EDIB agrees to finance $27.29 billion Escravos Seaport project

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

The project, located in Escravos (Gbaramatu Island/Omadino) Warri South-West Local Government Area of Delta State, is a development project to be implemented through a Joint Venture Partnership (JVP) with a Nigeria firm Mercury Maritime Concession Company Limited (MMCC).

The Chairman of EDIB International Limited, Kwame Springer, said the firm is seeking government’s security over its $27.29 billion funding of the ESIC project through its consultancy arm, Blue Dot Wealth (BDW) Limited.

He said the firm is requesting that the Federal Government and the Local government provide written confirmation of the Free Trade Zone (FTZ) in the country to provide security and confirmation of the project to be financed by the firm.

According to him, the security sought after is as a result of the 50-year concession deal to Build, Own, Operate and Transfer (BOOT) the ESIC deep seaport project.

He explained that on the part of the Federal Government, it will ensure that the financier’s $27.29 billion investment is returned with profit, while the concession deal term is to be increased to 99 years for the ESIC project to secure funding from EDIB International Ltd.

Also under the projected deal, Springer said the ownership of ESIC deep seaport sub–project will revert to the federal government at the expiration of the 99-year concession period to be granted to MMCC.

The Chairman of MMCC, Rear Admiral Andrew Omaolo Okoja (rtd), told the media that the decision by EDIB International to finance the ESIC project is consequent upon the November 2020 provisional approval granted by the Federal Ministry of Transportation to MMCC to develop the project and the reviewed ministry’s confirmation letter of August 2023.

He said the decision was also consequent upon the May 2022 Delta State Government approval to lease 31,000 hectares of land located at Escravos to MMCC to host the entire ESIC project.

According to him, the ESIC project commenced in 2019 and aims to develop 31,000 hectares of project land in Delta State into a deep seaport, crude oil refinery, gas complex, free trade zone/industrial park, Independent Power Plant (IPP), airport and nature conservation park, among others.

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