Akinwunmi Ambode, governor of Lagos state, says he terminated the contract for the rebuilding of the Falomo Shopping Centre in Ikoyi to protect state investments and the interest of Lagosians. He claims the contractor, Afriland Properties, who had been granted a 50-year build-operate-transfer concession by the Lagos State Development and Property Corporation (LSDPC), only paid N50 million till date. Ambode describes the contract as “grossly detrimental to the interests of the people of the state”. The governor also picked holes in the management of the LSDPC, which he said would be ‘restructured to provide positive capital returns to the government and Lagos people’.
Earlier indications of the governor’s displeasure with the LSDPC structure began with the sack two months ago of its former managing director, Biodun Oki and the appointment of Jacob Agosu as a replacement. Habib Aruna, Ambode’s media aide, said the Agosu’s got the job to stop LSDPC’s “negative capital returns”.