Ownership Structure Of The Lekki Deep Sea Port
Lekki Port LFTZ Enterprise Limited (LPLEL) is the Special Purpose Vehicle which was awarded the concession for the development and operations of Lekki Deep Sea Port by the Nigerian Ports Authority. LPLEL is required to develop, build and operate a standard user multipurpose port under a concession and has sub-concessioned the container terminal operations to Lekki Freeport Terminal, a subsidiary of CMA-CGM.
LPLEL is a joint venture enterprise owned by a group of investors led by the Lekki Port Investment Holdings Inc. (comprising China Harbour Engineering Company Ltd and Tolaram), the Lagos State Government and the Federal Government of Nigeria through the Nigerian Ports Authority.
LPLEL is incorporated under the Companies & Allied Matters Act and licensed by the Nigerian Export Processing Zones Authority to operate in the Lagos Free Zone. This opens a host of benefits for Lekki Port regarding taxes, duties and other incentives.
The shareholding structure of the Port is as follows: The Lekki Port Investment Holding Inc. (international consortium) owns 75% (China Harbour Engineering Company Ltd 52.50%, Tolaram 22.5%), the Lagos State Government owns 20% while Nigerian Ports Authority owns 5%.
Lekki Port is a multipurpose deep sea port at the heart of the Lagos Free Zone. Lekki Port is poised to be the most modern and deepest seaport in West Africa, offering critical support to burgeoning commercial operations in Lagos State, across Nigeria and the entire West African region. The Port will operate in line with global standards and world-class facilities.
Phase 1 of the multipurpose Port covers an area of 50 hectares, with two container berths and a total capacity of 1.2 million TEUs annually.
Upon completion of the final phase, the Port will have three container berths, one dry bulk berth and three liquid berths.
The approach channel is about 11km long and 16.5m deep. The main breakwater is 1.9km long and will accommodate a corridor for liquid transport to and from the liquid berths.
The three liquid berths will service ships up to 160,000 DWT. The turning circle, which will have a diameter of approximately 600m, will be sufficient to handle 18,000 TEU vessels. Tug boats will assist in the moving of the various vessels. Equipped with the latest super-post Panamax, ship-to-shore cranes and RTG cranes, the layout will ensure that the Port will be a modern, efficient facility.
Lekki Port is ideally positioned to service the gateway for Nigeria and the surrounding West African region.
FLASH: Today, President of the Federal Republic of Nigeria, President Muhammadu Buhari @MBuhari will be in Lagos to commission the Fully Completed #LekkiDeepSeaPort … A Landmark Project in Lagos State. #LekkiPortCommissioning #PMBCommissionsLekkiPort #PMBinLagos pic.twitter.com/5PWU0IFifd
— Jubril A. Gawat (@Mr_JAGs) January 23, 2023
