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Bayelsa: FG Approves N10bn Housing Project

Posted by From Cletus Akwaya in Abuja on 2004/10/28 | Views: 1180 |

Bayelsa: FG Approves N10bn Housing Project


Federal Government has approved the construction of an ultra modern housing estate in Yenogoa, the Bayelsa State capital in which 751 units of houses and assorted facilities and infrastructure would be provided at the cost of about N10 billion.

Federal Government has approved the construction of an ultra modern housing estate in Yenogoa, the Bayelsa State capital in which 751 units of houses and assorted facilities and infrastructure would be provided at the cost of about N10 billion.

The project is being executed completely with private funds to be provided by a private estate developer, Henbori Limited.

Managing Director of the company, Chief Henry Ekperi, who disclosed this to newsmen yesterday in Abuja said the approval was conveyed to him by the Minister for Housing and Urban Development last Month following series of appraisals of his proposals and intensive documentation, by the Ministry.

Ekperi said the project would be completed within three years with the Federal Government having 40 per cent equity while his company would take the balance of 60 per cent.

He explained that the Federal Government's equity in the project was a conversion of the 50 hectares of land contributed for the estate at Okaka area in Yenogoa.

The parcel of land had earlier been reserved by the Federal Government for its housing programme.

He said a British firm, Privia UK limited has already agreed to provide USD25m loan facility through its Nigerian affiliate Privia Nigeria to fund the project while the rest of the finances required to execute the project would be sourced locally.

The houses being provided include duplexes, detached bungalows of various sizes and deluxe flats of various sizes, Ekperi ssaid, modern facilities including nursery and primary school, clinic, recreation centre, among others would also be provided.

Ekperi expressed hope that the estate would ease accommodation shortage in the state capital just as he added that oil companies and other multinationals operating in the area would find suitable accommodation for their high calibre personnel.

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