Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News

NPA, LADOL collision deepens, as duo rain accusations over contract

Fakoyejo Olalekan by Fakoyejo Olalekan
February 13, 2020
in General News
Nigerian Ports Authority, NPA, Hadiza Bala-Usman, Maritime, Ports, Badagry deep seaport, NPA, LADOL collision intensifies, as they throw counter-accusation over contract 

Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala-Usman

Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Ports Authority (NPA) has revoked the agreement it had with Lagos Deep Offshore Logistics Base (LADOL) after accusing the company of breaching the agreement.

LADOL has, however, hit back at the NPA, stating the cancellation of the contract was illegal.

The controversial contract was a land lease agreement for 121 hectares of land near the Light House Beach, Tarkwa Bay, Lagos. The port authority said LADOL made certain decisions that contravened its agreement.

NPA, LADOL collision intensifies, as they throw counter-accusation over contract 
LADOL

According to a report, LADOL was prohibited from subletting any part of the property, but the company went ahead to sublet a portion of the land. NPA discovered during an investigation that without approval, LADOL had executed a sublease dated September 13, 2013 with Messrs SHI-MCI Fze (representing Samsung Heavy Industries Nigeria).

This prompted NPA to draw the attention of LADOL’s parent company, Global Resources Management Limited, stating in a letter signed by the agency’s General Manager, Land and Asset Administration, Yusuf Ahmed, that, “Clause 4.5 (a) of the agreement which prohibits the lessee (LADOL) from subletting any part of the premises without a written approval of the Lessor (NPA).”

Ii was disclosed that such decision is a breach of contract and “shall result in the automatic cancellation of this lease.” The letter further stated that the company’s “actions in that regard led to the current impasse with resultant negative attention within and outside the country.

“Consequently, the authority has reviewed the events and decided to exercise its rights under the lease and hereby revokes it with immediate effect.”

LADOL was also said to have sublet part of the land to an American company called Africoat Nigeria Limited.

[READ MORE: SAHCO, Arik Air renew contract to boost services)

Is LADOL shortchanging FG? Apart from the accusation of breaching contract, NPA also alleged that LADOL had been holding back on its payment to the Federal Government, as the company was paying less than it collected on rent.

NPA intervened in order to protect SHIN’s fabrication and integration yard. It was reported that $270 million had been borrowed to build and restore investors’ confidence.

LADOL condemns NPA’s decision: The company said the decision by NPA to revoke their agreement was illegal and wrong. LADOL also described it as unconstitutional and should be null and void.

In a bid to fight the contract cancellation, LADOL and Global Resources Management Limited have listed Samsung Heavy Industries Nigeria, the Nigerian Export Processing Zones Authority, Oil and Gas Export Free Zone Authority and SHI-MCI Free Zone Enterprise as defendants after filing a lawsuit.

Related

Tags: Africoat Nigeria LimitedGlobal Resources Management LimitedladolNPA

Comments 2

  1. Anonymous says:
    February 20, 2020 at 8:14 am

    Good work you are doing here. Pls, the caption (LADOL) of the 2nd photo used in the article “NPA, LADOL collision deepens, as duo rain accusations over contract”, is not correct. That photo is “EGINA FPSO” and should have been captioned as such please.

    Reply
    • Victor Ibeabuchi says:
      February 27, 2020 at 6:35 am

      Beautiful observation Sir. I would have suggested that a drone should have been used in capturing the LADOL site as at the time of filing this report. Many Lagosians don’t really know where the port facility is located.
      Secondly, how come that it is now that the Samsung Heavy Industries Limited is gaining popularity that the NPA is intervening?
      There’s something more to this cancellation of contract.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Netflix sacks 150 employees amidst slowing revenue
    • Spam accounts: Elon Musk puts Twitter’s claim to test on social media platform
    • 2023: US government to impose visa restriction on politicians who promote electoral violence 

    Follow us on social media:

    Recent News

    Netflix sacks 150 employees amidst slowing revenue

    Netflix sacks 150 employees amidst slowing revenue

    May 18, 2022
    Spam accounts: Elon Musk puts Twitter’s claim to test on social media platform

    Spam accounts: Elon Musk puts Twitter’s claim to test on social media platform

    May 18, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com