South Energx Reports Loss of N87 Billion Due to Realignment of Lagos-Calabar Coastal Road

In an interview with The Nation, Mr. Larry Akanbi, Assistant Public Relations Officer of South Energyx Nigeria Limited, expressed concern over the significant financial setback the company faced, amounting to approximately N87 billion. This loss stemmed from the reclamation and sand filling undertaken by South Energyx, which was impacted by the realignment of the Lagos-Calabar Coastal Road.

Akanbi highlighted two primary issues contributing to the company’s predicament. Firstly, the coastal road’s revised route now traverses through land reclaimed by South Energyx, posing a challenge to existing structures and operations. Secondly, tensions have arisen between South Energyx and the proprietors of Landmark Beach, complicating the situation further.

Contrary to public perception, Akanbi emphasized that South Energyx is not the aggressor in this scenario but rather the victim. He clarified misconceptions surrounding Eko Atlantic City’s reclamation efforts and refuted claims that the company’s actions would lead to the depletion of beaches. Additionally, he underscored the government’s role in altering the road’s alignment to mitigate disruptions to nearby structures.

Akanbi highlighted the complexities of the situation, noting that both parties involved—the federal government’s coastal road project and South Energyx’s Eko Atlantic City—bear implications for each other’s interests. The encroachment of the coastal road onto Eko Atlantic City’s reclaimed land translates to substantial financial losses for South Energyx.

Despite challenges, Akanbi emphasized South Energyx’s commitment to resolving the matter amicably. He debunked assertions of oppression and underscored the company’s rights to the reclaimed land. While legal actions have not yet materialized, Akanbi stressed the importance of clarifying South Energyx’s position and dispelling misconceptions among the public.

NewsAnalytrics Analysis

The interview with Mr. Larry Akanbi sheds light on the intricate dynamics surrounding the realignment of the Lagos-Calabar Coastal Road and its impact on South Energyx Nigeria Limited. Here are some key points of analysis:

1. Financial Implications: The revelation of a staggering N87 billion loss underscores the magnitude of the setback faced by South Energyx. This substantial financial blow is a significant concern for the company and highlights the tangible consequences of infrastructure projects on private enterprises.
2. Property Rights and Disputes: Akanbi’s statements highlight the complex interplay of property rights and disputes between South Energyx and other stakeholders, particularly the proprietors of Landmark Beach. The realignment of the coastal road has brought these issues to the forefront, raising questions about land ownership and usage rights.
3. Perception Management: Akanbi’s emphasis on correcting misconceptions and portraying South Energyx as a victim rather than an aggressor reflects the importance of managing public perception amidst contentious issues. The company’s efforts to clarify its stance and refute allegations of oppression demonstrate a proactive approach to shaping the narrative surrounding the situation.
4. Legal Considerations: While legal actions have not been initiated at the time of the interview, Akanbi acknowledges the potential for litigation to arise. This aspect underscores the legal complexities inherent in disputes of this nature and the possibility of recourse through judicial channels.