FG Gives Investors Conditions On Concession Of Tafawa Balewa Square, Trade Fair Complex
The Federal Government on Tuesday notified investors that it will only concession the Tafawa Balewa Square and the Lagos International Trade Fair Complex to bidders who can demonstrate capacity to transform the squalid assets to a world class standard.
But the government said investors can only hold up to 76 per cent shares as Lagos has indicated interest to own 24 per cent shares Of Concession TBS and the LITFC.
The Director General of the BPE, Alex Okoh, disclosed this during a monitored international investors’ on four concession opportunity organised by the Bureau of Public Enterprises.
The Federal Government had listed 36 assets across the country that is is willing to sell or concession.
The assets according to the BPE is projected to be sale or concession for N493.4bn.
The BPE had in a document grouped the Lagos International Trade Fair Complex, Tafawa Balewa Square and River Basin Development Authorities as assets for partial commercialisation and concession.
The concession process is expected to commence in April, 2021, the bureau told investors on Tuesday.
The BPE said, “Lagos State agreed to take up to 24 per cent shares of the concession Special Purpose Vehicle (SPV) in exchange for the requisite equity combination in the redevelopment investment programme.”
On the concession term, the Bureau said the concession would last for 30 years and it is renewable for another 30 years.
Okoh said the “FGN will be obliged to renew the concession provided all the terms are met b the concessionaire.”
Other conditions for the concession requires bidders to have “strong financial strength.”
BPE said it envisages the TBS to be a “world class event and entertainment centre.”
According to the BPE, concessionaire must fully renovate and redevelop the parade ground with flexible formula.
The investor must renovate the pavilions to turn the kiosks and offices behind into a modern shops and offices.
Also, the TBS is expected to have a 21 century office building, hotel and multi-story parking lots.
BPE said the edifice is expected to have an upscale shopping mall fully equipped with attractions such as ice-scaling ring, movie theatre, casino, bawling and kids’ theme park.
For the Lagos International Trade Fair Complex, the government stressed that it envisage the conversion of the national asset to a world class trade and entertainment centre.
Among the new look sought after is an ultramodern business park, office area, hotel complex, artificial forest campaign area, entertainment parks, motel complex and infrastructure connecting the three parcels of concession among others.