Despite Presidency’s Statement, Maersk Refuses To Confirm $600m Investment In Nigeria

Maersk officials are not confirming striking an investment deal for Nigerian ports.
Nigerian officials had said President Tinubu secured the investment in Saudi Arabia.
It was not the first time the Nigerian presidency had apparently released a misleading statement to the public.

Eko Hot Blog reports that A.P Moller-Maersk, a Danish shipping conglomerate, has appeared to debunk claims that it announced a $600 million investment deal to Nigeria’s President Bola Tinubu.

According to Lloyd’s List, which primarily publishes shipping news, the supposed $600 million investment into Nigeria’s port sector from Maersk appears to be less solid than the Nigerian government initially claimed.

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Nigerian Presidency’s Claims of an Investment

In a statement on Sunday, President Tinubu’s spokesperson, Ajuri Ngelale, claimed that the Nigerian leader had secured an investment of $600 million from Maersk to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.

The Nigerian president’s spokesperson said the Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, disclosed the decision during a meeting with President Tinubu on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday.

Ngelale also quoted the Maersk boss as saying, “We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.”

”In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest, and we will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,” Uggla reportedly added.

Tinubu’s statement explained that his government would support the modernisation and automation of its ports to improve trade, reduce corruption and boost efficiency.

He claimed that the purported Maersk investment would “complement the administration’s ongoing $1bn investment in seaport reconstruction across the eastern and western seaports of Nigeria”.

“A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere,” he said. “We need to encourage more opportunities for revenue expansion and minimise trans-shipments from larger ships to smaller ships.”

President Bola Tinubu and Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla in Riyadh, Saudi Arabia — President Bola Tinubu meeting with Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla in Riyadh, Saudi Arabia

Maersk’s Response

However, Maersk officials have confirmed that no such agreement is in place and no deals have been signed.

Company officials said while Uggla did meet the president, no such deal had been signed, declining to comment on any investment talks.

“Maersk has been present in Nigeria for 35 years and, as a global provider of logistics services, we remain committed to develop opportunities for growth to people, the port sector and businesses locally,” the company said in a statement to Lloyd’s List.

“Therefore, it is natural to have an ongoing dialogue with the administration. However, we are not able to comment on any investment talks.”

However, Maersk is due to report first-quarter results on Thursday, meaning that management are in a regulatory quiet period limiting what they can say publicly about the company’s activities.

Nigerian Presidency’s History of Misleading Statement

This is not the first time the Nigerian presidency has apparently misled Nigerians.

In September 2023, Eko Hot Blog reported how officials released misleading and false statements thrice in two weeks.

Ajuri Ngelale, the Special Adviser on Media & Publicity to President Bola Tinubu

Firstly, on Monday, September 11, 2023, Ngelale issued a statement claiming that the United Arabs Emirates (UAE) had lifted a visa ban it imposed on Nigerians. However, UAE officials refused to confirm the claim and more than seven months later, the ban is yet to be unveiled.

On Thursday, September 22, 2023, the president’s spokesperson issued another false statement claiming that Tinubu was the first African leader to ring the closing bell at NASDAQ during a “historic” visit.

However, checks by Eko Hot Blog revealed that President Jakaya Mrisho Kikwete of Tanzania rang the closing bell at NASDAQ on September 21, 2011, making him the first African leader to do so.

In fact, 12 years ago, on September 21, 2011, President Jakaya Mrisho Kikwete of Tanzania rang the closing bell at NASDAQ.

Meanwhile, the NASDAQ false statement from the presidency came just hours after the president’s Special Assistant on Social Media, Dada Olusegun, shared fake news that the president’s son, Seyi Tinubu, donated N15 million to the son of late Nigerian singer, Ilerioluwa Aloba, better known as MohBad.