The management of Lekki Concession Company, the concessionaire of the Lekki Tollgate in Lagos, says over N2.5 billion losses have been recorded in the last four months.
Operations at the toll plaza were suspended after the shooting of protesters on October 20, 2020.
However, the Lagos State Judicial Panel of Inquiry on February 7 asked the LCC to repossess the Tollgate, renovate and resume business, noting that insurers could commence assessment of the damage at the facility.
Speaking to journalists on Monday, Managing Director of LCC, Yomi Omomuwasan, said the closure of the plaza had cost the company over N2.5 billion.
He said, “Why do we need to go back? Our going back into operation will not be immediate. It will take some time, not one month, maybe three months. Don’t forget our assets were completely insured and our insurance companies need to go there and assess the level of damage and the assets burnt. We will require a team of engineers because we operate an electronic tolling system.
“We need proper and full assessment which I believe will take some time. We are going to do civil work, some electrical cables and so on. I am not sure it will happen within three months. That is why I said we must go back. We also have some staff (members) that were asked to stay home, about 500 of them, 90 percent of them are youths.”
Speaking further, Omomuwasan said that the company is currently indebted to local and foreign creditors to the tune of N11.5 billion and $31 million respectively, adding that as of 2011, the firm owed commercial banks in Nigeria, N24 billion, and the International Development Bank, $49 million.
He said payment of the debt had been stalled since October 2020 when the tollgate was shut due to the #EndSARS protest.