In a landmark ceremony, the Borno State Government, represented by the Ministry of Works and Housing, signed a Public-Private Partnership (PPP) agreement with Thinklab Group Limited for the development of two major housing projects in the state with infrastructural facilities including road network, electrifications, water supply and reticulations, and landscape elements.
The projects include the completion of 404 housing units in Bakassi GRA along Biu Road and 190 housing units in Dr. Shettima Ali Mongono Teachers Village along Pompomari Bye-Pass both alongside with infrastructural facilities including road network, electrifications, water supply and reticulations, and landscape elements. The PPP agreement was approved by the Borno State Executive Council, chaired by His Excellency, Prof. Babagana Umara Zulum, as part of his administration’s initiative to encourage private sector investment and ease of doing business in the state.
The signing ceremony was chaired by the Honourable Commissioner of Works and Housing, Engr. Mustapha Gubio, in the presence of the Permanent Secretary, Engr Ali Baware, Special Adviser, Engr Kori Shettima, General Manager, Housing Corporation, directors and top officials of Thinklab Group Limited led by its Chairman, Dr. Sa’id Alkali Kori.
Under the agreement, Thinklab Group Limited will inject funds into the project development, which will serve as its equity, while the Borno State Government will contribute the uncompleted housing units as its equity. The sharing ratio is 60% for Thinklab Group Limited and 40% for the Borno State Government.
Thinklab Group Limited, a renowned development and finance company with vast experience in housing and infrastructure development in Nigeria, will fix prices for the houses and sell or rent them to recover their funds. The state government will provide titles for each of the housing units to enable marketability.
The Commissioner assured the state’s commitment to supporting the private sector and urged Thinklab Group Limited to provide quality output. Dr. Sa’id Kori thanked the government for creating an enabling environment for private sector investment and assured the state of their commitment to quality output and local job creation.
