The Lagos State House of Assembly has approved the request of the state government to take over the Lekki Concession Company Limited.
This followed the submission of the report of the House Committee on Finance, which was assigned to look into the request by Governor Babajide Sanwo-Olu on June 21.
The Chairman of the Committee, Rotimi Olowo, reported that the Lagos State government now controls seventy-five percent shares of the LCC, while the remaining twenty-five percent is with the Office of Public-Private Partnerships.
Olowo said the Committee also noted that the original fifty-three point nine million US dollar LCC loan from the African Development Bank had been resolved between the bank, LCC, and the state government.
Following his presentation, the House approved the request of the executive to convert the AFDB loan to public sector loan, with the backing of the Federal Government guarantee on behalf of the Lagos State government.