Why Maersk Can’t Officially Confirm Proposed $600m Investment In Nigeria
Details have emerged as to why the Danish shipping and logistics company A.P Moller-Maersk can not officially confirm the proposed $600 million investment in Nigeria’s port.
“We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships”, Robert Uggla, the Chairman of A.P Moller-Maersk had told President Bola Ahmed Tinubu in Riyadh, Saudi Arabia on Sunday, April 28, 2024.
Mr Robert Uggla made the commitment on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development.
But responding to enquiry from Arise TV, Maersk officials neither confirmed nor denied the shipping giant investment plans in the nation’s seaport.
“Maersk has been present in Nigeria for 35 years and, as a global provider of logistics services, we remain committed to develop opportunities for growth to people, the port sector and businesses locally
“Therefore, it is natural to have an ongoing dialogue with the administration. However, we are not able to comment on any investment talks,” the firm disclosed.
Reacting to the development, Mohammed Faruk, an analyst who is familiar with the situation, said; “Many individuals may have overlooked the details of the initial FGN press statement and failed to juxtapose it with the subsequent Maersk statement, leading to a misinterpretation of both narratives.
“Maersk’s response subtly reveals the situation’s complexity, acknowledging its regulatory constraints during a quiet period preceding its quarterly financial report. This period restricts the extent to which it can divulge information about ongoing negotiations to avoid potential penalties related to stock manipulation—a concept familiar to those versed in corporate communications for publicly listed entities.”
He said “Maersk is due to report first-quarter results on Thursday, meaning that management is in a regulatory quiet period limiting what they can say publicly about the company’s activities”.
