Nigerian Shipowners in Dire Financial Straits

The Nigerian Ship Owners Association, NSA, has informed that some of its members are currently grappling with huge financial indebtedness to some banks, which has been aggregated at over $3billion (N480bn) reports the country's National Mirror.

NSA, formerly known as the Indigenous Shipowners Association of Nigeria ISAN, is the umbrella body for all fully Nigerian- owned shipping firms made up of over 40 companies, most of which have closed down or at the verge of being closed down.

Citing the NSA Chairman, Chief Isaac Jolapamo, the National Mirror reports that apart from huge financial indebtedness, more than 50 per cent of the members of the association have shut down due to the harsh [maritime] operating environment.

Source: National Mirror