Falomo Shopping Centre saga: N50m paid for Expression of Interest – Afriland



Following allegations of contractual impropriety against Afrilands Properties in the transaction to redesign and redevelop Falomo Shopping Centre in Lagos, the firm yesterday refuted the allegation stating that it paid a N50million Expression of Interest fee ahead of the eventual award of the contract.
The media was rife with reports yesterday implying that the contract with the Lagos State Development and Property Corporation, LSDPC, was terminated on the grounds that the concession terms were “grossly detrimental” to Lagos State and its residents.
The reports also claimed that Afriland Properties Plc only made a payment of N50 million for a 50-year lease of the government-owned land.
But in a statement signed by its managing director, Uzo Oshogwe last night, the firm stated that though the authenticity of the reports was unconfirmed, Afriland never engaged in any misconduct and that neither was the transaction in any way detrimental to the people and government of Lagos State.
“We are strongly committed to creating a world class project, which will act as an economic magnet for central Lagos, creating opportunities for Lagosians and which crucially has been structured to ensure ongoing value will accrue to Lagos State and to Lagosians. The contract was negotiated transparently and in accordance with best practice,” the firm stated.
It continued: “Afriland Properties PLC and the Lagos State Development Property Corporation, LSDPC, acting on behalf of the Lagos State government, established a Special Purpose Vehicle, SPV, which is jointly owned by the parties for the specific purpose of developing the Falomo project.





For the full story, check the Nigerian Pilot newspaper.



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