Ambode Terminates Redevelopment Contract Of Falomo Shopping Mall

Posted by African Examiner Featured, Latest Headlines, News Wednesday, August 19th, 2015

By Ayo Balogun – The Lagos State Governor, Mr. Akinwunmi Ambode Wednesday approved the termination of the concession granted by the Lagos State Development and Property Corporation (LSDPC) to Afriland Properties for redevelopment of the popular Falomo Shopping Centre, Ikoyi.

Ambode in a statement issued by his Press Secretary, Habib Aruna indicated that the decision was carried out based on a recent discovery that the exercise 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.

He explained that the State Government as custodian of the interests of Lagosians was committed to the restructuring of the LSDPC to ensure it commences provision of positive capital returns to the State Government for the ultimate benefit of the people.

It would be recalled Governor Ambode two months ago, relieved former Managing Director of the Corporation, Mr. Biodun Oki of his appointment and replaced him with Mr. Jacob Agosu on acting capacity, in a bid, to stem the tide of negative capital returns of the corporation.