FG, Abia sign deal for Enyimba Economic City

The Federal Government and Abia State Government have signed Definitive Agreements for the project between the Enyimba City Economic Zone Limited.

The signing took place at the Presidential Villa and the Federal Government was represented by Nigeria Special Economic Zone Company. President Muhammadu Buhari who witnessed the signing, commended the Governor of Abia State Okezie Ikpeazu for initiating the project, and thanked the host communities for their commitment to the project, saying that everyone should be more confident of the success of the project since the Minister of Trade and Investments, Okechukwu Enelamah, under whose portfolio it falls, hails from Abia State.

The President assured the people of Abia State and other Nigerians of the Federal Government’s support and cooperation towards similar project anywhere in the country.

Buhari specifically commended Abia State Governor, Okezie Ikpeazu, and some private sector investors represented by Crown Realties Plc who initiated and midwifed the Enyimba city economic zone project. He said such initiatives were exactly what his administration was desperately looking for to create employment for the populace and boost the national economy.

In his remarks, Ikpeazu, who led the delegation of leaders and stakeholders from the state, thanked the President for his support for the project, noting that Aba, a commercial city in Abia State where the project is sited, is strategically located for easy access from all Southeast and South-South States.

He disclosed that Aba alone has over 250,000 artisans engaged in various arts and trades, and that the Enyimba City zone covers three local governments of the state.

Ikpeazu noted that the project would not only be of immense benefit to Abia State but to the entire region and country. Professor (Eze) Maxwell Ogbulu, who spoke on behalf of the host communities, profusely thanked Ikpeazu for the project and informed the President that all the affected communities donated the land for it voluntarily because of the awareness of the enormous benefits to them and the nation.

He thanked Buhari specially for finding it worthwhile to have the signing ceremony hold at the Presidential Villa and for his magnanimity in ensuring the project came thus far and for personally attending the ceremony.

At the event were the former Senate President Adolphus Wabara; Vice-Chancellor of Abia State University; and some Abia State House of Assembly members, among others. On the government side were Enelamha; Governor of Central Bank, Godwin Emefiele; Minister of Information, Lai Mohammed and Secretary to Government of the Federation, Boss Mustapha.

Abia State Commissioner for Lands, Survey and Urban Planning, Uche Ihediwa, signed the agreement on behalf of the State government; Mr. Femi Edun, Director of Nigeria Special Economic Zone Company, signed for the Federal Government; while Mr Darl Uzu signed for Crown Realties Limited, the private sector developer.

AGREEMENT WITH CCECC AS EPC CONTRACTORS FOR THE CONSTRUCTION OF INNER-CITY ROADS

Towards ensuring the timeline for the commencement of construction in the first quarter of 2019 in Enyimba Economic City is maintained, the management of Enyimba Economic City Development Company Ltd (EECD) on Friday, September 28, 2018 signed an agreement with CCECC as one of the EPC Contractors for the development of the Spine Roads within the Enyimba Economic City.

The first phase of the engagement is the construction of a 12.5 km Spine Road within the first phase of the Enyimba Economic City, this is a 6-lane road with a 3-meter median carrying service ducts, drainage pipelines, waste pipelines, power, communication, telecommunication and surveillance e.t.c.

CCECC Nigeria Limited provides construction and engineering services in Nigeria, it is a whole subsidiary of China Civil Engineering Construction Corporation established in 1979.CCECC has been listed among the world’s top 255 international contractors for many years and ranked consecutively among the first 70 in recent years by the Engineering News Record “ENR”. 

At the signing event were Mr Alex Wang who signed on behalf of CCECC and Mr C Darl Uzu, the Managing Director of EECD who signed for EECD.

FEDERAL EXECUTIVE COUNCIL APPROVES FREE ZONE LICENSE FOR ENYIMBA ECONOMIC CITY

The Federal Executive Council on September 12, 2018 approved the status of Enyimba Economic City as a Free Trade Zone.

Enyimba Economic City is also a Special Economic Zone (SEZ) under the Made in Nigeria for Export (MINE) programme of Federal Government of Nigeria. It is being developed through a Public-Private Partnership (PPP) of a successful entrepreneurial company represented by Crown Realties Plc, Abia State Government and Federal Government of Nigeria, with private sector providing leadership.

With the declaration of September 12, 2018, an investment within the city will automatically benefit from complete holiday from all federal, state and local government taxes, rates, and levies, duty free importation of capital goods, machinery/components, spare parts, raw materials and consumable items in the zones.

Others include 100% foreign ownership of investments, 100% repatriation of capital, profits and dividends, waiver of all imports and export licenses, waiver on all expatriate quotas for companies operating in the zones, 100% capital allowance in any year of assessment.

