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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.

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.

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

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).

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.

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