Lack of funds stalls Lekki Port project

By Ifeyinwa Obi

Lekki Port, Lagos, may remain the mere wishful thinking of the promoters, as banks and major financial institutions in the country have continued to shun proposals for its funding.

Investigations revealed that due to growing skepticism over the viability of the proposed Lekki Port Project, coupled with the inexperience of its promoters, Tolaram Group, in port operations, banks are wary of providing it with much needed financial life-line.

While Tolaram Group, founded in India by one late Khanchand Vaswani, has been in existence since 1948, it is not known to be involved in developing any port project or involved in the running of a port terminal in any part of the world.

Since inception, Tolaram Group has been involved in manufacturing, marketing, distribution, sales and services, according to information posted on its website.

About four years ago, the management of the proposed port had promised that the facility would commence operations in 2012, but that has failed to happen.

Two years ago, 2013 was touted as the commencement date, but, again, that failed to materialise.

The new date being sold to the public for commencement of operations of the port by its management is 2015, but Governor Babatunde Fashola of Lagos State has said that it would be difficult to put a definite date on the commencement of operation of the port.

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