Business
Nigerian Firm Denies Ownership Of Arrested Ship
The Chairman, Genesis Worldwide Shipping, Capt. Emmanuel Ihenacho, on Thursday denied ownership of a tanker vessel, MT Ben K, arrested by Namibian authorities over alleged multiple identities.
Ihenacho, a former Minister of Interior, made the clarification in a statement in Lagos.
He said that the ship, formerly owned by his firm, was sold to Lavorni Shipping Ltd. Corporation of Panama in July, 2011.
MT Ben K was arrested by Namibian maritime authorities on February 9 over alleged multiple identities, for being out of class and for non-possession of statutory communication signals.
The ship was on voyage from Lagos to India with 16 crew members when it was arrested.
“Prior to the sale, we duly informed the Nigerian Maritime Administration and Safety Agency and instructed it to strike out the name of MT Ben K from the Nigerian Ship Registry,” Ihenacho said.
The mariner said that the onus was on the new owner to make the vessel seaworthy to undertake any voyage having obtained the new owners bill of sales.
“When a ship is sold, the standard practice is that the new owners must register the ship with a new name and obtain trading documents to enable it to continue to trade.
“A ship always has names of her previous owners, but, it is the current owner that takes responsibility for the ship, its condition and its activities at sea.
“So, any grouse or question whatsoever by anybody should reside with the people who currently own the ship,” he said.
Also, in the statement, Mr Maxwell Ihenacho, the company Managing Director, said that the firm and its chairman should not be linked with the ship and its current travails in Namibia.
“Neither the company nor our chairman has anything whatsoever to do with the vessel or its current operational activities, more importantly, its voyage to Southern Africa or to anywhere at all,” he said.
It would be recalled that Genesis Worldwide Shipping, in line with the nation’s drive for local content in the maritime sector, purchased the 15,456 tonnes deadweight tanker vessel in 2007 from South America.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.