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NNPC recovers N100bn assets in Lagos, Abuja, others

Uche Usim, Abuja

 The NNPC Properties Limited (NPL), the real estate management company of the NNPC, says it has recovered a 92-hectre parcel of land on Chevron Drive, Lekki, Lagos; Royal Grove Estate, Port-Harcourt, and others in Abuja and Kaduna in what it termed aggressive commercial drive.      

The NNPC Chief Operating Officer (COO) Ventures, Dr. Babatunde Victor Adeniran, made the disclosure at the maiden edition of NPL Property Festival which held on Tuesday  at the NNPC Towers, Abuja.

 According to him, the Corporation’s landed property had been lying idle across the country, assuring they will be developed and put into good use for the benefit of the staff. 

He said the commercial drive will be sustained as many more land assets are scattered all over the country. 

Adeniran explained that the focus of the NNPC Properties Ltd had shifted from the initial lease administration of collecting rents from tenants of the NNPC Properties to “exploring all commercial opportunities available in the real estate market to efficiently position itself as one of the key players of repute that fits the NNPC brand”.

Adeniran commended the management of the NPL for developing the Third Party Home Ownership Scheme for staff with competitive interest rates from reliable banks and affordable deals from credible developers.

In his keynote address, the Managing Director of the NPL,  O. D. Sokari-George maintained that the company under his watch was determined to deliver quality and affordable houses with the best funding options for staff, but cautioned staff member against frivolous spending to be able to acquire house with ease.

He said he was committed to turning the NPL into a revenue generating Strategic Business Unit (SBU) of the NNPC.

 Also speaking at the event, officials of Access Bank and Infinity Trust Mortgage Bank, assured staff of friendly packages with low interest rates for property acquisition.

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