AKSG, Korean Firms Sign MoU On Jetty, Storage Facility

As part of efforts to encourage industrialisation and investments, realising its objectives of job and wealth creations, poverty eradication and infrastructural consolidation, the Akwa Ibom government has continued to partner both local and foreign investors/industrialists.
To this end, the state government has reached an agreement with some private developers for the commencement of the funding, development and operation of Ikot Abasi Jetty/Storage/Ancillary Services and Liberty Free Zone in Ikot Abasi Local Government.
The executive chairman of the state’s government Technical Committee on Foreign Direct Investments, Mr Gabriel Ukpeh, who headed the government’s delegation, assured KO&G (Korea) and allied partners of their consortium that the state government would do everything possible to support the speedy completion of the projects.
The multi-billion dollar investment scope and objectives of the projects include: a strategic cooperation to finance and develop the jetty/storage/ancillary services as well as the Liberty Free Trade Zone project covering 15,000 hectares in Ikot Abasi to be jointly owned by the government and the investors. Performing the signing ceremony on behalf of the state government in his office, Ukpeh expressed government’s appreciation to the companies for their readiness to provide the funds and develop the projects and for believing in the state.
Ukpeh said he was delighted with the investors for having the interest of Akwa Ibom at heart and assured them of government’s readiness to work with them as well as any other would-be investor.
On behalf of KO & G Consortium, the chairman, Mr Kim Min-Soo, expressed his group’s joy in the partnership, saying the consortium would manage and administer the projects in a commercially-astute manner that would also be environmentally and socially responsible.
Kim commended the state government for its foresight, describing the jetty and Liberty Free Trade Zone projects as significant economic investments for the people of the state.
He commented on the professionalism, friendliness and courtesy shown to all consortium members by the state government and locals that they met during their visits to the state, adding that they were so grateful and humbled to be invited to a wonderful private church service in Uyo with Gov Udom Emmanuel.
Other partners who attended the various project site visits in the state, government meetings and MoU signing include: Grant Jenkins of Pyro Capital Group and on behalf of Double Tree Capital Bank Asia Pacific Division and Hedge Funds, Mr Robert Umoette of CLSCMC Engineering Limited, Mr Seung-Ho Kim of Korea Port Engineering, Mr Do-Hyeong Han on behalf of Daewoo Logistics, Mr Yeong Sik Lee on behalf of joint venture Hyundai Engineering Corporation and Posco E&C, Mr Moses Atobrah, on behalf of Oxygen Capital Group (all part of the consortium) and their legal representative, Mr Emmanuel Chukwuma, a lawyer, and Suleiman Ibrahim on behalf of Price Waterhouse Coppers.
Those who signed the agreement on behalf of the state government were: the attorney-general and commissioner for justice, Uwemedimo Nwoko; commissioner for investments, trade and industry, Dr Glory Edet and government witnesses included the chairman of the Committee on Foreign Direct Investments, Mr Gabriel Ukpeh, and the legal officer of the FDI Committee, Mr Hilary Ekpo, a lawyer.


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