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KOKO PORT TERMINAL

Sector

Transport

Location

Delta

Value

US$ 4.61 million

Phase

Implementation

Sponsoring Agency

Nigerian Ports Authority

Last update

04-04-2018 20:59:29

KOKO PORT TERMINAL

Sector

Transport

State

Delta

Value

US$ 4.61 million

Phase

Implementation

Sponsoring Agency

Nigerian Ports Authority

Last update

04-04-2018 20:59:29

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

Basic project information

  • Project need

    The terminal was given as a concession 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 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

    Real property in the Koko Port Terminal, Delta state, and certain immovable property affixed to the premises, and making certain improvements to the lease property.

  • 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 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 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

    The contract has been terminated. EOI for provision of transaction advisers services has been released in major daily newspapers and media (June 12, 2017).

Project milestones

2005

9 June

Selection of Preferred Bidder

As a result of competitive bid process, the right to lease Koko Port Terminal at the Port from the Lessor was awarded by BPE to Gultainer Bel Consortium that has formed the Lessee as a special purpose vehicle to enter into this agreement.

2005

16 August

RFP

Pursuant to the NCP approval, BPE, on 19th June, 2005 invited bids for fully priced technical and financial proposals for the lease from the Lessor of the terminal forming park of Koko Port.

2006

9 June

Commercial close

Execution of the Concession Agreement

2007

11 June

Financial close

Commencement of operation after fulfilling initial financial obligations

2016

4 December

Expiry of contract

Expiry of contract agreement (25 years, Dec, 2005 – Dec. 2030)

Parties

Sponsoring Agency

Nigerian Ports Authority

Sponsoring Agency Information

  • business_center Nigerian Ports Authority

Private parties

Greenleigh Ports Limited

Private Party Information

  • business_center Greenleigh Ports Limited

Contract information

Redacted PPP Agreement Financial structure Risks

Redacted PPP Agreement

  • Redacted PPP Contract attached

    Redacted PPP Contract attached

    file_downloadGreenleigh Ports Limited CA_Redacted.pdf

Financial Structure

  • Equity-debt ratio

    Not Specified

  • Share capital

    Not Specified

  • Shareholders

    Not Specified

  • Other information

    Finance through Equity and Debt

Risks

Type of risk Description Allocation Mitigation
Pre-construction risk Risk associated with project preparation/Permit and approval risk Public Sector
Construction / Completion Construction and Renovation of Terminal structures Private Sector
Cost risk Cost Overrun Private Sector
Refinancing risk Financial Close/Debt servicing/interest repayment Private Sector
Risk related to change in law, taxes, scope, technical standards, regulatory framework Project scope, laws, environment, government policies Public Sector
Exchange rate risk Fluctuation in country's exchange rate/devaluation/global impact Public and Private Sectors
Operating risk Competition, workers action, etc Private Sector
Tariffs Termination provisions

Tariffs

  • Tariff 1

    Throughput fee at break bulk/multipurpose terminals 2016/2017

  • Tariff 2

    Throughput fee rate at Oil and Gas Related Terminals 2016/2017

Termination Provisions

  • Concessionaire

    Events of Default Brief description Termination Payments Documents
    Insolvency Immediate termination notice Pay to the Lessor any and all actual costs, expenses, charges, and/or penalties incurred or sustained by the Lessor as a consequence of such termination
    Performance Failure Fails to perform the Operations for 14 consecutive days in an operating year or 60 non consecutive days in a non operating year. Pay to the Lessor any and all actual costs, expenses, charges, and/or penalties incurred or sustained by the Lessor as a consequence of such termination
  • Authority

    Events of Default Brief description of events of default Termination Payments Documents
    Government Action Lease property (in whole or in part) is expropriated compulsorily acquired or nationalized by a Government Agency. Pay to the Lessee any and all actual costs, expenses, charges, and/or penalties incurred or sustained by the Lessee as a consequence of such termination
    Government Action Lessor event of default in the first perating year Refund of commencement fee, all construction/develoment cost incurred by Lessee

Performance information

Key performance indicators Performance failures

Key performance indicators

Year 2005 2006 2007 2008
Target Achievement Target Achievement Target Achievement Target Achievement
Frozenfish growth rate @ 5.25% growth rate (-) 41461 Not Applicable 43637.7 Not Applicable 45928.68 Not Applicable 48339.94 Not Applicable
Projected General Cargo throughputs based on Projected Annual Ship Calls @ Average of 1500 tons per ship (-) 0 0 0 Not Applicable 90000 Not Applicable 150000 Not Applicable
Frozen fish (Tons) 41461 0 43637.7 0 45928.68 0 48339.94 0
General Cargo (Tons) 0 0 0 0 90000 0 150000 0
Average Tonnage per Ship Frozen fish (-) 5000 0 5000 0 5000 0 5000 0
Average Tonnage per Ship General Cargo (-) 15000 0 15000 0 15000 0 15000 0
Number of Ship Calls Frozen fish (-) 8 0 9 0 9 0 10 0
Number of Ship Calls General Cargo (-) 0 0 0 0 6 0 10 0
Year 2009
Target Achievement
Frozenfish growth rate @ 5.25% growth rate (-) 50887.78 Not Applicable
Projected General Cargo throughputs based on Projected Annual Ship Calls @ Average of 1500 tons per ship (-) 210000 Not Applicable
Frozen fish (Tons) 50887.78 0
General Cargo (Tons) 210000 0
Average Tonnage per Ship Frozen fish (-) 5000 0
Average Tonnage per Ship General Cargo (-) 15000 0
Number of Ship Calls Frozen fish (-) 10 0
Number of Ship Calls General Cargo (-) 14 0

Performance failures

Performance Failure 1 Performance failure 1
Category of failure Financial objectives Financial objectives
Number of events 1 1
Penalty or abatement provided in contract Inability to atain financial close Lorem ipsum dolor sit amet, ne eam dicat nostrum. Ad zril principes vim, nec etiam alienum in, eos molestie facilisis interesset at. Magna iracundia inciderint cum ut, at vis suscipit nominati efficiendi. Id intellegat inciderint usu, ea unum dicta scripta has, aeque dissentiet per id. Vel no feugiat graecis. Est purto dissentias ea.
Penalty or abatement imposed Contract Termination Lorem ipsum dolor sit amet, ne eam dicat nostrum. Ad zril principes vim, nec etiam alienum in, eos molestie facilisis interesset at. Magna iracundia inciderint cum ut, at vis suscipit nominati efficiendi. Id intellegat inciderint usu, ea unum dicta scripta has, aeque dissentiet per id. Vel no feugiat graecis. Est purto dissentias ea.
Penalty paid or abatement effected Yes Yes

Announcements

    EOI Monday 12th of June 2017

    Initial contract terminated. NPA published EOI for provision of transaction adviser services

Gallery

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