Connect with us

NEWS

Lagos to take over Lekki Concession Company

Published

on

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.’’

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.

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.

He said, “The agreement was to convert the loan to a public sector facility with the benefit of a considerable reduction in interest charges of 1.02 per cent of $1.12 million biannual.

“This is against the 4.12 per cent of $2.746 million per bi-annual, therefore, giving a savings of $1.16 million bi-annual or $3.24milliom per annum.

“The House, therefore, granted the executive the approval to convert the AFDB loan to the public sector loan backed up by sovereign Federal Government guarantee on behalf of the state government.

“This also authorises the state government to issue a counter-guarantee in favour of the Federal Government along with an Irrevocable Standing Payment Order (ISPO) to deduct from the state’s statutory allocation.”

Olowo noted that the servicing of the loan obligations would have a maturity till August 2034.

Debating on the report before the approval, Mr Gbolahan Yishawu (Eti-Osa II) supported the committee’s recommendation, saying “it was a smart move as the interest rate would not injure what the state was spending on capital expenditure.’’

Yishawu added that it would also reduce the interest risk as well as the rate by moving the loan from private to public sector.

Mr Abiodun Tobun (Epe I) said the saving of 3.1 per cent in interest rate difference would reduce the burden on the state government and encourage the savings to be used to develop other sectors.

Mr Femi Saheed (Kosofe II) said restructure of the loan was an indication of the transparency in the state financing, saying it gave add-on flexibility for the additional years granted for the repayment of the loan.
Saheed noted that the request was a standard financial procedure practised all over the world.

The Speaker of the House, Mr Mudashiru Obasa, thereafter, directed the Acting Clerk of the House, Mr Olalekan Onafeko, to send a clean copy of the resolution of the House to the governor. (NAN)

GidiNews is exclusively designed to cover and report Lagos, Nigeria's commercial capital city. We bring you news updates, reports, opinions and analyses in Politics, Business, Sports, Entertainment, Crime, Health and Education among others. GOT NEWS FOR US? Reach us: +2349090870065, +2348055441309

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

NEWS

Lagos state will continue to Experience a Greater Lagos Rising …..Gov Sanwo.

Published

on

Crowd at APC flag off lagos

The Governor of Lagos state Mr Babajide.Sanwo olu have harped on making tge people of the state enjoy more dividend of democracy as he seek for re election into the lagos house come 2023.

Mr Sanwo assured his people more capital development as he flagged up his Rally in Lagos state on Saturday at the Onikan stadium in Lagos state .

He said that the state was able to surmount the global challenges and carried out populist projects, saying that

Sanwo-Olu said that the state is rising because of the projects and achievements that were recorded so far, adding that there are still much to be done to keep the state rising.

” You have seen what we have done across all local governments. New roads were constructed, existing ones were completed. New fire stations were built in Ajeromi/Ifelodun, Iru/Victoria and others, the health facilities were strengthened and many more.

” It is time for us to take this campaign to the doorstep of our neighbours, and voters. Tell them what we have done and about the Greater Lagos Rising. Let us all go out to talk to all our friends out there to vote for us on election day.

” We appreciate your love, support and solidarity for us. We urge you to vote all our candidates in the coming 2023 general elections, from presidential to the House of Assembly elections. You have always been voting the APC in Lagos. We want you to work with us and as well journey with us by giving us your mandate”, said Sanwo-Olu.

Meanwhile, the Chairman of the Governor’s Advisory Council (GAC), Prince Tajudeen Olusi, said that if Lagosians want to continue to enjoy a better Lagos, they should re-elect Sanwo-Olu.

Olusi said that over 160 new roads were constructed under the Sanwo-Olu administration and that more of that can only be done if the governor is re-elected.

He, however, urged the people to get their Permanent Voter Cards (PVCs) and vote for the APC presidential candidate, Asiwaju Bola Tinubu, saying that Lagos had never presented presidential candidate since 1999.

Also, a member of the GAC, Cardinal James Odunmbaku, said that the 2023 presidential election would be a payback time for Tinubu for his contribution to the development of democracy in Nigeria, saying that the party is targeting 5million votes in Lagos.

