House of Representatives Ad-hoc Committee investigating Federal Government’s leased properties has promised to protect the interest of Nigerians who invested money into the Lagos International Trade Fair Complex (LITC).
Chairman of the Committee, Hon. Daniel Asoquo made the commitment at the commencement of the investigative hearing on the activities of the Board Management of Lagos International Trade Complex (LITC) over unrecovered revenue worth N6.5 billion.
Asoquo also said the committee would recover revenue accrued to various Agencies and Departments under Federal Ministry of Industry, Trade & Investment.
Lawmakers had at the hearing requested for reports conducted by Department of Weights and Measures on the infractions at the oil terminals by some of the operators.
Earlier, the ministry of trade and investment had through the its Weights and Measures said agreed to participating in the checking the weights and oil terminals export terminal zones.
Also in his presentation,the LITS Director Administration & Human Resources, Mr. Francis Dajilak told the committee that the complex was concessioned to Aulic Nigeria Limited in 2007.
According to him, five major stakeholders including the Department of Security Service (DSS) were in the complex before the concession.
He however said that issued ensued after the concession between the stakeholders and the Aulic which delayed the implementation till 2008.
The director said between 2008 and 2017 when the contract was terminated, Aulic Nigeria Ltd owed to a tone of N6.5 billion.
In his remarks, the Counsel to Plaza Owners Association operating in the complex, Mr. Godson Okoye said that about N12 billion could be generated from the property annually if managed well.
In a related development, the committee expressed concerns over the N200 million reportedly generated yearly from the 383 shops and offices at the Tafawa Balewa Square (TBS) by the Management Board.
The committee observed that the TBS Management Board committed an infraction on the remittance of revenue into Treasury Single Account (TSA) instead of Special Concession Account as provided in the ICRC Account