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Business

We don’t know how much the Lekki toll gate makes per month – LCC MD

The MD of the LCC has addressed some of the controversies surrounding the proposed reopening of the Lekki toll gate.

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Yomi Omomuwasan, Managing Director of the Lekki Concession Company has stated that the company has no idea how much it makes per month from the controversial Lekki toll gate.

The MD disclosed this earlier this week to Sandra Ezekwelisi on “Hard Facts”, a radio talk show on Nigeria Info FM.

On LCC returning to tolling, the MD said that LCC is going back to operations after the massive destruction that happened there in October 2020 post-EndSARS protests.

“If not for the destruction and burning down of the facility, operations would have been on, since the event of 20th October.

“We were forced out by the destruction, even if we wanted to continue we would have been unable to because the e-tolling system was completely burned down.

“It’s going back to business. It’s not like somebody stopped us all along from tolling. It’s strictly on account of the fact that we were just unable because of lack of facility,” he said.

READ: LCC confirms perimiter cameras were not removed from Lekki Toll

On the level of damage to the facility 

“For the few days we have been there, we have seen the e-tolling system was damaged, all the physical devices were burnt down, (and) that is a lot of money, no thanks to the dollar.

“We also had a lot of our vehicles burnt down, the cabling system, the connectivity that is physical in nature were all burnt down.”

Timeline to resumed activities

“The way we have built the comeback plans is to re-evaluate and estimate the asset that has been burnt down, once it done, we will approach the insurance companies. And we will go on to do e-tolling procurement, (and) that could take the next 4 months for us to get back to tolling.”

READ: FG reacts to CNN report, describes Lekki shooting as massacre without bodies

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On LCC leaving the tolls unmanned until the #EndSARS panel is done

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Omomuwasan said the company does not agree to that but maintains, “We are not part of the EndSARS issue. We are just a company operating and working, on its own.

“Then all of a sudden we find out you have been forced out of your location. The event has been cleared, for us it means we can go back. We have nothing to do with the protests, we don’t see any reason why we should leave the plaza unmanned. We are the victims, we had nothing to do with the protest and were burnt down.”

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On the debt left for LCC

The MD said the company has about N12 billion in local debt and $31 million in foreign debt.

“This was used to build the road and it has to be repaid,” he said.

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READ: Lagos judicial panel rejects LCC’s request to take back Lekki Tollgate

On Lagos paying off LCC’s debt in 2013

“I do not know the source of your information. Coincidentally, what the state said was that the shareholders of the private company were bought out, not the debt agreement continued”.

On LCC monthly revenue

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Omomuwasan said, “I never said we lost N2.5 billion, what we may have lost is in 2 forms; the loss from facility burnt, and the loss from inability to collect tolls.

“I never told anybody to say this is the loss that was incurred. The N2.5 billion was about the facility that was damaged.

“We do not have a figure to how much we have lost monthly, we do not know how much we make per month.”

What you should know

Nairametrics reported earlier that Omomuwasan noted that not returning to full operations within the shortest possible time would result in loss of jobs for the LCC’s over 500 direct staff and thousands of others across its business value chain.

4 Comments

4 Comments

  1. Nuel

    February 20, 2021 at 6:25 pm

    If as an MD you can say such statement that you don’t know how much you make then you are not qualify to be called MD. Honourably resign cause you are just a figure head

  2. Anonymous

    February 21, 2021 at 12:36 pm

    I can’t believe he said that, though I’m not surprised, if the governor of the state can come out to say that there was no victim on the day of lekki toll gate massacre, we shouldn’t expect something different from there employee. Bird of the same feathers

  3. Tee

    February 21, 2021 at 12:41 pm

    I can’t believe he Said that, MD, though I. I’m not surprised, if the governor of the state and come out and say there was no victim on the day of lekki toll gate massacre, we shouldn’t expect not different from there employee, bird of the same feathers.

  4. Manager

    February 21, 2021 at 10:28 pm

    Criminal MD

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Business

FG moves to appoint fund manager for $37 billion infrastructure company

The FG has arranged to engage an asset manager for its newly set up Infrastructure Company of Nigeria Ltd.

