Business

Regulate Petroleum Tankers’ Operations, NISE, Senator Tell Government

Published

6 years ago

July 11, 2018

Regulate Petroleum Tankers’ Operations, NISE, Senator Tell Government

The Nigerian Institution of Safety Engineers has called on all tiers of government to regulate the design, construction, operations and maintenance of petroleum tankers across the country.

As a way of addressing the problem, the Chairman, Senate Committee on Land Transport, Gbenga Ashafa, has also suggested the adoption of a multimodal/intermodal approach to freight and cargo transportation across Nigeria.

The NISE said the regulation would ensure the safety of the public particularly with respect to the frequent incidents of fire caused by unsafe petroleum tankers.

The institution, a division of the Nigerian Society of Engineers, noted that the disaster that occurred near the Otedola Bridge on the Lagos-Ibadan Expressway, on June 28, 2018, where a petroleum tanker laden with fuel, overturned and ultimately exploded, killing several people, could have been avoided.

The National Chairman, NISE, Abiodun Oyedepo, said the regulation of petroleum tankers should involve education for owners, drivers, consumer advocacy groups and all organisations using fuel tankers in the country.

He said it would also involve more active monitoring of compliance with standards and the use of incentives to encourage changes in behaviour or the imposition of sanctions to discourage undesirable behaviour.

“NISE is ready to provide support and assistance to regulators in engaging in public education, consumer advocacy and supplying competent professionals that can monitor compliance to standards or refine existing regulations to promote the achievement of safer roads,” he said.

According to Oyedepo, the design of petroleum tankers for Nigerian roads should comply with basic standards that will ensure that such tankers do not rupture or explode easily upon impact.

He added, “The Nigerian Society of Engineers has developed safety standards for petroleum tankers that can be used to specify the material suitable for construction, the thickness of plate to be used for various sizes of tankers, the nature of bulkheads to absorb impact upon the event of a collision, and the design strength for overturn protection to be incorporated in the event of a tanker rollover, among others.

“The construction of tankers should be done by certified builders who use trained welders that comply with welding standards for petroleum tanker construction. Petroleum tankers should also be driven by drivers who are trained in basic and specific safety standards while maintenance should be done by qualified mechanics who comply with basic standards for automobile maintenance.”

While commiserating with the individuals and families affected by the Otedola Bridge fire incident, Oyedepo stated that as the division of the NSE responsible for finding solutions to safety problems in the country, using engineering by Nigerian engineers, the NISE was committed to assisting the Federal Government in tackling the problem of petroleum tanker explosions and fire.

“NISE is ready and available to work with all responsible stakeholders who can play a role in eliminating the hazards of petroleum tanker fire and explosions from Nigerian roads. We are also ready to assist all stakeholders who require professional assistance in their own sphere of activities so as to improve the safety of our roads, and look forward to eliminating the menace of petroleum tanker fires on our roads,” he stated.

Also, Ashafa spoke in Abuja at a stakeholders’ summit on haulage transportation in Nigeria held at the Office of the Secretary to the Government of the Federation.

He said the suggested approach would entail a functional rail access into our ports to enable majority of the cargo entering into the country to be conveyed by rail to the closest terminals to their final destinations, from where articulated vehicles could be used to convey the cargos to their final destinations.

He also said, “I suggest that the Federal Road Safety Corps and the Nigerian National Petroleum Corporation come together with a view to inculcating mandatory safety checks on all tankers at the point of loading to ascertain the condition of the tank and the roadworthiness of the vehicles to haul the products.

“This would entail the issuance of safety certificate to each tanker for every trip to the depot, without which such tanker would not be allowed to load the products or leave the premises.”

Ashafa urged haulage companies to invest in the training and retraining of their drivers, stressing, “They must also ensure that the trucks on the road are in pristine roadworthy conditions. The lives of your drivers and other road users are of equal importance.”

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Business

How Public-Private Partnership Projects Attracted $500m Investment – FG

Published

13 hours ago

September 19, 2024

Bassey Marshall

Public-private partnership (PPP) projects appear to be of great benefit to Nigeria, particularly within the last year.

Within this period, these projects have attracted over $500 million worth of investment, according to the Infrastructure Concession Regulatory Commission (ICRC).

The Director-General of the ICRC, Dr. Jobson Ewalefoh made this known during his courtesy visit to the Minister of Interior, Hon. Olubunmi Tunji-Ojo.

During the visit, Ewalefoh felicitated with Dr. Tunu-Ojo as the latter was honoured with the PPP Icon Award.

According to him, the $500 million in investments through various PPP projects wouldn’t have been possible without Dr. Tunji-Ojo.

To ensure compliance with statutory requirements, Ewalefoh detailed that the commission will carry out a performance audit of all PPP projects

To him: “We have mechanisms in place to begin auditing PPP agreements, not to terminate them but to optimize them for national benefit. Compliance with the insurance policy is key to protecting our national assets under these partnerships.”

