Goodluck Jonathan Trashes $0.5Bn Investment Project – Read More


One of the last moves by Goodluck Jonathan at presidential post turned out to be
unexpected for many of those involved. President of Nigeria sends an investment project in Lagos worth $0.5Bn to a trash bin with a single stroke of his presidential pen shortly before leaving office.

Goodluck Jonathan Trashes $0.5Bn Investment Project

President Goodluck Jonathan decided to do something unexpected at the end of his rule. With a single stroke of his pen he moved a $0.5Bn oil and gas investment project from Lagos to Agga in his native state of Bayelsa.

The multimillion dollar investment project designed to build one of the biggest floating storage of oil products in the world able to offload oil and gas related cargoes.

It has potential to make Nigeria the largest oil and gas hub in West Africa. This project is the collaboration between LADOL Integrated Logistics Enterprise and Samsung Heavy Industries and will take five years to bring it to life.

The Managing Director, LADOL Integrated Logistics Enterprise, Dr Amy Jayesinmi, described the decision to relocate the project after it already has reached an advanced stage as a diversion and ill-conceived decision  capable of destroying investors’ goals completely.

It was her reaction to the presidential directive set out in two letters signed by a general manager with the Nigerian Ports Authority (NPA) Mr A.B Mohammed on behalf of the new NPA Managing Director, Sanusi Lamido Ado Bayero, who was appointed by GEJ recently.  It is rumored that Sanusi Lamido Ado Bayero controls Intel, an oil and gas logistics firm in Rivers State – an allegation he strongly denies.

Pleased be informed that Mr President has vide PRES/99/MT/2/22 of April 20 approved the FPSO project be relocated to Agga in Bayelsa State when the facilities to handle such operations are developed” – it was said in one of these letters.

Nevertheless, Dr Amy Jayesinmi expressed her opinion that there’s absolutely no point in relocating project from Lagos to the outgoing president’s home state.

NPA has an office in LADOL Free Trade Zone. NPA had severally said LADOL is the largest private investor in its facility. By the end of 2017, LADOL would have invested $500million in NPA facility. Technically, it is not appropriate for the project to be relocated to Bayelsa”, told Amy Jayesinmi press, adding: “we got the two letters the same day: a day after the appointment of the new MD of NPA. I want to make it clear that we (LADOL) do not have problems with NPA because they are using our facility”.

President Goodluck Jonathan has sacked the Managing Director of the Nigerian Ports Authority (NPA), Mr. Abdullahi and has approved the appointment of Sanusi Lamido Ado Bayero as his replacement two weeks ago.

Source: Naij