FG to withdraw 20% stake in Lagos Free Zone
The Federal Government is planning to withdraw its 20 per cent equity holding in the Lekki Deep Sea Port development, also known as Lekki Free Trade Zone.
According to agency report, the Minister of Transport, Mr Rotimi Amaechi said this on Thursday in Accra, Ghana after a two-day conference of the African Ports Evolution (APE).
The Federal Government holds 20 per cent 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.
Amaechi noted that investors out of fear, had always wanted government’s involvement in project developments as a guarantee for sustainability.
He explained further that while the other deep sea ports were being developed independent of the Federal Government through hundred per cent private sector participation, it will be wrong for the government to take up equity interest in the Lekki Free Trade Zone.
He gave example of 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.
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