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TERMINAL B PORT COMPLEX, PORT HARCOURT

Sector

Transport

Location

Rivers

Value

NGN 9430.69 million (US$ 71.99 million)

Phase

Implementation

Sponsoring Agency

Nigerian Ports Authority

Last update

04-04-2018 03:29:11

TERMINAL B PORT COMPLEX, PORT HARCOURT

Sector

Transport

State

Rivers

Value

NGN 9430.69 million (US$ 71.99 million)

Phase

Implementation

Sponsoring Agency

Nigerian Ports Authority

Last update

04-04-2018 03:29:11

  • Basic project information
  • Parties
  • Contract information
  • Performance information
  • Gallery

Basic project information

  • Project need

    The terminal was concessioned to ensure increased efficiency of port operations, decrease the cost of port services to port users, and boost economic activities and accelerate development, among others. It is expected that the concession will further bring about improvements to the leased properties, as further described in the development plan handed over to the terminal operators during contract execution.

  • Description of asset

    Includes civil works for new equipment and the upgrading of existing facilities at the terminal on a phased development basis.

  • Description of services

    During the concession term, the lessee is expected to utilize the fixed assets and such other assets to be added to the lease property for: 1. handling and delivery services for the cargoes, including without limitation stevedoring, loading and unloading of vessels, transporting, sorting, storage, and procurement, operation, and maintenance of equipment for the foregoing; and 2. repair and maintenance of the fixed assets. Other services: 1. warehousing, stuffing and stripping/unstuffing, cleaning and fumigating, and consolidation, and the procurement, operation, and maintenance of equipment for the foregoing; 2. ship-to-shore handling of supplies for vessels; 3.oversized cargo handling services; 4. terminal handling; 5. inland depot transfers; and 6. all other activities necessary to conduct operations.

  • Rationale for selection of PPP model

    A landlord model was selected to ensure that the government retains the right to supervise daily operations at the ports. The model further prescribes certain obligations that must be carried out by the lessor, such as maintenance, repairs, renewals, and replacements of the quay wall and navigational aids on the premises during the concession time. The lessor is also expected to provide certain utilities and facilities to enhance port operations. Such utilities/facilities include electricity power, water supply, tug boats, and repairs and maintenance of access/common user roads.

  • Stakeholder consultations

    Done in 2005 before the port concessions. Over time, the Infrastructure Concession Regulatory Commission has also made efforts to meet with stakeholders to the ports during its periodic monitoring visits. These stakeholders include public sector officials, National Assembly members, terminal operators, and port users.

  • Project Summary document

    Information will be published as soon as it is available.

Project milestones

2006

11 May

Commercial close

2006

23 June

Financial close

2007

1 January

Beginning of construction or development

2026

30 May

Expiry of contract

Parties

Sponsoring Agency

Nigerian Ports Authority

Sponsoring Agency Information

  • business_center Nigerian Ports Authority

Private parties

Bua Ports and Terminals Limited

Private Party Information

  • business_center Bua Ports and Terminals Limited

Contract information

Redacted PPP Agreement Risks

Redacted PPP Agreement

  • BUA Redacted PPP agreement

    Redacted PPP agreement

    file_downloadBUA Ports and Terminals Ltd_Redacted.pdf

Risks

Type of risk Description Allocation Mitigation
Pre-construction risk Risks associated with project preparation Public Sector Comprehensive project plan,
Pre-construction risk Risks associated with Permits/Approvals Public Sector Effective stakeholder engagement with relevant approving entities
Cost risk Risks associated with cost Overrun Private Sector Effective budget and cost management and internal controls
Financing risk Risk of insolvency , and risk of no longer being a going concern Private Sector Proper financial planning and management
Political risk Risk related to change in law, taxes, scope, technical standards, regulatory framework Private Sector
Exchange rate risk Risks associated with fluctuations in foreign currency Public Sector
Operating risk Private Sector
Government support Tariffs Termination provisions

Government support

Guarantees

Grants

Service payments

Land Leases, Asset Transfers

Other support

Revenue share

Tariffs

  • General Cargo ( Import per Ton)

    $6.1 Cargo dues, N89 delivery Charge , 5% VAT on total amount will be collected on behalf of FGN

  • General Cargo ( EXP per Ton)

    $4, Cargo dues, N168 ,delivery Charge , 5% VAT on total amount will be collected on behalf of FGN

  • General Cargo Tropical West Africa ( IMP per Ton)

    $3, Cargo dues, N89 ,delivery Charge ,

  • General Cargo Tropical West Africa ( Export per Ton)

    $3, Cargo dues, N89 ,delivery Charge ,

  • Bulk Cargo (Import per Ton )

    $4, Cargo dues, N49 ,delivery Charge , 5% VAT on total amount will be collected on behalf of FGN

  • Bulk Cargo (Export per Ton )

    $2.5, Cargo dues, N168 ,delivery Charge , 5% VAT on total amount will be collected on behalf of FGN

  • Bulk Cargo tropical west Africa (Import per Ton )

    $2 Cargo dues, N49 ,delivery Charge

  • Bulk Cargo Tropical West Africa Costal (Import per Ton )

    $2 Cargo dues, N168 ,delivery Charge

  • Containers ( 20 ' Laden Imports )

    $90,Cargo dues,N5015 delivery charges , max delivery charge is N7073

  • Containers ( 40 ' Laden Imports )

    $130,Cargo dues,N6268 delivery charges , max delivery charge is N9531

  • Containers ( 20 ' Laden exports )

    $70,Cargo dues,N3687 delivery charges

  • Containers ( 40 ' Laden exports )

    $100,Cargo dues,N6268 delivery charges

  • Import per Vehicle

    $14.3-$110.8 Cargo dues , depending on the vehicle type 5% VAT on total amount will be collected on behalf of FGN

  • Export per Vehicle

    $13.3- $ 44.18 Cargo dues depending on the vehicle type 5% VAT on total amount will be collected on behalf of FGN

Termination Provisions

  • Concessionaire

    Events of Default Brief description Termination Payments Documents
    Financial Event Party becomes insolvent and is no longer a going concern
    Operational Event Party fails to perform operations for 14 consecutive days in a year
  • Authority

    Events of Default Brief description of events of default Termination Payments Documents
    Political event There is a change in law
    Financial Event Subject to the relevant sections , the party fails to pay any amounts due in accordance with agreement

Performance information

Key performance indicators

Key performance indicators

Year 2009 2010 2011 2012
Target Achievement Target Achievement Target Achievement Target Achievement
Guaranteed Minimum Tonnage (Tons) 7460280 12325343 7833284 1325343 88224959 13341391 8636207 1048902
Year 2013 2014 2015 2016
Target Achievement Target Achievement Target Achievement Target Achievement
Guaranteed Minimum Tonnage (Tons) 9068017 995850 9521418 967721 9997489 0 10497364 0
Berth Occupancy Rate (%) 0 58.6 0 0 0 0
Turn around time of vessels (days) 0 5.8 0 0

Performance failures

Performance Failure 1 Performance Failure 2
Category of failure Financial objectives Transparency in accounting and in operations
Number of events 1 2
Penalty or abatement provided in contract
Penalty or abatement imposed
Penalty paid or abatement effected Yes No
Performance Failure 3 Performance Failure 4
Category of failure Transparency in accounting and in operations Transparency in accounting and in operations
Number of events 3 1
Penalty or abatement provided in contract
Penalty or abatement imposed
Penalty paid or abatement effected Yes No

Gallery

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