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Indigenous Ship Companies Indebted to Banks

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Over 80% ship owners in Nigeria have closed shop, while selling their assets to service bank loans, according to report by Ships & Ports Daily.

It was revealed that the indigenous shipping companies owned by Nigerians have either completely shut down their operations or are barely struggling to survive.

Out of 12 indigenous shipping companies surveyed as contained in the report, only two can be said to be operating viable businesses while the 10 others, representing 83 per cent of the companies surveyed, are either completely dead or are in abyss. 

The companies sampled in the survey conducted last week by the publication include Equatorial Energy, Oceanic Energy, Morlap Shipping, Peacegate, Pokat Nigeria Limited, Al-Dawood Shipping, Potram Nigeria Limited, Joseph Sammy, Genesis Worldwide Shipping and Multi-trade Group all in Lagos; Niger-Delta Shipping in Warri, Delta State; and Starzs Investment Group in Port-Harcourt, Rivers State.

“Ironically, all the shipping companies surveyed in Lagos are either dead or struggling to survive while the ones in Warri and Port-Harcourt are thriving.

“A visit to the business premises of the 10 shipping companies revealed that the once thriving ventures have completely lost their glamour, with most of them owing staff salaries of up to one year,” the publication contained.

The companies, which Capt. Niyi Labinjo, general secretary of the Indigenous Ship-owners Association of Nigeria (ISAN), described as “struggling heavily”, have mostly downsized and are operating with less than 20 per cent of the workers they had about two years ago.

“All the companies are also heavily indebted to banks and are mostly unable to service the loans they took to buy ships,” he said.

Labinjo, who is also the president of Al Dawood Shipping, said that most of the ship owners have resorted to selling their landed properties to enable them service their bank loans, while others have lost prime properties to the banks.

The companies also owe their crew arrears of salaries ranging from six to 14 months, while some have sold off their vessels.
   
Genesis Worldwide Shipping, Ships and Ports daily noted, which was once seen as a thriving indigenous shipping company just four years ago, has completely gone under with not a single ship to operate.

The company, at its peak less than five years ago, had six ships.

The same fate has befallen Joseph Sammy Nigeria Limited with one of its staff describing it as “almost dead”. The only vessel left in the company’s fleet, MT Kemepade, was stolen recently. The ship was taken to a ship breaking yard in Ghana and the breakers were about to commence work on it before the owners found out. The case is in court in Ghana.

 “The situation is pathetic. We are not only struggling, things are very bad for Nigerian ship owners. It has never been this bad. Most of us are selling our personal properties to meet our financial obligations,” Labinjo confirmed.

The publication also bemoaned that the dire straits in which the indigenous shipping companies found themselves have been traced to the non-availability of jobs for their ships to execute.

“The situation, according to industry analysts, is compounded by the trio of poor implementation of the Cabotage Act, non-disbursement of the Cabotage Vessel Financing Fund (CVFF), and lack of implementation of the fleet maintenance and repair subsidy by the Nigerian Maritime Administration and Safety Agency (NIMASA),” it identified.


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Kuwait Busts Nigerian Cybercrime Ring Targeting Telecom Tower, Banks

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Kuwait’s Criminal Security Sector has dismantled an international cybercrime ring composed of Nigerians responsible for coordinated attacks on telecommunications towers and banks, the Ministry of Interior announced on Sunday.

Kuwait Busts Nigerian Cybercrime Ring Targeting Telecom Tower, Banks

According to Arabic-language daily Al Qabas, the case was initiated after the Communication and Information Technology Regulatory Authority reported cyber intrusions targeting local telecom networks.

Specialised security teams quickly launched an investigation, discovering that the suspects used advanced electronic devices to breach networks and distribute mass phishing messages impersonating banks, aiming to steal account information and siphon funds.

Signal-tracking technology led investigators to a vehicle in the Salmiya area.

When authorities attempted to stop the vehicle, the driver tried to flee, colliding with several cars before being apprehended following a fierce struggle.

A search of the vehicle uncovered sophisticated electronic equipment and various technical tools.

Upon investigation, the suspect confessed to collaborating with an accomplice to hack telecom networks and send fraudulent messages posing as banks and telecommunications companies.

Police subsequently located and arrested the second suspect, and a search of their residence uncovered additional devices used to analyse the stolen data.

Both suspects, along with the seized equipment, have been handed over to the relevant authorities for prosecution.

The Ministry of Interior reaffirmed its commitment to protecting the nation’s cybersecurity and intensifying efforts to combat electronic fraud targeting both citizens and residents.


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Nigerian Scientists Await Return of Egusi Seeds Sent to Space

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Space in Africa, the Lagos-based firm Oniosun founded, is expecting its Egusi melon seeds to splash down in the Pacific Ocean Saturday—fresh from a trip to the International Space Station.

Nigerian Scientists Await Return of Egusi Seeds Sent to Space

Once Earthside, experiments will begin on what is being hailed as the first food native to West Africa to be sent to space.

As Oniosun told AFP on Friday, it could herald an era where space exploration reflects the planet’s diversity.

“When we talk about humans colonizing other planets, this is not just an American mission or a European mission—this is a global mission,” he told AFP.

And future African space explorers might enjoy a taste of home.

