Lagos State Governor, Akinwunmi Ambode has approved the termination of the concession granted by the Lagos State Development and Property Corporation (LSDPC) to Afriland Properties for the redevelopment of the Falomo Shopping Centre, Ikoyi, Lagos, southwest Nigeria.

The governor, in a statement signed by his Chief Press Secretary, Mr. Habib Aruna said that the decision was carried out based on a recent 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, is committed to the restructuring of the LSDPC to ensure it begins to provide positive capital returns to the State Government for the ultimate benefit of the people.

Ambode had two months ago, relieved former Managing Director of the LSDPC, Mr. Biodun Oki, of his appointment, and appointed Mr. Jacob Agosu as Acting CEO of the Corporation, in a bid, according to the statement, to stem the tide of negative capital returns of the corporation.