Murtala Muhammed Airport Terminal Two (MMA2) is the first and only privately-funded, as well as the preeminent terminal in Nigeria.
It was conceived after fire gutted the domestic terminal of the Murtala Muhammed Airport, Lagos, on May 10, 2000. The terminal had been built in the pre-independence era, and before the construction of the International terminal, to cater for both international and regional flights.
After the inferno, the Federal Government of Nigeria made a decision to redevelop the airport using private sector investment under a Public-Private Partnership Scheme. The plan completely transferred all development and operating risks to the private sector, specifically on a Build-Operate-Transfer (BOT) arrangement.
There were competitive bids by several companies for the project. A company named Royal Sanderton emerged the preferred bidder, while Bi-Courtney Limited, a wholly-indigenous conglomerate and the parent company of Bi-Courtney Aviation Services Limited (BASL), was the reserved bidder. But owing to prolonged delay in commencing the project, the Federal Government invited Bi-Courtney to take up the responsibility.
Consequently, in 2003, the Federal Government awarded the concession to design, build and operate MMA2 and ancillary facilities to Bi-Courtney Limited.
Bi-Courtney set out to work promptly with the goal of building a world class Airport Terminal that would be the pride of Nigerians and promote Lagos as the major hub in Africa.
The company, however, suffered the pains of being the pioneer of the BOT arrangement in Nigeria, given the fact that the idea was novel. The attendant challenges associated with funding huge projects on a long-term financing in Nigeria also required the strength and determination often associated with Bi-Courtney.
Despite all these challenges, the company remained undeterred, even when it was forced to scale down the scope of the project considerably. While syndication was being processed, Bi-Courtney commenced work due to the belief, patriotism and determination of the promoters of the company.
The project was funded from two sources: Equity of the owners/proprietor and the loans from the banks. The loan was syndicated from six banks.
The terminal eventually commenced operations on May 7, 2007.