Summary of Proposed Investment
Project Number
8301
Company Name
Bailey Bridges Nigeria Limited
Date SPI Disclosed
May 23, 1997
Country
Nigeria
Industry
other
Status
Completed
Sector
Oil and Gas Transport or Pipeline
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Mar 19, 1998
Signed : Nov 30, 1998
Invested : Sep 7, 2000
Project Description
SUMMARY OF PROJECT INFORMATION (SPI)
Project Name Nigeria - Bailey Bridges Nigeria Limited
Region Sub-Saharan Africa
Sector Mining and Extraction of Fuel Minerals
Project No 008301
Projected Board Date: June 24, 1997
Company Name: Bailey Bridges Nigeria Limited
Technical Partner and/or Major Shareholders: Bailey Bridges (BB) is owned, in equal proportions, by five Nigerians and a British citizen. The principal sponsors are Mr. Tete Mbuk and Group Captain David Ikpeme, a retired military officer and former state governor. Mr. Mbuk is a civil engineer, with 22 years of experience in engineering consulting and project management in the private sector. He manages the pontoon service with Group Captain Ikpeme. The technical partner is Adasco UK Ltd., a company incorporated by the shareholders of BB to handle foreign liaison for BB.
Project Cost Including proposed IFC Investment: N177 million (US$2,082,000 equivalent), including a proposed IFC loan of US$833,000.
Location of Project and Description of Site: The new pontoon will operate across Kwale River.
Description of Company and Purpose of Project: Bailey Bridges (Nigeria) Limited (BB) has submitted a proposal to Nigeria Agip Oil Company (Agip) to acquire, install and operate a 150-ton Mabey Pontoon Ferry for a five-year period. Under an existing three-year contract with Agip, BB has purchased and operates a 110 metric-ton pontoon ferry. In October 1996, AEF provided a US$117,000 loan to BB to part finance the pontoon. As is the practice in the oil industry, part of the contract proceeds are expected to be paid in foreign currency to BB’s offshore technical partner, Adasco Ltd., UK.
Environmental Category and Issues: This is an environmental review category B project; principal issues involve fuel storage, recycling/proper disposal of all motor fluids, safety around heavy equipment, proper disposal of bilge waste and other solid and liquid waste, provisions of life preservers and lifeboats as appropriate, employee training, fire safety and emergency response preparedness. The sponsor has presented plans to address these issues and demonstrate that the proposed project will comply with applicable governmental and World Bank requirements: BB will not store fuel on the Ferry. Training will be provided for employees to avoid any spills on the ferry or the River, The ferry will be equipped with life-vests, lifebuoys, life ropes, fire extinguishers and sand buckets. All personnel will be provided with safety boots, hand gloves, helmets, overalls and raincoats. Fire prevention and training programs will be conducted on a regular basis by the sponsor. IFC will monitor ongoing compliance with World Bank environmental, health and safety policies and guidelines during the life of the project by evaluating monitoring reports submitted annually to IFC by BB and by conducting periodic supervisions.
The Environmental Review Summary is expected to be available on or about May 27, 1997 from the Public Information Center.
Date SPI sent to PIC: May 23, 1997
For additional information contact: Corporate Relations Unit -
telephone: (202) 473-7711; facsimile: (202) 676-0365
P:\PIC\NGS08301.DOC
May 23, 1997 12:10 PM
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
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