Furthermore, benefits such as up to 100% on export into the Nigerian customs territory of product produced, assembled or packaged within the Zones; Tax exemption on proceeds re-invested, tax exemption on gain arising from take-overs, absorption or merger, double taxation relief, tax exemptions on interest on bonds and short-term securities, and proceeds of the disposal of Government and corporate securities.

These benefits are in addition to those of Abia State Government which exempts any territory recognized as a Special Economic Zone in the State from all revenue drivers by State Ministries, Departments, Agencies and or Local Government or Agents.

With the above and various other attributes, Enyimba Economic City will soon become the most preferred investment destination in Nigeria for a long time.

VISIT OF ENYIMBA ECONOMIC CITY TEAM TO GERMANY

germany-visit

From left to right C Darl Uzu, Managing Director EEC, Dirk Hilbert, Mayor of Dresden, His Excellency Ambassador Yusuf Maitama Tuggar, Nigerian Ambassador to Germany, Abubakar Jidda, Minister for Economy and Commerce of Nigerian Embassy in Berlin

germany-visit

From left to right Dirk Hilbert, Major of Dresden, His Excellency Ambassador Yusuf Maitama Tuggar, Nigerian Ambassador to Germany, C Darl Uzu, Managing Director EEC, Barr Chibuzor Ekwekwuo, Company Secretary EEC

The preparatory visit of Enyimba Economic City Team to Germany to prospect for investors in manufacturing transfer included Trade Mission to Hamburg and visit to Mayor of Dresden.

His Excellency Ambassador Yusuf Maitama Tuggar introduced Enyimba Economic City (EEC) and the team to the Major of Dresden and solicited for an investment summit with German businesses at a later date from the Mayor.

FOCAC SUBMIT: CHINESE GROUP TO INVEST 2B USD IN NIGERIA

 

Chinese based Shandong Ruyi Technology Group is set to invest about $2,000,000,000 in Nigeria. This was the outcome of the meeting between President Muhammadu Buhari and the Executives of the Company, on the sidelines of the 7th Forum for China and African Cooperation in Beijing.

President Buhari alongside the Minister of Industries, Trade & Investments Dr. Okechukwu Enelamah and Minister of Foreign Affairs Mr Geoffrey Onyema met with Mr Yafu Qui, Chairman, Ruyi Group, Ms Aiying Li, President Ruyi Power Group and Mr Liming Sin, President Ruyi Textile Group.

The investments will facilitate the setting up of textiles and garments manufacturing establishments in the Enyimba Economic City, Abia State. An earlier Agreement has been executed between Enyimba Economic City Company Limited and Shandong Ruyi for 300 hectares of land for this purpose.

Ruyi has also indicated interest to invest in Lagos and Kano States as well as establish cotton farms in Funtua, in Katsina State.

The proposed $2,000,000,000 investment will cover the entire cotton value chain, farming, ginning, spinning, weaving and power generation to support the processes in Nigeria.

 

These investments are expected to catalyse activities in the textiles and garments segment of the Nigerian manufacturing sector.

MS & L GROUP ENGAGED AS MARKETING CONSULTANTS IN INDIA AND BRAZIL

As a drive towards enhancing the international visibility of Enyimba Economic City, the management of Enyimba Economic City Development Company Ltd (EECD) on Wednesday August 29, 2018 signed Marketing and Investment Promotion Agreement with MS & L Limited as Consultants in India and Brazil.

As part of the terms of the agreement, MS & L Limited is to leverage on its strong business networks in India and Brazil to identify and initiate discussions with Investors from both countries with African expansion plan or goals.

They are required to dutifully and professionally translate all necessary EECD documents to the local Lingua Franca for promotional activities.

By the terms of the agreement MS & L are also committed to securing no less than 10 target companies from each of the 2 countries to visit Nigeria for further engagement and contractual negotiations.

 

MS & L Limited is a Nigerian marketing company that partners with other marketing companies in other countries to promote specific investment interests, they are partnering with Linkoz Limited in India and Best Choice in Brazil for the investment promotions of the City.

TERM SHEET WITH FEDERAL GOVERNMENT FOR 20% EQUITY INVESTMENT IN EEC

The Federal Government of Nigeria (FGN) on August 17, 2018 through the Nigeria SEZ Investment Company Limited (NSEZCO) signed the Term Sheet (TS) as a basis for a definitive agreement for a 20% equity investment in Enyimba Economic City Development Company Ltd (EECD).

The Term Sheet capitalizes EECD at N50,000,000,000.00, NSEZCO will therefore acquire the 20% by paying for its shares in the company full in cash.

The Term Sheet specifies a maximum of 9 directors on the board of EECD with both NSESCO and Crown Realties appointing 2 directors each. Abia State and the Host Community will appoint 1director each.

By this agreement, 50% of capital of EECD is fully subscribed, leaving 50% for sale to the public, institutional and international investors.

