We are pleased to have advised China Development Bank on its US$629 Million Financing of the Lekki Deep Sea Port project, Nigeria’s first deep seaport, and the largest non-recourse project finance transaction concluded in Nigeria in the last 5 years. The project is sponsored by Tolaram Port Investment Inc. under a concession originally granted by the Nigerian Port Authority in April 2011.
This financing is for the construction and operation of two container berths and upon completion of the Project, Lekki Deep Seaport will become one of Africa’s deepest draught ports and the most modern port in West Africa, offering enormous support to the burgeoning commercial operation across Nigeria and the entire West African region, thus making Nigeria the trans-shipment hub in the region. The operation of the project will be managed under a sub-concession arrangement with CMA Terminals Nigeria, a joint venture company owned by French container transportation and shipping company CMA CGM.
Speaking on this development, Aluko & Oyebode Partner, Oludare Senbore stated: “Aluko & Oyebode is pleased to have advised on this ground-breaking project in Nigeria and this project further testifies that Nigeria remains an attractive destination for foreign investment in Africa. The Lekki deep seaport will boost trade relations between Nigeria and the rest of world, create over 150,000 new jobs and contribute over US$361 billion to the Nigerian economy over the term of the concession“.
The Firm’s team on the transaction included: Kofo Dosekun (Managing Partner), Oludare Senbore (Partner), Dolapo Roberts (Senior Associate), Oritsemone Awala-Velly (Associate), Nafisa Adama (Associate) and Irene Phil-Agbasi (Associate).