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News_Naija

Onne Terminal Receives 6, 606-foot Capacity Vessel

The Onne Multipurpose Terminal in Rivers State has successfully hosted a 6,606-foot equivalent unit vessel named Kota Carum. The terminal operator announced this in a statement on Monday. It added that the vessel is the largest ever to berth at the Onne Federal Ocean Terminal. It said the milestone event further underscored OMT’s growing prominence as a hub for large-scale maritime trade in West Africa. According to the statement, flying the Singaporean flag, the vessel is owned by Pacific International Lines, one of Asia’s leading shipping companies. “The mega container vessel, measuring an impressive 301.43 meters in length overall, arrived at the OMT jetty utilising berths 9 and 10. Boasting a capacity of 6,606 TEUs, Kota Carum is a major addition to the line of large vessels now calling at Onne Port. “During its 55-hour port stay, the vessel will discharge 1,250 containers and load 1,619 containers, including export-bound cargo and empty containers,” the statement read in part. Speaking at a reception to welcome the vessel, Chief Operating Officer of OMT, Jim Stewart, described the call as a landmark event not only for the terminal but for Nigeria’s maritime industry at large. “We are honoured to receive the largest vessel to ever berth at Onne. Following the arrival of the Kota Cempaka last year, this achievement reflects our continued growth, our strategic investments in terminal infrastructure, and our unwavering commitment to operational excellence,” Stewart stated. Stewart emphasised that OMT’s ongoing modernisation efforts, including the acquisition of additional state-of-the-art cranes, have significantly enhanced cargo-handling capabilities and reduced vessel turnaround time. He noted the economic advantages of hosting such large vessels at Nigerian ports, explaining that direct calls by larger ships eliminate the need for transhipment via smaller feeder vessels, cutting down logistics costs and reducing freight tariffs for Nigerian importers and exporters. “This is not just a win for OMT; it’s a win for the Nigerian economy. The ability to berth larger vessels means more direct cargo movement, reduced logistics costs, and increased revenue for the country. Freight forwarders also benefit significantly, as they avoid the extra costs associated with transhipment,” he said. Stewart also expressed appreciation to the Nigerian Ports Authority for its vital support in creating an enabling environment for OMT to thrive. He called on the Federal Government to allocate more funding for channel dredging at the Onne Port to accommodate even larger vessels and further boost trade volumes. “We are fully prepared to receive vessels from any shipping line. But for us to unlock the full potential of Onne Port, additional dredging is essential. We urge the Federal Government to support NPA with the necessary resources to deepen and widen the channels,” Stewart appealed. Also speaking at the event, the Chief Pilot of Onne Port, Yakubu Ezra, reaffirmed NPA’s technical readiness to handle large vessels. “At the NPA, we are fully equipped both in training and technology to safely pilot large vessels into our ports. The successful berthing of Kota Carum is evidence of our capacity and professionalism,” Ezra said. The successful hosting of Kota Carum marks a significant leap forward for OMT and positions Onne Port as a viable gateway capable of accommodating global trade routes. As more shipping lines look toward West Africa, OMT’s infrastructure, efficiency, and strategic location continue to attract increasing volumes of international maritime traffic.

