7 December 2012

Nigeria: Abuja Land-Swap Deal to Rake in N300 Billion

The much-touted Abuja Land-swap Scheme, which is an innovative project of the Minister of Federal Capital Territory (FCT), Senator Bala Mohammed, will rake in over N300 billion to the coffers of the FCT Administration (FCTA).

Mohammed disclosed this Thursday at the official signing of a Memoradum of Understanding (MoU) with 13 Land-Swap investors at the FCT Minister's Abuja.

He revealed that each of the investors paid the sum of N350 million to the FCTA being fees for survey maps, detailed land use plan, engineering design, demographic reports, legal documentation and other ancillary services to qualify.

He said: "Due diligence was properly carried out, and all the investors have technical capability with robust financial plans that will bring in over N300 billion investment from banks in and outside the country."

"I am happy over the realisation of this vision that promises to expand the infrastructure of the Federal Capital City (FCC), and urge you to immediately commence the unprecedented opening up of the eight new districts in the FCC, Abuja."

Mohammed emphasised that with "the landmark event, the FCTA bids farewell to land fraud and racketeering as this pioneering initiative takes-off."

He also disclosed that the scheme would generate over one million jobs and that all these investors have technical partners in Europe and Americas and have proved to have the muscle to pull through the arrangement.

The minister said that 15 investors indicated interest, and 13 of them were able to conclude the process, one of them was given extension while one of them has backed out.

The companies which signed the MoU include Rosehill Group, Afri-International Projects Limited, Bolmus Nigeria Limited, Ridley Group, CRCC Nigeria Limited and Hongye Group. Others are AM-PM Global Network Limited, Urban Shelter Infrastructure Limited, Gilmor Engineering Services Limited, First Aries Petroleum & Crude Oil Production, System Properties & Development Consortium Limited; PIMA International Limited, Ketti Infrastructure Limited. Dangote Group got extension while Adkan Services Limited did not respond.

Responding, the Chairman of Rosehill Group, Alhaji Suleiman Yahaya, who spoke on behalf of other investors commended the timely response of the FCTA to kick-off the project.

Yahaya promised to meet the expectations of the Federal Government to deliver these districts to the people of Nigeria at a very good time.

The event was also attended by the Chairmen of the Senate and House of Representatives committees on FCT, and as well as top government functionaries in the FCT administration.

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