Container terminal operator International Container Terminal Services (ICTSI) has terminated an agreement to develop and operate a container terminal within Lekki Port, Nigeria.
ICTSI’s subsidiary, Lekki International Container Terminal Services LFTZ Enterprise (LICTSE), and Lekki Port LFTZ Enterprise (LPLE), agreed last week to terminate the sub-concession agreement which was (signed in 2012), citing delays in the execution of the project as the main reason.
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 2.5 million TEU capacity capable of handling 10 000-TEU container ships.
