Ezekwesili calls for review of £746m Nigeria-UK Ports Financing deal

n n

Ezekwesili

n

Former Minister of Education, Obiageli “Oby” Ezekwesili, has called on President Bola Tinubu to suspend and review a £746 million ports financing agreement between Nigeria and the United Kingdom, arguing that greater transparency is needed over the terms of the deal.

n

Ezekwesili made the call in a statement in which she questioned the disclosure of details surrounding the financing arrangement, including its repayment terms, interest rates and procurement process.

n

She said the concerns were particularly important given Nigeria’s current debt obligations and the need for greater accountability in the management of public resources.

n

“President Tinubu must terminate this opaque deal. Suspend all drawdowns immediately and return to the National Assembly with a competitive concession framework for Apapa and Tin Can,” Ezekwesili said.

n

According to her, the financing arrangement involves a commercial loan arranged by Citibank London and guaranteed by UK Export Finance (UKEF), with British companies expected to participate in projects connected with the deal.

n

She argued that the government should make the full terms of the agreement available to the public to allow independent assessment of its financial implications.

n

“If the terms cannot withstand public scrutiny, they should not be implemented,” she said.

n

Ezekwesili also raised concerns about the potential impact of foreign-currency borrowing on Nigeria, particularly in view of movements in the value of the naira.

n

She called for disclosure of the agreement’s interest rates, repayment schedule and any measures put in place to manage currency-related risks.

n

The former minister further questioned the procurement arrangements associated with the project, calling for clarification on the contractors involved and the process through which they were selected.

n

She also urged the government to explain why private-sector financing models similar to those used in the development of Lekki Deep Sea Port were not considered for the rehabilitation of Apapa and Tin Can Island ports.

n

“The Lekki Deep Sea Port was built under a private BOT concession with zero sovereign debt,” she said, arguing that similar approaches could be considered for other major ports.

n

Ezekwesili said Nigeria needed functional ports to support trade and economic growth but maintained that infrastructure development should be accompanied by transparent financing and procurement processes.

n

She urged civil society organisations to use available legal mechanisms, including Freedom of Information requests, to seek details of the transaction from relevant Nigerian authorities.

n

“Civil society must file Freedom of Information requests with the Ministry of Finance, NPA, and the Attorney-General, and simultaneously invoke the UK FOI Act against UKEF to obtain full documentation of this transaction,” she said.

n

Ezekwesili said her concerns were not directed at the need to improve Nigeria’s port infrastructure but at what she described as the need for accountability in how public financing decisions are made.

n

“Nigeria desperately needs functional ports. The dysfunction of Apapa and Tin-Can ports has cost the country immeasurably. But legitimate aspirations cannot be condoned as an excuse for illegitimate processes,” she said.

n

She urged the Federal Government to make the relevant documents public and ensure that any future financing or concession arrangement for the ports is subjected to appropriate scrutiny.

n

Ezekwesili chairs the School of Politics, Policy and Governance and founded FixPolitics.

n n