Lagos denies taking over LCC, Lekki-Epe road – Newstrends
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Lagos denies taking over LCC, Lekki-Epe road

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Lagos State Government has denied the reports that the State House of Assembly has given it the go-ahead to take over the Lekki Concession Company.

State Commissioner for Information and Strategy, Mr Gbenga Omotoso, who made the clarification in a statement, said the state government never made such request.

The LCC is a special purpose vehicle set up to execute the Eti-Osa/Lekki-Epe toll road concession project. The project is designed to deliver essential road infrastructure and services along the Lekki area of Lagos.

Omotosho’s statement read in part, “The government did not make such a request. Its request was to convert the African Development Bank loan from a private sector (commercial) loan to a sovereign (public sector) loan, which attracts a lower interest rate. This will enable the company to make some savings.

“The government, in fact, acquired the full shares/equity of the former owners of the company in 2014. There was no need to take such a request to the House.

“Following the Lagos State Government’s full ownership of the LCC in December 2014, the loan became eligible for conversion to a sovereign facility with an attendant significant lower interest rate of LIBOR plus 80 basis points and extended tenor.

“In the recent past, there have been discussions amongst LCC/LASG, AfDB and the relevant Federal Government ministries and agencies concerning conversion of the loan to a Sovereign facility. Upon the completion of the conversion, there will be a significant reduction of applicable interest rate and extended tenor.

“The sovereign loan conversion will also lead to a crash of the applicable interest rate on the facility to circa 1.8 per cent p.a compared to the current interest rate of circa 4.12 per cent p.a.

“Besides, the conversion will increase the tenor of the facility from the current five years to 15 years. This has the impact of spreading the cash flow impact by an additional 10 years.

“One of the requirements stipulated by the Federal Ministry of Finance for the loan conversion is the approval of the Lagos State House of Assembly. This is the approval given by the Lagos State House of Assembly on August 5, and NOT an approval for taking over of LCC, as reported. As stated earlier, LASG took over the shares of the previous private shareholders of the company since December, 2014.

“Therefore, the state government, after due consultation with all major stakeholders, entered into an Amicable Settlement Option with the shareholders of the LCC with a view to bringing the project back on the path of long-term sustainability, acquired the full shares/equity of the previous owners, thereby assuming full ownership of LCC in December, 2014.

“This approach would particularly allow the Government to take full control over the determination of toll rates in order to continue to make them affordable.”

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Appeal court takes over NURTW case as NIC withdraws

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Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

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Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

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Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.

Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.

Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.

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The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.

News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.

For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

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As controversy over Maersk-FG port investment rages, Onanuga says no $600m deal signed

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As controversy over Maersk-FG port investment rages, Onanuga says no $600m deal signed


The Nigerian government and a shipping giant, Maersk, have not signed any investment agreement, Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, has said.
Onanuga was reacting to the controversy surrounding the reported sealing of a $600 million deal for the development of the nation’s seaports.
He said there was only talk “of possible investment in Nigeria” by Maersk.
Interestingly Onanuga had hinted about the deal in a tweet said to have been pulled down after the social media backlash.
After President Tinubu’s discussion with Maersk’s Chairman Robert Uggla on April 28, on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, the presidency had released a statement announcing that the shipping company had pledged to inject $600 million into the Nigerian seaport industry.
“Danish shipping company, A.P Moller-Maersk plans $600m investment in Nigeria. Danish shipping and logistics company A.P Moller-Maersk has disclosed a planned investment of $600 million in Nigeria to accommodate more container shipping services in Nigerian ports,” Onanuga wrote on X.
In a statement, Tinubu’s spokesperson, Ajuri Ngelale, also said “President Tinubu meets Chairman of Danish shipping giant Maersk, secures $600 million investment in Nigerian seaport infrastructure.” He quoted Uggla as saying, “We believe in Nigeria, and we will invest $600m in existing facilities and make the ports accommodating for bigger ships.”
In response to this. Maersk officials have denied any such agreement and stress no deals have been signed.
Onanuga in a new report by TheCable, an online news platform admitted no agreement on investment had been reached by the two parties.
“I think the statement issued by Maersk did not talk about a deal. There was no deal according to that statement that I read.
“However, there was talk of investment,” the special adviser said.
“No document or agreement was signed, so there was no deal. But there was talk of a possible investment in the country.
“So, go and read the statement again. They never said any deal was signed between the Nigerian government and the Dutch company. There was nothing like that.”
Onanuga however said the shipping company did not expressly deny that there was an investment talk.
He said people are “unnecessarily giddy over nothing.

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