Maritime Agencies
Carribean Nations Applaud Dangote Refinery, Charge African Nations To Stop Exporting Raw Materials.
By Izuchukwu Ozoemena
Africa and developing countries have been charged to reverse the cycle of exporting raw materials and importing finished products from developed countries by embracing and investing in industries such as the Dangote Petroleum Refinery and Petrochemicals domiciled in the continent. This and similar establishments that process raw materials into finished products must be embraced and encouraged to blossom so as to save Africa from being a dumping ground and perpetuating a long-standing economic dependence on the developed nations.
Dickson Mitchell, the Prime Minister of Grenada and chairman, Caribbean Community (CARICOM or CC) – a political and economic union of 15 member states and five associated members throughout the Americas, The Caribbean and Atlantic Ocean, disclosed this, Thursday, at the Dangote Petroleum Refinery and Petrochemicals complex in Ibeju Lekki, Lagos.
Mitchell who was championing the efforts of Carribean countries desirous of partnering with Dangote Group in cement and fertilizer production, referred to Dangote Petroleum Refinery and Petrochemicals as a significant investment in industrialisation and manufacturing needed by developing countries for their technological and industrial growth.
It is through this type of investment, he noted, that Africa and the developing countries can reposition themselves industrially, process natural resources available in the continent, market finished products locally and beyond to the advantage of their individual economies while creating employment and broadening the continent’s foreign exchange earnings.
Mitchell said the refinery is a tribute to the President of Dangote Group, Aliko Dangote and his vision not just for Nigeria but Africa as a whole.
“This investment is a tribute to Dangote and his remarkable vision. It is the first of its kind in Nigeria and Africa, symbolising what the developing world needs: significant investment in industrialisation and manufacturing. This is an incredible achievement and a testament to Mr. Dangote’s vision, not just for his company, but for Nigeria and Africa as a whole.
Dangote, he stated, exemplifies what an African leader should be.
“We need not just political leaders, but business leaders who are willing to invest in Africa, particularly in manufacturing and industrialisation. We must ensure that we don’t continue to export our raw materials to the developed world where they can be turned into sophisticated products and sent back to us. We need to reverse that cycle; it is the only way to grow the wealth of Africa and the developing world.”
” Additionally, we need to support this with training and invest in job opportunities,” he said.
Applauding the sophistication and automation at the refinery, the Prime Minister expressed optimism for Nigeria’s future, especially given the number of young Nigerians trained and working at both the refinery and fertiliser plants. The $20 billion refinery, the largest private investment in Africa, stands out for its team of young professionals, predominantly aged between 26 and 28, most of whom hold advanced degrees and were educated in Nigeria”.
“It has been a wonderful experience to witness the shared skills, depth of sophistication, and automation here. Seeing so many bright young Nigerians, particularly in the laboratories, is truly inspiring. I believe this bodes well for the future development of Nigeria,” he added.
Mitchell stated that the Caribbean Community would be exploring partnership opportunities with the Dangote Group to enhance its economy.
“One of the reasons I am here is to pursue synergies and partnerships between the diaspora and Africa, particularly in areas such as the refinery, cement, and fertiliser. We believe there are fantastic opportunities to develop partnerships between the Caribbean and Africa,” he added.
On his part, Dangote described the visit as symbolic, noting that many Caribbean countries are beginning to discover crude oil and are exploring opportunities to build their own refineries. This would help them address the challenge of exporting crude while importing refined petroleum products at high costs.
“The visit shows that many countries are proud of what we have been able to achieve because a lot of countries have been unable to deliver their refineries. It shows their pride in seeing a Black person like them at the Caribbean, although I am from Nigeria, succeed. For them, this is a dream, especially as many Caribbean countries are beginning to discover oil but still depend largely on exporting crude while importing petroleum products, which is costlier than in America. Their dream is to set up a refinery—perhaps not of this size—but one that would cater to their people,” he said.
Africa’s wealthiest man emphasized that the company is looking for partnerships in the Caribbean not only in petroleum products but also in cement and fertilizer production. He mentioned ongoing discussions about importing crude from these countries while supplying them with refined products.
