Minister of the Federal Capital Territory (FCT), Senator Bala Mohammed has disclosed that the development of the Abuja City Centre will commence before May 29, 2015, and will be executed at the cost $3.5 billion (about N700 billion).
The minister, who gave the assurance when investors in the project made an in-depth presentation to the FCT administration’s team at the Banquet Hall of the minister’s residence in Abuja, stressed that the project is one of the milestone achievements of the transformation agenda of President Goodluck Jonathan in the FCT.
He said that the Federal Government under President Jonathan is resolved to make Abuja a tourist destination of Africa, hence the reason why the development of the 17 hectares of the prime land was on the front burner of the government, adding that Chicason Group will execute the multi-billion naira project in partnership with renowned international developer, Eagle Hills.
Mohammed revealed that the Abuja City Centre would be a mixed-use development with the capacity to generate about 10,000 jobs with its multiplier effect on the economy of the entire country and that the FCT administration would enjoy 5 per cent 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 shares in trust for the administration.
“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 at no cost to the FCT administration,” he emphasised.