Lagos — LEKKI Port Free Trade Zone Enterprise Limited (LPLEL) has received the infusion of NB7.9billion (About $221,047, 248), equity funding from China Harbour Engineering Company (CHEC), one of the shareholders of the Lekki Deep Sea Port Project currently under construction at the Lagos Free Trade Zone, Ibeju Lekki.
Chairman of Lekki Port LFTZ Enterprise Limited, Mr. Biodun Dabiri, at the end of the board meeting held on Tuesday via teleconferencing, said that equity funding came at this time when the world is battling the COVID-19 pandemic shows the deep commitment of CHEC to the success of the project, which according to him will greatly contribute to fast tracking the timely delivery of the project and bring about economic prosperity to Nigeria as a whole.
“I am pleased to confirm that Lekki Port has received the $221,047,248 equity funding from China Harbour Engineering Company. The payment was received on Monday, 30th March 2020”, he said.
In the same vein, Dabiri announced that the Board of Directors had approved the appointment of Du Ruogang as the new Chief Executive Officer for Lekki Port LFTZ Enterprise Limited (LPLEL) with immediate effect. Ruogang while accepting the appointment noted that he will collaborate with all key stakeholders including the lenders, insurers, EPC Contractor and Government regulators to ensure the smooth and successful development of Lekki Port.
In his new role as the Chief Executive Officer, Ruogang is expected to oversee the overall business planning, development and management of the company.
Ruogang has robust experience in port investment, financing and operation and holds double bachelor’s in engineering management and industrial design from Tianjin University, China. He has been with CHEC since 2007.
Recall that Lekki Port signed a $629 million facility agreement for debt financing, with the China Development Bank for the construction of the Port, which will be Sub-Saharan Africa’s deepest port and Nigeria’s first deep sea port About Lekki Port.
A multi-purpose, Deep Sea Port at the heart of the Lagos Free Trade Zone, Lekki Port will be one of the most modern ports, supporting the burgeoning trade across Nigeria and the entire West African region.
The shareholders of this visionary project are the Nigerian Ports Authority, the Lagos State Government, China Harbour Engineering Company and Tolaram Group.