LCC: ‘We don’t know how much we make from Lekki tollgate’

Bayo Wahab 21:42 - 18 February 2021

Lekki tollgate management does not know how much it makes from the two tollgate plazas in Lekki every month. (AfricaTodayNews)

LCC says the bulk of the earnings from the tolls is being used to repay loans incurred for the project from local and foreign lenders.

The Managing Director of Lekki Concession Company (LCC) Yomi Omomuwasan says the company does not know how much it generates from the two tollgates in Lekki, Lagos State.

Omomuwasan said this while featuring on a radio programme, ‘Hard Facts’ on Nigeria Info FM on Thursday, February 18, 2021.

When asked how much the company makes from the Lekki tollgate plazas monthly, the MD said, “We don’t have a figure to that.”

Omomuwasan also said the closure of the plazas following the alleged killing of protesting youths at the tollgate in October 2020, cost the company over N2.5 billion.

The LCC had earlier maintained that the bulk of the earnings from the tolls is being used to repay loans incurred for the project from local and foreign lenders.

Corroborating this on Thursday, Omomuwasan said the “total loan balance” incurred by LCC for the project from local lenders stood at N23.9 billion, while that of foreign lenders (AfDB) stood at $49.6 million as of December 31, 2011, Peoples Gazette report.

He further explained that the outstanding debt liability from the local lenders as of January 31, 2021, was around N11.6 billion, and from foreign lenders, $31.1 million (USD).