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Lagos Assembly approves takeover of Lekki Concession Company

The Lagos House of Assembly has approved Governor Babajide Sanwo- Olu’s request for the state to assume full ownership of Lekki Concession Company (LCC) Limited, a privately-owned company.

 

The House made the resolution to approve the governor’s request sequel to the presentation of the Committee on Finance report during the plenary session in Lagos yesterday.

 

The News Agency of Nigeria (NAN) reports that the House had received the request from the executive on June 21 “and was committed to the Committee on Finance to further look into it and report its findings to the House.”

 

The committee’s Chairman, Mr Rotimi Olowo (Somolu I), in his presentation, said the state would be- come the subsisting shareholders of LCC with 75 per cent shareholding and the Office of Public Private Partnerships, shareholding of 25 per cent, respectively. The lawmaker added that this was sequel to the buy-out of all the shareholding interest of the company by the state government.

 

Olowo further said that the original $53.9 million loan obligation from a private sector facility had been resolved after a series  of engagements between the Africa Development Bank (AfDB), the company and the state government. He said:

 

“The agreement was to convert the loan to a public sector facility with the benefit of a considerable reduction in interest charges of 1.02 per cent of $1.12 million biannual.

 

“This is against the 4.12 per cent of $2.746 million per biannual, therefore, giving a savings of $1.16 million biannual or $3.24 million per annum.”

 

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