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Abuja Centenary City To Gulp N2.4trn

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The Abuja Centenary City Project for which President Goodluck Jonathan yesterday performed the ground-breaking ceremony yesterday will gulp N2.4 trillion ($18.6 billion).

Chief Executive Officer (CEO) of Eagle Hills, the official developer of the city, Mohammed Al-Abbar who disclosed this while speaking at the ceremony also hinted that the city is expected to be completed within 10 years.

Speaking at the event, President Jonathan who noted that the centenary city will kick off with 10 storey building said the concept of the city will include presidential archives.

According to him, the city will also create an avenue for Nigerians to reap bountifully from progress and aspirations of the country, even as it marks the coming of age of the participation of the private sector in the development of the economy.

“It will be a city of elegance, unity and hope. We want Nigerians to appreciate our journey of 100 years”, the president stated, even expressed delight that what started as a dream was now moving to reality, adding that “we are developing the city for security, free trade zone”.

Also speaking, Chairman of the Centenary City Plc. Gen. Abdulsalami Abubakar (rtd) said  said the project will create 69, 000 well paying jobs and  250,000 construction jobs.

He noted that the city is being design in a way that ranks it among the big cities in the world and that the model unveiled was in line with that vision.

According to him, the board had worked diligently in concluding the first phase of the project, adding that the issue of compensation of the indigenes was still ongoing.

Abubakar added that Sterling Partners was appointed as Legal Advisers, Price Waterhouse Coopers as appointed Financial Consultants, while the official marketers for the centenary activities is Messrs DDB Lagos.

On his part, the Minister of the Federal Capital Territory, Senator Bala Mohammed said his ministry would be working hand in hand to ensure high quality infrastructure in the area. It will also maintain five percent equity share in the project.

Bala said , while all Certificate of Occupancy have been issued, the administration does not expect any hitches in the execution of the project.

Also speaking, Secretary to the Government of the Federation, Anyim Pius Anyim noted that the city is not a housing estate but an economic project which Eagles Hill properties has the sole  responsibility to fund at no cost to government.

Executive Director of Eagles Hills Properties, Mohammed Al Abba noted that the latest technology and innovations will be deployed in the project, while education and health care will be the cornerstone and development.

He said 50 per cent of the city will be green and there will technology parks and hubs, an African tower which will be a master piece,  an amusement park, gulf course, shopping malls which will be a blend of traditional malls with e-commerce, among other.

The Federal Capital Territory Administration (FCTA) and Centenary City Conglomerate chaired by former Head of State, General Abdulsalami Abubakar had signed the agreement in April.

The ‎ sum of N2.976 Trillion has been mopped up to develop the 1,300 hectares of land earlier earmarked by the FCT Administration for the purpose.

A total of N1.2 billion  being 100 percent compensation has been paid for economic trees of the original inhabitants as well as structures of some non natives situated in the area, while 20 percent of the plot has been earmarked for residential houses while 80 percent is for mixed use and commercial purposes.‎

The Abuja  Centenary City will be the second-largest private city development in history, and signals a new national economic awakening.

Article Credit: Leadership

Updated 4 Years ago

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