Lekki toll used to service debt, others, says LCC

Head, Communication of Lekki Concession Company Ltd (LCC), Mrs. Veronica Jacob, Managing Director, Mr. Yomi Omomuwasan and Lagos State Commissioner for Information and Strategy.

Mr. Gbenga Omotoso, at the joint press conference by LCC and state government…yesterday Urges protesters to allow plaza operate
Lekki Concession Company Ltd (LCC) has debunked social media claim that Admiralty Circle Toll Plaza is a cash cow, stating that the bulk of the earnings is being used to repay loan incurred for the project from local and foreign lenders.

Managing Director of LCC, Yomi Omomuwasan, who gave the explanation, in a statement, said the youths had been misled to believe that all the LCC does is collect toll, which has instigated them to shut down the plaza with their protest.

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.

He…

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