Governor Akinwunmi Ambode of Lagos 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, 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.
The governor said that the concessionaire, Afriland Properties, paid only N50 million for a 50-year lease of the property belonging to the government.
He said the State 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 to the State Government for the ultimate benefit of the people.
It would be recalled that Governor Ambode two months ago, relieved former Managing Director of the LSDPC, Biodun Oki of his appointment, just as he appointed Jacob Agosu as Acting CEO of the Corporation, in a bid, according to the statement, to stem the tide of negative capital returns of the corporation.
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