CIIN, Ganza Sign Contract on 20 Storey Project
The Chartered Insurance Institute of Nigeria (CIIN) and
Ganza Engineering Limited have finally signed an aggreement to Build, Operate and Transfer
(BOT) the Institute’s building project in
According to Joseph Obah, head, corporate affairs, “The addendum became necessary, following developments after the initial document was signed in 2007 during the tenure of Mrs. Oluseyi Ifaturoti as president of the Institute. The first development arose from a new metropolitan law of the Lagos State Government which stipulates that all new buildings in the part of Victoria Island where the property was situated would not be less than 15 floors, thus necessitating a review of the 12 floor arrangement for the CIIN House”.
With the foregoing discovery, he said, the CIIN and Ganza commenced fresh discussions and it was agreed by the parties that the number of floors should increase from 12 to 20 with a penthouse.
This, according to him ultimately meant more funds for the project and Ganza Engineering had to source a partner to be able to fund the construction which now has a wider scope.
He stated that the MOU aims to achieve construction of a better, world class building, with 20 floors and a penthouse.
“The construction period would be 24 months, and six months for documentation, in exchange, for this, the BOT agreement will now have 25years as period of use by Ganza Engineering Company, three floors would be given to the Institute on completion of the project, one floor would further be given to the Institute at the end of ten (10) years, additional two floors would be given to the Institute at the end of another ten (10) years, the whole building will be handed over to the Institute at the end of twenty-five (25) years”.
With the signing of the addendum last week, he said, the coast is now clear for commencement of construction work, following the initial mobilization of equipment to the site.
Supporting this view, Mr. Adeyemo Adejumo, president, CIIN said it was a viable option after many years of procrastination and funding constraints. Adejumo pointed out that he was happy with the new development and prayed that a befitting Insurance House would soon be in place as the pride of all.