Onne Free Zone Has Become Attractive To Investors-OGFZA

The Onne Free Zone has been described as investors delight for those who want quick return on investments especially in the oil and gas related businesses.  

The Acting Managing Director of Oil and Gas Free Zones Authority, OGFZA, Adekunle Ajayi, made the statement the weekend

Ajayi stressed that the free zone experienced surge in business activities shortly after the end of the last recession.

Within the first six months of the year, he stated that many new companies were given license to do business at the free zone.  He attributed the development to market  economy propelled by free open access and free exit.

 He cited the example of  Notore Chemical Industries Plc which was licensed in December 2017 as the developer of the Notore Industrial City NIC in the Onne Oil and Gas Free Zone, which has already secured commitments of a number of International Petrochemical Oil and Gas Logistics Support Companies for $5 billion worth of investments into the NIC.

 The development he said has the potential with the potential to create 25,000 jobs in the next four years.

He further said that OGFZA has brokered discussions between Funde Energy Company Limited and Notore Industrial City, leading to agreements on investments worth $2.5 billion between Notore, China Railway and Funde Energy Limited.

Ajayi added that OGFZA, working with PriceWaterhouseCoopers as its investment consultants, is in discussion with 37 local and international investors in the Oil and Gas Sector to promote investments in the free zones in a range of areas, including industrial park development, tank farm, and crude oil marketing.

n the issue of taxation as it affects Free Zone Enterprises (FZEs), the Acting Managing Director said all FZEs are legally exempted from all forms of local, state and federal taxes, but are obligated to remit the PAYE tax deductions from employee salaries to government.

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