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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

2027: We’re on Track, ADC Hails S’Court Ruling

Published

21 hours ago

May 1, 2026

Eric

The African Democratic Congress (ADC) has declared that it would never be intimidated, distracted, or silenced in its push to realize a better Nigeria.

Spokesman of the ADC, Bolaji Abdullahi, said this in reaction to the Supreme Court ruling, which affirmed David Mark’s leadership of the party.

Abdullahi said the judgment has affirmed that the Mark and Rauf Aregbesola leadership of the party is legitimate.

Abdullahi said: “The African Democratic Congress (ADC) congratulates all our members and leaders across the country on today’s Supreme Court ruling which affirmed the leadership of our party under Senator David Mark as National Chairman, and Ogbeni Rauf Aregbesola as National Secretary.

“Today’s decision is a clear affirmation that our party, its structures, and its leadership under our National Chairman, Senator Mark, and our National Secretary, Ogbeni Aregbesola, are legitimate.

“We commend the five-man panel of the Supreme Court, whose unanimous judgment has today done great credit to the judiciary in our country and our political system.

“However, while we welcome this judgment, we do not mistake it for the end of the struggle. The events leading up to this moment have exposed a troubling pattern of interference, bad faith, and attempts to weaken opposition voices in Nigeria.

“Let it be clearly stated: the ADC will not be intimidated, distracted, or silenced. We remain resolute in our mission to provide Nigerians with a credible alternative.

“We therefore urge all our members, supporters, and democratic stakeholders across the country to remain vigilant.”

Featured

Tinubu Appoints Bianca Ojukwu As Foreign Affairs Minister

Published

2 days ago

April 29, 2026

Eric

President Bola Ahmed Tinubu has appointed Ambassador Bianca Odumegwu-Ojukwu as Nigeria’s new Minister of Foreign Affairs.

The announcement was contained in a statement released on Wednesday by Bayo Onanuga, Special Adviser to the President (Information & Strategy).

The appointment followed the resignation of the former Minister of Foreign Affairs, Ambassador Yusuf Tuggar, who stepped down to participate in preparations for the 2027 elections.

According to the statement, Bianca Odumegwu-Ojukwu’s elevation marks a return to a more senior role within Nigeria’s foreign service architecture, having previously served as Minister of State in the Ministry of Foreign Affairs.

Her new appointment places her at the helm of Nigeria’s diplomatic engagements, where she is expected to oversee the country’s foreign policy direction, strengthen international partnerships, and advance economic diplomacy objectives.

“President Bola Ahmed Tinubu has appointed Ambassador Bianca Odumegwu-Ojukwu as Nigeria’s Minister of Foreign Affairs, following the resignation of Ambassador Yusuf Tuggar, who stepped down to participate in the 2027 elections.

“Ambassador Odumegwu-Ojukwu previously served as Minister of State in the Ministry of Foreign Affairs.”

The Presidency noted that the decision forms part of ongoing efforts to reposition Nigeria’s foreign policy framework for greater efficiency and stronger global engagement. It added that the new minister is expected to deepen diplomatic relations, promote Nigeria’s national interest, and ensure the welfare of Nigerians abroad remains a priority.

In the same announcement, President Tinubu also nominated Ambassador Sola Enikanolaiye as Minister of State for Foreign Affairs, subject to Senate confirmation.

Enikanolaiye, from Kogi State, previously served as Senior Special Assistant to the President on Foreign Affairs and International Relations. He is a seasoned diplomat with over three decades of service in Nigeria’s foreign affairs system and has held key postings in Addis Ababa, Belgrade, Ottawa, London, and New Delhi.

The Presidency said the appointments are part of broader efforts to strengthen Nigeria’s foreign policy architecture and improve the country’s global diplomatic engagement.

Bianca Odumegwu-Ojukwu is a lawyer, diplomat, and former beauty queen who has had a long career in public service and international diplomacy.

She was born on 5 August 1967 in Anambra State and studied law at the University of Nigeria, Nsukka. She was called to the Nigerian Bar in 1992 after attending the Nigerian Law School in Lagos.

Her academic background includes a Master’s degree in International Relations and Diplomacy from Universidad Alfonso X El Sabio in Spain, as well as postgraduate diplomas in Human Rights and International Relations from the Berg Institute, Madrid, and in Dynamics of Conflict and Cooperation from the University for Peace in Costa Rica.

Odumegwu-Ojukwu previously served as Senior Special Assistant to President Goodluck Jonathan on Diaspora Matters and later became Nigeria’s Ambassador to Spain from 2012 to 2015, where she also represented the country at the UN World Tourism Organization. She earlier served as Ambassador to Ghana.

She was appointed Minister of State for Foreign Affairs in October 2024 by President Bola Tinubu, where she supported Nigeria’s external affairs portfolio, including diplomacy, consular engagement, and international relations strategy. She has now been appointed Minister for Foreign Affairs.

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2027: Lagos APC Guber Aspirant Rejects Hamzat As Consensus Candidate

Published

3 days ago

April 29, 2026

Eric

All Progressives Congress (APC) governorship aspirant in Lagos State, Samuel Ajose, has declared that the endorsement of Deputy Governor Obafemi Hamzat as the next governor by Governor Babajide Sanwo-Olu and the Governance Advisory Council (GAC) will not stand.

GAC, regarded as the highest decision-making body of the All Progressives Congress in Lagos State, endorsed Hamzat, as its consensus candidate for the 2027 governorship election.

The decision was reached during a closed-door meeting held at Lagos House, Marina, indicating an early alignment within the ruling party ahead of the next electoral cycle.

Speaking after the session, GAC leader, Tajudeen Olusi, said members unanimously agreed on Hamzat, expressing confidence in his ability to sustain and build on the state’s developmental progress.

Olusi explained that the meeting was convened to deliberate on the party’s forthcoming primaries and assess the governorship position ahead of the 2027 elections.

Speaking about the GAC adoption of Hamzat as Lagos APC consensus 2027 governorship candidate on Arise News on Tuesday, Ajose said that Sanwo-Olu and others are trying to force President Tinubu into making a decision.

“I don’t think our president, Asiwaju Bola Ahmed Tinubu, is giving in to what they are doing.

“What they are just trying to do is to coerce him into taking a decision, and I don’t think that decision will stand.”