By Goddy Egene

The new Maryland Shopping Mall Lagos that was developed and financed by Purple Capital Partners Limited (PCPL) at N5 billion was last week inaugurated.

President, Lagos Chamber of Commerce and Industry (LCCI), Mrs. Onikepo Akande, who was special guest of honour, expressed optimism that the new mall will help to expose and grow the manufacturing and commercial potential of Lagos state and by extension, the national economy.

She said indeed, retail is one of the cornerstones of trading and investment, noting that “Purple Capital, the developers of Maryland Mall have done extremely well to give Maryland a new lease of life through this retail investment.”

The inauguration of the Maryland Mall  came  two months after PCPL attracted additional funding for the retail development in the form of a N800million investment from asset management firm, AXA Mansard Investments Limited.

Also speaking at the event, Chairman of PCPL, Mr. Omotola Mobolurin, said:  “I am delighted about the safe arrival of this new retail, lifestyle and entertainment infrastructure, with the capacity to provide merchants and shoppers with amenities and services that befit the state’s mega-city status. It is particularly gratifying that the construction and financing for this retail development is being concluded on time and within projected funding estimates.”

Located where the defunct Maryland Shopping Centre was once located, Maryland Mall sits on one of the most important arterial routes in Lagos today, with an estimated 5,000 cars passing through every hour. The mall sits on a total land size of 7,700sqm and will have the first dedicated underground car park within any mall in Nigeria. It will play host to a mix of local and international brands anchored by Shoprite, The Place restaurant, Stanbis IBTC Bank, amongst other retail, hospitality and entertainment brands.

Chief Executive Officer, Stanbic IBTC Holdings Company, Ms. Sola David-Borha, commented:  “The discipline, focus and resilience of indigenous financial industry firms like Purple Capital is worthy of emulation. This successful delivery of the Maryland Mall project showcases the fact that domestic investment fueled by the indefatigable spirit of Nigerian entrepreneurs is key to driving social harmony and national economic growth.”

Also speaking at the event, Dean, Lagos Business School, Pan Atlantic University, Dr. Enase Okonedo, said:  “The Maryland Mall will be a boost to economic activity in Lagos and its environs. In the long term, the retail facility will also create hundreds of direct and indirect jobs across a range of industries, with significant positive impact on the agriculture and agro-allied, real estate, retail, construction technology, logistics, finance and investment, facilities management, marketing communications, physical asset management and asset protection sectors.”