Kazeem Ugbodaga
Alade Market Ikeja
The Lagos State Government says there is no going back on the redevelopment of the N6.9 billion Alade Market in Ikeja, Lagos into a mega shopping mall.
Contract for the redevelopment of the market was granted to Master Reality International Concepts Limited which is investing N6.9 billion on the project under 30 years concession under the Built Own and Transfer, BOT, basis, but traders in the market have been frustrating the project.
On Sunday morning, the concessionaire forcibly deployed its men by shutting down the market and took possession to begin the redevelopment in accordance with the Memorandum of Understanding, MOU, that was signed in 2010.
The intervention of the Executive Secretary of Ikeja Local Government, Adekunle Adeokun led to the re-opening of the market as a 15-man committee had been set up to fashion out the relocation of the traders to a new market which has been built for them besides Alade Market.
Adeokun, who spoke on behalf of the state government and the council which approved the redevelopment of the market said the redevelopment of the market into a mega mall was not negotiable as the traders must relocated soonest to pave way for the contractor to move to site to redevelop the market.
He said most of the traders kicking against the project were not the original shop owners and that the contractor had invested money on the project since five years ago and that since the money must be paid back, the project must be completed on time.
Managing Director and Chief Executive Officer, Masters Reality International Concepts Limited, Lai Omotola at a press conference on Sunday in Maryland, Lagos, Southwest Nigeria said the company came to take possession of the property as early as 6.00am on Sunday in a bid to start redevelopment since the traders had been …Read More
Source:: PM Newspaper
