President Goodluck Jonathan has concluded plans to kick-start the development of the Abuja City Centre, which will cost 3.5 billion US Dollars (about N700 billion) before May 29, 2015.

Disclosing this yesterday in Abuja when investors in the Abuja City Centre project made an in-depth presentation to the FCT Administration’s team, Minister of the Federal Capital Territory Administration (FCTA) Senator Bala Mohammed noted that the project was one of the milestone achievements of the Transformation Agenda of President Jonathan in the Federal Capital Territory.

Senator Mohammed explained that Chicason Group would execute the multi-billion-naira project in partnership with an international developer, Eagle Hills, adding that the Federal Government under President Jonathan was determined to make Abuja a tourist destination of Africa.

He said that it explained why the development of the 17 hectares of prime land was on the front burner of the government.

The Minister revealed that the Abuja City Centre would be a mixed-use development that has the capacity to generate about 10,000 jobs with its multiplier effect on the economy of the entire country.

According to him, the FCT Administration would enjoy 5 percent equity shareholding in the Abuja City Centre Development Company Limited, being a special purpose company incorporated to own and operate the Centre; whilst the Abuja Investment Company Limited would hold such share in trust for the Administration.

He said, “The land premium as well as the development control charges accruable to the FCT Administration would be used as its equity contribution to the project.”

“In addition, the investors would construct a National Mall at the cost of 40million US Dollars at no cost to the FCT Administration.”

The FCT Permanent Secretary, Engr. John O. Chukwu, FCDA Executive Secretary, Engr. Adamu Ismaila as well as other technical directors of the FCT Administration attended the presentation session.

Also speaking during the presentation, Jaimal Shergill, Executive Director (Africa), Eagle Hills, Abu Dhabi, disclosed that the Abuja City Centre project comprises of four international hotels, residential houses, offices, shops as well as condominium which would further stimulate economic activities not only in Abuja but in the entire West Africa sub region.

He assured that the ground breaking of the Centre would be undertaken before May 29, 2015, adding that the entire project would be executed in two phases.

On the team of the investors were the Chairman of Chicason Group, Chief Chika Okafor and Odunayo Ojo, Director of Development and Projects, Eagle Hills, Abu Dhabi.

Source: VANGUARD