The House of Representatives Committee on Public Assets has suspended activities in 10 hectares of land in Ikeja, Lagos State belonging to the Federal Radio Corporation of Nigeria, FRCN over abuse of lease and concession agreements.
The Chairman, House Committee on Public Assets, Hon. (Barr.) Ademorin Kuye who made the announcement sequel to the committee’s resolution said it is worrisome for a company who went into Public Private Partnership arrangement with federal government’s agency to develop the 10 hectres of land failed to comply with the terms of agreement and instead of being compelled to do the right thing or terminate the lease agreement, the lease term was increased from 35 years to 55 years in favour of the company.
Kuye said 20 years was added to the 35 years term toward the end of the previous administration in 2023 when it was very obvious that the company, Fish Valley Investment & Property Ltd (Lessee/Developer) has not complied with the terms of agreement by developing the area.
He said the lease agreement was reached in January 2014 for 35 years, however, without any meaningful development or work done, toward the end of the previous administration, in 2023, it was jacked up to 55 years.
Responding to the issue during the committee’s investigative hearing, the Director General of Federal Radio Corporation of Nigeria, Dr. Mohammed Bulama expressed concern over the elongation of the term from 35 to 55 years when serious work has not been done by the lessee/developer.
“This is is the question I have asked several times. I came into office in 2023 after this agreement had been reached,” Bulama told the House Committee.
The committee lamented that some of the FRCN’s properties have been left unkept while some of the plots of land have been encroached.
The committee directed FRCN to furnish its secretariat with documents regarding the status of its assets nationwide on or before March 14th, 2025.
It directed that further activities of the lessee, Fish Valley Investment & Property Ltd on FRCN’s land in Ikeja, Lagos be suspended until after thorough investigation.