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Felak Concepts Explains Relocation of of Ibom Deep Sea Port from Okposo to Ibeno
The relocation of the $4.6 billion Ibom Deep Sea Port (IDSP) from Okposo to Ibeno is not political but based on professional and engineering decisions, said Felak Concepts Ltd, the Transaction Advisor/Consultants to the IDSP and Free Trade Zone project.
In a statement issued by Mr. Ezekail Adamu, spokesman for the consultant, it explained that the essence of the project initiated by the Federal Ministry of Transport and Akwa Ibom State Government as a full scale Greenfield Commercial Deep Sea Port Development in line with the proposed Ibom Industrial City (IIC) was too strategic for the Nigerian government and Akwa Ibom state to be subjected to politics.
According to Adamu: “Our company observed due diligence and subjected the selection process to high level transparency as evidenced in all the technical reports submitted. We did not influence or manipulate the relocation of the ports from Okposo to Ibeno.”
Findings showed that five locations were initially shortlisted for the mega-project expected to provide no fewer than 300,000 jobs. Out of the five locations, Okposo was selected as the site at the preliminary stage based on initial/ preceding studies for the Initial Due Diligence (IDD) which itself was subjected to further studies and research to ascertain its suitability.
The consultant explained that this was in tune with global best practices for projects of this magnitude and nature as all the characteristics and parameters were considered “leading or required to arrive at and make a fully founded location selection in the Final OBC/PPF document.”
On its selection as transaction advisor cum consultant, the statement explained: “The State Government through a selective bid tendering process engaged Felak Concept Limited and her Technical Partners, MTBS of Netherlands with clear schedule and terms of reference towards the realization of the development of the Ibom Deep Sea Port.
“The Federal Ministry of Transport was duly notified of our appointment and they swiftly inaugurated the already constituted Ministerial Project Development and Steering Committee (MPDSC) and the Project Delivery Team to midwife/drive the process, as well as direct the TA/Consultants in their deliverables in line with the Infrastructure Concession Regulatory Commission (ICRC) guidelines,” the statement said.
Consequently, according to the statement, the team commenced work and ensured the Initial Due Diligence Report for the Ibom Deep Sea Port and Free Trade Zone was ready by January 2013.
“The goal and objective of this report was to carefully assess the project, verify its feasibility/viability and design a structural approach for the subsequent phases. In other words, the IDD was a preliminary report covering the location analysis of the pre-selected locations, development options for the Port and Free Trade Zone, implementation plan, and preliminary business case among others.”
Adamu explained that none of these is a political decision but basic engineering, economic and other professional considerations. He said that though the initial name was Ibeno Deep Sea Port, it is now Ibom Deep Sea Port to “depict an all-inclusive project for the entire state.”
To make clarifications on change of location and name, Adamu said the consultant wrote a letter dated 3rd October, 2015 to Akwa Ibom State Government “on the need to convene an immediate town hall meeting involving the TAs, Surveyors, MPDSC members, the Governor, His Exco and all stakeholders within the state on the resolution of salient communal issues; such as the clarification and basis of the change of name from Ibaka to Ibom Deep Sea Port, change of location due to a new engineering alignment and other critical factors and analysis.”
The total cost of construction of the Ibom Deep Seaport is $4.6 billion but the first phase of it is $2.016 billion which was approved on Wednesday Dec. 16, 2020 by the Federal Government.
Ownership structure of the project is 60 per cent for the private sector and 40 per cent for the public sector.
Bosun Tijani, minister for Communication, Innovation and Digital Economy, has stated that the federal government is geared towards creating about one million technology jobs for teeming Nigerian youth.
Tijani stated this at the official opening of a solar-powered community ICT center built by the National Information Technology Development Agency (NITDA) in Abeokuta, as part of activities marking the 38th Lisabi festival.
The minister emphasised the commitment of President Bola Tinubu’s administration to invest in the digital economy, driving inclusive growth and empowering the country’s teeming youth population.
“The president made it very clear when I came into office, that he will spend efforts and resources in creating one million technology jobs. So, for anybody that is following the development in the world today you will see that there’s no world without technology.
“There is a strong shortage of technology workforce all over the world, and while a lot of the developed countries have ageing population, and not giving birth to kids, in Nigeria, the average age is 16.9, so our young people are being projected to be the workforce of the future, not only for Nigeria.
“This center here is one of many. In the next two months, we are launching about 30 of them all over the country. This center will be properly animated and we will put resources into ensuring that there are courses for young people to come and take here.
“We are also going to ensure that there are job opportunities that we can connect them to and if anyone wants to follow, follow the three million Technical Talent Program which we have started already in the country”, he said.
He therefore charged the youth to remain focus, and not be discouraged, adding that there is massive employment opportunities in technology as there is no enough people to work in technology all over the world.
“If you ask anyone that works in technology, the entry salary is between N350,000 to N500,000. Technology pays really well, so instead of worrying about things being hard, they should take advantage of centers like this, empower themselves and go for the opportunities the world has to offer them”, he added.
Speaking earlier, Oba Adedotun Are, Alake and Paramount ruler of Egbaland, lauded President Tinubu for approving the centre in Abeokuta, saying that this has no doubt marked another new dawn for the people of Egbaland, given rapid growth, development, and economic empowerment of the people.
National Institute for Policy and Strategic Studies (NIPSS) has predicted that the price of Premium Motor Spirit (petrol) will decline as Dangote Refinery and other local refineries commence full operations.
Speaking on Channels Television on Tuesday, April 1, NIPSS Director-General Ayo Omotayo expressed optimism that fuel prices would fall once more refineries become operational.
He projected that petrol prices could drop to around N750 per litre before the end of the year with a more stable exchange rate.
“We’re looking at it coming down as low as N750 before the end of the year. And of course, foreign exchange will still drop to about 1.3 before the end of the year, and it is going to continue like that as more of our refineries come into place.
Omotayo acknowledged the current economic hardships but insisted that the policy would benefit Nigerians in the long run.Traditional Nigerian cuisine
“The gains at this time are very little, but in the long run, we will make up for whatever sacrifices we have made today as Nigerians” he stated
U.S. President Donald Trump has stated that a deal for the sale of TikTok’s U.S. operations is expected to be finalized before the April 5 deadline.
U.S. President Donald Trump
The deadline, set by legislation passed in January, mandates TikTok’s Chinese parent company, ByteDance, to divest its U.S. assets or face a nationwide ban due to national security concerns.
Multiple non-Chinese firms have expressed interest in acquiring TikTok’s U.S. operations.
Private equity firm Blackstone is considering a minority investment, potentially joining existing non-Chinese shareholders such as Susquehanna International Group and General Atlantic.
In a strategic move to facilitate the sale, Trump suggested that he might consider a reduction in tariffs on China, acknowledging that Chinese regulatory approval may be required for the deal to proceed.
The White House has been actively involved in negotiations to ensure that TikTok remains operational in the U.S. while addressing national security risks.
With TikTok’s 170 million American users watching closely, the outcome of the sale is expected to have a major impact on the social media landscape and the broader tech industry.
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