The Federal Government has handed over, the Federal Radio Corporation of Nigeria to the Fish Valley Investments and Properties Ltd, in a Public Private Partnership.
The Minister of Information and Culture, Lai Mohammed, made this known during the handing over ceremony of six hectares of land to MESSRS Fish Valley Investments and Properties Ltd, held on Friday.
The honorable minister said the PPP had been approved by the Federal Executive Council in 2022 and it is a win-win for both the government and FVIP.
The partnership is expected to create jobs, also provide a boost to the national economy as additional revenue will accrue to the Federal Radio Corporation of Nigeria.
He stated that taxes will be paid to the Lagos state Government and funds from the private sector as well as Foreign Direct Investment by the project’s foreign partners will be injected into the nation’s economy.
Mohammed during his address said, “Let me formally welcome you all to this important ceremony. We are here today for a momentous event that is the culmination of 13 years of hard work.
“After a procurement process that started in 2010, a deal has been sealed and we are here to officially hand over a prime property of the Federal Radio Corporation of NIgeria (FRCN), a parastatal under the @FMICNigeria , to the Fish Valley Investments and Properties Ltd.
“Let’s quickly go down the memory lane. In 2010 the procurement process of this partnership began with adverts in national dailies for interested investors to partner with the FRCN for the development of a mixed use of the six hectares of land, where we are today.
“The Ministerial approval as required by law was granted and subsequent processes by relevant agencies like the Infrastructure Concession Regulatory Commission (ICRC), which is charged with the responsibility of supervising all PPP projects, were carried out while the necessary certificate of compliance, as required by law, was issued by the Commission.
“Also, the Federal Executive Council (FEC) – after due consideration of the memo I presented and the certificate of compliance from @icrcng signifying that all due processes has been complied with – approved this Public Private Partnership on 21st December 2022, paving the way for the hand over we are about to witness here today.
“This PPP is a win-win partnership for the FRCN and the Fish Valley Investments and Properties Ltd. The impending construction of this mixed use luxurious hotel, high end residential accommodation and social amenities will create hundreds of direct and indirect jobs thus fulfilling a cardinal programme of the Buhari Administration.
“Apart from creating jobs, the project will also provide a boost to the national economy as additional revenue will accrue to the Federal Radio Corporation of Nigeria; taxes will be paid to the Lagos state Government and funds from the private sector as well as Foreign Direct Investment (FDI) by the project’s foreign partners will be injected into the nation’s economy.
“There is more to come as the project, especially the construction of residential accommodation, will also contribute to the Administration’s efforts to address the housing deficit in the country.
“The proximity of these facilities to the Murtala Muhammed International Airport in Lagos will make it very attractive to those who may wish to live here or stay in the luxurious hotel to be built here to do their businesses within Ikeja, the capital of Lagos State.
“The project will help transform and beautify this environment, hitherto blighted by an undeveloped prime land that has sometimes served as a hide out for criminal elements.
“The Federal Ministry of Information and Culture will keep an eye on the execution and subsequent management of this laudable project to see that the terms of the contract as approved by the Federal Executive Council are complied with to the latter.
“I wish to use this opportunity to congratulate the FRCN, their partners Messrs Fish Valley Investments and Properties Ltd and every other agency of Government that was involved in the successful delivery of this PPP arrangement.
“It is now my honour and privilege to hand over this six-hectare piece of land to Messrs Fish Valley Investments and Properties Ltd.
“I thank you all for your kind attention.”