International Container Terminal Services (ICTSI) has announced it has terminated an agreement to develop and operate a container terminal in Nigeria.
ICTSI’s subsidiary, Lekki International Container Terminal Services LFTZ Enterprise (LICTSE), and Lekki Port LFTZ Enterprise (LPLE) agreed to terminate the sub-concession agreement signed in August 2012. The main reason for terminating the agreement was delays in the execution of the project.
The terminated sub-concession agreement had granted LICTSE an exclusive right to develop and operate, and to provide handling equipment and container terminal services, at the container terminal within the port located at Ibeju Lekki, Lagos State, for a period of 21 years.
The project, initially slated for completion in 2016, called for the development of a container terminal with a 2.5 million TEU capacity capable of handling 10,000 TEU container ships. The terminal was to feature a 1,200-meter quay with 14 Post-Panamax cranes, making it one of the largest single terminals in Sub-Saharan Africa.
As we reported in February 2014, ICTSI and CMA Terminals, a 100 percent subsidiary of the CMA CGM Group, signed an agreement for ICTSI to sell 25 % of LICTSLE to CMA Terminals.
The House of Representatives of Nigeria has declared its intention to overhaul the laws on Public Private Partnership (PPP).
Read moreThe Lagos State Government, Nigeria, through Lagos Water Corporation (LWC) has launched a Request for Expressions of Interest (RFEOI) for the “Water Distribution Network, metering and Operation/Management of New 70MGD Adiyan Phase II Water Treatment Plant”.
Read moreThe Emerging Africa Infrastructure Fund (EAIF) has invested US$50 million in an US$800 million bond issued by the Nigerian telecommunications tower business, IHS.
Read moreThe ECOWAS Commission has received several grants from the Africa Development Fund (ADF) and the European Development Fund towards the financing of the Study for the Abidjan – Lagos Corridor Highway Development Project.
Read moreThe Delta State Government in Nigeria has announced that it is to concession a water supply project through a Public Private Partnership (PPP).
Read more