As railway inaugurates mixed use commercial complex, Police station at Apapa
By Demilade Adeniyi
Nigerian Railway Corporation has said it’s subsidiary will continue to play big in Nigeria’s property market in its bid to breach the housing stock and boost its Internally Generated Revenue (IGR), the Corporation’s Managing Director Engr Fidet Okhiria has said.
Okhiria who spoke at the inauguration of a mixed property built by the Nigerian Railway Property Management Services Ltd., (the Corporation’s subsidiary managing its landed Property across the country), explained that its property arm is now positioned to be a big player in the Property market.
The NRPMSL, Okhiria, who was the Chairman of the subsidiary company’s board said, had hitherto been managing all land leases owned by the NRC, adding that the company changed focus and strategy half a decade ago, not only to manage leases, but to build and manage developed properties in order to continue to generate revenue for the smooth operation of the corporation.
“We come to the realisation that if we continue to lease out our lands for long tenors, there would come s time that we would have no land to lease and no revenue would be earned as all those lands would have been leased. So we decided to change strategy and began to play in the property business by building to own, and let fully developed properties on which we could continue to earn revenue,” Okhiria said.
Also speaking, the NRPMSL Managing Director Timothy Zalanga, said the spot located at Marine Beach, Apapa, which was turned into a mixed-use property used to be NRC’s staff quarters, which fell into rot and gutted by fire two year ago.
“Realising that the place is now being surrounded by market, we saw that the best would be to maximize the use of the land by coming up with a commercial property that comprises of two-storey building of 48 locked up shops on the first two floors and seven one-bedroom flats ensuite with toilets and kitchenette,” Zalanga said.
According to him, said the mixed commercial property would not only add to urban renewal initiative of the Lagos State Government, but also add to the housing stock in the Apapa axis, where shops are in high demand.
He said the idea to have one bed flats on top is to provide shelter alternative to anyone who might be interested in acquiring the shops to ensure that they can have a shelter close to their shops to sleep.
He lauded the contractor, Messrs Lane Ltd, for completing the project within eight months, adding that the development no doubt would add value to the Marine Beach axis.
Also speaking, the Chairman, Managing Director of Lane Ltd., Alhaji Muritala Sani, thanked the NRPMSL for awarding his firm the contract and for providing the technical support all through the duration of the project.
Sani who said the project was executed with a little over N400 million, would go a long way to bring relief to a lot of business men who would want to have a condusive place around Apapa from where they can conduct their business.
The Corporation also inaugurated a Police Station built by its subsidiary at the Bola Ahmed Tinubu Train Station, in response to the request by the former Minister of Transportation Rotimi Amaechi to bequeath a befitting police station to support train activities at Apapa. The police which has two guard rooms, armoury and spacious offices station all of which are ensuite with toilet facilities was built by KC Services Ltd.
Inaugurating the two buildings Director of Railway Services, Federal Ministry of Transportation, Dr. Finbarr Zirra, lauded the NRC Managing Director, Fidet Okhiria for the series of milestones the corporation has been achieving under his watch, adding that it is noteworthy that he has been building legacies upon legacies for the railway corporation.
He said he was impressed with all that he had seen and all the strides achieved by the corporation has positioned it for better exploits.
has since then been developing properties across the length and breath of Nigeria in it’s bid to put its property to better use.
Okhi of strategy, he explained was one way the Management Ltd increased its share in property stock market with the commission of a mixed use two storey property at Marine Beach, Apapa.