ADOL Moves to Eject Samsung Heavy Industries from Lagos Free Zone

In a move that will potentially scare foreign investors in Nigeria’s free zones, Global Resources Management Limited (GRML), a subsidiary of Lagos Deep Offshore Logistics (LADOL) base is planning to eject Samsung Heavy Industries (SHI) Nigeria Limited from the the LADOL free zone in Lagos, recent developments in the free zone have shown.

SHI operates a fabrication and integration yard (SHI-MCI yard) in LADOL free zone, which was used to integrate the Egina Floating Production Storage Offloading (FPSO) vessel, which has sailed away to the 200,000 barrels per day Egina oilfield.

The yard is the only one of its kind in Africa, designed to make Nigeria a hub of FPSO fabrication in the continent.

Investigation reveals that SHI will lose over $300 million of investments if sacked from the island as it will be difficult for the Korean firm to remove the fixed assets in the yard.

THISDAY, September 7, 2018

 

 

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