As part of its initiatives to support economic development across tiers of government as well as drive revenue generation, First Bank of Nigeria Ltd, Nigeria?s largest financial Institution has once again thrown its weight behind the reconstruction of the new ultra-modern Tejuosho main market. Located in Yaba, in the heart of Lagos, the project developed by Stormberg Engineering Company Limited and was financed by First Bank of Nigeria limited.
The new Tejuosho main shopping complex, a tripartite PPP project between the Lagos State Government, Stormberg Engineering Company Limited and First Bank of Nigeria Limited, is an exciting example of how the public private partnership (PPP) model could be deployed to provide much needed infrastructure and promote rapid economic growth and public empowerment.
Designed to re-define completely shopping experience in Lagos; as a much enlarge business hub, its occupants will receive increased patronage; and the customers would enjoy unprecedented levels of shopping experience at the mass market pricing but in an organised and structured manner.
Speaking at a press briefing in Lagos to announce completion of the project, Engr. Abiodun Oshodi, the Project Director at Stormberg Engineering Company Limited, remarked that Nigeria?s retail space, which is largely dominated by large traditional markets, is witnessing a transition from the corner stores in urban neighbourhoods and large unorganized trading clusters, to large, organized supermarkets and malls that provide more options to shoppers.
?We had a long time ago identified retail as a key ingredient in social and economic development. This project contributes to the growth of the entire community and State by providing a platform to drive real business. Tejuosho Shopping Centre is a ?one stop? shopping environment that allows the consumer to enjoy the benefits of a safe, secure and word-class retail centre.?
Commenting on FirstBank?s role in this partnership, Adetokunbo Abiru, Executive Director Corporate Banking, First Bank of Nigeria Limited expressed the bank?s delight in partnering with the Lagos State government in rebuilding of the ultra-modern market, which attracts patronage from across the West African sub-region.
?We are proud to be associated with the reconstruction of Tejuosho market. Our involvement is yet another testament of our commitment to infrastructure development in Nigeria. We are committed to supporting governments? drive for infrastructure development of all types across boards. We are particularly excited to be instrumental in restoring a landmark facility that would significantly reopen income streams for thousands of people, create job opportunities and reinvigorate economic activities? Adetokunbo stated.
Noting that infrastructure is the foundation on which socio-economic development is built, Adetokunbo said apart from creating job opportunities, the shopping center represents a major outlet for the growth of local enterprise in the country. The financing is targeted at former tenants (Owner Occupier)/ Landlords, Interested investors and SMEs. FirstBank offers would-be shop owners generous interest rates on mortgage facilities with an 8-year payback period, to acquire shops in the market.
Speaking further on the benefits of this project, The Lagos State Commissioner for Commerce and Industry, Mrs Olusola Oworu said the reconstruction of the new Tejuosho main shopping complex is a testament to the Lagos State Government?s commitment to positively impact the lifestyle of residents as well as support sustainable socio-economic growth as part of the administration?s drive of making Lagos State a megacity and part of its strategy to deliver the dividends of democracy to the people of the State.
The shopping center comprises a sprawling five-storey edifice of a basement, ground and three suspended floors. Natural illumination and ventilation are ensured through the provision of openings and voids in and around the building. Vertical circulation is provided via ample provision of staircases at average distances of 10 meters apart. It offers over 4,000 business units, a main car parking lot accommodating 580 vehicles, as well as basement and roof top parking facilities, lifts, wide staircases and goods ramps. Also available are other amenities such as water, uninterrupted power, public conveniences, a Police post, and a fully equipped fire station, among other world class facilities.
The market will be officially commissioned by Governor Babatunde Fashola on Friday, August 15,, 2014, with Chief (Mrs.) Iyabode Tinubu Ojo, the State Iyaloja as the chief host
Source; PER SECOND NEWS
