The Federal Government has affirmedthe Presidential approval issued in 2018, granting Global Resource Management Limited 25 years lease covering the entire area of the Ladol Free Zone.
The Chairman of LADOL, Chief Ladi Jadesimi, who made this known in a statement on Thursday, said the lease was valid and subsisting.
Jadesimi, however, urged all stakeholders to comply with the Federal Government’s final directive, geared toward resolving the dispute and restoring investors’ confidence to the industry.
He said it would also bring the Nigerian Ports Authority (NPA)’s actions in conformity with the 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,” he said.
According to him, 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.”
He expressed his appreciation to all stakeholders for their successful mediation.
He noted that the timely intervention had saved jobs, protected huge private and public investments and highlighted a deep commitment to the local content policy.