The Governor of Ondo State, His Excellency, Hon. Lucky Orimisan Aiyedatiwa, on Monday, inaugurated the Technical Committee on the Olokola Free Trade Zone (OKFTZ), setting in motion fresh efforts to revive the long-abandoned industrial project amid renewed interest by the Dangote Group to establish Nigeria’s largest industrial and free trade hub in the state.
Speaking at the inauguration held at the Governor’s Office in Akure, Governor Aiyedatiwa described the event as a historic step towards the reactivation and optimisation of the Olokola corridor, saying his administration is determined to transform the project from a long-standing concept into a thriving economic reality.
The governor recalled that the Olokola Free Trade Zone was conceived in 2005 as a joint initiative of the Ondo and Ogun State governments. Situated along the coastlines of both states with direct access to the Atlantic Ocean, the zone was designed as a strategic economic gateway for the South-West and Nigeria.
According to him, the project has the potential to become one of Africa’s leading maritime, industrial and logistics hubs due to its strategic location and abundant natural resources.
Lamenting that the vision had remained dormant for nearly two decades, Governor Aiyedatiwa said the people of Ondo State had long looked to the coastline as a source of thousands of jobs, major investments and accelerated industrialisation, but policy gaps, coordination challenges and implementation delays had hindered its realisation.
He assured investors and development partners of the state’s readiness to support investment initiatives, disclosing that during a recent visit to the state, President of the Dangote Group, Alhaji Aliko Dangote, expressed the company’s resolve to return to Olokola and develop the largest industrial and free trade hub in Nigeria there.
The proposed development, according to the governor, will include independent power generation, gas infrastructure, cement production facilities and a plug-and-play environment for investors.
Governor Aiyedatiwa said members of the committee were selected based on competence, integrity, experience and proven records in 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, while Barrister Emmanuel Omomowo serves as secretary.
He said the committee would undertake a comprehensive review of all legal instruments governing the project, including joint venture and shareholders’ agreements, powers of attorney and documents relating to IPEM’s divestment of equity to the Dangote Group.
The committee will also serve as the interface between the Ondo State Government and key stakeholders, including the Dangote Group, IPEM, OKFTZC, OKFTZE, the Nigeria Export Processing Zones Authority (NEPZA), the Deep-Sea Port Authority, the Ogun State Government and relevant federal agencies.
Other responsibilities include verification of land ownership and status within the zone, identification of encroachments and alienation issues, resolution of outstanding community matters, including compensation for economic trees and crops, and engagement with host communities and groups to sustain support for the project.
The governor further charged members to discharge their responsibilities with urgency, transparency and patriotism, noting that they had been entrusted with the historic task of restoring the Olokola project to its intended position.
He disclosed that the committee had been given six weeks to submit its report, a timeline informed by the Dangote Group’s planned mobilisation to the site.
In his acceptance speech, Chairman of the Technical Committee, Chief Bode Sunmonu, assured the governor that members would deliver on their mandate within the stipulated period, revealing that work had commenced even before the formal inauguration.
He commended the governor for his leadership and commitment to reviving the project, noting that the conducive investment environment created by the administration contributed to the return of the Dangote Group.
Describing the development as a major boost for industrialisation, job creation and economic prosperity, Sunmonu noted that the benefits of investments in the zone would be shared by Ondo and Ogun states irrespective of location and pledged that all technical requirements would be handled transparently and in line with global best practices.
Earlier, the Chief Executive Officer of ONDIPA, Mr Emmanuel Omomowo, pledged the agency’s full support for the Technical Committee on the Geo-Local Africa Zone project.
He described the inauguration as a landmark event marking a critical stage in efforts to revive a project that had remained an unrealised aspiration for Ondo State for nearly two decades.
Dignitaries at the event included 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.