Amaechi Blames Stakeholders for Lack of National Shipping Line

The failure of the country’s maritime sector stakeholders to provide 60% of the investment required by law, according to the Minister of Transportation, Mr. Chibuike Rotimi Amaechi, is the reason for the country’s inability to own a national shipping line.
The minister made the announcement during a thanksgiving service in Benin over the weekend to commemorate the 71st birthday of Gregory Utomwen Ogbeifun, Chairman of Starzs Investment Company Ltd.
The goal of establishing a national shipping line, he said, will not be realized until the stakeholders take ownership.

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He pointed out that while the law requires Nigerians to contribute 60% of the equity, foreigners must contribute the remaining 40%.
However, Amaechi lamented that the plan has become practically impossible due to the apathy of major players in the maritime industry to raise such amount.
He added that although a foreign firm had assured of providing all the money to enable the floating of the shipping line, he would not grant such approval as doing so would amount to flouting the law.
“For not having a national shipping line, some stakeholders in the maritime sector think that I may not have done well. The law setting up a national shipping line says that Nigerians would provide 60 per cent of the investment and foreigners will provide 40 per cent.
“So, I went to Singapore, got a company that accepted to bring the 40 per cent but unfortunately, till today, no Nigerian has been able to provide the remaining 60 per cent. The company had said to me that they would bring all the 100 per cent and hire some Nigerians as stakeholders, but I disagreed because that would amount to breaking the law,” Amaechi said.

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He also revealed he got an offer from a company in Dubai willing to set up the national shipping line by providing the entire funding.
He said as the minister, his job is not to bring the money but to create an enabling environment for business to thrive, adding until the law is amended to allow foreigners to own 60 per cent of the investment and employ Nigerians there is no way a foreigner can have 100 per cent.