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.
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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.