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
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.
Maritime Agencies
Dredgers’ Body Disowns Report Alleging Extortion Against Lagos Commissioner Alebiosu, Cardoso.
By Izuchukwu Ozoemena
The Dredgers Association of Nigeria (DAN) has distanced itself from a report entitled ‘Dredgers Association Appeals to Sanwo-Olu Over Alleged Extortion, Urges Governor to Call Alebiosu, Cardozo to Order’, published on October 23, 2026 by some online blogs.
In a disclaimer jointly signed by Batare Akpomejero and Richard Ntan, National President and Secretary respectively, the Association categorically stated that the publication is fake and could not have originated from its National Leadership or any authorised organ of the dredgers’ body.
DAN clarified that it neither authorised, approved nor issued any petition or press release accusing Hon. Ekundayo Alebiosu, Commissioner for Waterfront Infrastructure Development, Lagos State, and Mr. Cardozo of harassment, intimidation or extortion of dredgers and tipper operators.
The Association further stated that it had no record of the alleged impounding of trucks and demand for ₦500,000 as reported in the publication, adding that it completely dissociated itself from the claims.
Reaffirming its relationship with the Lagos State Government under the leadership of Governor Babajide Olusola Sanwo-Olu, DAN described its engagement with the government and the Ministry of Waterfront Infrastructure Development as cordial and collaborative.
On matters relating to dredging regulations and the interpretation of Supreme Court judgments concerning shoreline authority, the Association explained that discussions were being pursued through appropriate institutional channels and dialogue with relevant federal and state authorities, rather than through media confrontations.
Consequently, DAN has disclaimed the report in its entirety, urging the public, the Lagos State Government, Hon. Alebiosu and other stakeholders to disregard the publication as a statement issued on behalf of the Association.
DAN also expressed regret over any embarrassment, inconvenience or reputational damage the publication may have caused the Lagos State Government, the Honourable Commissioner and other officials mentioned.
It reaffirmed its commitment to promoting lawful, sustainable and collaborative dredging operations across Nigeria, while maintaining constructive engagement with relevant authorities and stakeholders.
By Izuchukwu Ozoemena
The National Inland Waterways Authority (NIWA) is committed to translate maritime policies into practical results as part of efforts to ensure safer waterways, reliable infrastructure and sustainable economic growth.
NIWA Acting Managing Director, Alhaji Yusuf Girei made the commitment while congratulating stakeholders in his goodwill message during the 2026 World Maritime Day celebration.
This year’s celebration whose theme was“From policy to practice: Powering excellence,” has in attendance was graced the Minister of Marine and Blue Economy, His Excellency Dr. Adegboyega Oyetola, CON; the Ministry’s Permanent Secretary Mrs. Fatima Sugra Mahmood, FSM, MCIPM; Chairperson and Keynote Speaker, Mrs. Mfon Usoro; Directors and Heads of Departments, CEOs of Parastatals under the Ministry, members of the diplomatic corps, industry stakeholders and the media.

“This year’s theme,” Alhaji Girei said, “reminds us that strong policies create value only when they are translated into meaningful action. In the maritime sector, that means safer waterways, reliable infrastructure, environmental stewardship and services that support trade and economic growth.”

He noted that NIWA remains committed to working with State Governments, industry stakeholders, host communities and development partners to improve navigation, strengthen safety standards, modernise facilities and protect the waterways on which many livelihoods depend.
Speaking about excellence in the maritime sector, he described it as a shared responsibility that requires skilled professionals, effective regulation, investment in innovation and a culture that places safety and sustainability at the heart of operations.

“By working together, we can build a maritime sector that is competitive, inclusive and prepared for the future,” he added.

