FG, Pinnacle Step Construction, M.I. Okoro partner on 2,000 housing units in Delta
In a bid to reduce the housing deficit around the country, the Federal Government, through the Ministry of Works and Housing, has partnered with Pinnacle Step Construction and Properties Limited and real estate giant, MI Okoro and Associates.
In a recent press statement issued by ace real estate surveyor and valuer, Meckson Okoro, the partnership will see to the building of over 2,000 housing units in Ugbolu in Asaba Delta State and comes on a Public/Private Partnership basis, as brokered by the Minister of Works and Housing, Babatunde Fashola.
“It is expected that Ugbolu in Asaba Delta State will witness the development of close to 2,000 housing units of various categories whose contract was consummated about six years ago between the Federal Ministry of Works and Housing selected well profiled developers and Pinnacle Step Construction and Properties Ltd is just one out of ten developers. The Ministry honoured her own part of the contract under the PPP arrangement by acquiring about 100 hectares of land; done the roads and tarred same, provided electricity poles with all the electric wires connected and other infrastructural developments, then shared the land to the 10 developers for the construction of the houses but, unfortunately, none of the developers have been able to meet up with his own part of the deal because of lack of development finance,” Okoro said.
However, the Managing Director, CEO of Pinnacle Step Construction and Properties Limited, Engineer Chizoba Udegbe, appears to set his company on the path of history when he consulted a real estate surveyor, valuer and consulting guru, Dr Meckson Innocent Okoro, who perfected a real estate development funding deal with Amaechi Ndili who is the Chairman and CEO of Property Development subsidiary, Ndili Education Science and Technology Limited (NEST) and who doubles as the Founder and Chairman of Golden Tulip West Africa, the largest hospitality industry in West Africa.
Okoro continues: “In other words, history was made yesterday, December 6, 2020 in Lagos when Dr. M.I. Okoro brokered the signing of Memorandum of Understanding (MoU) between property subsidiary, Ndili Education Science and Technology Limited, ably represented by Dr. Amaechi Ndili as sole financier and Development Partner of Nigerview Estate in Ugbolu Asaba, Delta State. Pinnacle Step Construction and Properties Limited, the original allottee of the development site by the Federal Government of Nigeria also represented by the MD/CEO, Engr. Chizoba Udegbe while Principal Partner/CEO of M.I. Okoro and Associates signed as sole marketing agent of all houses to be developed within the Nigerview Estate, though M.I. Okoro and Associates is already partnering with Ventolite Marketing International Company Ltd and NEST Ltd to ensure faster sales of the expected houses.
“The main thrust of the executed MoU is that physical construction at the Ugbolu site where the Nigerview Estate is located will commence on January 21, 2021. The beauty of the funding arrangement is that our funding partner does not require bank loan of any type for the construction of these houses and therefore between January and May 2021, Deltans and other investing public will have a lot of homes to buy from our consortium in Ugbolu, Asaba. Our happiness is that our financier and Development Partner, Dr. Amaechi Ndili is not just a hospitality investment guru, he is also a major player in the oil industry and offshore operational activities including fleet of ships in the high sea that aid oil operations and lifting. Therefore, we are confident that his company will bring their enormous goodwill and financial resources to bear in the arrangement and towards ensuring that finance is never a problem again in the development of these houses. Furthermore, our financier and development partner is from Ugbolu Community in Asaba and therefore has emotional attachment for the development of Nigerview Estate which he believed would help the State Government in generating internal revenue, by way of taxation in real estate as well as provide homes for many Deltans of both home and abroad, plus a lot of employment opportunities for the Deltan youths who may like to pick up some jobs. No doubt, Asaba as a state capital will benefit a lot from the development of Nigerview Estate especially when the 2nd Niger bridge that is under construction is completed, the usual traffic jams along Onitsha-Asaba road will drastically reduce by 85%, therefore Asaba town will create home for many Deltans and other Nigerians.
“The major highlight of the MoU include but not limited to the following:
Property development subsidiary, Ndili Education Science and Technology Ltd powered by Dr. Amaechi Ndili will ensure that construction activities will commence at the site on January 21, 2021; be responsible for financing and procuring all building materials and labour required for the construction activities and in conjunction with Pinnacle that the project moves in accordance with quality, time and agreed cost lines.