Wike To Review Kugbo Int’l Market, Investor Sharing Formula

Minister of FCT, Nyesom Wike has directed the Managing Director, Abuja Investment Company in charge of Kugbo International Market to review the sharing formula of investors with the FCT Administration.

Wike stated this in Abuja when he led top FCTA management team on an inspection of the facility, and the former ministry of Agriculture building besides NNPC Towers in Abuja.

He expressed dissatisfaction that the sharing formula of the kugbo international market investment was only beneficial to the investors, leaving FCTA that provided the land with little or nothing reasonable.

“For now, the way it is, is not favourable. It is only favourable to the investor. We have a stake, the land belongs to the FCT, and then the company invests. I hear there is a sharing formula, which is not acceptable to me in the first instance”.

“it is a PPP arrangement between Abuja Investment Company, which is an agency of the Federal Capital Territory, and a private individual. I have directed the Managing Director, to see that they meet with the investor, to see how we can have an arrangement that will be suitable to all of us”, Wike noted.

The FCT Minister also directed the Department of Development Control to mobilize to site and demolish all forms of infractions militating against the successful completion of the second phase of the kugbo international Market, due to encroachment.

He assured that the facility will boost economic activities in the area, create jobs for many residents, reduce traffic congestion and incessant trading on the road shoulders.

Wike further pledged commitment to ensure that the people are supported to acesss the facility to make it affordable.

“We will not also allow the investor take advantage of that, and then people cannot afford, No!. We will also look into it. We will know the cost. I will find out from the Managing Director and Chief Executive of the Abuja Investment Company, to sit down with the investor, to see what agreement we can reach.

“I have directed the Development Control to immediately demolish anything that is going to cause an impediment”.

“We would do everything to see that people move into this market as quickly as possible, that’s the first phase. So we are happy with what we have seen”.

Earlier, Wike and his entourage had visited the former Ministry of Agriculture building beside NNPC Towers to inspect the structure, following President Bola Tinubu’s directive that the building be refurbished immediately for the new Ministry of Livestock.

According to Wike, the integrity test of the structure is okay for the commencement of the project.

” We are going to get some companies to come and look at it, and quote for it. It is an emergency work because the creation of the Ministry of Livestock is a welcomed development.”

“The President has ordered the FCT Administration through the FCDA to look at it, and we have seen the integrity test which is okay, and we have to rehabilitate and furnish it, and then you will see the Ministry of Livestock take over, ” Wike said.

Remi Johnson, Edited By Blessing Nyor