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NLNG Rallies Investors for New Badagry Dockyard

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PORTHARCOURT-Nigeria LNG (NLNG) Limited has reached out to the investment community—representatives of banks and other financial institutions— promoting the potential for a new dockyard in the country.

The dockyard, for location in Badagry, follows the conclusion of feasibility studies by Royal Haskoning DHV, an independent, international engineering and project management consultancy headquartered in the Netherlands.

The studies come as one of the benefits of NLNG’s US$1.6 billion contract with shipbuilders, Samsung Heavy Industries and Hyundai Heavy Industries, for the building of six new vessels.

NLNG, leveraging on the agreement with the ship manufacturers, secured a number of lucrative opportunities beneficial to the Nigerian economy including the training of about 600 young Nigerians in various aspects of ship-building, procurement of goods from Nigerian companies and the feasibility studies for building a dockyard.

Feasibility studies for citing the dry-dock were carried out on seven places—Badagry, Lekki FTZ, Ladol Island, Ogogoro Island, Olokola FTZ, Onne, Bonny— before consultants identified Badagry as the best-in-class location for the dockyard.

“This dry-dock, when completed, holds huge potential for the investment community. Our LNG vessels and very large crude carriers (VLCC) of other companies in the oil and gas, and marine industries, which are currently maintained overseas, resulting in millions of dollars being spent overseas, will soon be maintained in-country with tangible value-adds for the Nigerian economy,” said Babs Omotowa, NLNG’s managing director and chief executive officer at the investment forum held at the proposed site for the dockyard in Badagry.

Observers of Nigeria’s maritime sector have long lamented the absence of an operational dockyard to cater for very large crude carriers (VLCCs) and liquefied natural gas (LNG) carriers as existing dockyards can only handle smaller vessels.

Lack of such a facility has meant that owners of large vessels in Nigeria and some add, the West African region, have had to pay large sums of money to docking facilities located mainly in Asia, Europe and the Americas that can accommodate such large vessels.

The dry-dockis also planned to be operated and managed according to international standards, and when operational, will generate revenue and add jobs to the economy.

“I can confidently tell you that if we have a dockyard here, Nigeria LNG with its current 13 vessels in our fleet will be one of your patrons. When our company receives its six additional vessels from Samsung Heavy Industries and Hyundai Heavy Industries, those vessels will also be maintained here. I have no doubt the other players in Nigeria’s oil and gas industry will also be looking to service and maintain their vessels at this ship yard once it becomes operational,” said Capt. Temi Okesanjo, Nigeria LNG’s General Manager, Shipping Division speaking to investors at forum to discuss the potential of the proposed dockyard.

NLNG is owned by four shareholders, namely, the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation, NNPC (49%), Shell Gas BV, SGBV, (25.6%), Total LNG Nigeria Limited (15%), and Eni International (N.A,) N. V. S. a. r. l (10.4%).

 

 

Maritime

Maritime Governance: Minister Deposits Three Accession Instruments At IMO

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The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola has deposited three Instruments of Accession to IMO Conventions signed by President Bola Ahmed Tinubu with the global body.

He did so on Tuesday, at the headquarters of the International Maritime Organization (IMO), which acts as the repository for these conventions.

This move, coming a few weeks after Nigeria declared its intention to contest election for a seat on the IMO Council, is expected to enhance Nigeria’s maritime governance and align its practices with international standards, promoting maritime safety, security, and environmental protection.

Shortly after the presentation ceremonies, Oyetola informed the IMO Secretary General, Arsenio Dominguez, of the President’s commitment to ensuring that Nigeria aligns with international maritime standards regarding maritime safety, security, and sustainable marine practices.

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He also called on the IMO to extend technical support to Nigeria.

In his words, “These instruments, duly acceded by His Excellency, the President of the Federal Republic of Nigeria, signify Nigeria’s continued commitment to aligning with international maritime standards, ensuring maritime safety and security, and promoting sustainable marine practices.

“We hereby request tailored technical cooperation under the Integrated Technical Cooperation Programme (ITCP) to enhance Nigeria’s compliance with IMO conventions and improve our maritime governance and implementation of the instruments we submitted today.”

