Shipowners Threaten Legal Action Over NIMASA’s ₦50bn Floating Dock Debacle
Nifemi Coker
Nigerian shipowners have issued a strong call for the criminal prosecution of officials of the Nigerian Maritime Administration and Safety Agency (NIMASA) over the failed ₦50 billion modular floating dock project.
The controversial facility, acquired over a decade ago with the promise of reducing the cost of dry-docking for Nigerian vessels, has instead remained idle, accumulating massive charges while delivering no value to the maritime sector.
Maritime stakeholders, increasingly frustrated by years of government inaction, describe the project as a glaring example of economic sabotage. They argue that the dock’s non-utilization has cost the nation billions of naira in lost opportunities while Nigerian shipowners continue to struggle with exorbitant costs of maintaining their vessels abroad.
Leading the outcry, Otunba Sola Adewunmi, a veteran shipowner, in an interview with Shipping Position did not mince words in his assessment of the situation which he described as fraudulent, emphasizing that the dock, rather than serving its intended purpose, has become a monumental waste and mismanagement of scare resources.
“The floating dock acquired by NIMASA was nothing but a financial drain from the start,” Adewunmi said. “It has been sitting idle, yet the government continues to pay millions in port charges every month. They keep claiming they have found a solution, but nothing ever changes. If you investigate how much has been lost to this fiasco, you will realize it’s a national disgrace.”
Beyond the financial burden, stakeholders accuse NIMASA of deliberately frustrating the growth of local capacity in the maritime sector. They highlight how Nigerian shipowners are forced to borrow at interest rates exceeding 30 per cent while their foreign counterparts access loans at a mere 3%, putting indigenous operators at a severe disadvantage.
Captain Adebayo Ayorinde, another industry leader, who also spoke to Shipping Position, noted that while the Nigerian government has bailed out sectors like aviation, maritime remains neglected, leading to the collapse of indigenous businesses.
“Foreign vessel owners have a field day in Nigeria because they get better financial support,” Ayorinde stated. “Meanwhile, our own shipowners are going bankrupt, and thousands of maritime jobs are being lost. If the government can support airlines, why not the shipping industry, which is just as critical to the economy?”
Ayorinde further alleged that the continued non-utilization of the floating dock is being orchestrated by vested interests who profit from its idleness through inflated port charges, prolonged legal disputes, and questionable consultancy fees.
NIMASA’s Silence and Stakeholders’ Legal Threats
Despite years of public outcry, NIMASA has yet to provide a concrete roadmap for making the floating dock operational. While the agency has occasionally hinted at plans to relocate the facility to a permanent site, industry players see these as empty promises designed to buy time.
“The only thing they know how to do is set up committees and hold endless meetings,” Ayorinde said in frustration. “If this dock were in private hands, it would have been operational years ago. But certain individuals in government have turned it into their personal cash cow.”
With patience wearing thin, shipowners and other stakeholders are now considering legal action to compel the government to act. They are demanding an immediate investigation into the circumstances surrounding the project, the prosecution of those responsible for its failure, and a clear strategy for getting the dock operational.
“Nigeria cannot afford to keep wasting resources on failed projects while our shipping industry crumbles,” Adewunmi stressed. “If those responsible are not held accountable, this will only happen again.”
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