ABU signs agreement for construction of 1600-bed space student hostels- TETFund to provide 25 percent counterpart fund

ABU signs agreement for construction of 1600-bed space student hostels- TETFund to provide 25 percent counterpart fund

…“TETFund shall provide 25 per cent counterpart fund of the project cost under a Special Intervention Framework to ABU

The Ahmadu Bello University (ABU), Zaria, has signed an agreement with the Student Housing Company Limited for the development of 1600-bed space hostels in the institution under a Public Private Partnership (PPP) arrangement.

Malam Auwalu Umar, Director, Public Affairs Directorate of the university, disclosed this in a statement issued to the News Agency of Nigeria (NAN) on Sunday in Zaria.

Umar said the institution’s Vice-Chanellor, Prof. Kabiru Bala, and the Registrar, Malam Rabiu Samaila, signed the agreement on behalf of the university, while Head, Deal Origination and Investment, Dipo Lawore, signed for Africa Plus Partners Nigeria Limited.

Umar said the agreement followed a proposal for the development of Student Housing at the university by Africa Plus Partners Nigeria Limited (APPNL), an accredited infrastructure fund manager.

According to him, in the agreement, the project cost is agreed to be funded by a collaborative effort of both TETFund and APPNL.

“TETFund shall provide 25 per cent counterpart fund of the project cost under a Special Intervention Framework to ABU, while APPNL shall provide 75 per cent of the total cost.

“The funds, under the agreement, shall be used by APPNL to undertake the construction of the project.

”Upon completion of the facility, APPNL shall appoint a facility management entity to manage the structure for a period of 21 years after which control shall revert to ABU,” he said.

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Umar quoted the Vice-Chancellor, Prof. Kabiru Bala, as expressing delight over the development, adding that the project would greatly help stem the huge shortfall in students accommodation.

Earlier in his remarks on the scope of the project, the Head, Public Private Partnership Unit, ABU, Dr Mu’awiya Abubakar, had explained that the project was facilitated by TETFund.

Abubakar added that ABU was one of the six public universities across the six geo-political zones of Nigeria that would benefit from the national student housing project.

Also speaking, the Head, Deal Origination and Investment, Africa Plus Partners Nigeria Limited, Mr Dipo Lawore, pointed out that the development of the 1600-bed space student hostels for ABU would be completed within a span of 12 months.