#Endsars: Lekki Concession Company Speaks on Bank Debts, Ownership, Fate of Over 500 Workers

•Appeals To Aggrieved Youths For Understanding


The Lekki Concession Company (LCC) has again appealed for the understanding of aggrieved youths who are bent on preventing the Company from commencing the evaluation of the extent of the damage done to its assets on the night of Tuesday, October 20, 2020, citing the subsisting bank debts and the fate of its over 500 workers as compelling reasons the process ought to begin now.

Speaking at a press conference in Lagos on Monday, Managing Director of the LCC, Yomi Omomuwasan expressed regret that some people were using fake news to misinform Nigerians about the company's ownership and whip up public sentiment against its return to business.

Omomuwasan said while LCC empathises with Nigerians who suffered one loss or the other during the #EndSARS protest, continuing to punish LCC whose facility was forcefully taken over by the protesters for whatever happened on October 20, 2020, would be a regrettable double whammy for the company.

He explained that the non-return of the Company to operation is negatively affecting LCC's subsisting loan obligations to local and international lenders, maintenance of the road, its ancillary services and most importantly, the welfare of its staff some of whom have been home since the incident in October.

He disclosed that LCC owed N23.9 billion and $49.6 million to local and foreign lenders as of December 31, 2011. He, however, lamented that the forceful takeover of the Tollgate by #ENDSARS protesters and its subsequent destruction had affected its ability to service its debts.

He said, "As of January 31, 2021, the outstanding debt liability from the local lenders is in the region of N11.6 billion and from the foreign lenders $31.1 million (USD), with the difference being the amount LCC has so far paid the lenders. It is important to say that, before the #ENDSARS protest, LCC had continued to meet up with servicing its loan obligations without default to the lenders.

"However, since the commencement of the #ENDSARS protest, the forceful takeover of the Admiralty Circle Toll Plaza and the unfortunate incident of Tuesday 20, October 2020, we have had to plead for moratorium repeatedly with our local and international lenders. It has been impossible to meet our loan repayment obligations- and obligations to our workers- given our inability to collect tolls, the main revenue source from which the repayment was contractually expected to come.

"Again, this explains where the bulk of our earnings goes, contrary to the false claims on social media that the toll plaza is a cash cow. If we default in payment of these loans, the implications for the business community are too grave to be imagined."

The MD further explained that contrary to allegations that all the Company does is collect tolls, the LCC renders a host of value-added services. "Daily users of the Eti-Osa-Lekki-Epe Expressway would testify that LCC provides free 24/7 towing services, accident and breakdown recovery, emergency services and 24-hr security patrol along the express road. LCC is solely responsible for the man-power and operational cost of all of these ancillary services at no cost to road users," he said.

Reacting to the Admiralty Circle Toll Plaza's alleged designation as a crime scene by the Lagos Judicial Panel of Inquiry and its reported shutdown, Omomuwasan said nothing could be further than the truth.

The Toll Plaza, he explained, was never shut down. "LCC was only asked to leave the Plaza untouched until the completion of the forensic audit instituted by the honourable Panel. It is important to recall also that at no time was the Toll Plaza ever designated 'a crime scene" by the Panel, as this would have warranted the total stoppage of vehicular movement at that section of the road. On the contrary, vehicular movement has continued unhindered on the road since Wednesday, October 21, 2021," Omomuwasan said.

The Managing Director further explained that the Panel's ruling permitted it to access the Toll Plaza, evaluate and assess damages and necessary renovation. According to Omomuwasan, "Nowhere in the world is a company shut down indefinitely over an enquiry into an incident. We must bear in mind that as a business, we also have hundreds of workers, who have thousands of dependents, to take care of and monthly financial obligations to honour. Besides, evaluation and restoration require time, and further delay can only worsen the Company's situation as a going concern."

On allegations that the LCC pays some outdoor advertising companies, the MD said it was a lie and that the opposite is the case. "As part of efforts to open up other streams of income to service our loan obligations and continually maintain the road as done in other climes, LCC partnered with various advertising agencies, who then pay LCC from the revenue they generate from their advertising platforms. It gives us a sense of fulfilment to note that most of these agencies are the new generation advertising agencies owned by young Nigerians."

He gave the names of the outdoor advertising agencies as E-Motion Advertising Ltd, Prodigy Advertising Ltd, Loatsad Promo media Ltd and Eye Kontact Ltd. While these companies actually pay LCC for the use of its advertising platforms, some purveyors of fake news have again gone to town to misinform the public that LCC pays one of these companies and claim he described as totally false.

Omomuwasan also disclosed LCC's ownership structure, saying four private firms originally owned it before the Lagos State Government acquired it.

"As of December 31 2011, the shareholders of the Company were African Infrastructure Investment Fund (AIIF); Asset and Resources Management Company Ltd (ARM), Larue Projects Company Ltd, Hi-Tech Construction Ltd. However, in December 2014, the Lagos State Government acquired 100% shareholding right in the Company. The shares were accordingly allotted as 75% to the Lagos State Government and 25% to the Public-Private Partnership (PPP) Office. The records are there at the Corporate Affairs Commission (CAC)' including the regular filing of returns and tax obligations."

