Lagos State Governor Akinwunmi Ambode has terminated the concession agreement entered into between Afriland Properties and Lagos State Development and Property Corporation (LSDPC) that was to see Afriland redevelop the Falomo Shopping Centre, Ikoyi, into a modern shopping mall.

Afriland is a property management, investment and development company, which offers end-to-end services along the real estate value chain, from management to joint-venture investments with a portfolio size of about N10 billion.

The concession agreement was signed between LSDPC, Lagos government-owned organisation, and Afriland Properties plc during the immediate past administration of Governor Babatunde Fashola.

Ambode in a statement signed by Habib Aruna, his chief press secretary, explained that the decision to terminate the contract followed the “discovery that the concession was grossly detrimental to the interests of the people of the state.”

According to him, only N50 million was paid by the concessionaire, Afriland Properties, for a 50-year lease of the property belonging to the government.

He said the state government as custodian of the interests of Lagosians was committed to the restructuring of the LSDPC to ensure it began to provide positive capital returns to the state government for the ultimate benefit of the people.

It would be recalled that Governor Ambode two months ago sacked Biodun Oki, the former managing director of the LSDPC, and appointment Jacob Agosu as the new CEO of the corporation in an acting capacity.