Promoters of Escravos Seaport Investment Complex (ESIC) has said that development of the project is yet to commence as they are yet to receive statutory revalidation from the federal government.
The partners, Mercury Maritime Concession Company (MMCC) and EDIB International of Hong Kong, represented by MMCC Chairperson Rear Admiral Andrew Okoja (rtd), made this disclosure at a press conference in Lagos.
A provisional approval granted by the federal government through the Ministry of Transportation in November 2020, Okoja explained, enabled the promoters of ESIC to carry out preliminary consultations, which have so far cost $15 million, in addition to $1 billion as an expression of “capacity” to deliver on their commitment.
Okoja expressed optimism that the ESIC project, if given the necessary approvals by the federal government, state government, and statutory authorities, will be completed in five years starting in 2024 while highlighting that its partner and project financier, EDIB International, was threatening to withdraw their $27.29 billion investment proposition if necessary approval was not granted by the federal government in June 2024.
