Nigerian Ports Authority has restored its land lease agreement with Global Resource Management Limited, the parent company of the Lagos Deep Offshore Logistics Base.
This followed a directive by President Muhammadu Buhari to the port agency early this month.
Buhari also directed that all investors in the LADOL Free Zone should follow the rules as set up by the company.
LADOL, in a memo to stakeholders, said it was pleased to inform them and the public at large that it had received notification that the presidential approval issued in 2018 granting GRML a 25-year lease covering the free zone “is valid and subsisting.”
NPA had sanctioned LADOL for allegedly violating the terms of the land lease at Tarkwa Bay, near Light House Beach in Lagos. It revoked the lease via a letter dated November 14, 2019 and addressed to the Managing Director of GRML.
The Federal Government had, through a letter conveyed by the Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, entitled ‘Re: Brief on the LADOL Free Zone Disputes and the Need for the Federal Government to Intervene Urgently’ dated June 3, 2020, directed the NPA to comply with government’s approval of a 25-year lease agreement with LADOL.
The letter had demanded that “all relevant agencies comply with the legal opinion attached hereto which is geared towards resolving the dispute, restoring investor confidence to the industry and bringing NPA’s actions in conformity with the extant laws and Federal Government’s 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,” the presidential directive had indicated.
Reacting to the development, LADOL said the decision showed due recognition and understanding for the spirit in which the company’s shareholders, both private and public, had 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 stated. “We thank you unequivocally – our dear employees, stakeholders and customers for your loyalty, patience and support, and for keeping faith with us throughout this period.”
LADOL added it remained committed to helping to make Nigeria the industrial hub for West Africa, and that its shareholders remained undeterred in their long-term commitment to making investments that would turn the zone to a special economic zone, which would be a blueprint for sustainable industrialisation of Africa.
“LADOL remains a law-abiding corporate citizen and is looking forward to continuing strategic partnerships with the Nigerian Content Development and Monitoring Board, NPA, the Nigeria Export Processing Zones Authority, all the agencies in the zone and our stakeholders.
“It wishes to express sincere appreciation to all stakeholders for their successful mediation. This timely intervention has saved jobs, protected huge private and public investments and highlighted a deep commitment to the local content policy,” the company added.