue economy had moved into action to stop the pirates, sea robbers and other violent crimes in Nigerian waters and Gulf of Guinea

He may have taken advantage of the ministerial retreat to appeal to appeal to Management and Staff of the agency that ‘’all hands must be on deck to deliver on its mandate, now with a clearer understanding of the direction of the new ministry as he was said to have assured the minister of ‘’steady and measurable progress within the period covered by the bond’’.

The Kaduna state born technocrat, may have alluded to other areas of effective monitoring of the agency’s performance which includes the agency’s efforts in implementing the 2003 Cabotage Act, expansion of the country’s fleet, sustaining the deep blue project and developing a national policy on marine and blue economy while making his presentation at the retreat to a wide applause.

He was said to have also present to the minister other areas that could be used to measure the agency performance within the period covered by the performance bond like promoting Maritime Safety, through effective Capacity Development, and enhance Safety and Security in Nigerian waters and the Gulf of Guinea as well as Compliance to global acceptable standards amongst others.   Ever since the signing of the performance bond by the maritime ages Management Team, there are fears in both official and Unofficial circles that Oyetola, who has not found no reason to replace make changes in NIMASA or NPA, may have resorted to the policy of top maritime officials signing of performance bond to do so.

Michael Cardaso” Governor, CBN

Olayemi Michael Cardoso, a former Commissioner of Physical Planning and Budget, under Tinubu as governor of Lagos state and now governor of Central Bank of Nigeria, CBN, may have strengthened the resolve of Jamoh and his Management Team to deliver on their mandate when he spoke at the 58th annual Dinner of the Chartered Institute of Bankers of Nigeria in Lagos, the nation’s Commercial nerve centre. He had said    that the Tinubu’s Administration had projected $1 trillion economy over the seven years, meaning that it would need the collaboration of all stakeholders, particular, those in the nation’s oil and gas sector, including maritime stakeholders. 

The CBN, had said that it will be directing the Money Deposit Banks to increase their share Capital base, noting that ‘’ the fluctuating foreign exchange rate was hampering the country’s business growth’’.  He had said that   the removal of petrol subsidy and the adoption of the floating exchange rate by the government   and government policies currently being implement by the apex bank are intended to bring positive changes to the economy in the medium term.

Going by the efforts being made by the Tinubu’s Administration to rebuild the nation’s economy, which Chukwuma Soludo, a Professor of Economics, and former governor of CBN and now governor of Anambra state had described as ‘’dead’’ because of the Buhari’s Administration’s ‘’illegal printing of money ‘’, noting it was why the economy was killed.

According to him, the CBN, under the Leadership of Godwin Emefiele, suffered from corporate governance failures, diminished Constitutional autonomy, deviation from the core mandate and unorthodox use of monetary tools.  He was said to have also identified ‘’inefficient and opaque foreign exchange market that hindered clear access and foray into fiscal activities that was said to have pumped over N10 trillion into the economy through agriculture, aviation, power, youth and many others, describing it as significant challenges of the apex bank in the eight years of the Katsina state born Nigerian President.

He has promised to make the difference by tackling the bank institutional deficiencies, restore corporate governance, strengthen regulations and implement prudent economic policies, reassuring investors, and the business Community that the country’s economy   will experience significant stability in the short to the Medium as the bank calibrate its policy toolkits and far -reaching measures to strengthen the naira.


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