There are strong indications that both the federal and Lagos governments might realise about 190 billion US dollars as royalty when Lekki deep seaport becomes fully operational in 2018.

Sandeep Parasramka, Chief Finance Officerof Lekki Port, made this disclosure during an interactive session with journalists at the weekend in Lagos.
He said the revenue accruable to both the state and federal agencies from taxes, royalties and duties is projected to amount to the tune of US$ 190 billion.
Parasramka, who used the opportunity to dispel rumor that the Lagos State government’s equity share of 28.15 percent had been slashed, explained that the modalities for the distribution of equity to all parties was arrived at a Federal Executive Council (FEC) meeting and doing contrary amounts to breach of contract.
“A shareholders’ agreement has already been signed between NPA, LASG and Tolaram to this effect. The Federal Executive Council approval given to the project on December 4, 2013, Lagos State Government (LASG) and Nigerian Ports Authority (NPA) will hold 18.15% and 20% equity respectively in the project. Private consortium of investors led by the Tolaram Group will hold the remaining 61.8%.
“Substantiated by various market studies and a study on macro-economic impact conducted by independent, world renowned consultancy firms, we can proudly say that together with the government we are developing a project that has the potential to become the gateway to Nigeria for trade and foreign direct investment,” he added.
The accounting officer further stated that if the project holds US$ 190bn in stock by taxes, royalties and duties, “one can imagine what kind of revenues it can generate in future”.
Stressing further, he stated that once it becomes operational, the port is expected to generate directly and indirectly about 163,000 jobs during the concession period.
As part of its own contribution to the project, he stated that cash towards LASG’s equity contribution has already been put into the accounts of LPLE to be utilised in payments to the contractor after the start of construction activities on ground

Source : http://www.dailytrust.com.ng/daily/business/38984-fg-lagos-to-realise-n30tr-as-royalty-from-lekki-port

This is a good one. Nice collabo between the FG, LASG and the private sector!

Topic Remix:

Bola Tinubu & Co. To Realise $190 Billion By 2018 From Lekki Port.

https://www.youtube.com/watch?v=hdLP7MaFX7I

[size=15pt]Lekki Sea Port[/size]

umu igbo bu ewu

thats what u get when u chose a wise governor.....abains .....bayelsans.....imolite.......and other state shin ur eyes come 2015

okeke00:
umu igbo bu ewu

Hehehe.. How kwan??
But, Like seriously, you might be correct

Naa wa Nigerians and their terribly poor sense of figures. Educated illiterates can't fathom the difference between naira and dollars.

There are stories that no matter the source one should know aren't true...what shame.