Summary of Proposed Investment
Project Number
10090
Company Name
Oha Motors (Nigeria) Limited
Date SPI Disclosed
Apr 18, 2000
Country
Nigeria
Industry
other
Status
Completed
Sector
Transit and Ground Passenger Transporation
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Jun 5, 2000
Signed : Nov 17, 2000
Invested : Aug 6, 2001
Project Description
Summary Of Project Information (SPI)
RegionSub-Saharan Africa
Sector
Project No010090
Projected Board DateMay 18, 2000
Company NameOha Motors (Nigeria) Limited
Technical Partner and/or Major Shareholders
Major Shareholders: The project is sponsored by Oha Motors Nigeria Limited, a private limited liability company established in 1994. The shareholding is as follows:
Chief Iloanusi Ohamadike 25%
Mrs. Roseline Ohamadike 25%
Mr. Uche Ohamadike 25%
Mr. Anthony Ohamadike 25%
100%
The major sponsor, Mr. Uche Ohamadike, 37, a chemical engineer and businessman. He was educated at the College of Technology, Enugu, Nigeria. Before venturing into motor business, he worked for his father, Chief Iloanusi Ohamadike in his motor spare parts retail outlets from where he developed the bus operations. Oha Motors is an offshoot of Oha Nigeria Limited, a spare parts trading Company managed by his father.
The project has no technical partner.
Project Cost Including proposed IFC investment
The total project cost is estimated at US$2.4 million equivalent. The proposed IFC investment is a loan of US$900,000.
Location of project and Description of site
The project consists of bus transportation between two bus stations, Lagos and Abuja, buses plying between them. The bus stations will have normal facilities for passengers and administrative offices.
Description of Company and Purpose of Project
The project entails the purchase of six 55-Seater buses to start the Lagos/Abuja route.
The company operated as Oha Nigeria Limited, a motor spare parts retail trading company until July 1999 when the transport business was separated from the trading company. The companies are family owned. The company plans to acquire six (6) new 55-seater buses to expand the company''s inter-state transportation business by starting the Lagos-Abuja route. Oha buses currently ply between Lagos and Onitsha, Enugu, Owerri, Aba and Port Harcourt.
IFC will be providing a loan with long-term maturity, which is currently unavailable in the Nigerian market. Public transportation in Nigeria is presently under-served. Attempt by the Federal Government through the Federal Urban Mass Transit Authority (FUMTA) has failed. IFC will help develop a sector dominated by the private sector and vital to the economy. About 35 additional jobs will be created. The project will provide a service that will contribute to infrastructure development in Nigeria.
Environmental Category and Issues
This is a Category B project. Key environmental, health and safety issues include: Site location and potential pre-existing contamination; Water supply and sustainability; CFC free equipment; Fuel and other chemicals storage (including secondary containment and leak detection)Waste management including sewage, liquid, solid and hazardous waste; Control of vehicles air emissions and maintenance.
General occupational health and safety; Equipment safeguarding; Fire prevention and emergency response preparedness; and Employee exposure to noise and chemical substance.
Based on its review of the environmental information provided by Oha Motors, IFC concludes this project will be operated in a manner that meets all pertinent Government of Nigeria requirements and all relevant World Bank Group policies and environmental, health and safety guidelines.
The Environmental Review Summary is available from the InfoShop.
Host country location of environmental documentsFederal Environmental Protection Agency (FEPA)
1. FEPA Abuja Office
Airport Road,
Abuja, FCT.
Phone: 090-802-479,
Fax: 09-5235510
2. FEPA Lagos Office
Federal Ministry of Environment
Bishop Powell Street
Games Village
Opposite Ministry of Works
Off Bode Thomas/Eric Moore
Surulere, Lagos
Phone: 5851570-1, 5850120, 5850122-4
Date SPI sent to InfoShop April 18, 2000
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
Related ESRS/ERS
