NNPCL signs shipping deal with Stena, Caverton

The Nigerian National Petroleum Company Limited says its subsidiary, NNPC Shipping, has signed a joint venture agreement with Stena Bulk, and Caverton Marine Limited for the shipping of various petroleum products across the industry.

The deal will create a new tanker operation serving Nigeria and West Africa’s crude oil, refined product and LNG regional and global shipping requirements.

This is contained in a statement by the company’s Chief Corporate Communications, Mr. Olufemi Soneye,

Soneye said the agreement which was signed in London last week would transform Nigerian maritime transportation.

“The joint venture partners will create a new company whose objective is to provide top quality, reliable and efficient maritime transport. The partners will also explore options to create a modern and efficient fleet of tankers, comprising both new and existing tonnage depending on market factors and commercial opportunities in the region.

“The partners will evaluate opportunities for both vessel acquisitions and long-term charter arrangements, with a focus on maintaining competitive operating costs while meeting the highest standards of safety and sustainability.

“This fleet will primarily serve the logistics needs of NNPC (crude, clean and LNG/LPG)”.

NNPC added that the new company would cater to other oil producers and traders, offering strategic advantage of a modern fleet, strong financial backing, and maritime pedigree and heritage.  Managing Director of NNPC Shipping, Panos Gliatis, said, “This strategic partnership marks a significant milestone in NNPC’s commitment to modernising Nigeria’s maritime infrastructure.

“By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria’s position in global energy logistics.”

President & CEO of Stena Bulk, Erik Hånell, was quoted as saying, “This collaboration aligns perfectly with our pragmatic strategy of expanding our presence in key growth markets while maintaining our high standards of operational excellence and sustainability.

“Nigeria’s energy sector is undergoing remarkable transformation, and we’re proud to be part of this journey.”

Head of Stena Bulk USA, Johan Jäwert, said: “We look forward to developing shipping activities locally with Caverton and benefiting from NNPC’s strong position in the oil market.

“Combined with our know-how across all aspects of commercial and technical shipping, we will create a world-leading shipping company providing first-class service to the energy market.”

Tinubu appoints Dantsoho as new NPA MD, Adeyeye board chairman 

Managing Director of the Nigerian Ports Authority (NPA) Mohammed Bello-Koko has been removed and replaced with Abubakar Dantsoho on orders of President Bola Tinubu.

Bello-Koko was appointed by President Muhammadu Buhari in May 2021 as acting MD and his appointment was confirmed in February 2022.

The tenure of NPA MD is five years.

In a statement on Friday, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said Tinubu also appointed Adedayo Adeyeye, a former senator, as chairman of the NPA board.

Speaking on Dantsoho’s appointment, Ngelale said the new NPA MD holds “a doctoral degree in Maritime Technology from Liverpool John Moores University, United Kingdom, and a Master’s degree in International Transport from Cardiff University of Wales, United Kingdom”.

“Before his appointment, he had served in various roles in the Nigerian Ports Authority as Assistant General Manager; Technical Assistant to the Managing Director; Port Manager, Onne Port; and Principal Manager, Tariff & Billing,” the spokesperson said.

Ngelale described Adeyeye as a seasoned lawyer, journalist and politician.

“He is a former Minister of State for Works and former senator representing Ekiti South Senatorial District,” he said.

Ngelale said Tinubu expects NPA’s new leadership to deploy excellence in the discharge of their duties to enable efficient port services and improved industry outcomes.

Customs adopted 28 exchange rates to clear goods in Q1 – CG

The Nigeria Customs Service says it adopted 28 different foreign exchange rates in the clearance of imported goods at the ports based on the directive of the Central Bank of Nigeria.

Comptroller General of Customs, Adewale Adeniyi, disclosed this at a press briefing, where he said the agency also generated a total of N1.3 trillion during the period.

The fluctuations and frequent Forex exchange rates, he said, sent negative signals and disrupted activities at the ports.

He said, “In the last quarter, a total of 28 rates were directed by the CBN, ranging from N951.94 per $1 in January 2024 to a peak of N1,662.35 per $1 in February 2024.

“While a singular exchange rate of N951.94 per $1 was maintained in January, February witnessed 15 different spot rates ranging from N951.94 per $1 to N1,662.35 per $1.

“March saw a total of 13 different spot rates applied, ranging from N1,303.84 to N1,630.16. These fluctuations resulted in an average applied exchange rate of N1,314.03 per $1 in the clearance of Customs goods during the quarter.

“The repercussions of these fluctuating rates have sent concerning signals to our stakeholders, affecting and disrupting activities.”

Adeniyi also said a total of N1.3 trillion was generated in revenue by the Customs Service in the first quarter of 2024.

The CG added that over 572 seizures were made with a duty-paid value of N10bn.

He said, “The collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where N606,119,935,146.67.

“When compared to the Federal Government’s annual revenue target of N5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of N423 billion.”

The CG also said a total of N1.6 billion was earned through its electronic auction platform launched in the first quarter of the year.