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The management of Lekki Concession Company Limited (LCC), operators of the two leading tolled highways in Lagos State, the Admiralty Circle Toll Plaza on the Lekki-Epe Expressway and the Lekki-Ikoyi Link Bridge Toll Plaza is set to hike toll tariffs from Thursday, February 1, 2018.
Business Hilights recalls that LCC had some time in November last year attempted to increase the tariffs without any form of consultation which forced the state government to cancel the move.
In a statement issued weekend, the company said the decision was a product of extensive stakeholders’ consultations driven by current economic and operations realities in the industry.
Whereas LCC could not give out the new rates increase, it was quick to reveal that N100 would be paid by any driver of a mini commuter bus using the Lekki-Epe toll plaza, which is an increase of N20 on the N80 currently being charged. This, it noted, was the agreement it reached with the drivers’ union during the consultations.
It said the toll increase was as a result of current economic and business realities that had adversely affected the cost of operations and
Another key factor said to be considered in hiking the tolls bordered on servicing its loan obligations.
Managing Director of LCC, Mr. Mohammed Hassan, was quoted as saying that the feedback and recommendations received during the series of consultations held in December 2017 with stakeholders in Eti-Osa Local Government Area and its environs considerably influenced the new fares to be paid by motorists plying the expressway and the Ikoyi Link Bridge.
“Since the commencement of tolling in December 2011, the toll tariffs have remained the same despite the continuous increase in the cost of operations to ensure that the toll plazas and the road infrastructure are well maintained.
“The toll review has also become necessary to enable the company to meet its loan obligations to its local and foreign lenders, considering the fact that foreign exchange rates have continued to increase astronomically in the last couple of years. The LCC cannot continue to operate or provide the services required from us if we do not review the toll tariffs,” Hassan averred.