International Container Terminal Services (ICTSI) subsidiary Lekki International Container Terminal Services LFTZ Enterprise (LICTSE) has given up on its Nigerian port project due to delays in its execution, reports Nikkei.
LICTSE and Lekki Port LFTZ Enterprise (LPLE) have mutually agreed to terminate their sub-concession agreement dated Aug. 10, 2012. “The parties arrived at this decision following delays in the execution of the Lekki Port Project,” ICTSI told the Philippine Stock Exchange.
Under the agreement, LICTSE has the exclusive right to develop and operate, and to provide handling equipment and container terminal services, at the container terminal within Lekki Port located at Ibeju Lekki, Lagos State in Nigeria for 21 years.
The termination of the agreement took effect on May 24.