The Bureau of Public Enterprises (BPE) has signed a tripartite agreement to commence the re-concession of the Lagos International Trade Fair Complex (LITFC).
A statement issued by the Bureau’s Head of Public Communications, Amina Tukur, indicated that the pact was signed with Portman Freight Services Limited and LITFC to lease a portion of the complex to the freight service company.
The BPE spokesperson quoted the Director-General of BPE, Mr. Alex Okoh, during the signing of the agreement as saying that the event marks the commencement of work on the portion of Parcel A and B that is not designated for concession and that the standardisation of lease agreements will increase government and LITFC’s earnings.
He explained that in line with the Privatisation and Commercialisation Act (1999), the National Council on Privatization (NCP) approved the concession of LITFC to Aulic Nigeria Limited in 2007, adding however, that the NCP terminates the agreement in 2017 due to the inability of Aulic Nig. Ltd to meet covenants listed in it.
The Director-General explained that following the termination of the agreement, the Bureau was directed to immediately recommence the process of re-concession of the complex.
He said: “The management board of LITFC repossessed the enterprise from Aulic Nigeria Limited.
“The BPE immediately recommenced the process of re-concession of the LITFC as directed by the NCP on behalf of the Federal Government with the call for Expression of Interest (EOIs) on Monday, June 20, 2022”, Okoh added.
He further clarified that in the process of carrying out the concession plan, it was discovered Portman Freight Services Limited had an existing 20-year lease agreement for Hall 4 with the former concessionaire (Aulic Nig. Ltd).
The BPE’s boss maintained that the existing 20-year lease agreement was before the termination of Aulic’s Concession by the NCP in August 2017.
