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Benin River Port: Edo govt assesses top transaction advisors for project

by Business News Report

The Edo State Government has commenced evaluation exercise for top bidders for the provision of Transaction Advisory (TA) Services for the Benin City River Port Project, in Gelegele area of the state. Chairman, Benin City River Port-Project Technical Committee (BRP-PTC), Engr. Greg Ogbeifun, disclosed this to journalists in Benin City, during the bid evaluation exercise, which held in Government House. The bidders are Engr. Samuel A. Akhibi, representing CPCS Transom Ltd, with a total cost figure of N397, 901,183.00; Mr. Christopher A. Borha, representing Maritime and Transport Business Solution (MTBS) Felak Consortium with a total cost figure of N545,668,852.00, and Mr. Emmanuel Oluleye, representing Global Maritime and Port Services (GMAPS) Lloyds-Jeffwood consortium, with a total cost figure of N990,000,198.00.

According to Ogbeifun, “Today is the continuation of the bid evaluation. The committee decided to go through due process for a Transaction Adviser to drive the project. We are all experts in our areas of specialisation but none of us here has built a port, hence, we should have a technical adviser with the know-how to mobilise the different skills-set and elements in building a port. Most of the bidders here have experience internationally and the essence of this exercise is to identify who has the competence, knowledge and capacity to mobilise resources in a manner that the state would not be in large term indebtedness; it should not be a burden rather an asset.”

Head, Edo State Public-Private Partnership (PPP) Office, Mr. Ikponwosa Edward Osayande, said the project will boost economic growth in the state, as most port businesses will be done in Edo. “Port businesses will no longer going through Lagos to the East, rather from here straight to the East. This will attract both foreign and local investors”, he added. Other officials present at the evaluation exercise include Mr. Charles Iyare, representing Civil Society Organisations; Mrs. Osayamen Mokogwu, representing Edo Public-Private partnership (PPP Office); Mr. Sunday Mgbejume, an independent consultant, and Henry Enabulele, representing Edo Ministry of Physical Planning and Urban Development.

The Edo State Governor, Mr. Godwin Obaseki inaugurated the Benin City River Port Project Technical committee recently, to propel the actualisation of the legacy project as part of the state’s industrialisation drive. The governor said the terms of reference for the committee will include organising a procurement process for the engagement of a project transaction adviser, adding, “You will work with the Project Transaction Adviser to determine potential project sponsors and project structure and maritime model; examine the project financing arrangement, introduce and commence correspondence with the relevant regulatory authority, among others.”

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