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Home Business

After Owing UK Airport, Nigerian Billionaire Buys Shipping Port For $23bn

by ReportersAtLarge
March 7, 2025
in Business
Reading Time: 1 min read
1
Adebayo Ogunlesi chairman and managing partner Global Infrastructure Partners

Adebayo Ogunlesi

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Hong Kong-based conglomerate has agreed to sell its shares in a subsidiary operating near the Panama Canal to a consortium, including Global Infrastructure Partners, a subsidiary of BlackRock Inc.

According to reports, US President Donald Trump alleged Chinese interference with the shipping line operations.

Adebayo Ogunlesi’s GIP acquires the port

Nigerian billionaire Adebayo Ogunlesi’s firm, Global Infrastructure Partners, will operate the deal via collaboration with TIL.

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In a filing, CK Hutchison Holdings disclosed that it would sell all shares in Hutchison Port Holdings and Hutchison Port Group Holdings to the Consortium in a deal estimated at almost $23 billion, including $5 billion in debt.

The deal will give the BlackRock consortium control over 43 ports in 23 countries, including Balboa and Cristobal in Panama and others in Mexico, the Netherlands, Egypt, Australia, Pakistan, and elsewhere.

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The US built and gave up the port to Panama

About 70% of the sea traffic crossing the Panama Canal leaves or goes to US ports. The New Telegraph reports that the US built the canal in the early 1900s as it sought means to facilitate the transit of commercial and military vessels between its coasts. The US government gave up control of the waterway to Panama on December 31, 1999, under an agreement signed in 1977 by President Jimmy Carter.

Tags: Adebayo OgunlesiBlackRock IncNigerian BillionairePanama Canal
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Reporters At Large is the world’s fastest-growing online news platform and public service broadcaster. We’re impartial and independent, and every day we create distinctive, world-class programmes and content which inform, educate and entertain millions of people in Nigeria and around the world.

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Ayodele Ogundele President of Hoteliers Association
Business

Makinde Turning Oyo To A 24-Hour Economy – Hotelier Association President, Ogundele

by ReportersAtLarge
June 30, 2025
0

Mr Ayodele Ogundele, President of Hoteliers Association of Oyo State, has lauded Oyo State governor, ‘Seyi Makinde, for providing the...

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Fuel Scarcity in Nigeria - Petrol Scarcity
Business

Petrol Scarcity Looms As Tanker Operators Protest N12,500 Levy

by ReportersAtLarge
June 17, 2025
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Nigeria may be facing another wave of fuel scarcity as petroleum marketers and truck owners protest the enforcement of a...

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MultiChoice subscribers - DSTV - GoTV
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MultiChoice To Begin Sports-Only Package After Losing Millions Of Subscribers

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The last two years have been doubly tough for the MultiChoice Group, and its latest audited results show that it...

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Comments 1

  1. Alhaji Hassan says:
    4 months ago

    Very dedicated and hardworking person
    Please always update us.

    Reply

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