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FG is not Selling Lagos Trade Fair Complex, Says BPE

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  • FG is not Selling Lagos Trade Fair Complex, Says BPE

The Bureau of Public Enterprises (BPE) has declared that the federal government does not intend to sell the Lagos International Trade Fair Complex (LITFC), but would rather concession the facility through a competitive transaction process.

The privatisation agency’s clarification followed the alleged closure of LITFC by the traders’ associations operating in the complex and the protest by the said associations over the purported sale of the facility.

In a statement issued by the BPE’s Head, Public Communication, Amina Tukur Othman, it said: “For the avoidance of doubt, the Bureau states that the Federal Government of Nigeria through the Bureau of Public Enterprises (BPE) does not intend to sell the Complex, rather the facility would be concessioned through a competitive transaction process.

“It’s for this reason that the government has procured the services of Messrs Feedback Infrastructure Services to advise on the way forward for the proposed concession. It is apt to inform the public that the Bureau on Friday, March 1, 2019, met with the entire traders’ associations to explain the essence of the planned concession.”

The Bureau had on August 23, 2017, placed a Caveat Emptor in some national newspapers in the country wherein it stated that the lease agreement that was hitherto executed by the FGN in favour of Aulic Nigeria Limited had been validly terminated and possession reverted to the FGN with effect from August 23, 2017.

With that, members of the public were warned that “any purported allotment, buying, selling, letting, leasing, charging, and subdivision, construction upon or dealings in connection with the said property and parcels of land in any other manner howsoever without the written permission of the FGN represented by the BPE is unlawful, illegal, fraudulent and amounts to trespass”.

It further warned that any person(s) interfering with the said parcels of land “stand to lose their money as the FGN through the BPE will neither honour agreements, contracts or arrangements entered into with person(s) purporting to have authority to transact the property and or parcels of land whether in the manner described or in any other manner whatsoever nor will it re-imburse any monies paid in respect of such transaction”.

The Bureau reiterated its willingness to collaborate with all stakeholders to ensure a smooth and successful completion of the transaction; and appealed for cooperation from them.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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