Manila-headquartered ICTSI said that it’s Nigerian subsidiary and Lekki Port (LFTZ) Enterprise had agreed to terminate a sub-concession agreement signed in August 2012.
Under the sub-concession ICSTI was to invest $225m to build and operate a container terminal at the Port of Lekki for 21 years.
ICSTI said that the parties arrived at the agreement due to delays in execution of the Lekki Port project. The container terminal was originally scheduled to be operational in 2016.
Lekki Port (LFTZ) Enterprise, which is developing the port, is a special purpose vehicle of the Singapore-based Tolaram Group. According to Tolaram’s website the port is scheduled to be completed in 2019.
Philippines-based ICTSI's international ambitions have been thwarted recently with the group also pulling out of the Port of Portland last March, after a legal dispute between its US unit ICTSI Oregon and the International Longshore and Warehouse Union affected operations at its terminal there.
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