As part of the efforts to restore the confidence of foreign investors in Nigeria’s free zones, the Nigerian Export Processing Zones Authority (NEPZA) has set up a committee to probe into the dispute between the Lagos Deep Offshore Logistics Base (LADOL) and its foreign partner, Samsung Heavy Industries (SHI).
It was gathered that the committee will investigate the alleged breach of Nigerian laws by SHI-MCI, a joint venture between the two partners. NEPZA has also directed LADOL to immediately renew the operating license of SHI-MCI Free Zone Enterprise.
NEPZA informed the free zone management company of this in a letter signed by the Managing Director of NEPZA, Hon. Emmanuel Jime, and addressed to the Managing Director of Global Resource Management Free Zone Company, a subsidiary of LADOL and managers of the LADOL free zone.
Source: THISDAY