Uncertainty rocks $1.5bn Lekki Deep Seaport project

One of the major investors in the $1.5bn Lekki Deep Seaport project, Manila-based container terminal operator, International Container Terminal Services Inc. (ICTSI) has terminated its agreement to develop and operate a container terminal within the Lekki Deep seaport, thereby fuelling uncertainty over the possibility of the project.

This is even as stakeholders under the aegis of the Committee of Maritime Professionals (CMP) have called on the Federal Government to prevail on the Nigerian Ports Authority (NPA) Managing Director, Hadiza Bala Usman to stop frustrating investors out of Nigeria’s maritime sector.

According to findings on ICTSI website, the Manila based company posted that, “In a disclosure to the Philippine Stock Exchange, ICTSI said its subsidiary Lekki International Container Terminal Services LFTZ Enterprise (LICTSE) and Lekki Port LFTZ Enterprise (LPLE) have mutually agreed to terminate their Lekki Deep Seaport sub-concession agreement dated Aug. 10, 2012.”

“Under the agreement, LICTSE has the exclusive right to develop and operate, and to provide handling equipment and container terminal services, at the container terminal within Lekki Port located at Ibeju Lekki, Lagos State in Nigeria for 21 years. The termination of the agreement took effect on May 24, 2017.”

“The parties arrived at this decision following delays in the execution of the Lekki Deep Seaport Project.”