• TETFund to pay 25% of project cost, while APPNL to provide 75% of counterpart funding
By ABU-DPA With Mahdi Waziri Isa
Ahmadu Bello University has signed an agreement with the Student Housing Company Limited for the development of 1600-bed space hostels in the institution under a Public Private Partnership (PPP) arrangement.
The pact was jointly signed by the University and the development holding company at Ahmadu Bello University, Zaria on Monday, 8th April, 2024.
It followed a proposal for the “Development of Student Housing in Ahmadu Bello University” by Africa Plus Partners Nigeria Limited (APPNL), an infrastructure fund manager duly licensed and accredited by the Nigerian Securities and Exchange Commission (SEC).
On financing structure, the project cost is agreed to be funded by a collaborative effort of both TETFund and APPNL.
For example, TETFund shall provide counterpart funding of 25% of the project cost under a Special Intervention framework to Ahmadu Bello University, while APPNL shall provide 75% of the total cost.
The funds, under the agreement, shall be used by APPNL to undertake the construction of the project.
And, upon completion of the facility, APPNL shall appoint a facility management entity to manage the structure for a period of 21 years after which control shall revert to Ahmadu Bello University.
The parties involved in the agreement signed four legal documents in fulfillment of the project. They included Stakeholders’ Agreement, Deed of Lease, ESCROW Agreement, and Concession Agreement.
The Vice Chancellor, Ahmadu Bello University, Prof. Kabiru Bala; and the institution’s Registrar, Malam Rabiu Samaila, signed on behalf of the University, while Head, Deal Origination and Investment, Dipo Lawore, signed for Africa Plus Partners Nigeria Limited.
The Deputy Vice-Chancellor, Academic, Prof. Raymond B. Bako; the Director, University Legal Services, Dr. Ishaq Abubakar; the Head, University Public Private Partnership Unit, Dr. Mu’awiya Abubakar; and the Head, Department of Building, Ahmadu Bello University, Dr. Mansir Dodo, attended the agreement signing ceremony.
Others present at the brief event included the Managing Director, Ahmadu Bello University Consultancy Services (ABUCONS), Dr. Faruk Yaya; the Director, Public Affairs Directorate, Malam Auwalu Umar; and the Special Assistant to the Vice-Chancellor, Malam Auwal Yusuf Mohammed.
Speaking at the event, the Vice-Chancellor, Prof. Kabiru Bala, expressed delight over the development and assured that the project would greatly help stem the huge shortfall in the availability of good accommodation for students of the institution.
Earlier in his remarks on the scope of the project, the Head, Public Private Partnership Unit, Ahmadu Bello University, Dr. Mu’awiya Abubakar, explained that the project was facilitated by TETFund.
Dr. Abubakar also explained that ABU is one of the six public universities across the six geo-political zones of Nigeria that will benefit from the national student housing project.
Also speaking, the Head, Deal Origination and Investment, Africa Plus Partners Nigeria Limited, Dipo Lawore, pointed out that the development of the 1600-bed space student hostels for Ahmadu Bello University would be completed in 12 months time.
The Africa Plus Partners Nigeria Limited is a Securities and Exchange Commission (SEC) licensed specialist infrastructure asset management company with a mandate to invest an optional mix of debt and equity in strategic infrastructure projects within Nigeria and sub-Saharan Africa.
The company has established and currently manages Nigeria’s first two equity-based Naira-dominated infrastructure funds – the Africa Infrastructure Plus Funds 1 (AIPF1) and Africa Infra Plus Fund 2 (AIPFII).
The funds currently have a financing capacity in excess of N220 billion sourced majorly from Nigerian Pensions Fund Administrators and other institutional investors.
As a fund manager, the Africa Plus Partners Nigeria Limited has originated and successfully developed various projects in Nigerian infrastructure space executing various projects in student housing, transportation, renewable energy, power and a host of others.
It was the company that financed and developed the Windsworth Hostel at the University of Calabar, Cross River State. It is a 1600-bed space hostel accommodation with a range of services that comprised uninterrupted water supply, laundry services, safety and security, Wi-Fi access, access card entry system, as well as restaurant and discount shops.