A Review of the Nigerian Energy Industry

NNPC eyes recovery of N100bn landed property

*NNPC Towers, Central Business District, Garki, Abuja.

Ike Amos

13 February 2018, Sweetcrude, Abuja —
NNPC Properties Limited, NPL, the real estate management subsidiary of the Nigerian National Petroleum Corporation, Tuesday, said it has commenced the recovery of it landed property worth N100 billion scattered across the country.

Chief Operating Officer, COO, NNPC Ventures, Mr. Babatunde Adeniran, stated this at the maiden edition of NPL Property Festival in Abuja.

Adeniran disclosed that already, the current aggressive commercial drive by the NPL was yielding results as the company had recovered a number of the corporation’s landed property which had been lying idle across the country.

He identified some of the recovered property to include a 92-hectare parcel of land on Chevron Drive, Lekki, Lagos; Royal Grove Estate, Port-Harcourt, and others in Abuja and Kaduna.

He said all the recovered property would be developed for the benefit of NNPC staff.

Adeniran further stressed that the focus of the NNPC Properties Limited 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 also-ran commended the Management of the NPL for developing the Third Party Home Ownership Scheme for staff with competitive interest rates from reliable banks and affordable deals from credible developers.

Also speaking, Managing Director of the NNPC Properties Limited, Mr. O. D. Sokari-George maintained that the company under his watch was determined to deliver quality and affordable houses with the best funding options for staff, but cautioned staff member against frivolous spending to be able to acquire a house with ease.

He also expressed his commitment to turning the NPL into a revenue-generating Strategic Business Unit (SBU) of the NNPC.

In their own remarks, officials of Access Bank and Infinity Trust Mortgage Bank assured staff of friendly packages with low-interest rates for property acquisition.

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