The Lagos State Government has disclosed plans to sink a 24 percent investment hook in the Tafawa Balewa Square (TBS) and the Lagos Trade Fair Complex.
Plans of the state were made public by the Executive Governor, Babajide Sanwo-Olu, in a virtual Investors’ Forum’ Tuesday.
The 24 percent stake would be bartered for the same amount of shares in concession Special Purpose Vehicle (SPV).
Also speaking at the event was the Director-General of the Bureau of Public Enterprises (BPE), Alex Okoh, who said that successful concessionaires would get to bargain with the state government.
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He said, “Should you emerge as the preferred concessionaire, we will negotiate with the Lagos govt. From that stage, Lagos will take 24 percent of shares with the LITFC or TBS.”
What is a Concession?
According to Mondaq, “A concession according to Section 36 of the ICRC Act means the contractual arrangement whereby the project proponent or contractor undertakes the construction including financing of any infrastructure, facility and the operation and maintenance thereof and shall include the supply of any equipment and machinery for any infrastructure and the provision of any services.”