Minister Ojo received praise from Dr. Ewalefoh for his efforts in revenue generation and the continuation of abandoned projects.

Ewalefoh revealed that the past year has the highest number of PPP projects presented to the Federal Executive Council (FEC), a development he attributed to the efforts of the Ministry of Interior.

On the other hand, Minister Tunji-Ojo said the government is more focused on fostering private-sector participation.

To him, this will help bridge resource gaps and create a conducive environment for investments.

Key PPP initiatives within the Ministry include the e-gate system, the Advanced Passenger Information System, and the upcoming Gap Management System, as detailed by the minister.

Minister Ojo signifies that the $500 million investment recorded in the past year is just the beginning of the many benefits of the PPP initiative.

Business

Makinde Moves to Make Ibadan South-West Business Hub With N41bn Ibadan Airport Upgrade

Published

13 hours ago

September 19, 2024

Ugwoke Ogbodo

With a view to making Ibadan, the Oyo State capital the business hub of South West region, Governor Seyi Makinde has officially flagged off the N41bn upgrade of the Ibadan airport, renamed Samuel Ladoke Akintola Airport.

Speaking at the the ground-breaking ceremony for the project held at the airport premises in Ibadan, Makinde said his administration is focused on eradicating poverty in the state saying tye airport is an investment in the future.

Disclosing that the project is expected to be completed within a year, the governor noted that the project has been prioritised by his government since 2019, emphasising his commitment to transforming Ibadan into a regional business hub in the Yoruba region.

The governor stressed that the vision of his administration is fighting poverty and not the poor, admitting that there is hardship in the country of which the project, when completed, would partly contribute in tackling.

Governor Makinde posited that the airline initiative would enhance transportation and attract businesses, tourists, and investors to the region.

For the governor, the upgrade would facilitate modern touch to the airport, of which is essential for connecting the state to the global economy and drawing economic activities to Oyo.

According to him, the airport upgrade will cost N41 billion and that it is expected to enhance air travel operations and provide a reliable transportation network for both business and leisure travelers, positioning the state for economic growth and development.

Meanwhile, the Osun State Governor, Ademola Adeleke, who was the special guest at the event, described Makinde as one who actualises development projects.

He expressed willingness to collaborate with the state to explore mutually beneficial opportunities for both states.

Governor Adeleke reiterated his assurance to completing the 12 years Osun Airport project which his administration inherited, saying it would soon become a reality.

Business

Nigerians Lost ₦42 Billion To POS, Mobile Phone Frauds In 3 Month – Report

Published

24 hours ago

September 19, 2024

Bassey Marshall

The Financial Institutions Training Centre (FITC) has expressed concerns over the increasing cases of fraud in Nigeria.

This is as the institution reveals that it recorded a total of 11,532 fraud cases only in the second quarter of 2024.

In a latest report, FITC revealed that many of these frauds were linked to computers, mobile devices, and point-of-sale (POS) systems.

Also, the report revealed that these frauds did not start now.

It started in 2023 and now, like a deadly plague, it has crawled into the first quarter of 2024.

In the second quarter, the total value of fraud stood at ₦56.3 billion, a significant increase from the ₦34.8 billion reported in the first quarter of the year.

Despite efforts by financial institutions to recover the stolen funds, only ₦13.7 billion was salvaged leaving fraudsters smiling home with a whooping ₦42.6 billion.

When we talk about Mobile fraud, we mean fraud carried out via mobile apps and internet banking.

This fraud scheme accounted for 33.4% of the total cases in the report, making it the largest category.

Fraudsters who operate via POS did not disappoint.

They contributed 24.6% of the cases.

Web-based fraudsters were well represented, holding 16.9% of the total fraud incidents.

Meanwhile, via the report, FITC decried the increase in computer-based fraud as a growing concern.

The report reveals how bank branches counted their losses, with 95% of the total fraud value occurring at the branch level.

Of a truth, there have been many advancements and upgrades in technology.

Yet, fraudsters continue to excel.

We cannot help but blame this on the insiders who betrayed their organizations.

During the quarter in question, 49 employees were dismissed for their involvement in fraudulent activities.

The report also brought to light a new kind of fraud.

It is called fraud by magnitude.

Fraud by magnitude caused bank branches to lose approximately ₦54 billion.

That amount signifies a staggering 95.63% of the overall fraud amount.

Web-based fraud followed closely with losses of ₦1.2 billion (2%).

POS and mobile fraud each contributed around 1%, resulting in ₦651 million and ₦547 million losses, respectively.

On the bright side, there was a 31.8% decline in card-related fraud, but cheque and cash fraud surged significantly.

This rise in cash-related fraud reaffirms that criminals are also updating their skills as the days go by.

The big question is, what is the way forward?

For FITC the use of advanced technology, including artificial intelligence may be worth a shot.

Also, attention must be paid to proactive measures, such as bolstered security systems and continuous training of staff, as critical to reducing fraud.

As detailed in the report, fraudsters have stolen a total of ₦42.6 billion from commercial banks between April and June 2024.