Joyce Mmereole Okoli
The Nigeria Indigenous Shipowners Association (NISA) has officially inaugurated its new shipping company, NISA Ocean Transport Limited (NOTL), which is set to commence operations with two vessels a 30,000 ton tanker and a Liquefied Petroleum Gas (LPG) carrier.
The inauguration, held in Lagos, also marked the appointment of a six-member board to steer the company, comprising representatives from NISA’s Board of Trustees (BoT), current executives, and general members. According to Chief Isaac Jolapamo, Chairman of NISA’s BoT, the company’s creation marks the association’s third attempt to establish a viable shipping line.
“This is the third time we are attempting this, and we have chosen people who have integrity,” Jolapamo said.
“With capable leadership under Omatseye and his team, I am confident this effort will succeed.”
The newly constituted board includes Sir Sonny Omatseye and Mr. Tunji Brown from the BoT; President Sola Adewunmi and General Secretary Jibril Rowaye from NISA’s executive leadership; and members Paul Jegede and Emeka Obiogbulu.
Speaking shortly after his appointment as Chairman of the new firm, Sir Sonny Omatseye said NOTL is strategically positioned to secure cargo contracts from key national players such as the Nigerian National Petroleum Company Ltd. (NNPC) and the Nigerian Liquefied Natural Gas (NLNG) company.
“This company is for all shipowners. Nobody will hold a majority share. The vision is to strengthen Nigerian participation in the maritime sector and reduce dependence on foreign vessels,” Omatseye said.
He emphasized that the association is looking into financing options including the Cabotage Vessel Financing Fund (CVFF), and expects that indigenous shipowners will be prioritized once disbursements begin.
Omatseye also raised concerns over the persistent issuance of waivers to foreign shipowners, a challenge he said undermines local capacity. However, he expressed optimism that the Federal Government, through the Ministry of Marine and Blue Economy and the Nigerian Maritime Administration and Safety Agency (NIMASA), is taking steps to address the issue.
“The Minister has assured us that the waiver regime will be reformed, and President Bola Tinubu is committed to streamlining shipping operations for greater Nigerian participation,” he stated.