What exactly is the Central Bank of Nigeria (CBN) planning to build at the University of Lagos (UNILAG)Hotel, Hostel or Guest House?
Has the board of the Apex Bank given its approval to the project under the Build, Operate and Transfer (BOT) arrangement as being speculated? And does the CBN Act permit it to embark/invest in such ventures?
These are the issues that are begging for answers from the authorities of the CBN for which they are not prepared to supply the answers.
Already, apprehensions are mounting over the proposed five-star hostel project to be domiciled within the Akoka Campus of UNILAG.
In less than 24 months from now, a gigantic complex comprising hostel accommodations and some faculty offices may be standing within a conspicuous view in the Akoka-Yaba campus of the UNILAG
The UNILAG’s ‘Centre of Excellence’ project to be financed by the CBN, would gulp billions of money in hard currencies, with the minimum estimate in naira being put at not less than N14 billion.
According to information made available to Sunday Independent from the university, the complex, which construction began since January this year, would be administered on a BOT arrangement that would see the hostel being run as a hotel.
The university’s Deputy Registrar (Information Unit), Dr. Toyin Adebule, said the project is a hostel project that is intended to cater for the accommodation needs of most of the over 40,000 students that enroll for various courses of study at the 50 year old institution per time.
“The Vice Chancellor had given hint about this during the UNILAG Golden Jubilee Convocation ceremonies that the CBN is helping the university to build the complex which we feel would help in making UNILAG a truly world class institution by helping to address accommodation, which is one of the biggest challenges of the institution,” Adebule said.
He said the essence of running the hostel as an hotel establishment is for it to be able to maintain the complex, as the CBN would only manage it for a period after which it would be handed over to the institution.
Details of the complex as provided by the Vice Chancellor, Professor Rahaman Bello, in his convocation speech reveals that it would comprise an eight-storey Faculty building and a seven-storey Five-Star Hostel.
On that occasion he said: “Accomodation challenges for both staff and students are to be ameliorated through the BOT arrangements for hostels and staff accommodation. These will be pursued to find fund shortly.”
Giving further details on the project, the University’s Surveyor, Stephen Aderemi told Sunday Independent that the project would be sitting on a two and half hectare land mass.
“For quicker accessibility to and from the institution, the CBN is also funding the construction of an access road from the university’s sports complex to link up St. Finbar’s road. This is a chip off the university’s master plan which also has provision for an access road to link Morunfolu Street in Akoka,” Aderemi said.
Details of the project as obtained from UNILAG shows that it is one among similar projects embarked on by the CBN.
The UNILAG project, which is awarded to Quintec Construction Limited, comprises an eight-storey Faculty building and seven-storey five-star hostel. The hostel would have 100 and 50 single and double occupancy rooms respectively, gym, laundry, restaurant and rooftop relaxation facility, among others.
The hostel project consists of an 8-level Faculty building and 7-level hostel building to be erected behind the Faculty of Environmental Science down the chapel and the mosque.
This gesture from Nigeria’s apex banking institution, Sunday Independent gathered, has sent some excitement in the air around the institution, which is looking at it as another major source of increasing its internally generated funds.
However, fears are rife among residents of the UNILAG community in Bariga, as it has emerged that the construction of an access road may lead to the demolition of homes and other structures that may be standing on the path.
It has also emerged that there are lands on which some private structures are currently situated that belong to UNILAG, but may have been sold to them by some unscrupulous land speculators with connivance from some staff of the institution.
There were also initial fears that the project may affect sections of the Federal College of Education Technical (FCET), Akoka, which is hosted on a property that originally belongs to UNILAG, just as it was gathered also that UNILAG had to stop further work at its Environment Faculty and other sections to prevent any obstruction to the CBN project.
But all of these fears was doused by Aderemi who said: “The project would not be interfering with any major structure within and around the university for now.”
He added: “The project would be managed by the university when completed because it is intended to be part of the university’s system.”
One fear that has remained about the project is, however, that it may increase the student’s exposure to indecent interactions, especially with patrons of commercial sex workers, commonly referred to as ‘Aristos’.
The Project Team alongside the contractors handling it and some representatives of CBN were in UNILAG on January 2, 2013 to meet the university’s management on how they could complete the project within the projected period.
Principal officers of the University who were reportedly in attendance at that meeting led by the Vice-Chancellor, Professor Bello include the Provost of the College of Medicine, Professor Sade Ogunsola, Immediate Past Provost of the College of Medicine, Professor Wole Atoyebi, Director of Works & Physical Planning, Dr. E.A. Adeniran, Director of Academic Planning, Professor Toyin Ogundipe, Professor F. Falade among others.
The UNILAG project team is headed by Professor Falade.
One of UNILAG’s lecturers told this newspaper that the project is a Guest House with Five Star hotel standard and that it would have an international conference space when completed.
All efforts to speak with the CBN on the development failed.
Sunday Independent contacted Mr. Ugochukwu Okoroafor, the Apex Bank’s spokesman for more than four times on his cell phone including sending SMS to him, but he kept giving appointments he was not ready to keep.
Regardless, foremost economist, Henry Boyo, told this newspaper that the CBN has too much money in its kitty, the reason the board is involved in all manner of projects and donations.