Lagos new ICT Park to take N43 billion

The Concessionaire for the construction of new Lagos Information and Communications Technology (ICT) Park, Bridgeways Global Projects Limited, has revealed that the project would cost about N43 billion and be ready in two and half years from now.

• Concessionaire, Computer Village associations pledge collaboration

The Concessionaire for the construction of new Lagos Information and Communications Technology (ICT) Park, Bridgeways Global Projects Limited, has revealed that the project would cost about N43 billion and be ready in two and half years from now.

Otherwise known as Kantagowa ICT Business Park, which is to be situated along the Lagos-Abeokuta Express-way, the project is expected to be the permanent location of the current Ikeja Computer Village Market.Speaking with The Guardian after a consultation meeting with association leadership of the Computer Village Market in Lagos at the weekend, the Chief Executive Officer of Bridgeways Global Projects Limited, Jimmy Onyemenam, said: “what we are developing in Katangowa will elevate the status of Lagos as a global technology location. It is far beyond providing real estate for the development of another Computer Village.”

Onyemenam, who said the prices are quite fluid, informed that by completion, the project is expected to half gulped about N43 billion. The firm is expected to manage the planned park for the next 36 years, after which transfer goes to the state government. He explained that the finances would come through a mixture of funding arrangements, which is already in place. According to him, these include debt finance, equity participation and “of course, there is a very strong pool of foreign funding, which we shall also be working with. As it stands, the debt financing is being negotiated by our financial consultants and we are quite hopeful that within few weeks that should be completed.”
On the possible cost for would be customers, the Bridgeways boss disclosed that there is a highly competitive price regime of N5.1 million promotional price that is available to the first 100 people, who come up but then, “the standard selling price is N6 million for 10sqm for the 36 years. The advantage this project address is that the off takers would be granted titles by the state government for period over which the sale is being done. Today’s price stands at N5.1 million for the first 100 people and N6 million thereafter for 10sqm for 36 years.”

The Bridgeway boss informed that the Katangowa ICT Business Park is proposed to be developed on a 15.7 hectares parcel of land, adding: “when completed, the ICT Business Park will comprise of over 3000 retail outlets of assorted sizes, a 4000-capacity k-klamps mall, 5,000 sitter exhibition hall and ICT incubator complex, assemblage/warehouses, and office accommodation.

“The park will also include facilities like; a budget hotel, banking facilities, restaurants, helipad, OPD clinic, Police Station, Security and fire Service, electric power, portable water and sustainable waste management plants, among other facilities,” he stated.

On the status of the proposed location, Onyemenam revealed that project is at the verge of the state government commencing the road expansion work, clearing of the place and “handing over the sites to us, we expect that to commence anytime now. Last Monday, we had a meeting with squatters on the site and they are actually ready to move. Fortunately, the government is putting a human face to the project and efforts are been made to make their relocation painless as possible, of course there would be some hitches, but certainly not the gruesome experiences of the past. They are happy to move to the temporary site.”

On the meeting with the Computer Village association leaderships, who numbered about 23, Onyemenam, who revealed that the relocation project has been dragging for the past 10 years, thanked the current Lagos State government, under the leadership of Akinwumi Ambode, for what he described as massive support for the project.

According to him, the meeting was to establish an all inclusive vehicle that would serve as the coordinating or rallying forum through which the market leaders can relate with the concessionaire and the state government, “Already, there is an assurance from them to work with us to get this done on time.”

One of the leaders, Public Relations Officer for Computer Village, Ademola Olaifa, expressed delight in the project, describing it as a viable one and a life saving project, which is attracted to everybody.
Olaifa revealed that the people in the village have been struggling to achieve it for the past few years, “we are thanking God for sparing our lives for the take off of the project now. The project will benefit Computer Village, the people and Lagos state as a whole.”Olaifa, who said the project will be one of the leading ICT Parks in Nigeria, disclosed that the meeting they had with the concessionaire brought hope to the market, as people would be on the same page and work for its success.“We have gone beyond the issue of tribe. We are working together to achieve more and we are sure of getting that done,” he stated.

He urged government to create more awareness of the plan, by among other things calling the stakeholders, especially the Landlords in that place to know that they have limited time, “the marketers too should be told that no stone would be left untouch. So everybody should be prepared.”

Another stakeholder, at the market, Barr. Osy Ijomah, said the people are ready to ensure that the project succeed, stressing that the project will sell.“We are ready to work with the Concessionaire to ensure that this project is completed within time and for the interest of the Computer Village. What we have seen a world standard ICT Park. It will be the first in Nigeria. Lagos is doing something laudable. We support the relocation because those things we are lacking at Ikeja will be available at the new place. We have seen the endorsement of the Lagos State government and that has given us assurance,” he stated.
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