The Lagos State Government has offered additional explanation about the status of the Lekki Concession Company and the decision reached by the State House of Assembly.
The Commissioner for Information and Strategy, Gbenga Omotoso, said the House of Assembly did not approve the takeover of LCC, as was earlier reported in the media.
Instead, Omotoso said what the House did was an approval for the conversion of a loan from the African Development Bank to a sovereign loan, with low interest rate.
The Commissioner also clarified that the Lagos State had since 2014 acquired the full shares and equity of the former owners of the LCC.