Business
Federal Government Launches Lagos Channel Management Review Exercise
Lagos channel management technical validation begins as Federal Government reviews joint venture operations for dredging and maritime efficiency
The Federal Government has commenced a five-day technical validation exercise of its long-standing joint venture on Lagos channel management in a move aimed at strengthening oversight and ensuring value for money in Nigeria’s key maritime corridor.
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The initiative, announced by the Ministry of Marine and Blue Economy, is being carried out in collaboration with the Nigerian Ports Authority (NPA) to assess the performance of Lagos Channel Management Limited (LCM), which has overseen maintenance of Lagos Harbour access channels since 2005.
According to the ministry’s Director of Information and Public Relations, Anastasia Ogbonna, the exercise is designed to verify operational efficiency, confirm technical outputs, and establish stronger accountability within the partnership framework.
A high-level delegation led by the Director of Maritime Services, Meshack Adeola Oyinloye, is currently conducting on-site inspections to independently review dredging activities, cost efficiency, and overall performance outcomes under the joint venture arrangement.
The Lagos channel management technical validation will also establish a baseline for future monitoring, ensuring that operational assessments are guided by verified data and measurable benchmarks.
Officials said the exercise will help determine whether reported achievements align with actual field performance, while also evaluating the cost-effectiveness of ongoing channel maintenance operations.
The ministry noted that the review is part of broader efforts to strengthen governance in the maritime sector and align infrastructure management with the goals of Nigeria’s blue economy strategy.
Findings from the exercise are expected to guide future decisions on channel maintenance and improve the long-term sustainability of Lagos waterways, which handle a significant share of the country’s maritime trade.
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Since its establishment in 2005, Lagos Channel Management Limited has been responsible for dredging operations, wreck removal, bathymetric surveys, and maintenance of navigational aids to ensure safe passage for vessels navigating the Lagos Harbour corridor.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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