Last week, the Federal Capital Territory Administration (FCTA) signed, commissioned and received an international grant running into billions of naira. In this report, AYONI M. AGABABIAKA examines the projects that would be executed with the money
N392m entrepreneurial complex
In order to make the economy viable as well as empower the youth, women and new graduates in the Federal Capital Territory (FCT), the Federal Capital Territory Administration (FCTA) has commissioned N392.663.356.40 Abuja Enterprise Agency (AEA) Entrepreneurial complex in Jahi.
Minister of state for FCT, Oloye Olajumoke Akinjide, while commissioning the complex, said it will go a long way to stem the consequences of unemployment, poverty and destitution confronting the territory.
Akinjide said FCTA has made available the sum of N200 million for micro-credit scheme to graduate trainees through the FCT Micro finance Bank in Kwali area council.
She, however, urged corporate organisations and individuals alike to support the administration’s efforts to actualise the vision for the Agency that would stand out as a flagship of entrepreneurship development in Africa.
2014 $.5m smarter cities challenge
In the same last week, the FCTA was awarded Smarter Cities Challenge grant for 2014 by the International Business Machines (IBM), a multinational technology and consulting corporation, based in the United States.
The grant, which was conveyed in a letter signed by the Vice President, International Business Machines (IBM) Global Citizenship Initiatives, Jen Jen Crozier, to the Minister of FCT, Senator Bala Mohammed, said, with this grant, Abuja will enjoy $500,000 grant during this fiscal year.
“On behalf of IBM, it is my pleasure to notify you that Abuja, Federal Capital Territory has been awarded a Smarter Cities Challenge grant for 2014”, the Minister said.
According to him, over a hundred applications were received by IBM across the world for this year’s programme, but the FCT was successful.
N22.2b Utako transport terminal
The FCTA also signed N22.2 billion contract for the development of Utako ultra modern transport terminal last week.
The contract which is between FCTA, Intercity Transport Terminal limited (ITTL) and Abuja Municipal Area Council (AMAC) is expected to be delivered in 4 years and it is to be handed over to FCTA and AMAC after 25 years.
According to the Minister of state for FCT, “the total development cost for the project including the compensation and resettlement cost of third party liability will not be less than $134,483,543.
“The developer shall execute and complete the redevelopment of the Utako motor park within a period of 48 months from date of execution of this agreement.
“This agreement shall commence on the date the parties append their signatures to it and shall remain in force for a period of 25 years certain unless terminated pursuant to this agreement
“The contract will be jointly sponsored and financed by the developer (ITTL) and the contractor, Nerida international for the execution of the project and shall pursuant to the implementation of the project raise the total project cost as follows: make equity contribution of a minimum of 15% of the total project cost and secure debt of 85% of the total project cost from a reputable financial institution as the principal debt.”
The developer, as a shareholder during the execution of the project, is entitled to 70%, AMAC 20% and FCTA is entitled to 10% of the equity.N
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