11th April, 2014
The Minister of Nigeria’s Federal Capital Territory, Senator Bala Mohammed, said the city’s authorities had given 1,264.8 hectares of land to an investor for a housing programme.
Mohammed said that the land was located at Kuje, on the Airport Road in the capital territory.
He said this on Friday in Abuja while signing an $18.3 billion dollars (about N2.76 trillion) agreement with the Centenary City Plc, for the project in Abuja on Friday.
He said that the FCT had given the Certificate of Occupancy of the land to the company, explaining that the document would enable the firm to access funds to accelerate development of infrastructure on the land.
He said that the project would be carried out in seven phases and would be completed within 60 months.
The minister stated that the project, which conceptual and engineering designs had been completed, would provide more than 800,000 jobs.
He added that the project would also boost the Gross Domestic Product (GDP) in the country.
According to him, the project will create wealth and development to our economy.
He said that FCT would take five per cent equity of value of the project in line with global practice.
Bala added that that Federal Capital Development Authority (FCDA) would monitor the project to ensure compliance with Abuja Master Plan.
In his speech, the Executive Secretary of FCDA, Mr Adamu Ismaila, said that the investor had paid compensation for economic trees, crops and to owners of property on the affected land.
“The company has adequately paid the amount required for all these.
“The next stage is to conduct a biometric and data capturing exercise of the indigenes’ property and find a site where the company will build houses for them before relocating them,’’ Ismaila said.
Earlier, the Managing Director of Centenary City, Mr Michael Odenigwe, said that the company paid N1.2 billion as compensation for valuables on the land.
Odenigwe said that 20 per cent of the land would be used for residential apartments while 80 per cent would be for commercial projects, including a five-star hotel and convention centre