LADOL allegedly sacks another foreign investor from zone

There are indications that Lagos Deep Offshore Logistics (LADOL) provider of the deep offshore logistics zone has sacked Africoat Nigeria Limited from the zone. This is barely two months after LADOL was reported to have terminated the operating licence of Samsung Heavy Industries Nigeria (SHIN) Limited.

It was gathered that this latest development, which will also scare investors eyeing Nigeria’s operating environment, has also sent more Nigerians to the labour market. Africoat was conceived to take advantage of the investment opportunities left in the pipe-coating market in Nigeria when Bredero Shaw decided to leave West Africa. The Nigerian and expatriate personnel of Africoat is made up entirely of ex-employees of Bredero Shaw with extensive technical expertise in worldwide pipe-coating operations.

Investigation has shown that Africoat has received a final notice from LADOL for the removal of its equipment/properties from the free zone after it had earlier terminated the Services Agreement it signed with Africoat. It was gathered that because the company’s operating licence was not renewed and its service agreement terminated, the company has lost opportunities of getting new businesses. Before this final notice was issued, the agreement between LADOL and Africoat was terminated over Africoat’s alleged payment default.

Source: Vanguard

 

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