Summary of Proposed Investment
Project Number
4720
Company Name
Bailey Bridges Nigeria Limited
Date SPI Disclosed
Feb 22, 1996
Country
Nigeria
Industry
other
Status
Completed
Sector
Oil and Gas Transport or Pipeline
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Apr 4, 1996
Signed : Apr 17, 1996
Invested : Oct 1, 1996
Project Description
Summary Of Project Information (SPI)
| Project Name | Nigeria-Bailey Bridges (Nigeria) Limited |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateMarch 29, 1996
Company NameBailey Bridges (Nigeria) Limited
Technical Partner and/or Major Shareholders
Bailey Bridges Limited is owned in equal proportions by four Nigerians and a British citizen. Messrs. Tete Mbuk and Ikpeme are the principal sponsors. Technical partner is Adasco UK Limited; a company incorporated by the shareholders of Bailey Bridges to handle foreign liaison for Bailey Bridges.
Project Cost Including proposed IFC investment
Total project cost is estimated at N45.2 million (US$532,000 equivalent). IFC has been asked to provide a loan of US$117,000.
Location of project and Description of site
The pontoon will operate across the Orashi River, about 1-1/2 hours drive from Port Harcourt in Rivers State, Nigeria.
Description of Company and Purpose of Project
The Company specializes in the supply, installation and operation of prefabricated steel bridges for the oil industry for access to on-shore oil field locations. The Company recently diversified into the hiring of ferry pontoons to the oil industry. The proposed project is to purchase, install and operate a 110 MT pontoon ferry for Nigeria Agip Oil Company under a three year contract.
The project will strengthen an indigenous company in the oil service sector, and provide new opportunities for employment. The surrounding villages will benefit from the pontoon operation through free transportation across the river. By providing financial assistance to Bailey Bridges, IFC will develop indigenous entrepreneurship in a large, lucrative sector.
Environmental Category and Issues
This is a category B project. The main environmental issues include fuel storage, recycling, proper disposal of all motor fluids, safety around heavy equipment, proper disposal of bilge waste, fire safety, provision of life preservers and life boats as appropriate, and emergency response preparedness. The sponsors have agreed to conform to World Bank environmental guidelines. According to the Environmental Division, no Environmental Review Summary was prepared for this project as its IPR approval predates the requirement for an ERS on AEF projects.
| Date SPI sent to PIC | February 22, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
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
