Approves Appointment of Du Ruogang as New CEO

Lekki Port LFTZ Enterprise Limited (LPLEL) has now received the infusion of $221,047, 248 equity funding from China Harbour Engineering Company (CHEC), one of the shareholders of the Lekki Deep Sea Port Project currently under construction at the Lagos Free Trade Zone, Ibeju Lekki.

This was disclosed by the Chairman of Lekki Port LFTZ Enterprise Limited, Mr. Biodun Dabiri, in Lagos at the end of the board meeting held on Tuesday via teleconferencing.

“I am pleased to confirm that Lekki Port has received the $221,047,248 equity funding from China Harbour Engineering Company. The payment was received on Monday, 30th March 2020”, he said.

According to Dabiri, this equity injection coming at this time when the world is battling the COVID-19 pandemic shows the deep commitment of CHEC to the success of the project, which will greatly contribute to fast tracking the timely delivery of the project and bring about economic prosperity to Nigeria as a whole.

Speaking further, the Chairman also announced that the Board of Directors had approved the appointment of Du Ruogang as the new Chief Executive Officer for Lekki Port LFTZ Enterprise Limited (LPLEL) with immediate effect. Ruogang while accepting the appointment noted that he will collaborate with all key stakeholders including the lenders, insurers, EPC Contractor and Government regulators to ensure the smooth and successful development of Lekki Port.

In his new role as the Chief Executive Officer, Ruogang is expected to oversee the overall business planning, development and management of the company.

Ruogang has robust experience in port investment, financing and operation and holds double bachelor’s in engineering management and industrial design from Tianjin University, China. He has been with CHEC since 2007.

In addition to the appointment of Du Ruogang to the board of Lekki Port, other directors appointed are Sajen Aswani, Wu Di, Lu Yunpeng and Xu Huajiang while Mohan Vaswani and Joseph Sanusi resigned their positions on the board.

Other executives appointed by the company include Cai Pingzhen who assumes the position of Chief Financial Officer, Steven Heukelom, as Chief Technical Officer and Binay Saraf as Deputy Chief Financial Officer. It would be recalled that Lekki Port signed a $629 million facility agreement for debt financing, with the China Development Bank for the construction of the Port, which will be Sub-Saharan Africa’s deepest port and Nigeria’s first deep sea port.
https://lekkiport.com/lekki-port-receives-221-million-china-harbours-equity-infusion/

Citizens of online country right now

wow

, you of all people should know that this is bad news for the most business inclined tribe in Nigeria. Lagos ports are an extortion ground for your tribe men

swiz123:
, you of all people should know that this is bad news for the most business inclined tribe in Nigeria. Lagos ports are an extortion ground for your tribe men

Nonsense, it is a very important asset to all business people in Nigeria if you don't allow tribalism to cloud your judgment.

Simplyleo:
Citizens of online country right now

China taking over while you are chasing shadow

post=92848210:

China taking over while you are chasing shadow

It is myopic to say China is taking over. China also developed with a lot of foreign investors. The chinese gained a lot of new technology and expertise from this experience, Nigerians should learn from this rather than shouting china is taking over! Are they taking over the presidency or the national assembly?

$220m is less than 100billion in naira, how is that something to get worried about?

We need more loans from China.

Guestlander:


It is myopic to say China is taking over. China also developed with a lot of foreign investors. The chinese gained a lot of new technology and expertise from this experience, Nigerians should learn from this rather than shouting china is taking over! Are they taking over the presidency or the national assembly?

Nigeria is falling into China’s debt trap, Chinese loans, especially in Africa, is a growing concern. Several observers, including some of the United States Representatives, have warned many nations on what they described as Chinese Debt trap diplomacy, as the Asian nation allegedly used finance as a weapon in many developing
Nigeria lacks accountability, transparency, and responsibility to refund its loans.
Victims of Chinese alleged Debt trap diplomacy
Since all Chinese loans are tied to infrastructural developments, some of the African nations have had to forfeit their stakes in the infrastructure, which they used as collateral, after they defaulted. For instance, $7.4 billion of Zambia’s total $8.7 billion foreign debt is owed to China, representing a large debt burden, given the relatively small size of Zambia’s economy. It was reported in late 2018 that the Zambian Government was in talks with China that might result in the total surrender of the state electricity company ZESCO as a form of debt repayment since the country had defaulted on the plethora of Chinese loans for Zambia’s infrastructure projects.
Also, Kenya may soon lose its largest and most lucrative port, Port of Mombasa to its creditor (China) after it defaulted in the refund. This could force Kenya to relinquish control of the port to China.One of the most cited examples of alleged debt-trap diplomacy by China is a loan given to the Sri Lankan Government by the Exim Bank of China to build the Magampura Mahinda Rajapaksa Port and Mattala Rajapaksa International Airport. The state-owned Chinese firms’ China Harbour Engineering Company and Sinohydro Corporation were hired to build the Magampura Port at a cost of $361 million, which was 85% funded by China’s state-owned Export-Import Bank at an annual interest rate of 6.3%. Due to Sri Lanka’s inability to service the debt on the port, it was leased to the Chinese state-owned China Merchants Port Holdings Company Limited on a 99-year lease in 2017.

