THURSDAY 3RD FEBRUARY 2022

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Ladol, Samsung Reach Settlement, Truce May Unlock $300bn Investments NEPZA, NPA, stakeholders hail truce

James Emejo in Abuja

The Lagos Deep Offshore Logistics Base (LADOL) Group and Samsung Heavy Industries (SHI) Nigeria, yesterday signalled an end to their five-year hostility, which

had cost the economy substantial fortune in jobs and revenue. The historic truce, achieved through the Alternative Dispute Resolution (ADR) mechanism, is expected to unlock over $300 billion in Foreign Direct Investments (FDIs) to the

country. Respite came following the formal signing of a Memorandum of Understanding (MoU) on the sub-lease in terms of settlement and service agreement between both parties. This brought to an

end the conflict that arose between Samsung and Ladol in 2018. Present at the landmark ceremony were stakeholders in the nation’s economic zones, including Managing Director/Chief Executive, Nigeria Export Processing

Zones Authority (NEPZA), Professor Adesoji Adesugba; acting Managing Director, Nigerian Ports Authority (NPA), Mr. Mohammed Bello Koko. Others were Executive Chairman/Founder, LADOL, Chief Ladi

Jadesimi; erstwhile Managing Director, Samsung Heavy Industries (SHI) Nigeria, Mr. Jejin Jeon; and Chairman, Nigerian Economic Zones Association (NEZA), Chief Continued on page 10

NESG: Fuel Subsidy Payments Rose 477% to N3.64trn in Seven Years… Page 6 Thursday 3 February, 2022 Vol 27. No 9795. Price: N250

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CNN President, Jeff Zucker Resigns over Sexual Relationship with Key Lieutenant, Allison Gollust… Page 42 FEC Okays $329m for Railway Consultancy Supervision Services Nationwide Approves N115bn to dualise Katsina road Deji Elumoye in Abuja

L-R: Former Head of State, Gen. Abdulsalami Abubakar (rtd); his wife, Fati Lami Abubakar; President, African Development Bank (AfDB), Dr. Akinwumi Adesina; his wife, Mrs. Grace Adesina and Group Managing Director/Chief Executive Officer, Nigerian National Petroleum Company Ltd (NNPC), Mallam Mele Kyari, during the award of honorary doctorate to Abubakar, the NNPC Ltd GMD and AfDB president, during the Federal University of Technology, Minna 38th Founders’ Day and 30th Convocation ceremony of the university held in Minna…yesterday

The Federal Executive Council (FEC) has approved contracts worth $328.87 million in consultancy Continued on page 10

Our 2023 Presidential Ticket Open to All, Says PDP Insists no zone will be denied opportunity to contest Northern group reechoes party’s position Chuks Okocha and Adedayo Akinwale in Abuja Unmoved by loud agitation for a presidential candidate from the southern part of Nigeria, the leadership of the Peoples Democratic Party (PDP), yesterday, said unequivocally that its presidential ticket was open to all the six geopolitical zones of the country. The party stated this position when it received a letter from a group, Northern Advocate for Good Governance (NAFGG),

which advocated a presidential candidate of northern Nigeria origin in the 2023 presidential election. It was the first time the main opposition party would be stating its position on the presidency clearly ahead of the next general election. PDP maintained that no zone would be denied the opportunity of contesting in the election. NAFGG echoed PDP’s position, saying all the geopolitical zones, Continued on page 10

Buhari Foresees End to Insurgency ... Page 8

BILL AND MELINDA GATES FOUNDATION AT MARINA...

R-L: Lagos State Governor, Mr. Babajide Sanwo-Olu presents plaques to President, Global Development, Bill and Melinda Gates Foundation, Mr. Chris Elias and the Foundation's Director in Nigeria, Mr. Jeremie Zoungran, during a meeting with the Governor, at the Lagos House, Marina ... yesterday


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