Ogun State to Sign New UAE Deal for Olokola Seaport
The Ogun State Government is scheduled to sign a new investment agreement with a UAE-based company regarding the Olokola Deep Seaport project on Wednesday in Paris, France. This move comes despite an existing Memorandum of Understanding (MoU) with the Dangote Group, which holds an 80% stake in the Olokola Free Trade Zone Company (OFTZC), established three years ago in partnership with the Ogun and Ondo state governments.
The new agreement has raised questions about its compatibility with the existing MoU and whether it could jeopardize the interests of the Dangote Group, which has been closely associated with the project. Sources indicate that the Ogun government has been in discussions with the UAE-based company, which already has an MoU with the Dangote Group concerning the investment opportunity.
The details of the new agreement, including its financial commitments and specific roles, remain undisclosed, but the situation highlights concerns over the potential overlap between the two agreements.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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