On his part, Dominguez, acknowledged with appreciation the formal deposition of the Instruments of Accession, stating that it underscores Nigeria’s steadfast commitment to aligning with global maritime standards.

“I congratulate Nigeria for its exceptional efforts in acceding to these six critical IMO instruments. I encourage continued momentum by securing presidential assent to additional key conventions. We at the IMO remains fully committed to supporting Nigeria through technical cooperation and capacity-building initiatives to ensure the successful implementation of these instruments,” he stated.

The instruments Oyetola handed over to Dominguez include the instrument of accession to the 2005 Protocol to the Convention for the Suppression of Unlawful Acts against the Safety of Fixed Platforms Located on the Continental Shelf (SUA Protocol 2005), the instrument of accession to the International Convention on Standards of Training, Certification, and Watchkeeping for Fishing Vessel Personnel (STCW-F), and the instrument of accession to the Protocol Relating to Intervention on the High Seas in Cases of Pollution by Substances Other Than Oil (Intervention Protocol 1973).

It was gathered that three other Instruments of Accession signed by President Tinubu are undergoing further steps to complete the processes for their deposit.

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Capacity Dev’t: NIMASA Assures On Cabotage Vessel Financing Fund

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Funds accrued under the Cabotage Vessel Financing Fund (CVFF) are intact and currently held with the Central Bank of Nigeria (CBN) under the Single Treasury Account (TSA).

This assertion was made by the Nigerian Maritime Administration and Safety Agency (NIMASA), in a statement in Lagos on Tuesday.

The clarification became necessary to address “a misleading publication alleging that funds have disappeared from the CVFF account”.

ALSO READ: Okpebholo Hits Ground Running, Flags Off Edo’s 1st Flyover Bridge

The statement reads, in part, “The report of a missing money is both misleading and false.

“For the record, the Cabotage Vessel Financing Fund, securely held in the NIMASA account at the Central Bank of Nigeria (CBN), remains intact. There has been no disappearance of funds, and no illegal transactions, as the article suggests. This misinformation is a figment of the authors imagination, aimed at undermining NIMASA’s integrity, and mislead the public about the Agency’s operations.

“The Management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose. NIMASA Director General, Dr Mobereola has assured stakeholders of the safety of funds under the CVFF.”

The statement cited the DG thus, “Let us be clear that the CVFF account at the Central Bank of Nigeria is safe, intact, and secure. We at NIMASA will continue to manage it with the utmost responsibility, and there are no irregularities or illegal activities surrounding the funds. I urge the public to disregard this false narrative and to continue trusting the Agency’s ability to uphold the integrity of Nigeria’s maritime sector”.

It was gathered that the CVFF is a fund established under section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to promote the development of indigenous ship acquisition capacity and to provide credit facilities to local maritime operators.

The NIMASA, assured of its commitment “to transparency, accountability, and the advancement of Nigeria’s maritime sector.”

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Okpebholo Hits Ground Running, Flags Off Edo’s 1st Flyover Bridge

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Edo State Governor, Senator Monday Okpebholo appears eager to deliver the dividends of democracy to his constituents.

This is discernible from the frenzy of activities being witnessed in his first few days on the job, including dissolution of boards, constitution of investigative panels, flagging off of infrastructure projects, among others.

In the bid to address the perennial road traffic congestion negatively impacting economic and social activities in Benin City, the state capital, Gov Okpebholo on Wednesday flagged off the construction of a flyover bridge.

Biztellers reports that the flyover bridge around the popular Ramat Park in the city centre is the first of such in the history of Edo State.

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The Edo State Government made the disclosure in its verified handle on micro-blogging site, X, on Wednesday.

It wrote, “Traffic decongestion: Gov Okpebholo flags off first flyover in Edo.
“Edo State Governor, Sen. Monday Okpebholo has flagged off the construction of a flyover bridge at Ramat Park, Benin City, the State Capital, as part of immediate efforts to reduce traffic congestion in the city.”

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