N50m for 50-year lease: Ambode terminates Falomo Shopping Centre redevelopment contract

Governor Akinwunmi Ambode of Lagos State, on Wednesday, approved the termination of the concession granted by the Lagos State Development and Property Corporation (LSDPC) to Afriland Properties for the redevelopment of Falomo Shopping Centre, Ikoyi.
In a statement by his Chief Press Secretary, Mr. Habib Aruna, the governor said that the decision was carried out based on a recent discovery that the concession was grossly detrimental to the interests of the people of the state.
According to him, only N50 million was paid by the concessionaire, Afriland Properties, for a 50-year lease of the property belonging to the government.
He said 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 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.