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

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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.”

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Tinubu Forced Obi, Kwankwaso to Work Together – Dele Momodu

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A chieftain of the African Democratic Congress, Dele Momodu, has claimed that President Bola Tinubu is the one who forced opposition leaders such as Peter Obi and Rabiu Kwankwaso into working together ahead of the 2027 elections.

In an interview on Channels Television on Wednesday, Momodu argued that the current unity among some opposition figures is not born out of genuine long-term commitment but is a reaction to pressure from the ruling government.

“Tinubu forced all of them together. And that is why they all moved in one direction. Which would have been beautiful, because it would have been like a two-party race,” Momodu said.

The publisher of Ovation International made the comment while reacting to the defection of Obi and Kwankwaso to the Nigeria Democratic Congress.

Obi, the 2023 Labour Party presidential candidate, dumped the ADC on Sunday alongside former New Nigeria People’s Party presidential candidate, Kwankwaso, citing legal disputes within the coalition and a toxic political climate.

The move sparked debate about a possible joint presidential ticket between the two opposition figures in the 2027 election.

Momodu, however, warned that the political situation has changed significantly since the 2023 election and cautioned against assumptions of automatic voter retention for major candidates.

“Are you saying that Tinubu will retain all the 8 million plus people that voted for him last time? How are you sure… What is the guarantee that Obi and Kwankwaso are the only people who will retain all those who voted for them last time? The situation has changed,” he queried.

Momodu added that if Tinubu allows a free and fair election, “he might not even get 3 million votes.”

He cited the poor performance of some G5 governors who could not secure senatorial seats in their states, including Enugu, Abia, and Benue, as evidence of shifting voter loyalty.

On coalition talks, the ADC chieftain said his party remains focused and steadfast.

He welcomed those willing to join but rejected any form of blackmail or the idea that victory depends on a single individual.

“Those who want to join should join. Those who do not want to join, you cannot succumb to blackmail. That only one man can make us win,” he declared.

He noted that the 2019 alliance between Atiku Abubakar and Obi did not produce victory, while their separate contests in 2023 also failed to unseat the ruling party.

He advised political actors to remain calm, quoting his late unlettered mother: “Stop running from whatever is chasing you, because you might run into what is chasing you.”

He wished the former Anambra governor well in testing his popularity elsewhere and stressed that no one should be forced out of the race based on one person’s claims.

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Nigerians Won’t Eat Your Bogus GDP Figures, ADC Tells FG

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The African Democratic Congress (ADC), on Wednesday, faulted the Federal government’s celebration of Nigeria’s reported GDP growth, saying the figures do not reflect the economic strain facing ordinary citizens.

The party’s position speaks to a growing gap between official claims of progress and the daily reality of rising food prices, shrinking incomes, job losses and mounting business costs across the country.

In a statement by its National Publicity Secretary, Bolaji Abdullahi, the ADC said economic growth is meaningless if it does not improve how people actually live.

“People do not eat GDP,” Abdullahi said.

The party said millions of Nigerians remain trapped in hunger, inflation, unemployment and weakening purchasing power despite government claims of recovery.

Rejecting the government’s narrative, the ADC said, “The African Democratic Congress (ADC) rejects the Federal Government’s attempt to use headline GDP figures to whitewash the deep economic suffering Nigerians are currently enduring across the country.

“No government should be celebrating economic statistics while millions of its citizens are battling hunger, poverty, collapsing purchasing power, and rising hopelessness.

“The reality of the Nigerian economy is not what is written in government presentations. The reality is what Nigerians confront every day in markets, on farms, in factories, in shops, and in their homes.”

The party pointed to intensifying pressure on households and businesses nationwide.

Abdullahi said: “Food prices are unbearable. Transportation costs have become punitive. Small businesses are shutting down daily under the crushing weight of inflation, energy costs, and weak consumer demand. Salaries have lost value. Families who once lived modestly are now struggling to survive.

“Economic growth that does not reduce suffering, create jobs, improve incomes, or restore dignity to citizens is empty growth. Growth that only exists in official reports while citizens descend deeper into hardship is not meaningful progress.”

The ADC also questioned what Nigerians are being asked to celebrate under current conditions.

The party said, “The purpose of governance is not to manage public relations for economic statistics. The purpose of governance is to improve the living conditions of the people.

“What exactly should Nigerians celebrate? The fact that food inflation continues to devastate households? That millions of young Nigerians remain unemployed or underemployed? That businesses are collapsing faster than new ones are emerging? That more citizens are slipping into poverty despite working harder than ever?”

Calling for a shift in approach, the party urged the government to prioritise measurable improvements in citizens’ welfare over headline figures.

The ADC said: “A government that is serious about economic recovery would show humility, acknowledge the pain Nigerians are experiencing, and focus on delivering measurable improvements in living conditions instead of celebrating figures that have no meaning to hungry citizens.

“The ADC believes that the true test of economic policy is simple: Can Nigerians live better today than they did yesterday? For millions of Nigerians, the answer is no.

“Nigeria needs an economy that works for ordinary people, not an economy that only looks impressive in presentations to investors and international institutions.

“Until growth is felt in the homes of ordinary citizens, through affordable food, stable electricity, decent jobs, lower business costs, and improved purchasing power, this government has no moral basis to declare economic success.”

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I’m Not Leaving ADC, Rhodes-Vivour Vows

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The 2023 governorship candidate of the Labour Party (LP), in Lagos State, Gbadebo Rhodes-Vivour, has opted out of the Obidient Movement, saying he is not leaving the African Democratic Congress, ADC.

Rhodes-Vivour is a staunch supporter of Peter Obi, who moved from the ADC to the Nigerian Democratic Congress, NDC, on Sunday.

Since Obi and his prospective 2027 running mate, Rabiu Kwankwaso, joined NDC, there has been a gale of defections from the ADC to NDC.

However, in a statement on Tuesday, Rhodes-Vivour said himself and his team would remain in ADC to fight for a better Nigeria.

“To those who have made the difficult decision to move on to a new platform, I offer my genuine respect and best wishes.

“These are hard choices, We are all fighting for a better Nigeria, even when our roads diverge. I want to make it clear that I am staying in the ADC,” he said.

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