Lekki Deep Sea Port Phase I

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The project involves the development, construction and operation of the phase I of Lekki Deep Sea Port at the Lagos Free Trade Zone in Nigeria. The port will be developed under a 45-year concession agreement on a Build, Own, Operate and Transfer (BOOT) basis signed in April 2011 by the Nigerian Ports Authority. The port will have container, dry bulk and liquids terminals. The container terminal will initially have 2 berths and an annual handling capacity of up to 1.2 million TEUs, and is expected to expand to 3 berths and 2.7 million TEUs annual handling capacity after completion of the second phase. Once constructed, the container terminal will be operated under a sub-concession arrangement by CMA Terminals Nigeria, a subsidiary of French CMA CGM. Operations are expected to start in 2022. The project SPV is Lekki Port LFTZ Enterprise Limited. It is owned by Tolaram Group (Singapore) (22.5%), the Lagos State Government (20%) and the Federal Government of Nigeria through the Nigerian Ports Authority (5%) and China Harbour Engineering Company (CHEC) (52.5%), major equity investor and as well as the EPC contractor. The value is approximately $ 1.05 billion. China Development Bank (CDB) provided $629 million. The total equity is $450m (including the 20% share of the Lagos government). China Harbour Engineering Company (CHEC) provided $230 million through equity injection and there is equity capital already contributed of approximately $194 million. Other lenders include European Investment Bank, Standard Chartered Bank, Merchant Bank, Stanbic IBTC, Africa Finance Corporation, Proparco, FMO, DEG and International Finance Corporation. Financial closure was reached on 22 October 2019. https://lekkiport.com/lekki-port-signs-us629m-facility-agreements-with-china-development-bank/ https://www.allenovery.com/en-gb/global/news-and-insights/news/ao-advises-on-lekki-port https://hawilti.com/infrastructure/logistics/the-lekki-deep-sea-port-is-over-70-complete/#:~:text=CHEC%20injected%20US%24221%20million,Nigerian%20Ports%20Authority%20(5%25). https://businessday.ng/business-economy/article/lekki-port-seeks-1-1bn-facility-from-banks/