Saturday, 31 August 2013

Lagos State Govt buys back LCC's concession rights in Lekki-Epe Expressway

The Lagos State Government has announced its intention to buy back LCCs concession rights in the Eti-Osa Lekki-Epe Expressway. Find a press statement from the State Govt below..
The Lagos State Government wishes to state clearly that it has neither terminated nor cancelled the Concession Agreement it entered into with the Lekki Concession Company Limited (LCC) to reconstruct and expand the 49.36 km Eti-Osa Lekki-Epe Expressway.
To set the records straight, Lagos State Government is engaged in buying back the rights pertaining to the concession ahead of the 30-year period stipulated in the Design, Build, Operate and Transfer (DBOT) Concession Agreement. This is to be achieved by purchasing all the shares in LCC.

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