Chairman, Genesis Worldwide shipping company Ltd
Capt. Emmanuel Iheanacho is chairman, Genesis worldwide Shipping Company Ltd, a Ship owning/vessel chartering arm of the corporate group founded in 1991. Genesis Worldwide Group also operates a petroleum marketing company – Integrated Oil & Gas Ltd, which operates ocean-going tanker vessels. Genesis Global Aviation is also a member of the group.
Iheanacho has made a lot of contributions in the development of the maritime sector in terms of both policy formulation and business development activities. He has shown a lot of Interest in the development of the Nigerian maritime industry with a consistent emphasis on the creation of a national carrier.
He is an independent consultant on maritime issues and has been on the register of the United Nations Conference on Trade and Development as an external consultant on international shipping and marine transportation.
Indigenous ship owners aren’t yet maximizing the benefits of the Cabotage shipping regime and this is one area concern to the Genesis Worldwide Shipping Group chairman. He sees low investment in local Refinery as a major handicap to indigenous ship owners and a key factor in their inability to compete with foreign vessels in the lifting of crude oil.
In a step to remedy this disadvantage, Iheanacho has embarked on a mission to build a refinery in Lagos. His objective is to create new capacity in the maritime sector and consequently boost the business of indigenous ship owners.
This represents a big step forward in ending the domination of foreign vessels in the crude oil lifting business. Lifting of crude oil and Importation of fuel and consumer goods have Made Nigeria a big maritime nation but foreign ship owners get the plum of the business, making the nation to lose as much as N1.8 trillion, according to Iheanacho. How to get indigenous ship owners to do reasonable proportion of their own allocation is his major concern. He calculates that they will put back more than N1.5trillion into the economy if they are empowered to do the up to 60% of their allocation. He is desirous to see an end to the practice of exporting crude oil overseas for refining and re-importing refined Products at the present level of Nigeria’s economic status in African.
The refinery now in process holds new hopes for empowering indigenous shipping companies to participate in the coastal trade. Iheanacho expects that the shipping companies will have the opportunity to raise their operating capacities substantially and that up 5,000 direct and indirect jobs would be created when the refinery comes on stream.
Adding value and creating jobs are key target for Iheanacho in his development efforts in the maritime industry. For him, getting indigenous ship owners involved in the prime business of lifting crude oil is major objective that must be accomplished. He expects this to happen by the time the refinery commences operation.
The former minister has championed the course of Nigerians investing in their own Country to develop its economy. He lives by the example of practically doing what he preaches. Apart from the objective of adding a new life to the indigenous shipping business, Iheanacho also expects that the prices of refined petroleum products will drop from their current levels when the refinery becomes operational.