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FASHOLA MOVES TO TAKE OVER LEKKI CONCESSION COMPANY

Mr. Babatunde Fashola
Mr. Babatunde Fashola

The Lagos State House of Assembly is working on the 2013 appropriation act to allow the state government take over Lekki Concession Company (LCC). LCC is concessionaire of the Lekki Epe Expressway and is currently in charge of toll collection from motorists passing through the road.

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The road which is still under construction is concessioned for 30 years after which it is expected to revert to the state government.  The former Lagos State Governor, Senator Bola Ahmed Tinubu is also alleged to control some shares in the company. It is not totally clear why the House is taking this measure at a time that the former governor is believed to be away for medical care.

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The matter was tabled in a letter brought before the house by the Lagos State Governor, Mr. Babatunde Fashola seeking to amend the year 2013 appropriation to enable the state government fund and acquire LCC existing concession rights.

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“This will effectively accelerate the transfer of ownership  of the road to the state leaving the state with wider policy options with regards to that important road infrastructure”, Governor Babatunde Fashola said in his letter to the House. The governor is seeking to increase the budget size by N7.5 billion against the background of a projected shortfall of N22.5 billion budgeted for Internally Generated Revenue, IGR.

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