Fed Govt. Urged to Protect Its Properties

The Federal Government has been urged to protect  its properties nationwide. Besides, it should encourage harmonious relationship with states where the properties are to protect concessionaire’s interests.

Mr. Olu Adenodi,  Chief Executive Officer of BHS International, the concessionaire to the Tafawa Balewa Square (TBS), who made this call in Lagos, urged the government to secure a “no objection approval” for the concessioned properties to  check the hurdles on leaseholders’ and investors path.

He noted that the government’s failure to fulfil its obligation to asset ownership will put the concessionaire in a precarious position and hinder its financial obligation to lenders and investors.

Adenodi warned that if such properties are not adequately protected or checked, host state governors where Federal Government properties are situated or located may be tempted to show interest, with a view to converting or taking over such facilities from the Federal Government.

“It could also expose the Federal Government to damages in several billions of naira as seen in the old Federal Secretariat in Ikoyi, Lagos, transaction, where an Arbitration Panel has ruled in favour of a concessionaire ordering the Federal Government to pay a huge sum as damages for breach of contract,” he warned.