The Bureau of Public Enterprises (BPE) had signed a tripartite agreement with Portman Freight Services Limited and Lagos International Trade Fair Complex (LITFC) to lease a portion of the complex to the freight service company.
While signing the agreement on Wednesday, April 5, 2023 at the conference hall of the Bureau, the Director General of the Bureau of Public Enterprises (BPE) Mr. Alex A. Okoh noted that the event marks the commencement of the work on the portion of Parcel A and B that is not designated for concession and the standardization of lease agreements which will ultimately increase the earnings of the LITFC and the Federal Government in particular.
The Head, Public Communications, Amina Othman Tukur, in a statement said Mr. Okoh noted that in line with the Privatisation and Commercialisation Act (1999), the NCP approved the concession of LITFC to Aulic Nigeria Limited in 2007. However, the Concession Agreement was terminated by the NCP in 2017 due to failure of Aulic Nig. Ltd to meet covenants listed in the concession agreement and BPE was directed to immediately recommence the process of re-concession of the Complex.
According to the statement, he further mentioned that the Management Board of LITFC repossessed the enterprise from Aulic Nigeria Limited and the BPE immediately recommenced the process of re-concession of the LITFC as directed by the NCP on behalf of the FGN with the call for Expression of Interest (EOIs) on Monday, June 20th, 2022.
