We can reliably inform that barring any last minute hitch(s), the University of Calabar will on December 31, 2018, take delivery of a 400-room hostel, built as part of a Build, Operate and Transfer, BOT, arrangement between the university and a private investor.
While exclusively conducting www.calitown.com round the facility, Dan Oti, who represents Wandsworth Group, project financiers and infrastructure developers, the Group behind the investment, informed that when completed, the facility will accommodate 1,600 students of the institution.
Oti further disclosed that the hostel will have all “air conditioned rooms, 24-hours light, water and Wi-Fi. Each wing of this facility has a fully air conditioned reading room for 50 persons, a big courtyard, round the clock security and guarantees that occupants will have a good bargain for money paid”, he said.
It was also revealed to www.calitown.com that the investor will run the facility for a period of time, recoup their investment, before totally handing over the property to the university to run.
“Besides the arrangement in place, you can see that more than 200 persons are working here on the site and earning money daily from this N1.6 billion investment and you can imagine the domino effect all of this has on the domestic economy”, Oti pointed out.
Majemite Ajuyah, MD CEO, Wandsworth Group, who was also on site to receive www.calitown.com, said his company’s interest and investment in the project is borne out of a desire to help address the infrastructural failures of government and help provide adequate services to the people.
Ajuyah’s, who has 25 years banking experience under his belt, specifically pointed to www.calitown.com that the project was identified three years ago to bridge the accomodation gap in Unical. The project is the first hostel project that any pension fund in Nigeria has invested in.
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