FCTA , Chicason Group sign $2.75 billion agreement on Abuja City Centre development



bala fct(Press Release) History was made today as the FCT Administration and Chicason Group led Consortium of investors signed an execution agreement to jump-start the construction of the Abuja City Centre Development christened the Abuja Down Town Development costing a whopping sum of 2.75 billion US Dollars.
The robust partnership is between the FCT Administration and the Chicason Group pooling resources from the United Kingdom, China, South Africa and United Arab Emirate.
The FCT Minister, Senator Bala Abdulkadir Mohammed CON, and the Executive Secretary of the FCDA, Engr. Adamu Ismaila signed on behalf of the FCT Administration while Chief (Dr.) Alex Chika Okafor, the Chairman/Chief Executive Officer of Chicason Group and Barrister Patrick Osu, Company Secretary signed on behalf of the international investors.
This Direct Foreign Investment (DFI) of 2.75 billion US Dollars, which is a mixed-use development, will provide a Five Star Hotels, Shopping Malls, Office Spaces, Residential houses, Condominium, and Recreational Facilities amongst others.
The FCT Minister, Senator Bala Mohammed after signing the agreement expressed happiness over the feat achieved; saying that his Administration has decided to be pro-active to get alternative ways of funding the development of the Federal Capital Territory which is in tandem with the Transformation Agenda of President Goodluck Jonathan.
Senator Mohammed reiterated that this investment has multiplier effects on the country’s economy; stressing that skilled and unskilled employment would be generated which is welcome development.

The Minister remarked that this Direct Foreign Investment has shown that the World has confidence in the workings of the Federal Government under President Jonathan.
While noting that the Group has robust financial plan to execute the high profile capital-intensive project, Senator Mohammed said that the gigantic project would be the heart of Abuja.
According to him, the Consortium has been structured with divest shares where the FCT Administration has 5 percent equity share.
His words: “This equity share being enjoyed by the FCT Administration comprise the cost of the land in question at the Central Business District, its premium as well as the development Control charges”.
He called on other genuine investors to take advantage of the liberalized posture of the government to come and invest in the Federal Capital Territory.
Responding, the Chairman and Chief Executive Officer of Chicason Group, Chief (Dr.) Alex Ckika Okafor promised to immediately deplore the needed resources to hit the ground running.
“The cost of the technical drawings so far incurred by the investor is about 60 million US Dollars and the Consortium has all wherewithal to executive the project within stipulated timeframe”, he added.

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