ADDITIONAL REVENUE FROM TANK FARM, REAL ESTATE, AND INCENTIVE LAND TO PROSPECTIVE INVESTORS
INCENTIVE LAND TO SELECT INVESTORS
Midoil Board of Directors approved the creation of Housing Estates within the allocated land of 364.9hctrs to accommodate Private Property, Hospitality, Shopping Mall Developers and Midoil Planning and Implementation Committee Estate (MPIC Estate).
TANK FARM LAND
The Lagos State Government issued directives to existing and prospective Oil Marketers to relocate their tank farms away from Apapa area of Lagos State to new locations with ample space of at least 5 hectares of land per tank farm. This directive, has further enhanced the fair market value of the land allocated for proposed Tank Farm lease and its axillaries.
Midoil has been approached for lease of its Tank Farm land by Oil Marketers who have been declined approval for Tank Farm on lands less than 5 Hectares. Midoil Tank Farm land has been designed in line with the State Government policy and DPR regulation of minimum of 5 hectares.
REAL ESTATE LAND
The company has been approached by Private Property Developers interested in the available land space for Real Estate Developments in the area.
Midoil will sub-lease part of its acquired land to these interested Property Developers or consider joint-venture arrangement in the use of the land allocated for real estate.