The urban up-grading template of the Federal Capital Territory Administration (FCTA) on the Abuja municipality would receive a further boost with the unveiling of a plan to construct a N22b ultra-modern Utako Park project.
The project, valued at $134,483,543 (N22bn) is planned for completion in 48 months, with the investor having 70 percent equity while FCTA and Abuja Municipal Area Council (AMAC) have 20 and 10 percent equity respectively
This is the highlight of a two-year tripartite agreement involving FCTA, the AMAC and the Intercity Terminal Transport Limited (ITTL) for the development of the park.
Minister of State for the Federal Capital Territory (FCT), Oloye Olajumoke Akinjide, who signed for the Administration, said the project was concessioned for 25 years.
According to her, the success of the ceremony was a show of government at its best, as it sought to represent the best interest of the residents.
Akinjide added that the agreement has an important milestone in the transportation model of the city, as the project would incorporate facilities such as inter-modal bus terminal, terminal building, shopping mall, parking area, a 200-room four star hotel and a 50-room bread and breakfast amongst others.
The Minister said FCTA has leveraged on the past failures of Public-Private-Partnerships (PPP) to prepare the present documents of PPP, which provides the Administration with a window to enable it avoid incurring unnecessary debt following the failure of the investor to meet his mandate.
She charged the investor to ensure that they live up to their representation that they have made to the FCT, especially the post-due diligence to the United Kingdom, United States and Tanzania amongst others.
Responding, Chairman and CEO of Intercity Terminal Transport Limited (ITTL), Prof. Charles Inyangete said the organization has the capacity and capability to deliver on the project, adding that the Bank of America would be giving financial backing.
He pointed out that the project would generate about 1,000 jobs directly on its facility and drive sustainable city development even as it would herald several other mass transit projects.