Badagry Dockyard not funded by NLNG —Afolabi

The Badagry Ship Repair and Maritime Engineering Company has denied the allegation that the proposed $1.5bn Badagry Dockyard project is being funded by the Nigeria Liquefied Natural Gas company.
In a statement, the Chairman of Sifax Logistics and Marine Services Limited, who is also the BSMEC Chairman, Dr. Taiwo Afolabi, said, "BSMEC is the sole owner of the Badagry Dry Dock Project and no one else. BSMEC is made up of five different successful Nigerian companies that came together as core investors to form Badagry Ship Repair and Maritime Engineering Company.

The BSMEC is a joint venture involving Sifax Logistics and Marine Services Limited, Energy Nature Limited, GMT Energy Services Limited, Japaul Oil and Maritime Services Plc and SIVC Infrastructure DMCC (Sahara Group Limited).
"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, offshore drilling rigs and offshore support vessels, in addition to large LNG carriers."
Afolabi also said that the choice of location was made on purely a business interest basis, taking into account several factors considered important to investors.
He said the project, which was in line with the government's drive for Nigerian Content, would create capacity for Nigeria and help to address capital flight.
According to him, it is also planned to be a hub to be used for dry docking vessels from other West Africa countries.