The Lekki Port LFTZ Enterprise (LPLE), a special purpose vehicle promoted by the Tolaram Group, is expected to comprise 3 shareholders: the Nigerian Port Authority (NPA), the Lagos State Government and an Investment Holding Company incorporated to hold the non-Nigerian governmental interests in LPLE. The Sponsors, the Tolaram Group, is expected to hold a beneficial interest of up to 45% in the project while the NPA and Lagos State Government are expected to hold approximately 20% each.
Structure and Responsibility |
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On 21 April 2011, LPLE entered into a Concession Agreement with NPA for the rights to build and operate a deep-sea port in Ibeju Lekki, Nigeria. This Concession is granted under the Nigerian Ports Authority Act 2004. The Concession and the Nigerian Ports Authority Act 2004, form the legal and regulatory basis for the construction and operation of Port@Lekki.
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As LPLE has ultimate responsibility under the Concession Agreement, it will manage the interfaces between NPA, the Port@Lekki operations manager and the three industry specialist terminal operators.
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