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PIB; Will the jinx be broken this time around?, President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , FG may stop interstate and inter-town travels, COVID-19: President salutes Elumelu, Dangote, Atiku, Banks, others for support, Naira export earnings, Covid-19: FG to set up N500 billion intervention fund, sovereign wealth, FG issues guidelines on implementation of gradual easing of lockdown nationwide, Electricity: FG approves one year waiver of import on meters, Buhari backs Lagos State Government Judicial Panel of Inquiry

The Federal Government has concluded plans to engage an asset manager for its newly set up Infrastructure Company of Nigeria Ltd. (Infra-Co), to raise about N15 trillion ($36.7 billion) for projects and accelerate growth in Africa’s biggest economy.

This is coming barely 2 weeks after President Muhammadu Buhari approved the government’s N1 trillion initial seed capital for the Infrastructure company, which will be set up under a Public-Private Partnership.

According to a report from Bloomberg, a source who wants to remain anonymous said that the Central Bank of Nigeria (CBN) and its funding partners, Africa Finance Corporation (AFC) and state-owned Nigeria Sovereign Investment Authority, are seeking proposals from companies to independently manage the infrastructure company’s fund-raising plan.

The sought after fund manager will be responsible for coordinating the total equity capital and associated debt raise required by the company with the asset managers seeking the role expected to have been active in infrastructure financing.

The CBN Governor, Godwin Emefiele, had earlier said that the government needs to be innovative in its approach to developing infrastructure in the country and believes that InfraCorp will be a major game-changer in this regard.

Some firms such as PricewaterhouseCoopers, Boston Consulting Group, McKinsey and KPMG have expressed interest in getting the role of transaction advisers on the deal with Ukiri Lijadu and Co. and Kenna Partners appointed legal advisers.

This is as the report says that the firms were either not available to confirm the development or could not make any comment yet.

What you should know

  • It can be recalled that President Muhammadu Buhari, had earlier approved the government’s seed capital of N1 trillion for InfraCo, an infrastructure company, which will be wholly focused on critical infrastructure investment in the country, under a Public-Private Partnership.
  • The President had said that InfraCo will be raising funds from the CBN, Nigeria Sovereign Investment Authority, Pension funds, and local and foreign private sector development financiers.
  • This will help boost infrastructure investments to stimulate economic growth after exiting its second recession in 4 years in the fourth quarter and bridge the infrastructural gap in the country, with Nigeria needing at least $3 trillion over 30 years to close its infrastructure deficit.

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Business

Afreximbank sets up a $500 million fund to support Africa’s creative industries

African Export-Import Bank has set up a $500 million fund to support Africa’s creative industries.

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AfDB, Chinelo Anohu

The African Export-Import Bank (Afrexim Bank) has set up a $500 million fund to support Africa’s creative industries as the continent faces a challenge to effectively monetize its creative output.

This disclosure was made by Afreximbank President, Benedict Oramah at a virtual “fireside chat” on Tuesday organized by the Africa Soft Power Project, entitled “The New Face of African Collaboration.”

According to Africa Investment Forum Senior Director, Chinelo Anohu,

READ: Afreximbank set to commit $200 million to Africa’s export fund

“Digital platforms in Africa should scale up to take advantage of the continent’s surging demand for creative content, and the African Development Bank flagship entity is providing advisory services and investment support to creative players.

“The Africa Investment Forum was working to promote content deals as well as digital infrastructure projects to advance creative industries, including support to smaller players.

“At AIF 2019, we had a very interesting entrepreneur scheme which saw those that were not as big get the kind of funding they needed to get beyond getting a feasibility study done.

READ: Tesla loses $200 billion in market value following Bitcoin investment

“Data is one of the African Development Bank’s strong points. They have a fantastic research division, and what we’re trying to do is mainstream that data culled from 55 countries and distill it in such a manner that the investors can easily access the information they need.

“Support for intellectual property rights and equipping investors with the data they need to tackle negative perceptions about investing in Africa are key priorities for Africa Investment Forum.

 What you should know

  • The event was held against the backdrop of the recent coming into force of the African Continental Free Trade Agreement (AfCFTA).
  • Discussion at the event primarily focused on the role of infrastructure and connectivity in advancing Africa’s creative industries, including film, textiles and design.
  • It is important to note that 2021 is also the African Union’s year of arts, culture and heritage.
  • In January 2020, Afreximbank set up a $500 million fund to support Africa’s creative industries.
  • It is strongly believed that AfCFTA would help address some of the key challenges to boosting Africa’s creative output.
  • The Africa Investment Forum, championed by the African Development Bank and its founding and institutional partners, works to accelerate the closure of the continent’s investment gaps. The Forum currently has a growing portfolio of 118 deals valued at $114 billion.

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