Business
58 years after construction, FG set to concession Lagos Independence Building
The Infrastructure Concession Regulatory Commission (ICRC) has disclosed plans to concession the Independence Building in Lagos.
The Director-General of the Commission, Mr Chidi Izuwah who made this known on Wednesday said the concession would be under a Build, Operate and Transfer (BOT) agreement.
Addressing journalists after inspecting the building which stands on Lagos Island, Mr Izuwah noted that the intention of the Federal Government was to concession the asset to be turned into a national trade and international business centre similar to a world trade centre.
The 58-year Independence Building is a 25-storey structure situated in the Lagos Central Business District and was built in 1961.
It occupies a land area of 8,100 square metres, with a large separate parking provision of 2,650 square metres.
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He further explained that the concessionaire would rehabilitate, manage and operate the National Trade and International Business Centre and transfer to the Tafawa Balewa Square Management Board (TBSMB).
He added that the asset, as much as it was important to the government, must not be left without yielding any economic value.
The acting Managing Director, Infrastructural Bank Plc, Mr Ross Oluyede, said the government stood a chance to derive economic benefit once the facility becomes operational.
According to him, this would include creation of jobs for Nigerians as many people would be engaged at the shops within, while taxes generated would go to the government’s coffer.
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