Niger Approves Sales of Estate in Suleja

Date:

Babangida-Aliyu_3The Niger State Government on Friday approved the sales of uncompleted 250 housing units opposite Zuma Rock in Suleja in line with the tripartite arrangement for the project in 2003.

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The Commissioner for Land and Housing, Dr. Peter Sarki, told newsmen in Minna that the State Executive Council approved the sales in agreement with the two other parties involved.

Sarki said the other two parties involved were Federal Mortgage Bank and Sintax Nigeria Limited.

He recalled that the Federal Mortgage Bank had earlier agreed to provide N639.7 million in three tranches of 40 per cent initial release and 30 per cent each in two subsequent releases.

He stated that the bank had released N255.9 million and Niger government released N100 million to Sintax Construction Company through the Urban Development Board, saying that only 90 of the 250 housing units were completed.

He said the N255.9 million released by the bank had yielded N300 million interest, a condition which forced the parties to sell to a private company, MANU Nigeria Limited, to recover their investment.

Sarki said under the new arrangement, the state government would be refunded N110 million, Sintax N70 million and the bank, N255.9 million.

He said the bank had decided to waive the N300 million interest in order to ensure quick recovery of its initial loan for the project.

The commissioner said the decision became expedient in view of the fact that the houses were presently being occupied illegally by some people.


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Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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