The Federal government has affirmed the Presidential approval issued in 2018 granting Global Resource Management Limited a 25 year lease covering the entire area of the Ladol Free Zone.
This development was contained in a statement signed by the Chairman of Ladol, Chief Ladi Jadesimi noting that the lease is valid and subsisting, and urging all stakeholders to 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.
“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.
“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.
“LADOL remains committed to helping to make Nigeria the industrial hub for West Africa. 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. 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.”
The LADOL statement expressed its sincere appreciation to all stakeholders for their successful mediation, noting that the timely intervention has saved jobs, protected huge private and public investments and highlighted a deep commitment to the local content policy.