The governing board of the Nigerian Ports Authority (NPA) has approved the concession of Terminal B, Warri Old Port, to Ocean and Cargo Services Limited.
The announcement was made at a meeting chaired by Emmanuel Adesoye, chairman of the board, on Wednesday in Lagos.
According to a statement issued by the NPA, the approval is part of the port reform process initiated by the federal government in 2006, through the Bureau of Public Enterprises (BPE).
Hadiza Bala-Usman, managing director, NPA, had in September said a review of agreements with port concessionaires would be completed by December.
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“Nigeria should expect a supplementary agreement that will be signed with the concessionaires,” she had said.
In April, Ocean and Cargo Services Limited, the new concessionaire, emerged from seven pre-qualified bidders who responded to a request for proposals (RfPs) issued by BPE on September 27, 2017.
The concessionaire, according to the statement, will “operate the terminal which has been abandoned for the past ten years in a concession agreement for a 25-year term”.
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“Within this period, the concessionaire would rehabilitate infrastructure at the terminal and deploy modern technological infrastructure with the aim of making the facility competitive,” the statement read.
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