He commended President Bola Ahmed Tinubu, the Minister of Marine and Blue Economy, the Permanent Secretary and all stakeholders whose commitment keeps the maritime industry moving, and urged participants to turn shared ambition into practical results.
The celebration peaked when Alhaji Girei joined in the award presentation for the Primary School Children’s Essay Competition category sponsored by NIWA. The first position went to Idris Jibril Oladimeji of Holy Cross Primary School, Lagos, who won N200,000 cash and a laptop computer. The second position went to Suleiman Aisha of St. Paul’s Anglican School, Lagos Island, who received N150,000 and a laptop computer, while the third position went to Yahaya Aliyah of St. Mathias Girls Primary School, Lagos, who received N100,000 cash and a laptop computer.
On behalf of the Board, Management and Staff of NIWA, he wished all stakeholders a successful World Maritime Day celebration.
SCAN SUMMIT, 2026: Conversion to Earn Higher Interest Rates, the Bane of the CVFF, Omatseye says.
Dredgers’ Body Disowns Report Alleging Extortion Against Lagos Commissioner Alebiosu, Cardoso.
2026 World Maritime Day: Nigeria Subscribes to Safer Waterways and Excellence.
NAGAFF President, Chief Ezisi, Visits PTML Customs, Urges Deepened Customs-Freight Forwarders Partnership.
Ogun 1 Customs Hits Smugglers Hard 15 Days into New Leadership, Intercepts N3.15 bn Contrabands.
Lekki Port Customs Confiscates 400kg of Suspected Cannabis Sativa Worth over N2.26bn, Hands over To NDLEA.
MARAN Trains Members at Shipping Institute, Pledges Sustained Capacity Building.
Deputy Comptroller Nkiru Nwala Takes Over C’River, Calabar FTZ and Akwa Ibom Customs Command, Succeeds Comptroller Momodu Dauda.
The Price Of The Byline: When Journalists Cannot Afford To Live
Operation Whirlwind’ Auctions 22,175 Litres of PMS, Deepens Fight Against Petroleum Products Smuggling,
NIGERIA @ 66: AMBO Media Front Pinpoints Signs of a Prosperous Future .
CHANGE OF BATON AT OGUN 1 CUSTOMS: A.A.Ibrahim Succeeds O.O.Afeni, Pledges Intelligence-Driven Enforcement.
SPORTS: Group Unveils United Nigeria Airlines Ndigboamaka Traders’ Cup, 2026.
Traders’ Umbrella Group Evaluates State of the Nation, Expresses Serious Concerns of the Trading Public.
Tantita’s Oil Pipeline Surveillance Yields Huge Dividend, Shoots Nigeria’s Q2 Oil Exports Earnings To $9.39bn.
Ehingbeti Summit: Stakeholders Say Coastal Communities Need Funding for Development.
JANUARY-MAY REPORT: Seme Customs Hits N2.6bn, Facilitates ₦35.1bn Exports.
2023 ELECTIONS：CILT Hosts Seminar on Logistics & Electoral Process
ABUJA MoU: WE FUNCTION BEHIND A MASK, says Capt Umoren
HALF YEAR, 2024: Apapa Customs Nets ₦1.024 Trillion, Records 143% Increase.
1. EXECUTIVE PLATFORM. AMES 2024: TIME TO CHANGE GOVERNMENT ATTITUDE TOWARDS SHIPPING DEVELOPMENT IS NOW, AMES President Charges FG.
B’Odogwu: Apapa Customs Collects ₦161b in 3 Weeks, Assures of Improvements .
B’ODOGWU TRADE PORTAL: Customs Consolidates, Pilots Form ‘M’ Processing.
PTML Customs Hits Over N350Bn in 9 Months, Intercepts ₦200m Illicit Pharmaceuticals,
IMPRESSIVE REVENUE DRIVE: Tincan Customs Generates ₦154.3Bn In October.
APFFLON Seeks Immediate Reform of CRFFN, Replacement of Registrar.
OMIS AWARDS, 2022: Greg Ogbeifun, Industry Gurus For Special Recognition.
Adesuwa Ladoja Becomes MD/CEO, Lagos Free Zone.
PHOTO NEWS: Maritime Capacity Development
Information Minister Highlights President Tinubu’s Achievements, says 2025 Is A Year of Consolidation.
Photo News: Salah Celebration
Mama Theresa Enisuoh Due For Burial April 27
-
Maritime Agencies3 weeks agoDeputy Comptroller Nkiru Nwala Takes Over C’River, Calabar FTZ and Akwa Ibom Customs Command, Succeeds Comptroller Momodu Dauda.
-
Maritime Agencies3 weeks agoMARAN Trains Members at Shipping Institute, Pledges Sustained Capacity Building.
-
Maritime Agencies2 weeks agoOgun 1 Customs Hits Smugglers Hard 15 Days into New Leadership, Intercepts N3.15 bn Contrabands.
-
Maritime Agencies3 weeks agoThe Price Of The Byline: When Journalists Cannot Afford To Live
-
Maritime Agencies2 weeks agoNAGAFF President, Chief Ezisi, Visits PTML Customs, Urges Deepened Customs-Freight Forwarders Partnership.
-
Maritime Agencies2 weeks agoLekki Port Customs Confiscates 400kg of Suspected Cannabis Sativa Worth over N2.26bn, Hands over To NDLEA.
-
Maritime Agencies1 week ago2026 World Maritime Day: Nigeria Subscribes to Safer Waterways and Excellence.
-
Maritime Agencies5 days agoDredgers’ Body Disowns Report Alleging Extortion Against Lagos Commissioner Alebiosu, Cardoso.