AMBODE APPROVES #740m TO COMPENSATE LEKKI FREE TRADE ZONE (LFTZ) LAND OWNERS

As part of efforts to douse tension and create a conducive atmosphere for businesses in areas bordering the Lekki Free Trade Zone (LFTZ), the Lagos State governor, Akinwunmi Ambode, has approved the release of N740,461,432.00, as compensation to the landowners.

Majorly affected this time are the host communities of the parcel B of the land acquired by the government, comprising Yegunda and Abomiti zones of the LFTZ and the Lekki-Epe International Airport site.

Rotimi Ogunleye, the state commissioner for commerce, industry and cooperatives, who disclosed this at a news conference on Thursday, said by the continuing payment of compensations to the communities, the government was assuring investors currently doing business within the zone and would-be investors of their safety and security.

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Among the major investors in the LFTZ is the Dangote Fertilizer Plant and 650,000 barrel per day refinery expected to come on stream on by first quarter of 2018. Over 70 local and foreign companies across various sectors of the economy are said to be showing interest in the free trade zone, which was licensed in 2004 by the Nigeria Export Processing Zones Authority (NEPZA).

“Before these parcels of land were acquired, they were being used for farming mostly by various families within those project sites. Therefore, there is bound to be compensation to the landowning families. The focal point of the current administration in the state is to engender a sustainable cordial relationship between the host communities and investors in the zone.

“As I address this gathering, modalities are being put in place to ensure a hitch-free payment of another tranche of N740,461,432.00 compensation exercise, which is to be effected immediately,” Ogunleye said.

Meanwhile, Governor Ambode has donated N5 million to two students of Lagos State College of Health Technology who designed a new technology of generating biogas through the treatment of animal waste.

The students – Sarunmi Oluwafemi and Dada Samuel, were among the 422 successful graduates of the Ready, Set, Work (RSW) programme of the state government targeted to equip graduates of tertiary institutions in the state with necessary entrepreneurial skills and make them emerge as ready products for the increasingly competitive labour market, as well as job creators.

Oluwafemi and Samuel, who emerged as first place winners of the pitch competition of the programme, were equally given N1 million seed funding and placed on N100,000 monthly working capital for six months, all geared towards encouraging their business idea to grow.

The business idea, which is biogas production, involves the treatment of animal waste in order to generate biogas, which can be used for domestic cooking, generation of electricity and other purposes. The technology is targeted at providing a potential substitute for the ever-costly liquefied petroleum gas.

The governor said his administration remained strongly committed to capacity building, entrepreneurship empowerment and sustainable youth development, adding that the RSW initiative was one of the initiatives targeted at youth empowerment.

While stating that the future of Lagos and indeed the country lies in the hands of the youth who constitute a significant portion of the population, Ambode said his objective was to allow students of tertiary institutions in the state have access to initiatives such as the RSW and other programmes.

“This is a time to push ahead with the same strength and focus that brought you to this point, and to pursue with vigour the knowledge, skills, and ideas formed in you over the last three months.

“The private sector would benefit from your passion and professionalism, while the entrepreneurial world awaits your vision driven ideas. As you progress in your journey, strong discipline remains an imperative and as pilots and ambassadors of “Ready, Set, Work”, you must uphold the positive values of decorum, respect, and self-management. Stand out and stand apart from the crowd in the “outside world,” he said.

Source : http://www.businessdayonline.com/en/ambode-approves-n740m-to-compensate-lftz-landowners/

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