Flash: Total Cost Put At $4bn, FG Aims Centenary City For London Stock Exchange, Pegs Capital Investment At $100m Per Investor

The Federal Government on Friday in Abuja told prospective investors in the Centenary City Project that they must have a minimum of $100m (about N16bn) if they wish to buy a stake in the centenary city.

The Secretary to the Government of the Federation, Anyim Pius Anyim, who stated this during a meeting with the investors, also announced that the Presidency was removing itself totally from the project to enable the private sector to drive it to fruition.

He said the Federal Government envisaged a city that would be comparable with top business hubs in the world, adding that quotation of the stock of the city at the Nigerian Stock Exchange, and the international stock market would be feasible by the end of 2013.

He said, “We expect that in the next one year, the stock of the city must not only be quoted on the Nigerian Stock Exchange, but also on the London Stock Exchange.

“We have said it before that as an investor, you must have an investment of about $100m in the city.”

Anyim gave indication that the project site is located near the Nnamdi Azikiwe International Airport, Abuja and that it is estimated at a total cost of $4bn, which will invariably be bought over by a parent company that would manage the entire construction projects.

The SGF gave an assurance to the investors that they would have a good return on their investments if they staked their funds in the project.

He said, “This meeting marks the beginning of the government’s withdrawal from the centenary project, and making the stage clear for decisions to be taken solely by the private sector investors themselves.

“We expect that the project would conform to international standards because we envisage that the stocks of the city would be quoted in the Nigerian Stock Exchange as well as other international markets before the end of 2013.”

The forum later appointed a legal adviser, who would iron out any challenges that may arise as a result of the centenary project.

The Federal Government had recently kick-started activities for the commemoration of 100 years of Nigeria, following the amalgamation of the Northern and Southern protectorates in 1914 by the British Government.

Courtesy Punch

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