EDIB seeks FG’s assurances over financing of $27.29bn Escravos project

The EDIB International Limited of Hong Kong has expressed its willingness to finance the sum of $27.29 billion to develop the Escravos Seaport Industrial Complex (ESIC) project located in Escravos (Gbaramatu Island/Omadino) Warri South-West Local Government Area of Delta State. This is even as the group is seeking the Federal Government security and assurances over its $27.29 billion funding of the ESIC project.

The ESIC project is a development project to be implemented through a Joint Venture Partnership (JVP) with a Nigeria firm Mercury Maritime Concession Company Limited (MMCC).

According to Chief Kwame Springer, Chairman of EDIB International Ltd through their consultancy Blue Dot Wealth Limited headed by Mr. Alexander Takpi-Young a Director of BDW, 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 Ltd.

“The security sought after is as a result of the 50years 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 Ltd.

“It is instructive to note that 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,” Chairman of EDIB International Ltd, Chief Kwame Springer stated in a statement released to the media.

Speaking in the same vein, the Chairman of Company Mercury Maritime Concession Company Limited (MMCC),  Rear Admiral Andrew Omaolo .S. Okoja (rtd), said 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.

“ESIC Deep Seaport which is the backbone of ESIC project will serve as a gateway seaport with multi – modal transportation connectivity to hinterland destinations in Nigeria and beyond by marine, rail and road means of transportation: thus providing cargo flow multiplier to ESIC deep seaport to effectively serve more than seven (7) States of the Federation and the Federal Capital Territory (FCT) Abuja.”