₦airaland Forum

By Stanley Azuakola

Lagos governor Akinwunmi Ambode met with officials of Heirs Holdings Limited on 22nd of July, 2015, two months after he became governor. In that meeting he gave no inclination that he was dissatisfied with the terms of the Joint Venture Agreement between the Lagos State Property Development Corporation and Heirs Holdings Limited/Heirs Real Estate Limited for the redevelopment of Falomo Shopping Centre in Ikoyi.

Ambode’s announcement on Wednesday that he was cancelling the concession deal because he discovered that it was “grossly detrimental to the interests of the people of the state” came as a shock not only to Lagosians, but to Heirs Holdings Limited (owners of Afriland Properties) which was partnering with the state government on the project but had no prior knowledge of the governor’s intention.



READ: Elumelu’s Afriland Properties responds to termination of Falomo Shopping Centre concession agreement

A letter dated 17th August, 2015, which was shown to The ScoopNG by a source in Alausa, reveals that the LSDPC wrote to Heirs Holdings Limited as a follow up to an earlier meeting between the latter and Gov. Ambode on July 22, 2015.

The letter which was signed by Jacob Agosu, the man who Ambode recently appointed as acting MD/CEO of the LSDPC, clearly stated that the two partners in the Joint Venture Agreement were to float a Special Purpose Vehicle (SPV) to “inter alia, develop, build, operate and maintain the project on a Build, Operate and Transfer (BOT) basis.”

The content of the letter is consistent with the claims of Heirs Holdings Limited through its subsidiary, Afriland Properties in a statement on Thursday, but the Lagos governor did not mention such an agreement approved by him in his statement terminating the concession.



The LSDPC ASKED the management of Heirs Holdings to provide certain documents to them before the close of business on the Tuesday 18th August, 2015, just a day before the governor abruptly announced that he was terminating the deal. The required documents include proof of incorporation of the Special Purpose Vehicle of the SPV with the Corporate Affairs Commission; documented evidence of the name consented to for the SPV; copies of all incorporation documents; proof of legal relationship between Heirs Holdings and Afriland Properties and an executed copy of the project agreement.



The governor’s claim that the company paid just N50m for the lease for 50 years has been debunked by the company which insisted that the N50m was just for expression of interest, whereas the project itself which is expected to gulp up to N30bn is to be funded entirely by the company. Lagos State was expected to own 35% of the special purpose vehicle.

There are speculations that Gov. Ambode’s decision to terminate the agreement has to do with the ongoing politics within the APC which has pitted the governor’s two immediate predecessors, Babatunde Fashola and Bola Tinubu, against each other.


http://www.thescoopng.com/falomo-centre-ambode-met-with-officials-of-heirs-holding-last-month-and-didnt-complain-see-letter/


https://i1.wp.com/www.thescoopng.com/wp-content/uploads/2015/08/Heirs-HOLDING-LSDPC-letter-page-001.jpg


https://i2.wp.com/www.thescoopng.com/wp-content/uploads/2015/08/Heirs-HOLDING-LSDPC-letter-page-002.jpg

He obviously was going after this project out the gate after inauguration. The now debunked N50 million was an after thought just to destroy the project because his first as detailed in this article was red highlight and never the N50 million nonsense excuse he came up with.

He sent a letter to the company demanding documents to be provided the same day, but he terminated the contract the next day based on what was never any kind of issue.

He also failed to tell Lagosians that the agreement was approved by him in his statement terminating the concession.

The fact is, he and or other folks are eyeing this property to give to other interested parties or their own friends.

Falomo shopping center is a huge property in Lagos state and has been around for decades so it's no surprise they are backstabbing themselves in the back to conner this property.

I honestly think Fashola saw this coming and decided not to do their bidding and gave the contract to the current holder based on his own good judgement, now Ambide is carrying their water bottle to revers Fashola's decision and rubbish him at the same time..


Ambode fall hand big time...

[sub][/sub]

aresa:
He obviously was going after this project out the gate after inauguration. The now debunked N50 million was an after thought just to destroy the project because his first as detailed in this article was red highlight and never the N50 million nonsense excuse he came up with.

He sent a letter to the company demanding documents to be provided the same day, but he terminated the contract the next day based on what was never any kind of issue.

He also failed to tell Lagosians that the agreement was approved by him in his statement terminating the concession.

The fact is, he and or other folks are eyeing this property to give to other interested parties or their own friends.

Falomo shopping center is a huge property in Lagos state and has been around for decades so it's no surprise they are backstabbing themselves in the back to conner this property.

I honestly think Fashola saw this coming and decided not to do their bidding and gave the contract to the current holder based on his own good judgement, now Ambide is carrying their water bottle to revers Fashola's decision and rubbish him at the same time..


Ambode fall hand big time...

Ah,good morning o

Obviously there are issues btw the present governor and the immediate past governor....the false representation of what that 50m naira was just a new low for ambode government

And the wailing Continues.

Ambode Ti De.

Ambode is the Governor now, you guys should get used to it and move on.

LASG must refund Heir Wanene Nig Ltd sha. Lols.


My instinct tells me some Powerful Dudes have hijacked the project.

Naija sha, fish eat fish.

Elites are Bunch of DanBoroubas. Trust them at your own peril.

Lobatan o jarey, e no konsainn me.

Ambode Lied, 2nd Lekki-Epe Expressway Was Never Tolled.




On Monday June 22, 2015, national dailies were awash with news of the Governor of Lagos State, Akinwunmi Ambode declaring toll free on the second Lekki-Epe Expressway of Lagos State but investigation carried out by LEAK TIMES shows that toll fees were never collected on the road.

The wide spread reports stated “Should we not start thinking about how we will improve and create a 10-lane road between Ikorodu, Itoikin, Epe and Ijebu Ode so that people can go out from there? There is no point constructing the road, paying tolls and in five years’ time, the road is gone.”

The reports quoted the Governor’s Chief Press Secretary, Habib Ajuna stating that toll fees will not be collected by the state government.

LEAK TIMES investigation showed that the report is misleading as the last administration of Babatunde Fashola during the buy-back agreement with the Lekki Concession Company Limited (LCCI) already declared the road as toll free.

In a reaction to the report, ace Comedian and Entertainer, Ali Baba said ‘The road has been free and I have never paid a toll fee on that road or have some people be claiming they paid’



http://leaktimesng.com/report-ambode-lied-2nd-lekki-epe-expressway-was-never-tolled/

How do you declare free what was free and declared free by your predecessor?


His first lie to discredit Fashola right after inauguration...


This Ambode guy is really a scumbag...

I'm very sure Abode is not thinking or dreaming of a second term in office,because he will loss woefully. Imagine already fumbling in 1st hundred days in office he might end up to be another GEJ.

Conflict of interest I guess, they need to mediate this issue before it bears another one.

It is all about politics

Uncle Tony belong to PDP and he support PDP during the last election in Lagos.

What are you expecting from APC after the election.

That is the truth. But there is negotiation going on.

APC is the number one opposition party in Lagos state.

Leak times Ko leak ice cream ni

aresa:
How do you declare free what was free and declared free by your predecessor?

His first lie to discredit Fashola right after inauguration...

This Ambode guy is really a scumbag...

STFU, Fashole is a fraudster

Ambode is trying to cheat Afriland because of Fashola.