LADOL pays N16.9bn to FG as customs duty

L-R: Deputy Comptroller-General, Excise, Free Trade Zone and Industrial Incentives, Nigeria Customs Service, DCG Banke Adeyemo and Chairman, Lagos Deep Offshore Logistics (LADOL) Industrial Free Zone, Mr. Ladi Jadesimi all smiles as the Comptroller-General of Customs, Alhaji Hameed Ali congratulates the Managing Director of LADOL, Dr. Amy Jadesimi on a job well done at the zone during his visit to the facility on Monday.
L-R: Deputy Comptroller-General, Excise, Free Trade Zone and Industrial Incentives, Nigeria Customs Service, DCG Banke Adeyemo and Chairman, Lagos Deep Offshore Logistics (LADOL) Industrial Free Zone, Mr. Ladi Jadesimi all smiles as the Comptroller-General of Customs, Alhaji Hameed Ali congratulates the Managing Director of LADOL, Dr. Amy Jadesimi on a job well done at the zone during his visit to the facility on Monday.

The Lagos Deep Offshore Logistics (LADOL) Industrial Free Zone has paid about N16.9billion as customs duties to the Federal Government in the last decade, the Managing Director of the company, Dr. Amy Jadesimi, has said.

She said this while conducting the Comptroller General of Customs, Hameed Ali, and members of his management team round the company’s facilities in Apapa, Lagos.

She said, “Over the years, we have done our best in terms of customs revenue generation. So far, we have generated almost N16.9billion as customs revenue. More revenue awaits the government when the Egina Floating Production Storage and Offloading vessel is completed.

“Given that the FPSO is going to arrive partially integrated before it goes out, the customs duty of the FPSO will be paid through the Apapa Customs command and that will be determined by the customs assessment team in the area of value.”

She said about $20million had been spent so far on the importation of materials for the FPSO.

Jadesimi said, “We will spend about two years building the vessel; bring in a lot of raw materials for the fabrication before the vessel goes out into the customs territory. That is the point at which we pay customs duty.

“Beyond revenue generation, other socio-economic values to be gained include the preservation of foreign exchange. The number of enterprises at the free zone is on the increase; we are expanding our activities to include agricultural processing.”

She estimated that employment at the zone would have risen to over 2,000 persons by the end of the year, adding that LADOL had been able to provide a 50 per cent cost in savings through the provision of a one-stop-shop for the oil and gas and maritime activities.

She described the location of LADOL at Tarkwa Bay off Apapa as strategic due to the specialised activities being carried out at the zone.

“We need to receive the largest vessel in the world for the first time in Nigeria and by traversing the shore shipping lane and berthing here; these vessels can come in easily and reliably.

“That is why we have built a special quay wall that can accommodate vessels of that magnitude. Once the world is aware that such vessels can be accommodated in Nigeria that will open the floodgate for the realisation of our quest to be among G20 by 2030,” she said.

The Comptroller General of Customs described the integration of the first made-in-Nigeria oil services platform, the FPSO vessel, as a pride to the nation.

The $3.8bn platform was awarded to Samsung Heavy Industry in 2013 to build a world-class oil production platform in Nigeria with LADOL acting as the local content partner.

Alli expressed delight at the facility, which has so far consumed $600m in local content input.

He said, “I have seen for myself.  I will take the message to President Muhammadu Buhari. With what you are doing here, I have no doubt that government will continue to support and encourage you because the sky is the limit.”



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