Speaking on the maltreatment of some protesters at Saturday’s protest at the Admiralty Toll Plaza, Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso said, Governor Babajide Sanwo-Olu has directed the Lagos State Police Commissioner to fish out the culprit and ensure justice is served in line with the appropriate rules of the Nigerian Police Force.

BusinessCity:
He said. Rather the emperor said. Publish the books openly or let an external world acclaimed body have access to the records which everyone has been asking about for donkey years. Upon through accounting audit, you can then go on to state the duration for payment to get completed and not increasing the toll rates and extending the tenure the toll stays in place that was been pushed to the front burner before all of these starting popping up...
If you can't do this, 50 Billion is what Lagos can repay if it dedicates 1 Billion per month within a 3 years tenure


But of course not, you know the toll generates billions monthly and it's milling out cash for its emperors amidst dodgy reasons you would not disclose.


INEC stated that APC spent over 100 billion on 2011 elections alone.. Osun states political funding where Aregbe mismanaged state resources... Aha... This and more the reasons book won't be open and external professional audit performed s it ought to



. You think it's still the 1940s that once you speak subjects take your thrash hook, line and sinker. Declare the tenure the toll gate would remain in place and place a placard publicly when it will cease to exist


Awon Ole

BusinessCity:
He said. Rather the emperor said. Publish the books openly or let an external world acclaimed body have access to the records which everyone has been asking about for donkey years. Upon through accounting audit, you can then go on to state the duration for payment to get completed and not increasing the toll rates and extending the tenure the toll stays in place that was been pushed to the front burner before all of these starting popping up...
If you can't do this, 50 Billion is what Lagos can repay if it dedicates 1 Billion per month within a 3 years tenure


But of course not, you know the toll generates billions monthly and it's milling out cash for its emperors amidst dodgy reasons you would not disclose.


INEC stated that APC spent over 100 billion on 2011 elections alone.. Osun states political funding where Aregbe mismanaged state resources... Aha... This and more the reasons book won't be open and external professional audit performed s it ought to



. You think it's still the 1940s that once you speak subjects take your thrash hook, line and sinker. Declare the tenure the toll gate would remain in place and place a placard publicly when it will cease to exist


Awon Ole

otokx:
Why is the debt portfolio report as at 2011?

Nigerianization:
Its good to hear from all sides. However, sometimes, fake news helps to force the truth out of their mouths. But how can the Lagos state government acquire the company 100% and still give out 25% stake to private owners...........Which kind bazaar be that?

RuudVanNisteroy:

You will wait for donkey years. Lagos state that has refused to release details of the contract with Alpha Beta owned by Tinubu that collects 10% tax revenue, you now think will release the financials of LCC?

seunmsg:
Like I have said severally, LCC is also a victim in all of these. They were doing their business until the Endsars protesters forcefully hijacked their premises for the purpose of the protest.

Despite the fact that LCC committed no crime, their business premises were burnt down by the protesters. LCC also deserve justice.

tommy589:


As a lay man I just have the feelings,without verifiable evidence that they make tonnes of money ripping the road users off. But i am thanking God we have people like you that will tear their lies into shreds with calculations or documentary facts if need be

BusinessCity:



Yes they are. I've provided critical objections and information on how much they make and like I did on this thread made it clear to all and sundry that the emperor uses the fund to stage political wars and not even to the best interests of his clans as he projects. Sadly, cause I'm not of his tribe it's viewed as ethnic attacks. If I publish the records of what is accrued from that tool again as I've done before now publicly his own people would tear him apart. If the 100 billion for example spent on 2011 politicking and other such guerilla wars he spends money on is channeled into his region, they will have tangible things on ground. Osun needs that money, Ekiti can make use of it, Ondo can make use of it.


Be it Tinubu or anyone from my clan, and even Dangote I've always detested the idea of an individual gulping resources meant for a million


But woe betide me. I hate him and his tribe and I want them to fall is the spears they wield and aim at us for standing up for correctness

RuudVanNisteroy:

Lagos state is a personal account of a former Chicago,USA resident that had $460k seized from his account for heroin trafficking and money laundering in 1992.

babytoun:


Who removed cameras before the shootings?

Who failed to produce complete video footage of the happenings that night ?

Eti-osa houses over 40% of high end tax payers in lagos state..why can't lagos absorb the remaining loan and spread the payment ? People pay tax and pay toll within the same local govt ..them get mind go erect another one before Ajah..

What happens when the entire loan is completely serviced ..will you commit to stop tolling ?

Nigerianization:
Its good to hear from all sides. However, sometimes, fake news helps to force the truth out of their mouths. But how can the Lagos state government acquire the company 100% and still give out 25% stake to private owners...........Which kind bazaar be that?

seunmsg:



The same company that removed camera before the shooting also failed to produce complete footage of the shooting according to you. So, why are you confusing yourself? Choose one and stick to it.


Anyway, the camera that was removed was a led camera used to capture plate numbers and not CCTV.

So if you’re the governor of Lagos state, you will close down a toll gate with the ability to pay off its loan and take over billions of debt simply because of a shooting incident? Do you even know the amount of debt the state government is currently servicing? With this your kind of business and administrative sense, I pray you never become the governor of any state in Nigeria.

RuudVanNisteroy:

Take anything that comes from Lagos state Tinubu PLC with a pinch of salt. There is zero transparency in the state and it is run similar to a mafia organization.