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NNPC begins recovery of N100bn property



NNPC begins recovery of N100bn property

The Nigerian National Petroleum C o r p o r a t i o n (NNPC) has commenced the recovery of the landed property worth N100 billion across the nation. The Chief Operating Officer (COO) Ventures, NNPC, Dr. Babatunde Victor Adeniran, who revealed this on Tuesday, maintained that the assets under the control of NNPC Properties Ltd (NPL), the real estate management company of the NNPC, had been in private hands over the years were decommercialised or, in some cases, undercommercialised.


Adeniran, according to a statement, declared this at a maiden edition of NPL Property Festival which held yesterday at the NNPC Towers, Abuja, listed some of the recovered property under the scheme to include: a 92-hectre parcel of land on Chevron Drive, Lekki, Lagos; Royal Grove Estate, Port Harcourt, and others in Abuja and Kaduna. He said all the recovered property would be developed for the benefit of NNPC staff.

“Adeniran stressed that the focus of the NNPC Properties Ltd had shifted from the initial lease administration of collecting rents from tenants of the NNPC Properties to exploring all commercial opportu- nities available in the real estate market to efficiently position itself as one of the key players of repute that fits the NNPC brand,” the statement reads

According to him, the current aggressive commercial drive by the NPL was yielding results as the company had recovered a number of the corporation’s landed property which had been lying idle across the country.

Adeniran commended the Management of the NPL for developing the Third Party Home Ownership Scheme for staff with competitive interest rates from reliable banks and affordable deals from credible developers. In his keynote address, the Managing Director of the NNPC Properties Ltd, Arch. O. D. Sokari- George maintained that the company under his watch was determined to deliver quality and affordable houses with the best funding options for staff.

The Managing Director said he was committed to turning the NPL into a revenue generating Strategic Business Unit (SBU) of the NNPC. Also speaking at the event, officials of Access Bank and Infinity Trust Mortgage Bank assured staff of friendly packages with low interest rates for property acquisition.

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