• Advertise
  • Opinion
  • Features & Interviews
  • Investigation
  • Contact
Thursday, August 11, 2022
  • Login
No Result
View All Result
NEWSLETTER
The Lagos Today
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Amusan Sets New Record, Wins Gold At Commonwealth Games

    Nigeria’s athletes will sweep medals at Paris 2024 Olympics if well nurtured- Ex-Athlete, Porbeni

    VICTORIA AZARENKA INTO THE FINALS, DASHED SERENA WILLIAMS’ 24TH GRAND SLAM HOPES

    Serena Williams Quits Professional Tennis

    Kizz Daniel arrested in Tanzania for not performing in paid concert

    Kizz Daniel Released From Tanzanian Police Custody

    Kizz Daniel arrested in Tanzania for not performing in paid concert

    Kizz Daniel arrested in Tanzania for not performing in paid concert

    Amusan Sets New Record, Wins Gold At Commonwealth Games

    Amusan Sets New Record, Wins Gold At Commonwealth Games

    Fela Kuti Celebrated 25 Years After Death

    Fela Kuti Celebrated 25 Years After Death

    BBNaija S7: Hermes Emerges HOH For Week Two

    BBNaija S7: Hermes Emerges HOH For Week Two

    2022 Commonwealth Games: Lawal Wins Nigeria Second Gold Medal in Weightlifting

    2022 Commonwealth Games: Lawal Wins Nigeria Second Gold Medal in Weightlifting

    NiDCOM Boss Hails Tobi Amusan On Her Victory At World Athletics Championship

    NiDCOM Boss Hails Tobi Amusan On Her Victory At World Athletics Championship

    Usain Bolt Congratulates Tobi Amusan For Breaking World Record

    Usain Bolt Congratulates Tobi Amusan For Breaking World Record

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Amusan Sets New Record, Wins Gold At Commonwealth Games

    Nigeria’s athletes will sweep medals at Paris 2024 Olympics if well nurtured- Ex-Athlete, Porbeni

    VICTORIA AZARENKA INTO THE FINALS, DASHED SERENA WILLIAMS’ 24TH GRAND SLAM HOPES

    Serena Williams Quits Professional Tennis

    Kizz Daniel arrested in Tanzania for not performing in paid concert

    Kizz Daniel Released From Tanzanian Police Custody

    Kizz Daniel arrested in Tanzania for not performing in paid concert

    Kizz Daniel arrested in Tanzania for not performing in paid concert

    Amusan Sets New Record, Wins Gold At Commonwealth Games

    Amusan Sets New Record, Wins Gold At Commonwealth Games

    Fela Kuti Celebrated 25 Years After Death

    Fela Kuti Celebrated 25 Years After Death

    BBNaija S7: Hermes Emerges HOH For Week Two

    BBNaija S7: Hermes Emerges HOH For Week Two

    2022 Commonwealth Games: Lawal Wins Nigeria Second Gold Medal in Weightlifting

    2022 Commonwealth Games: Lawal Wins Nigeria Second Gold Medal in Weightlifting

    NiDCOM Boss Hails Tobi Amusan On Her Victory At World Athletics Championship

    NiDCOM Boss Hails Tobi Amusan On Her Victory At World Athletics Championship

    Usain Bolt Congratulates Tobi Amusan For Breaking World Record

    Usain Bolt Congratulates Tobi Amusan For Breaking World Record

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Headlines

Lagos Assumes Full Ownership of Lekki Concession Company

by Segun Adewunmi
August 9, 2021
in Headlines, Lagos News
3 min read
0
0
LASU Gets 13 New Governing Council Members
Share on FacebookShare on Twitter

The Lagos House of Assembly has approved Governor Babajide Sanwo-Olu’s request for the state to assume full ownership of Lekki Concession Company (LCC) Ltd, a privately owned company.

The House made the resolution to approve the governor’s request sequel to the presentation of the Committee on Finance report during plenary session in Lagos on Monday.

The House had received the request from the Executive on June 21 “and was committed to the Committee on Finance to further look into it and report its findings to the House’’.

