The Nigerian Federal Government, through the Federal Ministry of Industry, Trade and Investment, has selected The Infrastructure Bank Plc (TIB) as the transaction advisor for the redevelopment of the Independence Building in Lagos into a National Trade and International Business Centre.
The transaction advisor will be responsible for the design of a transparent tender process to select a firm to develop the proposed project through a public private partnership (PPP). The Infrastructure Bank will also provide viable technical and financial solution for the building PPP project.
The Independence Building was develope on 1 October 1960 in order to commemorate the Nigeria's independence. The 25-storey building is located at Force Road, Central Business District, Lagos Island, in an area of 8,100 m² with a parking area of 2,650 m².
It is expected that the new National Trade and International Business Centre will be a ultra-modern, mixed-use, high-rise complex to serve as a convergence point for facilitation of trade and investments.
The Infrastructure Bank Plc was established in 1992 under decree No. 51 of the 1992 constitution of the Federal Republic of Nigeria. The Infrastructure Bank Plc is Nigeria's dedicated infrastructure bank providing financial solutions to support key long term infrastructure projects, including transportation infrastructure, municipal common services, mass housing and district development, solid waste management and water provision, and power and renewable energy projects.
The Infrastructure Bank Plc is majority owned by the private sector but also has the Federal Government, State Governments and Local Governments as well as the Nigeria Labour Congress as shareholders.
Mr. Adekunle Oyinloye, the Managing Director of TIB, stated:
We are delighted to be given this tremendous opportunity to be part of a transformational project. TIB will be providing adroit structuring and advisory services to ensure the robust participation of the global investing community for the timely restoration of the landmark.
There are other PPP projects in planning stage in Nigeria. They are the following: