Ondo State Revives Olokola FTZ: Technical Committee Inaugurated Amidst Dangote Group’s Renewed Interest
Ondo State Governor, Lucky Orimisan Aiyedatiwa, has taken a significant stride towards reactivating the dormant Olokola Free Trade Zone (OKFTZ) with the inauguration of a dedicated Technical Committee. This move signals a renewed commitment to transforming the long-envisioned industrial project into a tangible economic asset, particularly in light of the Dangote Group’s expressed intent to establish Nigeria’s largest industrial and free trade hub within the state.
The inauguration, held at the Governor’s Office in Akure, marks a pivotal moment in the effort to optimise the Olokola corridor, a strategic location envisioned to serve as a crucial economic gateway for Nigeria’s South-West region. Governor Aiyedatiwa articulated his administration’s determination to transition the project from a conceptual stage to a thriving reality, highlighting its potential to become a leading maritime, industrial, and logistics hub in Africa.
The Olokola Free Trade Zone was initially conceived in 2005 as a collaborative initiative between the Ondo and Ogun State governments. Its strategic positioning along the coastlines of both states, offering direct access to the Atlantic Ocean, was intended to unlock significant economic opportunities. However, the project has faced nearly two decades of dormancy, attributed to policy inconsistencies, coordination challenges, and implementation delays, which have thwarted its potential for job creation, investment, and industrialisation.
Governor Aiyedatiwa assured potential investors and development partners of the state’s unwavering support. He revealed that during a recent engagement, Aliko Dangote, President of the Dangote Group, affirmed the conglomerate’s commitment to re-engaging with the Olokola project to develop what is projected to be Nigeria’s largest industrial and free trade hub. This proposed development is slated to encompass independent power generation, gas infrastructure, cement production facilities, and a comprehensive plug-and-play environment designed to attract and facilitate investor operations.
The newly inaugurated Technical Committee comprises individuals selected for their expertise, integrity, and proven track records in critical sectors including infrastructure, finance, law, trade, and project management. The committee is chaired by Chief Bode Sunmonu, with Barrister Yinka Orokoto, Mr Sola Adebisi, Mr Idowu Ojo, and Engineer Femi Akarakiri as members. Barrister Emmanuel Omomowo will serve as the committee’s secretary.
The committee’s mandate is extensive and includes a thorough review of all legal instruments governing the project. This will involve scrutinising joint venture and shareholder agreements, powers of attorney, and documentation pertaining to IPEM’s divestment of equity to the Dangote Group. Furthermore, the committee will act as the primary interface between the Ondo State Government and key stakeholders. These include the Dangote Group, IPEM, the Olokola Free Trade Zone Company (OKFTZC), the Olokola Free Trade Zone Enterprise (OKFTZE), the Nigeria Export Processing Zones Authority (NEPZA), the Deep-Sea Port Authority, the Ogun State Government, and relevant federal agencies.
Additional responsibilities assigned to the committee encompass the verification of land ownership and status within the zone, the identification of any encroachments or alienation issues, and the resolution of outstanding community matters, including compensation for economic trees and crops. The committee is also tasked with engaging host communities and relevant groups to ensure sustained support for the project’s revival.
Governor Aiyedatiwa impressed upon the committee members the urgency, transparency, and patriotism required in discharging their duties, acknowledging the historic significance of their role in restoring the Olokola project to its intended purpose. The committee has been given a six-week deadline to submit its report, a timeline dictated by the Dangote Group’s planned mobilisation to the site.
In his acceptance speech, Chief Bode Sunmonu pledged the committee’s commitment to fulfilling its mandate within the stipulated timeframe, noting that preliminary work had already commenced. He commended Governor Aiyedatiwa’s leadership and dedication to the project’s revival, attributing the Dangote Group’s renewed interest to the conducive investment environment fostered by the current administration. Sunmonu highlighted the project’s potential to significantly boost industrialisation, job creation, and economic prosperity, with benefits to be shared by both Ondo and Ogun states. He assured that all technical requirements would be handled with transparency and adherence to global best practices.
Earlier, Mr Emmanuel Omomowo, CEO of ONDIPA, pledged the agency’s full support for the Technical Committee’s efforts, describing the inauguration as a landmark event in the pursuit of reviving a long-held aspiration for Ondo State.
The inauguration ceremony was attended by a distinguished array of dignitaries, including Deputy Governor Dr Olayide Adelami, Speaker of the Ondo State House of Assembly Rt Hon Olamide Oladiji, Chief Judge of Ondo State Justice Olusegun Odusola, Chief of Staff Prince Segun Omojuwa, members of the State Executive Council, Deputy Speaker of the House of Assembly Rt Hon Ololade Gbegudu, Commissioner for Agriculture and Forestry Engr Leye Akinola, Director-General of OSRC Media Group Mr Kenneth Odusola-Stevenson, State Coordinator of Renewed Hope Ambassadors Rt Hon Victor Olabimtan, and Chairman of the Ondo State Internal Revenue Service Mr Bayo Rojugbonkan, among others.
