Shipowners in Nigeria have called for the criminal prosecution of officials of the Nigerian Maritime Administration and Safety Agency (NIMASA) over the failed ₦50 billion floating dock project. This call follows years of inactivity and mounting concerns about the dock’s operational status which has remained idle for years despite huge investments.
The floating dock, acquired over a decade ago with the promise of reducing the cost of dry-docking Nigerian vessels abroad, has instead become a liability, incurring massive port charges while remaining non-operational. Stakeholders in the maritime industry are now demanding accountability, describing the situation as an economic sabotage that has cost the nation billions of naira.
Otunba Sola Adewunmi, a prominent shipowner, in a chat with our correspondent stated that the entire transaction was fraudulent from the onset. He lamented that instead of being used for the benefit of Nigerian shipowners, the floating dock has become a symbol of government waste and mismanagement.
“The floating dock acquired by NIMASA was just a joint wastage. Normally, it was just funding for something that we didn’t really need. It has been draining the government’s purse all this while. We have wasted so much money on that dock. They will tell you tomorrow that they have found a solution, but nothing happens. Go and investigate how much the government is losing. They are paying heavy charges every month for an asset that has never worked,” he said.
Checks by our correspondent revealed that despite repeated assurances from NIMASA and successive government officials, the floating dock has remained unutilized, forcing Nigerian shipowners to continue dry-docking their vessels in neighbouring countries like Ghana, Cameroon, and other foreign countries at exorbitant costs. Shipowners have expressed outrage over the continuous financial burden imposed on them, blaming the government for failing to create an enabling environment for indigenous operators.
Recall that in February 2024, NIMASA announced plans to deploy the floating dock, moving it to a jetty at the Standard Flour Mills in Apapa in preparation for its operational base at the Continental Shipyard. The agency emphasized the importance of installing the 50-ton cylindrical spuds, crucial for anchoring the dock, before towing it to its operational location. Dr. Bashir Jamoh, former NIMASA Director-General, remarked, “We are moving slowly but steadily to our destination. Today, we are lifting out the cylindrical spuds to be prepared for piling at the Continental Shipyard where the Floating Dock is scheduled to commence operations
Also the current DG NIMASA, Dr. Dayo Mobereola while meeting with Journalists few months after his appointment in August 2024 had assured that the agency is working on putting the N50 billion modular floating dock to very good use
Mobereola, who spoke during in a chart with the media in Lagos, said the management team had visited the site of the floating dock at the Continental Shipyard, Apapa, as part of the efforts to put the facility into good use.
He said: “The initial plan for the floating dock was not the right one. We are going to put the Modular Floating Dock to very good use so that once it’s in operation; it will benefit the economy, seafarers, and NIMASA itself. We need to place the modular floating dock in an appropriate location. It is just a matter of time; we will soon get that done.”
Despite these assurances, the floating dock has remained largely inactive, leading to widespread skepticism among industry
Speaking further Otunba Sola Adewunmi said “The time for excuses is over. NIMASA must either operationalize the floating dock immediately or face legal consequences for their negligence and mismanagement.
He emphasized that those responsible for the floating dock’s failure must be held accountable, insisting that criminal prosecution was the only way to deter future financial recklessness.
“If those behind this scam were tried and sent to prison, it would serve as a deterrent. But in Nigeria, absurdity thrives because there are no consequences. This is a crime against the Nigerian people. The officials who sanctioned this deal should be arrested, tried, and jailed for economic sabotage,” he declared.
Speaking also Prince Ayorinde Adedoyin, another experienced shipowner and Chief Executive Officer of Peacegate, a maritime services provider, described the floating dock debacle as part of a larger systemic failure where Nigerian authorities refuse to support local shipowners while enabling foreign interests to dominate the sector. He stressed that the level of wastefulness surrounding the project was unacceptable and called for a full-scale investigation into the acquisition and management of the facility.
“This floating dock issue has been ongoing for about 10 years. Every year, there’s a new excuse. They move it to Marina, then they move it somewhere else. This is part of what we call wastefulness. It’s a disgrace. Between NIMASA and NPA, they couldn’t find a way to put the floating dock in use? They couldn’t build a docking pit for it? Instead, they allow it to remain idle while Nigerians suffer. This is taxpayer money—our money—being wasted,” he said.
He further explained that the failure to operationalize the dock has resulted in unnecessary financial burdens for shipowners. He cited his personal experience of having to dry-dock one of his vessels in Cameroon, initially quoted at $180,000 but eventually costing close to $500,000 due to corruption and mismanagement in foreign dockyards.
“This is what Nigerian shipowners go through. Meanwhile, our own floating dock is rotting away because of the greed of a few people,” he added.
The shipowners also accused the government of deliberately frustrating the development of local capacity in the maritime industry. They highlighted how Nigerian shipowners struggle with high-interest rates on loans while foreign vessel operators enjoy lower rates and government incentives.
“Foreign vessel owners have a field day in Nigeria. They get loans at 3% interest rates, while Nigerian shipowners are forced to borrow at over 30% interest. How can we compete? The government gave a bailout to the airline industry, but nothing for maritime. Meanwhile, shipowners are going bankrupt, and jobs are being lost,” Ayorinde said.
He also alleged that certain officials were benefiting from the floating dock’s continued non-utilization through port charges, legal battles, and consultancy fees, while Nigerian shipowners continued to suffer.
NIMASA has remained largely silent on the issue, with no concrete plans to operationalize the dock despite years of public outcry. While the agency has occasionally made statements about finding a permanent home for the facility, industry stakeholders view these as empty promises.
“The only thing they know how to do is set up committees and hold endless meetings,” Ayorinde said. “No real action. If this dock was in the hands of a private company, it would have been operational years ago. But government officials have turned it into a cash cow for their own personal gain.”
Stakeholders are now calling for an urgent investigation into the matter, demanding the immediate prosecution of those responsible for the failed project and a clear roadmap for making the facility operational. .
They insist that until there is accountability, the floating dock will remain a symbol of government incompetence, while shipowners and the Nigerian economy continue to suffer the consequences of corruption and mismanagement.
Meanwhile all efforts to get the reaction of the agency proved abortive as messages sent to the head of Public Relations NIMASA, Edward Osagie were not responded to as at press time.
