Lagos International Trade Fair Complex, Ojo
FG reaches tripartite agreement to re-concession part of Lagos Int’l Trade Fair Complex
Federal Government, through the Bureau of Public Enterprises (BPE) has signed a tripartite agreement to commence re-concession of a part of the Lagos International Trade Fair Complex (LITFC) in Ojo.
A statement signed by BPE’s Head of Public Communications, Amina Tukur, in Abuja, which conveyed the agreement, said the deal was reached with Portman Freight Services Limited and LITFC to lease a portion of the complex to the freight service company.
Remarking, Director-General of BPE, Alex Okoh while signing the agreement said that the event marked the commencement of work on the portion of Parcel A and B that was not designated for concession.
Okoh also said the standardisation of lease agreements would ultimately increase the earnings of the LITFC and the Nigerian Government in particular.
Okoh said in line with the Privatisation and Commercialisation Act (1999), the National Council on Privatization (NCP) approved the concession of LITFC to Aulic Nigeria Limited in 2007.
However, he said the Concession Agreement was terminated by the NCP in 2017 due to the failure of Aulic Nigeria Ltd to meet covenants listed in the concession agreement.
Okoh said BPE was directed to immediately recommence the process of re-concession of the complex.
“The management board of LITFC repossessed the enterprise from Aulic Nigeria Limited.
”The BPE immediately recommenced the process of re-concession of the LITFC as directed by the NCP on behalf of the Federal Government with the call for Expression of Interest (EOIs) on Monday, June 20, 2022,” disclosed Okoh.
He said that in the process of carrying out the concessioning plan, it was discovered that Portman Freight Services Limited had an existing 20-year lease agreement for Hall 4 with the former concessionaire.
“This existing 20-year lease agreement was before the termination of Aulic’s Concession by the NCP in August 2017,” he added.
