Apapa Port, Terminal A Concession

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In November 2005 the government of Nigeria, through its Bureau of Public Enterprises (BPE) awarded a 25 year rehabilitate, lease and transfer concession for terminal A of the Apapa port to private operator Flour Mills Nigeria Limited. The Apapa port, which served the city of Lagos, was part of a concerted effort by the Nigerian government to attract private sector involvement in infrastructure. In 2005 all terminals of the Apapa port were concessioned to private operators. Flour Mills Nigeria Limited was incorporated as a private limited liability company in 1960 and listed on the Nigerian Stock Exchange in 1979. At of 2006 the company was owned by Excelsior Shipping Company Plc (51.59%), and other Nigerian shareholders (48.41%). The company was active in flour milling, pasta manufacturing and bulk cement trade. The concession was awarded on October 24th 2005 and signed on November 16th of the same year. Flour Mills committed to pay an entry fee of $1.5 million plus some $15.60 million in net present value over the lifetime of the concession for Apapa Terminal A. The company submitted business plans outlining plans for future investments in facilities worth some $6.25 million. None None