Maher Jarmakani Secures Landmark $1 Billion MSC Deal for Lagos Snake Island Port

Nigerian tycoon Maher Jarmakani has secured a major international partnership as Mediterranean Shipping Company signed a 45-year sub-concession to build and operate a dedicated container terminal at Snake Island Port in Lagos. The agreement ties the world's largest container line directly to a project controlled by Jarmakani and the family conglomerate founded by his father nearly fifty years ago. Mediterranean Shipping Company has committed over $1 billion to the Nigerian infrastructure and logistics initiative, appointing ITB Nigeria Limited and Belgium's DEME Group as the engineering, procurement and construction contractors for the ambitious undertaking.

The newly contracted terminal will span 30 hectares and feature a 910-metre quay, six ship-to-shore cranes, two ship berths, three barge berths, and up to 18 metres of draft. Completion is scheduled for 2028. Maher Jarmakani, chief executive of Nigerdock and group chief executive of Jagal, noted that the agreement establishes a permanent home for the world's leading shipping line in Nigeria while driving foreign direct investment. Diego Aponte, president of Mediterranean Shipping Company, stated that the facility will expand operational opportunities, enhance cargo handling efficiency, and elevate Snake Island Port into a prominent global shipping hub.

This major development crowns a five-year strategic transition for the Jarmakani family business, which has shifted its core operations from ship repair and oil platform fabrication into heavy port infrastructure ownership. The milestone follows the Federal Executive Council approval of Snake Island Port in May 2023 and the subsequent November 2024 concession signing with the Nigerian Ports Authority. The overarching port project encompasses an 85-hectare facility with three terminals and a combined quay length of 2.5 kilometres, backed by total projected private investments exceeding $1.85 billion across its lifespan.

The history of the enterprise traces back to 1963 when Anwar Jarmakani arrived in Nigeria from Syria and subsequently founded Jagal in 1977. The conglomerate grew through construction, real estate, consumer goods partnerships, and oil and gas joint ventures before acquiring the state-owned Nigerdock marine industrial base through privatization in 2003. Subsequent decades saw the establishment of the Snake Island Integrated Free Zone and progressive regulatory approvals for direct shipping and cargo handling. Maher Jarmakani assumed full executive leadership following a structured multi-year succession plan prior to his father's passing in 2021.

Why This Matters

The partnership anchors top-tier global maritime capacity directly within West Africa's largest economy, validating long-term private capital deployment into complex port infrastructure. By integrating world-class container handling facilities with an established free zone environment, the project addresses chronic capacity constraints and streamlines logistics supply chains. This structural upgrade enhances regional trade connectivity, reduces vessel turnaround times, and positions Nigerian maritime corridors to absorb higher volumes of international cargo efficiently.

Furthermore, the long-term nature of the forty-five-year sub-concession provides regulatory and operational stability for international investors navigating West African markets. The involvement of specialized engineering contractors ensures adherence to high technical standards, mitigating execution risks associated with massive capital projects. As private capital increasingly supplants state funding for critical infrastructure, this initiative offers a replicable model for mobilizing foreign direct investment while strengthening domestic industrial participation through established local content frameworks.

Opportunities

• Engineering Contractors: Secure subcontracts and specialized procurement roles alongside primary builders ITB Nigeria Limited and DEME Group for large-scale civil and marine works.
• Logistics Operators: Establish inland freight forwarding, warehousing, and intermodal transport networks to service increased container throughput at the Snake Island facility.
• Financial Institutions: Structure debt syndication, trade finance facilities, and currency hedging instruments to support ongoing multi-phase capital expenditure requirements.
• Free Zone Enterprises: Establish manufacturing, assembly, and distribution operations within the Snake Island Integrated Free Zone to leverage direct shipping and cargo handling capabilities.

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