The Lagos State Government has terminated a concession agreement between Lagos State Development and Property Corporation (LSDPC) and Afriland Properties Plc, a member of Heirs Holdings Group for the redevelopment of Falomo Shopping Centre in Ikoyi.
The state government said the agreement was detrimental to the interests of its residents.
LSDPC entered into the agreement to redevelop the shopping centre with Afriland Properties founded by Mr. Tony O. Elumelu.
Governor Akinwunmi Ambode in a statement, terminated the concession agreement with Afriland Properties which has a portfolio size of over N10 billion and adjudged as one of the largest land banks in Nigeria.
But Ambode said terms and conditions of the the concession agreement for the redevelopment of the shopping centre “are grossly detrimental to the interests of the people of the state.”
The governor also said the concession agreement with Afriland Properties was entered into in a hurry without taking cognisance of its costs and benefits to the interests of the people of the state.