​LADOL warns NPA to abide by extant laws over disputed lease agreement.

Segun Oladipupo

The Lagos Deep Offshore Logistics (LADOL) Base has told the Nigerian Ports Authority (NPA) to bring its actions in conformity with extant laws and Federal Government Policy on Local Content.

This is coming after the company on Thursday in a press release said that It had received notification to the effect that the presidential approval issued in 2018 granting Global Resource Management Limited a 25 -year lease covering the entire area of the Free Zone is valid.

Recall that NPA had revoked agreement it had with LADOL after accusing rhe company of breaching the agreement both organisations reached.

Meanwhile LADOL had also described the cancellation of the contract as illegal

Meanwhile, in a release signed by the Chairman of LADOL, Mr. Ladi Jadesimi and made available to our correspondent on Thursday, the company said that the notification should now bring the actions of the Nigerian Ports Authority in conformity with extant laws and Federal Government Policy on Local Content.

The company added that all stakeholders should comply with the Federal Government’s final directive, which he said was geared towards resolving the dispute, restoring investors’ confidence to the industry.

LADOL further called on all enterprises, visitors, stakeholders and others to adhere to the rules and regulations of the zone even as it stated that the Free Zone was whole and intact.

“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 industrialization 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. ​

“LADOL wishes to express its sincere appreciation to all stakeholders for their successful mediation. This timely intervention has saved jobs, protected huge private and public investments and highlighted a deep commitment to the local content policy,” the statement concluded.

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