8 December 2012

Nigeria: FCT Minister Signs N302 Billion Agreement With Land-Swap Investors

The FCT Minister, Senator Bala Abdulkadir Mohammed (CON) on Thursday officially signed a Memorandum of Understanding (MoU) with 13 Land-Swap investors to immediately commence the opening up of new new districts in the Federal Capital City, Abuja.

The Minister who signed the MoU on behalf of the FCT Administration with the investors at the Banquet Hall of the official residence of the FCT Minister at Gwarinpa I District (Life-Camp), Abuja, expressed joy over the realization of this vision that promises to expand the infrastructure of the Federal Capital City.

According to him, 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.

He disclosed 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, 13 of them were able to conclude the process, one of them was given extension while one of them has backed out.

The Chairman of Rosehill Group, Suleiman Yahaya, who spoke on behalf of other investors appreciated the speedy way the FCT Administration responded.

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

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