TBS Renovation To Gulp N75b


BHS International Limited has announced its plans to commit an initial sum of $500  million (75 billion naira) into the development of Tafawa Balewa Square (TBS) having  won the concession of the square in 2008.

Addressing a press conference to commemorate the one year remembrance of the late  sculptor, Fred Archibong, the founding chairman of BHS limited at TBS, the company  said the money represented an initial budget.

Also at the event, Executive Officer of the Bureau Of Public Enterprise, Otunba Olu  Adenodi, said that the redevelopment of TBS to a world city centre and a destination  of choice has been hampered by legal actions instituted against the company by the  Lagos State Government and the Nigeria Cricket Federation, among other agencies.

Adenodi disclosed that investors are ready to finance the project, but are waiting  for the company to settle with the Lagos State Government and Nigeria Cricket  Foundation. The 65-storey building proposed in the development plan will be sited on  the cricket pitch.

He added that the inability to get development permit was also hindering the take  off of the redevelopment of TBS.

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According to him,  shortly after the takeover of TBS and after the demise of  Mr.Archibong, all the properties in the complex were vested in the Tafawa Balewa  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 efforts  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 later  in the day moderated by Chief Joe Musa, Publisher/Executive producer of Art Watch  Africa magazines.

—Oyinkansola Salimon

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