FCTA Signs Jabi Lake Deal To Become Luxury Hub

The Federal Capital Territory Administration (FCTA) has signed a Memorandum of Understanding (MOU) with Suburban Broadband (SPV) to transform the Jabi Lake Waterfront into a world-class luxury destination, a project the minister of the FCT, Nyesom Wike, said must be delivered with transparency, sustainability and excellence.

The historic agreement, signed at the FCT minister’s office, marked a significant milestone in the administration’s push to position Abuja as a premier global landmark, with officials drawing ambitious comparisons to iconic sites such as Dubai’s Palm Jumeirah.

Speaking during the ceremony, Barr Ahmed Nasser (Dan Darman Lokoja), leader of Suburban Broadband, described the partnership as a defining moment for the nation’s capital.

“This partnership marks a pivotal step in redefining Abuja’s skyline and global reputation. Jabi Lake Waterfront will cement the FCT’s status as Africa’s leading capital city,” Nasser stated.

The mixed-use development is expected to serve as a massive engine for economic growth, generating thousands of direct and indirect employment opportunities while developing premium residential, commercial, hospitality, and recreational facilities.

The minister issued a firm charge to the consortium, urging strict adherence to the terms of the MOU.

“We expect nothing less than transparency, sustainability, and excellence,” Wike said.

In response, Mr Pankaj, the project’s foreign technical partner, affirmed the company’s resolve to deliver cutting-edge international expertise.

“We will mobilize to the site immediately to meet the stipulated delivery timeframe,” he pledged.

The Suburban Broadband delegation included prominent figures such as Mrs. Olufunmilayo Hannah Aigbomian, Mr Idris C. Usman of First Trust Mortgage Providers, and Mr Pankaj.

The Jabi Lake redevelopment is the latest in a series of strategic moves by the FCTA to prioritise Public-Private Partnerships (PPPs), which the administration views as the primary engine for sustainable development.

With the signing of the MOU, the transformation of Jabi Lake from a local waterfront into a luxury hub has officially begun.