Stanbic IBTC , Standard Bank to fund new Lagos Airport

Stanbic IBTC partners Lagos State on Lekki-Epe international airport

Stanbic IBTC Bank has been appointed sole financial adviser to the Lagos State government on the proposed Lekki-Epe International Airport project. To be developed on a modular basis at an estimated project cost of N71.64bn ($450 million) in its first phase, the Lekki-Epe International Airport would commence operations with a conservative capacity of two million passengers per annum, reaching five million passengers by 2015. It is a scalable airport that will be designed to cater for the Airbus A380, making it a Code F compliant airport.

Situated about 10km from Lekki Free Trade Zone (LFTZ), the proposed airport will boost economic activities at the LFTZ scheduled to begin full operations in 2012. It will also drive urban development and tourism in the Lekki-Epe axis of Lagos State.

Commenting on the airport project, Chief Executive Officer of Stanbic IBTC Bank, Sola David-Borha said the project reinforces the bank’s long standing partnership with the Lagos State Government in the area of infrastructure development, which is informed by the knowledge that infrastructure is the foundation on which socio-economic development is built. “We are indeed proud to partner with the Lagos State Government on the Lekki-Epe International Airport project. Our involvement is yet another testament to our commitment to infrastructure development in Lagos State, which is founded on our deep belief in Nigeria and our confidence in its massive developmental potential.” 

As part of the competitive tender process for the construction of the Lekki-Epe International Airport, Stanbic IBTC Bank has made available Request for Pre-Qualification (RFPQ) to 33 Nigerian and international firms who have indicated interest to participate in the ambitious project. The companies had earlier submitted Expression of Interest (EOI) in August 2011, bidding for the project under a Public Private Partnership (PPP) arrangement.

The RFPQ provides the bidding companies with guidelines for the submission of a Statement of Qualification (SOQ) which highlights their technical, operational and financial capability to design, finance, build and operate the Lekki-Epe International Airport, before its transfer to Lagos State Government at the expiration of the concession period.

NAHCO Aviance, Julius Berger Nigeria Plc, Arab Contractors Nigeria Limited and Cappa D’Alberto Plc, are among the 20 Nigerian companies that have been provided with the Request for Pre-Qualification. They will compete against 13 international firms that includes Munich Airport Germany, Hyundai Engineering and Construction Co Limited (Korea), Canadian Commercial Corporation and Orascom Construction Industries, among others, for the development of the first phase of airport project.

The bank recently won the Best Investment Bank Award at the EMEA Finance Magazine Awards, as well as the Deal of the Year award at the 2011 edition of the African Bankers Awards for its joint role with Standard Bank as a lead arranger for a syndicated $143.3 million facility to Golden Sugar Company Limited.