FZGIL Signs Agreement with Axxela Ltd To Provide Energy Infrastructure Solutions To Oil and Gas Free Zones
Freezone Global Investment Ltd (FZGIL), the Special Purpose Vehicle (SPV) of the Oil and Gas Free Zone Authority (OGFZA) has entered into a partnership agreement with Axxela Ltd to provide energy infrastructure solutions for Onne/Ikpokiri oil and gas free zone and subsequently other oil and gas free zones in Nigeria. The General Manager/Chief Operating Officer (C.O.O) of FZGIL, Mrs Cynthia Eguridu, facilitated the partnership.
Axxela limited formerly known as Oando Gas and Power Limited is a foremost Gas and Power provider in Sub-Saharan Africa, they have invested over $500 Million on infrastructure development in the last 18 years.
At the signing ceremony, which took place on 3rd June 2019 in Abuja, Mr. Umana Okon Umana, the FZGIL Board Chairman noted that this partnership agreement was an important milestone for the Oil and Gas Free Zones Authority (OGFZA). “There is no way the OGFZA can effectively manage its free zones without adequately satisfying the energy needs of her investors”, he said.
Mr Bolaji Osunsanya, the MD/CEO of Axxela who signed for his organisation, in his remark said, “Once you can show the tenants that you can provide their energy needs then you are on your way to success”. He noted that the initiative was a big catalyst for the oil and gas free zones and the Authority (OGFZA).
With the signing of the agreement, It is expected that this new partnership will spur other activities in the Authority’s leading greenfield project- Ikpokiri Island in Rivers State. It is noteworthy that Ikpokiri is envisioned to be an energy and gas city. The Greenfield was ranked foremost following the diagnostic report submitted by our Investment Promotion Partner, Pricewaterhouse Coopers (PwC).
The General Manager/C.O.O of FZGIL commended the parties after the signing of the agreement; then she thanked PwC and FZGIL staff “for their commitment and untiring effort in working towards the eventual materialization of the partnership.”
In attendance to witness the ceremony were Mr Cyril Azobu, Partner PwC, Mr Banjo Abimbola, Director at PwC, and some OGFZA senior officials.