The project is being handled by Messrs Western Telecommunications And Engineering Services Metro Ltd.
The approval was sequel to the report of the House Committee on Public Private Partnership (PPP) presented by the Chairman of the Committee, Hon. Lukmon Olumoh (Ajeromi/Ifelodun 1) during plenary on Thursday 14th May, 2020.
Olumoh revealed during an interview that the project was about laying of fibres by the concerned company and that it had nothing to do with 5G or Coronavirus.
A letter signed by the governor on the project had been read at plenary on Thursday 7th May and the Speaker of the House, Hon. Mudashiru Obasa committed it to the Committee on PPP for scrutiny before ratification by the House.
The project, Olumoh stated in the report would involve the deployment of unified fibre duct infrastructure for carrying telecommunications cables and other wired infrastructure to support operators of telecommunications and other relevant utilities, as well as provide infra and connectivity requirements for Lagos State.
“The agreement further stipulates that the project partnership will last for an initial term of twenty-five (25) years, which may be extended by the parties, in writing, prior to its expiration or by effluxion of time, on mutually agreed terms and conditions.
“By agreement, the company is to pay to the state coffers a fee of ten (10) percent of the revenues generated from the lease of the ducts to operators.”