shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » BPE abandons NUL …Says it’s Not Worth More than a Piece of Paper

BPE abandons NUL …Says it’s Not Worth More than a Piece of Paper

by Joshua
December 22, 2008
in Uncategorized

Months after its first buyer,Seaforce Shipping Company declined further interests, the Bureau of Public Enterprises (BPE) has also abandoned government-owned national carrier; the Nigerian Unity Line (NUL) in what appears like a dramatic twist in the quest to sell- off the shipping company.
Investigations by Shipping Position Weekly revealed that although BPE had refunded the $20Miliion that Seaforce paid in 2005 for the acquisition of the national carrier, it has been difficult to sell the  Months after its first buyer,
 Seaforce Shipping Company declined further interests, the Bureau of Public Enterprises (BPE) has also abandoned government-owned national carrier; the Nigerian Unity Line (NUL) in what appears like a dramatic twist in the quest to sell- off the shipping company.
Investigations by Shipping Position Weekly revealed that although BPE had refunded the $20Miliion that Seaforce paid in 2005 for the acquisition of the national carrier, it has been difficult to sell the company to anyone. Seaforce is owned by industrialist, Mr. Femi Otedola.
Sources at the BPE confirmed last week that one of the reasons why it has been impossible to get a new buyer is because the national carrier is not worth anything; a fact that was affirmed by the bureau’s spokesperson, Mr. Chigbuo Anichebe.
He confirmed that BPE is yet to come up with a new strategy on what to do with the national carrier. “NUL has nothing, but its certificate of incorporation”, he pointed out.
He also confirmed that the major reason that made Otedola to buy the company in 2005 was the agreement that NUL would be allowed to lift crude oil. The Nigerian National Petroleum Corporation (NNPC) reportedly refused to respect the agreement that was reached between Otedola and BPE.
The BPE spokes person added that the only thing that Otedola paid $20Million for was NUL’s certificate of incorporation.
As at the time of its sale, NUL only had about 500 empty containers, it was operating from a rented apartment in Apapa, Lagos. The only ship, MV Abuja which NUL had, was sold in 2002 under very controversial circumstances.
Anichebe explained further that even though there was an approval by former President Olusegun Obasanjo before he left office, it was difficult to get the Nigerian National Petroleum Corporation (NNPC) to implement the directive after Obasanjo left office. 
Industry sources confirmed that even though Otedola’s company won the bid for NUL on December 1, 2005, he only paid in February, 2006, but failed to take advantage of the company as a national carrier until September, 2007, by which time, a new President had been sworn in.
Anichebe also told our correspondent that for now the BPE is at a crossroad regarding what to do with the national carrier and that what the agency worked on was the assurance that, being a government-owned national carrier, the company can attract high net worth bidders, but it is not working out that way. Falling short of saying that the BPE has given up on it, Anichebe confirmed that the case of NUL requires new strategies.


Related Posts

Despite ₦5.17trn Surplus, Dollar Dominates Nigeria-China Trade As Naira-Yuan Swap Struggles

Despite ₦5.17trn Surplus, Dollar Dominates Nigeria-China Trade As Naira-Yuan Swap Struggles

June 30, 2025
Meningitis: Death Toll In Kebbi Hits 56 – Govt 

Meningitis: Death Toll In Kebbi Hits 56 – Govt 

March 24, 2025
Navy Rescues 8 Police Officers,1 Civilian From Boat Accident In Bayelsa

Navy Rescues 8 Police Officers,1 Civilian From Boat Accident In Bayelsa

January 8, 2025
PHOTO NEWS: SIFAX Thanksgiving and Night of Praise 2.0

PHOTO NEWS: SIFAX Group Thanksgiving and Night of Praise 2.0

December 18, 2024

Discussion about this post

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition