Lekki Toll Gate
Babatunde Fashola is the governor of lagos state, the commercial ‘capital’ of Nigeria. He is an eminent lawyer, a Senior Advocate of Nigeria, an achiever and a visionary leader. What disturbed me with the Lekki/Epe 50km expressway was the fact that BRF as Babatunde Fashola is fondly called signed this deal.
Come on BRF, you have travelled the world, and you felt an express road with 3, yes, THREE different tolls on a 50km stretch of existing road, with next to no prepared alternative road was good for Lagosians? I didn’t think so at the time, and I still don’t.
Tolls on the Lekki axis begun in 2011, with an agreement that allows the company to recoup its investment through toll collection from road users for 30 years before transferring it to the state government. Well 2 years is a long time in politics. BRF must have inserted some sort of clause that has enabled him take this popular decision to terminate the agreement with State House of Assembly’s N7.5 billion approval to buy out the concession right from LCC.
So, what’s the deal? What’s next and how will it impact lagos voters? We must remember 2015 is round the corner and Eti-Osa local government which controls Lekki is an important constituency.
What we seem not to consider is that LASG is buying the concession at 7.5billion but LCC had in the past (around 2010/2011) got about 50billion naira financing for this project.
If the above are true and correct (since they were all reported and I have not sighted any documents to support either, I can only assume the figures are correct) then it means either LCC has recouped so much of its money that they don’t mind accepting 7.5billion as pay off OR they have forgotten the loan is still outstanding. You will agree that the latter is most likely not the case.
Maybe BRF is business minded and wants to turn that revenue generation over to the govt (except the fares are really reduced this may not work as the pressure from people will be difficult to ignore because of 2015. Also the govt will needs to do a lot to ensure proper accountability for the funds if it manages the tolls directly) or maybe he has finally come to terms with what the residents of the area have been saying all along that the toll fares were ridiculous. I really don’t know what BRF and LASG is thinking but I hope its for the good of the people of that area and of Lagos at large.
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Thank you TY for your thoughts…quite incisive.
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Nothing is too much a price to be paid for a course that is justified and well believed. More so, we pay dearly for mistake that we make in life. If it believed that the deal is not in the best interest of the electorates, and that the alternative is better option, then should the best be opted for. At any rate, 30 years is too long a term to service a contract that in itself depreciates. What is the probability that such a route will still be relevant after the expiration? Let us always take steps at redeeming and salvaging our eroding heritage.
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