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Maersk sells off stake in Deep-Sea mining company

Maersk has decided to sell off its stake in a controversial deep-sea mining enterprise, according to The Wall Street Journal.

Until recently, Maersk held up to nine percent of the share volume of The Metals Company, formerly known as DeepGreen Metals.

 With help from Allseas, the mining startup plans to vacuum polymetallic nodules up from the seafloor in the Clipperton Zone, a region of the North Pacific where the metal-rich lumps can be found in abundance on the seabed.
These nodules contain high concentrations of manganese, nickel, copper and cobalt – all valuable resources for the green economy.

The plan has drawn controversy because of its potential environmental impact.

Many marine biologists believe that the nodules are themselves an anchor point for marine life in a little-understood ecosystem, and have expressed concern that their removal could irreversibly damage the seabed ecology before some of these creatures are even known to science.
BMW, Volvo, Google, and Samsung SDI have heeded this call and signed on to a pledge to halt deep-sea mining.

Maersk has been an investor in The Metals Company since 2017, and when the mining firm went public in 2021, Maersk’s stake stood at about nine percent.

It is now about two percent and falling, Maersk told The Wall Street Journal and the Danish shipping conglomerate plans to sell it all off.

Maersk did not purchase all of these shares, it told WSJ: it received equity as a form of in-kind payment for shipping services it provided to The Metals Company, in place of cash.

Maersk is now unwinding that position, but will not receive much in return.

 As of Thursday, The Metals Company’s stock was worth 76 cents per share, less than a tenth of what it was valued at the time of its listing.
 The stock lost half its value within two weeks of its debut on the Nasdaq exchange and has continued to drop since..

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NSC flaunts achievements at ministerial retreat for agencies heads in maritime industry 

–– saves FG N31 billion within six months in 2024
— pushes for quick passage of Nigerian Port Regulatory Agency Bill
Funso OLOJO 
The Nigerian Shippers’ Council(NSC) has showcased its achievements during this year’s ministerial retreat in Abuja.
Addressing the gathering which comprised the Minister of Marine and Blue economy Adegboyega Oyetola, Permanent Secretary of the ministry, Olufemi Oloruntola and heads of maritime agencies and other dignitaries, the Executive Secretary of the Country, Pius Akutah disclosed that the agency has saved the Federal government a whooping sum of N31 billion  between January and June 2024 through automation of demurrage, freight rate, and charter party verification.
Akutah , who  called for critical policy and funding reforms, highlighted some of the achievements of the Council which include but not limited to commissioning of the Funtua Inland Dry Port, top-ranking performance in the 2024 ICPC Ethics and Integrity Scorecard, the launch of online registration portals for port users and service providers and the development of the Trade and Transport Data Bank now nearing completion.
He emphasized the need for swift passage of the Nigerian Port Regulatory Agency Bill and consistent access to statutory funding.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, who declared the retreat open, stated that the Marine and Blue Economy sector had been placed at the forefront of the Federal Government growth agenda and that agencies must respond with measurable performance and improved service delivery.
The Minister also noted several milestones achievements over the year, such as modernization of port infrastructure, steady improvement in port efficiency, progress on the National Single Window, commencement of Cabotage Vessel Financing Fund disbursement, noting that the recent approval of the National Policy on Marine and Blue Economy, marked a new phase in the sectorial development.
He outlined key imperatives for sectoral transformation, including inter-agency synergy, digitalization, governance, and environmental responsibility.
As the retreat progresses, agency heads are signing performance bonds anchored on specific Key Performance Indicators (KPIs), reinforcing a shared commitment to measurable results and transparency.
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Opeifa decries incessant attacks on railway facilities by vandals

— enjoins host communities to regard infrastructures as national assets
Funso OLOJO 
The Managing Director of the Nigerian Railway Corporation, Dr. Kayode Opeifa,
has decried the rate at which NRC facilities are being attacked by criminal elements.
 Dr. Opeifa was reacting to two separate vandalism attacks on the Warri Itakpe line and another attack at Oghaho Section, Nkanu East LGA, Enugu State in the Eastern District.
At the Warri Itakpe line, if not for the quick response of the NRC management, the line would have suffered another suspension of operations.
Following a report from the community vigilante group of track vandalism at Agbarho Community, Ughelli North LGA of Delta State, the Railway track and safety officers were quickly dispatched to verify the report and do the needful for safe passage of the train.
Arriving at the site, the men discovered that from km 250 Agbarho – Okpara Section had been vandalized and the hold down bolts and clips made away with by the hoodlums.
The Railway crew promptly replaced all that were vandalized and the track has been confirmed safe for the passage of trains.
Because of that unfortunate incident, WITS 01 of 12th May 2025 experienced a 40 minutes delay in departure.
In another sad development, this time around, in the Eastern District of the Corporation, following a reported case of vandalization by PTO (HO) of two spans on bridge No.24 at KM284 (Oghaho section) Nkanu East LGA, Enugu State, Eastern District, a team of Railway Policemen and engineering crew were despatched from Enugu to the site on Monday, May 12th, 2025 on an assessment and security watch.
On getting to the site, the men discovered that a whole length of (Bridge 24) heavy frames were cut into pieces by the criminals, using oxygen and escetelen.
While the vandals had fled, the long spans bridge beams were met on ground and efforts are being made to recover them.
According to the reports from officers in charge of the area, the location is largely inaccessible due to long history of insecurity and banditry which had made most communities along this rail corridor to relocate.
While commending the effort of the security agencies so far in stopping this economic sabotage, Opeifa encouraged them to redouble efforts as his administration is ever ready to support them in dealing with the challenging task of securing railway facilities across the country.
He specifically thanked the Agbarho Community Vigilante Group for having an eye on the NRC track.
The NRC boss therefore called on other communities to emulate the Agbarho Community Vigilante and begin to own Railway facilities in their communities as they are national assets.
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Oyetola gives marching order to NIMASA, NPA,NSC,NIWA to translate policy on Marine and Blue Economy into actionable programmes 

