Business Hilights
Tracking Nigeria's Headline Business News Online
Happy New Year

Lagos Trade Fair investors reject re-concession plot, seek takeover of remaining 25%

Following recent move by the Bureau of Public Enterprises (BPE), through the National Council on Privatisation (NCP) to re-concession the Lagos International Trade fair complex on Badagry Expressway, consortium of traders currently occupying the complex on different long lease agreements with the federal government have reacted, calling for demarcation of their allocations before any kind of re-concessioning to avoid trouble.
Addressing a press conference at the complex on Wednesday, chairman of the consortium of investors under the aegis of Trade Fair Stakeholders’ Forum (TFSF) and president of Association of Progressive Traders (APT), Chief Jude Ringo Okeke made it clear that “Whereas we are not against the government plan of re-concessioning the complex, our concern is that just as the way it was done in the recently cancelled concession to Aulic Nigeria Limited, all our members allocations which had been running on long lease agreements of over 50 years since 2000 must be excised because our leases have not expired”.
“We cannot watch and allow someone who never toiled with us from the scratch when here was overgrown by forests and reptiles till now we have through our efforts and several bank loans changed the face of the complex to world class shopping centre employing well over 100,000 Nigerians.
Earlier in his remarks, president of Auto Spare Parts and Machinery Dealers’ Association (ASPMDA), Chief Daniel Offorkansi decried how government allowed itself to be convinced that Lagos Trade fair complex is not yet developed.
While challenging the Minister of Trade, Commerce and Investment, Dr Okechukwu Enelamah to visit the complex personally to see the quantum of private sector investments so as to clear the wrong impression that the complex is not well developed, he revealed that “Between year 2000 and now, TFSF members have invested trillions of naira and built hundreds of modern shopping plazas”.
“We have developed all the portions given to us which are about 75 per cent of the entire complex and we are ready to even take up the remaining 25 per cent that is still empty for investments.
Offorkansi explained that “We are at peace with our landlord which is the Trade Fair Management Board who is not even aware of the concession plan and described the investors as law abiding business enterprises as none of the trading groups owns any grand rent or taxes to the federal government till date.
The traders took the media round the entire complex to show the volume of investment so far made. Members of the TFST include APT, ASPMDA, Balogun Business Association, Call Park ventures, C-tempo group, Mandilas United, Association of Nigerian Tyre marketers (ANTM), Lagos Int’l Trade Fair Plaza Owners’ Association, Tools & hardware Dealers’ Association and Mike Express Company Limited.
In an interview, President of ANTM, Alhaji Isah A. Mohammed called on government to encourage private sector investors who have shown resilience and determination in doing well than coming up with counter development policies that can cause confusion and frustrate ease of doing business. He made it clear that TFSF cannot seat and allow their investments taken over by another person or group that never suffered or toiled with them over the years.