The Federal Capital Territory Administration (FCTA) has signed a $2.75 billion execution agreement with Chicason Group led Consortium of investors to jump-start the construction of the Abuja city centre development christened the Abuja Down Town Development.
The partnership between the FCTA and the Chicason Group will be pooling resources from the United Kingdom, China, South Africa and United Arab Emirate.
Minister of the FCT, Senator Bala Abdulkadir Mohammed, and the Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Adamu Ismaila signed on behalf of the FCT Administration while Chief (Dr.) Alex Chika Okafor, the Chairman/Chief Executive Officer of Chicason Group and Barrister Patrick Osu, Company Secretary signed on behalf of the international investors.
The minister expressed happiness over the feat achieved, adding that his administration had decided to get alternative ways of funding the development of the FCT in tandem with the transformation agenda of the federal government.
According to him, the investment has multiplier effects on the country’s economy as skilled and unskilled employment would be generated to some of the teeming populace of the FCT.
He said the Consortium had been structured with divest shares where the FCT administration had five per cent equity share.
His said: “This equity share being enjoyed by the FCT administration comprises the cost of the land in question at the Central Business District, its premium as well as the development Control charges.”
In his response, Chairman and Chief Executive Officer, Chicason Group, Chief (Dr.) Alex Ckika Okafor, promised to immediately deplore the needed resources to hit the ground running.
“The cost of the technical drawings so far incurred by the investor is about $60 million and the Consortium has all wherewithals to execute the project within stipulated timeframe.”
