So, power has changed hands at the popular Lagos International Trade Fair.

The Federal Government, through the National Council on Privatisation, NCP sacked the concessionaire in charge of the International Trade Fair Complex, Aulic Nigeria Limited.

Aulic’s crime is that it failed to remit lease fees totaling 6 billion naira.

As stated in the termination letter issued by the NCP, Aulic had breached the agreement it signed in 2007 with the Federal Government.

The management board of the complex, headed by the Executive Director, Lucy Ajayi has been directed to take possession of the complex from the concessionaire.

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Ajayi told a press conference in Lagos on Tuesday, that the board will perform its statutory function and move the complex to greater heights.

According to the letter, the illegalities perpetrated over the years by the concessionaire vary from the non-remittance of the lease fees to the alleged eviction of the management board from the administrative building, among others.

The letter stated that the NCP terminated the concession agreement on August 23, but took some time to implement the decision due to logistics and security reasons.

It also appears that the traders at the complex are happy with the change in management as the Chairman, Stakeholders Forum of the Trade Fair Complex, Jude Okeke, was quoted as describing the takeover by the management board as a re-birth for the complex.

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