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Futbol

Doolan Puts Thistle Exit Down To Cuts & Lack Of Signings

Kris Doolan believes budget cuts and a failure by the club to strengthen in January were key factors that led to his sacking as Partick Thistle manager. Speaking for the first time since leaving the club, Doolan, 38, indicated uncertainty behind the scenes also took a toll on the players. The fans' favourite and assistant Peter MacDonald had their contracts terminated in February after a run of four matches without a win and the Jags sitting fourth in the Scottish Championship table. Under interim management team Brian Graham and Mark Wilson, Thistle are still fourth and on course for the promotion play-offs after a six-game unbeaten run. "We will move on but I am gutted, I wanted to get the club to the Premiership," Doolan told BBC Scotland. "Decisions are made behind the scenes for whatever reason, whether that is financial reasons or other bits of decision making that go on in club boards. "If you are in the play-off positions how many managers lose their jobs? But I also understand that if Partick Thistle slip out of the play-offs there are financial repercussions." Doolan took over from Ian McCall in 2023 and led the Firhill side to the Premiership play-off final, eventually losing out to Ross County on penalties. In the following season Thistle reached the play-off semi-final, where they lost to Raith Rovers on spot-kicks. The former Thistle striker was confident he would have guided the team to the play-offs again this season had he had remained in post. "If the club had finished fifth, I would have walked away," Doolan said. "I was told to make the play-offs. If we didn't make the play-offs I would have put my hands up and I would have been the one that walked away and saved the club money. "Had we strengthened in January, those [last few] results I think would have been different. "I know how to guide the team to the play-offs. Through good and bad, even with things going on in the background, decisions going on behind me - I still could keep my focus." Doolan voiced his belief at the turn of the year that Partick Thistle could still play a part in the title race. "We moved eight or nine players in December/January time and didn't bring anybody in," he explained. "It was just the club having to claw back money. "You free up money on the playing side to bring in the players to make you stronger for the next half of the season. But when you free up that money and there is no money to spend you are running with eight players less. "And we sell Harry Milne, who I think is probably one of the best left backs outside the top half of the Premiership. I think he will be brilliant at Hearts. "The three above [Ayr United, Livingston and Falkirk] strengthened massively in January. The teams below strengthened in January. "We didn't have the finances available to go and do it. To not strengthen in January I think was a big mistake for the club, and I explained that. "Regardless of what is happening behind the scenes it is always the manager that will pay the price." Partick Thistle are a fan owned club and there have been several changes at board room level over the past few years. Pre-tax losses of £131,811 and £355,834 have been reported in the past two financial years. "The biggest thing is if there is a settled set-up behind the scenes, you will get a settled team on the pitch," Doolan said. "They go hand in hand. "It is a fan-owned club and the fans will always have the biggest say, which is absolutely right. "Behind the scenes if they can settle things down and give that leadership the club needs, then the club is there to be promoted. "When there is a bit of turmoil here and there – that I have seen over the last two years – when there are changes to the board and power struggles it ultimately filters its way down."

