Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC - Politics - Nairaland
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| Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by iwaeda: 7:45am On Aug 09, 2021 |
Lagos State House of Assembly has granted the request of the State Governor Babajide Sanwo-Olu for the conversion of the African Development Bank, AfDB loan Lekki Concession Company Limited, LCC, as a privately-owned for the State Government to assume full ownership of the company. It would be recalled that the request received from the Executive arm on Monday, 21st June, 2021 was committed to Committee on Finance to further look into it and report its findings to the House. Giving his presentation, Chairman of the Committee, Hon. Rotimi Olowo, said upon the buy-out of all the shareholdings interest of the LCC by the State, government became the subsisting shareholders of LCC with 75 per cent shareholding and the Office of Public Private Partnerships, shareholding 25 per cent, respectively. He further stated in the report that the original $53.9 million loan obligation from a private sector facility, AfDB had been resolved after series of engagements between AfDB, LCC and the State Government to convert the loan to a public sector facility with the benefit of a considerable reduction in interest charges of 1.02 per cent of $1.12million bi-annual as against the 4.12 per cent of $2.746million per bi annual thus giving a savings of $1.16million bi-annual or $3.24milliom per annum. The House, therefore, granted the executive the approval to convert the AfDB loan to the public sector loan backed up by sovereign Federal Government guarantee on behalf of the State Government as well as authorize the State Government to issue a counter guarantee in favour of the Federal Government along with an Irrevocable Standing Payment Order, ISPO, to deduct from Lagos State Government statutory allocations. According to the report, the servicing of the loan obligations would be a maturity till August 2034. Debating on the report before the initial approval; Hon. Gbolahan Yishawu, supported that the recommendation, saying it was a smart move as the interest rate would not injure what the State was spending on capital expenditure. He added that it would also reduce the interest risk as well as the rate by moving the loan from private to public sector. Contributing, Hon. Abiodun Tobun while going in tandem with the recommendation of the Committee, stated that saving 3.1% in interest rate difference would further reduce the burden on the State Government and encouraged the savings to be used to develop other sectors of the economy. Hon. Femi Saheed reasoned that the restructure of the loan was an indication that transparency in the State financing, saying it gave add-on flexibility for the additional years granted for the repayment of the loan. He deemed the request a standard financial procedure practised all over the word. The Speaker of the House, Rt. Hon. Mudashiru Obasa directed the Acting Clerk of the House, Mr. Olalekan Onafeko to send a clean copy of the resolution of the House to the Governor. https://www.championnews.com.ng/lagos-assembly-approves-sanwo-olus-request-for-full-ownership-of-lcc-govt-takes-over-53-9m-loan-saves-3-24m-per-annum/ |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by money121(m): 7:48am On Aug 09, 2021 |
Ok ooo |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by Zainabthegirl1(f): 7:49am On Aug 09, 2021 |
Awon ika it won’t be successful in Jesus name whatever you people’s plans are 1 Like |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by iwaeda: 7:54am On Aug 09, 2021 |
How many times will LASG buy back LCC. Fashola did same thing, nobody is sure how much LCC makes daily, even the MD, Mr. Abayomi said so on radio. I have seen they have put camera again in commencement of tolling. Mr. Abayomi said it will cost them N2.5bn to repair, but on the night of 20.10.20, LCC ordered ALL the expensive digital cameras to be removed. Accountability is zero in this part of the world! 5 Likes 1 Share |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by Lawlab249: 7:54am On Aug 09, 2021 |
Ok |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by yanabasee1(m): 7:54am On Aug 09, 2021 |
Lagos is growing very fast and it's leaders tend to work extensively to mark good governance to their names.... This is a good development..... |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by GardenOfGod(m): 7:56am On Aug 09, 2021 |
Under my constitutional right of freedom of expression, I wish to unequivocally state that this is a grand plot to conceal permanently, mysteries that would have inevitably come to light. Thereby, making beneficiaries of dark schemes perpetrated at the detriment of the taxpayers exonerated of any wrongdoing. The haste at which the passage is carried out calls for concern. |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by Penguin2: 8:01am On Aug 09, 2021 |
Can we see the details and paperwork of the takeover? Because how are we sure some percentage is not inserted somewhere for Tinubu  |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by vedaxcool(m): 8:03am On Aug 09, 2021 |
iwaeda: Really can you show where Fashola bought it? 1 Like |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by princemillla(m): 8:06am On Aug 09, 2021 |
Following Repayment to lapse till 2034  Well let’s hope Lagos state will be able to make good use of proceeds from the tolling if e no enter private pocket as usual |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by FarahAideed: 8:07am On Aug 09, 2021 |
Private people took a loan of 53 million dollars and Lagos state is aquiring the loan even after buying out the people at a ridiculous amount even though the private LCC never met the terms of their concession 3 Likes 2 Shares |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by TOYOON: 8:16am On Aug 09, 2021 |
