This came after the assembly’s Committee on Finance was directed to investigate and report its findings after the request was received on June 21.

During the committee’s presentation on Monday August 9, its chairman Rotimi Olowo stated that after buying-out all the shareholdings interest of LCC, the state government has become the subsisting shareholders of the company with 75% shareholding while the Office of Public-Private Partnerships was left with the remaining 25% shareholding.

Olowo also disclosed that the original $53.9 million loan obligation from a private sector facility – the African Development Bank (AFDB) had been resolved after series of engagements between the bank, LCC, and the state government.

He said this was to convert the loan to a public sector facility with the benefit of a considerable reduction in interest charges of 1.02% of $1.12 million bi-annual, as against the 4.12% of $2.746 million per bi-annual, thus giving a savings of $1.16 million bi-annual or $3.24 million per annum.

The lawmakers who granted the executive the approval to convert the AFDB loan to the public sector loan, backed up by a sovereign Federal Government guarantee on behalf of the state government, also authorised the state government to issue a counter-guarantee in favour of the Federal Government along with an Irrevocable Standing Payment Order (ISPO) to deduct from Lagos State Government statutory allocations.

Servicing of the loan obligations according to the reports, will continue till August 2034.

The government stated that the protest would mean that residents would be flouting the coronavirus protocols.

Recall that the panel probing the alleged killing of EndSARS protesters at the toll gate on Saturday approved the reopening of the toll plaza and returned control to its owners, the Lekki Concession Company (LCC).

There was an outcry by Nigerians on social media following the reopening of the tollgate.

Several Nigerians through their social media kicked against the reopening, stressing that justice is yet to take its due cause.

They also vowed to stage another protest with the hashtag #OccupyLekkiTollgate, if the Lagos state government failed to heed their warnings.

Following the development, the Lagos State Commissioner of Justice and Attorney General, Moyosore Onigbanjo, in a statement warned that the state government will not tolerate any form of violent actions.

Onigbanjo, however, urged the police to respect the right of citizens.

“Our attention is drawn to the planned protest scheduled for Saturday at the Lekki Toll Gate for and against its reopening.

“The State is aware of the 1999 Constitution which guarantees the Rights to Freedom of Expression and Peaceful Assembly.

“While the State recognises the importance of exercising the Rights to Peaceful Protests, same cannot condone blockage of roads or preventing other members of the public from moving freely within the State.

“Any person or group with such desire to protest must also bear in mind the Coronavirus Disease Health Regulations.

“The Attorney General hereby enjoins everyone to ensure compliance with the coronavirus regulations and any other extant laws in the State.

“The right to protest peacefully does not exempt anyone from violating laws. Any violator will therefore be prosecuted to the full extent of the law.

“The Nigeria Police is equally urged, that in responding to any protest, it should respect the rights of the citizen,” the statement said.