AMCON Descends On Maritime Sector, Takes Over Shipping Coys, Tank Farms, Others

The Asset Management Company of Nigeria (AMCON) has taken over some maritime assets which include tank farms and ships owned by indigenous ship owners in the maritime Industry.

Shipping Position Daily confirmed that the decision apparently followed the failure of the tank farm owners and ship owners to pay up the loans that they took from different commercial banks, a development which has led AMCON to takeover some of these assets.

Our correspondent gathered that four tanks farm located at the Ibafon petroleum products jetty in Apapa area of Lagos state have been put up for sale on the AMCON website while others were put up for lease.

Some of the assets that were put up for sale as disclosed on the AMCON website include: a 29.2 million litres petroleum products tank farm at ibafon, Apapa, a 47.7 million litres petroleum products tank farm also at Ibafon and two others located at the Coconut Jetty.

According to our findings, the worth of 29.2 million petroleum tank farm is not less than N8.5 billion while a 60 million litres capacity facility could go for as much as N20 billion naira.

Shipping Position Daily confirmed that apart from the tank farm, there are ship owners who have been unable to repay their loans, our findings revealed that about six ship owners are on the debtor list of AMCON.

The Public Relations Officer of AMCON; Mr. Jude Nwauzor confirmed that the agency has taken over several marine assets, but said he could not comment on some of the asset seized, because  many of the cases are in court.

He said commenting on such is sub judicial, which may attract a penalty from the court, he however promised to get back to our correspondent as soon as AMCON receive directives to do so.

“I may not be able to give you the lists of assets seized so far in the maritime industry, because many of the owners have taken us to court and the case is in court, so commenting now or releasing names may lead to sub judicial trial kind of, but as soon as we have the go ahead, I will inform you and give you full list of some of these assets”, he said.

Confirming the indebtedness to our correspondent, a top executive member of the Ship Owners Association of Nigeria (SOAN) told our correspondent that the association is already collating the list of its debtor-members, even as he blamed government policies for the woes bedeviling ship owners in the country.

According to him, “these issues are common knowledge, we are still collating how many companies are involved, but you need to ask yourself who controls the policy and who makes the business works; its government, what makes the business fail, it’s the policy of government.

“This matter is in court, so it’s really not something that we begin to discuss on the pages of newspapers, there is room for dialogue with government, that is why we are an association, so we are open for dialogue and discussions.

“If we are owing, it doesn’t mean we don’t know what we are doing, every economy thrives on credit, we will pay; but let them dialogue with us; we are open for discussion” he said.

Speaking also, the President of Nigeria Indigenous Ship Owners Association (NISA); Mr. Aminu Umar told our correspondent that there is need for government intervention for ship owners to get out of the debt.

According to him, ship owners have already written to NIMASA as to how the ship owners and the entire maritime industry can benefit from the N2.3 trillion stimulus package announced by the Federal Government. He added that no member of his association has come up to say he or she is having a bad debt with AMCON

“Based on my understanding, all existing ship owners just like any other sector in the economy of Nigeria, need government to intervene with some palliatives and recently the Federal Government announced stimulus package of about N2.3 trillion in other to help the entire economy and we have already commenced discussions with NIMASA which is the anchor agency for ship owners to discuss with the government to come up with some palliatives and incentives for the maritime sector.