Stakeholders in the maritime and oil and gas sectors have raised serious concerns over attitude of LADOL towards investors.
More gains were also recorded in subsequent years as the country moved up by 24 points from 169th position on the 2017 ranking and also 170th position on the 2016 ranking to 145 in the World Bank’s 2018 report. The management company of the LADOL free zone has been accused of effectively deploying lockouts, cancellation of operating license, excessive charges and frivolous litigations as tools to frustrate investors out of the zone.
The zone manager’s incompetence to operate a free zone was manifested in its lack of capacity to attract foreign investors who will invest in the disused, empty swamp. The free zone manager, rather than build partnerships and alliances to attract investors, has focused on signing frivolous memorandum of understanding with portfolio investors, while engaging reputable and credible investors in unnecessary fights and frivolous litigations.
The letter accused LADOL of violating the terms of the lease and shortchanging the Federal Government. LADOL’S continued stranglehold on several hectares of land at Tarkwa Bay in Lagos has been widely condemned because it has hampered the Federal Government’s efforts to attract investors to the free zone.
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