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Friday, April 03, 2020 / 08:03 AM / by Lekki Port / Header Image Credit: @LekkiPort
Lekki
Port LFTZ Enterprise Limited (LPLE) has now received the infusion of
$221,047,248 equity funding from China Harbour Engineering Company (CHEC), one
of the shareholders of the Lekki Deep Sea Port Project currently under
construction at the Lagos Free Trade Zone, Ibeju Lekki.
This
was disclosed by the Chairman of Lekki Port LFTZ Enterprise Limited, Mr. Biodun
Dabiri, in Lagos at the end of the board meeting held on Tuesday via
teleconferencing.
"I
am pleased to confirm that Lekki Port has received the $221,047,248 equity
funding from China Harbour Engineering Company. The payment was received on
Monday, 30th March 2020", he said.
According
to Dabiri, this equity injection coming at this time when the world is battling
the COVID-19 pandemic shows the deep commitment of CHEC to the success of the
project, which will greatly contribute to fast tracking the timely delivery of
the project and bring about economic prosperity to Nigeria as a whole.
Speaking
further, the Chairman also announced that the Board of Directors had approved
the appointment of Mr Du Ruogang as the new Chief Executive Officer for
Lekki Port LFTZ Enterprise Limited (LPLEL) with immediate effect. Ruogang while
accepting the appointment noted that he will collaborate with all key
stakeholders including the lenders, insurers, EPC Contractor and Government
regulators to ensure the smooth and successful development of Lekki Port.
In
his new role as the Chief Executive Officer, Ruogang is expected to oversee the
overall business planning, development and management of the company.
Ruogang
has robust experience in port investment, financing and operation and holds
double bachelor's in engineering management and industrial design from Tianjin
University, China. He has been with CHEC since 2007.
In
addition to the appointment of Du Ruogang to the board of Lekki Port, other
directors appointed are Sajen Asweni, Wu Di, Lu Yunpeng and Xu Huajiang while
Mohan Vaswani and Joseph Sanusi resigned their positions on the board.
Other
executives appointed by the company include Cai Pingzhem who assumes the
position of Chief Financial Officer, Steven Heukelom, as Chief Technical
Officer and Enay Saraf as Deputy Chief Financial Officer.
It
would be recalled that Lekki Port signed a $629 million facility agreement for
debt financing, with the China Development Bank for the construction of the
Port, which will be sub-Saharan Africa's deepest port and Nigeria's first deep
sea port.
Lekki
Port a multi-purpose Deep Sea Port at the heart of the Lagos Free Trade Zone
Lekki Port will be one of the most modern ports, supporting the burgeoning
trade across Nigeria and the entire West African region.
The
shareholders of this visionary project are the Nigerian Ports Authority, the
Lagos State Government, China Harbour Engineering Company and Tolaram Group.
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