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#EndSARS: Lekki Toll Plaza MD Reveals Billions of Naira Loss Since Closure

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#EndSARS: Lekki Toll Plaza MD Reveals Billions of Naira Loss Since Closure

The Managing Director of Lekki Concession Company, LCC, Yomi Omomuwasan has revealed that the closure of the toll Plaza has cost the company over N2.5 billion, he added that, he has no explicit knowledge of the money being generated from the Plaza monthly.

Mr. Omomuwasan was a guest on a radio programme, ‘Hard Facts’, on Nigeria Info FM when he made the shocking disclosure.

“We don’t have a figure to that,” Mr. Omomuwasan said.

The Lekki Concession Company Ltd (LCC) had said that the bulk of the earnings from the tolls is being used to repay loans incurred for the project from local and foreign lenders.

Mr. Omomuwasan said the “total loan balance” incurred by LCC for the project from local lenders stood at N23.9 billion, while that of foreign lenders (AfDB) stood at $49.6 million as of December 31, 2011.

He explained that as of January 31, 2021, the outstanding debt liability from the local lenders was around N11.6 billion, and from foreign lenders, $31.1 million (USD), with the difference being the amount LCC has been able to pay.

Mr. Omomuwasan, before the #EndSARS protests, said LCC management had kept up with its loan repayments, but after the killing of protesters on October 20 and subsequent closure of the toll plaza, LCC had to plead for moratorium repeatedly with its lenders.

Last October, Punch reported how that the Lagos State Government lost at least N234m to the closure of toll gates during the #EndSARS protests, with exception to monies generated from the advertisements at the toll plaza.

The report said that the figure was obtained from the daily and monthly targets set for the toll gates which are being managed by the Lekki Concession Company.

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