The Minister of the Federal Capital Territory, Nyesom Wike, has sought a renegotiation of FCT’s stake in the Kugbo International Market, Abuja.

Mr Wike gave the order when he inspected the market, which was being developed by a private investor, Mesotho Group Ltd., in Abuja on Wednesday.

He explained that the market was being developed under a public-private partnership between the Abuja Investment Company and a private company.

“We have a stake in the market; the land belongs to the FCT, and then the company invests. I hear there is a sharing formula, which is not acceptable to me in the first instance. For now, the way it is is not favourable. It is only favourable to the investor.

“I have directed the managing director of Abuja Investment Company to see that they meet with the investor, to see how we can have an arrangement that will be suitable to all of us,” he said.

To encourage the investor, the minister also directed the Department of Development Control to demolish any structure standing in the way of the project to ensure timely completion.

He explained that some persons have encroached into part of the land allocated for the project, including a road corridor.

He stated, “This is a road corridor, and we will not allow that. The Director of Development Control has been ordered to move in with his men to demolish whatever is an obstacle.’’

He said that Phase 1 of the project had been completed, while Phase 2 would be completed in January 2025, as promised by the investor.

Mr Wike said that the FCTA would work with the investor to put the first phase of the project to use.

This, according to him, would enable traders causing traffic congestion on the road to get space in the market to sell their goods.

He added, “We will do everything we can to support our traders; we will do everything possible to see that people move into this market as quickly as possible.”

On the affordability of the shops, Mr Wike promised not to allow the investor to take advantage of the traders.

He added that the Chief Executive of the Abuja Investment Company would sit with the investor to agree on how people would get allocations in the market.

Mr Wike expressed confidence that the market would create job opportunities through various economic activities scheduled to take place in the market.

The Kugbo International Market would constitute 2880 lockup shops, 35 terrace duplex shops, 60 warehouses, a cold room, restaurants, banks, car parks, a fire station, and a police station.

Other facilities will include a petrol station, a church, a mosque, a clinic, including tourist’ sites, a children’s playground and a four-star hotel, among other modern facilities.

(NAN)