The Lagos State has halted work on the redevelopment of the Falomo Shopping Centre, in Ikoyi.

On Wednesday, August 19, the state government terminated the concession granted by the Lagos State Development and Property Corporation to Afriland Properties for the shopping plaza.

A statement put out by Governor Akinwunmi Ambode’s Chief Press Secretary, Habib Aruna, said the governor approved the termination of the project because of a recent discovery that the concession was “grossly detrimental to the interests of the people of the state”.

The statement said in part: “Only N50m was paid by the concessionaire for a 50-year lease of the property belonging to the government.

“The 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 for the ultimate benefit of the people.”

Furthermore, the statement added that Ambode had recently removed Biodun Oki as Managing Director of the LSDPC and appointed Jacob Agosu as acting M.D, of the corporation.