The Plateau State government has finally set to surrender the reconstruction and ownership of the Jos Main Market to Jaiz Bank Plc.
WikkiTimes recalled that the Plateau State Government had in March approved the reconstruction of the Jos Main Market razed by inferno two decades ago at over N9.4.
The approval was sequel to a memo submitted by the state’s Commissioner for Urban Development, Idris Gambo, who heads the Ministry of Commerce and Industry to the State Council meeting with the proposal for a public-private partnership joint venture to be funded by Jaiz Bank.
However, the Governor of the state, Simon Bako Lalong, reportedly approached the management of Jaiz bank, seeking a partnership for the rebuilding of the market gutted by fire in 2002.
At a stakeholders’ meeting on Tuesday, the state government was again represented by some stakeholders including Gambo.
At the meeting, the state government agreed with Jaiz Bank that the reconstruction cost of the project is N10 billion and conceded ownership and control of the market at a ratio of 60 to 40 per cent in favour of Jaiz Bank.
Details revealed that the reconstruction project will contain 4,321 shops, where 1700 (40%) will be owned by Plateau State during the forty (40) years covered by the agreement.
It was reported that the concession of the market is coming after the state government spent over N1 billion to demolish the market.
Plateau State government and Jaiz Bank are expected to sign the Memorandum of Understanding (MoU) in the first week of August 2022
The reconstruction of the market, which is planned to be completed within 12 months, will be done in three phases and to be funded by the Jaiz Bank, while the Plateau State government provides land, security, and an enabling operational environment.
It was also resolved that those who were displaced from the burnt market will be given the first option of acquiring the new shops which will be provided under a flexible payment plan to ensure that genuine traders and people of Plateau State are not left out.