Navig8 Product Tankers Adds New LR1 Tanker

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  •  As EFCC seizes ex-Navy chief’s N600m property

Shipping company Navig8 Product Tankers has taken delivery of the 74,000 dwt LR1 tanker Navig8 Precision from South Korean shipbuilder SPP Shipbuilding.

Navig8 Precision, the third of four vessels contracted at SPP to be delivered to the company, will be entered into and operated in Navig8 Group’s LR8 commercial pool.

The tanker is the first vessel to be delivered under a USD 66 million secured loan facility entered into with the Singapore branch of ABN AMRO Bank in July 2016.

The loan was signed for post-delivery financing of two 74,000 dwt LR1 product tankers.

Navig8 Product Tankers has taken delivery of eleven LR1 and ten LR2 product tanker newbuildings to date and anticipates delivery of its full 27 eco‐design product tanker newbuilding fleet by the end of 2016.

In the meantime, the Economic and Financial Crimes Commission has seized a property allegedly belonging to ex-Chief of Naval Staff, Vice Admiral Usman Jibrin (retd.).

Our correspondent, who visited the N600m property on Plot 2717 Cadastral Zone A06, Maitama, Abuja, saw an inscription, “EFCC, Keep off!” written in red paint on its fence.

Jibrin and three others are standing trial for alleged diversion of N600m.

Apart from Jibrin, others arraigned with him are Rear Admiral Shehu Ahmadu (retd.), who was the Commander, Central Pay Office; and Rear Admiral Bala Mshelia (retd.), who is a former Chief of Naval Accounts and Budget.

The EFCC also arraigned a firm, Harbour Bay International Limited, which allegedly helped the accused persons to perpetrate the fraud.

The ex-naval officers were arraigned before Justice A. S Umar of Abuja High Court sitting in Maitama, on a four-count charge bordering on criminal conspiracy.

The anti-graft agency accused the naval chiefs of buying the building from the account of Naval Engineering Services without the said purchase contract being captured in the budget.

World Maritime News with additional report from Upshot