Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
Stallion ads
Advertisement
app

Business

Lagos to acquire 24% stake in TBS, Lagos International Trade Fair

Lagos plans to acquire 24% stake in TBS, and Lagos International Trade Fair Complex.

Published

on

#EndSARS: Anyone found culpable in Lekki Toll Plaza shooting would be held accountable - Sanwo-Olu, Covid-19: Sanwo-Olu discloses how Lagos intends to fund vaccination programme

Lagos State Government plans to acquire 24% stake in Tafawa Balewa Square (TBS) and Lagos International Trade Fair Complex.

This was disclosed by Governor Babajide Sanwo-Olu during a virtual Investors’ Forum on Tuesday.

How it works?

Lagos is expected to take 24% of the total investment in exchange for the corresponding amount of shares.

Director-General, Bureau of Public Enterprises, Alex Okoh, explained that the concession will be for a period of 30 years, as it is renewable by the Federal Government for another 30-year period.

What you should know

  • A few weeks back, the Federal Government had revealed plans to concession the Tafawa Balewa Square, Lagos International Trade Fair Complex, and the Calabar and Kano Special Economic Zones.
  • According to the Head of Public Communications, BPE, Amina Othman, the bureau would hold an International Investors’ webinar on the four concession opportunities.
  • A concession is a form of Public-Private Partnership, where a government-owned asset is being operated and maintained by a private investor for a period of time on terms contained in a concession agreement.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

Sanwo-Olu says construction work on Fourth Mainland Bridge to start end of 2021

Governor Sanwo-Olu has disclosed that the foundation for the proposed 4th Mainland Bridge would be laid before the end of 2021.

Published

on

Lagos orders removal of all unapproved street gates in the state to ease traffic, Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

The Lagos State Governor, Mr Babajide Sanwo-Olu, has revealed that the foundation for the proposed Fourth Mainland Bridge would be laid before the end of the year 2021.

The execution of the bridge is geared towards improving the transport infrastructure and movement across the state.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by Sanwo-Olu during the 16th Executive/Legislative Parley, with the theme: ”A Consensus Agenda for Rebuilding Lagos”, organised by the Office of Civic Engagement.

He pointed out that the promise to construct the Fourth Mainland Bridge is not a political one.

What the Lagos State Governor is saying

Sanwo-Olu during the interactive session said, ”We did not politically promise Fourth Mainland Bridge but we are going to do Fourth Mainland Bridge.

”With your prayers and by the grace of Almighty God, we shall turn the sod and lay the foundation for the building and construction of that Fourth Mainland Bridge before the end of this year.

”We are on course and I am sure that the 37km ring road is on track, which will change the face of transportation and movement in Lagos,” the governor said.

The governor also disclosed that his administration was on course to complete the Blue Line and Red Line rail projects which were started several years back, saying the project will be completed and trains will move on the two rail lines before the end of his administration.

He said, ”It is a commitment that we have given to Lagosians and it is a commitment that we will see will come to fruition because we have finished the financial closure and we are excited about that project.’

Speaking at the event, the Special Adviser, Office Of Civic Engagement, Princess Aderemi Adebowale, said that the executive and legislature would discuss extensively the theme of the retreat, “A Consensus Agenda for Rebuilding Lagos”.

While saying that the discussion in the next 48 hours would help to fast track the rebuilding of the state, Adebowale said that they would delve deeply into issues such as Youth Leadership Role, Grassroots Development: a catalyst for growth, and Role of Social Media in Nation Building, among others.

What you should know

  • It can be recalled that the Lagos State Government has shortlisted 6 companies for the design, development, construction, operation, and maintenance of the Fourth Mainland Bridge.
  • This followed the government’s issuance of a Request for Qualification (RFQ) in February this year. The 6 companies were said to have completed the technical and financial capacity requirements.
  • Lagos State said it will announce the selection of the next stage in due course, even as the RFQ will be given to the pre-qualified bidders.
  • The Fourth Mainland Bridge is a 37.4km freeway subdivided into three sections namely Island Section, Lagoon Section and Mainland Section. It will commence from Abraham Adesanya Roundabout in Lekki through Ajah and Langbasa areas, crossing the Ado Badore Road before arriving at the Lagoon shoreline.

Continue Reading

Business

Traffic violation: Lagos says LASTMA officials to carry body cameras in next few weeks

Within the next few weeks, LASTMA officials will start wearing body cameras to monitor traffic violations.

Published

on

LASTMA, Lagos State Traffic Management Authority, LASTMA court case, LASTMA fine

The Lagos State Government has said that officials of the Lagos State Traffic Management Authority (LASTMA) will start using smart body cameras within the next few weeks to monitor traffic violations.

This is coming after a viral video that has been in circulation, showed a man driving his Sports Utility Vehicle (SUV), driving against traffic along International Airport Road, hit a policeman with the car and he fell over the bridge when attempts were made to apprehend him.

This was disclosed by the General Manager of the LASTMA, Olajide Oduyoye, while answering questions on a Channels Television Programme monitored by Nairametrics, Sunrise Daily, on Friday, February 26, 2021.

The LASTMA general manager who pointed out that technology is the way to go, said that Governor, Babajide Sanwo-Olu, is on top of that and in 2020, approved the deployment of technology to improve our communication for the agency.

READ: Lagos says blue, red rail lines will be ready by December 2022

What the LASTMA General Manager is saying

Oduyoye, while answering questions during the interview said, ‘’I’m glad that you said that and of course technology is the way to go, our Governor, Babajide Sanwo-Olu is very much on top of that. He approved the deployment of technology for us to improve our communication last year 2020.

This year, we are definitely hoping in the next few weeks to start what you would say non-approachable offence dealings. That means we are going to be having body cameras on officers to capture incidences because things happen so fast and you don’t really have time to say okay let me get my camera and everything, but if you have your body camera on that is recording, then you can capture all sorts of different things that you can use against typical offenders.’’

While lamenting that chronic traffic violators do often remove traffic signs to deliberately disobey road laws, the LASTMA boss warned road users to obey traffic laws and not attempt to flee when caught.

What this means

  • The members of the general public have often called to question, the mode of operation of LASTMA, with calls for reforms which includes the deployment of technology in their operations.
  • This has often led to conflict between the officials of the agency and motorists some of who deny allegations against them and accuse LASTMA officials of extortion and being overzealous.
  • The LASTMA officials, who sometimes are at the receiving end, have had to deal with attacks on them by traffic violators, in the course of discharging their duties.
  • The deployment of technology especially the smart body cameras will go a long way to drastically reduce these conflicts and make the operations of LASTMA more credible.

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings