The first of two phases involved in the Lekki Corridor Project has reached financial close. This phase of the project is valued at NGN 51.1 billion ($433 million) and has a 30-year concession period.

This first stage of the milestone project sees the redevelopment of the 31-mile expressway between Lekki and Epe, a critical transport route in Lagos State. Construction work has already begun and is scheduled to be completed by September 2011.

The project is being undertaken by the Lekki Concession Company Limited as part of the Lagos State Infrastructure Project, a scheme initiated by the State Government aimed at incorporating private participation in the public sector.

Standard Bank and Stanbic IBTC Bank, together with the African Development Bank, First Bank of Nigeria, Zenith Bank, Diamond Bank, United Bank for Africa and Fidelity Bank will provide financing for this project.

Operis conducted due diligence on the financial close model.

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