Experiments on extraterrestrial food, which is to say tested in space, have been going on for years.

Growing food in space is seen as a crucial part of long-distance space flight and long-term missions, where frequent resupply won’t be feasible.

Scientists at the University of Florida in the United States, and the International Institute of Tropical Agriculture, in the southwestern Nigerian city of Ibadan, will examine the seeds “to see the effects of exposure to space” and zero gravity, including on the seeds’ DNA.

Once planted, researchers will monitor their post-space performance and germination.

The seeds went up to the ISS on a SpaceX flight last week, as part of NASA’s partnership with private firms.

Oniosun said the inclusion of Egusi seeds marked an important step forward, both for those on Earth as well as future astronauts.

High in protein, they are typically used to prepare soups and stews across West and Central Africa.

Africa’s most populous country has a small space industry, but the launch of the seeds seemed to generate more excitement on social media and in newspapers than previous launches of Nigerian satellites, he said.

“The moment that we’re sending food that they love, a food that holds significant cultural contexts to Nigeria… everybody starts getting interested in the subject,” Oniosun told AFP.

“The launch of Egusi melon seeds into space is more than a symbolic gesture,” he added.

“The future of humanity among the stars must reflect the diversity and richness of life on Earth.”

Whether pounded yam—the key dish served alongside Egusi soup—will make its way to the final frontier remains to be seen.

 

 


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NITDA Deepens Digital Gender Inclusion with IgniteHer Bootcamp

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In a powerful demonstration of its commitment to the Renewed Hope Agenda of the present administration of President Bola Ahmed Tinubu GCFR, the National Information Technology Development Agency (NITDA) has launched the second cohort of the IgniteHer Bootcamp for Women Entrepreneurs, a strategic initiative aimed at accelerating gender inclusion and economic empowerment through digital innovation.

The bootcamp, themed “Empowering Women Entrepreneurs for Growth and Innovation”, was launched in partnership with the Japan International Cooperation Agency (JICA) and brought together selected women entrepreneurs from across Nigeria, both physically and virtually, for rigorous training in digital skills, innovation management, business development, and investor readiness.

The NITDA Director General, Kashifu Inuwa CCIE, who declared the bootcamp open, reaffirmed the Agency’s role in aligning Nigeria’s digital development with the national priorities of reforming the economy for sustained inclusive growth and accelerating economic diversification through industrialisation and digitisation.

“Through IgniteHer, we are actualising President Bola Ahmed Tinubu’s Renewed Hope Agenda by expanding women’s access to technology and economic opportunity,” he stated.

The DG, who was represented by the agency’s Acting Director of the Digital Literacy and Capacity Building department, Dr. Ahmed Tambuwal, noted that inclusive innovation is a cornerstone of NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0: 2024–2027), which supports national aspirations for inclusive growth, poverty eradication, and youth empowerment.

“We are not merely imparting skills; we are creating self-reliant entrepreneurs, change-makers, and leaders,” he added.

Inuwa disclosed that the IgniteHer Bootcamp is also a key component of the National Gender Digital Inclusion Strategy (NGDIS), through which NITDA is working to empower 12.7 million Nigerian women with digital literacy skills by 2027. He averred that the programme complements broader government efforts to bridge gender gaps, enhance productivity, and reduce unemployment, especially among young women.

Citing a report by the World Wide Web Foundation, the DG emphasised that closing the digital gender gap in Nigeria could unlock an estimated $13 billion in GDP growth over the next decade.

“This training is a step towards harnessing this economic potential and ensuring that women play an integral role in shaping the digital landscape of Nigeria,” he noted.

He therefore called on participants selected from over 12,000 applicants to seize the moment and shape the future of Nigerian entrepreneurship.

While highlighting NITDA’s leadership in strategic partnerships, the DG commended JICA and the Government of Japan for their ongoing collaboration in supporting digital empowerment through programmes like IgniteHer and the iHatch Incubation Programme, which provides startup support, mentorship, and innovation development to early-stage entrepreneurs.

“At NITDA, we believe that inclusive innovation is not just an ideal but a critical strategy that ensures the growth of a stronger economy, the development of smarter solutions, and the existence of more resilient communities. Through IgniteHer, we are dismantling barriers and replacing them with pathways to opportunity,” he concluded.

In his remarks, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, reaffirmed Japan’s long-standing commitment to innovation and gender inclusion in Nigeria. He announced that Japan, through JICA, is currently supporting two grant projects worth $30.9 million, focused on improving Nigeria’s startup ecosystem, strengthening the investment climate, and building an inclusive innovation hub.

The Ambassador also referenced the upcoming Tokyo International Conference on African Development (TICAD 9), themed “Co-create Innovative Solutions with Africa”, as further testament to Japan’s dedication to deepening Africa-Japan cooperation on digital transformation and entrepreneurship.

Lead Facilitator of IgniteHer, Hajiya Hafsat Salabi-Dange, described the programme as a catalyst for social and economic transformation. While praising NITDA’s visionary approach to development, she stated that the programme is a movement that is bridging the digital gender divide and fostering economic independence.

Encouraging the participants to remain curious, intentional, and bold, she said, “What you will gain here goes beyond business; it is a tool for community upliftment, national growth, and generational impact.”


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