LISTED International Container Terminal Services Inc. (ICTSI) said on Thursday that its subsidiary in Nigeria has mutually terminated a sub-concession agreement with Lekki Port LFTZ Enterprise (LPLE) after delays in the execution of the Lekki Port Project.
Lekki International Container Terminal Services LFTZ Enterprise (LICTSE), ICTSI’s subsidiary in Nigeria, was granted an exclusive right to develop and operate, and to provide handling equipment and container terminal services at the container terminal within Lekki Port located in Ibeju Lekki, Lagos State, Federal Republic of Nigeria for a period of 21 years.
“LICTSE and LPLE have mutually agreed to terminate their Sub-concession Agreement dated August 10, 2012, subject to a payment of an agreed amount to LICTSE,” ICTSI said in a disclosure to the Philippine Stock Exchange.
“The parties arrived at this decision following delays in the execution of the Lekki Port Project,” it said.
The termination of the sub-concession agreement has been finalized and is deemed effective May 24, 2017, ICTSI said.