From: Femi Oyelola, Kaduna
Ahmadu Bello University has signed an agreement with the Student Housing Company Limited for the development of 1600-bed space hostels in the institution under a Public Private Partnership (PPP) arrangement.
The pact was jointly signed by the University and the development holding company at Ahmadu Bello University, Zaria recently.
It followed a proposal for the “Development of Student Housing in Ahmadu Bello University” by Africa Plus Partners Nigeria Limited (APPNL), an infrastructure fund manager duly licensed and accredited by the Nigerian Securities and Exchange Commission (SEC).
On financing structure, the project cost is agreed to be funded by a collaborative effort of both TETFund and APPNL.
The MoU stated that TETFund shall provide counterpart funding of 25% of the project cost under a Special Intervention framework to Ahmadu Bello University, while APPNL shall provide 75% of the total cost.
The funds, under the agreement, shall be used by APPNL to undertake the construction of the project.
“And, upon completion of the facility, APPNL shall appoint a facility management entity to manage the structure for a period of 21 years after which control shall revert to Ahmadu Bello University. “
The parties involved in the agreement signed four legal documents in fulfilment of the project. They included the Stakeholders’ Agreement, Deed of Lease, ESCROW Agreement, and Concession Agreement.
The Vice-Chanellor, Ahmadu Bello University, Prof. Kabiru Bala; and the institution’s Registrar, Malam Rabiu Samaila, signed on behalf of the University, while the Head, Deal Origination and Investment, Dipo Lawore, signed for Africa Plus Partners Nigeria Limited.
The Deputy Vice-Chancellor, Academic, Prof. Raymond B. Bako; the Director, of University Legal Services, Dr Ishaq Abubakar; the Head of, the University Public Private Partnership Unit, Dr Mu’awiya Abubakar; and the Head, of the Department of Building, Ahmadu Bello University, Dr. Mansir Dodo, attended the agreement signing ceremony.
Others present at the brief event included the Managing Director, of Ahmadu Bello University Consultancy Services (ABUCONS), Dr Faruk Yaya; the Director of, the Public Affairs Directorate, Malam Auwalu Umar; and the Special Assistant to the Vice-Chancellor, Malam Auwal Yusuf Mohammed.
