Even as traders yesterday continued their protest against the redevelopment of the popular Alade Market, the state government has said categorically that it will not backtrack on its earlier decision.
The traders had on Sunday barricaded the entrance to the market towards preventing the concessionaire, Master Reality International Concepts Limited, from embarking on construction works.
The N6.9billion redevelopment project under Public Private Partnership, PPP agreement, was awarded in August 17th, 2010 with 30 years concession. It was learned that the Concessionaire recently shut the market and deployed its men to take possession in accordance with the Memorandum of Understanding, MOU, signed five years ago. Sources said that Governor Akinwunmi Ambode hearing of the development, invited the Executive Secretary of Ikeja Local Government, Adekunle Adeokun to address the issue.Adeokun who led the state government delegation in reopening the market and constituting a 15-man committee to facilitate the relocation of the traders a few meters away. He said that the redevelopment of the market into a Mega mall was not negotiable, saying; “The traders must be relocated urgently to pave way for the redevelopment.” According to him, “I understand the interest of the protesting traders because they were the tenants. And existence of their business is important. This is natural but the market has turned to a slum because of neglect over the years. “The construction would be done in 18 months. The present traders have the first option to the stalls after the reconstruction. If they fail to allow the redevelopment, the cost will continue to increase. Although the council would have decided to reconstruct the market but the annual rent of N7, 200 to the council will not sufficient.” He stressed that council would have reviewed the rent but the state government has regulated the rent. And for years, it has not been reviewed. Managing Director and Chief Executive Officer, Masters Reality International Concepts Limited, Engineer Layi Omotola explained that 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 frustrating the project for long. His words “On August 12, 2010, we signed a concession with Ikeja Local Government under BOT to redevelop Alade Market into a mega mall to meet the standard of a mega city. For the past five years, we have been meeting with the marketers to move them to another place we have built for them but they refused to move. “A foreign cash-inflow of $50 million was obtained in 2013 with the exchange rate then pegged at N175 to a dollar, but the exchange rate had sky-rocketed to N195 to a dollar which grossly affected the project. “All attempts to make the traders reason with us proved abortive and it has come to a stage where our nobility was turning into stupidity. We came today to work and the Executive Secretary asked us to go into a round table. At the meeting, attended by the parties involved, it was agreed that a committee be set up with five people each from the council, traders and the contractor.“The concern of the developer is for the marketers to sign an agreement that once the things needed are in place, they will move to the alternative location which has 194 shops. ‘’ We are frustrated and tired. We need the help of government to accelerate this project because as time goes on, we are paying more interest. This project is about N6.9 billion. The place we are relocating them to is part of our investment,” he added. Omotola added that if all things went on as planned, the developer would complete the project between 18 and 24 months, adding that the company had the plan to build 130 other shops aside the 194 already built to pave way for the project.”
The N6.9billion redevelopment project under Public Private Partnership, PPP agreement, was awarded in August 17th, 2010 with 30 years concession. It was learned that the Concessionaire recently shut the market and deployed its men to take possession in accordance with the Memorandum of Understanding, MOU, signed five years ago. Sources said that Governor Akinwunmi Ambode hearing of the development, invited the Executive Secretary of Ikeja Local Government, Adekunle Adeokun to address the issue.Adeokun who led the state government delegation in reopening the market and constituting a 15-man committee to facilitate the relocation of the traders a few meters away. He said that the redevelopment of the market into a Mega mall was not negotiable, saying; “The traders must be relocated urgently to pave way for the redevelopment.” According to him, “I understand the interest of the protesting traders because they were the tenants. And existence of their business is important. This is natural but the market has turned to a slum because of neglect over the years. “The construction would be done in 18 months. The present traders have the first option to the stalls after the reconstruction. If they fail to allow the redevelopment, the cost will continue to increase. Although the council would have decided to reconstruct the market but the annual rent of N7, 200 to the council will not sufficient.” He stressed that council would have reviewed the rent but the state government has regulated the rent. And for years, it has not been reviewed. Managing Director and Chief Executive Officer, Masters Reality International Concepts Limited, Engineer Layi Omotola explained that 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 frustrating the project for long. His words “On August 12, 2010, we signed a concession with Ikeja Local Government under BOT to redevelop Alade Market into a mega mall to meet the standard of a mega city. For the past five years, we have been meeting with the marketers to move them to another place we have built for them but they refused to move. “A foreign cash-inflow of $50 million was obtained in 2013 with the exchange rate then pegged at N175 to a dollar, but the exchange rate had sky-rocketed to N195 to a dollar which grossly affected the project. “All attempts to make the traders reason with us proved abortive and it has come to a stage where our nobility was turning into stupidity. We came today to work and the Executive Secretary asked us to go into a round table. At the meeting, attended by the parties involved, it was agreed that a committee be set up with five people each from the council, traders and the contractor.“The concern of the developer is for the marketers to sign an agreement that once the things needed are in place, they will move to the alternative location which has 194 shops. ‘’ We are frustrated and tired. We need the help of government to accelerate this project because as time goes on, we are paying more interest. This project is about N6.9 billion. The place we are relocating them to is part of our investment,” he added. Omotola added that if all things went on as planned, the developer would complete the project between 18 and 24 months, adding that the company had the plan to build 130 other shops aside the 194 already built to pave way for the project.”
No comments:
Post a Comment