Lagos, May 23, 2023 -The Federal Government has handed over six hectares of land belonging to the Federal Radio Corporation of Nigeria (FRCN) to a private sector investor for development in Lagos.
The land, located at a prime area in Ikeja, was handed over to Fish Valley Investments and Properties Limited through a Public-Private Partnership agreement
Fish Valley, according to the agreement, is expected to construct a mixed-use luxury hotel and high-end residential accommodation as well as office complexes and social amenities on the land.
The concession is expected to last for 55 years with a construction period of four years after which the property would be handed back to FRCN.
Performing the handing-over ceremony, the Minister of Information and Culture, Alhaji Lai Mohammed, said the agreement was a win-win for the government, FRCN, and the company.
He said the impending construction of the four-star hotel, residential accommodation, and provision of social amenities would create hundreds of direct and indirect jobs, thereby fulfilling a cardinal programme of the Muhammadu Buhari administration
“Apart from creating jobs, the project will also provide a boost to the national economy as additional revenue will accrue to FRCN
“Taxes will be paid to the Lagos State Government and funds from the private sector as well as Foreign Direct Investment (FDI) by the project’s foreign partners will be injected into the nation’s economy.
“There is more to come as the project, especially the construction of residential accommodation, will also contribute to the administration’s efforts to address the housing deficit in the country,” he said.
The minister added that the proximity of the facilities to the Murtala Muhammed International Airport would make them very attractive to those who might wish to stay in the hotel to do their business within Ikeja,
He also said the project would help transform and beautify the environment, hitherto blighted by an undeveloped prime land that had sometimes served as a hideout for criminal elements.
Mohammed gave an assurance that his ministry would keep an eye on the execution and subsequent management of the project to ensure that the terms of the contract as approved by the Federal Executive Council were complied with to the letter.
He recalled that the procurement process for the partnership started in 2010 with adverts in national dailies for interested investors to partner with the FRCN for the development of a mixed-use of the six hectares of land
Mohammed said after ministerial approval, relevant agencies including the Infrastructure Concession Regulatory Commission (ICRC) certified it.
According to the minister, the Federal Executive Council, after due consideration, approved the PPP in December last year, paving the way for the handing over.
The Director General of ICRC, Mr. Michael Ohiani, said the project was one of the 86 projects worth N3 trillion closed by his commission from 2015 to date.
Ohiani said in addition to the massive development of infrastructure, PPP had helped in creating employment.
The Director-General of FRCN, Dr. Mansur Liman, on his part, said the corporation would retain a part of the land which is the training arm of the National Broadcast Academy for use.
Liman said the corporation would use some parts for the operations of its Bond FM station to ensure seamless transmission.
He thanked the minister for his tireless efforts in making sure the project came to fruition and for the successful presentation and approval by FEC
The Chairman of Fish Valley, Mr Muyiwa Osho, thanked the government for the confidence reposed in his company to deliver on the agreement and promised a seamless delivery. (Blueprint)