“There are numerous partnerships in place. He is not only the Prime Minister of Grenada but also the Chairman of the Caribbean Community (CARICOM). We are exploring collaboration in areas such as cement and petroleum, including the possibility of buying crude from them while selling some of our petroleum products to them. We already export to the U.S., Mexico, and other regions, so there is significant collaboration we are looking to develop between us and them.”
The 650,000 barrels per day (bpd) Dangote Oil Refinery—the largest single-train refinery in the world—is designed to process a wide variety of crude oils, including those from Africa, the Middle East, and US Light Tight Oil. It conforms to Euro V specifications and is built to meet stringent standards set by the US Environmental Protection Agency (EPA), European emission norms, the Department of Petroleum Resources (DPR), and the African Refiners and Distributors Association (ARDA).
The refinery has the capacity to satisfy 100% of Nigeria’s demand for petrol, diesel, kerosene, and aviation jet fuel, with additional surplus available for export.
Maritime Agencies
Customs FOU Zone ‘A’ Hits Smugglers Hard, Confiscates 23, 220 Matchettes, Other Contrabands Worth over N6.19bn.
By Izuchukwu Ozoemena
Acting Controller, Federal Operations Unit Zone ‘A’ of the Nigeria Customs Service, Deputy Comptroller O.O.Afeni has extolled the importance of intelligence-driven enforcement, improved surveillance, risk-based examination, stricter compliance checks and stronger collaboration with relevant government agencies in anti-smuggling operations.
Deputy Comptroller Afeni stated this in Lagos, Tuesday, during his maiden press engagement since assumption of duty.
Between September 30 and November 3, he announced, the Unit recovered ₦683.66 million following enhanced compliance checks, stricter scrutiny of import declarations, correction of under-valuations and issuance of demand notices.
195 smuggling attempts involving prohibited and restricted goods with a Duty Paid Value (DPV) of ₦6.19 billion, he explained, were foiled following four weeks of intensified enforcement operations
Seizures made, he stated, included 5,986 parcels of Cannabis sativa and indica weighing 3,407.83 kilogrammes, 3,028 bags of imported rice weighing 50 kilogrammes each, 995 bags of 25 kilogrammes, 104 bags of 20 kilogrammes and 207 bags of five kilogrammes.
Others were 6,949 cartons of spaghetti, 459 bales and 39 jumbo sacks of second-hand clothing, 23,220 pieces of new matchets, 1,236 used tyres, 21 foreign-used vehicles and 1,250 cartridges of Red Star 12-calibre ammunition.
Other seized items included 57 cartons, 37 packs and six pieces of codeine syrup; 400 grammes of cocaine; 100 grammes of methamphetamine; 250 cartons of Lotus sardines without NAFDAC numbers; 173 cartons of imported frozen poultry products; and 8,025 litres of Premium Motor Spirit (PMS).
Additional interceptions comprised 101 bags of imported sugar weighing 50 kilogrammes each, 12 bags of Grain Oat products weighing 25 kilogrammes each, eight bags of imported creamer powdered milk weighing 25 kilogrammes each, eight live pangolins, 20 cartons of couscous, 33 used rims and one 40-foot container, number SEG U5347239, containing 2,760 pieces of office chairs in Completely Knocked Down (CKD) form.
Eleven means of conveyance were also intercepted.
Deploring the quantum of narcotics intercepted and the risk on public health, Afeni cited the United Nations Office on Drugs and Crime (UNODC) World Drug Report 2025 which identified cannabis as the most available and widely used drug which accounts for an estimated 42 per cent of drug use disorder cases worldwide.
He said the interception had helped prevent the circulation of dangerous substances and their associated social and health consequences.
He gave kudos to the NDLEA, Police, Nigeria Immigration Service, the Army, DSS, NAFDAC, NESREA and other sister agencies for their collaboration.
Afeni assured compliant importers, licensed customs agents and other members of the trading public that the Unit would facilitate legitimate trade but would not tolerate duty evasion, false declarations or activities that threaten national security.
He commended the Customs Comptroller-General, Bashir Adewale Adeniyi, and the NCS management for the confidence reposed in him, while praising officers of the Unit for their courage, professionalism and commitment to duty.
