FG Takes Over Lagos Trade Fair Complex Over N6 bn Debt

The Federal Government has finally taken over the Lagos International Trade Fair Complex (LITFC) over alleged breach of agreement by the concessionaire, Aulic Nigeria Limited. At a press conference in Lagos on Tuesday, the Executive Director/CEO, LITFC Management Board, Mrs. Lucy Ajayi, said the concessionaire breached the agreement by not remitting N6 billion in lease fees to the Federal Government.

The Federal Government through the National Council on Privatisation (NCP) had on August 23, 2017, terminated the concession agreement it signed with the concessionaire in 2007 for alleged breach of agreement.

Mrs. Ajayi stated that the contract was to be for 30 years, with the concessionaire paying N40 billion to government in contract sum in incremental form. She said trouble started when the concessionaire refused to pay anything in the last three years, which would have been in the region of N3 billion as accumulated debt.

Photo Caption: Lagos Trade Fair Site