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WABOTAN Cooperative Unveils N13.4m Asset Base in Maiden AGM.
WABOTAN Cooperative Unveils N13.4m Asset Base in Maiden AGM.
Lagos-based Wabotan Cooperative Multipurpose Society Ltd, declares N13.4 Million assets base as it charts growth path in first year of operations
The Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN), is the mother association that gave birth to Wabotan Cooperative Multipurpose Society Ltd. The cooperative society has disclosed impressive financial indicators in its first AGM, with assets totaling N13.4 million and income of N792,848.93.
The financial disclosures were made at the cooperative’s first Annual General Meeting held in Lagos at the weekend, marking a significant milestone for the young organization.
Speaking at the event, the Cooperative’s President, Chief Raymond Gold, traced the genesis of the society to his personal journey from Apapa to a waterfront community, where he discovered the immense potential within the water transport sector.
Chief Gold explained that his previous experience in establishing and leading similar cooperative ventures position him to champion the cooperative initiative from inception. “My relocation to a waterfront community opened my eyes to investment opportunities in water transportation. With my background in cooperative leadership, it became clear that I had a responsibility to create a platform that would serve our members and leave a lasting impact,” Gold stated. He added that he got the support of the national president of Wabotan when he suggested the cooperative to him and the cooperative was registered
The president acknowledged teething problems typical of startup organizations but expressed confidence in the cooperative’s ability to overcome them, citing strong support from its supervising authority, the Apapa Area Office of Cooperatives. He also mentioned the enormous support that the leadership of the cooperative has received from Comrade Babatope Fajemirokun, the National President of WABOTAN. He called on members of Wabotan Cooperative to demonstrate unwavering commitment as the society works to institutionalize robust systems for sustainability.
Mrs. Oluwatoyin Adeyemi, who represented the Area Officer, praised the cooperative’s first-year performance while highlighting areas requiring attention. She stressed the importance of executive cohesion, strict observance of cooperative guidelines, and operational discipline.
Adeyemi suggested that future meetings could incorporate virtual participation options to ensure inclusivity for members in distant locations. She also called for accelerated implementation of the society’s investment programs, particularly its boat acquisition project, which remains active.
Presenting the financial statement for the year ending December 2024, Financial Secretary James Olabode, standing in for the treasurer, revealed that the cooperative recorded total income of N792,848.93. The asset profile showed sole assets valued at N13,479,755.86 and joint assets worth N200,000,000, culminating in a combined asset base of N213,479,755.86—a remarkable achievement for a cooperative in its formative stage.
Olabode noted that while hard copies of the financial statements were unavailable at the AGM venue, electronic versions had been distributed to members beforehand, allowing them adequate time for review in line with transparency standards.
The maiden AGM signals a positive start for WABOTAN Cooperative as it positions itself to leverage on opportunities in Nigeria’s expanding inland waterways sector.
LEKKI COASTAL ROAD: UMAHI PLEDGES TO CLEAR SWAMP CORRIDORS BLOCKING PORT EVACUATION ROUTES
Minister inspects 7th Axial Road project, sets April deadline for contractor
By Oghenewoke Onoriode | Waterways News Correspondent, Lagos
Minister of Works Engr. Dave Umahi has pledged to unlock waterlogged and swampy corridors along the Dangote Refinery route that are hampering cargo evacuation from the Lekki Deep Sea Port, following a hands-on inspection of the ongoing Lekki 7th Axial Road project in Lagos.
The Minister’s visit to the Lekki Corridor underscored the federal government’s recognition of the road as a critical last-mile link for maritime and port logistics — one that, when completed, will ease pressure on existing access roads and strengthen cargo movement from one of Nigeria’s most strategically significant port facilities.
The 7th Axial Road runs behind the Dangote Refinery and connects the Lekki industrial axis to the Sagamu corridor, making it a linchpin for port operations, industrial logistics and national freight movement. It forms part of a wider coastal infrastructure cluster that includes the Coastal Road, Dangote Road and the Lekki Deep Sea Port itself.
Expressing confidence in the project timeline, Umahi directed that roadbed filling works for Project Lot One must be completed by end of April, instructing the project team to ramp up the deployment of manpower, equipment and materials to meet the deadline.
He noted that the 7th Axial Road is designed to complement the broader Lekki corridor infrastructure, with the combined effect of reducing port congestion, improving cargo throughput and positioning the area as a major transportation and industrial hub for Lagos and the wider national economy.
The Minister also stressed the importance of environmental compliance, directing relevant agencies to ensure that construction proceeds without compromising ecological protection in the coastal zone — a concern of particular relevance given the road’s proximity to sensitive swamp and wetland terrain.
The project is being handled by China Harbour Engineering Company Limited (CHEC), the same firm that delivered the Lekki Deep Sea Port. A company representative assured the Minister that resources on site have been scaled up,
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with attention to safety, quality control and environmental standards.
Umahi cited CHEC’s track record on both the Lekki port and the Makurdi–Enugu road reconstruction as grounds for confidence in the firm’s ability to deliver.
NIGERIA TO LAUNCH $1BN BLUE ECONOMY FUND AT LAGOS SUMMIT IN MARCH
Initiative targets maritime start-ups across shipping, fisheries, and renewable energy as Nigeria bets on the ocean to close its GDP gap
By Okeoghene Onoriobe, Waterways News Correspondent, Abuja
Nigeria is set to launch a $1 billion fund dedicated to supporting start-ups in the blue economy and maritime sectors, with the official unveiling planned for the Blue Economy Investment Summit in Lagos from March 9 to 11, 2026.
The announcement was made on December 15, 2025, in Abuja by Ronke Kosoko, Chief Executive Officer of the Maritime Innovations Hub, during a press conference held alongside the summit’s preparatory activities.
What the Fund Will Do
The fund will provide direct financing to early and growth-stage start-ups operating across key segments of the maritime economy, including shipping, fisheries, coastal tourism, shipbuilding, and marine renewable energy. Beyond capital, it will also deliver training programmes, technical assistance, and access to international networks — addressing what Kosoko described as both the financing and capacity gaps that have long constrained the sector.
“The objective is to provide direct financing to start-ups while strengthening their technical and managerial capacity,” Kosoko said.
The initiative builds on an earlier $100 million financing package secured by Nigeria for maritime training and capacity building. Kosoko confirmed that discussions with financial partners are in their final stages, with fund representatives expected to return to Nigeria shortly to formalise commitments.
A Sector Punching Below Its Weight
The scale of the opportunity — and the frustration behind this push — is captured in a single striking figure. Despite Nigeria boasting one of the longest coastlines in West Africa at over 850 kilometres, and occupying a commanding position along major international shipping routes, the blue economy contributes less than 3% to Nigeria’s gross domestic product.
Kosoko attributed this underperformance to a combination of structural weaknesses: insufficient port infrastructure, a shortage of reliable economic data, and a regulatory environment that has at times discouraged private investors from committing capital to the sector.
The fund, she argued, is designed precisely to break that cycle. With structured financial support, authorities believe the blue economy could help close a portion of Nigeria’s estimated $750 billion GDP gap — converting what are currently informal or underdeveloped maritime activities into tax-generating, job-creating businesses.
Diversification Imperative
The launch comes at a moment when Nigeria’s drive to reduce its dependence on oil revenues has taken on fresh urgency. The federal government has identified the blue economy as a priority sector for long-term economic growth, and this fund represents one of the most concrete financing commitments to that vision to date.
By combining capital, capacity building, and international market exposure in a single vehicle, the fund also aims to make Nigeria a more attractive destination for global maritime investors and industrial partners looking for entry points into West Africa’s largest economy.
IMO Return Adds Credibility
The announcement dovetails with Nigeria’s recent return to the council of the International Maritime Organization after a 14-year absence. In late November 2025, the country was elected to the IMO Council for the 2026 term under Category C, a category reserved for states with specific and significant interests in maritime transport.
Minister of Marine and Blue Economy Adegboyega Oyetola welcomed the election as international recognition of the reforms and security improvements Nigeria has achieved in the Gulf of Guinea. He said the IMO seat is expected to strengthen Nigeria’s international partnerships, improve access to technical assistance, and send a positive signal to investors watching the country’s maritime trajectory.
Together, the IMO election and the upcoming $1 billion fund launch paint a picture of a sector that — after years of unfulfilled potential — may finally be gathering the momentum its geography has long demanded.
The Blue Economy Investment Summit holds in Lagos from March 9 to 11, 2026.
— Waterways News NG | www.waterwaysnews.ng
CASABLANCA PORT SHUT DOWN AFTER VESSEL LOSES 85 CONTAINERS — SHIP SERVES NIGERIAN ROUTES
Port authorities in Morocco have suspended all vessel movements at the Port of Casablanca following a container overboard incident involving a ship that regularly calls at Nigerian ports.
Morocco’s National Ports Agency ordered the suspension at approximately 11:00 PM local time on Thursday, February 26, after the containership Ionikos lost an estimated 85 containers into the water near the harbour entrance while departing the port in heavy seas.
As of Friday, operations at one of Africa’s busiest container ports remained halted, with numerous boxes still reported floating in the channel, posing serious navigational hazards.
The Ionikos — a 52,427-deadweight-tonne vessel owned by Greek shipping interests and registered under the Liberian flag — is of particular interest to Nigerian shippers and port stakeholders. The ship operates on a service connecting Turkey and the eastern Mediterranean with ports in the Gulf of Guinea, including regular calls at Nigerian terminals and other West African destinations.
According to initial reports, the vessel had completed cargo operations in Casablanca and was bound for Barcelona when it encountered heavy swells on departure. The rough sea conditions caused the ship to roll violently, sending an estimated 85 containers overboard.
The Ionikos, built in 2009, measures 258 metres in length and has a capacity of 4,360 twenty-foot equivalent units (TEU). The vessel is currently anchored approximately six nautical miles offshore as authorities assess the damage and coordinate recovery efforts.
An overnight search and recovery operation was launched involving five vessels from Morocco’s Royal Maritime Gendarmerie and Royal Navy, alongside helicopter aerial support. Officials noted that darkness hampered early efforts to locate and secure the drifting containers. Tugboats have since been stationed near several floating units to prevent further hazards to passing traffic.
Local media in Morocco reported that the lost containers were carrying a range of cargo, including car parts, furniture, and consumer goods. At least one container is reported to have broken open and washed ashore on a nearby beach, where boxes of Nestlé-branded cereal were found scattered.
The incident compounds operational difficulties already affecting the port this winter. Reports indicate that a series of storms and persistent Atlantic swells have disrupted maritime traffic at Casablanca in recent months.
Port authorities said vessel movements would resume only when conditions in the harbour channel are deemed safe for navigation.
The disruption is being monitored closely by Nigerian shipping agents and cargo interests given the vessel’s regular Gulf of Guinea service schedule. Waterways News NG will provide updates as the situation develops.
— Waterways News NG | www.waterwaysnews.ng
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