Plans are underway by the Nigerian National Petroleum Corporation (NNPC) to invest its over N100 billion worth of unharnessed landed property across the country in the real estate sector.
The feasibility of the plan would largely rely on the ability of the group to recover the assets across the country. It would also be a major shift from its initial lease administration of collecting rents from tenants occupying its property.
NNPC Chief Operating Officer (COO) Ventures, Babatunde Adeniran, who disclosed this at the maiden edition of NNPC Properties Ltd (NPL), Festival in Abuja, said the plan would be honed through commercial opportunities adding that the company has already commenced the recovery of the corporation’s landed properties.
According to him, 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”.
He added, “the current aggressive commercial drive by the NPL is yielding results as the company had recovered a number of the corporation’s landed property which had been lying idle across the country.
He listed some of the recovered property to include: a 92-hectre parcel of land on Chevron Drive, Lekki, Lagos; Royal Grove Estate, Port-Harcourt, and others in Abuja and Kaduna.
He lauded the subsidiary for developing the Third Party Home Ownership Scheme for staff with competitive interest rates from reliable banks and affordable deals from credible developers.
Managing Director of the NNPC Properties Ltd, Danny Sokari-George stated that the company was determined to deliver quality and affordable houses with the best funding options and cautioned staff member against frivolous spending to be able to acquire house with ease.
George 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.
Originally published in The Guardian