Lagos govt raises equity in Lekki deep seaport project from 18 to 20 percent

The Lagos State Government has increased its equity share in the Lekki deep seaport project from 18 to 20 twenty percent.

Disclosing this, Director General of the Infrastructure Concession Regulatory Commission, ICRC, Engr Chidi Izuwah, said the state had also paid up about 18.5 percent of its equity holding.

According to him, the project was very dear to President Muhammadu Buhari as things like these were some of the government’s plans to diversify the nation economy, saying: “The move (increase in equity share) by Lagos State Government is very critical to the success of the project. I want to commend Governor Akinwunmi Ambode for making that strategic move.

”The Project has commenced, construction of the breakwaters has physically started, it shows you that the project sponsors are moving ahead with their equity while still looking for financing.”

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