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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