Chairman LADOL, Oladipo Jadesimi.

The Lagos Deep Offshore Logistic Base LADOL has said it has not in any way shortchanged the Federal Government of Nigeria through the Nigerian Ports Authority in its land lease transactions, which date back to 2003.The company therefore insists that the government is getting full value from its land at Tarkwa Bay.

Chairman of the LADOL Group, which incorporates its affiliate, Global Resources Management Limited GRML, Oladipo Jadesimi, who refuted some spurious claims by Managing Director of NPA, Ms. Hadiza Bala Usman, recently published in a Nigerian daily newspaper, also insisted that the mission and vision of the founders of LADOL remain to make Nigeria the oil and gas industrial hub for the West and Central African region.

While speaking at the weekend, he disclosed that the founders of LADOL answered government’s call in 2001 to private sector operators to develop infrastructure and facilities for the country, which led to the leasing of a disused swamp from NPA in 2003.

According to him, in over 19 years, the founders have been able to transform the disused swamp into an industrial zone today called the LADOL Free Zone FZE, adding that when he accepted the challenge of investing in a swamp, the motive was far beyond private interest.

Jadesimi, who sees LADOL as the legacy of his 60 years of working life, also said that the commitment of the other indigenous partners is no less, adding that the decades of struggle it has taken them to reach this point has not diminished their commitment to their vision and mission.

“The Chairman does not expect to benefit from the development of LADOL in his lifetime at

over 78 years of age now, but remains fully committed to growing LADOL year on year to help

make Nigeria the industrial hub for West Africa, domesticating projects that for most of his

life, were done outside the country, even though painfully Nigerian assets were paying for this

work.

“Over the years many stakeholders have joined LADOL and its success was only

possible due to the investment, hard work and perseverance of several Nigerian families,

banks, institutions and the Federal Government itself  as tenants of the NPA, all the investments and developments LADOL Group have and continues to make into the land ultimately belong to

the government.

Throughout most of its tenor, LADOL was not making any money and had no major contracts.

Nonetheless development took place in the zone every year from 2004 onwards; starting

with the logistics base, then adding residential accommodation and offices, roads, and utilities,

by 2014 when construction of the Shipyard started LADOL had been fully operational for 8

years and had already broken records. The existing facilities, infrastructure, operations, plans,

approvals, and know-how of LADOL made the construction of the shipyard so efficient that

fabrication started in the yard less than a year later”, Jadesimi said..

Records show that LADOL is one of the few wholly privately developed NPA terminals and has a beacon that NPA has held up as an example to attract more private sector investment. This was highlighted on

It was in the light of this thatVice-President Yemi Osinbajo SAN, on August 10, 2018 toured the LADOL Free Zone and commended the stakeholders in LADOL. At the event where the Bala Usman was chief host, he had stressed the importance of continued private investment and local content to driving the nation’s economy.

He said the relationship with NPA is one of landlord and tenant under which the company had paid over N880.6million in the last two years, insisting that there is no profit-sharing agreement between both parties.

He also warned that the purported attempt to irregularly tamper with LADOL’s lease cannot be justified on the pretext of investor protection because the contractor the article claims NPA acted on behalf of, that is, Samsung, has not invested into the shipyard, a view the FGN strongly holds and has expressed in its directives.

It is therefore expected that the private investors that need protection are the LADOL stakeholders who have invested hundreds of millions building the zone for 19 years and from whom Samsung collected an additional $40.5 million as part payment for the construction of the yard, which Samsung built as an EPC contractor for which government is ultimately liable in repayment.

He also faulted claims that LADOL failed to obtain consent from NPA for the sublease granted

to Samsung, arguing that this was a term of the lease LADL made disclosure to NPA of the

sublease, which NPA approved vide a letter dated March 12, 2014.

The LADOL-boss therefore expressed shock as to why NPA MD should be fronting for Samsung, which is not an investor in the country rather a contractor, having taken over $2billion out of Nigeria in the last five years without investing any dime.