Non issuance of revalidation letter stalls $27bn Escravos Seaport

The Chairman of Mercury Maritime Concession Company (MMCC), Rear Admiral Andrew Okoja (Rtd) has stated that the non issuance of a revalidation letter by the federal government has stalled the take off of the $27.29 billion Escravos Deep Seaport project in Delta state

Recalled that MMCC, the promoters of the project, had in June 2024 raised the alarm that Nigeria was on the verge of losing $27.29 billion in funding for the proposed Escravos Seaport Industrial Complex (ESIC) project in Delta State.

Admiral Okoja (rtd), chairman of MMCC, developer and lead promoter of the port project, who expressed concern over the delay revealed that some foreign investors are ready to commit funds for the commencement of the port project.

Okoja said the delay in granting the necessary approvals may see Nigeria missing out on the opportunity to create new jobs using the port.

He called on the Federal Government to issue a revalidation letter required to facilitate the financing and development of the Escravos Seaport Industrial Complex (ESIC)