Lagos State Governor, Mr. Akinwunmi Ambode, has approved the termination of the concession granted by the Lagos State Development and Property Corporation to Afriland Properties for the redevelopment of the Falomo Shopping Centre, Ikoyi in Lagos.
In a statement by his Chief Press Secretary, Mr. Habib Aruna, on Wednesday, the governor said the decision was informed by the recent discovery that the concession was grossly detrimental to the interests of the people of the state.
According to him, only N50m 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 yielded positive capital returns to the state government for the ultimate benefit of the people.
Ambode had, two months ago, relieved the then Managing Director of the LSDPC, Mr. Biodun Oki, of his appointment, and appointed Mr. Jacob Agosu as Acting Chief executive Officer of the corporation, in a bid to, according to the statement, stem the tide of negative capital returns of the corporation.