By Ndubuisi Francis
The federal government is to commence the process for the concessioning of the Lagos International Trade Fair Complex (LITFC), and the Tafawa Balewa Square (TBS) Complex in the second quarter of this year.
This is even as Lagos State agreed to take up 24 per cent shares of the concession Special Purpose Vehicle (SPV) in exchange for the requisite equity contribution in the redevelopment investment programme.
According to a document presented by the Bureau of Public Enterprises (BPE) at an investors’ forum in Abuja Tuesday, the process for the concessioning of the two complexes would commence soon.
At the event organised by the BPE, its Director General, Mr. Alex Okoh, who presented the document, said: “The concession process (is) expected to commence during the second quarter of 2020.
“The federal government will be obligated to renew the concession provided all concession terms are met by the concessionaire.
“Lagos State (has) agreed to take up 24 per cent shares of the concession Special Purpose Vehicle in exchange for the requisite equity contribution in the redevelopment investment programme.”
The Director-General, BPE, Alex Okoh, said the TBS and LITFC had previously been concessioned but government had to terminate the concessions.
“This was in view of the fact that the former concessionaire acted contrary to the expectations guiding the development of those iconic and legacy facilities in Nigeria,” he stated.
Okoh said the expectation of the federal government in undertaking the concession of the LITFC was that it should be able to catalyse business in the West African sub-region.
This, he stated, should be through strategic trade exhibitions that project the vast potential of the industrial axis of Lagos and Ogun States.
Accordjng to him, it is government’s expectation that the TBS must move beyond disjointed cluster of business premises to a world-class integrated events and business facility comparable to its counterparts globally.