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Daewoo E&C chief cements ties with Nigerian leaders

Nov. 21, 2023 - 17:41 By Mun So-jeong
Daewoo E&C Chairman Jung Won-ju (left) shakes hands with Babajide Sanwo-Olu, the governor of Lagos state, in Lagos, Nigeria, Monday. (Daewoo E&C)

South Korean builder Daewoo Engineering & Construction said Tuesday that Chairman Jung Won-ju has recently concluded a weeklong business trip to Nigeria, in his ongoing push for business expansion abroad.

While Korea's local construction market is facing uncertainty, Jung headed to Africa to fulfill his role as a “salesman” representing Daewoo E&C, the builder said.

“The chairman’s visit to Nigeria, where diverse planned city projects are actively carried out, aimed to ramp up Daewoo’s presence as a global builder and discover new business opportunities,” said a Daewoo E&C official.

On Nov. 14, Jung arrived in Abuja, the capital of Nigeria, to visit the local branch and subsidiary and share investment plans with key shareholders.

The next day, he went to the “new heart of Abuja,” Centenary City, and met with Heirs Holdings CEO Anthony Elumelu as well as South Korean Ambassador to Nigeria Kim Young-chae.

Daewoo E&C is currently managing two ongoing projects, the Nigeria LNG Train 7 project -- a facility that converts natural gas into liquefied natural gas -- and the rehabilitation of the Warri and Kaduna refineries.

Seeking further support, meetings with the nation's Petroleum Resources Minister Heineken Lokpobiri and Minister of Federal Capital Territory Nyesom Wike followed the next day.

“Minister Wike has secured a long-lasting partnership with Daewoo E&C even when he served as the governor of Rivers state,” Jung was quoted as saying during the meeting. “Based on our Starlake City project in Hanoi, Vietnam, we hope to actively take part in Abuja’s new city development projects.”

On Saturday, Jung moved to Lagos, the economic hub of Nigeria, to visit the new coastal city Eko Atlantic. He concluded his journey after meeting with an executive of global real estate services firm JLL Africa and Babajide Sanwo-Olu, governor of Lagos state, Monday.

“Daewoo E&C has contributed to the economy of Nigeria with diverse construction and engineering projects,” said Sanwo-Olu. “We look forward to the South Korean builder’s active participation in Lagos’ new city development project.”

“Daewoo E&C will continue to diversify our business portfolio in Lagos, the most populous city in Nigeria,” replied Jung.

After taking office as chairman of Daewoo E&C in May, Jung has been leaving several footprints overseas, with business trips to Turkmenistan and Vietnam. He also doubles as chairman of Herald Corp., publisher of The Korea Herald and Herald Business.