FG validates LADOL’s 25-year land lease agreement
LADOL Free Zone has received a validation of the Presidential approval issued in 2018 granting Global Resource Management Limited a 25-year lease covering the entire area of the Free Zone.
Chairman of the company, Chief Ladi Jadesimi, in a statement on Thursday, disclosed receiving a notification from the Federal Government to that effect.
The company urged that “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 expressed its appreciation to all stakeholders for their successful mediation, saying: “This timely intervention has saved jobs, protected huge private and public investments and highlighted a deep commitment to the local content policy.
“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.”
The company pledged continued commitment to helping to make Nigeria the industrial hub for West Africa.
It added that “LADOL 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.
“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.”
The company says it is open for business and welcomes all inquiries.