Chinese firm injects $221m equity into Lekki Ports

[Edoman]

Chinese firm injects $221m equity into Lekki Ports
April 8, 2020

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China Harbour Engineering Company (CHEC) one of the shareholders of the Lekki Deep Sea Port Projects under construction at the Lagos Free Trade Zone, Ibeju Lekki, has injected $221.05 million equity fund into Lekki Port LFTZ Enterprise Limited (LPLEL), the special purpose vehicle for the project.

Chairman, Lekki Port LFTZ Enterprise Limited (LPLEL), Mr. Biodun Dabiri, who confirmed the investment, said the fund represents a further commitment by the CHEC following an earlier agreement between both firms signing 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.

He said the equity injection came when the world is battling the COVID-19 pandemic showed 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.

 

Dabiri also announced the board approval of Du Ruogang as the new Chief Executive Officer for the firm. In his new role as the CEO, Ruogang is expected to oversee the overall business planning, development and management of the company.

In addition to the appointment of Du Ruogang to the board of Lekki Port, other directors appointed are Sajen Aswani, Wu Di, Lu Yunpeng and Xu Huajiang while Mohan Vaswani and Joseph Sanusi resigned.

Other executives appointed by the company include Cai Pingzhen who assumes the position of Chief Financial Officer, Steven Heukelom, as Chief Technical Officer and Binay Saraf as Deputy Chief Financial Officer.

Ruogang, while accepting the appointment, noted that he would collaborate with key stakeholders, including the lenders, insurers, EPC Contractor and government regulators to ensure the smooth and successful development of Lekki Port.

Ruogang, who has has been with CHEC since 2007, has experience in port investment, financing and operation. He holds two bachelor’s degrees in Engineering Management and Industrial Design from Tianjin University, China.