AEF E. Ekesons Brothers Nigeria Ltd.

completed

SUMMARY OF PROJECT INFORMATION (SPI)Project Name Nigeria-Ekesons LimitedRegion Sub-Saharan AfricaSector TransportationProject No. 008095Company Name E. Ekesons Brothers Nig. LimitedDescription of Company and Purpose of Project: Ekesons presently operates 66 long-distance luxury coaches between Lagos, Onitsha, Nnewi and Abuja. The Government, with its urban mass transit program, is encouraging private sector mass transit companies to improve the public transport system in the country. Ekesons will acquire 10 luxury buses to expand their transportation services and compliment the existing fleet.Technical Partner and/or Major Shareholders: Ekesons is a limited liability company established in 1982, with N8 million paid in share capital. It is family-owned. The principal sponsor, Chief E.E.N. Ojukwu is a Nigerian businessman, who owns a vehicle brake linings manufacturer, and a motor spare parts and motorcycle imports and sales company.Project Cost Including Proposed IFC Investment: Total project cost is estimated at N77 million (US$0.962 million equivalent). IFC has been asked to provide a loan of US$385,000 million.Location of Project and Description of Site: Buses acquired will travel between Lagos, Onitsha, Nnewi and Abuja.Environmental Category and Issues: “This is a category B project according to IFC’s environmental review procedure. Environmental and occupational health and safety issues associated with this project include: oil/fuel storage and spill prevention, disposal and recycling of used fluids and oils and employee training and fire protection. The used oils and solvents will be stored separately in safe tanks which then will be collected by NNCP and oil company, who will be responsible for recycling the oil and solvents in accordance with local regulations. As part of their safety policy, new employees must first be certified medically as being able to operate a vehicle. New employees are also trained by experienced drivers for a period of three months. Ekeson’s furnishes all of its vehicles with fire fighting equipment. Training and inspections of fire equipment is provided by the Federal and State Fire services. IFC will ensure 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 Ekeson and by conducting periodic supervisions.”The Environmental Review Summary is expected to be available at the Public Information Center on March 14, 1997.Date SPI sent to PIC: March 11, 1997For additional information contact: Corporate Relations Unit - telephone: (202) 473-7711 facsimile: (202) 676-0365P:\PIC\NGS08095.DOCMarch 11, 1997 8:20 PMEnvironmental 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).