A.P. Moller-Maersk, one of the world’s largest shipping and logistics companies, has committed a $600 million investment into Nigerian ports.

The decision was unveiled during a high-profile meeting between Chairman of A.P. Moller-Maersk, Mr. Robert Maersk Uggla, and Nigerian President Bola Tinubu.

The investment, aimed at expanding port infrastructure to accommodate larger container ships, comes at a pivotal moment for Nigeria’s economy.

Historically, the West African coast has been serviced by smaller vessels but with this injection of capital, A.P. Moller-Maersk envisions deploying larger ships to Nigeria, transforming the country into a major logistics hub for the region.

The move not only underscores Nigeria’s strategic importance but also highlights the company’s confidence in the country’s growth potential.

Speaking on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia, Chairman Robert Maersk Uggla expressed optimism about Nigeria’s prospects.

“We have seen a significant opportunity for Nigeria to cater for larger container ships,” Uggla stated. “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.”

In response, President Tinubu welcomed the firm’s commitment and emphasized the government’s dedication to fostering an enabling environment for investments.

“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time,” Tinubu remarked. “A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.”

The infusion of $600 million into Nigerian ports signifies more than just a financial transaction; it symbolizes a partnership built on mutual trust and shared objectives.

With Nigeria poised to benefit from enhanced port infrastructure and increased trade capacity, the ripple effects of this investment are expected to be felt across various sectors of the economy.

Furthermore, A.P. Moller-Maersk’s decision aligns with Nigeria’s broader vision of becoming a regional economic powerhouse. By attracting foreign investment and fostering strategic collaborations, the country is laying the groundwork for sustainable growth and development.

As Nigeria charts a course towards prosperity, the $600 million commitment from A.P. Moller-Maersk serves as a beacon of hope and a testament to the nation’s potential on the global stage. With determination and collective effort, Nigeria stands poised to capitalize on this opportunity and navigate the waters of progress with confidence.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has accused the former executives of the Nigerian Content Development and Monitoring Board (NCDMB) of mismanaging a whopping $500 million on projects deemed unproductive.

Speaking at a dinner hosted by The Petroleum Club in Lagos, Lokpobiri minced no words as he shed light on what he described as egregious financial mismanagement within the organization.

Lokpobiri, during the interactive session, alleged that substantial sums were squandered on ventures that yielded little to no tangible results.

Among the projects cited was the infamous Brass modular refinery in Bayelsa State, for which a staggering $35 million was purportedly disbursed without any discernible progress.

Similarly, Lokpobiri raised concerns about a $20 million investment in a fertiliser factory, questioning its whereabouts and efficacy.

The minister’s accusations didn’t end there. He underscored what he termed the imprudent disbursement of funds, highlighting instances where significant amounts were released in lump sums against professional advice.

Lokpobiri stressed the need for a comprehensive review of these investments, lamenting the magnitude of the financial losses incurred.

Furthermore, Lokpobiri pointed fingers at the mismanagement of loans totaling approximately $350 million, which were intended to support investors.

According to him, a staggering 90% of these loans ended up as non-performing, exacerbating the financial hemorrhage experienced by the NCDMB.

Addressing the crisis between himself and the incumbent NCDMB boss, Felix Ogbe, Lokpobiri clarified that his intervention was grounded in the oversight responsibilities vested in him as the chairman of the council overseeing the NCDMB.

He stated the importance of due diligence in governance and reiterated his commitment to ensuring transparency and accountability within the organization.

In response to Lokpobiri’s accusations, the immediate past Executive Secretary of the NCDMB, Simbi Wabote, vehemently refuted the allegations, asserting that they lacked substantiation.

Wabote defended the integrity of the Nigerian Content Intervention Fund, hailing it as a pivotal initiative with an impressive 96% payback rate.

Wabote also defended the NCDMB’s investment decisions, citing instances of successful ventures such as the equity investment in Waltersmith’s modular refinery, which has shown promising returns.

He attributed challenges faced by certain projects to external factors and legal disputes, maintaining the organization’s commitment to prudent financial management.

As the allegations continue to reverberate across the industry, stakeholders await the outcome of the government’s review, which could potentially reshape the trajectory of the NCDMB and its approach to investment and governance.

The Securities and Exchange Commission (SEC) has successfully brought about N2.36 trillion in discretionary and non-discretionary funds under custody.

This achievement follows the implementation of updated guidelines for Collective Investment Schemes (CIS) in Nigeria.

Last December, the SEC proposed amendments to address grievances within the Collective Investment Scheme segment of the capital market.

These amendments sought to enhance investor safeguards and address concerns raised by market participants.

In a notice published on its website titled ‘Exposure Of New And Sundry Amendments To The Rules And Regulations Of The Commission,’ the SEC outlined the new regulatory changes.

Among these changes was the requirement for all CIS funds, including those in discretionary and non-discretionary windows, to be placed under custody.

This move was aimed at strengthening investor protection and mitigating risks associated with fund management.

Dr. Okey Umeano, the Chief Economist at SEC, provided insights into the impact of these regulatory updates during a media briefing after the first-quarter Capital Market Committee meeting.

He highlighted that prior to the regulatory amendments, only funds designated as Collective Investment Schemes were subject to custody.

However, with the new guidelines in place, all funds, regardless of their discretionary or non-discretionary nature, are now required to be custodied.

Umeano revealed that the SEC conducted inspections to ensure compliance with the new regulations, resulting in N2.36 trillion of discretionary and non-discretionary funds being brought under custody.

This move underscores the SEC’s commitment to safeguarding investor interests and fostering trust in the capital market ecosystem.

Former SEC Director-General, Lamido Yuguda, emphasized the importance of segregating asset management and custody functions to mitigate risks.

He noted that while the separation of these functions was standard practice for public CIS products, it was not uniformly applied to bilateral arrangements.

However, with the implementation of the new rules, all investment management activities, whether in public CIS or bilateral spaces, are mandated to be in custody.

Yuguda stressed that the objective of these regulatory changes is to improve trust, protect investors’ assets, and bolster market confidence.

By ensuring that investment management activities are segregated, with custody handled by duly licensed custodians, the SEC aims to create a more resilient and transparent capital market environment.