Managing Director of Crown Realties Plc Mr C Darl Uzu signed the Term Sheet on behalf of Crown Realties Plc with Mr Femi Edun signing on behalf of NSEZCO.

 

COMMUNITY ENGAGEMENT MEETING WITH ABIA STATE GOVERNOR AND COMMUNITY STAKEHOLDERS

In the drive for continuous stakeholders’ engagement, a townhall meeting of stakeholders of Ukwa East, Ukwa West and Ugwunagbo local government areas where the Enyimba Economic City is sited was held at Abia Governors Lodge in Aba on August 15, 2018.  This is a follow up to the 2 earlier meeting of similar nature at the Aba Sports Club on Friday April 7, 2017 and Rowmay Hotel, Aba on Thursday, November 30, 2017.

In attendance for the meeting were the Governor of Abia State, His Excellency, Victor Okezie Ikpeazu, Mr C Darl Uzu, the Managing Director of Enyimba Economic City Development Company Limited and over 150 key stakeholders. The Governor and Mr C Darl both reiterated that the city will be developed in line with the equator principle of world bank which requires compensation. They both added the development company (EECD) have gone over and beyond that requirement with plans to grant equity to the community holding in addition to payment of compensation.

The governor added that the compensation would help to boost the commitment of landowners who would be co-drivers of the project. He also urged the stakeholders to set up committees in their communities that would sensitize their people on the need to support the project, which is expected to create over 500,000 jobs for Abia people.

The Commissioner for Lands and Survey, Chief Uche Ihediwa, who was also in attendance said the ministry’s interaction with the 34 communities involved had reached advance stage. He said the ministry was halfway through its second visitation tour of the communities “preparatory to enumeration, valuation, compensation and commencement of construction”.

The representatives of Ukwa East, Chief Paul Taribo, and Ukwa West, Chief Mezie Nwaubani, as well as former Commissioner for sports, Chief Chinwe Nwanganga and former Commissioner for Women Affairs, Chinedu Brown, thanked the Governor and the Private Sector Developers for siting the project in the area while assuring the Governor of their unwavering support in the bid to make the project a reality.

The meeting was well attended and also had in attendance the traditional rulers of the communities as well as other community leaders.

It is also recalled that Enyimba Economic City Project appointed Community Liaison Officer one each for the 39 communities to engage with stakeholders at the community level.

ENYIMBA ECONOMIC CITY HANDS OVER PROJECT VEHICLE TO MINISTRY OF LANDS ABIA STATE

The management of Enyimba Economic City on July 18, 2018, presented a Toyota Tundra Pick-up as a project vehicle to the Ministry of Lands Abia State at the State Secretariat Complex.

The Managing Director of Enyimba Economic City Development Company Ltd, Mr C Darl Uzu while handing over the vehicle to the Commissioner of Land, Barr Uche Ihediwa stated that the vehicle was to assist the Ministry in the community engagement and enumeration exercise of the 34 communities within the Enyimba Economic City coverage area.

MEETING WITH GROUP FIVE IN SOUTH AFRICA

Exploratory collaboration meeting was held between Enyimba Economic City Development Company Limited (EECD) and South Africa organizations in both public and private sector in Sandton, Johannesburg, South Africa on Friday June 29, 2018.

The South African groups in attendance had representation from Themba Mosai, the Managing Director of Group Five, Zo Hlongwane, the Chief Operations Officer of Group Five, Lucy Chege the Head of Energy, Environment and ICT of Development Bank of Southern Africa (DBSA), Mr Thokoane Tsolo, SBU Head Rest of Africa Support of Industrial Development Corporation (IDC), Paul Mojalefa, the Business Development Executive of Export Credit Insurance Corporation of South Africa (ECIC), Department of Trade and Industry of South Africa (DTI), while Nigeria had representation from Nigerian Embassy in South Africa, Prof Onyi Nwagbara, the Secretary to the Board of Southeast Regional Economic Development Company (SEREDEC) and from Enyimba Economic City Development Company Limited (EECD), Mr C Darl Uzu, the Managing Director, Barr Chibuzo Ekwekwuo, the Company Secretary, Ozurumba Uzoma, the Project Manager and Dr Bernard Obika the Managing Director of Escher Silverman UK who is the Infrastructure consultant for the city.

The deliberation also explored how EECD can benefit from funds set aside by the South African government for developments within Africa.

EECD had earlier signed an agreement on development of some of the city’s infrastructure with Group Five a leading African construction, concessions and manufacturing group with the ability to deliver across the full infrastructure life cycle as well as with experience in creating large infrastructure solutions across Africa.

Mr C Darl Uzu the Managing Director of EECD while presenting Enyimba Economic City remarked that the project is not just a Nigerian Project but an initiative that has the capacity to transform Africa.