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

Home » GOVT SET TO AUCTION NUL

GOVT SET TO AUCTION NUL

by Ade
September 28, 2009
in Uncategorized

• As Company’s ‘ghost’ haunts proposed new national carrier

About one year after its sale to business mogul, Mr Femi Otedola hit the rocks, the Federal Government is set to auction erstwhile national carrier; the Nigerian Unity Line (NUL).

Already, a memo to justify the option of ‘negotiated sale’ of the national  carrier has been forwarded to the Federal Executive Council (FEC) which sources hinted s been very embarrassed about the failure to get new owners for company. The memo reportedly emanated from the Bureau of Public Enterprises (BPE); the federal government agency in charge of sale of government companies. 
 
Shipping Position Weekly learnt last week that apparently unable to secure a buyer since Otedola’s company; Seaforce Shipping company backed out of the BPE- brokered sale, no new buyer has shown interests in acquiring the company; a development which necessitated the resort to selling the organisation at all cost.

Otedola had backed out of the sale after paying a whopping US$20Million in a deal that was expected to include using the status of NUL as a national carrier to lift Nigeria’s crude oil.

Seaforce won the bid for NUL on December 1, 2005, at the peak of Otedola’s romance with then President Olusegun Obasanjo. He paid the US$20Million bid price 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.

Industry sources told our correspondent last week in Lagos that it would be difficult for BPE to get a buyer for NUL within the Nigerian maritime sector, because according to them, the company is worth nothing, except on paper.

“The only ship, MV Abuja which NUL would have had was sold in 2002 under very controversial circumstances and one wonders why the government decided to sell the certificate of NUL which is a government-owned company and which is national carrier to an individual”, a source said.

A cross section of industry watchers also expressed shock that government is interested in auctioning NUL at a critical period when it is also contemplating floating a new national carrier.

“That is a very ridiculous step, how can they want to auction NUL on the right and on the left be floating another national carrier”, an industry operator enthused, arguing that rather selling the NUL off at a very ridiculous price, what the federal government ought to do is to re-launch and repackage NUL.

Confirming what he called ‘negotiated sale’ of the erstwhile national carrier, spokesman for BPE Mr Chigbo Anichebe told Shipping Position Weekly that the company is actually not worth much. “What we are selling is its certificate, it has no assets”, he lamented, but refused to give details of how and when the auction will be carried out.

 


Related Posts

VESSELS EXPECTED AT LAGOS PORT AS AT TUESDAY 10, MAY 2022

VESSELS EXPECTED AT LAGOS PORT AS AT TUESDAY 10, MAY 2022

May 10, 2022
VESSELS EXPECTED AT LAGOS PORT AS AT FRIDAY 29, APRIL 2022

VESSELS EXPECTED AT LAGOS PORT AS AT FRIDAY 29, APRIL 2022

April 29, 2022

‘Why I Pay More Attention To Rail Than Maritime Sector’- Rotimi Amaechi

September 27, 2021
ANLCA President Calls For Emergency On Reconstruction Of Roads Leading Into Apapa

ANLCA President Calls For Emergency On Reconstruction Of Roads Leading Into Apapa

May 15, 2021

Discussion about this post

Latest News

NPA Urges UK Govt To Quit Labelling Nigerian Exports

NPA Urges UK Govt To Quit Labelling Nigerian Exports

May 18, 2022

Women In MaritimeDay Will Promote The Recruitment, Retention, Employment Of Women In The Maritime Sector  – IMO Scribe

ANLCA NECOM Moves To End Crisis, Begins Reconciliatory Move, Visits Oodua Maritime Group

Nigeria’s Q1 trade deficit rose by 175%, hit $764m – CBN

Protesters Block Tanker with Russian Cargo from Entering UK Port

VESSELS EXPECTED AT LAGOS PORT AS AT WEDNESDAY 18, MAY 2022

Finally, Amaechi Resigns As Minister Of Transportation

Lagos Free Zone, Partners Sign N10bn Gas Deal

Gbemi Saraki To Chair LASG Transport Conference, Exhibition

FG To Resume Abuja-Kaduna Train Service May 23

Sylva Withdraws Presidential Bid, Back To Office

VESSELS EXPECTED AT LAGOS PORT AS AT TUESDAY 17, MAY 2022

kindly like our Facebook page

Health

What You Need To Know About Monkeypox
Health

What You Need To Know About Monkeypox

May 16, 2022

According to the latest Monkeypox situation report of the Nigeria Centre for Disease Control, Nigeria recorded 15 confirmed cases of...

Sleep Duration Of 7 Hours Optimal For Elderly – Study

Sleep Duration Of 7 Hours Optimal For Elderly – Study

May 16, 2022
COVID-19 On Increase In Americas, Africa – WHO

COVID-19 On Increase In Americas, Africa – WHO

May 9, 2022
‘65 Per Cent Of Africa’s Population Survived COVID-19’

‘65 Per Cent Of Africa’s Population Survived COVID-19’

May 9, 2022
Seven Hours Of Sleep Ideal For Middle-Aged Persons – Study

Seven Hours Of Sleep Ideal For Middle-Aged Persons – Study

May 9, 2022
Some Things That Are Actually Damaging The Kidneys (2)

Some Things That Are Actually Damaging The Kidneys (2)

May 9, 2022

The World Of Vaccines, Before And After COVID

April 29, 2022
Only 29% Of Hospitalised COVID-19 Patients Make Full Recovery One Year On – Study

Only 29% Of Hospitalised COVID-19 Patients Make Full Recovery One Year On – Study

April 29, 2022
WHO Alerts Countries To Increase In Hepatitis Cases Of Unknown Origin

WHO Alerts Countries To Increase In Hepatitis Cases Of Unknown Origin

April 29, 2022
Some Things That Are Actually Damaging The Kidneys

Some Things That Are Actually Damaging The Kidneys

April 29, 2022
Nigeria Records Continuous Decrease In COVID-19 Cases, Deaths – NCDC

Nigeria Records Continuous Decrease In COVID-19 Cases, Deaths – NCDC

April 25, 2022

© 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

No, thank you. I do not want.
100% secure your website.
Powered by EssentialPlugin