Chinese firm injects $1.1bn into Lekki port, acquires 75% stake
The China Harbour Engineering Company (CHEC) has injected $1.1billion into the development of the Lekki Port project and automatically becoming the largest shareholder of the project with a 45 years Build, Operate Transfer (BOT) concession period.
Addressing maritime journalists yesterday during a media tour of the project site, Managing Director of Lekki Port LFTZ Enterprise Limited (LPLEL), Mr. Du Ruogang, said the injection of $1.1 billion makes the company the largest shareholder of the Lekki port project with 75 per cent stake.
“CHEC is now the largest shareholder of the Lekki port project following the injection of $1.1billion into the project. With this, we now have 70 per cent shareholding stake with our partners, Tolarams group having 5 percent, making our total shares 75 per cent,” he explained.
Speaking on the access roads to the port, he hinted that efforts are in place to expand the road network leading to the port and also connect it by rail.
He explained: “With Dangote Refinery just beside us expected to operate with nothing less than 700 trucks, we are optimistic that efforts are in place to expand the road networks and also link the port by rail.
“The road is currently a single lane road network, and we are confident that before port operations commence next year, the road will have been expanded to a two lane highway to accommodate seamless cargo evacuation from the ports while also servicing the cluster of businesses that will spring up around here by next year when the ports become operational.”