Funso OLOJO 
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has given a marching order to the heads of agencies in the maritime industry to  study, internalize and digest the tenets of the recently approved national policy on marine and blue economy with the purpose of translating the policy into actionable programmes.
Oyetola made this declaration on Tuesday, May 13th, 2025 during the sectorial retreat the ministry organized for all the heads of the agencies under the ministry of Marine and Blue economy.
The Minister, who made the agencies heads sign a performance bond to deliver on the ministry’ s mandate,
expressed his unwavering commitment to the full and accelerated implementation of the newly approved National Policy on Marine and Blue Economy which he said has become a catalyst for national economic growth.
He therefore urged the top management of the Ministry and its agencies to recommit themselves to effective leadership, inter-agency collaboration, and measurable performance outcomes.
Oyetola described the gathering as a defining moment for reflection, realignment, and purposeful engagement.
He stressed that the retreat goes beyond administrative formality, representing instead a crucial opportunity to evaluate the sector’s direction and to reposition it for impactful delivery in line with national expectations.
Oyetola emphasised that the Marine and Blue Economy has been placed at the forefront of the Federal Government’s economic growth agenda under the Renewed Hope framework, and that it is incumbent on the Ministry’s leadership to drive this vision with urgency and discipline.
He highlighted recent milestones, including ongoing efforts to modernise port infrastructure, implementation of the National Single Window platform, improvements in port efficiency, enhanced maritime security, progress in aquaculture and fisheries, and the commencement of the long-anticipated disbursement process of the Cabotage Vessel Financing Fund (CVFF).
Most notably, he described the recent approval of the National Policy on Marine and Blue Economy by the Federal Executive Council as a foundational achievement that sets the strategic framework for long-term sectoral transformation.
With implementation now the focus, the Minister stressed that leadership across the Ministry and its agencies must fully internalise the policy’s strategic priorities and translate them into actionable programmes.
He called for disciplined execution anchored on improved coordination, technology adoption, transparency, environmental stewardship, and institutional accountability.
He urged all agencies to treat the Performance Bonds signed during the retreat not as symbolic gestures, but as serious commitments to deliver concrete, time-bound outcomes that enhance the sector’s contribution to GDP, expand job creation, increase port throughput, and improve regulatory compliance and revenue mobilisation.
Oyetola also highlighted Nigeria’s ongoing bid for a Category C seat on the International Maritime Organization (IMO) Council, describing it as a strategic national objective.
 He stressed that the Ministry would continue to lead on diplomatic engagement and international outreach, but that every agency must play its part in showcasing Nigeria’s readiness to continue to lead and contribute meaningfully to global maritime affairs.
In his opening remarks at the retreat, the Permanent Secretary of the Federal Ministry of Marine and Blue Economy, Mr. Olufemi Oloruntola, echoed the Minister’s call for decisive action.
He noted that the Ministry stands at a pivotal juncture in the implementation of the Renewed Hope Agenda.
According to him, under the visionary leadership of Honourable Minister Adegboyega Oyetola, the Ministry has achieved commendable progress, with the approval of the National Policy on Marine and Blue Economy marking a significant milestone.
 He stressed, however, that the priority now must be the translation of the policy into real, measurable outcomes.
Oloruntola described the retreat as a critical platform for identifying and resolving the barriers to effective execution, strengthening inter-agency synergy, and defining the specific steps needed to position the Marine and Blue Economy as a major driver of national development in alignment with global trends.
 He noted that a key feature of the retreat would be the signing of Performance Bonds by Heads of Agencies, which would be tied to clearly defined Key Performance Indicators (KPIs).
This, he said, is a reflection of the Ministry’s collective commitment to accountability, results, and service excellence.
He commended the Heads of Agencies for their readiness to champion this new era of accountability within their institutions and for their commitment to cascading these obligations throughout their teams.
 He further emphasised the importance of strong collaboration between agency leadership and Ministry management, noting that while the Minister provides the strategic direction, it is the responsibility of senior management to ensure that direction is translated into measurable results through discipline, coordination, and dedication.
Oloruntola expressed his appreciation for the guidance and leadership of Honourable Minister Oyetola, whose clear vision and unwavering commitment, he said, have been instrumental in defining the Ministry’s path and energising its personnel.
He also acknowledged the support of the National Assembly Committees overseeing the sector, including the Senate Committee on Marine Transport chaired by Senator Wasiu Eshinlokun and the House Committee on Maritime Safety, Education, and Administration, led by Hon. Khadija Bukar Abba Ibrahim.
 He praised their oversight, partnership, and legislative backing, which have significantly reinforced the Ministry’s efforts.
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