Continue Reading

NEWS

APC Rally : we are showing our loyalty to Tinubu and sanwo olu …monarch declared

Published

on

..vowed to canvass en mass

The Monarch of Iba kingdom in Ojo local government in lagos state , Oba Sulaimon Raji , Oniba Ekun have called all resident of ojo and lagos state to rally around the APC Presidential candidates Bola Ahmed Tinubu ,shettima,Governor Sanwo olu , Adebule and all candidates in the state in the coming 2023 Election .

Oba Raji , chairman of the Lagos Monitoring Park Authority (LASMPA) ,a break out of Road Transport Employers Association of Nigeria (Rtean )made the appealed to the Electorate at a walk Rally organized by the group on Wednesday at iyana iba, lagos, according to Oba Raji
“We have called out our people today to walk with their king and support our candidates ,in APC , Asiwaju Bola Ahmed Tinubu have done so well for our people in Iba kingdom, so also our amiable Governor Babajide Sanwo olu , so we are using this walk to rededicate our stand for him , that the people of Aworiland are strongly with him” , Oba Raji said .

Oba Jafo as popularly called ,also held a carnival show to sensitized the people on why they should vote for APC in all the political office , he urged all traders motorist , and commuter to get their PVC set as 2023 ,Elections will be berthing on the PVC . The chairman of lagos state APC , pastor cornilius Ojelabi and the DG of lagos state Campaign committee senator Ganiyu Solomon was Represented by the Deputy DG ,Mr Fuad Oki , while candidates for Lagos state house of Assembly were also in the walk .

Highlights of the rally was a mega musical show featuring Fuji musician Pasuma , and his counterpart Malika ,and other artist .

Continue Reading

NEWS

Tinubu urged Youth to collect their PVC and vote for progressive

Published

on

As Sanwo-Olu, descrined him to Progressive Governors: ‘He’s country best choice for president’

The Lagos state hosted the first All Progressives Congress (APC) convention after the party was formed in 2014 – became a beehive of political carnival on Saturday.

A mammoth crowd thronged the main bowl of the Teslim Balogun Stadium in Surulere, as the ruling party returned to the city for its inaugural 2023 presidential rally in the Southwest region.

Clad in various shades of APC-branded vests, caps and Ankara brocade, a mass of the party’s supporters, who filled the 24,000-capacity stadium to the brim, defied the searing heat from the sun to receive the APC presidential candidate, Asiwaju Bola Ahmed Tinubu, his running mate, Sen. Kashim Shettima, members of the party’s National Working Committee (NWC) and the Presidential Campaign Council (PCC) team.

At 12:45, Tinubu’s motorcade made a grand entry into the venue, moving the crowd into a spontaneous excitement. The APC presidential candidate arrived in company of Governor Babajide Sanwo-Olu, Minister for Works and Housing, Babatunde Fashola, and members of Progressive Governors’ Forum led by their chairman, Gov. Abubakar Atiku Bagudu of Kebbi State.

The huge turnout at the rally again confirmed Tinubu’s popularity at his political base. The APC presidential candidate hails from Lagos and was a two-term Governor of the State.

Sanwo-Olu opened the floor with his short remarks, thanking Tinubu for laying the foundation for the physical and socio-economic growth being witnessed in Lagos since 1999.

The Governor, who described the APC presidential standard bearer as “architect of modern Lagos”, said Tinubu’s vision, character and tenacity stood him out among presidential contenders, urging Lagosians to elect the candidate with unprecedented number of votes at the polls.

Sanwo-Olu said: “Tinubu is the builder of the modern Lagos we are all enjoying today. For implementing his vision through character and tenacity, and pushing his ideas to what we can physically see, our candidate is the best choice.

Meanwhile., the chairman of Arewa communities APC lagos state have described asiwaju bola Ahmed as a saviour to Nigerians . Engr saadu Yusuf Gulma while adddressing journalist at the rally called on all Arewa in south west and Lagos state to look beyond all odd and sugggested that Arewa commmunities are set to deliver votes en mass to both the incoming President senator Bola Ahmed Tinubu and his running mate kashim Shettima also the Governors of south west , including Mr Babajide Sanwo olu .

Continue Reading

Most Read