Metro

LCC Opens Up On Bank Debts, Ownership and Fate Of Over 500 Workers

Published

4 years ago

Feb 16, 2021.

LCC Opens Up On Bank Debts, Ownership and Fate Of Over 500 Workers

The LCC says it owed ₦23.9 billion and $49.6 million to local and foreign lenders as of December 31, 2011

The Lekki Concession Company (LCC) has again appealed for the understanding of aggrieved youths who are bent on preventing the Company from commencing the evaluation of the extent of the damage done to its assets on the night of Tuesday, October 20, 2020, citing the subsisting bank debts and the fate of its over 500 workers as compelling reasons the process ought to begin now.

Speaking at a press conference in Lagos on Monday, Managing Director of the LCC, Yomi Omomuwasan expressed regret that some people were using fake news to misinform Nigerians about the company’s ownership and whip up public sentiment against its return to business.

Omomuwasan said while LCC empathises with Nigerians who suffered one loss or the other during the #EndSARS protest, continuing to punish the company whose facility was forcefully taken over by the protesters for whatever happened on October 20, 2020, would be a regrettable double whammy for the company.

He explained that the non-return of the Company to operation is negatively affecting LCC’s subsisting loan obligations to local and international lenders, maintenance of the road, its ancillary services and most importantly, the welfare of its staff some of whom have been home since the incident in October.

He disclosed that LCC owed ₦23.9 billion and $49.6 million to local and foreign lenders as of December 31, 2011.

He, however, lamented that the forceful takeover of the Tollgate by #EndSARS protesters and its subsequent destruction had affected its ability to service its debts.

He said: “As of January 31, 2021, the outstanding debt liability from the local lenders is in the region of ₦11.6 billion and from the foreign lenders $31.1 million (USD), with the difference being the amount LCC has so far paid the lenders. It is important to say that, before the #ENDSARS protest, LCC had continued to meet up with servicing its loan obligations without default to the lenders.

“However, since the commencement of the #ENDSARS protest, the forceful takeover of the Admiralty Circle Toll Plaza and the unfortunate incident of Tuesday 20, October 2020, we have had to plead for moratorium repeatedly with our local and international lenders. It has been impossible to meet our loan repayment obligations- and obligations to our workers- given our inability to collect tolls, the main revenue source from which the repayment was contractually expected to come.”

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