The developer of the popular Ile-Epo Market in the Abule Egba area of Lagos, Total Value Integrated Limited, has been given a 27-year period to manage the market before handing it back to the council.
The Chairman, Agbado Oke-Odo Local Council Development Area, Augustine Arogundade, stated this on Wednesday at the inauguration of full construction work at the market, adding that the contractor was building to standard.
He said, “The traders in the market will be considered first when we want to allocate shops. We have given the developer the go ahead to start selling allocation forms.”
The Managing Director, Total Value Integrated Limited, Chris Onyekachi, said the development of the market was for the benefit of traders in the area so that they have modern facility.
He said the 27 years granted to the company was to carry out maintenance of the market before handing it over to the council, adding that once anybody had purchased a shop, nobody would cancel the transaction.
He said, “We expect that those that want shops will make an initial 70 per cent payment after which the other 30 per cent would be spread over a period of 12 months.”
The Baba Oloja, Ile-Epo Market, Abiodun Kosoko, said the market would enhance the aesthetic of the area.
The Secretary of the Hausa Traders Association, Ile-Epo Market, Haladu Idris, said the development of the market was in the best interest of traders.