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Experts disagree over NPA’s stake in Lekki deep seaport

By Godwin Oritse

THE recent proposal by the Managing Director, Ms Hadiza Bala Usman to scale down the authority’s $100 million stake in the Lekki deep seaport generated divided opinion among stakeholders in the maritime industry.

While some are calling for an increase in the government investment in the project, others are of the opinion that the current equity share holding be maintained.

A former Managing Director of the authority, Engr Omar Suleiman said that the 20 percent stake should be increased as against a reduction in investment.

Suleiman told Vanguard that there was need revisit the country’s current policy on PPP for establishment of deep seaports provided that the private sector investor in the deep seaport project provides 60 per cent investment equity, while the community represented by the state and the Federal government provide investment stakes of 20 per cent each.

He also said the 20 per cent stake from the Federal Government was “too small” considering the enormity of deep seaport projects.

Suleiman blamed failure of deep seaport projects on the country’s 60, 20, 20 ownership policy, saying the Federal Government leaves too much for the private sector investor.


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