• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Lagos Assembly clarifies its position on the conversion of $53.9 million LCC loan

Chike Olisah by Chike Olisah
August 12, 2021
in Business News
Lagos Rail Mass Transit, Lagos State House of Assembly, Lagos 2021 Appropriation Bill scales through second reading
Share on FacebookShare on TwitterShare on Linkedin

The Lagos House of Assembly has said that it only approved the request of Governor Babajide Sanwo-Olu to convert the $53.9 million Lagos Concession Company (LCC) private loan to a public sector loan. 

The clarification from the legislature follows media report that they have approved the full takeover of LCC, a privately owned company. 

This was made known by the Chairman House Committee on Finance, Mr Rotimi Olowo (Shomolu Constituency 1), on Thursday in Lagos. 

RelatedStories

Governor Otu seeks PPP Investment for Bakassi $3.5 Billion Seaport Development 

Governor Otu seeks PPP Investment for Bakassi $3.5 Billion Seaport Development 

June 22, 2025
FG flags off fully private-financed 125km Benin–Asaba Superhighway project 

FG flags off fully private-financed 125km Benin–Asaba Superhighway project 

March 23, 2025

According to NAN, Olowo told journalists that the clarification became necessary as the loan conversion was to attract lower interest rates from the present 4.2% to 1.2% from the African Development Bank (AfDB). 

He explained that the state government took over the company in 2014 to develop infrastructure in the Epe axis, considering the future establishment of Dangote Refinery, amongst others, which was expected to create employment opportunities and bring in more taxes. 

What the Lagos State lawmaker is saying

Rotimi Olowu said that the terms of the $53.9 million loan agreement were on 75% shareholding by the state government and 25% by Public Private Partnership (PPP). 

He said: “Presently, the government owns LCC 100 per cent since 2014, but the government decided to take over the company due to its economic advantage in the near future. 

“The loan was initially taken as a private sector loan at an interest rate of 4.2 per cent but that it was renegotiated to 1.2 per cent interest rate as a public sector loan. thus requiring approval of of the state House of Assembly. 

“The new repayment period of the loan was based on the ownership structure that has been extended to 2034 so as to reduce pressure of repayment of loan on the state government. 

“The approval by the assembly indicated that out of the $53.9 million loan, $20.1 million with interest rate of $40 million has been paid so far and there is still outstanding loan balance of $27.5million.” 

He said that AfDB granted international component of the loan, while Zenith, United Bank of Africa and First City Monument Bank, granted the local loan.  

What you should know

Nairametrics had earlier reported that the Lagos State Assembly House Committee on Finance, in its presentation during plenary, approved the full takeover of ownership of Lekki Concession Company (LCC) by the state government. 

But, in its reaction, the Lagos State Commissioner for Information, Mr Gbenga Omotosho, debunked the report, saying that the request by the governor was not to takeover LCC since it had already been done in 2014. 

The commissioner added that the request was to convert the loan to a public sector facility. 

Tags: Lagos Concession CompanyLCCPPPpublic private partnership
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

Governor Otu seeks PPP Investment for Bakassi $3.5 Billion Seaport Development 
Real Estate and Construction

Governor Otu seeks PPP Investment for Bakassi $3.5 Billion Seaport Development 

June 22, 2025
FG flags off fully private-financed 125km Benin–Asaba Superhighway project 
Real Estate and Construction

FG flags off fully private-financed 125km Benin–Asaba Superhighway project 

March 23, 2025
Renewed Hope Estate: FG launches construction of 250 housing units in Yobe 
Real Estate and Construction

FG seeks to adopt public-private partnership framework to expand housing finance, bridge deficit in Nigeria

March 12, 2025
housing units
Renewables & Sustainability

FMBN secures N100 billion offtaker guarantee for Karsana Renewed Hope City project in Abuja 

November 18, 2024
Osun State secures $80 million investment pledge for infrastructure and gas projects 
Business

Osun State secures $80 million investment pledge for infrastructure and gas projects 

March 7, 2024
House of Representatives
Business

Reps invites NNPCL, NPA, NIMASA, FAAN and others over management of PPP concessions 

March 1, 2024
Next Post
Jobberman Nigeria is aiding young Nigerians into the digital age with #FindYourDigitalSuperPower campaign

Jobberman Nigeria is aiding young Nigerians into the digital age with #FindYourDigitalSuperPower campaign

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 
  • Africa needs gas as a transformational fuel for development – Sahara Group 
  • FG to pilot 6-month training for 3,000 artisans in 10 construction trades across 3 states  

Follow us on social media:

Recent News

President Tinubu appoints 6 Chief Medical Directors for federal hospitals on 4-year terms 

President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 

July 13, 2025
Africa needs gas as a transformational fuel for development – Sahara Group 

Africa needs gas as a transformational fuel for development – Sahara Group 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics