Business
Frieght Forwarders Accuse APMT Of Fraud
Despite AP Moller Terminal’s claims of investing over N100 billion in the Apapa port, the foreign investor has been accused by port operators of lack of operational or functional equipment, fraudulence, high handedness and in efficiency.
The Terminal also has been accused of causing congestion for lack of services, selfishness and greed.
According to stakeholders operating in Apapa, AP Moller has refused to transfer containers to the over 10 Bonded terminals attached to the Apapa port command, causing congestion at the port.
Consequently, some ships were diverted to the Tincan Island port and Kirikiri lighter Terminal, additional cost, according to importers and agents.
AP Moller is also accused of delaying clearing time, two weeks or more to locate containers, another two weeks to book for examination, and another two weeks to position containers for examinations of the stacked containers.
An agent who confided in The Tide said AP Moller “has been feeding Nigerians with lies on its activities at the port,” adding that the incessant breakdown of its equipments had been the bane of progress and investment in the port.
Another agent, simply identify as Nwachukwu, said his containers have been at the port for over one month, saying out that,” you book for positioning of container for two weeks, “examination for another two weeks, if you are lucky, your container may leave within one month or thereafter”.
Nwachukwu noted that “for over a month now, AP Mollers inefficiency to position my container has cost me an extra cost of over N300,000:00 demurrage.” for a cause that is responsible by AP Moller.
Meanwhile, the minister of Transport Alhaji Yusuf Sulaiman has inaugurated a committee to look into the various allegations in the ports, while AP Moller has been directed to relocate its city office to the port or face sanction.
It would be recalled that AP Moller has always been in the news over lack of services since it took over the port three years ago. The port was concessioned to the company in 2006 for a 25 year period.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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