The Bureau of Public Enterprises (BPE) on Tuesday in Abuja formally signed the concession for Terminal ‘B’ Warri Old Port with Ocean & Cargo Terminal Services Limited.
The concession of the multipurpose terminal, worth $100.78 million, is for 25 years.
Ocean & Cargo is jointly owned by Sifax Group, Blueche Lomado and Creekline Nigeria Limited.
The concession signing ceremony was witnessed by the Executive Vice Chairman/CEO of Sifax, Dr. Taiwo Afolabi; the CEO of Blueche Lomado, Jolomi Igbene; and the Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala Usman.
Speaking at the event, the Director-General, Bureau of Public Enterprises (BPE), Alex Okoh, tasked Ocean & Cargo to focus on increased efficiency, improved service delivery and reduction in the cost of shipping and cargo clearing.
Okoh reminded Ocean & Cargo Terminal Services Limited that the pursuit of its business objectives must be tailored in a way that would assist in the realisation of the objectives of the port Concession programme of the Federal Government, which commenced in 2005 and culminated in the concession of 24 terminals to private operators.
He recalled that the Federal Government upgraded the facilities at Terminal B Warri Old Port, which included the construction of a new quay wall and apron equipped with requisite facilities for berthing vessels, making it one of the most modern port terminals in the country at the time.
“Upon completion of the rehabilitation and reconstruction works, there was a need to concession the Terminal to a private operator who would be responsible for the operation of the terminal and carrying out further development of its facilities in line with the ports concession programme”, Okoh said.
He added that following the approval by the NCP; advertisements inviting Expressions of Interest (EOIs) from prospective concessionaires for the concession of the terminal were carried out by the Bureau.
Okoh revealed that the NCP at its meeting on June 12, 2018 approved the technical and financial bid of $100.78 million submitted by Ocean and Cargo Terminal Services Limited, which emerged as the preferred bidder for Terminal B of Warri Old Port.
The Managing Director of NPA, Hadiza Bala Usman expressed delight at the conclusion of the concession of the terminal and noted that the concession of the port is an important milestone in the economic development of the country.