Lekki deep seaport will commence operations in 2022, says CFO

Perspectives on deep seaport investments

 

The management of Lekki Deep Sea Port has assured the shipping community that it will commence operations in 2022.

Chief Finance Officer (CFO), Lekki Port LFTZ Enterprise Limited, Cai Pingzhen, stated this in a statement sent to SHIPS & PORTS.

“The construction of Lekki Deep Sea Port is making great progress and it is now at an estimated 58.15%. It is on track for completion in 2022, and operations will also commence in 2022,” Mr. Pingzhen said in the statement dated 6th August 2021.

He said the promoters of Lekki Port – China Harbour Engineering Company & Tolaram Group, remain committed to meeting their obligations to build and operate a world-class deep sea port, and are proud of the progress of its EPC Construction – China Harbour LFTZ Enterprise (CHELE) as it continues with its task of constructing the port despite the disruptions posed by the global pandemic and attendant lockdown in Nigeria.

“This was re-emphasized recently by the management of the company during an inspection visit by the Federal Ministry of Transportation led by the Honourable Minister, Rt. Hon. Rotimi Amaechi alongside other stakeholders including the Nigerian Ports Authority (N PA), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Shippers’ Council.

“In the same vein, the Lagos State Governor, Mr. Babajide Sanwo-Olu also visited the project in May 2021 to assess the level of work. He expressed his satisfaction with the pace and progress of work. He also announced that the state government would as a matter of urgency award the upgrade and dualization of road network in the axis in readiness for the take-off of the port,” Pingzhen said.

He said the port project was delayed for this long because before construction could commence fully in 2019, “several approvals, permits and licenses had to be obtained from several state, federal and international agencies including approval from the Federal Executive Council”.

“The project has over 38 different approvals and permits from various regulatory bodies. The process of reaching financial closure also entailed many regulatory processes which required the satisfaction of several conditions precedent to drawdown which has since occurred in April 2021,” he further stated.

The port project, according to him, is fully funded with the infusion of $221,047,248 equity funding from China Harbour Engineering Company (CHE) and the $629 million loan by the China Development Bank.

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