A power-adjacent, asset-heavy B2B cold-chain platform — storage, logistics and later inventory finance — engineered first around uptime and energy cost, scaling from a proven Lagos flagship to a national network.
Warehouse uptime and energy economics are the foundation. Logistics is a core second service line — but fleet investment follows warehouse utilisation. Finance and processing are later-stage extensions, released only through decision gates.
Nigeria's leading integrated cold-chain infrastructure company — connecting imports, processing, agriculture, food service, retail, pharmaceuticals and finance.
Dependable, auditable, lower-cost temperature-controlled storage and logistics for B2B customers — Lagos first, then nationwide.
Not merely a cold room — land control + company-controlled generation assets, with redundancy engineered before operations begin. Primary supply under documented related-party terms; independent backup generation; N+1 on critical refrigeration.
Ijora hub — port-adjacent flagship warehouse, reefer-container handling, customs coordination.
Victoria Island satellite — cross-dock & same-day dispatch for hospitality, premium food-service and retail.
Ikeja satellite — mainland industrial, retail and pharma-distribution corridor coverage.
⚠ Reconciliation note: the $5.9B figure is cumulative capex (implying 1.5–2.4M positions at $2,500–4,000/position) — 10–16× the estimated installed base. The two sources measure different things and must not be cited interchangeably; both require independent validation before investor use.
Signed LOIs for ≥40% of capacity before construction; 40–60% committed before commissioning. A full pricing architecture — not a single storage rate.
Frozen protein, dairy, ingredients — port receipt, storage, stock rotation, scheduled delivery.
Central inventory, pick/pack, JIT branch replenishment of cheese, dough, chicken, sauces.
Shared or dedicated storage, branch replenishment, live stock visibility.
Small frequent deliveries, quality-controlled dispatch, reduced back-of-house freezer needs.
Dedicated chambers, staging, blast-freeze capability in later phases.
GDP-aligned validated +2–8°C and frozen zones designed in from day one — validated before any pharma stock is accepted (Gate 2).
Chilled · 0 to 5°CFrozen · −15 to −18°CDeep-frozen · −22 to −25°CPharma · +2–8°C validatedControlled ambient
A QSR customer stores imported cheese, chicken, dough and sauces centrally. The platform receives branch orders, calculates replenishment from agreed par levels and demand trends, generates picking lists, assigns routes, logs vehicle temperature and captures proof of delivery.
Commercial benefit: lower working capital at outlets, fewer stock-outs, less in-store spoilage, predictable deliveries.
Indicative named targets for the pre-Gate-1 LOI campaign — to be verified before approach. Anchors cluster around frozen/chilled importers, FMCG manufacturers, retail, pharma and 3PLs who resell capacity.
Anchors the −18 to −30°C rooms; product enters via Apapa/Tin Can, minutes from Ijora.
Wallion ExportsNew MarineDeekay GroupMile 2 / Amuwo-Odofin importers
Overflow, regional hubs, seasonal buffer capacity.
UAC FoodsPromasidorBUA FoodsSON-listed manufacturers
Multi-temperature anchors: −25/−30°C ice cream, +2–6°C dairy.
DeliFrost NGFareast MercantileEat'N'Go (Domino's, Cold Stone)
Multi-tenant pallet leasing, high churn; centralised storage replacing in-store freezers.
Shoprite/NovareSPARFoodstuff MarketMile 12 / Oyingbo wholesalers
Small pallet count, high margin; anchors the GDP-validated +2–8°C section.
MedPort PharmaRosemma PharmaAvion Spica
They resell capacity and bring tenants; ramps utilisation fast.
