‘Firm paid N50m for 50-year lease of Falomo plaza’

The Lagos State Government on Wednesday terminated the concession granted by the Lagos State Development and Property Corporation to Afriland Properties for the redevelopment of the Falomo Shopping Centre, Ikoyi.

A statement by Governor Akinwunmi Ambode’s Chief Press Secretary, Mr. Habib Aruna, said the governor approved the termination of the project 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 LSDPC to ensure it begins to provide positive capital returns to the state for the ultimate benefit of the people.”


The statement added that Ambode recently relieved the former Managing Director of the LSDPC, Mr. Biodun Oki, of his appointment and appointed Mr. Jacob Agosu as acting M.D, of the Corporation to stem the tide of negative capital returns of the corporation.

In a related development, the The Nigerian Insurance Association is partnering with the Vehicle Inspection Service in Lagos State.

A statement by the VIS on Wednesday explained that the association had donated 100 auto inspection devices that would fast track the verification of vehicle particulars to eliminate manpower wastage associated with the manual system.

A representative of the association, Mr. Gus Wiggle, said the group decided on the gesture to stamp out forgery associated with vehicle particulars.

Wiggle added that the association would organise a one-day training for Vehicle Inspection Officers on the functions of the device.

The Permanent Secretary, Ministry of Transportation, Mr. Oluseyi Whenu, reiterated the government’s commitment to best practices and continuous partnership with the NIA.

He said, “Motorists are also urged to update their vehicle particulars to keep Lagos traffic moving with pride.”