ONDIPA/ADG/314/52 July, 2023

Managing Director
Samalad Maritime Services Limited
Sunshine Fish Farm Layout, Adegbemile Cultural Center
Alagbake, Akure

NOTICE OF TERMINATION OF CONCESSION AGREEMENT BETWEEN ONDO STATE GOVERNMENT AND

SAMALAD MARITIME SERVICES LIMITED ON THE REVAMP, MANAGEMENT AND COMMERCIAL
OPERATION OF THE ONDO STSTE SUNSHINE FISHERIES AND FISH FARM AT ALAGBAKA, AKURE ,ONDO
STATE .

It is to be recalled that a Concession Agreement on the revamp, management and commercial operation
of the Ondo State Sunshine Fisheries and Fish Farm dated 1 st February 2021, was executed between
Ondo State Government (ODSG) and Samalad Maritime Services Limited

2.    The obligations and responsibilities of ODSG in clause 9.1 of the Concession Agreement include
handing over the physical possession of the concession facility with necessary right of way to Samalad
Maritime for a period of Twenty Five years at a concession fee of Four Million, Two Hundred Thousand
Naira to be paid annually as rent by Samalad. The obligations have been fulfilled by ODSG in favour of
Samald Maritime Services Limited under the said Concession Agreement.

3. Samalad Maritime Services Limited on the other hand has failed to fulfil its own obligations as
stipulated in clause 9.2. of the Agreement by failing to pay the rent and all other appropriate fees/taxes
and remit the agreed revenue to ODSG coffers as at when due and determined. From the records,
Samalad is in debt to the tune of……………………………., which represents six months’ rent for year 2021,
and the full rent for 2022. The foregoing, no doubt constitutes an event of default as expressly stated in
clause 12.1(d) to justify this Notice of Termination under Clause 11.0.

4. In view of the above and in accordance with the provision of Clause 11.0., as well as Samalad’s
inability to fulfil its obligations, a NOTICE OF TERMINATION is hereby given to Samalad Maritime
Services Limited on behalf of ODSG, for non-performance of its obligations and material breach of the
Concession Agreement. The full termination shall commence sixty days’ time from the date of this
notice.

5. Best regards.

Gbenga Badejo
CEO
ONDIPA/AD/262/89 July, 2023

The Managing Director

Samalad Maritime Services Limited
Sunshine Fish Farm Layout, Adegbemile Cultural Center
Alagbaka, Akure

REMITTANCE OF CONCESSION FEE DUE TO ODSG.

The above subject matter refers.
02. We request for all the outstanding payments due from Samalad Maritime Services
Limited with respect to the Concession Agreement on the revamp, management and
commercial operation of the Ondo State Sunshine Fisheries and Fish Farm dated 1 st
February 2021, was executed between Ondo State Government (ODSG) and Samalad
Maritime Services Limited.
03. We wish to draw your attention to persistent default of your obligations with respect
to payment of concession fee to Ondo State Government despite series of demand letters
written by Ondo State Internal Revenue and Ministry of Agriculture.
04. We hereby demand the immediate payment of the outstanding sum of Six Million,
Three Hundred Thousand naira only due to ODSG from Samalad Maritime Services
Limited within the next fourteen (14) days, failure which we will be compelled to
commence termination process against your company. The breakdown of the payment is
as follows:
Balance of annual rent fee for 2022 N 2, 100, 000: 00k
Annual rent for 2023 N 4, 200, 000: 00k

TOTAL N 6,300,000:00k
05. You are requested to pay the said amount into the following account:
Bank: Providus Bank
Account Name: ONDIPA Current Account
Account Number: 1300362524
06. Thank you.

Emmanuel Omomowo
Secretary