Ahmadu Bello University, ABU, has inked an agreement with Student Housing Company Limited to establish 1600-bed hostels in the institution through a Public Private Partnership, PPP arrangement.
On Monday, April 8, 2024, the University and the development holding business signed a cooperation agreement at Ahmadu Bello University in Zaria.
It followed a proposal for the “Development of Student Housing at Ahmadu Bello University” by Africa Plus Partners Nigeria Limited, APPNL, an infrastructure fund manager fully licenced and certified by the Nigerian Securities and Exchange Commission, SEC. In terms of financing, both TETFund and APPNL have agreed to fund the project’s cost together.
For example, TETFund would supply Ahmadu Bello University with 25% of the project cost through a Special Intervention framework, while APPNL will cover 75% of the overall cost. The funds under the agreement will be used by APPNL to construct the project.
Following the construction of the facility, APPNL will designate a facility management firm to operate the structure for 21 years, after which control would revert to Ahmadu Bello University.
The parties to the agreement signed four legal agreements to fulfil the agreement. They included a stakeholder agreement, a lease deed, an escrow agreement, and a concession agreement.
The Vice-Chanellor, 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, Auwalu Umar; and the Special Assistant to the Vice-Chancellor, 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.
Mr 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.