Skip to main content

Buhari's Administration Transfers $1.5bn Lekki Seaport to Tolarams Group for the period of 45 Years

 


The modern Lekki deep seaport has been commissioned today Monday, January 23rd, 2023 by President Mohammad Buhari, after the port had undergone about two years of construction, which officially commenced on June 15th 2020.

The President also handed over the port to Tolarams Group for 45 years. The seaport constructed by China Harbour Engineering Lekki Free Trade Zone LFTZ Enterprises (CHELE), a subsidiary of China Harbour Engineering Company, was billed to be completed by October 2022.

It is believed to be the deepest in Nigeria and one of the deepest in West Africa with a draft depth of 16.2 metres in-depth and annual cargo tonnage of four million tons and annual container volume of 2.5 million teu.

However, prior to President Muhammadu Buhari’s commissioning of the deep seaport, the Nigerian Ports Authority (NPA) berthed a CMA-CGM container vessel to the port. The vessel is reputed to be one of the largest container vessels in the world which is about 400 metres long and could carry up to 20,000 containers.

The port is also expected to be connected to an $800m railway which is expected to be built to evacuate containers from the port.

It was gathered that private funders will bankroll the railway project while the seaport will eventually be handed back to the Federal government for ownership after the private developers have exhausted their rights to the place. This would increase the revenue base of Nigeria and Lagos. The facility was constructed by the Tolarams Group.

The port was constructed on Build, Own, Operate and Transfer (BOOT) basis for 45 years before it would be transferred to the federal government through the Nigerian Ports Authority (NPA) after the funders must have recouped their investments. # Buhari Transfers $1.5bn Lekki Seaport to Tolarams Group for 45 Years

Report by: ZAINAB JUNAID


Comments

Popular posts from this blog

CBN defies Supreme court-- Old naira notes no longer legal tender

 In defiance of the Supreme Court order, the Central Bank of Nigeria, CBN, declared that the old naira notes of N200, N500 and N1000 have ceased being legal tender in Nigeria since February 10, 2023. CBN’s branch controller in Bauchi Haladu Idris Andaza made the declaration while briefing journalists on Monday in Bauchi. Last week, an ex parte order of the Supreme Court restrained CBN from implementing the February 10 deadline to stop the circulation of the old naira notes. But, Andaza insisted the old naira ceased being legal tender on February 10. “For the avoidance of doubt, CBN is ready and is open to receiving all of those old notes based on certain conditions and criteria. “Customers are free to come to the bank and deposit, which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month,” he stated. DAILY POST reported that commercial banks are rejecting old naira deposits from customers in Ilorin, the ca...

Governor of the Apex Bank, Emefiele Say NO to Extension of January 31 Deadline for Return of Old Banknotes

  The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday declared that the January 31, 2023 deadline fixed by the apex bank for the return of old N200, N500 and N1,000 banknotes would not be extended. Emefiele, rather, urged those who might still be holding on to the old banknotes to turn them in, assuring them they would not be harassed by the anti-graft agencies. The CBN Governor’s comment came just as the Senate and House of Representatives members urged the banking sector regulator to extend the deadline. Both the red chamber and the green chamber requested for a six-month extension of the deadline. In addition, the House of Representatives set up an ad hoc committee to meet Managing Directors of banks and subsequently with the CBN over the public outcry on the cash withdrawal limit and scarcity of the redesigned naira. They also called on President Muhammadu Buhari to intervene in the matter. However, addressing journalists at the end of a two-day me...

CR7 faces 30 Days Ban if found Guilty

The possibility of a suspension looms over Al Nassr striker Cristiano Ronaldo. The Portugal international may be suspended again as part of the investigation launched into his former club Juventus’ false bookkeeping and transfer irregularities in the past. Italian journalist Paolo Ziliani said that 15 points were recently deducted from Juventus after an investigation into their finances by an Italian court. Ziliani reports that the scope of the punishment for the Italian giants could stretch beyond Italy and to players such as Cristiano Ronaldo’ who are no longer at Juventus. If Cristiano Ronaldo or any other player is found guilty of falsely reporting lower wages, they could be banned for 30-plus days. Ronaldo was at the Turin-based club between 2018 and 2021 and could receive this punishment. “All members involved were questioned and admitted the circumstances [as part of the investigation],” he said according to Sportbible.