Yomi Omomuwasan, Managing Director of the Lekki Concession Company has stated that the company has no idea how much it makes per month from the controversial Lekki toll gate.
The MD disclosed this earlier this week to Sandra Ezekwelisi on “Hard Facts”, a radio talk show on Nigeria Info FM.
On LCC returning to tolling, the MD said that LCC is going back to operations after the massive destruction that happened there in October 2020 post-EndSARS protests.
“If not for the destruction and burning down of the facility, operations would have been on, since the event of 20th October.
“We were forced out by the destruction, even if we wanted to continue we would have been unable to because the e-tolling system was completely burned down.
“It’s going back to business. It’s not like somebody stopped us all along from tolling. It’s strictly on account of the fact that we were just unable because of lack of facility,” he said.
On the level of damage to the facility
“For the few days we have been there, we have seen the e-tolling system was damaged, all the physical devices were burnt down, (and) that is a lot of money, no thanks to the dollar.
“We also had a lot of our vehicles burnt down, the cabling system, the connectivity that is physical in nature were all burnt down.”
Timeline to resumed activities
“The way we have built the comeback plans is to re-evaluate and estimate the asset that has been burnt down, once it done, we will approach the insurance companies. And we will go on to do e-tolling procurement, (and) that could take the next 4 months for us to get back to tolling.”
On LCC leaving the tolls unmanned until the #EndSARS panel is done
Omomuwasan said the company does not agree to that but maintains, “We are not part of the EndSARS issue. We are just a company operating and working, on its own.
“Then all of a sudden we find out you have been forced out of your location. The event has been cleared, for us it means we can go back. We have nothing to do with the protests, we don’t see any reason why we should leave the plaza unmanned. We are the victims, we had nothing to do with the protest and were burnt down.”
On the debt left for LCC
The MD said the company has about N12 billion in local debt and $31 million in foreign debt.
“This was used to build the road and it has to be repaid,” he said.
On Lagos paying off LCC’s debt in 2013
“I do not know the source of your information. Coincidentally, what the state said was that the shareholders of the private company were bought out, not the debt agreement continued”.
On LCC monthly revenue
Omomuwasan said, “I never said we lost N2.5 billion, what we may have lost is in 2 forms; the loss from facility burnt, and the loss from inability to collect tolls.
“I never told anybody to say this is the loss that was incurred. The N2.5 billion was about the facility that was damaged.
“We do not have a figure to how much we have lost monthly, we do not know how much we make per month.”
What you should know
Nairametrics reported earlier that Omomuwasan noted that not returning to full operations within the shortest possible time would result in loss of jobs for the LCC’s over 500 direct staff and thousands of others across its business value chain.
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