July 27, (THEWILL) – The APC government in Plateau State, led by Simon Bako Lalong, has conceded ownership of the Jos Main Market after spending more than one billion naira to demolish it during the 2020 fiscal year.
Governor Lalong reportedly approached the management of Jaiz bank, seeking a partnership for the rebuilding of the Jos Main Market gutted by fire in 2002.
At a stakeholders meeting Tuesday, July 26, preparatory to signing of the Memorandum of Understanding, the State Government was represented by the Commissioners for Commerce and Industry, Idris Gambo, and Information, Dan Manjang, the permanent secretary, Ministry of commerce and industry, and directors and staff of the ministry.
At the meeting, Lalong’s proxies agreed with representatives of Jaiz Bank that reconstruction cost of the project is ten (10) billion naira, and conceded ownership and control of the market at a ratio of 60 to 40 percent in favour of Jaiz Bank.
With the design of the project for reconstruction showing it will contain four thousand, three hundred and twenty one (4,321) shops, only one thousand seven hundred (1700), representing its 40% holding, will be owned by Plateau State during the forty (40) years covered by the agreement.
According to details of the stakeholders meeting, the reconstruction of the Market, which is to be done in three phases, is to be funded by Jaiz Bank, while the Plateau State government provides land, security, and enabling operational environment, as the reconstruction work is billed to be completed within twelve months.
With Lalong’s representatives at the meeting dispatched to proceed to engage the leadership of the Church in Plateau and convince it to accept the emerging arrangement, the two partners, that is the Plateau State government and Jaiz Bank, are expected to sign the Memorandum of Understanding, MoU, any day of the first week of August 2022.
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