The Lekki Port Investment Holding Incorporated – the lead promoters of Lekki Port LFTZ Enterprise, has signed a shareholders agreement with the Nigerian Ports Authority and Lagos State Government.

A statement from LPIHI said the signing ceremony was held at the office of the Governor of Lagos State recently. It noted that the agreement paved the way for equity participation in Lekki Port by NPA, which will hold 20 per cent in the project, and LASG, which will hold 18.15 per cent. Foreign investors, led by the Tolaram Group, Singapore through LPIHI, will take up the balance of 61.85 per cent.

According to the statement, the Managing Director, NPA, Mr. Habib Abdullahi, recognised that Lekki Port would contribute greatly to the Nigerian economy. After the signing of the agreement, he was quoted as saying, “The project will enhance the country’s economy because the Federal Government has identified the maritime sector as one that has a great potential of boosting the country’s revenue.”

The Commissioner for Commerce and Industry, Mrs. Olusola Oworu, who represented Lagos State at the occasion, said the existing ports in the country were full and the port facilities no longer had sufficient capacity. She said the project was conceived out of the need to have a modern and truly deep-sea port that could accomodate large vessels.

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

The statement noted that the Lekki Port would 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. It will be equipped with modern infrastructure, equipment and terminal services to attract and serve large shipping lines.

It said, “Facilities at the port would include a 1.5km long breakwater, 6km long and 14m deep approach channel, 670m diameter turning circle and 1.5km long quay wall. The port will accommodate three container berths, four liquid bulk berths and one dry bulk berth.

“In addition, two other significant milestones were achieved in the third quarter of 2012. First, LPLE awarded the engineering, procurement and construction contract to China Harbour Engineering Company, the world’s largest marine contractor. CHEC will be responsible for the design and construction of the port on a lumpsum turnkey basis.”

It added, “Secondly, the container terminal sub-concession was awarded to International Container Terminal Services Incorporated. ICTSI is a leading global container terminal operator, who will equip and manage Lekki International Container Terminal in line with international standards. They were both awarded their respective contracts after a rigorous international bidding process.”