Economy
Investor Grabs $629m Loan to Deliver Lekki Seaport 2022
By Dipo Olowookere
A $629 million financing facility to accelerate the completion of the Lekki Deep Seaport project, which started in 2011, has been sourced from China Development Bank (CDB).
With this loan secured, China Harbour Engineering Company (CHEC), which owns majority shares in the project, is posed to complete the project in 30 months’ time (2022). The company signed a 45-year concessionary agreement with Lekki Port LFTZ Enterprise Limited (LPLTZ) to complete the Phase 1 of the deep seaport project.
This was witnessed on Wednesday by Governor Babajide Sanwo-Olu of Lagos State, who described this development as “another milestone” for the state in infrastructural development and commerce, saying the signing of the agreements ended period of uncertainty that had trailed the delivery of the project.
He noted that the completion of the project would invigorate the Lagos economy and push it up in the index of largest economy in the world.
After completion, the deep seaport would have two container berths of 680-metre long and 16.5-metre water depth. It will also have the capacity to be berthed by fifth generation container ships, which has a capacity of 18,000 TEU ship.
“This is a new beginning for us in Lagos. We have achieved another milestone in our efforts to transform the State and accomplish the 21st century economy ambition. As a Government, we are fully in support of the project. We will do all we can to ensure the terms of the agreements signed today are delivered within 30 months as agreed and we expect the outcome would catalyse Lagos’ fifth largest economy and take it up more in the index of largest economies in years to come,” the Governor said.
He said further that in the coming weeks, more trade agreements would be signed with foreign investors, adding that his administration would continue to explore investments and partnerships that would accelerate growth and benefit residents of the state.
Chairman of CHEC, Mr Lin Yichong, said the Chinese engineering firm took interest to invest in the deep seaport to enable Nigeria strengthen its maritime infrastructure and business by building the first deep seaport that would ease of pressure at Tin Can Island and Apapa ports.
The Phase 1 of the project, Mr Yichong said, will be built with annual handling capacity of 1.2 million TEU, adding that the capacity would be increased to 2.5 million TEU upon the completion of the second phase.
“After the completion of the Lekki port, it would become the first deep seaport in Nigeria and the container transportation hub in Africa. It would also release big pressure off Apapa and Tin Can Island ports.
“In the course of the construction of the project, it is expected that a huge number of employment opportunities would be generated for residents of Lagos,” he assured.
CDB Deputy General Manager, Mr Zhang Aijun, said the bank approved the loan facility, given the strategic importance of the project to Lagos’ economic growth. He said the bank considered the investment as basis for expanding its business in Nigerian and contributing to the development of the nation.
Managing Director of Tolaram Group in Africa, Mr Haresh Aswani, hailed Lagos Government for supporting the project since the beginning, adding that the completion of the deep seaport would change narrative of foreign partnerships with the government of Nigeria.
Chairman of Lekki Port Board of Director, Mr Biodun Dabiri, noted that the development of the seaport was strategic for the growth of Lekki Free Trade Zone, pointing out that it would make “immense impact” on the nation’s economy by creating more than 200,000 jobs and generating about $350 billion in revenue for the State over the period of the concession.
“The loan facility represents a significant milestone, which when combined with foreign direct investment of $230 million through equity injection by CHEC, will ensure a successful delivery of the seaport and reposition Nigeria as the transshipment hub in sub-Saharan Africa upon the conclusion of the second phase.
“The project is strategic for the economic growth of Lekki Free Zone, as it would support the massive industrial and petrochemical complex being embarked on in the Northern and Southern quadrant of the zone with investment over the next three years peaking at over $20 billion.
“With Lekki Airport in view, there will be an emergence of a Harbour City which would be internationally connected by air and also with world-class integrated transport network of roads, rail and bridges,” he stated.
Mr Dabiri said the concessionary agreements had the support of both the Federal and the Lagos governments, observing that the investors agreed with the terms and conditions laid down by the Nigeria Port Authority (NPA) and Lekki Worldwide Investment.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
