Lagos State House of Assembly on Thursday August 12, said, the approval of $53.9 million loan granted to the executive arm of the state to Lagos Concessionaire Company, LCC, by the Africa Development Bank and three other local banks, was for restructuring and not take over.
Speaking to newsmen, the House Committee Chairman on Finance, Mr. Rotimi Olowo, representing Shomolu Constituency 1, clarified that the state government had, since 2014, taken over LCC, based on terms of agreement of 75 per cent shareholding by Lagos State government and 25 per cent by public, private partners.
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Olowo noted that the repayment period of the loan was based on the new ownership structure extended to 2034 to reduce the pressure of repayment of loans on the state government.
