The Federal Executive Council has given approval to the Federal Radio Corporation of Nigeria, FRCN, to enter into a Public Private Partnership, PPP, agreement for the development of 6, out of its 9-hectares piece of land in Ikeja, Lagos.
Briefing newsmen on the approval, the Minister of Information and Culture, Alhaji Lai Mohammed, said previous attempts to secure such an arrangement failed.
Alhaji Lai Mohammed explained that despite the problems that necessitate the failure to concretise the PPP arrangement in 2013, the developer had paid a signature bonus of 50 million Naira, saying that there are a lot of other expenses that the company will cover.
According to the Minister, there will be a moratorium period of four years to allow the investor to complete construction, after which the agreed forty six million Naira will be paid to FRCN annually, subject to 5-year review.
Bello Wakili
