LADOL: Wither the indigenisation policy?



 Investigations in our possession have revealed that a company called LILE (Ladol Integrated Logistics Enterprise) which is a duly registered company in the British Virgin Islands owns the Lagos Deep Offshore Logistics Base (LADOL).  The share holding structure is substantially made up of two foreign companies, namely, SABLE OFFSHORE INVESTMENTS and ALSBA Ventures GROUP. Both companies are registered entities in the British Virgin Islands, otherwise known as the safe haven for tax dodgers. SABLE Offshore Investments commands a whopping 53% stake in LADOL while ALSBA Ventures Group takes an impressive 31% of the shares. This only leaves a share percentage of 16% for the remaining shareholders, which include key characters currently at the helm of LADOL.  

This unprecedented development is baffling to many industry experts in Nigeria as for many years LADOL and its chieftains i.e. the Jadesimi’s, have flaunted the perception of being a company which stands for the Nigerian values and Interests. It is also on record that LADOL and its elements have embarked on several campaigns in the media and the general press both nationally and internationally showcasing themselves as “A wholly Nigerian owned company”. This propaganda machine which spans back many years has generated endorsements and applauds from many quarters in the industry and the nation at large for a company, which when put under the microscope remits very little, if any, benefit for the Nigerian economy or the Nigerian people at large.

Through its campaign of misrepresentation, LADOL has been enriched to the brim. Their apparent reputation has undoubtedly given them an edge with investments at LADOL at an all time high; dividends have also been equally handsome for the foreign shareholding companies. All this at the same time as the Nigerian economy is in deep recession and many companies in the same sector-crying wolf at the lack of jobs throughout the industry. How can a company, which its majority shareholders are abroad, command a strong position in any decision-making, which can be based on the local needs and the development of the local economy in Nigeria?

As Nigeria tirelessly continues to promote local development and enhances job creation in all its industries, some of her citizens who have benefitted from such initiatives have decided to avert the benefits of these policies. This diversion of the benefits away from the local industry continues to hemorrhage the backbone of the Nigerian economy. As a nation, should we allow such actions to continue to take place? The disease known as the “enrichment of oneself to the detriment of all others” is one of the biggest players in unemployment, underdevelopment and underutilisation of this nation’s workforce.

On December 7, 2015, Amy Jadesimi spoke on a BBC World News programme “Business Live”. She said the following to the people of Nigeria and the world at large: “We are the only 100% Nigerian Private Free zone in Nigeria.” We can now say that this statement was absolutely false as it does not represent the true ownership of LADOL. With all the facts available to us and the precedent by the chieftains of LADOL, we can only digest this to be an elaborate act, one that has been orchestrated by some very devious foxes to out-smart the Nigerian people.  Such companies are plagues of the nation solely interested in the advancement and development of their own only and not of every Nigerian.

The sheer audacity of LADOL and its chieftains to publicly engage the media in such acts of misrepresentation of their true identity as a foreign owned company is truly dishonest. They have been dishonest to the NATION, to our people, to our government agencies and to the International community. Should Nigeria continue to allow such companies to conduct business activities at the highest level and represent our dearest motherland on the world stage in this callous and calculated manner?

Dr. Orjiakor is an Abuja-based public affairs analyst.

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