FG Takes Over Management of Lagos Trade Fair Complex from Concessionaire

Lagos International Trade Fair Complex
Lagos International Trade Fair Complex

FG Takes Over Management of Lagos Trade Fair Complex from Concessionaire

The Federal Government has taken over the management of the Lagos International Trade Fair Complex (LITFC) over an alleged breach of agreement by the concessionaire, Aulic Nigeria Limited.

Lagos International Trade Fair Complex
Lagos International Trade Fair Complex

This was revealed at a press conference in Lagos by the Executive Director/CEO, LITFC Management Board, Mrs. Lucy Ajayi, who stated that the concessionaire breached the agreement by not remitting N6 billion in lease fees to the Federal Government.

She disclosed that the Federal Government, through the National Council on Privatisation (NCP), had on August 23, 2017, terminated the concession agreement it signed with the concessionaire in 2007 for alleged breach of agreement.

She revealed that the contract was to be for 30 years, with the concessionaire paying N40 billion to government in contract sum in incremental form.

However, trouble started when the concessionaire allegedly refused to pay anything in the last three years, which would have been in the region of N6 billion as accumulated debt.

Ajayi also said the concessionaire reneged in all the agreements on developing the facility and bringing it up to international standard as she regretted the parlous state of the purpose built complex.

She added that because of the concessionaire’s failure to deliver, tenants at LITC have been in bondage for nine years, as they have been deprived of the benefits of the contractual obligation from the concessionaire promising that the facility will be turned around to support the various businesses going on in the complex.

On his part, the Chairman, LITC Stakeholders Forum and Association of Progressive Traders, Dr. Jude Ringo Okeke, welcomed the government’s intervention.

He said there have been stagnant for over 10 years as a result of the concessionaire’s failure to perform saying that the traders have lost countless customers as a result of the poor infrastructure provision at the complex.

He asked the new management to speed infrastructure development to engender growth and commerce, noting that they have invested huge sums of money over the years.

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