EDIB to Finance $27.29bn Escravos Seaport Industrial Complex

Gilbert Ekwugbe

The federal government’s quest for blue economy has received a major boost as EDIB International Limited of Hong Kong has expressed its willingness to spend $27.29 billion on the  Escravos Seaport Industrial Complex (ESIC) project.

The project located in Escravos (Gbaramatu Island/Omadino) Warri South-West Local Government Area of Delta State is a development project to be implemented through a Joint Venture Partnership (JVP) with a Nigeria firm Mercury Maritime Concession Company Limited (MMCC).

EDIB International Limitrd through their consultancy Blue Dot Wealth Limited (BDW), headed by Mr Alexander Takpi-Young, a Director of BDW, EDIB International Limited is seeking government security over its $27.29 billion funding of the ESIC project.

EDIB International Limited is requesting that the Federal Government of Nigeria (FGN) and the Local Government provide written confirmation of the Free Trade Zone (FTZ) in the country to provide security and confirmation of the project to be financed by EDIB International Limited. 

The security sought after is as a result of the 50 years concession deal to Build, Own, Operate and Transfer (BOOT) the ESIC deep seaport project. On the part of the federal government of Nigeria, they will ensure that the financier’s $27.29 billion investment is returned with profit. The concession deal term is to be increased to 99 years for the ESIC project to secure funding from EDIB International Limited.

Under the ESIC project deal, the ownership of ESIC deep seaport sub–project of ESIC will revert to FGN at the expiration of the 99 years concession period to be granted to MMCC.

The Chairman of Mercury Maritime Concession Company Limited (MMCC), Rear Admiral Andrew Omaolo Okoja (rtd), told the media that the decision by EDIB International to finance ESIC project is consequent upon the November 2020 provisional approval granted by the Federal Ministry of Transportation (FMT) to MMCC to develop the ESIC project and the reviewed FMT confirmation letter of August 2023 by the ministry.

“The decision was also consequent upon the May 2022 Delta State Government (DTSG) approval to lease 31,000 hectares of land located at Escravos to MMCC to host the entire ESIC project. ESIC project commenced in 2019 and aims to develop 31,000 hectares of project land in Delta State into a Deep Seaport, Crude oil refinery, Gas Complex, Free Trade Zone/Industrial Park, Independent Power Plant (IPP), Airport, Nature Conservation Park, etc, “he said. 

Related Articles