Business

China Has 75% Of Lekki Deep Seaport And Will Be In Charge For 45 Years

Published by Tope Fakinlede on June 23rd, 2023.

China Has 75% Of Lekki Deep Seaport And Will Be In Charge For 45 Years

FCG reports that China Has 75% Of Lekki deep seaport and will be in charge for 45 years

FCG gathered that the Lekki Deep Seaport is a major infrastructure project in Nigeria that has been the subject of much debate. A Chinese consortium has developed it, which has raised questions about national sovereignty and the potential for economic exploitation.

It is essential to emphasize the importance of reminding Nigerians, who are often criticized for having short memories, about the government’s underperformance in infrastructure development in the country.

Notably, FCG learnt that Lekki Port Investment Holding Inc., an international consortium, has now obtained a significant 75% stake in the Lekki Deep Seaport.

This is a project that the All Progressives Congress (APC) used as a focal point in their campaign leading up to most controversial and fraudulent elections in the annals of our history.

This consortium comprises China Harbour Engineering Company Ltd., which holds a majority share of 52.50%, and Tolaram, which holds 22.5%. The remaining ownership is divided between the Lagos State Government, which holds 20%, and the Nigerian Ports Authority, which holds 5%

Also, the Lekki Port, situated in the Lagos Free Trade Zone, was granted a concession by the Nigerian Ports Authority to operate for a remarkable period of 45 years under a build, own, operate, and transfer agreement. Notably, China Harbour Engineering Company Ltd., as the principal entity within the consortium, possesses over 50% ownership in the project.