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FG hands over Onitsha River port to concessionaire

Dr George Moghalu

Posted on July 20, 2022

The federal government has finally handed over the Onitsha River Port to the concessionaire, Elysium Consortium.

The Managing Director, the National Inland Waterways Authority (NIWA), Dr George Moghalu, handed over the facility to the MD/CEO of Universal Elysium Consortium Ltd, Dr George Nwangwu, at a brief ceremony in Abuja at the weekend.

The concession is for 30 years and the deal will see the FG earn N4 billion from the concessionaire at the first instance and another N23bn over the 30 years concession period.

The Infrastructure Concession Regulatory Commission (ICRC) midwifed the concession process.

Speaking at the signing ceremony, the MD NIWA, Dr Moghalu, said when the concessionaire begins operations, the impact on the economy will be huge.

He said several trailers will be taken off the road, several jobs created and it will also lead to the decongesting of the Apapa and Tin Can Inland Ports.

He said statistics have shown that about 60 per cent of the containers that arrive at the Nigerian ports get to the South East, adding that the Onitsha River Port will be profitable.

He said Onitsha River Port is the first Rover Port concession and the expectations are very high, adding that the Oguta Port, Rivers State, might also be concessioned going forward.

He said goods will be moved to the poet via barges.

He said security will be beefed up on the river to ensure the concessionaire operates smoothly.

Commenting, the MD/CEO of Universal Elysium Consortium Ltd, Dr George Nwangwu, said he’s committed to the contract.

“We will be operating from Onitsha but the barges will be coming from Lagos, Warri, Onitsha and Port Harcourt.

He said he expects the federal government to comply with its own sets of responsibilities because his company is willing to play by the terms of the contract.

He said if the channels are not designed, the barges cannot move.

He said if the FG does not dredge, the company will dredge but the cost will be liquidated.


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