The Federal Radio Corporation of Nigeria, FRCN, is set to diversify its revenue sources and enhance the profitability of the organization.
This follows the Federal Executive Council (FEC) approval in respect of the design, construction and financing of a mixed development project comprising residential houses, hotels, recreational facilities and office blocks for commercial purposes on six hectares of land in Ikeja, Lagos.
The project will be handled under a Public Private Partnership (PPP) arrangement with Messrs Fish Valley Investment & Property Nigeria Limited as concessionaire and a 55-year concession period.
The Infrastructure Concession Regulatory Commission (ICRC) had earlier, consequent upon an assessment and review of all available details with respect to the project, revalidated the Full Business Case (FBC) Compliance Certificate issued to the Corporation on 5th December, 2022. The Certificate confirms that the submission is in compliance with the ICRC Act, 2005 and the National Policy on Public Private Partnerships.
The projected income accruable to the federal government for the concession period is N14.9bn while fixed rental income is put at N3 billion. In addition to enhancing the value of the asset, the project is set to attract hundreds of jobs from inception to completion.
Fish Valley Property Investments Limited won the bid to develop the fallow land at the FRCN Training School situated at 1Adekunle Fajuyi Way, Ikeja GRA. The development also includes a shopping mall, short let apartments, entertainment facilities, etc.
