By Kareem Babalola –
The Federal Government will soon withdraw its equity holding in the Lekki Deep Sea port development, also known as Lekki Free Trade Zone.
The Federal Government holds 20 percent equity in the project, representing, $118 million; the Lagos State Government, holds 18.5 percent, while the Tolaram Group of Singapore has 61.5 percent.
The Minister of Transport, Mr Rotimi Amaechi said this, yesterday, after a two day conference of the African Ports Evolution (APE) held in Accra, Ghana.
Amaechi noted that investors out of fear, had always wanted government’s involvement in project developments as a guarantee for sustainability.
He added that while the other deep sea ports were being developed independent of the Federal Government via hundred percent private sector participation, it will be wrong for the government to take up equity interest in the Lekki Free Trade Zone.
He cited the Badagry Deep Sea Port development, where the promoters have earmarked $2.2 Billion for its development without the involvement of the Federal Government, reiterating that the government lacks money for such project at the moment.