OKFTZ signs MoU with African Finance Corporation, others

24.12.2007

The Olokola Free Trade Zone (OKFTZ) and the project owners, Ogun and Ondo states, have signed a Memorandum of Understanding (MoU) with a consortium comprising the African Finance Corporation (AFC), Western Metal Product Company (WEMPCO) and other firms on the development of the deep sea port at OKFTZ situated in the border town of the two states.

The MoU, which was signed in Hong Kong, came on the heels of meetings and discussions held with the consortium by the Ogun State governor, Chief Gbenga Daniel, members of his delegation as well as the representative of the Ondo State government, the Special Adviser to the Ondo State governor on investments, Chief Bode Sunmonu.

The MoU was signed by the president of AFC, Mr. Austin Ometoruwa; Mr. Lius Chung of WEMPCO, Mr. Akin Osibajo, the Ogun State Attorney General and Commissioner for Justice; Mr. Yosola Akinbi, Economic Adviser to Governor Daniel, and Chief Sunmonu.

Mr. Ometoruwa described the MoU as a significant step towards the development of a deep sea port of international standard in Africa.

He said the consortium would sign an agreement with the China Construction Company (CCC) next week in Beijing to enable the company carry out feasibility study on the project.