Firm pledges $27.29bn to finance Escravos seaport project

EDIB International Limited of Hong Kong has expressed willingness to inject $27.29 billion to finance the development of the Escravos Seaport Industrial Complex (ESIC) project in Warri, Delta State. The project, which is located in Gbaramatu Island/Omadino in Warri South-West LGA, is to be implemented through a Joint Venture Partnership (JVP) with a Nigerian firm, […]

EDIB International Limited of Hong Kong has expressed willingness to inject $27.29 billion to finance the development of the Escravos Seaport Industrial Complex (ESIC) project in Warri, Delta State.

The project, which is located in Gbaramatu Island/Omadino in Warri South-West LGA, is to be implemented through a Joint Venture Partnership (JVP) with a Nigerian firm, Mercury Maritime Concession Company Limited (MMCC).

Chief Kwame Springer, Chairman of EDIB International Ltd, explained that through their consultancy Blue Dot Wealth Limited headed by Mr Alexander Takpi-Young, a director of BDW, EDIB International Limited was seeking government security over the $27.29bn funding of the ESIC project.

On the part of the Federal Government of Nigeria, they will ensure that the financier’s $27.29bn 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.

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The Chairman of Company Mercury Maritime Concession Company Limited (MMCC), Rear Admiral Andrew Omaolo S. Okoja (Rtd), told the media that the decision by EDIB International to finance the ESIC project was consequent upon a 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.