The Lagos State Government has given a directive for the reconstruction of Ladipo Main Auto Market, to meet international standard.To this end, the Mushin Local Government has granted 20 years lease to the stakeholders to destroy the old structures and rebuild the market through private participation.
Addressing journalists yesterday, High Chief Innocent Echefu, who was the first president of the market’s association between 1989-1992, said the government’s directive became imperative because the foundation of the market had been destroyed by heavy-duty equipment being brought into the market by the traders.
According to Echefu, who displayed the design of the new international market, the government directed that the new structure should be a storey building, instead of a bungalow. The old building has a total of 320 shops.
He explained that his company, Messers Echefu Akachukwu International Company Limited had been given the right to handle the project, while two banks, have agreed to finance it.
Echefu said traders presently occupying the market should not exercise any fear because the reconstruction would be done in phases, giving room for them to continue to sell their spare parts.
He said old traders were to get allocation at the rate of N1.7 million, while new allotees would pay N2million per shop. They are to deposit 30 per cent of the total cost, while the banks will pay 70 per cent on their behalf.
High Chief Echefu said: “This is an international auto market that must be built to specification and to the taste of both the Lagos State Government and Mushin Local Council,” and urged the traders and the new allotees to contact his office for necessary advice.
He commended the government for giving the traders another chance to develop the market and promised that traders would live to expectation.
