Ladol, Samsung Dispute’ll be Resolved Amicably – FG

Dr. Okechukwu EnelamahThe Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah
  • Ladol, Samsung Dispute’ll be Resolved Amicably – FG

The Federal Government on Thursday said the ongoing dispute between Samsung Heavy Industries Nigeria and the management of Lagos Deep Offshore Logistics would be resolved amicably.

According to the Minister of Industry, Trade and Investment, Okechukwu Enelamah, all parties in the dispute are already being engaged by the Nigeria Export Processing Zones Authority.

He expressed hope that the engagement process would restore normalcy.

Enelamah stated this in Abuja during a courtesy call on him by the South Korean Ambassador to Nigeria, In-tae Lee.

The minister was quoted in a statement issued by his Strategy and Communications Adviser, Bisi Daniels, as saying, “We will work with you, Samsung, NEPZA and all the parties involved to resolve this amicably. We have an excellent relationship with South Korea and we would like to continue that. The successful resolution of problems generates goodwill.”

Lee had earlier sought the intervention of the minister in the dispute, according to the statement.

“Korean companies that are eager to invest in Nigeria are watching the dispute closely and it is in the best interest of both countries to get this behind us,” he stated.

LADOL, the operator of LADOL Free Zone, Lagos, recently sacked SHI from the free zone over the alleged expiry of its operating licence.

The Managing Director, LADOL, Amy Jadesinmi, had said, “Samsung failed to meet the minimum standard required to qualify for an operating licence in a free zone; their licence has therefore expired without renewal. Samsung’s sublease agreement has been duly terminated.”

But Samsung said it was in talks to resolve the court action instituted by LADOL.

Responding to Samsung’s statement, LADOL had said it also hoped for an amicable resolution of the dispute.

Samsung Heavy Industries, one of the world’s largest ship builders, stated that through its joint venture with LADOL, it had invested $300m to help build a floating oil platform for Total’s Egina oil field.

Total described the field as one of its most ambitious ultra-deep offshore projects and it is expected to produce an estimated 200,000 barrels of oil per day, representing about 10 per cent of Nigeria’s total capacity.

During the meeting, the ambassador also sought the minister’s contribution to the ongoing review of the 1998 Bilateral Investment Treaty signed by both countries.

Enelamah assured him that they were on the same page on the need to revise the agreement to meet contemporary needs.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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