Nigeria: Ahmadu Bello University in Zaria has signed an agreement with the Student Housing Company Limited for the development of 1600-beds under a Public Private Partnership (PPP) arrangement.
The deal was signed by the University and the development holding company at Ahmadu Bello University last week.
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 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 per cent of the project cost under a Special Intervention framework to Ahmadu Bello University, while APPNL shall provide 75 per cent of the total cost.
The funds, under the agreement, shall be used by APPNL to undertake the construction of the project.
Upon completion, APPNL will appoint an operator to manage the structure for a period of 21 years after which control shall revert to Ahmadu Bello University.
It is estimated that the development of the 1600-beds will 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.
