Ahmadu Bello University (ABU) Zaria has signed an agreement with the Student Housing Company Limited to build a 1,600-bed space hostels in the institution under a Public Private Partnership (PPP) arrangement.
The deal followed a proposal for the “Development of Student Housing in Ahmadu Bello University” by Africa Plus Partners Nigeria Limited (APPNL), an infrastructure fund manager accredited by the Nigerian Securities and Exchange Commission (SEC).
The pact was signed by the university and the holding company at ABU, Zaria on Monday, April 8, 2024.
It will be funded through the collaborative efforts of TETFund and APPNL.
TETFund will provide the counterpart funding of 25 percent of the project cost under a special intervention framework to ABU while APPNL will provide 75 percent of the total cost.
The funds, under the agreement, will be used by APPNL to undertake the construction of the project and upon completion of the facility, APPNL will appoint a facility management entity to manage the structure for a period of 21 years after which control shall revert to ABU.
The parties involved in the agreement signed four legal documents in fulfillment of the project. They included Stakeholders’ Agreement, Deed of Lease, ESCROW Agreement, and Concession Agreement.
The vice chancellor of ABU, Prof Kabiru Bala and the institution’s registrar, Malam Rabiu Samaila, signed on behalf of the university while the head of Deal Origination and Investment, Dipo Lawore, signed for Africa Plus Partners Nigeria Limited.
The deputy vice chancellor (Academic), Prof Raymond Bako, the director, University Legal Services, Dr Ishaq Abubakar; the head, University Public Private Partnership Unit, Dr Mu’awiya Abubakar and the head, Department of Building, ABU, Dr Mansir Dodo, attended the ceremony.
Others present at the event included the managing director, Ahmadu Bello University Consultancy Services (ABUCONS), Dr Faruk Yaya, the director, Public Affairs Directorate, Malam Auwalu Umar and the special assistant to the vice chancellor, Malam Auwal Yusuf Mohammed.
Prof Bala expressed delight over the development and assured that the project would greatly help stem the huge shortfall in the availability of good accommodation for students of the institution.
In his remarks on the scope of the project, Dr Mu’awiya Abubakar, said it was facilitated by TETFund.
On his part, Lawore said the development of the 1600-bed space hostels would be completed in 12 months.
