ICTSI terminates Nigeria port concession

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ICTSI terminates Nigeria port concession

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.

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