Governor Akinwumi Ambode 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.
In a statement released by Lagos State Governor, Akinwunmi Ambode's Chief Press Secretary, Mr. Habib Aruna, the 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.
He said the governor approved the termination of the project which was approved by the last government under Babatunde Fahola, based on a recent discovery that the concession was “grossly detrimental to the interests of the people of the state”.
“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.