Anambra State Government has signed a Memorandum of Understanding (MoU) for developing housing units in the state valued at about N13.9 billion.
The agreement was signed between the Anambra State Government and M-P Infrastructure Ltd., at Governor’s Lodge, Amawbia.
M-P infrastructure desired to partner with the State Government to develop 100 hectares of land in phases within the Millennium City, Awka.
Gov. Willie Obiano while signing the MoU, said government would use 25 hectares, to build up 25 per cent of real estate, while 75 per cent of the land would be developed as sites and services.
He noted that the project would improve sustainable accommodation issues in Awka, which had been one of his obsessions.
Apart from creation of jobs for youths, the Governor said that the state-of-art facilities would also enhance the state’s capacity for Internally Generated Revenue.
“The investor is expected to commence work within six months of issuance of certificate of recognition.
“Non-compliance will mean revoking title to the land, with the land automatically reverting to the state,’’ the governor stressed.
Managing Director, Anambra State Investment Promotion and Protection Agency (ANSIPPA), Mr. Jide Ikeako emphasized that out of the N13.9 billion size investment, the investor would provide N10.4 billion.
Mr. Ikeakor noted that the gross profit would be shared with the investor on the basis of 73 per cent, to the state’s 24 per cent, while 3 per cent would go for Corporate Social Responsibility.
The ANSIPPA boss said that the project would generate not less than 200 direct and indirect jobs of which 75 per cent would be reserved for Ndi Anambra, with exceptions for highly skilled and technical personnel.
The MD M-P Infrastructure Ltd., Mr. Clem Nwogbo said the project would aim at building a model city.
This according to him will be in line with rapid modernisation and regeneration aspiration of the state government.
Mr Nwogbo said the housing units would among other things accommodate shopping malls, parks, medical facilities, and schools.
“The timeline for completion of first phase of infrastructures that comprises roads, drains, utilities, and perimeter fencing is 30 months from date of mobilisation to site.
“To achieve this timeline and overall objective of the project, MP Infrastructure ltd., has invested heavily in the procurement of brand new equipment for development of the project.’’ (MOI)