Lekki Port: Stakeholders Endorse Shareholders’ Agreement

30 Dec 2012

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Managing Director of NPA, Mr. Habib Abdullahi

Festus Akanbi

A major milestone was achieved towards the development of Lekki Port with the signing of the Shareholders Agreement between Lekki Port Investment Holding Inc. (LPIHI), the lead promoters of Lekki Port LFTZ Enterprise (LPLE), the Nigerian Ports Authority (NPA) and Lagos State Government .

The agreement paves the way for equity participation in Lekki Port by NPA, which will hold 20% in the project, and the Lagos State government, which will hold 18.15%. Foreign investors, led by the Tolaram Group, Singapore through LPIHI, will take up the balance 61.85%.

Managing Director of NPA, Mr. Habib Abdullahi, recognised that Lekki Port would contribute greatly to the Nigerian economy. Abdullahi, who spoke after the signing of the Shareholders’ Agreement  said, “the project would enhance the country’s economy because the federal government has identified the maritime sector as a sector that has great potential of boosting the country’s revenue.”

Lagos State Commissioner for Commerce and Industry, Mrs. Olusola Oworu, said the existing ports in the country were full and the port facilities no longer have the capacity and that this project was conceived out of the need to have a modern and truly deep-sea port that could take large vessels in the country.

Managing Director of Tolaram Group in Nigeria, Mr. Haresh Aswani, said that the signing of this agreement demonstrated how the public and private sectors could collaborate to create world-class infrastructure for Nigeria. He said, ”the development of Lekki Port through this partnership exemplifies Nigeria’s readiness for foreign direct investment.”

Lekki Port will by far be the single largest private infrastructure investment in Nigeria. The port will be a world-class multi-purpose facility that will serve the West African region.

The port will be equipped with modern infrastructure, equipment and terminal services to attract and serve large shipping lines. Facilities at the port will include a 1.5 km long breakwater, 6 km long and 14 m deep approach channel, 670 m diameter turning circle and 1.5 km long quay wall. The port will accommodate three container berths, four liquid bulk berths and one dry bulk berth.

Tags: News, Nigeria, Featured, Lekki Port

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