Who took the loan and for what purpose? How much has been paid so far How much has the toll gate generated Show us the income and expenditure All difficult to provide.... Scam everywhere Let me run �♀️ before there e-rats will come for me 1 Like |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by TOYOON: 8:19am On Aug 09, 2021 |
E shock you? The owner of Lagos state took the loan naa Expectedly, the Business will pay back. God is watching FarahAideed: 1 Like |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by iwaeda: 8:36am On Aug 09, 2021 |
vedaxcool: https://www.premiumtimesng.com/news/143629-lagos-terminates-concession-agreement-on-lekki-epe-expressway.html https://www.thecable.ng/revealed-lagos-acquired-lcc-years-before-lekki-epe-toll-fare-hike/amp Hope you can see. It is only in Nigeria you pay toll and navigate 80% of the road in traffic. Toll are meant to take you faster to your destination. 1 Like |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by seunmsg(m): 8:47am On Aug 09, 2021 |
iwaeda: LCC is a private company owned by Lagos state government. The shareholding is divided into 75% for Lagos state government and 25% for office of the private public partnership. Before Lagos state bought over the company during Fashola’s time, the company took a loan of $53.9 million from AFDB at an interest rate of 4.12%. The interest is is high because it was obtained by a private company without a sovereign guarantee. Now that Lagos state government owns the company, it is classified as a government company with the ability to renegotiate the loan interest downwards to 1.02% per annum. One of the condition to achieve this is that the company must be fully owned by the state government and a sovereign guarantee backed by federal government and supported by an ISPO. So, the house of assembly simply approved that the 25% shareholding owned by office of private public partnership be transferred to Lagos state government so that the state can now be the full 100% owner of the company in order to meet the condition for reducing the loan interest rate from 4.12% to 1.02%. It doesn’t involve money but just change in shareholding structure. 4 Likes 1 Share |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by RenaissanceGuy: 9:05am On Aug 09, 2021 |
Tinubu's chokehold over Lagos will expire sooner than many people think is possible. |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by seunmsg(m): 9:05am On Aug 09, 2021 |
FarahAideed: What exactly is your point? If you buy over a company, is it not normal to takeover the asset and liabilities of the company? So, you want Lagos state to takeover only the road and revenue generating tollgate and leave the liability? Is that how business works? 3 Likes |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by iwaeda: 9:09am On Aug 09, 2021 |
seunmsg: Here again, The expert in AUDITING! |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by seunmsg(m): 9:14am On Aug 09, 2021 |
iwaeda: I saw your ignorant post and took my time to explain what the story is all about to you. You guys always rush to comment without understanding what the news is all about. You should thank me for my kind gesture and not pass asinine remark. 2 Likes |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by iwaeda: 9:21am On Aug 09, 2021 |
seunmsg: You know you are LIEING to defend, how much has been paid so far and how much does LCC generate? |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by Whois(m): 10:44am On Aug 09, 2021 |
I wonder how they pay those LCC traffic officials still on the road. The tollgate statue quo should remain as it is duh. I drove pass the tollgate FOC (no traffic no payment) yesterday courtesy of endsars  |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by iwaeda: 2:17pm On Aug 09, 2021 |
Whois: Ask Lalasticlala. |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by Nobody: 2:43pm On Aug 09, 2021 |
FarahAideed:This is a big scam. I expect everybody in Lagos state to hold a massive protest, just that people no just ready for a true change in this country. 1 Like |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by LamidiCownu: 2:47pm On Aug 09, 2021 |
Penguin2:Go Bleep yourself... Go and wail about your clueless leaders and leave Tinubu alone.. nonsense and penguin2 |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by seunmsg(m): 2:50pm On Aug 09, 2021 |
DubaiLandLord1: How is it a big scam? Explain in details so that we can all understand. |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by LamidiCownu: 2:50pm On Aug 09, 2021 |
DubaiLandLord1:When will you people hold protests in Abuja , Kano and PH ?? Go back to your caves if y'all are not satisfied with the way Lagos is being run Yeye |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by TOYOON: 2:58pm On Aug 09, 2021 |
Think about your future and d future of your unborn children bros LamidiCownu: |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by DEROX: 3:01pm On Aug 09, 2021 |
 wow i love this, full lagosian cashout i love lagos |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by Penguin2: 3:05pm On Aug 09, 2021 |
TOYOON: Don’t mind him my dear. |
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by Nobody: 3:11pm On Aug 09, 2021 |
RenaissanceGuy:
|
| Re: Lagos Assembly Approves Sanwo-olu's Request For Full Ownership Of LCC by NGpatriot: 3:22pm On Aug 09, 2021 |
iwaeda: Reading and comprehension don fail this ipob as usual... There's a difference between buying concession agreement and buying the whole company patapata to function as 100% state enterprise. Stick to your village kerosene and wheelbarrow situation... 2 Likes |
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