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FG Grants 50 Years Concession Period for Ibom Deep Seaport Investors



  • FG Grants 50 Years Concession Period for Ibom Deep Seaport Investors

In a bid to attract investors to the Ibom Deep SeaPort (IDSP), the federal government has approved a 50-year concession period for would be investors.

This is as stakeholders have declared the project is the most viable in the West and Central African region.

The Ministry of Transportation and the Infrastructure Concession Regulatory Commission (ICRC) confirmed the long concession period at the Ibom Deep Sea Port stakeholders visioning workshop held in Abuja.

Also, ICRC affirmed that only three deep seaports in Nigeria have been captured in the nation’s port development master plan.

The three deep sea ports are: Ibom Deep Seaport in Akwa Ibom State, Badagry Deep Sea port and Lekki Deep Seaport, both in Lagos State.

Speaking at the meeting, Director-General of ICRC, Mr. Aminu Diko, charged the promoters and managers of the IDSP to make bare areas of comparative advantages and threats to the proposed seaport in comparison with other government approved deep seaports in the country.

According to him, “We have approved three deep sea ports. We approved Ibom Deep Seaport 18 months ago, and in the process the promoters of Badagry Deep Sea Port came and submitted proposal and got approval. In June this year, we got an application for Bakasi Deep Sea Port and I make it clear that we are most likely to approve any port without seeing its viability.”

On his part, the representative of the Ministry of Transport and Director of procurement at the ministry, Mr. Shehu Aliyu, said that IDSP had become exigent at this time in history of the nation to help curb the incidence of port and road congestion in Lagos.

Reiterating that the federal government had only approved three deep seaports in line with the port master plan, he added that the government had been on IDSP for five years, with the project’s Outline Business Case (OBC) approved by the Federal Executive Council (FEC).

The Chairperson, Technical Committee for the Realisation of Ibom Deep Seaport, Mrs. Mfon Usoro stated that even when all the approved deep seaports become operational, IDSP would still have sufficient cargo and sound throughput to remain viable.

The port , she said, is strategically located in the West and Central Africa region, despite the existing ports and emerging ones adding that, “It will serve the cargo needs of the following countries; JDZ Sao Tome, Equatorial Guinea, Cameroon, Angola, Gabon, Republic of Congo DRC, Chad, and Niger.”

Usoro also asserted that the IDSP being built on government equity and shareholding model under Special Purpose Vehicle (SPV), Port Development Management Company (PDMC) will service the South-South, South-East and North-East geographical regions of Nigeria with well-planned rail and road network.

“Equity participation in the project was conceived as: Akwa-Ibom state, 20 percent; private sector, 60 percent, while 20 percent stake is floating for interested private investors or other state governments with the region to grab. The IDSP, which is situated on 2,565 hectares of land and has a container capacity of 9 million TEUs, is an integral part of the proposed large Ibom industrial city, which collectively is located on a 14, 000 hectare of land. The industrial city will provide immediate cargo need to the IDSP, which comes in two phases, with incentives for investors, “Usoro said.

According to the Project’s Transaction Adviser, Global Maritime And Port Services Pte Ltd (GMAP) of Singapore, led by its Vice President, SuBoon Hui Frederick, IDSP has two way access channels and is designed for container vessel of 100, 000 Deadweight (DWT) and 15 meters draught as well as 48m Beam.

“With construction billed to commence in 2018 and completion time given as between 2020 and 2021, concessionaries are at liberty to sub-concession a facility at the port and repatriate their funds at will as special investment incentives granted by the Nigerian Investment Promotion Council (NIPC) and Nigerian Export Promotion Zone Authority (NEPZA), “he said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lagos State Government Set to Demolish $200 Million Landmark Beach Resort



Landmark Beach

The Lagos State Government has issued a demolition warning to the proprietor of the $200 million Landmark Beach Resort, a renowned tourist destination in the region.

The resort nestled along the picturesque coastline faces imminent destruction to make way for the construction of a 700-kilometer coastal road linking Lagos with Calabar.

Paul Onwuanibe, the 58-year-old owner of the Landmark Beach Resort, revealed that he received a notice in late March instructing him to vacate the premises within seven days to facilitate the impending demolition.

The resort, which spans a vast expanse of land and hosts over 80 businesses, is a hub of economic activity, sustaining over 4,000 jobs directly. Also, it contributes more than N2 billion in taxes annually.

The news of the resort’s potential demolition has sparked concerns among investors and stakeholders in the tourism sector. Onwuanibe expressed dismay at the government’s decision, highlighting the substantial investments made in developing the resort’s infrastructure.

He explained that the planned demolition would not only lead to significant financial losses but also jeopardize the livelihoods of thousands of employees and businesses associated with the resort.

The Landmark Beach Resort is a popular tourist destination, attracting approximately one million visitors annually, both local and international. Its unique amenities, including a mini-golf course, beach soccer field, and volleyball and basketball courts, make it a favorite among tourists seeking leisure and recreation.

