Abuja Centenary City To Gulp N2.4trn

The Abuja Centenary City Project will gulp N2.4 trillion ($18.6 billion).
The chief executive officer (CEO) of Eagle Hills, the official developer of the city, Mohammed Al-Abbar, who disclosed this while speaking at the ceremony, also hinted that the city is expected to be completed within 10 years.
Speaking at the event, President Goodluck Jonathan, who performed the ground breaking ceremony, noted that the centenary city will kick off with a 10-storey building and added that the concept of the city will include presidential archives.

“It will be a city of elegance, unity and hope. We want Nigerians to appreciate our journey of 100 years,” Jonathan said.
He expressed delight that what started as a dream was now becoming reality, adding that “we are developing the city for security, and to be free trade zone.”
Also speaking, the chairman of the Centenary City Plc, Gen. Abdulsalami Abubakar, said the project will create 69,000 jobs and 250,000 construction jobs.
He noted that the city is being designed in a way that ranks it among the big cities in the world and that the model unveiled was in line with that vision.
According to him, “The board had worked diligently in concluding the first phase of the project,” adding that the issue of compensation of the indigenes was still ongoing.
Abubakar added that Sterling Partners was appointed as legal advisers, Price Waterhouse Coopers as financial consultants, while the official marketers for the centenary activities is Messrs DDB, Lagos.
On his part, the minister of the Federal Capital Territory, Senator Bala Mohammed, said his ministry would be working hand-in-hand with the the group to ensure high quality infrastructure in the area. It will also maintain five per cent equity share in the project.
Bala said while all certificates of occupancy have been issued, the administration does not expect any hitches in the execution of the project.
Also speaking, the Secretary to the Government of the Federation, Anyim Pius Anyim, noted that the city is not a housing estate but an economic project which Eagles Hill properties has the sole responsibility to fund at no cost to government.