Members of the public, he requested, owe Nigeria a duty to report suspicious activities and support lawful trade even as he warned smugglers and economic saboteurs that Customs is ever prepared to disrupt their networks for the overall interest of the nation.
Maritime Agencies
Oyetola, Omatseye, Akabogu, Other Dignitaries To Attend Network of Nigerian Maritime Journalists Unity Conference in Lagos.
By Izuchukwu Ozoemena
Come November 13, 2026, the Network of Nigeria Maritime Journalists (NNMJ), an umbrella body of all maritime journalists, will convene her Unity Conference.
Venue is the Airport Hotel, Ikeja, Lagos.
This is contained in a release jointly signed by Dele Aderibigbe and Jerry Aguigbo, NNMJ’s President and Publicity Secretary respectively.
The Conference is aimed at bringing together maritime industry regulators, policymakers, outstanding industry leaders and other stakeholders to examine the future of Nigeria’s maritime sector.
Key themes include a special focus on the performance, policy direction and operational efficiency of the maritime industry under the new Marine and Blue Economy Ministry with particular emphasis on port modernisation, empowerment and training programmes, trade facilitation and revenue generation.
Barr Temi Omatseye
The Special Guest of Honour is HE Adegboyega Oyetola, the Minister of Marine and Blue Economy while the former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Barrister Temisan Omatseye, will chair the conference.
Renowned maritime lawyer, Barrister Emeka Akabogu, SAN, is billed to deliver the keynote address.
Emeka Akabogu, SAN
The event whose theme is “Seaport Modernisation, Trade Facilitation and Revenue” is expected to provide a platform for constructive engagement among government officials, maritime professionals and private-sector operators on practical strategies for strengthening Nigeria’s maritime industry. It will also role out ways and means to maximise the contributions of the Ministry and the sector to national economic growth.
Key areas of discussion will include the modernisation of seaports and the renewal of critical infrastructure, improved trade facilitation, enhanced ease of doing business, revenue growth and measures to curb financial leakages.
Participants will also examine opportunities for expanding the marine and blue economy, creating employment, strengthening maritime safety and security, and improving the overall competitiveness of Nigeria’s maritime sector.
Dele Aderibigbe, President, NNMJ
The conference is also expected to reinforce the role of the maritime media in promoting accountability, providing informed industry analysis and advancing constructive engagement on policies and reforms affecting the nation’s marine and blue economy.
The event tagged the Unity Conference enables the NNMJ to encourage informed dialogue, strengthen collaboration among public and private-sector stakeholders, and promote policy initiatives that will enhance port efficiency, facilitate legitimate trade, improve revenue performance and unlock the economic potential of Nigeria’s maritime sector.
Maritime Agencies
SCAN SUMMIT, 2026: Conversion to Earn Higher Interest Rates, the Bane of the CVFF, Omatseye says.
By Izuchukwu Ozoemena
As the back-and-forth surrounding the disbursement of the Cabotage Vessel Financing Fund (CVFF) keeps playing out, a light has been shed on the actual worth of the accrued sum, talking about the Dollar value, its Naira equivalent, among other things and the impact this could have in determining the number of beneficiaries and the eventual achievement of the objective.
Ship owner and former Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Temisan Omatseye, offered the clarification in Lagos, Thursday, at the 2026 edition of the Annual Summit of the Shipping Correspondents’ Association of Nigeria (SCAN) whose theme was ‘Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks’.
Barrister Omatseye explained that contrary to pervading impressions, the $350 million CVFF was not retained in dollars. It was converted into naira to earn higher interests, leaving its dollar value exposed to the vagaries of exchange rate.
The decision to convert the funds into naira was driven by the significantly higher interest rates available in the domestic market at the time compared with dollar deposits internationally.
At the time when calls for the disbursement of the CVFF was at the peak, he explained, interest rates in Nigeria stood between 23 and 25 per cent while dollar-denominated investments offered returns of about one to two per cent. The strategy was to convert dollar CVFF receipts to naira to maximise interest earnings in the domestic financial market.
“Interest rate at that time was quite high, 23 per cent, 24 per cent, 25 per cent. And interest rate in dollars was about one or two per cent. Dollar interest rate is very, very low internationally,” he said.
