With two days remaining to the deadline given by the EDIB International of Hong Kong to back out of the $27.29 billion Escravos Deep Seaport Industrial Complex (ESIC) Project in Delta Sate, the Federal Government is yet to give the much-needed approval.
Yesterday, Delta State government gave a timely approval and validation raising hope of meeting the deadline which ends June 30.
Recall that the project financing company had requested security and protection of their investment with guarantees by the Federal Government as well as the state government approval.
The investing company had emphasised that if the government approvals were not received for the project, which will have a deep seaport, crude oil refinery, gas complex, Independent Power Plant (IPP), airport, Nature Park, and other facilities, by the end of June, the funding commitment may be diverted to other African states.
Mercury Maritime Concession Company (MMCC), the concept developer and lead promoter of the ESIC project, yesterday, said it has received approval and validation from the Delta State Government for the $27.29 billion Escravos Deep Seaport Industrial Complex (ESIC) Project, while it awaits that of the Federal Government.
Chairman of MMCC, Rear Admiral Andrew Okoja (rtd), yesterday at a press briefing in Lagos, announced the Delta state’s pledge of 31,000 hectares of land in Gbaramatu Island/Omadino, Warri South-West Local Government Area of the State for the commencement of the project, which he said is a crucial step towards its realisation.
“With the land, which is the main hub of the project now secured, we can proceed with obtaining the Certificate of Occupancy (C of O) and finalise all necessary formalities. This approval from the state government marks a significant milestone for us,” he said.
Okoja, however, noted the delays in receiving Federal Government validation have raised concerns among investors, highlighting the urgency of timely validation, warning that without it, the partnership could be at risk.
He said the MMCC is coordinating closely with the Federal Ministry of Industry, Trade, and Investments, which supervises the project, with assurance given to meet the necessary targets, with official confirmation expected imminently.
Okoja emphasised that the ESIC Project is designed as a holistic venture, encompassing a main deep seaport along with a network of inland ports to enhance connectivity across Nigeria.
He said to encourage the seven benefiting states’ participation, MMCC is offering states a 0.2 per cent equity in the project, which is public-private partnership driven, regulated by the Infrastructure Concession Regulatory Commission (ICRC) laws of Nigeria.
Okoja addressed the concerns raised by the Nigerian Port Authority (NPA) about potential monopolies and the need for document regularisation.
“The NPA is just an agency; we are dealing with the project at the government and ministerial levels. Our project is professionally driven and backed by extensive maritime expertise,” Okoja clarified.
Okoja also addressed proposals from Chinese investors regarding protection for their investments.
“They proposed exclusive access to the port they would fund, but we emphasised the importance of competition and efficiency. Any viable project should be able to compete in the market,” he explained.
