The Chairman of the Infrastructure Bank Plc, Lamis Dikko, says the bank has concluded arrangement to build a 27-storey multi-purpose Tower estimated to cost $300 million (N49.5billion) in Abuja.
Dikko who spoke on the sideline of the bank’s 2013 Annual General Meeting (AGM) in Lagos, said that the bank would invest $10 million (about N1.65 billion) on the project.
Dikko said the “one-stop building” would accommodate hotels, offices, shopping malls, residential flats and parking bay, adding that the project to be financed through the bank’s special purpose vehicle would take two years to be executed.
“The idea is that you can live your life without going out of the premises. The project is expected to be concluded in two years once we do the financial closing. But what we do not have control over is the ongoing negotiation and discussion to close the deal for the financing.
“Well, there will be investors because the project is going to be on by special purpose vehicle which infrastructure bank will only be an investor,” Dikko said.
He added that the bank had entered negotiation with a Chinese bank for funding, adding that the bank was willing to provide the $300 million required for the project, stressing that though the project was still at the negotiation stage, the infrastructure bank had received principle agreement with the Chinese bank.
He, however, said that the bank was at the moment talking with the Chinese firm on technical issues, in terms of getting the final agreement of the credit proposal, while the design had been approved.
The chairman said that apart from the tower project, the bank’s existing project, “Redline Light Rail Project” was ongoing, but said that acquiring the right of way was delaying the redline light rail project.
The right of way, he said, belongs exclusively to the Nigeria Railway Corporation (NRC), therefore, the Federal Government.
He also said that the Lagos State Government and that Federal Government were in discussion over it, adding that it would soon be concluded.
The Redline Light Rail Project will be funded by the bank and managed by Marina Express Consortium and is expected to complement the ongoing “Blueline Rail Project” and help to ease transportation problems in Lagos State.
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