CMA Terminals take 25% stake in Lekki International Container Terminal Services LFTZ Enterprise (LICTSLE)
International Container Terminal Services Inc. (ICTSI) has signed an agreement to sell a 25 percent stake in its Nigerian subsidiary Lekki International Container Terminal Services LFTZ Enterprise (LICTSLE) to France’s CMA Terminals.
LICTSLE will form an integral part of Nigeria’s US$1.4 billion Lekki Port, a 90-hectare complex currently under development 65 kilometres east of Lagos. ICTSI signed a sub-concession in August 2012 to equip and operate the container terminal, located within the Lagos Free Trade Zone, on an exclusive 20-year basis.
“We are very pleased with this cooperation with ICTSI,” declared CMA CGM Group executive officer, Farid Salem.
“This major future investment is undoubtedly a great opportunity for the CMA CGM Group through its dedicated subsidiary CMA Terminals, to further increase its presence in Nigeria, a country in continuous development.”
The container terminal, expected to be fully operational in 2017, will have a handling capacity of 2.5 million TEU with a quay length of 1,200 meters, an initial draft of 14 metres, with the potential for further dredging to 16.5 metres.
“The involvement of the CMA CGM Group shows the interest in West Africa and the confidence there is in the Nigerian market,” added Jens Floe, ICTSI senior vice president responsible for the Africa Region.