Multitech Concepts, a construction firm and
Huntergreen Investicorp Limited has signed a Memorandum of Understanding (MoU)
with Gatoson, a Hong Kong conglomerate company to invest and develop a new
ECOWAS International Market and financial center at a cost $10 billion (about
N1.5 trillion)within the period of three years, counting from the date of getting
the government approval.
The MoU was signed by President, Gatoson Europe, Middle East
and Africa Oswald Wong, Abraham Olu, President, Huntergreen and Adesina
Oyebanjo, signed the agreement for their respective companies.
Under the arrangement, Gatoson will invest and establish the
ECOWAS regional financial market on the site, an onshore free zone, in strict
compliance with the international financial and commercial laws and
regulations. Gatoson will also introduce various qualified Chinese
manufacturers and licensed re-sellers in all sectors, to sell the products in
Nigeria with the aim to serve all the communities in the ECOWAS member
countries.
The new market will be built on 30.12 hectares of land in
Lagos, a first of its kind on the African continent with world class
infrastructure, international financial centre, manufacturers’ direct sales
commercial trade centre, five- star hotel, Customs bonded warehouse, jetty and
fuel station, among other world class facilities.
Apart from the development of ECOWAS regional market and
commercial trade centre, all parties will invest and develop a 5- star hotel
with Africa’s largest casino in term of gambling table, night club and
pubs, and the required infrastructure, including independent power supply,
jetty and warehouse.
The proposed international market which will be built in line
with the Central Bank of Nigeria financial system strategy 2020 will house a
regional financial centre to cater for the West African financial services. The
ECOWAS regional financial market will include the development of securities
market, bond market, derivate market, Islamic finance products market, real
estate trade market, foreign currency market, and a free zone area with global
reputation like Hong Kong, Singapore, Dubai International Financial Centre.
While serving as a trade and manufacturing haven for
distributors, manufacturers, wholesalers, importers and exporters, the commercial
trade market is structured to make sure buyers get the right products at the
right price while ensuring the non-existence of duplicate or fake products at the commercial trade market.
The proposed initiative will also promote the implementation of the ECOWAS
protocol on free movement of goods and persons.
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