East-West Road collapse threatens $50b investment

The collapse of a section of the East-West Road in Eleme in Rivers State has paralysed investments estimated at more than $50 billion in the Eleme-Onne axis of the industrial hub of the state. That section of the road had been virtually impassable for about two years but it became a real logistic nightmare last week following the collapse of the bridge that allows access to the two petroleum refineries in Eleme, the Onne Port complex, including Onne Free Zone; the Indorama/Eleme Petro-chemical Plant, Notore Petro-Chemical Industries and many businesses within the corridor.

 

Head of Operations and Technical Services at the Oil and Gas Free Zones (OGFZA), which is the regulator of the Onne Free Zone, Mr Adekunle Ajayi said businesses cut off by the collapse of the East-West Road in Eleme are collectively worth more than $50 billion. Those businesses include Intels, which is the Onne Free Zone developer, the West African Container Terminal (WACT), Brawal Shipping Company, all the IOCs represented in the free zone.

Among government establishments that are equally cut off by the collapsed road are OGFZA, the NPA, Nigeria Customs Service, the Nigerian Naval College, and the Nigeria Immigration Service.

Besides these investments, there are lots of sundry businesses and government establishments along the corridor up to Ogoni that are also no longer accessible from Port Harcourt because of the failure of the road.

Commenting on the condition of the road, the Managing Director of OGFZA, Mr Umana Okon Umana, said apart from its adverse impact on existing businesses in the axis, the logistic crisis caused by the failed section of the road constitutes a serious deterrence to foreign direct investment which the Federal Government has been campaigning for. “No foreign investor wants to stake his money where he cannot have access to,” Umana said.

The OGFZA chief said he has drawn the attention of the Minister of the Niger Delta and the managing director, Niger Delta Development Commission (NDDC) to the condition of the road, commending the NDDC for its intervention. Umana however added that what is needed is a holistic and permanent solution to the bad state of the road.

The terrible condition of the road attracted the attention of the Rivers State Governor, Mr Nyesom Wike in 2016, who met with investors and government establishments within the axis. On the prompting of the state governor, the investors and the Rivers State Government contributed N3 billion to assist in the repair of the failed section of the road, which measures about seven kilometres. A member of the committee that was set up to implement the intervention on the road from the N3 billion collections said the money was disbursed to RCC to carry out repairs of the road.

However, less than two years after, the road has become impassable again. The East-West Road is a Federal Government trunk ‘A’ road, intended to link the South-South, Southeast and Western parts of the country together

By: Tolulope Lawani
Culled from: The Nation Online
Image Source: Nairaland

CNN Stephanie Busari Is Moderator At Luxury Lifestyle Summit

CNN Stephanie Busari Is Moderator At Luxury Lifestyle Summit

TOPCOMM PR and The Luxury Reporter, organisers of The Luxury Lifestyle Summit have confirmed CNN Africa Editor, Stephanie Busari as the moderator of the panel discussions at the inaugural Summit billed to take place on September 06 and 07 2017 at the Federal Palace Hotel, Victoria Island, Lagos, Nigeria.

Stephanie Busari is coming with her wealth of experience working for CNN, the most viewed international news network in Africa. She will be engaging panelists on various issues on the Nigerian and generally African luxury sector.

According to Busari: “The luxury sector in Nigeria is fast growing and it is important to have a conversation about how the industry can scale and grow. I think the Luxury Lifestyle Summit will have some very interesting talking points and I am looking forward to engaging the panelists at the Summit.”

With the theme of the summit, Digital Inside – Get Wired to Deliver the Ultimate Luxury Experience, panellists from different sectors of the luxury market will discuss relevant topics aimed at creating important discourse to improve the luxury brands and promote consumption of the Nigeria luxury market.

Earlier, Paul Andrew, Founder and Chief Responsibility Officer, African Wealth Report, a research and intelligence publication of Blackpace Africa has been confirmed to spearhead the array of other notable speakers to discuss key issues affecting the growth and development of the Nigerian luxury industry.

With over two decades of global investments and wealth advisory experiences, Andrew who is based in Geneva, Switzerland, brings an exceptional knowledge of African and global luxury practice to The Luxury Lifestyle Summit in Lagos.

Also, Daniel Weihrauch, CEO of Lions&Gazelles and RAIN’s group consulting partner for Middle East and Africa, will be speaking at the summit. The German born global traveller, will bring his wealth of experience in the luxury hospitality industry to the summit.

Other speakers confirmed for the summit include: Oliver Williams, CEO, Firebreak Group and a founding member of Wealth Insight, a leading wealth consultancy advising clients in over 15 countries; and Funmi Onajide, Founder, Regalo African Luxury Store, a concept store which stocks high end leather goods, tea range among others sourced from Africa will also be speaking at the Luxury Lifestyle Summit in Lagos.

The summit will provide a veritable platform for diverse retailers of jewellery, beauty, motor, watches, private equity, investment Banking, private banking, investment / asset management, architecture, travel companies, luxury Hotels, luxury Event Management companies, luxury service providers, airlines and others to showcase their products and discuss how to maximise the online market.

Other discussants at the summit include: Mr. Abiona Babarinde, Group General Manager, Marketing and Communications, Coscharis, Mrs. Kavita Chellarams, CEO, Arthouse Contemporary, Mr. Ejiro Onobrakpeya, expert in African art, Mr. Dapo Okubadejo, KPMG, Mr. Kayode Kasunmu, the Executive Director, Beauty Bar and Essenza who has been a player in the Luxury Industry in Nigeria for over 30 years.

The summit is the brainchild of The Luxury Reporter, publisher of the e-magazine, TLR in partnership with TOPCOMM PR Concept & Events, an integrated marketing communication and events management company with sponsorships from Balmoral, African Wealth Report, BlackPace, Lions&Gazelles, Regalo African Luxury, FireBreak Group, Access Bank, Sun International, Delta Air Lines, South African Airways, GHI Assets.

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