FG to concession Independence Building in Lagos on BOT

The Infrastructure Concession Regulatory Commission (ICRC) on Wednesday said the Independence Building in Lagos would soon be concessioned under a Build, Operate and Transfer (BOT) agreement.

The commission’s Director-General, Mr Chidi Izuwah, made this known while addressing newsmen after inspecting the dilapidated building in Lagos Island.

The Independence Building is a 25-storey structure situated in the Lagos Central Business District and was built in 1961.

It occupies a land area of 8,100 square metres, with a large separate parking provision of 2,650 square metres.

Izuwah said the intention of the Federal Government was to concession the asset to be turned into a national trade and international business centre similar to a world trade centre.

He further explained that the concessionaire would rehabilitate, manage and operate the National Trade and International Business Centre and transfer to the Tafawa Balewa Square Management Board (TBSMB).

Izuwah said the asset was important to government as no one would have that kind of asset and leave it without yielding any economic value.

On his part, the acting Managing Director, Infrastructural Bank Plc, Mr Ross Oluyede, said government stood to gain a lot if the facility becomes operational.

Oluyede said it would create jobs for Nigerians because many people would be engaged at the shops within, while taxes would be paid to the government. (NAN)