We need more loans and equity capital for development. Nigeria is a poor country , all necessary capital must be harnessed to develop Nigeria.

The highest holder of US Treasury Bills and Bonds is China. Is China holding US to ransom? NO.

The number 1 country indebted to China is US.

post=92848833:


Nigeria is falling into China’s debt trap, Chinese loans, especially in Africa, is a growing concern. Several observers, including some of the United States Representatives, have warned many nations on what they described as Chinese Debt trap diplomacy, as the Asian nation allegedly used finance as a weapon in many developing
Nigeria lacks accountability, transparency, and responsibility to refund its loans.
Victims of Chinese alleged Debt trap diplomacy
Since all Chinese loans are tied to infrastructural developments, some of the African nations have had to forfeit their stakes in the infrastructure, which they used as collateral, after they defaulted. For instance, $7.4 billion of Zambia’s total $8.7 billion foreign debt is owed to China, representing a large debt burden, given the relatively small size of Zambia’s economy. It was reported in late 2018 that the Zambian Government was in talks with China that might result in the total surrender of the state electricity .

Lagos can pay back that money jur

post=92848833:


Nigeria is falling into China’s debt trap, Chinese loans, especially in Africa, is a growing concern. Several observers, including some of the United States Representatives, have warned many nations on what they described as Chinese Debt trap diplomacy, as the Asian nation allegedly used finance as a weapon in many developing countries.
nairametrics
Nairametrics
Nairametrics

ECONOMY & POLITICSNigeria is falling into China’s debt trap
Nigeria lacks accountability, transparency, and responsibility to refund its loans, according to Dr Bongo Adi, the Director of Centre for Infrastructure Policy Regulation and Advancement (CIPRA) at the Lagos Business School.
Published 3 months ago on May 21, 2020 By Abiola Odutola Chinese debt trap, Nigerian Economy: Solution To Fixing Buharinomics
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Nine days ago, the House of Representatives mandated some of its committees to investigate all China-Nigeria loan agreements from 2000 to date. The intention of the green chamber here was to ascertain the viability of the facilities, then regularize and renegotiate them, especially as the country is expected to slide into recession this year.

There and then, Ben Igbakpa, one of the legislators, moved a motion on the need to review and renegotiate existing China-Nigeria loan agreements. The motion was adopted.

READ ALSO: Nigerian assets that may be taken over by China

Why it matters…
Igbakpa argued that the agreement should be investigated as there were global concerns about the alleged fraudulent, irregular, and underhand features of Chinese loan contracts with some African countries, which had resulted in a new form of economic colonialism foisted by China.

Meanwhile, Nigeria has obtained 17 Chinese loans to fund different categories of capital projects, and Nigeria will still be servicing the Chinese loans till around 2038, which is the maturity date for the last loans obtained in 2018.

first bank
The lawmakers’ concern is worthy to be considered. Nairametrics found that the history of Chinese loans, especially in Africa, is a growing concern. Several observers, including some of the United States Representatives, have warned many nations on what they described as Chinese Debt trap diplomacy, as the Asian nation allegedly used finance as a weapon in many developing countries.

READ MORE: COVID-19: Could Africa’s Awakening be the Silver Lining?

Victims of Chinese alleged Debt trap diplomacy
Since all Chinese loans are tied to infrastructural developments, some of the African nations have had to forfeit their stakes in the infrastructure, which they used as collateral, after they defaulted. For instance, $7.4 billion of Zambia’s total $8.7 billion foreign debt is owed to China, representing a large debt burden, given the relatively small size of Zambia’s economy. It was reported in late 2018 that the Zambian Government was in talks with China that might result in the total surrender of the state electricity company ZESCO as a form of debt repayment since the country had defaulted on the plethora of Chinese loans for Zambia’s infrastructure projects.
Also, Kenya may soon lose its largest and most lucrative port, Port of Mombasa to its creditor (China) after it defaulted in the refund. This could force Kenya to relinquish control of the port to China.One of the most cited examples of alleged debt-trap diplomacy by China is a loan given to the Sri Lankan Government by the Exim Bank of China to build the Magampura Mahinda Rajapaksa Port and Mattala Rajapaksa International Airport. The state-owned Chinese firms’ China Harbour Engineering Company and Sinohydro Corporation were hired to build the Magampura Port at a cost of $361 million, which was 85% funded by China’s state-owned Export-Import Bank at an annual interest rate of 6.3%. Due to Sri Lanka’s inability to service the debt on the port, it was leased to the Chinese state-owned China Merchants Port Holdings Company Limited on a 99-year lease in 2017.

