Lagos State Governor, Akinwunmi Ambode has terminated 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 signed 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 granted by the administration of Babatunde Fashola was grossly detrimental to the interests of the people of the state.
According to him, only N50million was paid by the concessionaire, Afriland Properties, for a 50-year lease of the property belonging to the government.
As custodian of the interests of Lagosians, Ambode said that the government is 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.
Governor Ambode had started a restructuring of the LSDPC since he assumed office, relieving former Managing Director Mr. Biodun Oki of his appointment. He replaced him with Mr. Jacob Agosu. The governor said the move was to stem the tide of negative capital returns of the corporation.