MMCC urges Tinubu to expedite revalidation of $27.29 billion Escravos seaport

The Chairman of Mercury Maritime Concession Company (MMCC), Rear Admiral Andrew Okoja (rtd), has called on President Bola Ahmed Tinubu to intervene and accelerate the issuance of the revalidation letter required to secure financing and commence the development of the $27.29 billion Escravos Seaport Industrial Complex (ESIC) project in Delta State.

Okoja said significant progress, estimated at 20 per cent of the project’s completion, could have been achieved if the revalidation letter had been issued earlier.
Speaking at a media parley in Lagos yesterday, the chairman lamented that the project has been delayed due to the Federal Government’s failure to issue the revalidation letter required for its implementation.

He underscored the project’s transformative potential to drive economic growth across multiple states and contribute significantly to national prosperity.

According to Okoja, the ESIC project is envisioned to establish a world-class seaport, serving as a hub for trade, commerce and industrial activities.

He said the project is expected to directly impact the economies of six states – Delta, Edo, Bayelsa, Anambra, Kogi and Niger – as well as the Federal Capital Territory (FCT).

Okoja said seaports are synonymous with wealth creation, emphasising their role as gateways for raw materials, semi-processed goods and finished products.
He noted that the ESIC project aimed to harness these opportunities to improve Nigerians’ well-being and elevate the country’s economic standing.

He disclosed that while the Delta State Government had issued its revalidation letter as early as June 2024, the Federal Government’s delay has deterred financiers from committing funds to the project.

Okoja also recalled that the issue was first raised during a media parley in June 2024 but remained unresolved due to a ministerial reshuffle.

The MMCC chairman expressed hope that the media engagement would prompt the government to issue the long-awaited revalidation letter, enabling the project to advance to its next phase of development.