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No Such Deals Exist, Maersk Debunks $600m Investment Agreement with Nigeria

Published

2 years ago

April 30, 2024

Eric

A report from Lloyd’s List has debunked the statement of the President Bola Tinubu-led Federal Government that Maersk has concluded and signed an agreement for a $600 million into the port sector.

The paper’s report reads:

A $600m investment into Nigeria’s port sector from Maersk, announced personally by the West African state’s president Bola Tinubu on Sunday, appears to be less solid than the government initially claimed.

Despite a presidential statement from Tinubu detailing how he had secured the purported investment during a World Economic Forum meeting in Riyadh over the weekend, Maersk officials have confirmed that no such agreement is in place and no deals have been signed.

The Nigerian government statement detailed how A.P Moller-Maersk chairman Robert Maersk Uggla had discussed the investment with president Tinubu on the sidelines of a meeting discussing energy development and growth. The statement even included a direct quote attributed to Uggla saying: “We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships”.

But according to Maersk, that deal does not exist.

Company officials said while Uggla did meet the president, no such deal had been signed.

“Maersk has been present in Nigeria for 35 years and, as a global provider of logistics services, we remain committed to develop opportunities for growth to people, the port sector and businesses locally,” the company said in a statement to Lloyd’s List.

“Therefore, it is natural to have an ongoing dialogue with the administration. However, we are not able to comment on any investment talks.”

Maersk is due to report first-quarter results on Thursday, meaning that management are in a regulatory quiet period limiting what they can say publicly about the company’s activities.

Nigeria has promised to revamp its ports, including in the commercial capital Lagos, to ease congestion.

Tinubu’s statement explained that his government would support the modernisation and automation of its ports to improve trade, reduce corruption and boost efficiency. He claimed that the purported Maersk investment would “complement the administration’s ongoing $1bn investment in seaport reconstruction across the eastern and western seaports of Nigeria”.

“A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere,” he said. “We need to encourage more opportunities for revenue expansion and minimise trans-shipments from larger ships to smaller ships.”

Featured

Dangote Launches Historic ₦1trn Scholarship Scheme for 1.3m Students

Published

8 hours ago

December 12, 2025

Eric

The Chairman of the Aliko Dangote Foundation (ADF), Aliko Dangote, has launched a ₦1 trillion scholarship programme targeting more than 1.3 million Nigerian students over the next decade.

The initiative, the largest private-sector education support scheme in Nigeria’s history, will begin in 2026 with ₦100 billion disbursed annually across all 774 local governments.

The programme focuses on vulnerable learners, supporting undergraduate STEM students, technical trainees, and secondary school girls through tuition aid, study materials, and essential learning supplies.

It will be implemented through a fully digital, merit-based system in partnership with NELFUND, JAMB, NIMC, NUC, NBTE, WAEC and NECO.

Dangote said the intervention is a strategic investment in Nigeria’s future, stressing that financial hardship—not lack of talent—is the major barrier keeping many young people out of school. He added that 25 percent of his wealth has been committed to sustaining the Foundation’s long-term programmes.

Vice President Kashim Shettima described the scheme as a transformative act of nation-building, noting that it complements government reforms in basic, tertiary and technical education.

Education Minister Tunji Alausa said the programme aligns with the administration’s goal of transitioning Nigeria into a knowledge-driven economy, while Lagos State Governor Babajide Sanwo-Olu, speaking on behalf of his colleagues, pledged the governors’ full support.

Traditional rulers including the Emir of Lafia, Justice Sidi Dauda Bage, who chairs the programme’s steering committee, and the Ooni of Ife, Oba Adeyeye Ogunwusi, praised the initiative as unprecedented in scope and impact.

UN Deputy Secretary-General Amina Mohammed also commended the scheme, saying it will create conditions for children to learn and families to thrive.

The scholarship initiative reinforces the Aliko Dangote Foundation’s mission to expand opportunities, drive social impact and improve the wellbeing of communities across Nigeria.

Featured

Yakubu, Fani-Kayode, Ikpeazu, Others Scale Senate Screening Hurdle for Ambassadorial Positions

Published

23 hours ago

December 11, 2025

Eric

The Senate Committee on Foreign Affairs, on Thursday, approved the nomination of former Minister of Aviation, Femi Fani-Kayode, for appointment as ambassador.

Other nominees cleared by the committee include former Minister of Interior Abdulrahman Dambazau, ex-special adviser on new media to former President Goodluck Jonathan, Reno Omokri, former presidential aide, Senator Ita Enang, and Senator Grace Bent.

Also confirmed were former INEC Chairman, Mahmood Yakubu; former Governor of Enugu, State Ifeanyi Ugwuanyi, and former Governor of Abia State, Victor Okezie Ikpeazu, among others.

The screening session, conducted in batches of five nominees each, experienced a mild drama during Omokri’s turn.

Senators Mohammed Ali Ndume and Adams Oshiomhole openly disagreed on how his clearance should proceed.

After Omokri’s batch had introduced themselves, Ndume moved a motion to allow the nominees to take a bow and leave.

Some senators, including Oshiomhole, indicated they wanted to comment.

The Committee Chairman, Senator Abubakar Sani Bello, recognised Oshiomhole to speak, but Ndume insisted that his motion should be seconded before allowing further interventions.

This led to a sharp disagreement between the two senators.

Featured

Tinubu Reiterates Directive on Withdrawal of VIP Police Protection

Published

2 days ago

December 10, 2025

Eric

President Bola Tinubu has insisted on his earlier directive ordering the withdrawal of police officers from very important persons (VIPs) in the country.

On November 23, Tinubu ordered the immediate withdrawal of police officers attached to VIPs across the country during a security meeting with the inspector-general of police (IGP), the chiefs of army and air staff, and the director-general of the Department of State Services (DSS).

The president said the move was aimed at boosting police presence in communities, especially remote areas where stations are understaffed and citizens remain vulnerable to attacks.

Speaking at the opening of the federal executive council (FEC) meeting on Wednesday, Tinubu warned against non-compliance and directed Nuhu Ribadu, national security adviser (NSA); Ibrahim Gaidam, minister of police; and Kayode Egbetokun, the IGP, to follow up on the implementation of the order.

The president noted that police officers were trained to protect the lives and property of citizens, particularly the most vulnerable in society, adding that the protection of a select group of VIPs is not their responsibility.

The president ordered Olubunmi Tunji-Ojo, the minister of interior, to make arrangements for the replacement of police officers by civil defence corps.

“If you have any problem because of the nature of your assignments, please contact the IGP and get my clearance,” he said.

“The National Security and Civil Defence Corps are trained for VIP protection, and they are armed too.

“We face challenges here and there of kidnapping, banditry and terrorism. We need all forces utilised. I know some people are exposed; we will make the exceptions. The civil defence is very much around.”

Tinubu said there is a need to mobilise the police appropriately due to the country’s security challenges.