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LCC: Lagos debunks takeover reports

The Lagos State government yesterday debunked a report suggesting that the state House of Assembly had granted the State Government the go-ahead to take over the Lekki Concession Company (LCC).

 

The state government in a statement signed by the Commissioner for Information and Strategy, Mr Gbenga Omotosho, said the government did not make such a request, saying the request was to convert African Development Bank loans from a private sector (commercial) loan to a sovereign (public sector) loan, which attracts a lower interest rate. This, according to the government, will enable the company to make some savings.

 

The statement reads in part: “The government, in fact, acquired the full shares/equity of the former owners of the company in 2014. There was no need to make such a request to the House.

 

Following the Lagos State Government’s full ownership of LCC in December 2014, the loan became eligible for conversion to a Sovereign facility with an attendant significant lower interest rate of LIBOR plus 80 basis points and an extended tenor.

“In the recent past, there have been discussions amongst LCC/LASG,  AfDB and the relevant Federal Government Ministries and Agencies concerning conversion of the loan to a Sovereign facility. Upon the completion of the conversion, there will be a significant reduction of applicable interest rate and extended tenors.

 

The sovereign loan conversion will also lead to a crash of the applicable interest rate on the facility to circa 1.8%pa compared to the current interest rate of circa 4.12% p.a.

 

“Besides, the conversion will increase the tenor of the facility from the current five years to 15 years. This has the impact of spreading the cash flow impacted by an additional 10 years.”

 

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