FG Extends Tin Can Ports Concession For Five Years

The lease period of the concession of Tin Can Island Port, Lagos has been extended by five years by the Federal Government.
The Director General of the Bureau of Public Enterprise (BPE), Mr. Benjamin Dikki disclosed the extension last weekend shortly after a meeting of the National Council on Privatisation (NCP) presided over by Vice President Namadi Sambo.
The two concessionaires are Joseph Dam Port Services Nigeria Ltd and Five Star Logistics.

The lease period of the concession of Tin Can Island Port, Lagos has been extended by five years by the Federal Government.
The Director General of the Bureau of Public Enterprise (BPE), Mr. Benjamin Dikki disclosed the extension last weekend shortly after a meeting of the National Council on Privatisation (NCP) presided over by Vice President Namadi Sambo.
The two concessionaires are Joseph Dam Port Services Nigeria Ltd and Five Star Logistics.
The concessionaire based the seeking of the extension on the ground that when the lease was granted to it, there was a court case that restrained Joseph Dam from taking over and conducting its obligations of the concessioned contract.
"And the case dragged on for over four years. So Council considered the application and reviewed the issues and granted an extension of the lease period by five years for Joseph Dam Port Services Ltd in respect of Tin Can Island Ports Lagos" he said.
On the part of Five Star Logistics, the DG hinted that Council reviewed the issues concerning the firm which is handling the concession of the rural terminals on Tin Can Island and discovered that there were other obligations that government was committed, including dredging of the ports, mending of some of the collapsed parts of the ports which had not been carried out, which to a large extent restricted the area of operation of the concessionaire.
"The National Council of Privatisation reviewed the matter holistically and has graciously granted a five-year extension to Five Star Logistics in respect of the rural terminals in Tin Can Island", the DG said.