The Bureau of Public Enterprises (BPE) has signed a tripartite agreement to commence the re-concession of the Lagos International Trade Fair Complex (LITFC).

This is contained in a statement signed by BPE’s Head of Public Communications, Amina Tukur, in Abuja on Monday.

Tukur said the bureau signed a tripartite agreement with Portman Freight Services Limited and LITFC to lease a portion of the complex to the freight service company.

She said the Director-General of BPE Alex Okoh while signing the agreement said that the event marked the commencement of work on the portion of Parcel A and B that was not designated for concession.

Okoh also said the standardisation of lease agreements would ultimately increase the earnings of the LITFC and the Federal Government in particular.

The director-general said in line with the Privatisation and Commercialisation Act (1999), the National Council on Privatization (NCP) approved the concession of LITFC to Aulic Nigeria Limited in 2007.

However, he said the Concession Agreement was terminated by the NCP in 2017 due to the failure of Aulic Nig. Ltd to meet covenants listed in the concession agreement.

Okoh said BPE was directed to immediately recommence the process of re-concession of the complex.

” The management board of LITFC repossessed the enterprise from Aulic Nigeria Limited.

” The BPE immediately recommenced the process of re-concession of the LITFC as directed by the NCP on behalf of the Federal Government with the call for Expression of Interest (EOIs) on Monday, June 20, 2022.”

Okoh said that in the process of carrying out the concessioning plan, it was discovered Portman Freight Services Limited had an existing 20-year lease agreement for Hall 4 with the former concessionaire (Aulic Nig. Ltd).

“This existing 20-year lease agreement was before the termination of Aulic’s Concession by the NCP in August 2017.”