1st December, 2010
BHS International Limited has announced its plans to commit an initial sum of $500Â million (75 billion naira) into the development of Tafawa Balewa Square (TBS) havingÂ won the concession of the square in 2008.
Addressing a press conference to commemorate the one year remembrance of the lateÂ sculptor, Fred Archibong, the founding chairman of BHS limited at TBS, the companyÂ said the money represented an initial budget.
Also at the event, Executive Officer of the Bureau Of Public Enterprise, Otunba OluÂ Adenodi, said that the redevelopment of TBS to a world city centre and a destinationÂ of choice has been hampered by legal actions instituted against the company by theÂ Lagos State Government and the Nigeria Cricket Federation, among other agencies.
Adenodi disclosed that investors are ready to finance the project, but are waitingÂ for the company to settle with the Lagos State Government and Nigeria CricketÂ Foundation. The 65-storey building proposed in the development plan will be sited onÂ the cricket pitch.
He added that the inability to get development permit was also hindering the takeÂ off of the redevelopment of TBS.
According to him,Â shortly after the takeover of TBS and after the demise ofÂ Mr.Archibong, all the properties in the complex were vested in the Tafawa BalewaÂ Square investment limited, who was not a party to the concessioning/lease agreement.
Despite the challenges, Adenodi reiterated that BHS was not relenting in its effortsÂ to see that the vision of TBS is actualised within a short time
A symposium titled The Role Of The Artist In Infrastructural Development was laterÂ in the day moderated by Chief Joe Musa, Publisher/Executive producer of Art WatchÂ Africa magazines.