Ambode orders termination of Falomo Shopping Centre re-development contract

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

In a statement by his Chief Press Secretary, Mr. Habib Aruna, 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.

According to him, only N50 million was paid by the concessionaire, Afriland Properties, for a 50-year lease of the property belonging to the government.

He said 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.

Ambode had two months ago sacked former Managing Director of the LSDPC, Mr. Biodun Oki.

Mr. Jacob Agosu was named Acting CEO of the Corporation, “to stem the tide of negative capital returns of the corporation”. .

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