Firm begins reclamation and infrastructure development of Imperial city
It will be recalled that the Federal Government and Messrs New Festac Property Development Company Limited, signed an agreement for the concessioning of the reclamation and infrastructure development of Festac Phase Two in Lagos. According to the Managing Director of New Festac Property Development Company Limited (NFPDC), Engr. Goody Egbuji, the visiting team went round the entire site for a comprehensive on-site inspection and assessment of the area. He further indicated that the project has left the drawing board as work has already started on site with the moving in of a heavy duty swam bugger by the dredging partner. This equipment is in position and expected to start operation within the next few days. However, he warned anyone erecting illegal structures on the designated land to remove them and resist from further encroachment as such illegal structures will be promptly removed.
Speaking earlier, the Vice Chairman of New Festac Property Development Company Limited, Sir Isaac Chucks traced the origin of the project to the 1970s when the Federal Government made massive acquisition of land for the development of Festival Town to host the 1977 World Black and African Festival of Arts and Culture. Recalling that the completed estate was handed over to the Federal Housing Authority, FHA, to manage, but regretted that efforts to reclaim and develop the outstanding 1126 hectares of land known as Festac Phase, had remained unsuccessful.
In 2006, FHA took advantage of the public-private partnership initiative and invited bids for the reclamation and infrastructural development of Festac phase Two to produce 7,000 serviced plots complete with standard infrastructure and essential services. The bid was won by Messrs New Festac Property Development Company which is a special purpose vehicle for the project. The Vice Chairman of NFPDC, Sir Isaac Chucks and the Managing Director, Engr. Goody Egbuji led the Nigerian team. The other critical members of the team include Mr. Debra Yaw, Managing Director of Dinosaur Bank, New York; Mr. Emile Taieb, Managing Director of Emile Taieb Engineering of Israel and Dr. Bernard Ogika, Managing Partner of Roughton Engineering Consulting UK to mention a few.