The Federal Capital Territory Administration (FCTA) has signed a Memorandum of Understanding with Suburban Broadband Ltd and Akida Hills Ltd for the development of Jabi Lake as a recreational hub in the FCT.

FCT Minister, Nyesom Wike, said during signing of the MoU in Abuja on Friday, that Abuja was a fast-developing city and a perfect location for recreation.

Mr Wike, however, lamented that the pace of development had been slowed down by land speculators who held on to land without developing them.

The minister stated that it would no longer be business as usual for those hoarding and speculating government land.

He explained that for those that had applied for land for development, they must develop it within six months of the allocation, or it would be revoked.

Representative of Suburban Broadband Ltd, Pankaj Khandelwal, said the MoU marked an important landmark for their organisation.

According to him, the project is a significant investment which will bring socioeconomic growth and create jobs in the FCT.

On his part, the representative of Akida Hills Ltd, Bamisile Olukayode, commended Mr Wike for the ongoing infrastructural transformation in the FCT.

Mr Olukayode described the task of developing Jabi Lake as “exciting” and promised that the project would be comparable to Times Square in New York and the Dubai Fountain Water Show.

According to him, this will transform Abuja to a destination city.

He said that the development of Jabi Lake, for completion before the end of 2026 would place Abuja among world class cities.

(NAN)