In a strategic move to safeguard the environment, the Rivers State Government has signed a Memorandum of Understanding (MOU) with Serendib Capital Limited to protect mangrove forests across the State.

The State Commissioner for Energy and Natural Resources, Uche Nwafor signed on behalf of the State Government, while the Managing Partner and Chief Executive Officer of Serendib Capital Limited, Rafat Rizvi signed on behalf of his company.

The MOU Signing Ceremony, which had the State Attorney General and Commissioner for Justice, Israel Iboroma in attendance alongside other officials of the government, took place on Wednesday, July 31, 2024 in Port Harcourt, Rivers State.  

Nwafor stated that this groundbreaking agreement aims to safeguard the mangrove forests ecosystem and establish a blue carbon credits partnership, promising significant environmental and economic benefits for the State.

He also highlighted the project’s potential to boost the state’s revenue and ensure environmental protection.

“This project will benefit Rivers State, increase our revenue base, and we are committed to providing the necessary security and support to make this partnership a success.”

Speaking, the Managing Partner and Chief Executive Officer of Serendib Capital Limited, Rafat Rizvi emphasized the long-term benefits of the MOU, which he said includes job creation and ecosystem preservation.

“We are committed to investing significant resources in protecting the Mangrove Forests. This initiative will create numerous job opportunities and help diversify the state’s economy, working transparently and cooperatively with local communities.”

On his part, the Serendib Capital’s Project Manager, External Relations, Voke Ighorodje promised effective engagement with local communities.

“We will establish offices across the Niger Delta, including Rivers State, to ensure community involvement. Our goal is to provide employment, training, and opportunities for locals, ensuring the project’s success.”

Checks by Kristina Reports indicate that Serendib Capital Limited is focused on developing projects that promote the preservation and restoration of coastal ecosystems, particularly mangrove forests.

The company’s primary activities revolve around Blue Carbon projects, which involve sequestering carbon in coastal ecosystems such as mangroves, tidal marshes, and seagrass meadows.

These projects not only help mitigate climate change but also provide numerous ecological benefits, such as protecting coastal communities from storms and erosion, filtering water pollution, and supporting biodiversity.

Stakeholders are of the opinion that this initiative marks a significant step towards environmental conservation and economic growth in Rivers State.