The prospect of the resort’s demolition has triggered widespread panic among international and domestic investors associated with the Landmark Group. Many are now considering withdrawing their investments, citing concerns about the viability of the business without its flagship beach resort.

The Lagos State Government’s decision to proceed with the demolition is part of its broader plan to construct the Lagos-Calabar coastal highway, a 700-kilometer roadway connecting Lagos to Calabar.

The government had earlier announced its intention to remove all “illegal” constructions along the planned route of the highway, including the Landmark Beach Resort.

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Investors Petition EFCC as Over N3 Billion Trapped in Agrorite Investment Scheme



Agriculture - Investors King

Investors in one of Nigeria’s agritech crowdfunding platforms, Agrorite, have lodged a petition with the Economic and Financial Crimes Commission (EFCC) to recover more than N3 billion trapped in the company’s investment scheme.

Agrorite, which touted itself as a premier digital agricultural platform connecting smallholder farmers with finance and markets, is now at the center of a financial debacle.

The investment scheme operated by Agrorite attracted funding from eager investors who were promised returns on investments within a fixed timeframe.

However, the situation took a turn for the worse late last year when investors found themselves unable to access their funds as promised.

Despite repeated assurances from Agrorite’s founder and CEO, Toyosi Ayodele, the repayment deadlines were continually postponed until it became evident that the company had no intention of honoring its commitments.

The magnitude of the crisis became apparent as copies of the petition submitted to the EFCC revealed that investments totaling over N3 billion were trapped in Agrorite’s schemes.

Investors, including one individual who had invested N482 million in a Naira-denominated project and $100,000 in a dollar project, are now pinning their hopes on the EFCC to facilitate the recovery of their funds.

The dire consequences of the situation were tragically highlighted by the case of an elderly woman who had invested her entire pension benefit of N40 million in Agrorite.

Upon realizing that her savings might never be recovered, she collapsed and was rushed to the hospital, underscoring the devastating impact on individual investors’ lives.

Efforts to reach Agrorite’s CEO for comments proved futile, with reports indicating that he had been arrested by the EFCC in connection with the investment debacle.

While some staff members confirmed the CEO’s arrest, they claimed ignorance regarding the reasons behind the company’s inability to fulfill its financial obligations to investors.

According to them, the EFCC’s investigation revealed a severe lack of funds in Agrorite’s accounts, leading to the arrest of key management personnel.

As the EFCC intensifies its efforts to recover investors’ funds, Agrorite’s website,, has mysteriously disappeared from the web, further fueling suspicions of financial mismanagement within the company.

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Treasury Bills

Treasury Bills Yields Reach 17.67% Amidst Central Bank’s Tightening Policy



FG Borrows

The Treasury Bills yields rose to 17.67% amidst the Central Bank’s rigorous tightening of monetary policy.

This sharp surge in yields reflects the profound impact of the Central Bank’s efforts to rein in inflation and stabilize the foreign exchange market, though at the expense of investors and borrowers alike.

The surge in Treasury Bills yields from a modest 6.29% at the beginning of the year to 17.67% as of March 26, 2024 underscores the magnitude of the Central Bank’s tightening measures.

This unprecedented rise comes in tandem with a series of aggressive interest rate hikes with the monetary policy rate soaring by 600 basis points to 24.75% since the start of the year. Such a drastic increase in borrowing costs has sent shockwaves through the financial sector and prompted investors to reassess their portfolios and risk appetite.

Analysts attribute this surge in Treasury Bills yields to the Central Bank’s unwavering commitment to curbing inflation and stabilizing the foreign exchange market.

By raising interest rates and tightening monetary policy, the Central Bank aims to stem the tide of rising prices and restore confidence in the Nigerian economy.

However, these measures come with significant repercussions for investors and businesses, as borrowing costs escalate and investment returns diminish.

The Central Bank’s decision to issue a total of N1.64 trillion in Treasury Bills in the second quarter of 2024 further underscores its commitment to tightening liquidity and reducing inflationary pressures.

This substantial issuance of Treasury Bills is expected to absorb excess liquidity from the financial system, thereby exerting downward pressure on inflation and supporting the stability of the Nigerian currency.

While the Central Bank’s tightening policy may yield benefits in terms of price stability and exchange rate management, it poses challenges for investors and borrowers alike.

High borrowing costs and elevated Treasury Bills yields have the potential to dampen investment activity and constrain economic growth, particularly in sectors reliant on credit and financing.

As the Treasury Bills market grapples with soaring yields and heightened volatility, investors are advised to exercise caution and adopt a prudent approach to risk management.

In an environment characterized by uncertainty and policy tightening, navigating the financial markets requires a keen understanding of macroeconomic dynamics and a proactive strategy to mitigate potential risks.

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