MD, LADOL Integrated Logistics Enterprise, Dr. Amy Jadesimi,
The Bank of Industry (BoI) has revealed that it provided the Lagos Deep Offshore Logistics Base (LADOL) with a financial support of $17.8 million to help reposition the company’s activities.
The bank disclosed that it also helped the firm to diversify into other areas of business, especially the oil and gas sector.
The disclosures were made in Lagos by the General Manager in charge of LADOL project in BoI, Mr. Issac Offor, during a visit by the House of Representatives Committee on Industry and top management staff of the bank to the firm.
LADOL is a fully integrated, independent and secure base anchored around a quay of 1,000 metres.
The base provides all logistical services including stevedoring, fabrication and assembly yards, people management, catering, bunkering of fuel and water, facilities for the supply of bulk materials, helicopter base, open and closed storage facilities, sewage and waste treatment, potable water and medical services.
Offor explained that the partnership between the two organisations started about four years ago, adding that the need to support the efforts of the Federal Government in the area of shoring up its local content initiative informed the bank's decision to support the firm.
Besides, he said the need to increase capacity in the oil and gas sector to help industrialise the country in the field of oil and gas motivated the bank to throw its weight behind the projects.
He stated that it was regrettable that the number of indigenous firms providing support services in the oil and gas sector has remained low; hence, the need to encourage the activities of the firm.
According to him, the firm has repaid over $5 million out of the $17.8 million it borrowed from the bank, noting that so far it has not defaulted in its loan repayment obligations to the bank.
Responding, Chairman of the House Committee, Hon. Mohammed Onawo, said it was gratifying to note that the firm had put the loan into judicious use by expanding the scope of its operations to international standards.
He said, "this is a story of courage, endurance, success and hope for the nations oil and gas industry.
“I am impressed that this organisation had even ventured into operation six years before they needed to invite BoI for assistance. We have to be glad that we have an indigenous organisation such as this which believes in value addition to whatever they do.
"We are equally happy with their revenue generation to government coffers and their response to loan repayment. We therefore urge management of the Bank of Industry to keep their doors open to LADOL should they be in further need” he added.
Managing Director of LADOL Integrated Logistics Enterprise, Dr. Amy Jadesimi, had earlier informed the visitors that the firm has a new state-of-the-art logistics base being developed opposite the Port of Apapa in Lagos.
She explained the firm owned and managed by LiLe and located in the LADOL Free Zone, was specifically designed to support deep water offshore oil and gas operations and projects in and around Nigeria.
“LADOL is the first and only facility of its kind in Lagos and will ensure that companies benefiting from Nigeria’s deep offshore oil and gas reserves are seared by companies domiciled in Nigeria to service their operations, thereby creating jobs for Nigerians as well as ensuring training, knowledge and technology transfer into Nigeria,” she said.