One of the foremost Islamic Banks in Nigeria, JAIZ Bank PLC has acquired Three Hectares of Land from Niger State government for the construction of highbrow shops, underground car park and lounge, others to be completed in nine months
Niger State Government has explained how it is ensuring that the land meant for the moribund Minna City Center project is developed and put to proper use through leasing to private developers towards the socioeconomic growth and development of the state.
At the periodic post-Exco Media briefing held at Government House, Minna,Commissioner for Commerce and Investment, Dr. Mustapha Jibrin said the landed property has remained an eyesore in the Central Business Area of the state capital and needed to be put in to viable economic use.
The Commissioner disclosed that three hectares, representing 1/3 of the land has been sold to JAIZ Bank at the cost of N400million for the construction of highbrow shops as well as an underground modern car park and lounge.
Dr. Mustapha Jibrin said JAIZ Bank’s investment at the Minna City Center will bring life back to the once bubbling business area while supporting the small businesses that are expected to thrive within the center and beyond.
He stated the proceeds from the purchased land by the Bank will be used to develop the remaining part of the city center stressed that his ministry, in collaboration with that of Lands and Housing, has been mandated to come up with design template for the development of the property.
The Commissioner assured that the state government had strictly adhered to due diligence in the sale of the property adding that bills from former developers of the city center, the Grand Tower Company and MBHH, have been cleared to ensure that there are no encumbrances to the new arrangement.
“The MoU with JAIZ Bank will be signed by the end of this month (October) while work will begin at the site in November and is expected to be completed in nine months”, he further stated.
JAIZ Bank, through a mutually beneficial partnership, is also helping the Niger State Government in the outright acquisition and or injection of funds to revive ailing or moribund industries and make them economically viable to enhance the revenue base of the state.
