The Lagos State Government is set to begin redevelopment of the Ikosi-Ketu Fruit Market with N2.8 billion investment in July after the signing of a Memorandum of Understanding (MoU) with the Ikosi-Isheri Local Council Development Area, the developer and the traders.
This is coming five months after tussle to redeploy the market for its traders and their trading activities.
The Managing Director, Total Value Integrated Service Limited, Mr. Chris Onyekachi, said that the terms and conditions were favourable to all parties while promising that his words would be his bond.
He added: “We are going to meet all the terms and conditions and regulations of Lagos State Building Control Agency. The development would be in four phases and the market occupies 25 acres.”
Accordingly, the MD noted that they have 18 months duration to rebuild the market and would invest about N2.8bn in the reconstruction. The reconstruction of the first phase will begin in two weeks.
Reacting to the new development, the Babaloja of the market, Lambe Dauda expressed that traders were excited.
“Some of the terms in the MoU included the redevelopment not disrupting trading activities in the market; the redevelopment should be done in phases; when completed, the rate must be friendly to the traders with discounts; no part of the market should be used for any other thing except trading.”
Speaking also, the Chairperson of Ikosi-Isheri LCDA, Onikosi Samiat, applauded the Iyaloja general for intervening in resolving the five-month tussle to redevelop the market.
She adds: “The redevelopment is aimed at making the market more habitable and meet the modern standard.”
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