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Ambode cancels Tony Elumelu’s Falomo Shopping Complex contract
Governor Ambode:

Ambode cancels Tony Elumelu’s Falomo Shopping Complex contract


The concession granted to Afriland Properties Limited, a company chaired by UBA Chairman, Mr. Tony Elumelu by the Lagos State Development Corporation (LSDPC) has been cancelled.

The termination of the contract was ordered by the Lagos State Governor, Mr. Akinwunmi Ambode because he was not happy that a mere N50million was agreed for a 50 year lease!

According to Mr. Habib Aruna, Chief Press Secretary to Governor Ambode, what the agreement means is that Afriland would only be paying N1million yearly for a property located in a highbrow area like Falomo in Ikoyi.This, he noted, was detrimental to the state government.

The contract termination, it was also learnt, was meant to checkmate the fraud carried out by some individuals in collaboration with top government officials in the last administration.

Mr. Aruna’s statement  reads: “Only N50million was paid by the concessionaire, Afriland Properties, for a 50-year lease of the property belonging to the government.

“The State Government as custodian of the interests of Lagosians is committed to the restructuring of the LSDPC to ensure it begins to provide positive capital returns to the State Government for the ultimate benefit of the people”.

It would be recalled that Governor Ambode two months ago, relieved former Managing Director of the LSDPC, Mr. Biodun Oki of his appointment, just as he appointed Mr. Jacob Agosu as Acting CEO of the Corporation, in a bid, according to the statement, to stem the tide of negative capital returns of the corporation.

Afriland which is an affiliate of Heirs Holding was expected to redevelop the propoertinto a first-rate shopping mall, an office complex, and world class residential apartments that will serve the needs of the burgeoning populace in Lagos State and beyond.


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