The Honourable Minister of State for Industry, Trade and Investment, Hajia Aisha Abubakar has inaugurated an Inter-agency Interim Management Committee for the Lagos International Trade Fair Complex, (LITFC).
The inauguration, according to the Honourable Minister is in fulfillment of the decision of the National Council on Privatization (NCP) to revoke the concession contract between the Government and Aulic Nigeria Limited over the Trade Fair Complex.
Hajia Aisha Abubakar stated that the Inter-Agency Interim Management Committee was constituted to manage the LITFC pending when a new management would be put in place under new concession transaction.
The obligation of the Committee, she stated, include:
(1) Management of the LITFC until its handover to a new concessionaire;
(2) Strategic oversight of the planning and strategy, financial and business and infrastructure operation of the facility and
(3) Advise and make recommendation to the Honourable Minister and Director General of Bureau for Public Enterprises (BPE) on the following issues.
(a) The strategic planning processes within the facility, including recommending matters to take forward to the Council in relation to the facility’s strategic direction;
(b) The Annual Development Plan, Key Performance Indicators, Operational Plans and other plans as developed from time to time;
(c) The Annual Budget and Mid-Year forecasts;
(d) The facility’s financial report against budget, including cash flow projections, reports of performance against the capital expenditure programme budget and a summary of investment performance;
(e) Proposed master plans for the physical development of the facility;
(f) Fee setting;
(g) Review of relevant Internal Audit Reports to ensure that management actions and recommendations are being addressed in an appropriate and timely manner;
(h) Consider and endorse the Strategic Asset Management Plan; and
(i) Monitor and act on risks associated with major projects.
The Honourable Minister of State concluded by saying that the Interim Management Committee will work in conjunction with the Executive Director, Lagos International Trade Fair Complex Management Board to execute the listed functions.
Earlier, the Director General of BPE, Mr Alex A. Okoh thanked the Honourable Minister and listed the various efforts made by the Ministry and BPE over the years to bring sanity to the agreement with Aulic Nigeria Limited which yielded no fruitful result.