"Several observers including the United States....." Do you know how much the United States is owing China? $1.1 trillion, is the U.S now a colony of China?

The west is just wary of Chinese influence in Africa that is part of the reasons for the fear mongering. Most of the Chinese loans are tied to physical projects that can really lift up your country.
Though I am not saying African countries can take loans they have no capacity to repay.
In the case of Nigeria which is my concern, the Chinese loans are nothing like the IMF/world bank slavery which the west gladly gave to Africans.

swiz123:
, you of all people should know that this is bad news for the most business inclined tribe in Nigeria. Lagos ports are an extortion ground for your tribe men

Buhari knew this country will disintegrate in next ten years time and he's busying giving out Southwest important assets to chinko people in the name of loan and you are celebrating and mocking others. Time shall tell

greatdreamer:
Buhari knew this country will disintegrate in next ten years time and he's busying giving out Southwest important assets to chinko people in the name of loan and you are celebrating and mocking others. Time shall tell

Shattap hater...

Lagos is working, products of baby factories are wailing

Where did Nigeria get the money to pay salaries of railway workers when China was starving?

Where did Nigeria get money to pay Indian teachers when they were selling their children?

Who and where are American, European and China vouchers spent to create jobs, produce goods and services (for their Countries)?

While Nigerian engineers are idle and aimless in a developing countries booming with projects handled and controlled by foreigners as expertriates.

All in the name of Foreign Investors and Direct Foreign Investments.

Africa wake up. They are idling your human and natural resources while using what they pay you to buy you.

Yet Africans cannot form a quorum of experts to see our return to Slavery. But see Foreign money, garbage, used goods, discarded products and services of Harvard and Oxford educated morons that could not find jobs where they studied.

greatdreamer:
Buhari knew this country will disintegrate in next ten years time and he's busying giving out Southwest important assets to chinko people in the name of loan and you are celebrating and mocking others. Time shall tell

Nonsense, even if that should happen, there's nothing built in the southwest that the west cannot repay back.

Sir,

Is that money in China renminbi or in American dollars printed in China?

Guestlander:


"Several observers including the United States....." Do you know how much the United States is owing China? $1.1 trillion, is the U.S now a colony of China?

.

googi:
Sir,

Is that money in China renminbi or in American dollars printed in China?

U.S dollars 1.1 trillion! Try to count it. That is how much U.S owes china.
If the Chinese are not making the laws in Washington now, why is the scare mongering in Africa?

You don't get it, do you?

The same way Nigeria pound was one to one or better still, Zimbabwe money went for shillings to shillings To less than monopoly money; if China tries to cash in, their money would become Zimbabwe dollar.

Whoever prints his money can print much more out of debt. Where is the Gold Standard today?

China make laws in US? You think USA is an African Country!

Guestlander:


U.S dollars 1.1 trillion! Try to count it. That is how much U.S owes china.
If the Chinese are not making the laws in Washington now, why is the scare mongering in Africa?

[s]

post=92848833:


Nigeria is falling into China’s debt trap, Chinese loans, especially in Africa, is a growing concern. Several observers, including some of the United States Representatives, have warned many nations on what they described as Chinese Debt trap diplomacy, as the Asian nation allegedly used finance as a weapon in many developing
Nigeria lacks accountability, transparency, and responsibility to refund its loans.
Victims of Chinese alleged Debt trap diplomacy
Since all Chinese loans are tied to infrastructural developments, some of the African nations have had to forfeit their stakes in the infrastructure, which they used as collateral, after they defaulted. For instance, $7.4 billion of Zambia’s total $8.7 billion foreign debt is owed to China, representing a large debt burden, given the relatively small size of Zambia’s economy. It was reported in late 2018 that the Zambian Government was in talks with China that might result in the total surrender of the state electricity company ZESCO as a form of debt repayment since the country had defaulted on the plethora of Chinese loans for Zambia’s infrastructure projects.
Also, Kenya may soon lose its largest and most lucrative port, Port of Mombasa to its creditor (China) after it defaulted in the refund. This could force Kenya to relinquish control of the port to China.One of the most cited examples of alleged debt-trap diplomacy by China is a loan given to the Sri Lankan Government by the Exim Bank of China to build the Magampura Mahinda Rajapaksa Port and Mattala Rajapaksa International Airport. The state-owned Chinese firms’ China Harbour Engineering Company and Sinohydro Corporation were hired to build the Magampura Port at a cost of $361 million, which was 85% funded by China’s state-owned Export-Import Bank at an annual interest rate of 6.3%. Due to Sri Lanka’s inability to service the debt on the port, it was leased to the Chinese state-owned China Merchants Port Holdings Company Limited on a 99-year lease in 2017.

