Home News Lagos Assembly approves full takeover of Lekki Concession Company

Lagos Assembly approves full takeover of Lekki Concession Company

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Lagos Assembly approves full takeover of Lekki Concession Company

Lagos Assembly approves full takeover of Lekki Concession Company

The Lagos House of Assembly has approved Governor Babajide Sanwo-Olu’s request for the state to assume full ownership of Lekki Concession Company Ltd, a privately owned company.

The House made the resolution to approve the governor’s request sequel to the presentation of the Committee on Finance report during plenary session in Lagos on Monday.

The News Agency of Nigeria reports that the House had received the request from the Executive on June 21 “and was committed to the Committee on Finance to further look into it and report its findings to the House.’’

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The committee’s Chairman, Mr Rotimi Olowo (Somolu I), in his presentation, said the state would become the subsisting shareholder of LCC with 75 per cent shareholding and the Office of Public Private Partnerships shareholding of 25 per cent.

The lawmaker added that this was a sequel to the buy-out of all the shareholding interests of the company by the state government.

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Olowo further said the original $53.9 million loan obligation from a private sector facility had been resolved after series of engagements between Africa Development Bank, the company and the state government.

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