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News_Naija

Money Supply Hits N114tn Despite CBNs Tightening Measures

Nigeria’s broad money supply rose to N114.22tn in March 2025 despite aggressive monetary tightening by the Central Bank of Nigeria, which raised the Cash Reserve Ratio to an unprecedented 50 per cent. The latest money and credit statistics released by the apex bank show that the March figure represents a 24 per cent increase when compared to N92.19tn recorded in the same month of 2024. On a month-on-month basis, the figure also rose by 3.2 per cent from N110.71tn in February. The increase was largely driven by a sharp rise in net foreign assets, which rose by 38.9 per cent to N45.17tn, indicating stronger capital inflows and possible revaluation gains. In contrast, net domestic assets declined by 11.7 per cent to N69.05tn, reflecting tighter liquidity within the domestic financial system. Despite efforts to curb inflation and control liquidity through the imposition of the highest CRR in the world, Nigeria’s monetary base continued to expand. The rise in broad money supply likely suggests that external factors—particularly growth in foreign asset holdings and government credit—have offset the CBN’s tightening measures. In the first quarter of the year, M3 grew by 2.8 per cent from N111.11tn in January to N114.22tn in March. Further data from the CBN show that the volume of currency circulating outside the banking system rose to N4.6tn in March, out of a total currency in circulation of N5.00tn. This means that 91.9 per cent of all cash in the economy was held outside the banks. It further represents a 26.7 per cent increase compared to N3.63tn held outside the banks in March 2024, when total currency in circulation stood at N3.87tn. The preference for cash has remained consistent throughout the first quarter of 2025, with January figures showing N4.74tn in cash outside banks (90.5 per cent of total), and N4.52tn in February (89.6 per cent of total). The sustained dominance of cash highlights the deep structural reliance on physical currency, particularly in informal sectors of the economy, where banking penetration and trust in digital systems remain low. While the government and the CBN have continued to promote cashless transactions and financial inclusion, the figures suggest that a significant proportion of Nigerians still operate outside the formal financial system. This trend is likely due to a mix of economic, infrastructural, and behavioural factors. With inflation rising and the cost of goods accelerating, many Nigerians prefer holding cash for immediate access and negotiation advantages. According to the National Bureau of Statistics, headline inflation rose to 24.23 per cent in March, up from 23.18 per cent in February, while month-on-month inflation jumped by 3.90 per cent. The inflationary environment, coupled with recurring issues in banking platforms—such as failed transfers, ATM errors, and poor customer service—has reinforced the public’s dependence on physical naira. Also noteworthy is the parallel growth in other monetary aggregates. M2, which includes savings and time deposits but excludes institutional holdings, rose to N114.20tn in March, compared to N91.95tn a year earlier. Narrow money (M1), which includes currency and demand deposits, also grew to N38.55tn, up by 19.7 per cent year-on-year. The persistent growth in money supply, despite the CBN’s record-high CRR, presents a policy dilemma for the Monetary Policy Committee, which is expected to meet on May 19 and 20, 2025. At its last meeting in February, the committee opted to hold the policy rate steady. However, with inflation climbing, cash remaining dominant, and foreign inflows pushing up liquidity, pressure is mounting for the CBN to take more decisive action. A rate hike is widely anticipated, though concerns remain that further tightening could stifle economic recovery and raise borrowing costs for households and businesses. The current Monetary Policy rate of 27.50 per cent charged by the CBN to commercial banks on borrowings is the fifth highest in the world, according to a member of CBN’s Monetary Policy Committee, Mustapha Akinkunmi. In Nigeria, the Monetary Policy Rate is the interest rate set by the CBN that serves as a benchmark for lending rates in the economy. It influences the cost of borrowing and the overall money supply. The MPR is the benchmark interest rate that the CBN lends to banks. It influences the interest rates that commercial banks charge their customers for loans and the rates offered on deposits. This rate, which was raised six times in 2024, is only lower than that of Argentina, with an interest rate of 29 per cent; Zimbabwe, with 35 per cent; Turkey, 45 per cent interest rate; and the highest rate of 59.4 per cent MPR in Venezuela. Akinkunmi disclosed this in the recently released personal statements of members after the 299th MPC meeting held between February 19 and 20, 2025. The seasoned economist said the rating highlights the country’s ongoing battle with inflation, currency depreciation, and economic instability. In a statement issued over the weekend at the end of its Article IV consultation mission to Nigeria, which was held between April 2 and 15, 2025, the International Monetary Fund said the CBN must maintain a tight stance to ensure that inflation continues to decline. It commended the Monetary Policy Committee’s data-driven approach and suggested that announcing a formal disinflation path could help anchor inflation expectations. “The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty. Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations,” the Fund noted.

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News_Naija

Lagos Intensifies Probe As Building Collapse Deaths Hit Seven

The Lagos State Emergency Management Agency on Monday confirmed the recovery of two dead bodies under the debris of the collapsed three-storey building at Oremeta Street in the Ojodu-Berger area of the state, bringing the total number of bodies recovered to seven. This is as the Lagos Commissioner for Information and Strategy, Gbenga Omotoso, promised that the owner of the building would face the law. The Commissioner for Information and Strategy, Gbenga Omotoso, said, “There is a procedure if there is any building collapse. The state government will find out how it happened. Naturally, the law will take its course — the owner of the building will face the law,” he said. PUNCH Metro recalls that the building, which housed the popular Equal Right Restaurant and Bar, collapsed around 9 a.m. on Saturday, trapping workers, customers, and a family of three. Residents of the area had disclosed that the building has been abandoned for more than a decade before the recent resumption of construction works at the top floor. Emergency responders had since been conducting a search and rescue operation at the scene of the incident. Giving an update on the incident on Monday, the LASEMA spokesperson, Nosa Okunbor, disclosed that two more bodies were recovered on Monday, bringing the death toll to seven and 13 people with injuries. He added that the search for bodies under the rubble has ended. He stated, “As at the time of writing this report, Monday, April 21, 2025, at 13:14hrs, the total number of victims is 20. The number of victims rescued alive is 13, comprising four adult females and nine adult males. “The number of recovered dead commodities is 7, comprising five adult females and two adult males.” Okunbor noted that the search and rescue operation was still ongoing. “Outer and inner cordons are still maintained to ensure safe operation. LASEMA Response Teams are coordinating with full participation in the search and rescue operation,” he concluded.