Firm Diversifies From Shipping Amid Tough Economic Scenario

Genesis Worldwide Shipping has diversified from shipping into oil trading, depot owner/operator and ownership and servicing of filling stations.

The former minister of Interior who is the managing director of the company, Capt. Emmanuel Ihenacho, stressed that, “it is a good reflection of what it is that we are doing and have done and where we are. We are probably the most diversified operators.”

Ihenacho, who made this known in Lagos while receiving the ‘Most Diversified Maritime Award’ plaque from president, Maritime Reporters Association of Nigeria (MARAN), Godfrey Bivbere, and secretary general, Babajide Okeowo, when they paid him a courtesy, said: “We started off as a shipping company, we diversified into oil trading, we became depot owners and operators, and we move down further into the downstream sector into the ownership and servicing of filling stations.

“At some point in time also, we articulated the plan to move into the midstream when we set plans in motion to build a twenty thousand barrel per day modular refinery, the plan is still in the offing because we have finished everything we needed to do with that plan.

“The availability of resources has held us back, we didn’t have the funding when we needed it, so, the plan is only suspended for the time being and it will be resuscitated at a later date.”

Ihenacho stated further that the company has been ranging over the industrial horizon, doing all sorts of things, creating value for people, creating jobs, and sustaining the economy.

Also, Godfrey ceased the opportunity to present MARAN award plaque to the former minister, while commending his foresight as he transited from core shipping to other areas of operation which also falls under the maritime industry.

He expressed hope that operators like him would be encouraged by the relevant bodies to further develop the industry.