The Chairman of Integrated Oil and Gas, Capt. Emmanuel Ihenacho, recently pulled the US Ambassador to Nigeria, Mr. Stuart Symington; the US Consul-General to Nigeria, Mr. John Bray; the Minister of State for Petroleum Resources, Dr. Ibe Kachichwu; and the Managing Director of Nigeria Export Processing Zones Authority (NEPZA), Emmanuel Jime, to Lagos on a historic and double barreled business function. The first component was the signing of the grant-award agreement between United States’ Trade Development Agency (USTDA) and Eko Petroleum & Refi ning Company Ltd. (EPRC).
Th e second part was the formal inauguration of Tomaro Island Industrial Development Scheme, better known as Tomaro Industrial Park (TIP) as a Free Trade Zone (FTZ). Th e kernel of this doublebarreled function is to add value to the economy via the construction of a 20, 000bpd refi nery at Amuwo- Odofi n. And so, on the D-Day, all roads led to Amuwo-Odofin. It is not everyday that one sees both the US Ambassador to Nigerian as well as the Consul-General at the same event, but both were around to underscore the standing of Capt. Ihenacho as ‘a man of international credibility. In his welcome address, Capt. Ihenacho said the refinery aims to steer Nigeria away “from the wasteful historical practice whereby the country exclusively sells its crude oil exports on a Free on Board (FOB) basis, but procures its refi ned products for domestic consumption on a Cost, Insurance and Freight (CIF) basis.”
According to him, when fully operational, the refi nery would lead to the conservation of scarce foreign exchange, generation of export earnings, enhanced economic values, direct and indirect job-creation as well as technology transfers. I h e n a c h o , w h o h a s n o w transformed himself into a captain of industry, was appreciative of the US government’s eff orts, pointing out that in giving Eko Petrochem the grant of $797,343, via United States’ Trade Development Agency, will accelerate the process of the planned economic investments. Although the former minister of Interior thanked US government, noting that it is a demonstration of its commitment to Nigeria’s infrastructural-cum-industrial development as well as export technologies, Eko Petrochem would have to source further investment funds as the cash requirements for the project are in the region of $250million! On the Free Zone status for the Tomaro Industrial Park, Ihenacho thanked the Federal Ministry of Industry, Trade and Investment, particularly, its licencing Authority, NEPZA, as well as the Federal Ministry for Petroleum Resources for both the privileged status and the enabling environment. He also expressed his appreciation to both the Lagos state Government and the host-community for a harmonious relationship. In his goodwill message, the Project Director of Eko Petrochem and Refi ning Co. Ltd, Mr. Gordon Paton, said the company was committed to Nigeria’s industrial transformation, assuring that the complex was envisioned on enhancing local manufacturing, promoting export substitution, creating job opportunities Nigeria, particularly those on the Island, and prioritising corporate social responsibility (CSR). In his comments, Amb. Symington said Capt. Ihenacho, has elected to walk the high-road of not complaining or criticising until he has exhausted all problem-solving eff orts, and should, thus, serve as a model to other Nigerians. He enjoined wealthy Nigerians to believe in the Nigerian Project, and also key into the industrialization agenda of the present government, charging them to have the patriotic, Can-Do-Mindset: “All that I am, all that I have, all that I hope to be, I am going to invest in Nigeria. And this is because Nigeria can do anything that can be done anywhere in the world.” The Minister for Petroleum Resources, Dr. Ibe Kachikwu, who was represented by a Director in the Ministry, Engr. Rabiu Suleiman, saluted the vision of the promoters of the Tomaro FTZ, and pledged to give it every support needed, including granting the Free Zone a pioneer status so it could conveniently secure duty waivers and engineering reviews. He charged the newest Free Zone in the country to carry the host-community along as only a community-buy-in can serve as an effective check against insecurity, vandalism and asset theft. Also speaking, USTDA Acting Director, Th omas Hardy, said the agency already has an investment presence in eight African countries, spanning energy and medicare; with Nigeria being the ninth African country. He reiterated USTDA’s resolve to ensure that Eko Petrochem and Refi nery becomes an economic super-story. On his part, NEPZA’s Chief Executive Offi cer, Hon. Jime. lauded the vision and wisdom of Capt. Ihenacho in exerting himself to invest in the Free Zone scheme. He restated the determination of NEPZA under his watch to give Nigeria the competitive economic edge by rebranding, repositioning and refocusing the FTZs so they can serve as catalysts or drivers of the new development model. He said the signing of the grantaward ceremony was ample proof that Nigeria’s economic environment has continued to signifi cantly improve, but added that the challenge was to put everything in place so that the country becomes the preferred destination for international capital. Th ereafter, the grand was signed, sealed and delivered, and jime, on behalf of NEPZA, presented the certifi cate to Integrated Oil and Gas Ltd, making it a Free Trade Zone! Ihenacho, who has carved a niche for himself in the maritime industry, has now bought into the Free Zone Scheme. It is the hope of all that the merchant-navy captain who has become a successful captain of industry, will go on to also become a successful Free Zone captain – adding value to his company, the community, the economy, the nation and even Africa! Imobo-Tswam, a public affairs specialist, heads NEPZA’s Corporate Communication’s Unit (CCU).