Flux LogistixMDS LogisticsDaraFortZenith CarexMaersk / DHL reefer
Pass/fail objectives are the commitments; pallet-position ranges are context.
| Dimension | ✅ Conventional — chosen | Automated / high-bay (ASRS) |
|---|---|---|
| Clear internal height | 8–12 m | 20–40 m, rack-clad |
| Storage arrangement | VNA racking, reach trucks / VNA forklifts, floor-stack for fast movers | Crane/shuttle ASRS, goods-to-person stations |
| Pallets per sqm | ~1.0–1.75 | ~2.5–4.0 (2–2.5× denser) |
| Capex per pallet position | ~$1,500–2,500 → ~$1.8–3.0M for 1,200 pp | ~$3,000–5,000 → ~$3.6–6.0M (+$1.8–3.0M, i.e. 35–60% on the whole sub-$5M envelope) |
| Labour | 8–14 operatives/shift; local skills abundant & inexpensive | 2–4 technicians/shift; OEM engineers flown in for major faults |
| Throughput fit | Ample for B2B pallet/case picking | Pays only at e-commerce-style piece-picking volumes |
| Downtime risk | Tolerant — manual fallback for every process; forklifts run on generator | One crane/PLC/network fault stops the whole store; all spares imported |
| Energy efficiency | Door losses managed by discipline, strip curtains, ante-rooms | Better thermal performance per pallet (smaller envelope) |
| Fire & insurance | Standard freezer-compatible sprinkler design | Complex high-bay fire engineering; higher insurance scrutiny |
| Expansion path | Add chambers/buildings incrementally | Fixed capacity per crane aisle; expansion = another full system |
| Time to commission | ~12–18 months incl. cold commissioning | 24+ months; longer import, integration & testing cycle |
Reviewed at Gate 3 and each subsequent gate:
Scaled-down ~1,000 sqm / 1,000–1,750-pallet Ijora flagship. Exchange basis ~₦1,550/$.
| Scope | ₦ billion | ~US$ million | Covers |
|---|---|---|---|
| Structure & cold-store slab | 0.55–0.90 | 0.40–0.66 | Steel frame, roof, foundations, insulated freezer slab, vapour barrier, frost protection |
| Insulated envelope & partitions | 0.55–0.90 | 0.40–0.66 | PIR/PUR panels, temperature partitions, freezer-rated & rapid doors, sealing |
| Refrigeration plant & controls | 1.00–1.60 | 0.73–1.17 | Condensers, compressors, evaporators, piping, controls, defrost, commissioning |
| Construction subtotal | 2.10–3.40 | 1.54–2.49 | Structure + partitions + cooling |
| Design dev, FX escalation & contingency (15%) | 0.32–0.51 | 0.23–0.37 | Concept-stage allowance |
| Recommended project budget | 2.4–3.9 | 1.75–2.85 | Excluding listed exclusions |
Temperature-cost effect: the −30°C chamber drives 25–30% of refrigeration/insulation cost despite holding only ~10% of pallet positions. Frozen (−18 to −25°C) chambers: 50–55%. Chilled (+2 to +6°C): 20–25%.
Insulation minimums: 100–120 mm PIR (chilled) · 150–200 mm PIR (−18/−25°C) · 180–220 mm equivalent (−30°C, incl. ceiling, floor perimeter, thermal breaks) · insulated freezer slab with vapour barrier and frost-heave mitigation.
Excluded (budget separately): racking, generation/solar/BESS/LV/ATS, dock equipment & MHE, fire suppression, WMS/monitoring/CCTV/network, offices/yard/fencing/approvals/land, VAT, financing, duties, professional fees.
All-in flagship envelope (construction + exclusions + fleet + tech + working capital): under ~$5M — scaled down ~50% from the original concept, matching the halved pallet count.
Why the Y9–10 range was cut from 75–120K to 40–70K positions: the old range implied 28–44% of the entire projected 2031 formal market — contradicting the leadership-not-domination objective.
