…As Dangote returns to Ondo coastal corridor
… Sets six-week deadline

The Ondo State Government has inaugurated a technical committee to spearhead the revival of the Olokola Free Trade Zone (OKFTZ), a coastal project conceived about two decades ago but which has remained inactive.

With fresh interest from the Dangote Group to transform the corridor into Nigeria’s largest industrial hub, Governor Lucky Aiyedatiwa, while inaugurating the committee, emphasised that his administration is determined to convert the project into a thriving economic reality.

Aiyedatiwa disclosed that during a recent visit to the state, President of the Dangote Group, Aliko Dangote, expressed the company’s resolve to return to Olokola and develop what would become Nigeria’s largest industrial and free trade hub.

The technical committee, which has been given six weeks to submit its report, is chaired by Bode Sunmonu, with Yinka Orokoto, Mr Sola Adebisi, Mr Idowu Ojo and Engineer Femi Akarakiri as members, while Barrister Emmanuel Omomowo serves as secretary.

According to Aiyedatiwa, the committee members were selected based on competence, integrity, experience and proven records in infrastructure, finance, law, trade and project management.

The governor maintained that the Olokola Free Trade Zone was originally conceived in 2005 as a joint initiative of the Ondo and Ogun state governments, strategically situated along the coastlines of both states with direct access to the Atlantic Ocean.

He added that the project was designed as a gateway for economic development in the South-West region and Nigeria at large, with the potential to become one of Africa’s leading maritime, industrial and logistics hubs.

“The committee’s terms of reference include a comprehensive review of all legal instruments governing the project, including joint venture and shareholders’ agreements, powers of attorney and documents relating to IPEM’s divestment of equity to the Dangote Group.

“It will also serve as the interface between the Ondo State Government and key stakeholders, including the Dangote Group, IPEM, OKFTZC, OKFTZE, the Nigeria Export Processing Zones Authority (NEPZA), the Deep-Sea Port Authority, the Ogun State Government and relevant federal agencies.

“Other responsibilities include verification of land ownership and status within the zone; identification of encroachments and alienation issues; resolution of outstanding community matters, including compensation for economic trees and crops; and engagement with host communities and groups to sustain support for the project,” he stated.

On his part, the chairman of the technical committee assured the governor that members would deliver on their mandate within the stipulated period, revealing that work had commenced even before the formal inauguration.

Sunmonu described the development as a major boost for industrialisation, job creation and economic prosperity, adding that the benefits of investments in the zone would be shared by Ondo and Ogun states irrespective of location.

The chief executive officer of ONDIPA, who also serves as secretary of the technical committee, pledged the agency’s full support for the project and described the inauguration as a landmark event marking a critical stage in efforts to revive a project that had remained an unrealised aspiration for Ondo State for nearly two decades.