Ambode terminates contract awarded by Fashola

The Lagos State governor, Akinwunmi Ambode, has terminated the concession granted by the Lagos State Development and Property Corporation (LSDPC) to Afriland Properties for the redevelopment of the Falomo Shopping Centre, Ikoyi.

The contract was awarded by the immediate past administration of Governor Babatunde Fashola.

A statement by Habib Aruna, the Chief Press Secretary to the Governor 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 added that only N50million was paid by the concessionaire for a 50-year lease of the property.

It also stated that the state government as custodian of the interests of Lagosians was committed to the restructuring of the LSDPC to ensure it begins to provide positive capital returns to the State Government for the ultimate benefit of the people.

Read also: Why Tinubu, Ambode, shunned Fashola’s book launch

The governor had two months ago, replaced former Managing Director of the LSDPC,  Biodun Oki with  Jacob Agosu as Acting CEO of the Corporation.

The action, according to the statement from the CPS, is meant to stem the tide of negative capital returns of the corporation.

RipplesNigeria… without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now