The Lagos Deep Offshore Logistic Base (LADOL) has disclosed that it was recently listed by the London Stock Exchange Group’s (LSEG) ‘Companies to Inspire Africa in 2019.’
LADOL, explained in a statement that it achieved the feat having been found to have met the LSEG’s stringent conditions of recording an average compound annual growth rate of 46 per cent, up from 16 per cent last year, and employing at least 350 people with an average compound annual growth rate of 25 per cent.
The LSEG adjudged LADOL and other companies nominated, “as crucial to the future of the African economy capable of driving transformative economic growth in their home countries, Africa and beyond.”
Speaking at a ceremony at the London Stock Exchange, the Chief Executive Officer, LSEG, David Schwimmer said: “London Stock Exchange Group’s ‘Companies to Inspire Africa’ report showcases inspirational and entrepreneurial businesses from across the African continent, representing a wide variety of industries and countries.
“It is particularly encouraging to see the increasing influence of women in leadership roles in these fast-growing companies, playing a pivotal role in shaping the future of African business.
“These high growth companies have the potential to transform the African economy and become tomorrow’s job creators. At LSEG, we are committed to helping companies realise that potential and we are pleased to highlight and celebrate the company success stories behind one of the world’s fastest growing markets.”
This was the second edition of this prestigious report which identifies Africa’s most inspirational and dynamic private, high-growth companies. The report aims to give these companies global recognition and attract foreign investment into the continent.
On her part, the Managing Director of LADOL, Amy Jadesimi said LADOL was honoured to be included in the LSEG’s ‘Companies to Inspire Africa.’
“LSE’s high-profile focus on real indigenous private sector companies across the African continent is an important step in highlighting the fact that Africa is already home to a thriving and growing number of leading companies.
“The broad range of companies represented show how shallow investment understanding of our current market is and how many opportunities there are for investment today. We look forward to working with the LSE and cooperating with the other indigenous companies highlighted,” she said.
She explained that investment in Africa was about the market case, noting that instead of eking out low returns from investments in developed markets, international investors should focus on the many hugely lucrative market opportunities across Africa.
“Investing in Africa requires a seismic change in investment strategy – international investors that want to remain relevant and viable need to immediately invest in diverse teams and new financial instruments that will enable them to invest in Africa.
“Teams that use outdated and inappropriate bankability definitions will continue to struggle to tap into this highly lucrative market.”
“Operating out of LADOL saves IOCs 50 per cent on their costs in deep offshore logistics, saving billions of USD each year. This compelling value proposition was well known for over a decade and a half, yet today LADOL is the only deep offshore support base in Lagos.
“A clear example of how international investors are missing out on billion dollar investment opportunities by not investing in market case-based business models in Africa,” Jadesimi said
LADOL is the largest private indigenous free zone and a strategic economic zone in Nigeria, built in a secure Island, inside the port of Lagos. The partnership between LADOL and Samsung Heavy Industries, SHI in respect of the construction of Floating Production Storage Offshore, FPSO, vessel for the $16 billion Egina deep water oil field, is a testimony to LADOL’s special position in respect of logistics services for the offshore operators.