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Lawmakers Grant Lagos Government's Request Of Taking Over Lekki Concession Company
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uk: Lawmakers Grant Lagos Government's Request Of Taking Over Lekki Concession Company 2021-08-10 05:11:46
Governor Babajide Sanwo-Olu's request for the state government to assume full ownership of the privately-owned Lekki Concession Company Limited (LCC), has been granted by the Lagos state House of Assembly.



This came after the assembly's Committee on Finance was directed to investigate and report its findings after the request was received on June 21.



During the committee's presentation on Monday August 9, its chairman Rotimi Olowo stated that after buying-out all the shareholdings interest of LCC, the state government has become the subsisting shareholders of the company with 75% shareholding while the Office of Public-Private Partnerships was left with the remaining 25% shareholding.



Olowo also disclosed that the original $53.9 million loan obligation from a private sector facility – the African Development Bank (AFDB) had been resolved after series of engagements between the bank, LCC, and the state government.



He said this was to convert the loan ...Text too long. Click [here to view full post]
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