Business
Wreck Removal: ‘Nimasa Notice Dead On Arrival’
The President of Ship Owners Association of Nigeria (SOAN), Engr. Greg Ogbeifun has condemned the recent marine notice issued by the Nigerian Maritime Administration and Safety Agency (NIMASA) to owners of abandoned vessels within the Nigerian coastal waters to remove their vessels within 28 days or be declared wrecks.
He argued that the short notice by the agency is not enough for the vessels to be removed saying that some of the vessels have run aground and that most of them might not have the power to move on their own even as he said that there should be agreement as to where the vessels should be relocated.
Ogbeifun who spoke with our correspondent maintained that Nimasa should have taken detailed statistics of the vessels and owners thus hold a meeting with ship operators to agree on where to move the vessels and seek where the agency could be of assistance to the owners most of whom might not have the financial power to evacuate the vessels.
He urged the apex maritime regulatory agency to take a different approach due to non availability of statistics of vessels on the nation’s maritime domain.
According to him, “My personal view is that may be NIMASA would have taken a different approach. First of all, I do not have statistics of the vessels, I do not know the conditions, some of the vessels are probably aground, some have no power to move so the cost of moving them could be quite elaborate and expensive and I do not know if any of the owners is in any financial position to shoulder the responsibility of moving them within the short time.
“Where will they move the vessels to? Whereever they are going to move the vessels to, they will have to incure cost. In my opinion, the Nimasa ultimatum is dead on arrival, it cannot work”, he said.
He opined that Nimasa should identify the owners of the vessels and find out if they have any challenge or difficulty in moving the vessels and also find out where the agency could be of assistance in moving them.
Ogbeifun added that Nimasa had to agree with owners on where to move the vessels because according to him, it would amount to fruitless effort if the vessels were moved from one point and kept in another place stating that the reason for the removal will not be achieved.
“Nimasa should first of all confirm the vessels owner and after that, ask them whether they have any challenge moving the vessels from there and they will tell you their challenges.
“You also have to agree with them where to move vessels to because there is no point moving a vessels from here and relocate it to another location.
It should be a collaborative thing that should be done at the end of the day, the objectives of moving the vessels will be achieved by all parties” he said.
He maintained that the removal effort can be done without the assistance of Nimasa.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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