Coy makes N300bn investment in Badagry Dockyard Project



The Badagry Ship Repair and Maritime Engineering Company (BSMEC) on Wednesday said it had invested 1.5 billion dollars (about N300 billion) on the Dockyard project in Badagry, Lagos State.


This is contained in a statement made available to newsmen in Lagos by the Public Relations Officer of the SIFAX Group, Mr Oluwuyiwa Akande.

The statement noted that Dr Taiwo Afolabi, Chairman of BSMEC and Sifax Logistics and Marine Services Ltd, denied a rumour that the Nigeria Liquefied Natural Gas Company (NLNG) was funding the project.

``BSMEC is the sole owner of the Badagry Dry Dock Project and no one else.

``The company is made up of five different successful Nigerian companies who came together as core investors to form the Badagry Ship Repair and Maritime Engineering Company.

``BSMEC is a joint venture between Sifax Logistics and Marine Services Ltd, Energy Nature Ltd, GMT Energy Services Ltd, Japaul Oil and Maritime Services PLC and SIVC Infrastructure DMCC (Sahara Group Ltd).

``The Nigeria LNG is not part of the consortium and is not an investor in the construction of the dry dock project.

``To be clear, the Badagry Dry Dock will be used for the maintenance of a wide range of oil and gas related vessels, including Very Large Crude Carriers (VLCCs).

``It will also maintain Offshore drilling rigs, Offshore support vessels, in addition to large LNG carriers,’’ the statement said.

It said that BSMEC was also planned to be a hub to be used for dry docking vessels from other West Africa countries.

According to the statement, Afolabi said the choice of the location of the shipyard was made on a purely business interest basis, taking into account several factors considered important to investors.

It added that the project was in line with government’s drive for Nigerian Local Content and would create capacity for Nigerians, as well as stem capital flight.