Not a budget or forecast — bottom-up from flagship unit economics and the phase gates. Every figure is subordinate to Gate 1 rate-card validation. US$ millions.
| Year | Phase | Sites / positions | Revenue | EBITDA | Capex in year |
|---|---|---|---|---|---|
| 1 | Launch (build) | Ijora + VI & Ikeja under construction | — | (0.5) pre-op | 4–5 |
| 2 | Launch | 1 hub + 2 satellites · 1,000–1,750 pp | 1–2 | (0.3)–0.3 | 2–3 |
| 3 | Base-case proof | Occupancy ≥60–85% | 1.5–2.5 | 0.4–1.0 | 1–2 |
| 4 | Lagos scale | 2–4 facilities · 8,000–15,000 pp | 7–12 | 1.2–3.0 | 12–18 |
| 5 | Lagos scale | Network maturing | 12–19 | 2.5–5.5 | 10–15 |
| 6 | National hubs | + Abuja · 20,000–40,000 pp | 20–34 | 4–9.5 | 20–30 |
| 7 | National hubs | + Port Harcourt · corridors | 35–58 | 7–15 | 20–30 |
| 8 | Integrated platform | Finance pilot · 40,000–70,000 pp | 55–95 | 11–23 | 25–40 |
| 9 | Leadership | National corridor coverage | 90–155 | 18–37 | 30–50 |
| 10 | Leadership | 40,000–70,000 pp + services | 135–220 | 28–52 | 30–50 |
Indicative 75/25 developer/external split (placeholder pending independent land/power valuation). Sub-$5M all-in flagship envelope (construction ₦2.4–3.9bn / $1.75–2.85m + exclusions, fleet, tech, working capital).
Project finance for later sites, equipment leasing, bank debt only against contracted cash flow, strategic/DFI equity. Conversations start Y3–4 — capex needs bite from Y5–6.
Inventory finance only after 12–18 months of reliable inventory/payment/insurance data. Ring-fenced: separate credit governance, collateral haircuts, controlled stock release.
For land/power partners, prospective investors and DFIs. These follow from commercial success and never override base-case discipline.
Data-driven "import-to-local" dashboard identifies categories with volume, repeat demand and workable local supply: dairy, frozen vegetables, potato products, chicken, fish, prepared ingredients.
Dependable off-take routes, quality preservation farm→processor→retail, less waste and fewer emergency purchases. Measured carefully: local sourcing wins only when quality, scale, energy and working capital are managed.
Become the preferred infrastructure and data partner for processors first — then decide: invest, JV, dedicated facilities, or finance third parties.
The "ice gates" of the rollout — each releases the next tranche of scope and spend.
Related-party power terms documented · engineering complete · capex approved within the sub-$5M all-in envelope · signed anchor LOIs ≥40% of capacity.
All cold rooms, power, monitoring, SOPs, insurance and training independently tested · pharma zones GDP-validated before any pharma stock.
Flagship sustains temperature compliance, positive site contribution margin and target occupancy for 2+ consecutive quarters (~$1.5M+ revenue run-rate).
National anchors committed · intercity lane economics proven · governance and maintenance systems mature.
12–18 months of reliable inventory, payment, insurance and operations data · separate credit committee functioning.
| Risk | Impact | Mitigation |
|---|---|---|
| Power interruption | Product loss, claims, reputation | Controlled generation + N+1 + backup + thermal storage + tested contingencies |
| Refrigeration failure | Excursions, spoilage, downtime | Preventive maintenance, critical spares, remote monitoring, redundancy |
| Low utilisation | Weak cash flow | Anchor LOIs pre-build, multi-client model, phased capex |
| FX / import costs | Capex escalation | Early procurement, FX contingency, local service capability |
| Customer concentration | Revenue vulnerability | Segment diversification, credit limits, max-concentration policy |
| Port / road disruption | Late delivery, fuel cost | Port-adjacent staging, route planning, satellite hubs |
| Compliance failure | Fines, closure, pharma loss | QMS, trained staff, SOPs, audits, calibrated sensors |
| Inventory-finance credit loss | Financial loss, disputes | Gate 5 · ring-fenced credit function · conservative underwriting |
| Aggressive expansion | Over-leverage | Stage gates, site-level hurdle rates, independent investment review |