Sheikh Gumi Central Market: El-Rufai transfers 6,546 shops to traders on long-term lease sales


Governor Nasir el-Rufai of Kaduna state is set to return the 6,546 shops in Sheikh Abubakar Gumi Central Market to traders on long-term lease, allowing the traders to purchase the shops to which they currently hold temporary titles.


A statement issued by the Managing Director of Kaduna Markets Development and Management Company (KMDMC, Muhammad Hafiz Bayero, on Tuesday said that the state government will also assist the traders with access to mortgage in order to pay for the shops.
Bayero further stated that Governor el-Rufai has approved the immediate revocation of all temporary titles in the central market, “the titles will be temporarily transferred to KMDMC and then transferred directly to the traders on a long lease sales agreement. This would be done through a transparent sales process, with PriceWaterhouseCoopers as transaction advisers”.


Bayero disclosed that 6,546 units of shops at Sheikh Abubakar Gumi Central Market will be transferred to the traders, many of whom currently rent shops from middle men,  on an owner-occupier basis. He noted that KMDMC has appointed PriceWaterhouseCoopers as transaction advisors and Dikko and Mahmoud as  legal advisors for the sales process. 
According to him, “PriceWaterhouseCoopers and Dikko and Mahmoud will provide an additional layer of efficiency, transparency and accountability to ensure the exercise is carried out without fear or favour. All current traders who have paid their rent and service charge on or before the 31st of December 2019 automatically qualify to exercise their right of first refusal during the application process,’’ he added.


The Managing Director, who revealed that the traders will be assisted to secure mortgage at 9% interest from Sterling Bank to pay for the shops, further indicated that traders who are in default of their obligations will lose this right to purchase their shops if rent is not offset on or before the 31st of December 2019. 
Bayero said that the entire transaction is expected to be concluded by August 2020, adding that the Governor has approved that a steering committee, chaired by the Commissioner of Business, Innovation and Technology, Idris Nyam, will coordinate the sales process.

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