OTEC to invest N10 billion in Borno infrastructural facilities, shopping malls
By Njadvara MUSA, Maiduguri
The Obtuse Technical Engineering and Construction (OTEC) firm has partnered with TAJ Bank and the First City Monument Bank (FCMB) to invest N10 billion in infrastructural facilities in Borno State.
The facilities are sited in Maiduguri Metropolitan Council (MMC) and Jere Local Government Area to stabilize and boost the recovery efforts under the 10-year 2020 transformation strategy.
Unveiling the State’s corporate infrastructural renaissance, yesterday (Wednesday) at the Prime Lodge Conference Hall, Maiduguri, the Project Manager of Craftec Homes, Greman Hamazah, disclosed; “The over a decade Boko Haram terrorism requires private sector investors and other development partners.”
According to him, the N10 billion investments, are to provide critical infrastructures to create job opportunities among the unemployed youths in the state.
“This is part of efforts to key into Governor Babagana Zulum’s 25-year development plan for the state.
He lamented that that the MMC population, has increased, due to massive urban-rural migration. He warned the trend may continue in overstretching the existence infrastructural facilities.
He noted that as peace is restored, there is rapid expansion in financial service providers with information technology entrepreneurs to establish commercial centres.
“The investment will start with four mega infrastructural facilities,” he said, adding that they include Tech and Renaissance Malls, Craftec shopping Centre with four-story building along Ahmadu Bello Way.
Besides the malls, there is a six-story building of mixed use centres for retail space office spaces on Circular road.
“We’re to develop projects, at-risk deals, fast track the closure of deals, and improve the business environment for increased investments in the organised private sector (OPS),” he said.
Ahmed Satomi, representing Jere Federal Constituency in Borno state, said that the development of infrastructural facilities will provide job opportunities to 70 percent of Global System for Mobile Communications (GSM) youths operators.
He, therefore, called well to do individuals and business partners to embrace the firms and banks initiatives to develop the State’s economy.
The Lawmaker called on well -to- do individuals, business partners to embrace this new initiatives and invest heavily to develop Borno economically.
TEC’s, Managing Director, Obtuse Umar Lawan, said that the indigenous firm specializes in civil engineering works and services in infrastructural development of roads and drainage, bridges, solar installation, and general civil engineering designs.