News
Tinubu secures $600 million investment for Nigerian seaport infrastructure
President Bola Tinubu has secured an investment of $600 million from Danish shipping and logistics company, A.P Moller-Maersk, to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, disclosed the decision during a meeting with President Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday.
President Tinubu noted that this investment will complement the administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of Nigeria.
The President added that it would further support the country’s port modernization efforts and port process automation through his administration’s implementation of the national single window project, which is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.
“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted. A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.
“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,” he said.
The President assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.
He cited Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.
Highlighting Maersk’s longstanding engagement in Africa’s most populous nation and his belief in the future of Nigeria, Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla said his company had made significant investments of over $2 billion in Nigerian ports and other activities.
He emphasized the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand while reducing the cost of logistics.
”We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria. To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify.
”We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.
”In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest, and we will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,” the Maersk Chairman said.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
April 28, 2024
News
Nigerian Govt promises support for stampede victims’ families
Vice-President Kashim Shettima has said the Federal Government will support families of victims of recent stampedes across the country.
Shettima made this known in a condolence message on Sunday in Abuja.
He expressed sorrow over the losses and offered prayers and condolences to the affected families.
Recall that on Saturday in Okija, Anambra, a Christmas palliative distribution event turned tragic with 22 persons losing their lives in an early morning stampede.
The same day in Abuja, another tragedy struck when ten persons died during an annual Christmas food-sharing event at Holy Trinity Catholic Church, Maitama.
There was also a stampede on Wednesday at the Islamic High School, Bashorun, Ibadan, Oyo State, where about 35 children lost their lives and others sustained injuries during a holiday fun fair.
The vice-president, who described the incidents as a national tragedy, revealed that the Federal Government had directed relevant agencies to provide immediate support to affected families.
“I am extremely saddened by these tragic incidents that have claimed innocent lives.
“My prayers and thoughts are with the grieving families of all victims, including those who sustained injuries and are undergoing treatment.
“I am particularly distraught by the fact that so many lives of Nigerians, particularly children, have been lost in stampedes that ought to have been avoided through proper planning and organisation,” he said.
He prayed the Almighty God to grant eternal rest to the souls of the departed.
“We stand ready to support the bereaved families through this difficult period, and no effort will be spared in providing the necessary assistance they need.”
News
Umahi rules out compensation for bare land owners
The Minister of Works, David Umahi, has reiterated that the Federal Government does not compensate for bare lands, adding that all lands belong to the government.
He disclosed this at the inspection of the Lagos-Calabar Coastal Highway, Section 1 at kilometre 18, Okun Ajah axis, recently.
He said, “Go and read the law; there is no compensation for bare land. All land belongs to the government. Hence, if you are taking what belongs to you, you do not pay compensation; it is the president that directed that anywhere we see a shanty on our corridor, we should pay compensation; it is a kind of human meekness from the president towards the people. We broke no law.
“So, where there is no infrastructure on land, they have to write to Mr. President for a direction on that.”
In an interview with The Punch, the General Secretary, Nigerian Institute of Quantity Surveyors, Lagos Chapter, Folusho Ogunrinde, said land was undeniably an asset whether owned by individuals, businesses, or the government.
He said, “Governments recognise the value of land as an asset and manage it as such. For instance, you cannot encroach on government-owned land for development because it is considered part of their assets.
Similarly, individuals and private entities acquire land either through inheritance, purchase, or investment. When such land is taken away, the argument that compensation should only be for developments and not the land itself is fundamentally flawed. It disregards the asset’s intrinsic value and how it was acquired.
“The 99-year lease system in Nigeria further underscores the value of land as an asset, as this lease is renewable. If governments require compensation for the renewal of a lease or when public use necessitates land acquisition, individuals and private owners deserve similar recognition and compensation for their land when expropriated.
“The law, as it stands, needs urgent redress. The idea that landowners should not be compensated for their land is, frankly, unjust and tantamount to fraud. Land is more than a physical space; it is an economic and generational asset. To deny compensation for it is to undermine the principles of equity and justice. Hence, there is a need for a review of the Land Use Act and constitutional provisions to align with the realities of land as a critical and valuable asset.”
In a similar vein, the Team Lead, Arbitration, Maritime, and Real Estate Practice Group, Stren & Blan Partners, Joseph Siyaidon, posited that non-payment of compensation on bare land was unconstitutional.
He said, “The Land Use Act is merely an existing Act and not part of the Constitution. We humbly submit that the provisions of the Land Use Act, which limit the payment of compensation for private properties compulsorily acquired by the government to only unexhausted improvements on the land, are unconstitutional in that they violate the provisions of Sections 43 & 44 of the Constitution of the Federal Republic of Nigeria (as amended), which extends the right of compensation to all immovable properties, bare lands included.”
Umahi disclosed that the first phase of the coastal highway will be completed by May 29, 2025.
He said, “By May 29 we are facing the commissioning, and we have directed all the comptrollers of works that, by the end of April, every comptroller of works in all the states must give us a minimum of three projects that Mr. President is going to commission.
“From Channel 0, we are going to be commissioning the first 20 kilometres; however, another 10 kilometres would be ready at the end of the project within this period, but we are not commissioning that one, it is going to be phase 2 of section 1 for commissioning. Generally, across the country, we are going to be commissioning projects in phases.”
Meanwhile, the Acting Director of Road Design, Engr. Musa Saidi, assured that the highway construction adheres to approved specifications and includes additional measures for durability. Any realignment is for public interest, safety, and economic reasons,” he said.
News
Telcos demand plan to resolve N250bn USSD debt
The Association of Telecommunications Companies of Nigeria has called on industry regulators to implement clear and practical solutions to resolve the long-standing N250bn debt owed by banks to telecom operators for Unstructured Supplementary Service Data offerings.
Speaking with The PUNCH, ATCON President Tony Emoekpere stressed the need for clear solutions, warning that the debt crisis threatens the progress of financial inclusion in the country.
In Nigeria, USSD is vital for financial inclusion, particularly in rural areas where smartphone penetration and internet access are limited.
It is heavily relied upon by banks, especially for mobile banking services, and is also used for services like airtime top-ups, bill payments, and other telecom services.
“My advice is that it is crucial for this debt to be addressed directly and for a solution to be found. If telcos are not encouraged to support the financial industry and such debts continue to accumulate, it will be detrimental to financial inclusion targets,” he said.
Emoekpere also highlighted the importance of prioritizing USSD traffic and creating incentives for telecom operators to continue supporting the financial sector.
He urged industry regulators, including the Nigerian Communications Commission and the Central Bank of Nigeria, to establish a framework that ensures the timely and equitable resolution of such disputes.
The debt crisis has persisted for years, with telecom operators threatening to suspend USSD services unless payments are made.
While smaller banks have reportedly begun repaying their obligations in installments, tier-one lenders—responsible for the bulk of the debt—are yet to make significant payments, according to the Chairman of the Association of Licensed Telecom Operators of Nigeria, Gbenga Adebayo.
“Some repayments have been recorded, but they fall short of expectations,” Adebayo told The PUNCH in November.
Telecom operators have long argued that the unpaid debts undermine their ability to maintain USSD services, which are critical for financial transactions in Nigeria.
The operators have repeatedly called for the intervention of regulators to facilitate a lasting resolution.
Industry stakeholders warn that failure to resolve the debt crisis could jeopardize efforts to expand financial inclusion, particularly in rural areas where USSD services play a pivotal role.
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