The long-awaited and much-publicized Lekki Deep Seaport project has run into financial difficulties as banks and major financial institutions are said not to be responding to proposals for funding.
This was according to a local industry newspaper, Ships and Ports, who reported that the inexperience of the promoters of the project, Tolaram Group, in port operations was making banks to be cautious on providing it with financing, in addition to doubts about the viability of the project.
Tolaram Group since its founding in 1948 in India by late Khanchand Vaswani has not known to be involved in developing any port project or running a port terminal in any part of the world.
The report said, “Since inception, Tolaram Group has been involved in manufacturing, marketing, distribution, sales and services, according to information posted on its website.
“About four years ago, the management of the proposed port had promised that the facility would commence operations in 2012, but that failed to happen. Two years ago, 2013 was touted as the commencement date, but, again, that has failed to materialize.”
There is demand for deep seaports in Nigeria as the current seaports remain within nine to 12 metres deep, while deep seaports can reach between 15 and 17 metres of depth, allowing bigger vessels which are being increasingly preferred in global trade because of their economies of scale in.
While the management of the port have said that the port would commence operations by 2015, the Lagos State Governor, Babatunde Fashola has admitted that putting a definite date on the commencement of operations would be difficult.
He also confirmed the fears of stakeholders over the fate of the project penultimate Thursday when he asserted that paucity of funds has been a major challenge undermining the prompt development of the Lekki Seaport and the Lekki International Airport.
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