Protected: Development and management of Port Notel Ocean Terminal in Nigeria

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  1. The Nigerian Railway Corporation (NRC) has accepted to collaborate with PNL as a Critical Stakeholder and Key Strategic Public Sector partner, notably to provide governance guidance support for Rail Line Linkage for ease of traffic, effective and efficient evacuation of cargoes and resolve the challenges of hinterland connectivity as a mega multi-purpose, multi-modal logistics platform.
  2. The request for a certificate of occupancy and licence from the Oil & Gas Free Zones Authority has been filed and is under examination.

Development since inception

Following the conclusion and submission of the Technical / Market Feasibility Studies Report which shows the project is as very viable, feasible, attractive and justifiable, especially as a sustainable economic venture that would create many jobs, empower the local communities and thereby stabilize the Niger Delta region, the Board and top manager has accomplished the following key milestones:

  1. Procurement of 275 hectares of parcel of water front parcel of land from the local community, as entry point to the Ocean Terminal site,
  2. Surveyed and registered the land with Akwa Ibom State Ministry of Lands,
  3. Engaged Knight Frank Estate Valuer, to prepare and publish valuation report of the acquired property,
  4. Applied and obtained the Certificate of Deposit from the Akwa Ibom State government, a major prerequisite for issuance of Certificate of Occupancy for the land,
  5. Performed Satellite Imaging of the exact location of the Ocean Terminal /Artificial Island,
  6. Carried out and completed market investigation and conceptual port master plan design of the Ocean Terminal, using Dutch Port Consultants based in Netherlands,
  7. Submitted the application to Nigerian Ports Plc in November 2014 for technical review and permit approval to commence pre- construction activities on site,
  8. Engaged positively with the Nigerian Navy to participate in the project as a strategic partner for maritime security purposes,
  9. Appointed a foreign Technical Adviser, Mr Bernard Groseclose, former President of South Carolina Ports Authority in June 2015 for the entire port development,
  10. Appointed Mr Nenad Dordevic as in-house foreign Financial Adviser,
  11. Appointed F. Akinlade & Company as External Auditors/Tax Consultants for the project,
  12. Appointed Mr. Aloysius Odu former Vice President African Development Bank as Investment Banking expert Adviser,
  13. Prepared the Audited Accounts of the company from 2009 - December 2017,
  14. Appointed Sterling Law Alliance as Maritime Legal Advisers/Company Secretary,E
  15. Engaged positively with the Nigerian Railway Corporation to establish hinterland rail line connectivity,
  16. Engaged positively with the Nigeria Oil & Gas Free Zones Authority to obtain Oil & Gas Free Trade Zone License,
  17. Engaged positively with the Nigeria Export Zones Authority to obtain an Industrial Free Trade Zones,
  18. Collaborating with Niger Delta Development Commission on the construction of dual carriage access road to connect the East-West Road and the proposed East-West Coastal Highway, and,

Sensitized and holding discussions with the following government Ministries Departments & Agencies (MDAs) as potential Public Sector PPP partners - Ministry of Transportation, Ministry of Mines & Solid Minerals, Ministry of Budget & National Planning, Ministry of Niger Delta Affairs, Debt Management Office, Nigeria Investment Promotion Commission, Infrastructure Concession & Regulatory Commission, Akwa Ibom State Investment Corporation, Joint Development Zone Authority, As well as the Governments of Republics of Chad, Niger, Guinea Bissau, Equatorial Guinea and Senegal.


Being a mega infrastructure development project awaiting final clearance certification from the Nigerian Government, the Board has a provision to concede small free carry equity stakes in the already incorporated PPP – SPV Company Port Notel Ocean Terminal Limited to the local, state and Federal Governments.

In addition, the Board is open to accept active participation by strategic investors, minority investors, technical managers, off-takers, service providers, operators, contractors, regulators, etc that will be the value and deliver the traction faster.


PNL is currently worth more than N5 Billion in tangible and intangible assets and the current fair open market share price based on independent analysis is placed at N51 (Fifty-One Naira), from the initial premium offer of N10 (Ten Naira). Presently, the company shares have been selling for N25.00 per share. (Details of registered classification of shares (current ownership) with CAC are available through special request).

The promoters of this project intend to procure funds through Equity/Debt Capital for the project in three (3) tranches but have concluded that the first tranche will be additional seed capital of $ 10,000,000 (Ten Million Dollars) funded through Crowd Funding.

The entire construction cost of the project is about $2.53 Billion

The initial issue share price was five Naira (N 5) per share in 2009 but the current net asset valuation puts the share value at over Fifty-one naira (N51) per share as the current worth of the company is more than Five Billion Naira (N5,000,000,000) from the reports of the independent auditor.

In this first tranche of the project funding plan, ten million (10,000,000) Shares are being offered for private placement at twenty-five (N25) per share; indeed a great offer considering the current net asset of Port Notel Limited.

Port Notel Limited 100,000,000 authorized share capital made up of 100,000,000 ordinary shares of one naira (N1) each of which a total of 55% has been issued to Founding Directors/Shareholders including 4% to the Ntafre Community as Landlord to the project. The present additional 10% offer will bring the total issued share capital to sixty-five per cent (65%).

Why invest in PNL

The total amount required at this stage of funding as additional Seed capital from this share offer is Ten Million Dollars ($10,000,000) and it is part of the total funding needs of to successfully carry the project through to site preparation and port construction activities.

The Directors however could increase the number of shares on offer in the event that applications are received for a sum in excess of this offer of $10, 000,000.

The magnitude of the expenditure profile of the project has become enormous that the founding directors and management of the project at the moment are unable to meet up accumulated obligations to staff and even creditors.

Inability to fund global public relations / marketing campaigns, delays in payment of Local/Foreign Consultants and working capital needs are increasingly working against and frustrating the enthusiasm of the team members, especially the project’s Think Tank.

Non-settlement of the contractual obligations and travelling expenses incurred by the Foreign Port Consultants has made them threaten to withdraw their services and this could be detrimental as some of the documents which they are working on will not be released to the company.

The intention is to forestall this action, as it will deal a very debilitating blow to the hitherto smooth sailing of the project; more so considering the investments in time, money, material and expertise so far made.

You are therefore invited to invest in Port Notel by buying into the ownership of this bluechip venture at the premium price of $2 (Two Dollars) per share although net asset valuation puts the price at over N51 per share. We hope to utilize the funds to be raised to finance outstanding obligations as enumerated to enable us roll out implementation faster.

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