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The Akinwunmi Ambode led Lagos State Government has terminated the concession granted by former Governor Babatunde Fashola to Afriland Properties for the redevelopment of the Falomo Shopping Centre, Ikoyi.
The Governor in a statement signed by his Chief Press Secretary, Mr. Habib Aruna, said that the decision was carried out based on a recent discovery that the concession was grossly detrimental to the interests of the people of the state.
The statement said, ''Only N50m was paid by the concessionaire for a 50-year lease of the property belonging to the government. The government, as custodian of the interests of Lagosians, is committed to the restructuring of the Lagos State Development and Property Corporation, LSDPC to ensure it begins to provide positive capital returns to the state for the ultimate benefit of the people.”
The Governor in a statement signed by his Chief Press Secretary, Mr. Habib Aruna, said that the decision was carried out based on a recent discovery that the concession was grossly detrimental to the interests of the people of the state.
The statement said, ''Only N50m was paid by the concessionaire for a 50-year lease of the property belonging to the government. The government, as custodian of the interests of Lagosians, is committed to the restructuring of the Lagos State Development and Property Corporation, LSDPC to ensure it begins to provide positive capital returns to the state for the ultimate benefit of the people.”
