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Federal Government Of Nigeria News

30 May 2023

Heroic Idun Released from Nigeria

Source: Nigerian Navy

The Nigerian Navy announced the release of the VLCC Heroic Idun on Saturday, and the crew and vessel are now reportedly sailing for South Africa.The navy said the “grave infractions” of the vessel were prosecuted by the Federal Government of Nigeria at the Federal High Court, Port Harcourt on January,10 2023. The 26 foreign crew pleaded guilty and elected voluntarily to enter into a plea bargain that involved paying fines and making an apology to the Federal Republic of Nigeria…

26 Feb 2018

Nigeria to Automate Shipping Processes

The Federal Government of Nigeria is set to automate all shipping related administrative processes in order to reduce subjectivity and corruption, thereby promoting transparency in the Nigerian maritime industry. This comes as a result of Nigeria's quest to ensure the growth and development of the maritime sector and in line with the Presidential order on the Ease of Doing Business in Nigeria. According to the eighteen point communiqué, Stakeholders agreed that in order to realize the desired accelerated growth of the Nigerian maritime sector, the Ministry and its Agencies should explore alternate financing windows such as the establishment of Maritime Bank to address the financing gap created by the unsuitability of lending rates of Nigerian banks for the shipping business…

17 May 2017

Nigeria Invests in Boats to Fight Piracy

In 2014 the joint high-speed vessel USNS Spearhead (JHSV-1) maneuvers alongside the pier in Lagos, Nigeria. Spearhead took part in Obangame Express, a multinational at-sea exercise designed to improve cooperation among participating nations in order to increase counter-piracy capabilities. (U.S. Navy photo by Mass Communication Specialist Seaman Weston Jones/Released)

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has assured Nigerians and the international maritime community that the Federal Government is actively working to keep the menace of piracy and other illicit crimes in check on the nation’s territorial waterways. In this case the word are backed by action and investment, as the Nigerian government has approved the procurement of three helicopters and 12 fast intervention…

18 Mar 2017

Nigeria LNG Records 50 Vessel Charters

Since its first day of operations in May 17, 1989, the Nigeria LNG Limited (NLNG)  has recorded no fewer than 45 vessels chartered-in and five chartered out, said a report in ThisDay. The chartered-in including liquefied natural gas (LNG), liquefied petroleum gas (LPG) and condensate carriers for shipment of its products to buyers across the globe. The chartered-out of its own vessels is for other operators in the market. The company’s assets are now worth over $13bn, a press release from NLNG quoted Tony Attah, Managing Director as saying. He said the NLNG had been able to generate $85bn in revenue. The company has positioned itself…

04 Aug 2011

Tidewater Reports 1Q Earnings

Tidewater Inc. has announced first quarter net earnings for the period ended June 30, 2011, of $24.6 million, or $0.48 per share, on revenues of $254.6 million. For the same quarter last year, net earnings were $39.8 million, or $0.77 per share, on revenues of $262.5 million. The immediately preceding quarter ended March 31, 2011, had net earnings of $12 million, or $0.23 per common share, on revenues of $254 million. - a $6.3 million ($6.3 million after-tax, or $0.12 per common share) charge to general and administrative expenses related to a previously disclosed settlement with the Federal Government of Nigeria. - a $3.9 million ($3.0 million after-tax…

25 Jul 2011

Potential Port Problems in Nigeria

According to a report on http://www.thenationonlineng.net, the Maritime Workers Union of Nigeria (MWUN) today threatened to shut down seaports to protest the planned establishment of another body--Maritime Security and Safety Agency. MWUN stated this in a petition signed by its President, Tony Nted and Secretary-General, Aham Ubani, and sent to Nigerian President, Goodluck Jonathan. The petition, which made available to the News Agency of Nigeria (NAN) in Lagos, was copied to the Senate President, the Speaker of the House of Representatives and the Minister of Transport. The union claimed that the Presidential Implementation Committee on Maritime Safety and Security (PICOMSS) planned to establish another agency, which it said, was unacceptable.

19 May 2011

Tidewater Reports Q4 Results

Tidewater Inc. (NYSE:TDW) announced today fourth quarter net earnings for the period ended March 31, 2011, of $12.0 million, or $0.23 per share, on revenues of $254.0 million. For fiscal year ended March 31, 2011, net earnings were $105.6 million, or $2.05 per share, on revenues of $1,055.4 million. For fiscal year ended March 31, 2010, net earnings were $259.5 million, or $5.02 per share, on revenues of $1,168.6 million. •    a $6.3 million ($6.3 million after-tax, or $0.12 per…