The committee’s Chairman, Mr Rotimi Olowo (Somolu I), in his presentation, said the state would become the subsisting shareholders of LCC with 75 per cent shareholding and the Office of Public Private Partnerships, shareholding of 25 per cent, respectively

The lawmaker added that this was sequel upon the buy-out of all the shareholding interest of the company by the state government.

Olowo further said the original $53.9 million loan obligation from a private sector facility had been resolved after series of engagement between Africa Development Bank (AFDB), the company and the state government.

He said: “The agreement was 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 $1.12 million biannual.

“This is against the 4.12 per cent of $2.746 million per bi-annual, therefore, giving a savings of $1.16 million 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.

“This also authorise 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 the state’s statutory allocation.”

Olowo noted that the servicing of the loan obligations would have a maturity till August 2034.

Debating on the report before the approval, Mr Gbolahan Yishawu (Eti-Osa II) supported the committee’s recommendation, saying“ it was a smart move as the interest rate would not injure what the state was spending on capital expenditure’’.

Yishawu added that it would also reduce the interest risk as well as the rate by moving the loan from private to public sector.

Mr Abiodun Tobun (Epe I) said the saving of 3.1 per cent in interest rate difference would reduce the burden on the state government and encourage the savings to be used to develop other sectors.

Mr Femi Saheed (Kosofe II) said restructure of the loan was an indication of the transparency in the state financing, saying it gave add-on flexibility for the additional years granted for the repayment of the loan.

Saheed noted that the request was a standard financial procedure practised all over the world.

The Speaker of the House, Mr Mudashiru Obasa, thereafter, directed the Acting Clerk of the House, Mr Olalekan Onafeko, to send a clean copy of the resolution of the House to the governor.

Follow us on social media
  • Facebook
  • Twitter
  • Instagram

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Tags: Lagos stateLagos State House of AssemblyLCCLekki Concession Company
Previous Post

Stellar Boom For Bitcoin, Dogecoin

Next Post

COVID-19: Lagos records 190 new cases, zero fatality

Segun Adewunmi

Segun Adewunmi

Related Posts

Abduction: Unknown Gunmen Kidnap Catholic Priest in  Delta

Gunmen rob motorists on Lagos-Ibadan expressway

by Rosemary Opara
August 10, 2022
0

There was a robbery incident on the Lagos-Ibadan expressway in the early hours of Wednesday morning. The robbery occurred between...

Bandits burn down two health centres, shut 69 others in Katsina – Official

JUST IN: Bandits Free Seven More Kidnapped Train Passengers

by Rosemary Opara
August 10, 2022
0

Bandits have freed seven more kidnapped train passengers. The passengers who have been in captivity since they were captured by...

Next Post
COVID-19: Lagos records 240 new cases, with zero fatality

COVID-19: Lagos records 190 new cases, zero fatality

Please login to join discussion

Recommended

Nigerian farmers hail Shell ruling, but future remains uncertain

Nigerian farmers hail Shell ruling, but future remains uncertain

2 years ago
How Covid-19 Pandemic Is Influencing Foreign Private Investment in Nigeria’s Health Sector

COVID-19: Lagos records 824 new cases, with four deaths

2 years ago

Popular News

    Newsletter

    Connect with us

    Tags

    #EndSARS #EndSARS Protests 2023 Elections 2023 polls 2023 Presidency ACCIDENT All progressives Congress APC Babajide Sanwo-Olu Bitcoin CBN Central Bank of NIgeria China Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Donald Trump Dubai EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu Insecurity Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command LASEMA Latest jobs in lagos Lekki Tollgate Shooting Muhammadu Buhari Murder Naira NDLEA Nigeria Rape Russia Strike action UK United states US

    News

    • Business
    • National
    • Politics
    • Tech

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    No Result
    View All Result
    • Home
    • News
      • Lagos News
      • National News
      • World News
    • Entertainment
    • Opinion
    • Business
    • Features & Interviews
    • Best Of Lagos
    • Things To Do

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    %d bloggers like this: