An examination of Lagos State’s financial statements over the Dangote land deal has revealed a lack of transparency, with scarce useful information available.
However, a closer look at the state’s financial records and a 2017 interview with Aliko Dangote has shed some light on the sale of Lekki Free Zone Enterprise (FZE) land to Dangote.
In the interview with Bloomberg, Dangote disclosed that his company purchased the land directly from the state government for $100 million, with an additional $420 million spent on filling the swamp to solidify the land.
A review of Lagos State’s financial statements for 2014/2015 shows a significant increase in the special deposit with banks account, growing from N3.3 billion in 2013 to N14 billion in 2014. This growth is attributed to land proceeds from the Lekki Trade Zone, where the Dangote Refinery is located.
However, the special deposit account was depleted from N14 billion in 2014 to N3.7 billion in 2015, and by 2016, the account had a zero balance. It is likely that these funds were used to pay off host community landowners or finance other government expenditures.
This investigation highlights the need for greater transparency in Lagos State’s financial dealings, as the lack of clear information makes it challenging to track the use of public funds.
