The governor, who said this while addressing heads of media organisations in Benin, noted that the edifice was currently in a dilapidated condition with little economic value.
Oshiomhole stressed that it was not economically wise to continue to pay ground rents on a property which was not generating revenue for the state.
"We have decided to sell the house and use the proceeds to construct a five-star hotel with the state-of-the-art facilities; this will boost our economy, while encouraging investments and tourism in the state.
"How do we use taxpayers' money to pay N60 million ground rents to Lagos State for a property that does not generate anything for government?'' he asked.
Oshiomhole recalled that the property was acquired when Lagos was the country's capital, adding that the building had been abandoned to rot away since the creation of Abuja, the Federal Capital Territory (FCT).
"With the proceeds from the property's sale, we will either build a five-star hotel, because of our vantage position as a transit state, or construct a Benin City Business District at King's Square,'' he said.
He, therefore, said that he was neither worried nor bothered by the criticisms which trailed the advertisement of the property for sale. `
"I am not bothered by the criticisms since we will be transparent with the bidding process,'' he added.
Oshiomhole also said that he was already discussing with an American bank for a 250-million-dollar loan to augment the proceeds from the sale of the building.
Source: NAN
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