Property Developer PPP Arrangement to create jobs, address housing deficit - Minister

Fri, May 19, 2023
By editor
3 MIN READ

Economy

THE Federal Government has handed over six hectares of land on the premises of the Federal Radio Corporation of Nigeria Broadcast Academy in Lagos to a property developer for the construction of a mixed-use luxurious hotel, high-end residential accommodation and social amenities under a Public Private Partnership, PPP.

Speaking on the occasion in Lagos on Friday, the Minister of Information and Culture, Lai Mohammed, said the procurement process, which started in 2010, followed all laid down procedures and was subsequently approved by the Federal Executive Council.

“After a procurement process that started in 2010, a deal has been sealed and we are here to officially hand over a prime property of the Federal Radio Corporation of Nigeria. FRCN, a parastatal under the Ministry of Information and Culture, to the Fish Valley Investments and Properties Ltd,” he said.

The Minister said the procurement process of this partnership began with adverts in national dailies for interested investors to partner with the FRCN for the development of a mixed-use of the six hectares of land.

He said a Ministerial approval as required by law was granted and that subsequent processes by relevant agencies like the Infrastructure Concession Regulatory Commission, ICRC, which is charged with the responsibility of supervising all PPP projects, were carried out while the necessary certificate of compliance, as required by law, was issued by the Commission.

Mohammed said apart from creating jobs, the project would also provide a boost to the national economy as additional revenue would accrue to the Federal Radio Corporation of Nigeria; taxes would be paid to the Lagos state Government and funds from the private sector as well as Foreign Direct Investment, FDI, by the project’s foreign partners will be injected into the nation’s economy.

In addition, he said the project would help transform and beautify FRCN Broadcast Academy environment, hitherto blighted by an undeveloped prime land that has sometimes served as a hide out for criminal elements.

The Minister said the construction of the residential accommodation would also contribute to the administration’s effort to address the housing deficit in the country,

In his remarks, the Director General, Infrastructure Concession Regulatory Commission, Michael Ohiani, confirmed that the project complied with all processes and procedures.

He said that concession would last for 55 years with a construction period of 4 years, adding that the project would be one of the legacies of the Buhari Administration, which has so far closed 86 Public Private Partnership deals valued at over N3 trillion.

In his remarks, the Chairman of Fish Valley Investments and Properties Ltd. Muyiwa Osho, said the land would be transformed into mixed residential building, 4-Star Hotel, a convention centre and the upgrading of the FRCN Broadcast Academy.

The handing over ceremony was also witnessed by the Director General of FRCN, Mansur Liman; the Director General of the National Broadcasting Commission, Balarabe Illelah, Chairman of the Christian Association of Nigeria, Lagos State, Rev. Stephen Adegbite and the management staff of the FRCN, among others.

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