Lagos terminates N50m shopping complex lease to AfriLand properties

Lagos State Governor Akinwunmi Ambode yesterday terminated the concession granted by the Lagos State Development and Property Corporation (LSDPC) to Afriland Properties for the redevelopment of the Falomo Shopping Centre in Ikoyi.

The Governor said the decision was carried out based on a recent discovery that the concession was grossly detrimental to the interests of the people.

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 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 for the ultimate benefit of Lagosians.

Governor Ambode two months ago, relieved former Managing Director of the LSDPC, Mr. Biodun Oki of his appointment, just as he appointed Mr. Jacob Agosu in acting capacity.

The move, he said, was aimed at stemming the tide of negative capital returns of the corporation.

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