The Lagos Deep Offshore Logistics Base LADOL has assured its stakeholders and members of public that the LADOL Free Zone and its land lease areas are all intact and currently fully operational.
The Nigerian Ports Authority had sometime in February this year announced the revocation of the land lease agreement signed with the company.
In a statement signed by the Chairman of the company, Mr. Ladi Jadesimi, Thursday, LADOL says that the Presidential approval issued in 2018, which granted a 25-year lease to Global Resource Management Limited, which covers the entire area of the LADOL Free Zone is valid and still subsists.
The Chairman therefore enjoined all stakeholders to comply fully with Federal Government’s directive, which is in tandem with efforts to resolve the dispute and restore investors’ confidence as well as bring the action of NPA to conform to extant laws of the country and government’s local content policy.
The statement reads in part: “We are pleased to inform our stakeholders and the public at large that we have received notification to the effect that the Presidential approval issued in 2018 granting Global Resource Management Limited a 25 year lease covering the entire area of the Free Zone is valid and subsisting.
“All stakeholders should comply with the Federal Government’s final directive, which is geared towards resolving the dispute, restoring investor confidence to the industry and bring NPA’s actions in conformity with extant laws and Federal Government Policy on Local Content. The LADOL Free Zone is whole and intact and all Enterprises, visitors, stakeholders and others in the Zone should adhere to the rules and regulations of the Zone.
“This decision shows due recognition and understanding for the spirit in which LADOL Group’s shareholders, both private and public, have been investing in developing the Zone out of a disused swampy area since 2004. This investment continues today, in line with the policies of the Federal Government and in support of the economy of Nigeria.
“LADOL remains committed to helping to make Nigeria the industrial hub for West Africa. Our shareholders remain undeterred in their long-term commitment to making investments that will turn the Zone into a Sustainable Industrial Special Economic Zone which will be a blueprint for sustainable industrialisation of Africa.
“LADOL also remains a law abiding corporate citizen and is looking forward to continuing our strategic partnerships with the Nigerian Content Development and Monitoring Board, the Nigerian Ports Authority, the Nigeria Export Processing Zones Authority, all the agencies in the Zone and our stakeholders”.
While thanking its employees, numerous customers and stakeholders for their patience, support, loyalty and above all, keeping faith with the company throughout the trying period, the Chairman expressed LADOL’s sincere appreciation to all stakeholders for their successful mediation.
He argued that this timely intervention has saved jobs, protected huge private and public investments and highlighted a deep commitment to the local content policy in the country and assured that the company is fully open for business.