WorldStage Newsonline—The dream by Afriland Properties, a member of the Tony Elumelu’s Heirs Holdings Group, to redevelop the Falomo Shopping Centre, Ikoyi  into a shopping mall, an office complex and world class residential apartments that will serve the needs of the burgeoning populace in Lagos State and beyond has been dashed with the termination of the contract by the Lagos State Government

Lagos State Governor, Mr. Akinwunmi Ambode on Wednesday terminated the concession granted by the State Development and Property Corporation (LSDPC) to Afriland Properties for the redevelopment of the Centre, claiming that only N50 million was paid by Afriland Properties, for a 50-year lease of the property belonging to the government

The Governor, in a statement signed by his Chief Press Secretary, Mr. Habib Aruna, said that the decision was carried out based on a recent discovery that the concession was grossly detrimental to the interests of the people of the state.

He said the State Government as custodian of the interests of Lagosians was committed to the restructuring of the LSDPC to ensure it begins to provide positive capital returns to the State Government for the ultimate benefit of Lagosians.

Governor Ambode two months ago, relieved former Managing Director of the LSDPC, Mr. Biodun Oki of his appointment, just as he appointed Mr. Jacob Agosu as Acting CEO of the Corporation, in a move he said was aimed  at stemming the tide of negative capital returns of the corporation.

Heirs Holdings, a pan-African investment company, chaired by Mr. Tony Elumelu, had in July 2013 signed an agreement with LSDPC, for the redevelopment of the iconic Falomo Shopping Mall located in Ikoyi, Lagos State.

According to the plan, the mall was to be redeveloped into a shopping mall, an office complex and world class residential apartments that will serve the needs of the burgeoning populace in Lagos State and beyond.

Speaking at the site tour then, the Managing Director of LSDPC, Mr. Biodun Oki, said: “The Falomo Shopping Mall’s redevelopment is long overdue. Our partnership with Heirs Holdings is in line with the state government’s urban redevelopment project and it bodes well for the state, the country and for the citizens.

“Once this project is completed, we can all look forward to a new and improved landscape that will stimulate business activity in this area and beyond.

“Involving the private sector in our redevelopment agenda is the model for all future projects.”

Speaking on the plan to remodel the shopping complex, the chairman of Heirs Holdings said: “Redeveloping one of the country’s most iconic malls is part of our commitment to drive development and move Nigeria forward through our business activities.”

Afriland Properties Plc according to information on its website is a property management, investment and development company, offering end-to-end services along the real estate value chain, from management to joint-venture investments.

It claimed that with a portfolio size of over N10 billion and one of the largest land banks in Nigeria, Afriland “is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.”

Afriland stated its vision to be “Africa’s leading real estate company, creating long term value for all stakeholders. Our mission is to deliver world-class developments by leveraging global best practices, strategic partnerships, excellence, and innovation.”

Listed among the board members of  Afriland are Erelu Angela Adebayo, Chairman; Uzoamaka Oshogwe, Managing Director; and Sam Nwanze, Chief Investment Officer at Heirs Holdings.