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Consortium plans to take over container terminal ports WILLY EYA A consortium of five Nigerian companies has concluded plans to take over the operations of Container Terminal Ports, Apapa. The companies have reached an agreement to bid under the umbrella of a new special purpose vehicle (SPV) bidding company known as Nigerian Ports Holdings. Managing Director/Chief Executive Officer of a member of the group, Chyzob Enterprises Limited, Dr. Obioha Ugoji said each of the companies is entitled to 20 per cent of the equity. He said the joint venture has already set aside the sum of $40 million for immediate refurbishing of the concession of Apapa Port. The formation of the consortium, he said, follows the reluctance of the major international port management companies to enter into joint ventures with indigenous port operators. According to him, other companies that make up the consortium include Sifax Nigeria Limited, Migfo Nigeria Limited, Denca Services Limited and Michelle Nigeria Limited. He said it would be a mistake on the part of the Federal Government to concede 100 per cent of Apapa Ports to foreign bidders whose interest is not necessarily to develop the ports. Dr. Ugoji said such foreign bidders would not provide jobs to Nigerians, arguing that their interest will dwell on selling equipment to the landlord port supervisor. He said that part of the game plan of the foreign operators will be to pave way for their subsidiaries to enter the West African oil and gas industry. Dr. Ugoji observed that Apapa Port is not only the hub of commerce in West Africa but a great transhipment port for other West African ports. © 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet®

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