Dollar receipts were changed to naira while the overall proceeds were lodged into local currency accounts which guaranteed higher interest rates. But the naira depreciation of 2023, significantly affected the fund’s value when measured in dollars. He cautioned that the original $350 million valuation could not be assumed to remain unchanged because the funds were held in naira rather than dollars.
“So you cannot be looking at $350 million as of 2019 to be the same $350 million today, because the money is held in naira,” he said.
Omatseye urged stakeholders to distinguish between the fund’s historical dollar valuation and its current value, explaining that the latter would depend on the actual naira balance and the prevailing exchange rate.
“When you guys speak of $350 million, CVFF is not held in dollars. It’s in naira, and at the present exchange rates, keep your realistic eye,” he said.
He added that determining the fund’s current dollar equivalent required converting the available naira balance at the applicable exchange rate. The former NIMASA director-general also noted that any claims about an increase in the fund’s value should be established through verifiable financial records.
Speaking through Mrs Anastasia Ogbonna, Director of Press at the Federal Ministry of Marine and Blue Economy, the Minister, H.E.Adegboyega Oyetola reaffirmed the Federal Government’s commitment to accelerating the disbursement of the CVFF to qualified indigenous shipowners. Oyetola announced that he had directed NIMASA to commence the disbursement process to eligible beneficiaries as, according to him, President Bola Tinubu was committed to building a competitive maritime sector that would enable Nigerian entrepreneurs participate meaningfully in domestic and international shipping.
Access to long-term financing at commercially- sustainable rates, he added , remains a major challenge for indigenous shipowners because vessel acquisition requires substantial capital, while high borrowing costs, collateral requirements and lengthy repayment periods place operators at a disadvantage.
He said the government had taken concrete steps to operationalise the CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to support indigenous vessel ownership.
Oyetola disclosed that in January 2026, a dedicated application portal was launched to promote transparency, accessibility and efficiency in the process, while the number of approved Primary Lending Institutions (PLIs) was increased from five to 12. He added that NIMASA had been directed to work closely with the approved lending institutions to accelerate the assessment of applications and disbursement to qualified beneficiaries. However, he stressed that the fund must be administered with transparency, rigorous due diligence and prudent risk management, describing it as a revolving facility whose sustainability depended on responsible borrowing, repayment and accountability.
“Our commitment to the effective implementation of the Cabotage Act remains equally firm. We recognise that protecting the legitimate participation of Nigerians in domestic shipping must go hand in hand with building their financial, technical and operational capacity, ” he said. Oyetola also urged financial institutions to develop financing products suited to the commercial realities of the maritime industry and called on shipowners to embrace sound corporate governance, proper financial reporting and disciplined repayment practices. He said reducing investment risks required more than making funds available, stressing the importance of a predictable regulatory environment, credible business plans, transparent financing arrangements, effective insurance and reliable revenue streams.
Beyond the CVFF, the minister said the government was pursuing broader initiatives to strengthen indigenous participation in shipping, improve maritime safety, develop Nigerian seafarers and expand services supporting vessel ownership and operations.
He also disclosed that the government was exploring a commercially driven national shipping line initiative based on private capital, professional management, strategic partnerships and international expertise. The initiative would complement indigenous operators, expand Nigeria’s shipping capacity and operate on a sustainable commercial basis. Oyetola said the government’s broader objective was to encourage greater Nigerian ownership of vessels capable of serving domestic trade and competing in international shipping, while creating more opportunities for Nigerian seafarers to gain sea-time experience and secure employment. He called for stronger collaboration among government, shipowners, financiers, regulators and industry professionals to remove regulatory and financial bottlenecks, strengthen indigenous shipping and ensure that Nigerians secure a greater share of opportunities in the maritime economy.
Customs FOU Zone ‘A’ Hits Smugglers Hard, Confiscates 23, 220 Matchettes, Other Contrabands Worth over N6.19bn.
Oyetola, Omatseye, Akabogu, Other Dignitaries To Attend Network of Nigerian Maritime Journalists Unity Conference in Lagos.
SCAN SUMMIT, 2026: Conversion to Earn Higher Interest Rates, the Bane of the CVFF, Omatseye says.
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