The Nigerian National Shipping Line (NNSL) was established by the Nigerian government in 1959. Despite heavy investment and subsidies, the state-owned company was unable to compete with European lines. Much of the investment went to enriching the political elite. Deeply indebted, the NNSL was liquidated in 1995 and all 21 of its vessels were sold.
Formation
Nigeria formed the NNSL in 1957. At first 33% of the capital was held by the Elder Dempster Line and 16% by the Palm Line, both British companies, while the Nigerian government held 51%. In 1961, the Nigerian government acquired all the shares.
The NNSL started operations in 1959 with three vessels. Nigerian seamen who had been employed by British shipping companies in the colonial era moved to work for the Nigerian Line.The public company was assisted by private businessmen, such as tycoon Sir Louis Ojukwu, who was an early member of the board, before dying in 1966.
By 1966 the fleet had grown to a total of nine vessels.[1] The chairman from 1967 to 1973 was Oloye Adekunle Ojora, formerly of the United Africa Company, who later became a highly successful businessman in his own right.