3 hours ago
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LAGOS – Femab Properties Limited has reiterated its commitment to transparency and accountability in the ongoing development of the IPAM Bureh Town Campus in collaboration with the University of Sierra Leone.
The real estate firm, led by Managing Director Abiodun Aguda, reaffirmed its dedication to completing the project despite challenges arising from administrative changes and financial policy shifts.
Addressing concerns regarding the project’s status, the University of Sierra Leone emphasized that all agreements with Femab Properties were conducted with due diligence and in adherence to regulatory procedures.
The Vice Chancellor, Professor Aiah Lebbie stated:
“Our commitment to due process remains firm. Every phase of this project has been executed with established guidelines, and we continue to engage stakeholders to ensure its successful completion.”
The partnership was formalized in 2018 following a rigorous review process involving key government bodies such as the Ministry of Technical and Higher Education and the Ministry of Finance. The agreement aimed to enhance educational infrastructure through a Public-Private Partnership (PPP) model. An initial $4.5M was disbursed for preliminaries in accordance to the contract approved by the cabinet and ratified by the Parliament was made to kick-start construction, but subsequent delays in securing government-backed guarantees impacted the project timeline.
Professor Lebbie acknowledged the hurdles but maintained that the university remains committed to resolving outstanding issues. “While setbacks are never ideal, they provide opportunities to reassess and strengthen our approach. We are actively negotiating revised terms with Femab Properties to ensure that the project aligns with our institutional goals without compromising transparency.”
Recent engagements, including a detailed briefing on February 5, 2022, and a site visit on August 24, 2024, have provided further clarity on the project’s progress. The university has also welcomed ongoing inquiries by the Anti-Corruption Commission and pledged full cooperation. “Our priority remains the completion of this campus and the advancement of our academic mission,” Professor Lebbie added.
Femab Properties Limited has built a strong reputation in residential and industrial property development, with a growing presence beyond Nigeria. The company reaffirmed its unwavering commitment to the IPAM Bureh Town Campus project and expressed optimism about overcoming challenges through continued collaboration with all stakeholders.
The university apex body, led by Vice-Chancellor Professor Foday Sar, was in Nigeria on February 5th, 2023, to present an alternative financial model in the face of a government reluctant to issue the guarantee pledged in the contract. Both IPAM and Femab made great progress in reaching a deal before their Tenor expired.
On the 11th of August 2024, the new administration led by Professor Lebbie again visited Nigeria to conclude the negotiations where the last administration stopped before the distracting publication that met both IPAM and Femab by surprise. The two parties are determined to ensure these issues are resolved to ensure immediate redeployment to the site.
The University of Sierra Leone urged the public to rely on verified information, cautioning against misinformation that could distort facts. “This project is a vital step in enhancing our educational landscape. We remain dedicated to ensuring its successful completion for the benefit of our students, staff, and the nation,” concluded Professor Lebbie.
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