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Lagos orders reconstruction of Ladipo Market •Shop to go for N1.7m-N2m

By News Express on 08/10/2014

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The Lagos State Government has given a directive for the reconstruction of Ladipo main auto market to meet international standard. In obeying the order, the Mushin Local Government has granted 20-year lease to the stakeholders to destroy the old structures and rebuild the market through private participation.

Addressing a press conference yesterday, High Chief Innocent Echefu, who was the first president of the market association between 1989-1992, said the government’s directive became imperative because the foundation of the market had been destroyed by heavy duty equipment being brought into the market by the traders.

According to Echefu, who displayed the design of the new international market, the government directed that the new structure should be a storey building, instead of a bungalow. The old building has a total of 320 shops.

He explained that his company, Messrs Echefu Akachukwu International Company Limited, had been given the right to handle the project, while two banks, Diamond and Zenith, had agreed to finance it.

The ex-market leader said traders presently occupying the market should not exercise any fear because the reconstruction would be done in phases, giving room for them to continue to sell their spare parts while construction goes on.

He said old traders are to get allocation at the rate of N1.7 million while new allotees would pay N2 million per shop. They are to make deposit of 30 percent of the total cost, while the banks will pay 70 per cent on their behalf for the reconstruction.

He added: “This is an international auto market that must be built to specification and to the taste of both the Lagos State Government and Mushin Local Council.”

He commended the government for giving the traders another chance to develop the market and promised that traders would live to expectation.

•Credit: Daily Sun. Photo shows Ladipo Market.

Source News Express

Posted 08/10/2014 09:35:58 AM


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