Redevelopment of Lagos’ N2.8b fruit market begins in July
After a five-month delay, the redevelopment of the Ikosi-Ketu Fruit Market expected to gulp N2.8b would commence in July following the parties involved; the Ikosi Isheri Local Council Development Area, the developer and the traders, signing a Memorandum of Understanding (MoU).
The Managing Director, Total Value Integrated Service Limited; the developer, Chris Onyekachi said the terms and conditions are favourable to all parties, promising that his words will be his bond.
“We are going to meet all the terms and conditions and regulations of Lagos State Building Control Agency. The development would be in four phases and the market occupies 25 acres. We have 18-month duration to rebuild the market and we will invest about N2.8bn in the reconstruction. The reconstruction of the first phase will begin in two weeks,” he said.
The Babaloja of the market, Lambe Dauda said the traders were happy with the development and the agreement based on the involvement of Chief Folashade Tinubu Ojo, the Iyaloja General, who settled the dispute between the LCDA, the developer and traders.
Dauda disclosed that some of the terms in the MoU included the redevelopment not disrupting trading activities in the market; that the redevelopment should be done in phases; that when completed, the rate must be friendly to the traders with discounts; and that no part of the market should be used for any other thing except trading activities.
On her part, the Chairperson of Ikosi-Isheri LCDA, Princess Onikosi Abolanle Samiat commended the Iyaloja general for intervening and playing a motherly role in resolving the five-month tussle to redevelop the market. She stated that the redevelopment is aimed at making the market more habitable and meet the modern standard.
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