[/s]



Stop crying, Lekki Deep seaport is a private seaport with little or nothing to do with the Nigerian government, the Nigerian government did not procure loan or sign any loan agreement for the Lekki seaport.

The company invested in the project with their own money.

If this was in your village, we won't stop hearing amaka amaka all over the place.

Read, comprehend and stop displaying the usual and needless ipob bad bele.

Even if you are right oquendo, you mean any group of Foreign Investors because Escobar invited them could take a big part of Europe, America or Nigeria because Government money is not involved?

NGpatriot:
[s][/s]



Stop crying, Lekki Deep seaport is a private seaport with little or nothing to do with the Nigerian government, the Nigerian government did not procure loan or sign any loan agreement for the Lekki seaport.

The company invested in the project with their own money.

If this was in your village, we won't stop hearing amaka amaka all over the place.

Read, comprehend and stop displaying the usual and needless ipob bad bele.

googi:
Even if you are right oquendo, you mean any group of Foreign Investors because Escobar invited them could take a big part of Europe, America or Nigeria because Government money is not involved?

What is this one talking about. What do you know about private investments?

This is a $600 million project with other investors involved. If things doesn't work out, they either sell their shares, do a write off or declear bankruptcy and move on.

Why are you Igbos so obsessed with negativity, doom and calamity? How come you don't see the good in anything in life but destruction.

This backward mentality is the reason why you don't progress, why your villages can not commission anything beyond borehole, wheelbarrow and kerosene

Guestlander:


Nonsense, even if that should happen, there's nothing built in the southwest that the west cannot repay back.

hahahaha with Tinubu alive? Hahahaha hahahaha hahahaha

greatdreamer:
hahahaha with Tinubu alive? Hahahaha hahahaha hahahaha

Only Tinubu out of millions of Yoruba. Your obsession with Tinubu is becoming unhealthy for you.

NGpatriot:



What is this one talking about. What do you know about private investments?

This is a $600 million project with other investors involved. If things doesn't work out, they either sell their shares, do a write off or declear bankruptcy and move on.

Why are you Igbos so obsessed with negativity, doom and calamity? How come you don't see the good in anything in life but destruction.

This backward mentality is the reason why you don't progress, why your villages can not commission anything beyond borehole, wheelbarrow and kerosene

Same reason one of them would demolish the airport fence.
Sometimes you need to think about the majority rather than your own narrow interests.

Simplyleo:
Citizens of online country right now

The tin can and apapa ports have apparently solved all the socio economic problems of Yorubas. As far as ndigbo is concerned a well run seaport anywhere in Nigeria is to our advantage..........Biafra or no Biafra ! the biggest problem with current seaports is that they are badly run and congested. It is up to the niger delta to wake up and fix their ports.......when they do ! Igbo importers in the east will patronise their ports.

Who send Dem?

Look, I have no time to lecture you. Read my other long comment above.

You are selling yourselves into Slavery again. Any country that thinks they can borrow themselves out of Poverty are fooling them just like a family that thinks along the same way.

Just ask yourself this.

Is Nigeria better off with all these loans and paper money than the Country was before the 70s, even after the War. You guys have been led to think with your feet.

It reminds me of It's Our Oil Our Money during Jonathan reign. A fool and his money and in this case, natural resources will soon part.

NGpatriot:



What is this one talking about. What do you know about private investments?

googi:
Look, I have no time to lecture you. Read my other long comment above.

You are selling yourselves into Slavery again. Any country that thinks they can borrow themselves out of Poverty are fooling them just like a family that thinks along the same way.

Just ask yourself this.

Is Nigeria better off with all these loans and paper money than the Country was before the 70s, even after the War. You guys have been led to think with your feet.

It reminds me of It's Our Oil Our Money during Jonathan reign. A fool and his money and in this case, natural resources will soon part.

Is it your slavery?
why are you so concern?
Why you carry Yoruba matter for head like galla?
Is this a curse or something else?

yomexp:
Is it your slavery?
why are you so concern?
Why you carry Yoruba matter for head like galla?
Is this a curse or something else?