Scandals

“We Never Had Such An Agreement With Tinubu’s Govt”, Maersk Reacts To Purported $600M Deal

Nigerian president Bola Tinubu recently announced he has clinched a $600 million investment deal with Danish shipping and logistics titan Maersk. However, Maersk seems unaware of any such agreement.

The presidency announced on Sunday that President Bola Tinubu has finalized a $600 million investment deal with Danish shipping and logistics company A.P. Moller-Maersk.

The investment was reportedly solidified during a meeting between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla on the sidelines of a World Economic Forum gathering in Saudi Arabia.

Although Uggla did meet with the president, Maersk officials have confirmed that there is no such agreement in place, and no deals have been signed.

“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,” the company said in a statement to Lloyd’s List,”

“Therefore, it is natural to have an ongoing dialogue with the administration. However, we are not able to comment on any investment talks,” a statement seen by Business Insider Africa read.

Maersk is scheduled to report first-quarter results on Thursday, which means that management is currently in a regulatory quiet period, restricting what they can publicly disclose about the company’s activities.

The presidency statement noted that the country would overhaul its ports, including those in the commercial hub of Lagos, to alleviate congestion that hampers businesses.

The presidency has been accused of spreading fake news, as this is not an isolated incident. Last year, the presidency also announced that the United Arab Emirates (UAE) had lifted its visa ban on Nigerian travellers.

However, the UAE promptly denied the claim.