The Federal Airports Authority of Nigeria(FAAN) has terminated the collection of revenue contract at the access gate of Murtala Muhammed International Airport, Ikeja given to I-Cube West Africa Limited.
The termination is with immediate effect, as the five- year concession agreement expired in February 2019.
This latest development was contained in a letter dated 4th February,2020 signed by Rabiu Yadudu, managing director of FAAN and addressed to the managing director of I-Cube.
The memo titled ” Re: Concession Agreement between FAAN and Messrs I-Cube West Africa Limited in respect of the Murtala Muhammed International Airport Access Gate”, read: “We refer to the above mentioned Agreement which commenced on the 10th day of February 2014 and expired on the 9th February, 2019.
“Kindly be informed that the Authority has resolved to temporarily take over the management of the said Murtala Muhammed International Airport Access Gate with immediate effect to determine the actual revenue generated from the access gate. By this letter you are requested to vacate the premises immediately.
“This is to enable the authority take appropriate decision on the management of the Access Gate.”
FAAN workers on Monday, besieged the toll gate over unpaid debts refusal to remit appropriate revenue collected since the expiration of the contract last year.
This termination brings an end to the back and forth between FAAN and the concessionaire that degenerated when workers unilaterally took over the Access Gate on February 3rd, 2020 only to re relieved by security personnel, today February 4th, 2020, before the termination notice ended all speculation.
I-Cube was put in charge of the toll gates from 2008 for a five-year period for the concessionaire to remit N40 million monthly to the coffers of FAAN, after that initial agreement expired, the contract was reviewed and renegotiated in 2013 and the concessionaire agreed to remit N68 million monthly. The current agreement expired in February 2019.