Again, Lekki Concession Company Laments

Managing Director of the Lekki Concession Company, Yomi Omomuwasan, has again expressed concerns over the negative impact caused by the closure of the Lekki Toll Gate.

Omomuwasan, who appealed to the aggrieved youths who are bent on preventing the Company from re-opening, cited the subsisting bank debts and the fate of its over 500 workers as compelling reasons the re-opening process ought to begin.

He disclosed that LCC owed N23.9 billion and $49.6 million to local and foreign lenders as of December 31, 2011.

Omomuwasan further explained that the local lenders’ outstanding debt liability is in the region of N11.6 billion and from the foreign lenders $31.1 million (USD).

Speaking at a press conference in Lagos, Omomuwasan expressed regret that some people were using fake news to misinform Nigerians about the Company’s ownership and whip up public sentiment against its re-opening.

Lekki Concession Company

The Managing Director said while LCC empathises with Nigerians who suffered one loss or the other during the EndSARS protest, he opined that the LCC facility’s closure would be a regrettable double whammy for the Company.

Lekki Concession Company Laments
Directors of the Lekki Concession Company.

He explained that the Company’s non-return to operation negatively affects LCC’s subsisting loan obligations to local and international lenders, maintenance of the road, ancillary services, and most importantly, its staff’s welfare.

According to him, the forceful takeover of the Lekki Toll Gate by EndSARS protesters and its subsequent destruction had affected its ability to service its debts.

Gboyega Akosile, Chief Press Secretary To Lagos State Governor
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